# EDGAR Filing Document

**Accession Number:** 0001003509
**File Stem:** 0001193125-25-164554
**Filing Date:** 2025-7
**Character Count:** 1268500
**Document Hash:** 2c7d3f6c8d937a80274f54e56bf0adbd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-164554.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001193125-25-164554

**CONFORMED SUBMISSION TYPE**: SF-3

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250724

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
- **CENTRAL INDEX KEY:** 0001003509
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288939
- **FILM NUMBER:** 251148160

**BUSINESS ADDRESS:**
- **STREET 1:** 115 WEST TOWNE RIDGE PARKWAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84070
- **BUSINESS PHONE:** 8015655000

**MAIL ADDRESS:**
- **STREET 1:** 115 WEST TOWNE RIDGE PARKWAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84070
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN EXPRESS RECEIVABLES FINANCING CORP III LLC
- **CENTRAL INDEX KEY:** 0001283434
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SF-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288939-01
- **FILM NUMBER:** 251148161

**BUSINESS ADDRESS:**
- **STREET 1:** 115 WEST TOWNE RIDGE PARKWAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84070
- **BUSINESS PHONE:** 385-308-6059

**MAIL ADDRESS:**
- **STREET 1:** 115 WEST TOWNE RIDGE PARKWAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84070

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on July 24, 2025** 

**Registration No. 333-[ ] and 333-[ ]-01** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM SF-3** 

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** 

**AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST** 

(Issuing Entity in respect of the Certificates)

**AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC** 

(Depositor)

(Exact name of registrant as specified in its charter)

**Delaware** 

(State or other jurisdiction of incorporation or organization)

**20-0942395** 

(I.R.S. Employer Identification No.)

Commission File Number of depositor: 333-113579-02

Central Index Key Number depositor: 0001283434

**AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC** 

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0000949348

**AMERICAN EXPRESS NATIONAL BANK** 

(Exact name of sponsor as specified in its charter)

**AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC** 

**115 W Towne Ridge Pkwy, Room 454** 

**Sandy, Utah 84070** 

**(385) 308-6059** 

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Laureen E. Seeger, Esq.** 

**Chief Legal Officer** 

**American Express Company** 

**200 Vesey Street** 

**New York, New York 10285** 

**(212) 640-2000** 

(Name, address, including zip code, and telephone number, including area code, of agent for service)

---

| | |
|:---|:---|
| **Copies to:** | **Copies to:** |
| **David A. Kanarek, Esq.** | **Robert Moyle, Esq.** |
| **Catherine Lo, Esq.** | **Orrick, Herrington & Sutcliffe LLP** |
| **American Express Company** | **51 West 52nd Street** |
| **200 Vesey Street** | **New York, New York 10019-6142** |
| **New York, New York 10285** | **(212) 506-5189** |
| **(212) 640-2000** |  |

---

**Approximate date of commencement of proposed sale to the public**: From time to time after the effective date of this registration statement as determined by market conditions.

If any of the securities being registered on this Form SF-3 are to be offered pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form SF-3 is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form SF-3 is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

------

##### [**Table of Contents**](#toc)
The information in this prospectus is not complete and may be amended. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is prohibited.

**SUBJECT TO COMPLETION, DATED [**●**] [**●**], 20[**●**]** 

---

| | |
|:---|:---|
| ![LOGO](g884322g69m95.jpg) | **Prospectus dated [**●**] [**●**], 20[**●**]**<br>**American Express Credit Account Master Trust**<br> ***(Central Index Key Number 0001003509)***<br> **Issuing Entity**<br>|

---

**American Express Receivables Financing Corporation III LLC** 

***(Central Index Key Number 0001283434)***

**Depositor and Transferor** 

**American Express Travel Related Services Company, Inc.** 

**Servicer** 

**American Express National Bank** 

***(Central Index Key Number 0000949348)***

**Sponsor** 

**SERIES 20[**●**]-[**●**]** 

**$[**●**]\* [Floating][Fixed] Rate Asset Backed Certificates** 

---

| | | |
|:---|:---|:---|
| **The issuing entity will issue —** | | |
|  | <br> **Class A certificates** | <br> **Class B certificates** |
| Principal amount | $[●]\* | $[●]\* |
| Certificate rate | [[SOFR Rate][Alternative Benchmark]<br> plus][\*\*] [●]% per year | [[SOFR Rate][Alternative Benchmark] <br> plus][\*\*] [●]% per year |
| Interest paid | Monthly | Monthly |
| First interest payment date | [●] [●], 20[●] | [●] [●], 20[●] |
| Expected final payment date | [●] [●], 20[●] | [●] [●], 20[●] |
| Legal final maturity | [●] [●], 20[●] | [●] [●], 20[●] |
| Price to public | $[●] ([●]%) | $[●] ([●]%) |
| Underwriting discount | $[●] ([●]%) | $[●] ([●]%)\*\*<sup>[</sup>\*<sup>]</sup> |
| Proceeds to transferor | $[●] ([●]%) | $[●] ([●]%) |

---

The primary assets of the issuing entity are receivables generated in a portfolio of designated consumer revolving credit accounts or features and, in the future, may include other charge or credit accounts or features or products.

**Credit Enhancement —** 

The Class B certificates are subordinated to the Class A certificates. Subordination of the Class B certificates provides credit enhancement for the Class A certificates.

The issuing entity is also issuing a collateral interest in the amount of $[●]\* that is subordinated to the Class A certificates and the Class B certificates. Subordination of the collateral interest provides credit enhancement for both the Class A certificates and the Class B certificates. [Additional credit enhancement for the [●] certificates is provided in the form of a [●], as more fully described herein.]

This prospectus relates only to the offering of the Class A certificates and the Class B certificates.

In this prospectus, references to "Series 20[●]-[●] certificates" means the Class A certificates and Class B certificates, references to "Series 20[●]-[●]" means the Series 20[●]-[●] certificates and the collateral interest, and references to "Series 20[●]-[●] certificateholders" means holders of the Series 20[●]-[●] certificates.

\* Subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

[\*\* The Class A certificates and the Class B certificates will each accrue interest at a floating rate based on [a benchmark, which will initially be the [SOFR Rate][Alternative Benchmark] plus a spread; *provided* that if the sum of the [SOFR Rate][Alternative Benchmark] plus [●]% is less than 0.00% for any interest period, then the interest rate for the Class A certificates for such interest period will be deemed to be 0.00%, and if the sum of the [SOFR Rate][Alternative Benchmark] plus [●]% is less than 0.00% for any interest period, then the interest rate for the Class B certificates for such interest period will be deemed to be 0.00%. For a description of how the interest rates for the Class A certificates and the Class B certificates are determined and how the benchmark may change in certain situations after the expected issuance date, see *"Series Provisions — Interest Payments"* in this prospectus.] [Note: For illustrative purposes, this prospectus contemplates that the Class A certificates and the Class B certificates will each accrue interest at a floating rate based on Compounded SOFR. In a particular transaction where floating rate certificates are offered, the floating rate of interest may be based on an Alternative Benchmark, including other SOFR-based rates, such as Term SOFR. If floating rate certificates are offered, the applicable prospectus will disclose the terms of the specific index that will be used to determine interest payments for such floating rate certificates.]

\*\*<sup>[</sup>\*<sup>]</sup> All or a portion of the Class B certificates may be retained by the transferor or an affiliate of the transferor. There will be no underwriting arrangement for any Class B certificates so retained.

**Investing in the certificates involves risks. You should carefully consider the [risk factors](#tx884322_2) beginning on page 19 in this prospectus.** 

**The certificates are not deposits or saving accounts. Neither the certificates nor the underlying accounts or receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.** 

**The certificates will represent interests in the issuing entity only and will not represent interests in or obligations of American Express Company, the Sponsor, the Depositor, the Servicer or any of their affiliates.** 

**Neither the Securities Exchange Commission nor any state securities commission has approved the certificates or determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.** 

*Joint Bookrunners* 

---

| | | |
|:---|:---|:---|
| [●] | [●]  | [●] |

---

*Co-Managers* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [●] | [●]  | [●] |

---

------

##### [**Table of Contents**](#toc)
**IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS PROSPECTUS** 

You should rely only on the information in this prospectus, including the information incorporated by reference. We have not authorized anyone to provide you with different information. We are not offering the certificates in any state where the offer is not permitted. We do not claim the accuracy of the information in this prospectus as of any date other than the date stated on the cover.

We include cross references in this prospectus to captions in these materials where you can find additional related discussions. The **Table of Contents** in this prospectus provides the pages on which these captions are located.

Refer to *"Glossary of Defined Terms"* on page [●] in this prospectus for definitions of key terms used in this prospectus.

**Compliance with the EU Securitization Regulation and the UK Securitization Framework** 

None of the sponsor, the transferor, the servicer, the issuing entity, the trustee, the underwriters or any affiliate thereof or any other person will retain a material net economic interest in the securitization transaction constituted by the issue of the Series 20[●]-[●] certificates, or take any other action, in a manner prescribed by the EU Securitization Regulation or the UK Securitization Framework (each as defined below). In particular, no such party will take or refrain from taking any action that may be required by any prospective investor or certificateholder for the purpose of its compliance with any requirement of the EU Securitization Regulation or the UK Securitization Framework. In addition, the arrangements described under "U.S. Credit Risk Retention" have not been structured with the objective of enabling or facilitating compliance by any person with any requirement of the EU Securitization Regulation or the UK Securitization Framework.

Consequently, the Series 20[●]-[●] certificates may not be a suitable investment for any person that is now or may in the future be subject to any requirement of the EU Securitization Regulation or the UK Securitization Framework.

For additional information regarding the EU Securitization Regulation and the UK Securitization Framework, see *"Risk Factors – Other Legal and Regulatory Risks–Certain EEA-regulated and UK-regulated investors may be subject to due diligence and risk retention requirements, making the certificates unsuitable for their investment*.*"*

**Notice to Residents of the United Kingdom** 

The Series 20[●]-[●] certificates must not be offered or sold and this prospectus and any other document in connection with the offering and issuance of the Series 20[●]-[●] certificates must not be communicated or caused to be communicated in the United Kingdom of Great Britain and Northern Ireland (the "UK" or "United Kingdom") except to persons who (1) have professional experience in matters relating to investments and qualify as investment professionals under Article 19 (Investment Professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), or (2) are persons falling within Article 49(2)(a)-(d) (high net worth companies, unincorporated associations, etc.) of the Order or who otherwise fall within an exemption set forth in such Order such that Section 21(1) of the Financial Services and Markets Act 2000 (as amended, the "FSMA") does not apply to American Express Receivables Financing Corporation III LLC or the American Express Credit Account Master Trust, or (3) are persons to whom this prospectus or any other such document may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity in the UK to which this prospectus relates is available only to relevant persons and will be engaged in only with relevant persons. Neither this prospectus nor the Series 20[●]-[●] certificates are or will be available in the UK to persons who are not relevant persons and this prospectus must not be acted on or relied on by persons in the UK who are not relevant persons. The communication of this prospectus to any person in the UK who is not a relevant person is unauthorized and may contravene the FSMA.

The Series 20[●]-[●] certificates are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the UK. For these purposes, a "retail

i

------

##### [**Table of Contents**](#toc)
investor" means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) 2017/565, as it forms part of UK assimilated law by virtue of the European Union (Withdrawal) Act of 2018 (as amended, the "EUWA"), and as amended; or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (such rules or regulations, as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of UK assimilated law by virtue of the EUWA, and as amended; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129, as it forms part of UK assimilated law by virtue of the EUWA (as amended, the "UK Prospectus Regulation"). Consequently no key information document required by Regulation (EU) No 1286/2014, as it forms part of UK assimilated law by virtue of the EUWA (as amended, the "UK PRIIPs Regulation") for offering or selling the Series 20[●]-[●] certificates or otherwise making them available to retail investors in the UK has been or will be prepared and therefore offering or selling the Series 20[●]-[●] certificates or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

**Notice to Residents of the European Economic Area** 

The Series 20[●]-[●] certificates are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the "EEA" or the "European Economic Area"). For these purposes, a retail investor means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the "EU Prospectus Regulation"). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "EU PRIIPs Regulation") for offering or selling the Series 20[●]-[●] certificates or otherwise making them available to retail investors in the EEA has been or will be prepared and therefore offering or selling the Series 20[●]-[●] certificates or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.

**Notice to Residents of Canada** 

The Series 20[●]-[●] certificates may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Series 20[●]-[●] certificates must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this Prospectus (including any amendment thereto) contains a misrepresentation, *provided* that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**Volcker Rule Considerations** 

The American Express Credit Account Master Trust is not now, and immediately following the issuance of the Series 20[●]-[●] certificates will not be, a "covered fund" for purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956, commonly known as the "Volcker Rule." In reaching this conclusion, although other statutory or regulatory exemptions under the Investment Company Act of 1940, as amended, may be available, we have relied on the exemption from registration set forth in Rule 3a-7 under the Investment Company Act.

ii

------

##### [**Table of Contents**](#toc)
**Transaction Summary** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Issuing Entity: | American Express Credit Account Master Trust |
| &nbsp;&nbsp;&nbsp; Depositor and Transferor: | American Express Receivables Financing Corporation III LLC |
| &nbsp;&nbsp;&nbsp; Sponsor and Originator: | American Express National Bank |
| &nbsp;&nbsp;&nbsp; Servicer [and Administrator]: | American Express Travel Related Services Company, Inc. |
| &nbsp;&nbsp;&nbsp; Trustee [and Calculation Agent]: | The Bank of New York Mellon |
| &nbsp;&nbsp;&nbsp; Asset Representations Reviewer: | Clayton Fixed Income Services LLC |
| &nbsp;&nbsp;&nbsp; Series Issuance Date: | [●] [●], 20[●] |
| &nbsp;&nbsp;&nbsp; Servicing Fee Rate: | 2.0% per year |
| &nbsp;&nbsp;&nbsp; Clearance and Settlement: | [DTC/Clearstream/Euroclear] |
| &nbsp;&nbsp;&nbsp; Primary Trust Assets: | Receivables generated in a portfolio of designated consumer American Express<sup>®</sup> credit card accounts\* |
| &nbsp;&nbsp;&nbsp; Group: | Group [I][II] |
| &nbsp;&nbsp;&nbsp; Principal Sharing Series: | Yes |
| &nbsp;&nbsp;&nbsp; Excess Allocation Series: | Yes |

---

\* American Express<sup>®</sup> is a federally registered servicemark of American Express Company and its affiliates.

\*\* Subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

\*\*\* The percentage of Series 20[●]-[●] comprised by the collateral interest is approximately [●]%.

[\*\*\*\* If the sum of the [SOFR Rate][Alternative Benchmark] and the applicable spread for the certificates is lower than 0.00% for any interest period, then the interest rate for such certificates for such interest period will be deemed to be 0.00%.]

iii

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Summary of Series Terms](#tx884322_1) | 1 |
|  [Risk Factors](#tx884322_2) | 19 |
|  [The Issuing Entity](#tx884322_3) | 47 |
|  [The Trust Portfolio](#tx884322_4) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; [General](#tx884322_5) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Static Pool Information](#tx884322_6) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pool Asset Review](#tx884322_7) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Repurchases and Replacements](#tx884322_8) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Accounts](#tx884322_9) | 50 |
|  [Transaction Parties](#tx884322_10) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Account Owner and Sponsor](#tx884322_11) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [\[Additional Originators\]](#tx884322_12) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Depositor and Transferor](#tx884322_13) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [U.S. Credit Risk Retention](#tx884322_14) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Servicer \[and Administrator\]](#tx884322_15) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bank Holding Company Status](#tx884322_16) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Trustee \[and the Calculation Agent\]](#tx884322_17) | 54 |
|  [AENB's Revolving Credit Businesses](#tx884322_18) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; [General](#tx884322_19) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Underwriting and Authorization Process](#tx884322_20) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Billing and Payments](#tx884322_21) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Collection Efforts](#tx884322_22) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Issuer Rate Fees](#tx884322_23) | 59 |
|  [\[Underwriting Criteria for any Additional Originators\]](#tx884322_24) | 60 |
|  [Use of Proceeds](#tx884322_25) | 60 |
|  [Maturity Considerations](#tx884322_26) | 60 |
|  [Series Provisions](#tx884322_27) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Interest Payments](#tx884322_28) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Payments](#tx884322_29) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Credit Enhancement](#tx884322_30) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Allocation Percentages](#tx884322_31) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Funding Account](#tx884322_32) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reserve Account](#tx884322_33) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reallocation of Cash Flows](#tx884322_34) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Application of Collections](#tx884322_35) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Defaulted Receivables; Investor Charge-Offs](#tx884322_36) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Paired Series](#tx884322_37) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Additional Issuances of Series 20\[●\]-\[●\] Certificates](#tx884322_38) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pay-Out Events](#tx884322_39) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; [\[Reinvestment Events\]](#tx884322_40) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Servicing Compensation and Payment of Expenses](#tx884322_41) | 82 |

---

iv

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Optional Repurchase](#tx884322_42) | 83.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Series Termination](#tx884322_43) | 83.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reports](#tx884322_44) | 84.0 |
|  [Description of the Certificates](#tx884322_45) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [General](#tx884322_46) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Book-Entry Registration](#tx884322_47) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Definitive Certificates](#tx884322_48) | 89.0 |
|  [The Pooling and Servicing Agreement Generally](#tx884322_49) | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Conveyance of Receivables](#tx884322_50) | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Representations and Warranties](#tx884322_51) | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Resolution of Repurchase Disputes](#tx884322_52) | 91.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Transferor Certificates; Additional Transferors](#tx884322_53) | 93.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Additions of Accounts](#tx884322_54) | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Removal of Accounts](#tx884322_55) | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Discount Option](#tx884322_56) | 95.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Premium Option](#tx884322_57) | 96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Indemnification](#tx884322_58) | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Collection and Other Servicing Procedures](#tx884322_59) | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Outsourcing of Servicing](#tx884322_60) | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [New Issuances](#tx884322_61) | 99.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Collection Account](#tx884322_62) | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Deposits in Collection Account](#tx884322_63) | 101.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Allocations](#tx884322_64) | 102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Groups of Series](#tx884322_65) | 102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reallocations Among Different Series Within a Reallocation Group](#tx884322_66) | 102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sharing of Excess Finance Charge Collections Among Excess Allocation Series](#tx884322_67) | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sharing of Principal Collections Among Principal Sharing Series](#tx884322_68) | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Paired Series](#tx884322_69) | 106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Special Funding Account](#tx884322_70) | 106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Funding Period](#tx884322_71) | 107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Defaulted Receivables; Rebates and Fraudulent Charges](#tx884322_72) | 107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Servicer Covenants](#tx884322_73) | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Certain Matters Regarding the Servicer](#tx884322_74) | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Servicer Default](#tx884322_75) | 109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Evidence as to Compliance](#tx884322_76) | 109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transferor Insolvency](#tx884322_77) | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Amendments](#tx884322_78) | 111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Defeasance](#tx884322_79) | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [List of Certificateholders](#tx884322_80) | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Trustee](#tx884322_81) | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Merger or Consolidation of the Transferor or the Servicer](#tx884322_82) | 114.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Assumption of the Transferor's Obligations](#tx884322_83) | 115.0 |
|  [Description of the Purchase Agreement](#tx884322_84) | 116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sale of Receivables](#tx884322_85) | 116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Representations and Warranties](#tx884322_86) | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Repurchase Obligations](#tx884322_87) | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reassignment of Other Receivables](#tx884322_88) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Modifications](#tx884322_89) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Amendments](#tx884322_90) | 119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Termination](#tx884322_91) | 119.0 |
|  [Asset Representations Review](#tx884322_92) | 119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Delinquency Event](#tx884322_93) | 120.0 |

---

v

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Voting Event](#tx884322_94) | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Asset Representations Review Process](#tx884322_95) | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Asset Representations Reviewer](#tx884322_96) | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other Matters Relating to the Asset Representations Reviewer](#tx884322_97) | 122 |
|  [Certain Legal Aspects of the Receivables](#tx884322_98) | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Certain Regulatory Matters](#tx884322_99) | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consumer Financial Products Regulation](#tx884322_100) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Legal Proceedings](#tx884322_101) | 125 |
|  [Tax Matters](#tx884322_102) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Federal Income Tax Consequences — General](#tx884322_103) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Treatment of the Certificates as Debt](#tx884322_104) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Opinions](#tx884322_105) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Treatment of the Trust](#tx884322_106) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Taxation of U.S. Certificate Owners](#tx884322_107) | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Foreign Certificate Owners](#tx884322_108) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Backup Withholding and Information Reporting](#tx884322_109) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Foreign Account Tax Compliance Act](#tx884322_110) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; [State and Local Taxation](#tx884322_111) | 132 |
|  [ERISA Considerations](#tx884322_112) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Publicly-Offered Security](#tx884322_113) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Department of Labor Authorization](#tx884322_114) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Class A Certificates](#tx884322_115) | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Class B Certificates](#tx884322_116) | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consultation With Counsel](#tx884322_117) | 136 |
|  [Underwriting](#tx884322_118) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Offering Restrictions](#tx884322_119) | 138 |
|  [Legal Matters](#tx884322_120) | 139 |
|  [Reports to Certificateholders](#tx884322_121) | 139 |
|  [Investor Communications](#tx884322_122) | 139 |
|  [Where You Can Find More Information](#tx884322_123) | 140 |
|  [Forward-Looking Statements](#tx884322_124) | 140 |
|  [Glossary of Defined Terms](#tx884322_125) | 142 |
|  [Annex I: The Trust Portfolio](#tx884322_126a) | A-I-1 |
|  [Annex II: Static Pool Information](#tx884322_127) | A-II-1 |
|  [Annex III: Other Series](#tx884322_128) | A-III-1 |

---

vi

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##### [**Table of Contents**](#toc)
**Summary of Series Terms** 

***This summary highlights selected information about the certificates and does not contain all the information that you need to consider in making your investment decision. You should carefully read this entire document before you purchase any certificates.***

**Risk Factors** 

Investment in the Series 20[●]-[●] certificates involves certain risks, including business risks, insolvency and security interest risks, other legal and regulatory risks, and transaction structure risks, many of which could result in accelerated, delayed or reduced payments on your certificates. You should consider carefully the risk factors beginning on page [●] of this prospectus.

**Business Risks Relating to AENB's Revolving Credit Business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Difficult conditions in the business and economic environment, as well as the effects of geopolitical
conditions, weather, natural disasters and other catastrophic events, can affect credit card spending and delinquency and charge-off rates and may cause a delay in or default on payments on the certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A major information or cybersecurity incident or an increase in fraudulent activity could lead to damage to
American Express' reputation and brand and could reduce the use and acceptance of American Express-branded cards, which could adversely affect the ability to generate new receivables or the level of the receivables held in the trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disruptions in American Express' information systems could adversely affect the trust, TRS, AENB, the
transferor or their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● American Express' reliance on third party providers could have a material adverse effect on the trust,
TRS, AENB, the transferor or their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Surcharging, steering or other differential acceptance practices by merchants could adversely impact the
trust, TRS, AENB, the transferor or their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Payment patterns of account holders may not be consistent over time, and variations in these payment patterns
may result in reduced payment of principal, or receipt of payment of principal earlier or later than expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Substantial and increasingly intense competition in the credit card and payments industry may result in a
decline in AENB's ability to generate new receivables. This may result in the payment of principal earlier or later than the expected final payment date, or in reduced amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Negative impacts on how American Express is perceived in the marketplace could adversely impact the trust,
TRS, AENB, the transferor or their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Changes in or termination of co-branding or other partner arrangements
as a result of the substantial and increasingly intense competition for partner relationships may affect the performance of the trust's receivables and card usage, and, consequently, the timing and amount of payments on your series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● AENB may change the terms of the credit card accounts in a way that reduces or slows collections. These
changes may result in reduced, accelerated or delayed payments to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Credit card rates may decline without a corresponding change in the amounts needed to pay the certificates,
which could result in a delay or reduction in payments of your certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The effects of climate-related risks, as well as efforts to mitigate the impact of climate-related risks,
including through related legislation and regulation, may have an adverse impact on the timing and amount of payments on your certificates.

**Insolvency and Security Interest Risks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The conservatorship, receivership, bankruptcy, or insolvency of AENB, TRS, the transferor, the trust, or any
of their affiliates could result in accelerated, delayed, or reduced payments to you.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Some interests could have priority over the trustee's interest in the receivables, which could cause
delayed or reduced payments to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The trustee may not have a perfected interest in collections commingled by the servicer or any subservicer
with its own funds, which could cause delayed or reduced payments to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Changes to federal or state bankruptcy or debtor laws may impede collection efforts or alter timing and amount
of collections, which may result in acceleration or reduction in payment of your certificates.

**Other Legal and Regulatory Risks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Regulatory action could result in losses or delay in payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Changes to consumer protection laws, including in the application or interpretation thereof, may impede
origination or collection efforts, change account holder use patterns, or reduce collections, any of which may result in acceleration of or reduction in payment on the certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Regulatory oversight and supervision could adversely affect the trust or your certificates, including by
impeding origination or collection efforts, changing account holder use patterns, or reducing collections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Certain EEA-regulated and UK-regulated investors may be subject to due diligence and risk retention requirements, making the certificates unsuitable for their investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● AENB, TRS, the transferor and the trust could be named as defendants in litigation, resulting in increased
expenses and greater risk of loss on the certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Legal proceedings regarding provisions in American Express' merchant contracts could have a material
adverse effect on American Express' business and result in additional litigation and/or arbitrations, changes to its merchant agreements and/or business practices, substantial monetary damages and damage to American Express' reputation and
brand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Changes in U.S. tax legislation could adversely affect the business, financial condition and results of
operations of AENB, TRS, the transferor, the issuing entity or their affiliates, or adversely impact you.

**Transaction Structure Risks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Addition or removal of accounts to the trust or other changes in the composition or performance of the
trust's assets may decrease the credit quality of the assets securing the repayment of your certificates. If this occurs, your receipt of payments of principal and interest may be reduced, delayed or accelerated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The account owner may not be able to generate new receivables, or the transferor may not be able to designate
new accounts to the trust when required by the pooling and servicing agreement. This could result in an acceleration of or reduction on payments on your certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The objective of the asset representations review process is to independently identify noncompliance with a
representation or warranty concerning the receivables but no assurance can be given as to its effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The certification provided by the chief executive officer of the depositor does not guarantee that the
securitization will produce expected cash flows at times and in amounts to service scheduled payments of interest and the ultimate repayment of principal on the certificates in accordance with their terms as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Issuances of additional series or additional certificates in outstanding series by the trust may adversely
affect your certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may have limited or no ability to control actions under the pooling and servicing agreement.

[**Risks Relating to the Issuance of Floating Rate Certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Floating rate certificates will bear additional risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● [SOFR][Alternative Benchmark] is a relatively new reference rate and its composition and characteristics are
not the same as LIBOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● [SOFR][Alternative Benchmark] may be more volatile than other benchmark or market rates.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any failure of [SOFR][Alternative Benchmark] to maintain market acceptance could adversely affect your
certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A decrease in [SOFR][Alternative Benchmark] would reduce the rate of interest on your certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● [The issuing entity may issue floating rate certificates, but the issuing entity will not enter into any
interest rate swaps and you may suffer losses on your certificates if interest rates rise.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Risks relating to [compounded SOFR][Alternative Benchmark].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Changes to or discontinuation of [SOFR][Alternative Benchmark] or the determinations made by the
[administrator (or its designee, which the [administrator] may designate in its sole discretion and which may be an affiliate of the [administrator])] may adversely affect your certificates.]

**Risks Related to an Investment in the Certificates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no public market for the certificates. As a result, you may be unable to sell your certificates or
the price of the certificates may suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If your certificates are repaid prior to the expected final payment date, you may not be able to reinvest your
principal in a comparable security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The market value of the certificates could decrease if the ratings of the certificates are lowered or
withdrawn or if there is an unsolicited issuance of a lower rating.

**The Issuing Entity** 

American Express Credit Account Master Trust is the issuing entity of the certificates. It was formed in 1996 pursuant to a pooling and servicing agreement. This agreement, as it has been amended and restated from time to time, most recently as of April 1, 2018, and as may be further amended from time to time, is among American Express Travel Related Services Company, Inc., as servicer, American Express Receivables Financing Corporation III LLC, as transferor, and The Bank of New York Mellon, as trustee.

We refer to the American Express Credit Account Master Trust as the "trust" or the "issuing entity."

The trust is a master trust under which multiple series of certificates may be issued. The trust issues each series pursuant to a supplement to the pooling and servicing agreement. The terms of a series are set forth in the series supplement.

**Account Owner and Sponsor** 

The receivables owned by the trust will arise in designated credit accounts owned by American Express National Bank or any of its affiliates.

American Express National Bank, a national banking association, owns revolving credit card and other credit accounts from which receivables are transferred to American Express Receivables Financing Corporation III LLC. American Express Receivables Financing Corporation III LLC may then, subject to certain conditions, add those receivables to the trust. See *"Transaction Parties — Account Owner and Sponsor," "The Pooling and Servicing Agreement Generally — Additions of Accounts"* and *"Description of the Purchase Agreement."*

We refer to American Express National Bank as "AENB," the "account owner" or the "bank."

**Depositor and Transferor** 

American Express Receivables Financing Corporation III LLC is a limited liability company formed under the laws of the State of Delaware on March 11, 2004. It is a wholly-owned subsidiary of AENB. RFC III purchases from AENB receivables arising in revolving credit card and other credit accounts owned by AENB. RFC III may then, subject to certain conditions, add those receivables to the trust. See *"Description of the Purchase Agreement."* American Express Receivables Financing Corporation III LLC structures the issuing entity's transactions. Its address is 115 W Towne Ridge Pkwy, Room 454, Sandy, Utah 84070 and its phone number is (385) 308-6059. See *"Transaction Parties — Depositor and Transferor."*

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##### [**Table of Contents**](#toc)
We refer to American Express Receivables Financing Corporation III LLC as "RFC III," the "depositor" or the "transferor."

**Servicer** 

American Express Travel Related Services Company, Inc. is the servicer of the trust. As servicer, it is responsible for servicing, managing and making collections on the receivables in the trust. See *"Transaction Parties — Servicer"* and *"The Pooling and Servicing Agreement Generally — Collection and Other Servicing Procedures."* American Express Travel Related Services Company, Inc. has outsourced certain functions to affiliated and unaffiliated third parties, but it remains responsible for the overall servicing process. For information about certain affiliated and unaffiliated third-party service providers, including AENB, see *"The Pooling and Servicing Agreement Generally — Outsourcing of Servicing."*

In limited cases, the servicer may resign or be removed, and either the trustee or a third party may be appointed as the new servicer. See *"The Pooling and Servicing Agreement Generally — Certain Matters Regarding the Servicer"* and *"— Servicer Default."*

The servicer receives a servicing fee from the trust, and each series is obligated to pay a portion of that fee. See *"Series Provisions — Servicing Compensation and Payment of Expenses"* for a description of the monthly servicing fee allocated to each series of certificates.

We refer to American Express Travel Related Services Company, Inc. as "TRS," the "servicer" or the "administrator."

**Trustee** 

The Bank of New York Mellon, a New York banking corporation, is the trustee of the trust and each series of certificates issued by the trust. Its address is 240 Greenwich Street, Floor 7 East, New York, New York 10286, Attention: Asset-Backed Securities Unit. Its telephone number is (212) 815-2483.

[The Bank of New York Mellon is also the calculation agent for the trust in connection with certain floating rate certificate issuances. In its capacity as calculation agent, The Bank of New York Mellon will obtain the [SOFR Rate][Alternative Benchmark] for the certificates and will provide it in writing to the [administrator] for each interest period. Notwithstanding the foregoing, The Bank of New York Mellon shall not be obligated to act as calculation agent for any benchmark which it determines it is unable or unwilling to obtain, and in any such case the [administrator] shall act, or appoint another party to act, as calculation agent for such benchmark. For a description of how interest will be calculated on the certificates, see *"Series Provisions — Interest Payments,"* including a description of how the benchmark may change in certain situations after the expected issuance date.]

Under the terms of the pooling and servicing agreement, the role of the trustee is limited. See *"The Pooling and Servicing Agreement Generally — The Trustee."*

We refer to The Bank of New York Mellon as the "trustee."

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##### [**Table of Contents**](#toc)
**Key Parties and Operating Documents**![LOGO](g884322dsp017.jpg)

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##### [**Table of Contents**](#toc)
**Offered Certificates** 

American Express Credit Account Master Trust is offering:

$[●] of Class A certificates; and

$[●] of Class B certificates.

*We refer to the Class A certificates and the Class B certificates as the "offered certificates."* 

This prospectus presents Series 20[●]-[●] with an invested amount of $[●]. However, the invested amount of this series may be increased or decreased. Any such increase or decrease will be applied *pro rata* among the Class A certificates, the Class B certificates and the collateral interest and will be reflected in the final prospectus.

**Only the Class A certificates and the Class B certificates are offered by this prospectus.** 

Beneficial interests in the Series 20[●]-[●] certificates may be purchased in minimum denominations of $100,000 and integral multiples of $1,000.

The Series 20[●]-[●] certificates are expected to be issued on [●] [●], 20[●].

***Distribution Dates***

Distribution dates for the Series 20[●]-[●] certificates will commence on [●] [●], 20[●] and, after that, will be the 15th day of each month, if the 15th is a business day and, if not, the following business day.

***Interest***

Interest on the Series 20[●]-[●] certificates will be paid on each distribution date.

[*For floating rate certificates*: The Class A certificates will bear interest at the [SOFR Rate][Alternative Benchmark] plus [●]% per year; *provided* that if the sum of the [SOFR Rate][Alternative Benchmark] plus [●]% is less than 0.00% for any interest period, then the interest rate for the Class A certificates for such interest period will be deemed to be 0.00%. The Class B certificates will bear interest at the [SOFR Rate][Alternative Benchmark] plus [●]% per year; *provided* that if the sum of the [SOFR Rate][Alternative Benchmark] plus [●]% is less than 0.00% for any interest period, then the interest rate for the Class B certificates for such period will be deemed to be 0.00%.

[The calculation agent will obtain the [SOFR Rate][Alternative Benchmark] for the certificates using the method described under *"Series Provisions — Interest Payments."* If the [administrator (or its designee)] has determined on or prior to the relevant reference time that a benchmark transition event and its related benchmark replacement date have occurred, the [administrator] will determine an alternative benchmark in accordance with the benchmark replacement provisions described under *"Series Provisions — Interest Payments."*]

Interest on the Class A certificates and the Class B certificates for any distribution date will be calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Number of |  |  |
| Principal amount at end of prior month | × | days in interest period | × | Rate for interest period |
| Principal amount at end of prior month | × | 360 | × | Rate for interest period |

---

You may obtain the interest rate for the current period and immediately preceding period by calling the calculation agent at [●] .]

[*For fixed rate certificates*: The Class A certificates will bear interest at [●]% per year. The Class B certificates will bear interest at [●]% per year.

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##### [**Table of Contents**](#toc)
Interest on the Class A certificates for any distribution date will equal one-twelfth the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Class A certificate rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the principal amount of the Class A certificates as of the related record date.

For the first distribution date after the closing date, however, interest on the Class A certificates will equal $[●].

Interest on the Class B certificates for any distribution date will equal one-twelfth the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Class B certificate rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the principal amount of the Class B certificates as of the related record date.

For the first distribution date after the closing date, however, interest on the Class B certificates will equal $[●].]

See *"Series Provisions — Interest Payments"* for a discussion of the determination of amounts available to pay interest[, including how and when the [SOFR Rate][Alternative Benchmark] will be determined].

No payment of interest will be made on the Class B certificates until the required payment of interest has been made on the Class A certificates. See *"— Credit Enhancement"* and *"Series Provisions — Credit Enhancement — Subordination of the Class B Certificates and the Collateral Interest."*

***Principal***

Principal of the Series 20[●]-[●] certificates is expected to be paid in full on the [●] 20[●] distribution date, which is the expected final payment date. On approximately [●] [●], 20[●], we are scheduled to begin accumulating collections of principal receivables for payment to you, but we may begin accumulating at a later date.

Although the Series 20[●]-[●] certificates are expected to be paid on the date noted above, principal may be paid earlier or later.

There is no penalty for early or late payment of principal. If certain adverse events known as pay-out events occur, principal may be paid earlier than expected. If collections of the credit card receivables are less than expected or are collected more slowly than expected, then principal payments may be delayed. No principal will be paid on the Class B certificates until the Class A certificates are paid in full.

The final payment of principal and interest on the Series 20[●]-[●] certificates will be made no later than the [●] 20[●] distribution date.

See *"Maturity Considerations," "Series Provisions — Allocation Percentages"* and *"— Principal Payments"* for a discussion of the determination of amounts available to pay principal.

**The Collateral Interest** 

At the same time the Series 20[●]-[●] certificates are issued, the trust will issue an interest in the assets of the trust known as the collateral interest. The initial amount of the collateral interest is $[●], which represents approximately [●]% of the initial aggregate principal amount of the Series 20[●]-[●] certificates plus the collateral interest. The initial amount of the collateral interest may be increased or decreased as discussed under *"Series Provisions."*

The holder of the collateral interest will have voting and certain other rights as if the collateral interest were a subordinated class of certificates. The collateral interest will be subordinated to the Class A certificates and the Class B certificates.

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##### [**Table of Contents**](#toc)
The collateral interest is not offered by this prospectus. The collateral interest will initially be retained by the transferor but may in the future be transferred, including to a trust established for the purpose of issuing notes collateralized by the collateral interest.

**Credit Enhancement** 

***Subordination***

Subordination of the Class B certificates provides credit enhancement for the Class A certificates. Subordination of the collateral interest provides credit enhancement for both the Class A certificates and the Class B certificates. In addition, the portion of the collateral interest that exceeds the collateral senior invested amount provides credit enhancement for the portion of the collateral interest represented by the collateral senior invested amount. If, on any distribution date, there are insufficient funds available to make required Class A certificate payments, certain funds that would otherwise be used to make required collateral interest and Class B certificate payments will be used to make required Class A certificate payments, and the collateral invested amount and the Class B invested amount will be reduced accordingly. Similarly, if on any distribution date, there are insufficient funds available to make required Class B certificate payments, certain funds that would otherwise be used to make required collateral interest payments will be used to make required Class B certificate payments, and the collateral invested amount will be reduced accordingly. Similarly, if on any distribution date, there are insufficient funds available to make certain required payments on the portion of the collateral interest represented by the collateral senior invested amount, certain funds that would otherwise be used to make required collateral interest payments will be used to make those required payments on the portion of the collateral interest represented by the collateral senior invested amount, and the collateral invested amount will be reduced accordingly. The collateral invested amount and the Class B invested amount must be reduced to zero before the Class A invested amount will suffer any loss of principal. The collateral invested amount must be reduced to zero before the Class B invested amount will suffer any loss of principal.

Credit enhancement for the Series 20[●]-[●] certificates is for the benefit of Series 20[●]-[●] only and you are not entitled to the benefits of any credit enhancement available to other series.

See *"Series Provisions — Reallocation of Cash Flows," "— Application of Collections"* and *"— Defaulted Receivables; Investor Charge-Offs"* for a description of the events which may lead to a reduction of the Class A invested amount, the Class B invested amount and the collateral invested amount.

***[Derivative Agreement]***

[A derivative agreement may serve as an additional source of funds to pay [principal of or interest] on the [Class [●]]/[Series 20[●]-[●]] certificates.]

[See *"Series Provisions — Additional Credit Enhancement."*]

***[Derivative Counterparty]***

[The derivative counterparty under the derivative agreement is [●]. The derivative counterparty is a [state/country of incorporation] corporation and was incorporated in [●].

The long-term credit rating assigned to the derivative counterparty by Fitch is currently "[●]," by Moody's is currently "[●]" and by Standard & Poor's is currently "[●]." The short-term credit rating assigned to the derivative counterparty by Fitch is currently "[●]," by Moody's is currently "[●]" and by Standard & Poor's is currently "[●]."

[Describe the operation and material terms of any derivative agreement, including limits on amount and timing of payments. Describe material provisions regarding the substitution of the derivative counterparty.]

Based on a reasonable good faith estimate of maximum probable exposure, the significance percentage of the derivative agreement is [less than 10%].

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##### [**Table of Contents**](#toc)
See *"Series Provisions — Additional Credit Enhancement — Derivative Counterparty."*]

**Other Interests in the Trust** 

***Other Series of Certificates***

The trust has issued other series of certificates and expects to issue additional series. The trust may also issue additional Series 20[●]-[●] certificates in the future. You can review a summary of each series previously issued and currently outstanding under the caption *"Annex III: Other Series"* included at the end of this prospectus. Future series and any additional Series 20[●]-[●] certificates will be issued without prior notice to, or review or consent by, you or any other certificateholder. We cannot assure you that the terms of any future series or issuance of additional Series 20[●]-[●] certificates might not have an impact on the timing or amount of payments received by a certificateholder.

***The Transferor's Interest***

The interest in the trust not represented by your series or by any other series is the transferor's interest, which is held by the transferor. The transferor's interest may be held either in certificated form represented by the transferor certificates or in uncertificated form. Any reference in this prospectus to the transferor certificates means the transferor's interest as held in either certificated or uncertificated form. The transferor's interest does not provide credit enhancement for your series or any other series.

**U.S. Credit Risk Retention** 

In accordance with the credit risk retention requirements of Regulation RR, AENB, directly as sponsor, or RFC III, as depositor and as a wholly-owned affiliate of the sponsor, is required to retain an economic interest in the credit risk of the receivables in the trust. The sponsor and the depositor intend to satisfy the risk retention requirements by maintaining a seller's interest (as defined by and calculated in accordance with Regulation RR) in the trust through the depositor's ownership of the transferor's interest. See *"Transaction Parties — U.S. Credit Risk Retention."*

**Trust Assets** 

***The Trust Portfolio***

The primary assets of the trust are receivables in designated consumer American Express revolving credit card accounts and receivables generated with the use of revolving credit features associated with certain other American Express credit card accounts and, in the future, may include other charge or credit accounts or features or products. The receivables consist of principal receivables and finance charge receivables.

The following information is as of [●] [●], 20[●]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Total receivables in the trust:

$[●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Principal receivables in the trust:

$[●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Finance charge receivables in the trust:

$[●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts designated to the trust:

[●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Account billing addresses: generally all 50 states plus the District of Columbia and Puerto Rico

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Additional information regarding the receivables in the Trust Portfolio is provided in Annex I to this prospectus, which forms an integral part of this prospectus.

See *"AENB's Revolving Credit Businesses"* and *"The Trust Portfolio — The Accounts."*

Certificateholders will not be notified of any changes to the composition of the assets in the trust due to additions or removals of receivables. However, monthly reports containing certain information relating to the certificates and the collateral securing the certificates will be filed with the Securities and Exchange Commission. These reports will not be sent to certificateholders. See *"Where You Can Find More Information"* for information as to how these reports may be accessed*.*

Subject only to the eligibility criteria established in the purchase agreement and the pooling and servicing agreement, the account owner has the discretion to select the accounts to be designated to the trust. All receivables in the accounts when designated to the trust were transferred to the trust and all new receivables generated in those accounts have been and will be transferred automatically to the trust.

The receivables transferred to the trust are the trust's primary assets. The total amount of receivables in the trust fluctuates daily as new receivables are generated and payments are received on existing receivables.

The trust's assets also include or may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● funds collected on the receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● monies and investments in the trust's bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the right to receive certain issuer rate fees attributed to the receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● recoveries (net of collection expenses) and proceeds of credit insurance policies relating to the receivables;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● credit enhancement that varies from one series to another and, within a series, may vary from one class to
another.

Additional assets may be transferred to the trust as described under *"The Pooling and Servicing Agreement Generally — Additions of Accounts."* The transferor may add additional receivables to the trust at any time without limitation, *provided* that the receivables are eligible receivables, the transferor reasonably believes that the addition will not result in an adverse effect, and the rating agencies confirm the ratings on the outstanding certificates.

Under certain limited circumstances, the transferor may be obligated to add additional receivables to the trust if required to maintain the required minimum principal balance or the required seller's interest amount (for credit risk retention purposes).

The transferor may also remove receivables that previously were transferred to the trust as described in *"The Pooling and Servicing Agreement Generally — Removal of Accounts," provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor reasonably believes that the removal will not result in an adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the rating agencies confirm the ratings on the outstanding certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the receivables subject to removal are selected randomly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● only one removal occurs each month.

If the transferor breaches certain representations and warranties relating to the eligibility of receivables included in the trust, however, the transferor may be required to remove immediately those receivables from the trust. See *"The Pooling and Servicing Agreement Generally — Representations and Warranties."* 

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Finally, on the date when any receivable in an account is charged off as uncollectible, the trust automatically transfers those receivables back to the transferor.

***Asset Representations Review***

Under certain circumstances, certificateholders may direct an asset representations reviewer to perform a review of all receivables in the Trust Portfolio that are more than 60 days contractually delinquent (i.e., 60 days past the date a payment amount is first due under the applicable card member agreement) and the accounts relating to such receivables for compliance with certain representations and warranties on the receivables and the accounts. Clayton Fixed Income Services LLC, a Delaware limited liability company, is the asset representations reviewer under the asset representations review agreement with respect to the receivables in the Trust Portfolio.

The asset representations reviewer will be paid an annual fee by the transferor, or the sponsor at the direction of the transferor, in accordance with the asset representations review agreement. However, the annual fee does not include the fees and expenses payable to the asset representations reviewer in connection with an asset representations review. Under the asset representations review agreement, the asset representations reviewer will be entitled to receive an additional fee in connection with an asset representations review, which fee will be paid by the transferor, or the sponsor at the direction of the transferor.

See *"Asset Representations Review."*

**Collections by the Servicer** 

The servicer will collect payments on the receivables, will deposit (or cause to be deposited) those collections in the collection account and will keep track of those collections that are finance charge receivables and those that are principal receivables.

See *"The Pooling and Servicing Agreement Generally – Deposits in Collection Account."*

**Allocations to you and your Series** 

The following discussion is a simplified description of certain allocation provisions and is qualified by the full descriptions of these provisions in this prospectus.

Each month, the servicer will allocate collections of finance charge receivables, collections of principal receivables and the amount of principal receivables that are not collected and are written off as uncollectible, called the defaulted amount. Set forth below, is a brief description of how these finance charge collections, principal collections and the defaulted amount are allocated to you and your series, addressed in four steps. Allocations of finance charge collections involve each of Steps 1, 2, 3 and 4. However, allocations of principal collections and the defaulted amount involve only Steps 1, 2 and 4.

You are entitled to receive payments of interest and principal based upon allocations to your series. The invested amount, which is the primary basis for allocations to your series, is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A invested amount,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B invested amount and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the collateral invested amount.

The Class A invested amount, the Class B invested amount and the collateral invested amount will initially equal the outstanding principal amount of the Class A certificates, the Class B certificates and the collateral interest. The invested amount of a series or class will decline, however, as a result of principal payments and may decline if the defaulted amount is not covered by collections of finance charges allocated to your series or for other reasons. If the invested amount of your series or class declines, amounts allocated and available for payment to you will be reduced.

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For a description of the events which may lead to these reductions, see *"Series Provisions — Reallocation of Cash Flows."*

***Step 1: Allocations Among Series***

*Finance Charge Collections, Principal Collections and the Defaulted Amount*: Each month, the servicer will allocate finance charge collections, principal collections and the defaulted amount among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● your series, based on the size of its invested amount at that time (which is initially $[●]<sup>\*</sup>, but may be reduced or increased); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● other outstanding series, based on the sizes of their respective invested amounts at that time.

***Step 2: Allocations Within Your Series***

*Finance Charge Collections, Principal Collections and the Defaulted Amount*: Finance charge collections, principal collections and the defaulted amount that are allocated to your series in Step 1 will then be further allocated, based on varying percentages, between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● your series, based on the size of its invested amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the holders of the transferor certificates, which will receive the remainder of these finance charge
collections, principal collections and the defaulted amount.

***Step 3: Reallocations Among Series***

*Finance Charge Collections*: Collections of finance charge receivables allocated to the Series 20[●]-[●] certificates and the collateral interest in Step 2 will then be combined with the collections of finance charge receivables allocated to any other series in group [I][II]. Group [I][II] is a group of series which share finance charge collections pro rata, based upon the relative size of the required payments to each series in group [I][II] as compared to the total required payments of all series in group [I][II]. See *"The Pooling and Servicing Agreement Generally — Reallocations Among Different Series Within a Reallocation Group."*

Upon issuance, Series 20[●]-[●] will be the [●] outstanding series issued by the trust in group [I][II]. Any issuance of a new series in group [I][II], or any increase in the invested amount of any outstanding series in group [I][II] due to issuance of additional certificates of that series, may reduce or increase the amount of finance charge collections allocated to your series.

***Step 4: Final Allocations Among Class A, Class B and the Collateral Interest***

*Finance Charge Collections, Principal Collections and the Defaulted Amount*: The finance charge collections reallocated in Step 3, together with the principal collections and the defaulted amount allocated in Step 2, will then be further allocated, based on varying percentages, among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Class A certificates, based on the Class A invested amount (which is initially $[●]\*, but
may be reduced or increased);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Class B certificates, based on the Class B invested amount (which is initially $[●]\*, but
may be reduced or increased); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the collateral interest, based on the collateral invested amount (which is initially $[●]\*, but may be
reduced or increased).

<sup>\*</sup> Subject to increase or decrease as discussed under "*Series Provisions*" in this prospectus.

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##### [**Table of Contents**](#toc)
See *"Series Provisions — Allocation Percentages"* and *"The Pooling and Servicing Agreement Generally — Reallocations Among Different Series Within a Reallocation Group."*

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##### [**Table of Contents**](#toc)
**Application of Collections** 

***Finance Charge Collections and Excess Spread***

Each month, collections of finance charge receivables allocated to the Class A certificates, the Class B certificates and the collateral interest, and the excess spread that may remain, will generally be applied as follows:

![LOGO](g884322g04a04.jpg)

See *"Series Provisions — Application of Collections — Excess Spread; Excess Finance Charge Collections."*

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##### [**Table of Contents**](#toc)
***Principal Collections***

Each month, your series' share of principal collections will generally be applied as follows:

![LOGO](g884322dsp027.jpg)

See *"Maturity Considerations," "Series Provisions — Principal Payments"* and *"— Application of Collections."* 

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***Fees and Expenses Payable from Collections***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fees and expenses payable from collections of finance charge receivables: 2.0% of invested amount paid to the
servicer (as described below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fees and expenses payable from collections of principal receivables: servicing fee shortfall.

**Servicing Fee** 

The servicer is entitled to receive a monthly servicing fee as compensation for its servicing activities and as reimbursement for any expenses incurred by it as servicer. For each month, the servicing fee will equal one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 2.0% per year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the invested amount for the related monthly period.

The servicing fee will be allocated among the transferor's interest and the certificateholders.

**Revolving Period** 

The revolving period begins on the closing date and ends upon the commencement of the controlled accumulation period or, if earlier, the early amortization period. During the revolving period, no principal payments will be made to or for the benefit of the Series 20[●]-[●] certificateholders or the holder of the collateral interest. Unless a pay-out event has occurred, the controlled accumulation period is scheduled to begin at the close of business on the last day of the [●] 20[●] monthly period, but may be delayed as described herein. During the controlled accumulation period, no principal payments will be made to the Series 20[●]-[●] certificateholders or the holder of the collateral interest.

**[Prefunding Period** 

Provide the prefunding amount in the prefunding account, the date by which the invested amount is expected to equal the aggregate principal amount of the certificates and any other information required by Item 1103(a)(5) of Regulation AB.]

**Pay-Out Events** 

Certain adverse events called pay-out events might lead to the end of the revolving period or the controlled accumulation period and the start of an early amortization period. A pay-out event may affect more than one series.

The pay-out events for your series are described under *"Series Provisions — Pay-Out Events."* In addition, see *"The Pooling and Servicing Agreement Generally — Transferor Insolvency"* for a discussion of the consequences of an insolvency or receivership of the transferor.

**Reallocated Investor Finance Charge Collections** 

Collections of finance charge receivables allocated to each series in group [I][II] will be combined and will be available for certain required payments to all series in group [I][II]. These amounts will be reallocated pro rata, based on the size of the required payment for each of the series in group [I][II] as compared with the total required payments for all of the series in group [I][II]. Any issuance of a new series in a reallocation group, or any increase in the invested amount of any outstanding series in a reallocation group due to an issuance of additional certificates of that series, may reduce or increase the amount of finance charge collections allocated to any other series of certificates in that group.

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See *"The Pooling and Servicing Agreement Generally — Reallocations Among Different Series Within a Reallocation Group"* and *"Risk Factors — Transaction Structure Risks — Issuances of additional series or additional certificates in outstanding series by the trust may adversely affect your certificates."*

**Shared Principal Collections** 

Your series will be included in a group of series designated as "principal sharing series." To the extent that collections of principal receivables allocated to your series are not needed to make payments or deposits to a trust account for the benefit of your series, these collections will be applied to cover principal payments for other principal sharing series, if any. Any reallocation for this purpose will not reduce the invested amount for your series. In addition, you may receive the benefits of collections of principal receivables and certain other amounts allocated to other principal sharing series. However, there can be no assurance that the trust will issue additional principal sharing series designated to share collections of principal receivables with your series.

See *"The Pooling and Servicing Agreement Generally — Sharing of Principal Collections Among Principal Sharing Series."*

**Excess Finance Charge Collections** 

Your series will be included in a group of series designated as "excess allocation series." To the extent that collections of finance charge receivables allocable to your series exceed the amount necessary to make required payments for your series payable from collections of finance charge receivables, such excess collections may be applied to cover shortfalls of collections of finance charge receivables allocable to other excess allocation series. In addition, you may receive the benefits of collections of finance charge receivables allocated to other excess allocation series designated to share collections of finance charge receivables with your series. However, there can be no assurance that the trust will issue additional excess allocation series designated to share collections of finance charge receivables with your series.

See *"The Pooling and Servicing Agreement Generally — Sharing of Excess Finance Charge Collections Among Excess Allocation Series."* 

**Optional Repurchase** 

So long as the transferor is the servicer or an affiliate of the servicer, the transferor will have the option to repurchase your Series 20[●]-[●] certificates when the invested amount for your series has been reduced to 5% or less of the initial invested amount for your series. See *"Series Provisions — Optional Repurchase."* 

**Series Termination** 

If on the distribution date which is two months prior to the Series 20[●]-[●] termination date, the invested amount exceeds zero, the servicer will, within the 40-day period beginning on such date, solicit bids for the sale of interests in the principal receivables or certain principal receivables, together in each case with the related finance charge receivables, in an amount equal to the invested amount at the close of business on the last day of the monthly period preceding the Series 20[●]-[●] termination date. The servicer will sell such receivables on the Series 20[●]-[●] termination date to the bidder who provided the highest cash purchase offer and will deposit the proceeds of such sale in the collection account for allocation to Series 20[●]-[●]. See *"Series Provisions — Series Termination."*

**Registration** 

The Series 20[●]-[●] certificates will be in book-entry form and will be registered in the name of Cede & Co., as the nominee of The Depository Trust Company. Except in limited circumstances, you will not receive a definitive certificate representing your interest. See *"Description of the Certificates — Definitive Certificates."*

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You may elect to hold your Series 20[●]-[●] certificates through DTC, in the United States, or Clearstream Banking or the Euroclear System in Europe. See *"Description of the Certificates — Book-Entry Registration."*

**Tax Status** 

Subject to important considerations described under *"Tax Matters"*, Orrick, Herrington & Sutcliffe LLP, as special federal income tax counsel to the transferor, is of the opinion that under existing law your certificates will be characterized as debt for federal income tax purposes. By your acceptance of a certificate, you will agree to treat your certificates as debt for federal, state and local income and franchise tax purposes. See *"Tax Matters"* for additional information concerning the application of federal income tax laws.

**ERISA Considerations** 

Subject to important considerations described under *"ERISA Considerations,"* the Class A certificates are eligible for purchase by persons investing assets of employee benefit plans or individual retirement accounts.

For reasons discussed under *"ERISA Considerations,"* the Class B certificates are not eligible for purchase by persons investing assets of employee benefit plans or individual retirement accounts, other than insurance companies investing assets solely of their general accounts.

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**Risk Factors** 

*Investment in the certificates involves risks. Before deciding whether or not to purchase the certificates, you should carefully consider the risks described below as well as other factors and information contained or incorporated by reference in this prospectus. Many such risks could result in accelerated, delayed or reduced payments on your certificates. However, the risks and uncertainties that may adversely affect the certificates are not limited to those described below and those contained or incorporated by referenced in this prospectus. Additional risks and uncertainties not presently known to American Express or that American Express currently believes to be immaterial may also adversely affect the certificates.* 

**Business Risks Relating to AENB's Revolving Credit Business** 

***Difficult conditions in the business and economic environment, as well as the effects of geopolitical conditions, weather, natural disasters and other catastrophic events, can affect credit card spending and delinquency and charge-off rates and may cause a delay in or default on payments on the certificates.***

American Express is very dependent upon the level of consumer and business activity and the demand for payment and financing products. Slow economic growth, economic contraction or shifts in broader consumer and business trends significantly affect customer behaviors, which could negatively affect spending on American Express cards and the ability and willingness of Card Members to borrow and pay amounts owed to American Express and demand for fee-based products and services. Factors such as consumer spending and confidence, household income and housing prices, unemployment rates, business investment and inventory levels, bankruptcies, geopolitical instability, public policy decisions, governmental spending, international trade relationships, tariffs, interest rates, taxes, inflation and deflation (including the effects of related governmental responses), energy costs, availability of capital and credit, attitudes towards incurring debt, the public's perception of the use of credit cards and changing attitudes about incurring debt and the stigma of personal bankruptcy all could result in increases in bankruptcies, declines in card usage or adverse changes in payment patterns, causing increases in delinquencies and default rates.

If a Card Member's income growth fails to keep pace with the rising costs of goods and services and the expense of other household debt service, then such Card Member may have less funds available to make payments towards their credit card balances, thereby reducing the amount available for distribution on the certificates.

In addition, geopolitical conditions, terrorist attacks, military conflicts, supply chain issues, natural disasters, severe weather, widespread health emergencies or pandemics, information or cybersecurity incidents (including intrusion into or degradation or unavailability of American Express' systems or technology by cyberattacks), operational incidents, and other catastrophic events can also have a material adverse effect on spending on American Express cards and the ability and willingness of Card Members to pay amounts owed to American Express. Political and social conditions, including geopolitical instability (such as from tensions involving China and the U.S.), fiscal and monetary policies (including developments related to the U.S. federal deficit, debt ceiling, government shutdowns and other budgetary issues), trade wars and tariffs, labor shortages, regional or domestic hostilities, economic sanctions and prospect or occurrence of more widespread conflicts could also negatively affect card usage, payment patterns and the performance of the credit card receivables. Pandemics and other health emergencies can have widespread and unpredictable impacts on global society, economic conditions and consumer and business behavior, which may reoccur or occur over an extended duration, such as the macroeconomic and behavioral impacts during the COVID-19 pandemic.

A number of actions are taking place across the globe that impact geopolitical stability. Several countries are considering or have implemented tariffs or other trade barriers or restrictions, as well as other measures affecting cross-border commerce and the flow of information, which could have broad economic consequences, impact global supply chains and negatively affect American Express, its consumers and partners. There are multiple ongoing military conflicts (such as the Russia-Ukraine and Middle East conflicts), which have led to economic uncertainty and market disruptions. The broader consequences remain uncertain, but geopolitical conditions may adversely affect macroeconomic conditions in a number of ways, including regional instability, an increased prevalence and sophistication of cyberattacks, potential retaliatory action against companies such as American Express, further

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sanctions activity and related regulatory scrutiny, increased inflation, further increases or fluctuations in commodity and energy prices, decreases in global travel and further disruptions to the global supply chain.

Hurricanes, wildfires and other natural disasters have impacted, and may continue to impact, spending and credit performance in the areas affected. Disasters and catastrophic events, and events impacting certain industries or the overall economy, could have a negative effect on spending and on American Express' operations and infrastructure, including its technology and systems, and on the ability and willingness of Card Members to pay amounts owed to American Express. Climate-related risks may exacerbate certain of these threats, including the frequency and severity of weather-related events.

Further, economic conditions and other events and conditions that disproportionately or specifically affect states with high concentrations of Card Members who account for significant spending and borrowing on American Express cards could adversely impact the performance of the Trust Portfolio, including the delinquency or credit loss experience of the Trust Portfolio, and could result in delays in payments or losses on the certificates. See *"The Receivables — Composition by Geographic Distribution"* in Annex I to this prospectus.

We cannot predict what effect the factors, events and circumstances discussed above, should they continue or occur, will have on repayment patterns, card use and other Card Member behaviors and, consequently, the timing and amount of payments on your series. Any reductions in the amount or timing of interest or principal payments will reduce the amount available for distribution on the certificates.

***A major information or cybersecurity incident or an increase in fraudulent activity could lead to damage to American Express' reputation and brand and could reduce the use and acceptance of American Express-branded cards, which could adversely affect the ability to generate new receivables or the level of the receivables held in the trust.***

American Express, its affiliates and third parties collect, process, transfer, host, store, analyze, retain, provide access to and dispose of Card Member account information, payment transaction information, and certain types of personally identifiable and other information pertaining to customers in connection with its cards and other products and in the normal course of its business.

Global financial institutions like American Express, as well as its customers, employees, regulators, service providers and other third parties, have experienced a significant increase in information security and cybersecurity risk in recent years and will likely continue to be the target of increasingly sophisticated cyberattacks, including computer viruses, malicious or destructive code, ransomware, social engineering attacks (including phishing, impersonation and identity takeover attempts), artificial intelligence-assisted deepfake attacks and disinformation campaigns, corporate espionage, hacking, website defacement, denial-of-service attacks, exploitation of vulnerabilities and other attacks and similar disruptions from the misconfiguration or unauthorized use of or access to computer systems. These threats have arisen from external parties, as well as insiders who knowingly or unknowingly engage in or enable malicious cyber activities. There are a number of motivations for cyber threat actors, including criminal activities such as fraud, identity theft and ransom, corporate or nation-state espionage, political agendas, public embarrassment with the intent to cause financial or reputational harm, intent to disrupt information technology systems and supply chains, and to expose and exploit potential security and privacy vulnerabilities in corporate systems and websites. Cyber threat actors, including state-sponsored and nation state actors, have rapidly evolved their techniques and increasingly utilize advanced capabilities, including the integration of advanced forms of artificial intelligence, other new technology, which can increase the efficacy, severity, frequency and ease of execution of cyberattacks.

American Express' and its partners' networks and systems are subject to constant attempts to disrupt business operations and capture, destroy, manipulate or expose various types of information relating to corporate trade secrets, customer information (including Card Member, travel and loyalty program data), employee information and other sensitive business information (including acquisition activity, non-public financial results and intellectual property). For example, American Express and other U.S. financial services providers have been the target of attacks, such as denial-of-service attacks, social engineering and the impersonation of current or prospective employees and contractors.

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American Express develops and maintains systems and processes aimed at detecting and preventing information security and cybersecurity incidents and fraudulent activity, including American Express' crisis response procedures, which require significant investment, maintenance and ongoing monitoring and updating as technologies and regulatory requirements change, as new vulnerabilities and exploits are discovered and as efforts to overcome security measures become more sophisticated.

Despite American Express' efforts and the efforts of third parties that process, transmit or store American Express' data and data of its customers and employees or support its operations, such as service providers, merchants and regulators, the possibility of information, operational and cybersecurity incidents, malicious social engineering, password mismanagement, corporate espionage, fraudulent or other malicious activities and human error or malfeasance cannot be eliminated entirely and will evolve as new and emerging technology is deployed by threat actors, including the use of artificial intelligence and quantum computing, and American Express increasingly use platforms that are outside of American Express' network and control environments. For example, certain of American Express' third-party service providers and joint ventures have been the victims of ransomware and other cyberattacks, in some instances that affected American Express' data or services provided to American Express. In addition, recently introduced products and services, such as checking accounts and non-card lending, may lead to an increase in the number or types of cyberattacks and American Express' exposure to fraud and other malfeasance. Risks associated with such incidents and activities include theft of funds and other monetary loss, disruption of American Express' operations and the unauthorized disclosure, release, gathering, monitoring, misuse, modification, loss or destruction of confidential, proprietary, trade secret or other information (including account data information). An information or cybersecurity incident may not be detected until well after it occurs, and the severity and potential impact may not be fully known for a substantial period of time after it has been discovered. American Express is subject to varied cybersecurity regulations and incident reporting requirements, which could require American Express to disclose incidents that may not have been resolved or fully investigated at the time of disclosure, leading to customer confusion, regulatory scrutiny and negative publicity and exacerbating risks related to the incident itself. American Express' ability to address incidents may also depend on the timing and nature of assistance that may be provided from relevant governmental or law enforcement agencies.

Information, operational or cybersecurity incidents, fraudulent activity and other actual or perceived failures to maintain confidentiality, integrity, availability of services and data, privacy, availability and/or security has led to increased regulatory scrutiny and may lead to regulatory investigations and intervention (such as mandatory card reissuance), consent decrees, increased litigation (including class action litigation), response costs (including notification and remediation costs), fines, negative assessments of American Express, TRS and AENB by banking regulators and rating agencies, damage to American Express' reputation and brand, negative impacts to American Express' partner relationships, and reduced usage of American Express-branded cards, and have an adverse impact on the trust, TRS, the bank, the transferor or their affiliates, including the level of receivables held in the trust or the amount of certificates issued in the future. The disclosure of sensitive company information could also undermine American Express' competitive advantage and divert management attention and resources.

Successful cyberattacks, data breaches, disruptions or other incidents related to the actual or perceived failures to maintain confidentiality, integrity, availability of services and data, privacy, availability and/or security at other large financial institutions, large retailers, travel and hospitality companies, government agencies or other market participants, whether or not American Express is impacted, could lead to general loss of customer confidence that could negatively affect American Express, including harming the market perception of the effectiveness of American Express' security measures or harming the reputation of the financial system in general, which could result in reduced use of American Express products and services and have an adverse impact on the trust, TRS, the bank, the transferor or their affiliates, including on their ability to originate new accounts and to generate and service receivables, the level of receivables in the trust, collections of such receivables and the amount of certificates issued in the future. Such events could also result in legislation and additional regulatory requirements. See *"Other Legal and Regulatory Risks — Regulatory oversight and supervision could adversely affect the trust or your certificates, including by impeding origination or collection efforts, changing account holder use patterns, or reducing collections"* and *"— Changes to consumer protection laws, including in the application or interpretation thereof, may impede origination or collection efforts, change account holder use patterns, or reduce collections, any of which may result in acceleration of or reduction in payment on the certificates."*

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***Disruptions in American Express' information systems could adversely affect the trust, TRS, AENB, the transferor or their affiliates.***

American Express rely extensively on its information technology systems and those of its third parties, including American Express' transaction authorization, clearing and settlement systems and data centers, which have experienced and may continue to experience service disruptions or degradation that may result from technology malfunction, sudden increases in processing or other volumes, natural disasters and weather events, fires, accidents, technology change management issues, power outages, internet outages, telecommunications failures, fraud, denial-of-service, ransomware and other cyberattacks, inadequate infrastructure, technology capacity management issues, terrorism, computer viruses, vulnerabilities or failures in hardware or software, physical or electronic break-ins, or similar events. Due to the interconnectivity and complexity of information systems and their reliance on common systems, software and vendors, disruptions or degradations have had, and will likely continue to have, wide-reaching consequences, including the potential to disrupt the overall financial system and other key systems in the global economy. Service disruptions or degradations impacting American Express or its partners can prevent access to online services and account information, compromise or limit access to company or customer data, impede transaction processing, communications to customers and financial reporting, disrupt ordinary business operations, result in contractual penalties or obligations, trigger regulatory reporting obligations, and lead to regulatory investigations and fines, increased regulatory oversight and litigation (including class action litigation). Any such interruption or degradation could adversely affect the perception of the reliability of American Express products and services and have a materially adverse impact on the trust, TRS, the bank, the transferor or their affiliates, including on their ability to originate new accounts and to generate and service receivables, the level of receivables in the trust, collections of such receivables and the amount of certificates issued in the future.

***American Express' reliance on third party providers could have a material adverse effect on the trust, TRS, AENB, the transferor or their affiliates.***

American Express relies on third party service providers, co-brand partners, merchants, affiliate marketing firms, processors, aggregators, network partners and other third parties for services integral to its operations and is subject to the risk that activities of any such third party may adversely affect its business. As outsourcing, specialization of functions, third-party digital services and technology innovation within the payments industry increase (including with respect to mobile technologies, tokenization, big data, artificial intelligence and cloud-based solutions), more third parties are involved in processing card transactions, handling of data and providing operational support. For example, American Express relies on third parties for the timely transmission of accurate information across its global network, card acquisition and provision of services to its customers. In addition, TRS has outsourced the performance of certain servicing functions to third-party service providers. See *"The Pooling and Servicing Agreement Generally — Outsourcing of Servicing."* 

American Express has experienced in certain limited circumstances and may continue to experience disruptions or other events at its third parties or its third parties' service providers, including their failure to fulfill their obligations and the information, cybersecurity and operational incidents described above. Such disruptions or other events could interrupt or compromise the quality of American Express' services to customers, impact the confidentiality, integrity, availability and security of American Express' data, lead to fraudulent transactions on American Express-branded cards, impact its business, cause brand or reputation damage, and lead to costs associated with responding to such a disruption, including notification and remediation costs, costs to switch service providers or move operations in house, regulatory investigations and fines, and increased regulatory oversight and litigation. Third parties may face similar or greater risks as American Express, including as a result of their relationship with American Express. However, they may be less prepared to mitigate those risks and may be targeted by bad actors as a result, which can result in greater disruptions and other risk events. Third parties may also act in other ways that are inconsistent with American Express' interests or contrary to American Express' strategic or technological initiatives, such as ceasing to provide data to American Express or using American Express' data in a way that was not authorized or diminishes the value of the transaction data American Express receive through its integrated payments platform.

The management and oversight of an increasing number of third parties increase American Express' operational complexity and governance challenges and decreases its control. Additionally, third-party oversight and practices related to third parties such as outsourcing have become subject to heightened regulatory scrutiny, including in some

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cases restricting or requiring approval for outsourcing. A failure to exercise adequate oversight over third parties, including compliance with service level agreements or regulatory or legal requirements, could result in regulatory actions, fines, litigation, sanctions or economic and reputational harm to American Express. In addition, American Express may not be able to effectively monitor or mitigate operational risks relating to its third-party providers' service providers. American Express is also exposed to the risk that a service disruption at a service provider common to its third parties could impede their ability to provide services to American Express. Notwithstanding any attempts to diversify American Express' reliance on third parties, in certain cases there may be limited alternatives or high costs for diversification, and American Express also may not be able to effectively mitigate operational risks relating to the service providers of its third-party providers.

Any of the events and circumstances discussed above could have a material adverse effect on the perception of the American Express brand's reliability and the trust, TRS, the bank, the transferor or their affiliates, including on their ability to originate new accounts and to generate and service receivables, the level of receivables in the trust, collections of such receivables and the amount of certificates issued in the future, which could result in a pay-out event and acceleration of payment or reduced payment on your certificates.

***Surcharging, steering or other differential acceptance practices by merchants could adversely impact the trust, TRS, AENB, the transferor or their affiliates.***

The laws of a number of states in the United States permit merchants to engage in surcharging, steering or other differential acceptance practices for certain card purchases and certain merchants and merchant organizations continue to push for these practices in other jurisdictions. In jurisdictions allowing surcharging, American Express has seen an increase in merchant surcharging on American Express cards, particularly in certain merchant categories, and in some cases, either the surcharge is greater than that applied to cards issued on competing networks or cards issued on competing networks are not surcharged at all (practices that are known as differential surcharging), even though there are many cards issued on competing networks that have an equal or greater cost of acceptance for the merchant. American Express has also encountered merchants that accept American Express-branded cards, but tell their customers that they prefer to accept another type of payment or otherwise seek to suppress the use of American Express-branded cards or certain American Express-branded cards, such as limiting the use of our cards for certain transactions.

Recently introduced products could fail to gain market acceptance and American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other forms of discrimination, which could result in a decrease in cards-in-force, coverage and transaction volumes. The impact could vary depending on such factors as: the industry or manner in which a surcharge is levied; how Card Members are surcharged or steered to other card products or payment forms at the point of sale; the ease and speed of implementation for merchants, merchant acquirers, aggregators, processors or other merchant service providers, including as a result of new or emerging technologies; the size and recurrence of the underlying charges; and whether and to what extent these actions are applied to other forms of payment, including whether it varies depending on the type of card (e.g., credit or debit), product, network, acquirer or issuer.

Discrimination against American Express cards could negatively impact spending on American Express-branded cards, particularly where it only or disproportionately affects credit card usage or, card usage generally, or Card Members, which could adversely affect AENB or its affiliates' ability to originate new accounts, to generate new receivables and the level of receivables in the trust. This could result in a reduction in the amount or timing of interest or principal payments on trust receivables and could result in a reduction of the amount available for distribution on the certificates of your series or in the early amortization of your series.

***Payment patterns of account holders may not be consistent over time, and variations in these payment patterns may result in reduced payment of principal, or receipt of payment of principal earlier or later than expected.***

The receivables may be paid at any time. We cannot assure you that the creation of additional receivables in the accounts will occur or that any particular pattern of account holder payments will occur. The timing of the payment of principal on your certificates may be different than expected if the principal payment pattern of the receivables is different than expected or if certain adverse events happen to the account owner, the transferor or the trust. A significant decline in the amount of receivables generated could result in the occurrence of a pay-out event for one

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or more series. If a pay-out event occurs for your series, you could receive payment of principal sooner than expected. AENB's ability to compete in the current industry environment will affect its ability to generate new receivables and might also affect payment patterns on the receivables.

In addition to other factors discussed elsewhere in this *"Risk Factors"* section, changes in finance charges can alter the monthly payment rates of account holders. A significant decrease in monthly payment rates could slow the return or accumulation of principal during an amortization or an accumulation period.

One development which affects the level of finance charge collections is the increased convenience use of credit cards. Convenience use means that the customers pay their account balances in full on or prior to the due date. The customers, therefore, avoid all finance charges on their accounts. This decreases the effective yield of the credit card accounts designated to the trust and could cause an early payment of your certificates.

***Substantial and increasingly intense competition in the credit card and payments industry may result in a decline in AENB's ability to generate new receivables. This may result in the payment of principal earlier or later than the expected final payment date, or in reduced amounts.***

The payments industry is highly competitive. The American Express-branded proprietary credit card programs operated by American Express and its affiliates encounter substantial and intense competition.

American Express competes with networks, issuers, acquirers, and other payment service providers and methods of payments, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and Automated Clearing House, or ACH), as well as evolving and growing alternative mechanisms, systems and products (e.g., web- and mobile-based payment platforms). The payments industry continues to undergo dynamic changes in response to evolving technologies, consumer habits and merchant needs.

As a card issuer, American Express competes in the United States with financial institutions that issue general-purpose credit and debit cards, as well as businesses that issue their own private label cards, operate mobile wallets, provide payment services or extend credit. American Express also faces intense competition in the premium space and for co-brand relationships. The principal competitive factors that affect the card-issuing business are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the features, value and quality of the products and services, including customer care, rewards programs and
offers, partnerships, travel and lifestyle-related benefits (including lounges, dining and other entertainment), banking services and digital and mobile services, as well as the costs associated with providing such features and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reputation and brand recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the quantity, diversity and quality of the establishments where the cards can be used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the pricing, payment and other card account terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the number, quality and cost of other cards and other forms of payment and financing available to customers,
as well as the integration and connectivity of those products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the security of customer information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the success of marketing and promotional campaigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of issuers to manage credit and interest rate risk throughout the economic cycle and implement
operational and cost efficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the quality of customer service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the speed of innovation and investment in systems, technologies, and product and service offerings.

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American Express-branded cards are issued on the American Express network. As a global network, American Express competes in the payments industry with other card networks, including, among others, Visa, China UnionPay, Mastercard, JCB, Discover and Diners Club International<sup>®</sup> (which is owned by Discover). In addition to such networks, American Express competes against a range of companies globally, including merchant acquirers, processors and web- and mobile-based payment platforms (e.g., Alipay, PayPal and Shop Pay). Card issuers and acquirers on some of these networks may be able to benefit from the dominant position, scale, resources, marketing and pricing of those networks. Some may offer richer value propositions or a wider range of programs and services than American Express or may use more effective strategies to acquire and retain more customers, capture a greater share of spending and borrowings, develop more attractive co-brand card and other partner programs, obtain more favorable terms with merchants and maintain greater merchant acceptance than American Express. Competition may also intensify as participants in the payments industry merge or enter into joint ventures or other business combinations that compete with American Express' products and services. Government actions or initiatives may also provide competitors with increased opportunities to derive competitive advantages and may create new competitors, including in some cases a government entity. American Express may not be able to compete effectively against these threats or respond or adapt to changes in consumer spending and borrowing or merchant acceptance as effectively as its competitors.

Another aspect of competition is the dynamic and rapid growth of alternative payment and financing mechanisms, systems and products, which include payment facilitators and aggregators, digital payment, open banking and electronic wallet platforms, point-of-sale lenders and buy now, pay later products, real-time settlement and processing systems, financial technology companies, digital currencies developed by both central banks and the private sector, blockchain and similar distributed ledger technologies, prepaid systems and gift cards, and systems linked to customer accounts or that provide payment solutions. The integration of new or evolving technologies, such as generative artificial intelligence, has the potential to create new or better competitor products, alter the competitive environment and disintermediate our relationship with customers. Additionally, various competitors are integrating more financial services into their product offerings and competitors are seeking to attain the benefits of an integrated payments platform, such as that of American Express. New payments competitors continue to emerge in response to evolving technologies, consumer habits and merchant needs.

Government actions or initiatives may also alter the competitive landscape and create new competitors. For example, the CFPB issued a final rule on personal financial data rights that requires financial institutions, including American Express, and other financial service providers to provide consumers and consumer-authorized third parties with access to consumers' financial data in electronic form free of charge. At the earliest, for certain products, American Express will be required to comply with the rule beginning on April 1, 2026; however, the compliance timeline is subject to change due to the outcome of pending litigation challenging the rule. While the impact of the rule will depend upon a number of factors, including consumer behavior and the actions of data providers and recipients, open banking initiatives like this final rule have the potential to change the competitive landscape, presenting challenges to American Express, such as limiting advantages provided by its integrated payments platform.

Spending on American Express cards could continue to be impacted by increasing usage of credit and debit cards issued on other networks and real-time settlement transactions, such as bank transfers, as well as adoption of alternative payment mechanisms, systems and products. The fragmentation of customer spending, such as to take advantage of different merchant or card incentives, as a result of point-of-sale practices that impact merchant acceptance (e.g., surcharging or differential acceptance) or for convenience with technological solutions, may continue to increase. Revolving credit balances on American Express cards could also be impacted by alternative financing providers, such as point-of-sale lenders and buy now, pay later products. In addition, companies that control access to consumer and merchant payment method choices at the point of sale or through digital wallets, commerce-related experiences, mobile applications or other technologies could choose not to accept, suppress use of, or degrade the experience of using American Express payments products or could restrict American Express' access to its customers and transaction data, which could also negatively affect spending on American Express cards.

The competitive nature of the payments and credit card industries may also result in reduced amounts of finance charge receivables collected and available to pay interest on the certificates. This competition also may affect

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AENB's ability to originate new accounts and generate new receivables. Such events could cause a pay-out event to occur and an early payment of your certificates.

See *"Series Provisions — Pay-Out Events."* 

***Negative impacts on how American Express is perceived in the marketplace could adversely impact the trust, TRS, AENB, the transferor or their affiliates.***

American Express' ability to attract and retain Card Members is highly dependent upon the external perceptions of American Express' level of service, trustworthiness, business practices, privacy and data protection, management, workplace culture, merchant acceptance, financial condition, response to political and social issues or catastrophic events and other subjective qualities. Negative perceptions or publicity regarding these matters — even if related to seemingly isolated incidents and whether or not factually correct — could erode trust and confidence and damage American Express' reputation among existing and potential Card Members, merchants and partners, which could make it difficult for American Express to attract new customers and maintain existing ones, and consequently, adversely affect AENB or its affiliates' ability to originate new accounts and generate new receivables. Negative public opinion could result from actual or alleged conduct in any number of activities or circumstances, including card practices, regulatory compliance, the use and protection of customer information, conduct by American Express employees and policy engagement and from actions taken by regulators or others in response thereto. Moreover, the speed with which information spreads through social media, enhanced technology and other news sources and the ease with which customers transact may amplify the onset and negative effects from such perceptions.

American Express' brand and reputation may also be harmed by actions taken by third parties that are outside its control. For example, any shortcoming of or controversy related to a third-party service provider, business partner, merchant acquirer or network partner may be attributed by Card Members and merchants to American Express, thus damaging American Express' reputation and brand value. The American Express brand may also be negatively impacted by acceptance of American Express cards by merchants in certain industries, when American Express cards are used for payment for legal, but controversial, products and services or any government inquiries or legislative scrutiny related to card acceptance or usage. The lack of acceptance, suppression of card usage or surcharging by merchants can also negatively impact perceptions of the American Express brand and American Express products, lower overall transaction volume and increase the attractiveness of other payment products or systems. Adverse developments with respect to the credit card and payments industry, including the creation and implementation of new merchant categories codes, may also negatively impact American Express' reputation, or result in greater regulatory or legislative scrutiny or litigation against American Express. Furthermore, as a corporation with headquarters and operations located in the United States and a brand name referring to the United States, a negative perception of the United States arising from its political or other positions could harm the perception of American Express and its brand. These risks to American Express' brand and reputation are heightened by the increasing sophistication and availability of artificial intelligence technology, including by assisting with the creation of deepfakes and increasing the velocity of distribution of disinformation. The negative perception of American Express and its brand or negative publicity could materially and adversely affect the trust, TRS, AENB, the transferor or their affiliates and their ability to originate new accounts and to generate and service receivables, the level of receivables in the trust, collections of such receivables and the amount of certificates issued in the future, which could result in a pay-out event and acceleration of payment or reduced payment on your certificates.

***Changes in or termination of co-branding or other partner arrangements as a result of the substantial and increasingly intense competition for partner relationships may affect the performance of the trust's receivables and card usage, and, consequently, the timing and amount of payments on your series.***

American Express enters into different types of contractual arrangements with business partners in a variety of industries, including co-branding arrangements and through American Express' Membership Rewards program, pursuant to which American Express has partnered with businesses in many industries, including the airline industry, to offer benefits and rewards to Card Members. AENB enters into co-branding arrangements with certain retail and services companies, some of which, if not extended, are scheduled to expire while the certificates are outstanding. Under co-branding arrangements, participating Card Members earn "points" or other benefits, such as frequent flyer miles, hotel loyalty points and cash, that may be redeemed with the co-branding partner or other

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parties. These arrangements are entered into for a fixed period, generally ranging from five to ten years, and will terminate in accordance with their terms, including at the end of the fixed period unless extended or renewed at the option of the parties, or upon early termination as a result of an event of default or otherwise. The co-branded receivables in the trust have, as a whole, had higher payment rates and lower losses as compared to the general population of AENB's portfolio of credit card receivables.

Competition for relationships with key business partners is very intense and there is no assurance that American Express will be able to grow or maintain its partner relationships or that they will remain as profitable or valued by American Express' customers. Establishing and retaining attractive co-brand card partnerships is particularly competitive among card issuers and networks as these partnerships typically appeal to high-spending loyal customers. Additionally, partners may make changes to the products and services they offer or otherwise become less desirable to American Express' customers, which may lower the value of American Express' products, such as the cobranded cards AENB and its affiliates issue to their customers. American Express may also choose not to renew certain co-brand relationships as competition for such relationships continues to increase and arrangements are renegotiated. The loss of exclusivity arrangements with business partners or the loss of business partners altogether (whether by non-renewal at the end of the contract period, such as the end of the relationship with Costco in the United States in 2016, or as the result of a merger or otherwise) or the renegotiation of existing partnerships with terms that are significantly worse for us could make it more difficult to attract and retain Card Members and merchant acceptance of American Express-branded cards.

As of [●] [●], 20[●], approximately [●]% of receivables in the Trust Portfolio were co-branded receivables. Currently, the largest co-branding arrangement is with [Delta Air Lines]. As of [●] [●], 20[●], approximately [●]% of the receivables in the Trust Portfolio were [Delta Air Lines] co-branded receivables.

The volume of receivables generated under a co-branding arrangement could decline significantly and Card Member attrition could increase significantly, including as a result of a general decline in the business or financial condition of the co-brand partner or as a result of the termination of one or more co-brand partnership relationships. Upon expiration or other termination of a co-branding arrangement, Card Members may change their credit card usage to card programs of issuers other than AENB. In addition, some of the co-branding arrangements provide that, upon expiration or termination, the co-brand partner may purchase or designate a third party to purchase the co-branded accounts and the related receivables generated with respect to its program, which may include receivables in the trust. Such a scenario could result in a significant decline in outstanding receivables in the Trust Portfolio.

Following any of such events, if AENB were unable to provide receivables of a similar quality arising under newly designated additional accounts, the performance of the trust's receivables would suffer. This could result in a reduction in the amount or timing of interest or principal payments on trust receivables and could result in a reduction of the amount available for distribution on the certificates of your series or in the early amortization of your series.

***AENB may change the terms of the credit card accounts in a way that reduces or slows collections. These changes may result in reduced, accelerated or delayed payments to you.***

As the owner of the accounts, AENB retains the right to change various credit card account terms (including finance charges and other fees it charges and the required minimum monthly payment), and it may do so for a number of reasons, including in connection with the launch of new credit card products or features or to comply with applicable laws. A pay-out event could occur if AENB reduced the finance charges and other fees it charges, and a corresponding decrease in finance charges resulted. In addition, changes in the credit card account terms may alter payment patterns. If payment rates decrease significantly at a time when you are scheduled to receive principal, you might receive principal more slowly than expected.

AENB will not reduce the interest rate it charges on the receivables or other fees if that action would result in a pay-out event, unless it is required by law to do so or it determines that such reduction is necessary to maintain its credit card business on a competitive basis, based on its good faith assessment of its business competition.

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AENB does not have restrictions on its ability to change the terms of the credit card accounts except as described above or in this prospectus. Changes in relevant law, changes in the marketplace or prudent business practices could cause AENB to change credit card account terms.

***Credit card rates may decline without a corresponding change in the amounts needed to pay the certificates, which could result in a delay or reduction in payments of your certificates.***

Some accounts may have finance charges set at a variable rate based on a designated index (for example, the prime rate). A series or class of certificates may bear interest either at a fixed rate or at a floating rate based on a different index. If the rate charged on the accounts declines, collections of finance charge receivables may be reduced without a corresponding reduction in the amounts payable as interest on the certificates and other amounts paid from collections of finance charge receivables. This could result in delayed or reduced principal and interest payments to you.

***The effects of climate-related risks, as well as efforts to mitigate the impact of climate-related risks, including through related legislation and regulation, may have an adverse impact on the timing and amount of payments on your certificates.***

There are increasing and rapidly evolving concerns over climate-related risks and related environmental sustainability and recovery matters. The physical risks related to climate, including rising average global temperatures, rising sea levels and an increase in the frequency and severity of extreme weather events and natural disasters. Additionally, climate-related risks could result in transition risk, which includes changes in consumer preferences or technology, additional legislation, regulatory and legal requirements, including those associated with the transition to a low-carbon economy.

The physical risks related to climate could disrupt American Express' operations or the operations of customers or third parties on which it relies and could result in market volatility or negatively impact account holders' spending behaviors or ability to pay outstanding debt. For example, account holders living in areas affected by extreme weather and natural disasters may suffer financial harm, reducing their ability to make timely payments on their account balances. The impact of extreme weather and natural disasters may be concentrated in a particular geographic region. If such extreme weather or a natural disaster were to occur in a geographic region in which a large number of account holders are located, these risks would be exacerbated. See *"The Receivables — Composition by Geographic Distribution"* in Annex I to this prospectus.

**Insolvency and Security Interest Risks** 

***The conservatorship, receivership, bankruptcy, or insolvency of AENB, TRS, the transferor, the trust, or any of their affiliates could result in accelerated, delayed, or reduced payments to you.***

AENB is a national banking association, and its deposits are insured by the Federal Deposit Insurance Corporation ("FDIC"). If certain events occur involving AENB's financial condition or the propriety of its actions, the FDIC could be appointed as conservator or receiver for AENB and, in that capacity, could exercise broad powers over AENB and its assets, obligations, and operations.

AENB transfers receivables to RFC III, and RFC III transfers the receivables to the trustee. Each transfer of receivables by AENB is treated by AENB as a sale. The FDIC or other interested parties, however, could take the position that any of these transfers constitutes only the grant of a security interest under applicable law, that AENB continues to own receivables, and that the FDIC, as conservator or receiver for AENB, should control and administer the receivables transferred by AENB.

Under the current version of the FDIC's regulation on securitization transactions (the "Securitization Rule"), the FDIC has surrendered its rights to reclaim, recover, or recharacterize a depository institution's transfer of financial assets (such as the receivables) with respect to obligations of a revolving trust or a master trust if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● one or more obligations were issued by the trust as of September 27, 2010;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transfer satisfied specified conditions for sale accounting treatment under generally accepted accounting
principles in effect for reporting periods before November 15, 2009;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transfer involved a securitization of the financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the depository institution received adequate consideration for the transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the financial assets were not transferred fraudulently, in contemplation of the depository institution's
insolvency, or with the intent to hinder, delay, or defraud the depository institution or its creditors.

Each transfer of receivables by AENB has been intended to satisfy all of these conditions.

If any of these conditions were found not to have been met, then a statutory injunction automatically preventing the trustee and the certificateholders from exercising their rights, remedies, and interests for up to 90 days would apply from the date on which the FDIC is appointed as conservator or receiver of AENB. The delay caused by this injunction could result in losses to you.

In addition, the FDIC, as conservator or receiver for AENB, could seek to reclaim, recover, or recharacterize the transfer of the receivables by AENB. If the FDIC were successful, the Federal Deposit Insurance Act, as amended by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA"), would limit any damages to "actual direct compensatory damages" determined as of the date that the FDIC was appointed as conservator or receiver for AENB. The FDIC may not be subject to an express time limit in deciding whether to take these actions, and a delay by the FDIC in making a decision could result in losses on your investment. If the FDIC were successful in any of these actions, moreover, you may not be entitled under applicable law to the full amount of your damages.

Even if the FDIC did not reclaim, recover, or recharacterize the transfer of the receivables by AENB, payments to you could be delayed or reduced if AENB entered conservatorship or receivership.

For instance, the FDIC may argue that the statutory injunction nevertheless applies to automatically prevent the trustee and the certificateholders from exercising their rights, remedies, and interests for up to 90 days from the date on which the FDIC is appointed as conservator or receiver of AENB. The FDIC also may be able to obtain a stay of any action to enforce the transaction documents or the certificates beyond the 90-day statutory period. The FDIC also may require that its claims process be followed before payments on the receivables are released. The delay caused by any of these actions could result in losses to you.

The FDIC, moreover, may have the power to choose whether or not the terms of the transaction documents will continue to apply. Thus, regardless of what the transaction documents provide, the FDIC could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prevent or limit the commencement of an early amortization period or a rapid accumulation period, or instead
do the opposite and require those to commence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prevent or limit the early liquidation of the receivables and the termination of the trust, or instead do the
opposite and require those to occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prevent or limit the continued transfer of receivables, or instead do the opposite and require those to
continue.

If any of these events were to occur, payments to you could be delayed or reduced. You also may suffer a loss if the FDIC were to argue that any term of the transaction documents violates applicable regulatory requirements.

RFC III is a wholly-owned subsidiary of AENB. Certain banking laws and regulations may apply not only to AENB but to its subsidiaries as well. If RFC III were found to have violated any of these laws or regulations, you could suffer a loss on your investment.

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Arguments also may be made that the FDIC's rights and powers extend to the servicer, RFC III and the trust and that, as a consequence, the FDIC could repudiate or otherwise directly affect the rights of certificateholders under the transaction documents. If the FDIC were to take this position, losses to you could result.

In addition, no assurance can be given that the FDIC would not attempt to exercise control over the receivables or the other assets of RFC III, or the trust on an interim or a permanent basis. If this were to occur, payments to you could be delayed or reduced.

RFC III and the trust have been established so as to minimize the risk that either of them would become insolvent or enter bankruptcy. Nevertheless, each of them may be eligible to file for bankruptcy, and no assurance can be given that the risk of insolvency or bankruptcy has been eliminated. If RFC III or the trust were to become insolvent or were to enter bankruptcy, or a receiver or conservator were appointed for RFC III or the trust, you could suffer a loss on your investment. Risks also exist that, if RFC III or the trust were to enter bankruptcy, or a receivership, conservatorship or similar insolvency proceeding were to be commenced against any of their assets, any of the others and their assets (including the receivables) would be treated as part of the bankruptcy estate.

If TRS or any of its affiliates were to become a debtor in a bankruptcy case, the court could exercise control over the receivables or the other assets of RFC III or the trust on an interim or a permanent basis. If this were to occur, payments to you could be delayed or reduced. The court, moreover, may have the power to choose whether or not the terms of the transaction documents will continue to apply. Thus, regardless of what the transaction documents provide, the court could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● authorize TRS to stop servicing the receivables or to stop providing administrative services for RFC III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prevent the appointment of a successor servicer for the trust or the appointment of a successor administrator
for RFC III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● alter the terms on which TRS continues to service the receivables or to provide administrative services for
RFC III, including the amount of fees paid to TRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● order that RFC III and its assets (including the receivables) be substantively consolidated with the
bankruptcy estate of TRS or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● order that the receivables are necessary for TRS or any of its affiliates to reorganize;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● impose a temporary or preliminary stay with respect to the receivables (or collections thereon) or exercise
remedies under the transaction documents in order to afford itself time to ascertain the facts and apprise itself of the law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prevent or limit the commencement of an early amortization period or a rapid accumulation period, or instead
do the opposite and require those to commence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prevent or limit the early liquidation of the receivables and the termination of the trust, or instead do the
opposite and require those to occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prevent or limit the continued transfer of receivables, or instead do the opposite and require those to
continue.

If any of these events were to occur, payments to you could be delayed or reduced. You also may suffer a loss if the FDIC were to argue that any term of the transaction documents violates applicable regulatory requirements.

In addition, you could suffer a loss on your investment if an orderly liquidation of TRS, AENB, the trust, the transferor or their affiliates affected by these transactions were commenced under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). In such a liquidation, the FDIC would be appointed

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as receiver and could exercise broad powers similar to those available to it as receiver under the Federal Deposit Insurance Act. Although some of the protections afforded to creditors under the Bankruptcy Code are included in the Dodd-Frank Act, the FDIC would have wide discretion and would be subject to only limited judicial review, and the proceedings, standards, powers of the receiver and many other substantive provisions of the orderly liquidation authority differ from those of the Bankruptcy Code in several respects. In addition, creditors generally would not be entitled to recover more than the amount that they would have received in a case under Chapter 7 of the Bankruptcy Code. Because the legislation remains subject to clarification through FDIC regulations and has yet to be applied by the FDIC in any receivership, it is unclear exactly what impact these provisions will have on any particular company, including AENB, the trust, TRS, the transferor or their affiliates. Furthermore, there is uncertainty about which companies will be subject to the orderly liquidation authority rather than the Bankruptcy Code. For a company to become subject to the orderly liquidation authority, the Secretary of the Treasury (in consultation with the President of the United States) must determine, among other things, that the company is in default or in danger of default, the failure of such company and its resolution under the Bankruptcy Code would have serious adverse effects on financial stability in the United States, no viable private sector alternative is available to prevent the default of the company and an orderly liquidation authority proceeding would mitigate these adverse effects.

Regardless of any decision made by the FDIC or ruling made by a court, moreover, the mere fact that AENB, TRS, the trust, the transferor or any of their affiliates has become insolvent or entered conservatorship, receivership, or bankruptcy could have an adverse effect on the value of the receivables and on the liquidity, marketability and overall market value of your certificates.

If a condition required under the FDIC's Securitization Rule described above were not met (including as a result of future amendments to the Securitization Rule), AENB has taken and will take the necessary actions to ensure that the trustee has a perfected interest in the receivables. Regardless of this perfected interest, if a conservator, a receiver, or a bankruptcy trustee were appointed for AENB, TRS, the transferor or the trust, and if the administrative expenses of the conservator, the receiver, or the bankruptcy trustee were found to relate to the receivables or the transaction documents, those expenses could be paid from collections on the receivables before the trustee receives any payments, which could result in losses on your investment. See *"— Some interests could have priority over the trustee's interest in the receivables, which could cause delayed or reduced payments to you."*

The Federal Deposit Insurance Act, as amended by FIRREA, and policy statements issued by the FDIC provide that the FDIC should respect a security interest granted by a bank where the security interest (a) is validly perfected before such bank's insolvency and (b) was not taken in contemplation of such bank's insolvency or with the intent to hinder, delay or defraud such bank or its creditors.

FDIC staff positions taken prior to the passage of FIRREA do not suggest that the FDIC would interrupt the timely transfer to the trust of payments collected on the receivables; however, these positions were taken prior to the adoption of, and the amendments to, the FDIC's Securitization Rule, and the FDIC has not expressed its position since that time. Furthermore, the statutory injunction described above could apply to automatically prevent the trustee and the certificateholders from exercising their rights, remedies, and interests for up to 90 days. The FDIC also may be able to obtain a stay of any action to enforce the transaction documents or the certificates beyond the 90-day statutory period.

If the FDIC were to assert a different position, payments to you could be delayed or reduced. For example, in addition to the powers of the FDIC described above, under the FDIA, the FDIC could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● require the trustee to go through an administrative claims procedure to establish its right to those payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● request a stay of proceedings or enforcement actions against AENB or its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reject AENB's sales contracts and limit the trust's or the transferor's resulting claim to
"actual direct compensatory damages."

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***Some interests could have priority over the trustee's interest in the receivables, which could cause delayed or reduced payments to you.***

Representations and warranties are made that the trustee has a perfected interest in the receivables. If any of these representations and warranties were found not to be true, however, payments to you could be delayed or reduced.

In addition, the transaction documents permit certain tax liens to have priority over the trustee's perfected interest in the receivables. If any of these tax liens were to arise, or if other interests in the receivables were found to have priority over those of the trustee, you could suffer a loss on your investment.

Furthermore, if a conservator or receiver for AENB, the transferor or a bankruptcy trustee for TRS or for the transferor were to argue that any of its administrative expenses relate to the receivables or the transaction documents, those expenses could be paid from collections on the receivables before the trustee receives any payments, which could result in losses on your investment.

***The trustee may not have a perfected interest in collections commingled by the servicer or any subservicer with its own funds, which could cause delayed or reduced payments to you.***

The servicer is obligated to deposit collections into the collection account no later than the second business day after the date of processing for those collections. In the event that certain conditions are met, however, the servicer is permitted to hold all collections received during a Monthly Period and to make only a single deposit of those collections on the business day immediately preceding the following distribution date. See *"The Pooling and Servicing Agreement Generally — Deposits in Collection Account."*

All collections that the servicer is permitted to hold are commingled with its other funds or the funds of a subservicer and used for its own benefit. The trustee may not have a perfected interest in these amounts, and thus payments to you could be delayed or reduced if the servicer or any subservicer were to become bankrupt, enter conservatorship or receivership, were to become insolvent, or were to fail to perform its obligations under the transaction documents.

***Changes to federal or state bankruptcy or debtor laws may impede collection efforts or alter timing and amount of collections, which may result in acceleration or reduction in payment of your certificates.***

If an account holder sought protection under federal or state bankruptcy or debtor relief laws, a court could reduce or discharge completely the account holder's obligations to repay amounts due on its revolving credit card account. As a result, the related receivables arising in that credit card account would be written off as uncollectible. You could suffer a loss if no funds were available from credit enhancement or other sources and collections of finance charge receivables allocated to the certificates to cover the applicable defaulted amount. In addition, the ability of AENB and its affiliates to manage credit risk may be adversely affected by legal or regulatory changes (such as bankruptcy laws and minimum payment regulations). See *"The Pooling and Servicing Agreement Generally — Defaulted Receivables; Rebates and Fraudulent Charges."*

**Other Legal and Regulatory Risks** 

***Regulatory action could result in losses or delay in payments.***

AENB is regulated, supervised and regularly examined by the Office of the Comptroller of the Currency ("OCC"). TRS is a bank holding company and, as such, is regulated, supervised and regularly examined by the Board of Governors of the Federal Reserve System. TRS and AENB are also subject to supervision, examination and enforcement by the Consumer Financial Protection Bureau ("CFPB") with respect to the marketing and sale of consumer financial products and compliance with certain federal consumer financial laws, including, among others, the Consumer Financial Protection Act and the Truth in Lending Act. See *"— Regulatory oversight and supervision could adversely affect the trust or your certificates, including by impeding origination or collection efforts, changing account holder use patterns, or reducing collections"* and *"— Changes to consumer protection laws, including in the application or interpretation thereof, may impede origination or collection efforts, change account holder use*

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 *patterns, or reduce collections, any of which may result in acceleration of or reduction in payment on the certificates."* These regulatory authorities, as well as others, have broad powers of enforcement with respect to AENB, TRS and their affiliates.

If any regulatory authority were to conclude that an obligation under the transaction documents were an unsafe or unsound practice or violated any law, regulation, written condition, or agreement applicable to a bank or its affiliates, that authority may have the power to order that bank or the related affiliate to rescind the transaction document, to refuse to perform the obligation, to amend the terms of the obligation, to sell or transfer assets, or to take any other action determined by that authority to be appropriate. In addition, that bank or the related affiliate probably would not be liable to you for contractual damages for complying with such an order, and you would be unlikely to have any recourse against the regulatory authority. Therefore, if such an order were issued, payments to you could be delayed or reduced.

In one case, the OCC issued a cease and desist order against a national banking association that was found to have been servicing credit card receivables on terms that were inconsistent with safe and sound banking practices. That order required the financial institution to cease performing its duties as servicer within approximately 120 days, to immediately withhold and segregate funds from collections for payment of its servicing fee (notwithstanding the priority of payments in the securitization documents and the perfected security interest of the relevant trust in those funds), and to increase its servicing fee percentage above that which was specified in the securitization documents. AENB has no reason to believe that its servicing arrangements are contrary to safe and sound banking practices or otherwise violate any law, regulation, written condition, or agreement applicable to AENB or its affiliates. If a regulatory authority were to conclude otherwise, however, you could suffer a loss on your investment.

***Changes to consumer protection laws, including in the application or interpretation thereof, may impede origination or collection efforts, change account holder use patterns, or reduce collections, any of which may result in acceleration of or reduction in payment on the certificates.***

Credit card receivables that do not comply with consumer protection laws may not be valid or enforceable under their terms against the obligors of those credit card receivables.

Federal and state consumer protection laws regulate the creation and enforcement of consumer loans, including credit card receivables. For example, the Credit Card Accountability Responsibility and Disclosure Act of 2009, as modified by a series of implementing rules (the "CARD Act"), amends the federal Truth in Lending Act to require additional disclosure and imposes certain substantive requirements relating to, among other things, marketing, underwriting, pricing, and billing practices. Among other things, the CARD Act and its implementing rules prevent increases in the annual percentage rate ("APR") on outstanding balances except under limited circumstances, require creditors to allocate payments in excess of the minimum payment first to the portion of the balance with the highest outstanding rate, and then to the remaining balances in descending interest rate order, and require card issuers to review accounts at least every six months when an APR has been increased to determine whether the APR should be reduced. U.S. federal law also regulates abusive debt collection practices, which along with bankruptcy and debtor relief laws, can affect the ability to collect amounts owed by Card Members and subject TRS and AENB to regulatory scrutiny. The ability of AENB to recover debt previously written-off may be limited.

The Military Lending Act of 2006 and its implementing regulations (the "MLA") apply to consumer credit cards offered by card issuers to "covered borrowers," comprising active duty, active guard, and reserve personnel and their spouses and dependents. Specifically, credit card issuers are barred from imposing a "military annual percentage rate" ("MAPR") greater than 36 percent in any covered borrower's billing cycle, with MAPR calculated by including not only the covered borrower's periodic rate but also credit insurance premiums, debt cancellation and suspension fees, ancillary product fees, and other fees which are not "bona fide" and "reasonable." Card issuers may need to proactively identify covered borrowers by reference to a Department of Defense online database or a consumer report from a nationwide consumer reporting agency in order to ensure they do not impose an excessive MAPR on such individuals. In addition, disclosures of MAPR restrictions must be made to covered borrowers orally and in writing.

The Servicemembers Civil Relief Act ("SCRA") allows individuals on active duty in the military to cap the interest rate and fees on debts incurred before the call to active duty at 6%. In addition, subject to judicial discretion,

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any action or court proceeding in which an individual in military service is involved may be stayed if the individual's rights would be prejudiced by denial of such a stay. Currently, some account holders with outstanding balances have been placed on active duty in the military, and more may be placed on active duty in the future.

Congress, the states and regulatory agencies could further regulate the credit card and consumer credit industry in ways that make it more difficult for AENB or its affiliates to originate additional accounts or for the servicer to collect payments on the receivables, that reduce the finance charges and other fees that AENB or its affiliates as owners of the accounts can charge on credit card account balances, or that cause account holders to decrease their use of credit cards. Further, changes in the regulatory application or judicial interpretation of the laws and regulations applicable to financial institutions, including AENB and TRS, could impact the manner in which they conduct their business.

Congress and regulators, as well as various consumer advocacy groups, have continued to focus their attention on certain practices of credit card issuers, such as unfair and deceptive business practices, increases in annual percentage rates, changes in the terms of the account, and the types and levels of fees and financial charges charged by card issuers for, among other things, late payments, returned checks, payments by telephone, copies of statements and the like. See *"— Regulatory oversight and supervision could adversely affect the trust or your certificates, including by impeding origination or collection efforts, changing account holder use patterns, or reducing collections."*

Under the CARD Act, the CFPB sets "safe harbor" dollar amounts that credit card issuers may charge as late fees without providing a cost justification. In March 2024, the CFPB published a final rule that aimed to decrease these safe harbor amounts, among other changes, but this rule was subsequently vacated. If the CFPB decreases the safe harbor amounts in the future, American Express and its affiliates may be required to reduce their late fees, which would result in a corresponding decrease in the effective yield of the credit card accounts designated to the trust. In addition, a reduction in late fees could adversely impact the rate of repayment of credit card balances by Card Members, as Card Members consider the relative carrying costs of their outstanding debts and decide how to apply funds available to make payments towards those debts, including their credit card balances.

Various regulatory agencies and legislatures are also considering regulations and legislation covering identity theft, account management guidelines, credit bureau reporting, disclosure rules, security and marketing that could directly affect the underwriting and account management standards of card issuers and could restrict the ability of AENB or its affiliates to issue cards and originate additional accounts, generate new receivables and to partner with other financial institutions.

Each of the transferor and AENB makes representations and warranties about its compliance with legal requirements. The transferor also makes certain representations and warranties in the pooling and servicing agreement about the validity and enforceability of the accounts and the receivables. However, the trustee will not make any examination of the receivables or the records about the receivables for the purpose of establishing the presence or absence of defects, compliance with such representations or warranties, or for any other purpose. However, under certain circumstances, investors in the Series 20[•]-[•] certificates and all other outstanding series issued by the issuing entity will have the right to vote to initiate a review of all receivables in the Trust Portfolio that are more than 60 days contractually delinquent and the accounts relating to such receivables for compliance with the certain representations and warranties on the receivables and the accounts. If certain representations or warranties, including the representations and warranties regarding compliance with legal requirements, validity and enforceability, are breached, the only remedy is that the transferor or the servicer, as the case may be, must accept reassignment of receivables affected by the breach. See *"Description of the Purchase Agreement — Representations and Warranties," "The Pooling and Servicing Agreement Generally — Representations and Warranties"* and *"Asset Representations Review."*

As a result of these developments in the area of consumer protection laws and regulations, any future consumer protection laws or regulations and changes in the regulatory application or judicial interpretation of the foregoing, it may be more difficult for AENB or its affiliates to originate additional accounts or for the servicer to collect payments on the receivables, and the finance charges and other fees that AENB or its affiliates can charge on credit card account balances may be reduced. Furthermore, account holders may choose to use credit cards less as a result of these consumer protection laws. Each of these results, independently or collectively, may reduce the effective

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yield of revolving credit card accounts and could result in a pay-out event and an acceleration of payment or reduced payment on the certificates. See *"Series Provisions — Pay-Out Events"* and *"Certain Legal Aspects of the Receivables — Consumer Financial Products Regulation."*

***Regulatory oversight and supervision could adversely affect the trust or your certificates, including by impeding origination or collection efforts, changing account holder use patterns, or reducing collections.***

The marketing, sale and servicing of consumer financial products by AENB and its affiliates and their compliance with certain federal consumer financial laws are supervised and examined by the CFPB, which has broad rulemaking, examination and enforcement authority over providers of credit, savings and payment services and products and authority to prevent unfair, deceptive or abusive acts or practices ("UDAAP") under federal law. The CFPB has the authority to write regulations under federal consumer financial protection laws, and to enforce those laws against and examine for compliance financial institutions like American Express, TRS and AENB. It is also authorized to collect fines and require consumer restitution in the event of violations, engage in consumer financial education, track consumer complaints, request data and promote the availability of financial services to underserved consumers and communities. In addition, a number of U.S. states have significant consumer credit protection, disclosure and other laws (in certain cases more stringent than U.S. federal laws). U.S. federal law also regulates abusive debt collection practices which, along with bankruptcy and debtor relief laws, can affect the ability to collect amounts owed.

Recently, one federal appellate court affirmed that defendant securitization trusts are "covered persons" subject to the CFPB's enforcement authority under the Consumer Financial Protection Act (the "CFPA"). This ruling raises the prospect of investigations and enforcement actions being brought, including by the CFPB, state attorneys general and state regulators, who have the independent authority to enforce the Dodd-Frank Act. If this were to occur with respect to the issuing entity, you may suffer a delay in payment or incur losses on your investment.

TRS and AENB are also involved at any given time with governmental and regulatory inquiries, investigations and proceedings. Any such action could subject them to significant fines, penalties or other requirements resulting in Card Member reimbursements, increased expenses, limitations or conditions on their business activities, and damage to American Express' reputation and brand, all of which could adversely affect their ability to originate new accounts and to generate and service receivables.

The current regulatory environment, including internal and regulatory reviews to assess compliance with these laws and regulations, has resulted in, and is likely to continue to result in, changes to pricing, business practices, products and procedures relating to the card products issued by AENB; and also to servicing and collection practices by TRS. They could also result in increased costs related to regulatory oversight, supervision and examination, additional remediation efforts and possible penalties.

Supervision efforts and the enforcement of existing laws and regulations could limit AENB and its affiliates' ability to pursue certain business opportunities and adopt new technologies, and affect their relationships with Card Members, partners, merchants, service providers and other third parties. New laws or regulations could similarly affect their business, increase their costs of doing business, impact what they are able to charge for, or offer in connection with, their products and services, and require them to change certain of their business practices, all of which could adversely affect their ability to originate new accounts, and to generate and service receivables. Political developments can result in legislative and regulatory uncertainty and changes to supervisory and enforcement priorities. See *"Certain Legal Aspects of the Receivables — Consumer Financial Products Regulation."*

In addition, state and federal legislators and/or regulators in the United States are increasingly adopting or revising privacy, data protection, data management, resiliency, data transfer, third party oversight, account access, artificial intelligence and machine learning and information security and cybersecurity laws. As such laws are interpreted and applied (in some cases, with significant differences or conflicting requirements across jurisdictions), compliance and technology costs will continue to increase, particularly in the context of ensuring that adequate privacy, data protection, data management, incident management, resiliency, third party management, data transfer, security controls, account access mechanism and controls related to artificial intelligence and machine learning are in place. Additionally, new laws and regulations related to automated decision making, artificial intelligence and

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machine learning as well as the application of existing laws and regulations to these technologies may restrict or impose burdensome and costly requirements on American Express. Compliance with current or future laws in the aforementioned areas could result in higher compliance and technology costs and could restrict the ability of AENB and its affiliates to fully maximize their platform or provide certain products and services, work with certain service providers and affect or limit how they collect, use, share, retain and safeguard consumer and colleague information. Failure to comply with such laws or to maintain sufficient governance and control structures could result in potentially significant regulatory and/or governmental investigations and/or actions, litigation, fines, sanctions, ongoing regulatory monitoring, customer attrition, decreases in the use or acceptance of American Express cards and damage to American Express' reputation and brand. In recent years, there has been increasing regulatory enforcement and litigation activity in the areas of privacy, data protection, data management, artificial intelligence and machine learning and information security and cybersecurity in the United States. These developments could adversely impact AENB or its affiliates' ability to originate additional accounts, to generate and service receivables and to collect payments on the receivables.

***Certain EEA-regulated and UK-regulated investors may be subject to due diligence and risk retention requirements, making the certificates unsuitable for their investment.***

*EU Securitization Regulation* 

Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending certain other European Union (the "EU") directives and regulations (as may be amended from time to time) (the "EU Securitization Regulation") is directly applicable in member states of the EU and will be applicable in any non-EU states of the EEA in which it has been implemented.

Article 5 of the EU Securitization Regulation places certain conditions on investments in a "securitisation" (as defined in the EU Securitization Regulation) (the "EU Due Diligence Requirements") by "institutional investors", defined to include (a) a credit institution or an investment firm as defined in and for purposes of Regulation (EU) No 575/2013 (as amended, known as the Capital Requirements Regulation (the "CRR")), (b) an insurance undertaking or a reinsurance undertaking as defined in Directive 2009/138/EC (as amended, known as Solvency II), (c) an alternative investment fund manager as defined in Directive 2011/61/EU that manages and/or markets alternative investment funds in the EU, (d) an undertaking for collective investment in transferable securities ("UCITS") management company, as defined in Directive 2009/65/EC (as amended, the "UCITS Directive"), or an internally managed UCITS, which is an investment company that is authorized in accordance with the UCITS Directive and has not designated such a management company for its management, and (e) with certain exceptions, an institution for occupational retirement provision falling within the scope of Directive (EU) 2016/2341, or an investment manager or an authorized entity appointed by such an institution for occupational retirement provision as provided in that Directive. Pursuant to Article 14 of the CRR, the EU Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of institutions regulated under the CRR (such affiliates, together with all institutional investors, the "EU Affected Investors").

Prior to investing in (or otherwise holding an exposure to) a "securitisation position" (as defined in the EU Securitization Regulation), an EU Affected Investor, other than the originator, sponsor or original lender (each as defined in the EU Securitization Regulation) must, among other things: (i) verify that, where the originator, sponsor or original lender (each as defined in the EU Securitization Regulation) is established in a third country (i.e., not within the EU or the EEA), the originator, sponsor or original lender will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitization determined in accordance with Article 6 of the EU Securitization Regulation and that such risk retention is disclosed to EU Affected Investors (the "EU Risk Retention Requirements"); (ii) verify that the originator, sponsor or SSPE (as defined in the EU Securitization Regulation) has, where applicable, made available the information required by Article 7 of the EU Securitization Regulation in accordance with the frequency and modalities provided for in that Article; (iii) verify that, where the originator or original lender is established in a third country (i.e., not within the EU or the EEA), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness, and (iv) carry out a due-diligence assessment which enables the EU

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Affected Investor to assess the risks involved, considering at least (A) the risk characteristics of the securitisation position and the underlying exposures, and (B) all the structural features of the securitisation that can materially impact the performance of the securitisation position.

*UK Securitisation Framework* 

The UK left the EU as of January 31, 2020 and the transition period referred to in the withdrawal agreement between the UK and the EU ended on December 31, 2020. The Securitisation Regulations 2024 (as amended, the "SR 2024"), together with (i) the securitisation sourcebook of the handbook of rules and guidance adopted by the Financial Conduct Authority (the "FCA") of the UK (the "SECN"), (ii) the Securitisation Part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England (the "PRA") (the "PRASR") and (iii) relevant provisions of the Financial Services and Markets Act 2000 (as amended, the "FSMA"), set out the framework for the regulation of securitization in the UK (collectively, the "UK Securitization Framework"). The UK Securitization Framework came into force on November 1, 2024 and replaced the version of the EU Securitization Regulation which had been assimilated into UK law following the UK's departure from the EU.

Regulations 32B to 32D (inclusive) of the SR 2024, SECN 4 and Article 5 of Chapter 2 of the PRASR, as applicable, place certain conditions on investments in a "securitisation" (as defined in the UK Securitization Framework) (the "UK Due Diligence Requirements" and, together with the EU Due Diligence Requirements, the "Due Diligence Requirements" (and references in this prospectus to "the applicable Due Diligence Requirements" shall mean such Due Diligence Requirements to which a particular Affected Investor is subject)) by an "institutional investor", defined to include (a) an insurance undertaking as defined in section 417(1) of the Financial Services and Markets Act 2000 (the "FSMA"); (b) a reinsurance undertaking as defined in section 417(1) of the FSMA; (c) the trustees or managers of an occupational pension scheme as defined in section 1(1) of the Pension Schemes Act 1993 that has its main administration in the UK, or a fund manager of such a scheme appointed under section 34(2) of the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment is authorized for the purposes of section 31 of the FSMA; (d) an AIFM as defined in regulation 4(1) of the Alternative Investment Fund Managers Regulation 2013 (the "AIFM Regulations") that has permission under the FSMA for managing an AIF (as defined in the AIFM Regulations) and which markets or manages AIFs (as defined in regulation 3 of the AIFM Regulations) in the UK, or a small registered UK AIFM, as defined in the AIFM Regulations; (e) a management company as defined in section 237(2) of the FSMA; (f) a UCITS as defined by section 236A of the FSMA, which is an authorized open-ended investment company as defined in section 237(3) of the FSMA; (g) a CRR firm as defined by Article 4(1)(2A) of the EU CRR as it forms part of UK assimilated law by virtue of the EUWA, and as amended (the "UK CRR"); and (h) an FCA investment firm as defined by Article 4(1)(2AB) of the UK CRR. The UK Due Diligence Requirements may also apply to investments by certain consolidated affiliates, wherever established or located (such affiliates, together with all institutional investors, "UK Affected Investors" and, together with EU Affected Investors, the "Affected Investors").

Prior to investing in (or otherwise holding an exposure to) a "securitisation position" (as defined in the UK Securitisation Framework), a UK Affected Investor, other than the originator, sponsor or original lender (each as defined in the UK Securitisation Framework) must, among other things: (i) verify that, if established in a third country (i.e., not the UK), the originator, sponsor or original lender retains on an ongoing basis a material net economic interest which, in any event, shall not be less than 5%, determined in accordance with Article 6 of the UK Securitisation Framework, and discloses the risk retention to UK Affected Investors; (ii) verify that if established in a third country (i.e., not the UK), the originator, sponsor or the SSPE (as defined in the UK Securitisation Framework) has made available sufficient information to enable the institutional investor independently to assess the risks of holding the securitization position, including the information specified in SECN 4.2.1R(1)(e) and Article 5(1)(e) of Chapter 2 of the PRASR (as applicable), and has committed to make further information available on an ongoing basis, as appropriate; (iii) verify that, where the originator or original lender is established in a third country (i.e., not the UK), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness; and (iv) carry out a due-diligence assessment which enables the UK Affected Investor to assess the risks involved, considering at least (A) the risk characteristics of the securitisation position and the underlying exposures, and (B) all the structural features of the securitisation that can materially impact the performance of the securitisation position.

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Prospective investors should be aware that none of the sponsor, the transferor, the servicer, the issuing entity, the trustee, the underwriters or any other party to the transaction described in this prospectus, their respective affiliates or any other person will retain a material net economic interest in the securitization constituted by the issue of the certificates, or take any other action, in a manner prescribed by the EU Securitization Regulation or the UK Securitization Framework. In addition, no such person makes or intends to make any representation or agreement that it or any other party is undertaking or will undertake to take or refrain from taking any action to facilitate or enable compliance by any Affected Investor with the applicable Due Diligence Requirements. Consequently, the certificates may not be a suitable investment for any person that is now or may in the future be subject to the Due Diligence Requirements.

Failure by an Affected Investor to comply with the applicable Due Diligence Requirements with respect to an investment in the certificates offered by this prospectus may result in the imposition of a penalty regulatory capital charge on that investment or of other regulatory sanctions by the competent authority of such Affected Investor.

Non-compliance of the transaction described in this prospectus with the EU Securitization Regulation or the UK Securitization Framework and/or any other changes to the regulation or regulatory treatment of the certificates for some or all investors may negatively impact the regulatory position of Affected Investors and have an adverse impact on the value and liquidity of the certificates offered by this prospectus in the secondary market. Prospective investors should analyze their own regulatory position, and should consult with their own investment and legal advisors regarding application of, and compliance with, the applicable Due Diligence Requirements or other applicable regulations and the suitability of the certificates for investment.

***AENB, TRS, the transferor and the trust could be named as defendants in litigation, resulting in increased expenses and greater risk of loss on the certificates.***

AENB is subject to the risks of litigation as a result of a number of factors and from various sources, including the highly regulated nature of the financial services industry, the focus of state and federal prosecutors on banks and the financial services industry and the structure of securitization funding programs in the credit card industry.

As an assignee of credit card receivables, the transferor and the trust are likewise subject to the risks of litigation. For example, a federal appellate court decision created uncertainty as to whether non-bank entities purchasing loans originated by a bank may rely on federal preemption of state usury laws, and such decision may create an increased risk of litigation by plaintiffs challenging the transferor's or the trust's ability to collect interest in accordance with the account terms of certain receivables. In the case, the court concluded that a non-bank assignee of a loan originated by a national bank is not entitled to rely on the National Bank Act's preemption of state usury laws.

While sales of credit card receivables by AENB to the transferor or the trust are distinguishable from the facts presented in that case in that, among other differences, AENB continues to own the credit card accounts giving rise to the transferred receivables, AENB continues to originate those receivables and each of the transferor and the trust is an affiliate of AENB, litigation has been initiated against bank-affiliated special purpose entities participating in securitizations of credit card receivables with structures substantially similar to the transferor and the trust. Litigation of this type would subject participants to significant expense and exposure to loss and could result in such receivables with rates of interest that exceed applicable state usury limits being subject to interest rate reductions or being deemed void or unenforceable and requiring forfeiture of principal and/or interest (paid or to be paid). If this were to occur with respect to the transferor or the trust, you may suffer a delay in payment or loss on your certificates.

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unlawful. There can be no assurance that these rules will withstand further judicial scrutiny or that they will be given effect by courts and regulators in a manner that actually mitigates usury and related risks to the issuing entity, AENB, or the transferred receivables.

***Legal proceedings regarding provisions in American Express' merchant contracts could have a material adverse effect on American Express' business and result in additional litigation and/or arbitrations, changes to its merchant agreements and/or business practices, substantial monetary damages and damage to American Express' reputation and brand.***

American Express is, and has been in the past, a defendant in a number of actions, including legal proceedings, arbitrations and proposed class actions, challenging certain provisions of its card acceptance agreements. An adverse outcome in one or any combination of these proceedings could require American Express to change its merchant agreements in a way that could expose American Express' card products to increased merchant steering and other forms of discrimination that could impair the Card Member experience, result in additional litigation and/or arbitrations, impose substantial monetary damages and damage American Express' reputation and brand. See *"Certain Legal Aspects of the Receivables — Legal Proceedings."*

No assurance can be given that the consequences of the outcomes in these and other proceedings against American Express would not have an adverse impact on the trust, TRS, AENB, the transferor or their affiliates, including on their ability to originate new accounts and to generate and service receivables, the level of receivables in the trust, collections of such receivables and the amount of certificates issued in the future.

***Changes in U.S. tax legislation could adversely affect the business, financial condition and results of operations of AENB, TRS, the transferor, the issuing entity or their affiliates, or adversely impact you.***

Congress periodically considers various legislative proposals for tax reform that could result in significant changes to the U.S. tax rules. It is possible that one or more proposals currently being considered or future tax reform proposals could be enacted that would have an adverse impact on the business, financial condition and results of operations of AENB, TRS, the transferor, the issuing entity or their affiliates, or an adverse impact on you. The timing and details of any tax reform legislation, as well as the impact it may have on AENB, TRS, the transferor, the issuing entity or their affiliates, or on you, remain unclear. You should consult your tax advisors regarding the possible effects of these proposals on your investment.

**Transaction Structure Risks** 

***Addition or removal of accounts to the trust or other changes in the composition or performance of the trust's assets may decrease the credit quality of the assets securing the repayment of your certificates. If this occurs, your receipt of payments of principal and interest may be reduced, delayed or accelerated.***

The assets of the trust change every day. The transferor may choose, or may be required, to add receivables to the trust. The accounts from which these receivables arise may have different terms and conditions from the accounts already designated to the trust. For example, the new accounts may have higher or lower fees or interest rates or different payment terms. We cannot guarantee that new accounts will be of the same credit quality as the accounts currently or historically designated to the trust, nor can we guarantee that the future performance of the accounts in the trust will remain consistent with historical performance. The transferor may also choose, or may be required, to remove receivables from the trust. We cannot guarantee that the accounts remaining in the trust after such removal will be the same credit quality as the removed accounts, nor can we guarantee that the future performance of the accounts in the trust following such removal will remain consistent with historical performance. The removal of accounts could also result in a significant decline in outstanding receivables in the trust. In such a scenario, if the transferor is unable to add receivables of a similar quality through the designation of additional accounts, the performance of the trust may suffer. If the credit quality or performance of the assets in the trust were to deteriorate, the trust's ability to make payments on the certificates could be adversely affected. See *"The Pooling and Servicing Agreement Generally — Additions of Accounts"* and *"— Removal of Accounts."*

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***The account owner may not be able to generate new receivables, or the transferor may not be able to designate new accounts to the trust when required by the pooling and servicing agreement. This could result in an acceleration of or reduction on payments on your certificates.***

The trust's ability to make payments on the certificates will be impaired if sufficient new receivables are not generated by AENB. We do not guarantee that new receivables will be created, that any receivables will be added to the trust or that receivables will be repaid at a particular time or with a particular pattern.

The pooling and servicing agreement requires that the balance of principal receivables in the trust not fall below a specified level. If the level of principal receivables does fall below the required level, an early payment of your certificates could occur. To maintain the level of principal receivables in the trust, the transferor periodically adds receivables through the designation of additional accounts for inclusion in the trust. Each such designation of additional accounts is subject to certain conditions, including that the Rating Agency Condition be satisfied. There is no guarantee that the transferor will have enough receivables to add to the trust or that the transferor will be able to satisfy such conditions. If the transferor is not able to add additional accounts when required, an early payment of your certificates will occur.

See *"Maturity Considerations," "The Pooling and Servicing Agreement Generally — Additions of Accounts"* and *"— Removal of Accounts."*

***The objective of the asset representations review process is to independently identify noncompliance with a representation or warranty concerning the receivables but no assurance can be given as to its effectiveness.***

Clayton Fixed Income Services LLC will act as the asset representations reviewer under the asset representations review agreement. As more particularly described under *"Asset Representations Review,"* once both the delinquency event and the voting event have occurred, the asset representations reviewer will conduct a review of receivables in the Trust Portfolio that are more than 60 days contractually delinquent and the accounts relating to such receivables for compliance with certain representations and warranties concerning those receivables and accounts made in the related receivables purchase agreement and the pooling and servicing agreement. The objective of the review process, including the final determination by the asset representations reviewer, is to independently identify noncompliance with a representation or warranty concerning the receivables. The sponsor will investigate any findings of noncompliance contained in the asset representations reviewer's final report to determine whether a contractual breach has occurred relating to the receivables or the accounts. See *"The Pooling and Servicing Agreement Generally — Representations and Warranties," "Description of the Purchase Agreement — Representations and Warranties"* and *"— Repurchase Obligations"* for a discussion of the obligations of the transferor and the sponsor, and the rights of the trustee and certificateholders, if the transferor or the sponsor breaches certain representations and warranties concerning the receivables made in the receivables purchase agreement and the pooling and servicing agreement.

None of the accounts or receivables comprising the Trust Portfolio have been subject to the asset representations review process, and no assurance can be given that the asset representations review process will achieve the intended result of identifying noncompliance with representations and warranties concerning the receivables. A determination by the asset representations reviewer represents the analysis and the opinion of the reviewer based on the testing procedures related to the performance of its review, and there can be no assurance that any asset representations review will identify all inaccurate representations and warranties concerning the subject receivables. As a result, there can be no assurance that the asset representations review will provide the transferor or the trustee with an effective tool to identify a breach of any contractual provision. Neither investors nor the trustee will be able to change the scope of the testing procedures or any review using the testing procedures, or to contest any finding or determination by the asset representations reviewer.

The asset representations review agreement provides that, in connection with any review, the servicer will grant the asset representations reviewer access to copies of documentation related to the performance of its review of the accounts and receivables. The asset representations reviewer will conduct its review based on the information in the review materials and other generally available information. Therefore, the asset representations reviewer's ability to determine if receivables have failed to comply with a representation or warranty will depend on whether the review materials for those receivables or the related accounts provide a sufficient basis for that conclusion.

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Finally, even if none of the representations and warranties concerning the receivables are untrue, the receivables may still suffer from delinquencies and charge offs, and the certificates may incur losses or have reduced market values.

***The certification provided by the chief executive officer of the depositor does not guarantee that the securitization will produce expected cash flows at times and in amounts to service scheduled payments of interest and the ultimate repayment of principal on the certificates in accordance with their terms as described in this prospectus.***

One of the transaction requirements for the use of a shelf registration statement is the filing at the time of each offering from the shelf of a certification from the chief executive officer of the depositor of the issuing entity concerning the disclosure contained in the prospectus and the structure of the securitization.

While in the certification the chief executive officer expresses a belief that there is a reasonable basis to conclude that the securitization is structured to produce expected cash flows at times and in amounts to service scheduled repayments of interest and the ultimate payment of principal on the offered securities in accordance with their terms, investors should be aware that the certification does not guarantee that the securitization will produce those expected cash flows or that you will not suffer from delays or reductions in or acceleration of repayment on your certificates.

***Issuances of additional series or additional certificates in outstanding series by the trust may adversely affect your certificates.***

The trust is a master trust that has issued other series of certificates and is expected to issue additional series from time to time. The trust may also "reopen" or later issue additional certificates in an outstanding series, including Series 20[●]-[●], as described under *"Series Provisions — Additional Issuances of Series 20[*●*]-[*●*] Certificates."* All such certificates are payable from the receivables in the trust. The trust may issue additional series or additional certificates in an outstanding series with terms that are different from your series without notice to you (or the existing certificateholders) and without your (or their) prior review or consent. Before the trust can issue a new series, or additional certificates in an outstanding series, such issuance must satisfy the Rating Agency Condition. Nevertheless, the issuance of a new series, or additional certificates in an outstanding series, could affect the timing and amounts of payments on any outstanding certificates.

The holders of the certificates of any new series or of any additional certificates issued in an outstanding series will have voting rights that will reduce the percentage interest represented by your certificates. Such voting rights may relate to the ability to approve waivers and give consents. The actions which may be affected include directing the appointment of a successor servicer following a servicer default, amending the pooling and servicing agreement and directing a reassignment of the entire portfolio of accounts.

See *"The Pooling and Servicing Agreement Generally — Groups of Series."*

***You may have limited or no ability to control actions under the pooling and servicing agreement.***

Under the pooling and servicing agreement, some actions require the consent of certificateholders holding more than a specified percentage of the aggregate unpaid principal amount of the certificates of a series or class of certificates or all of the certificates. In the case of votes by holders of a series or class of certificates or votes by holders of all the certificates, the unpaid principal amount of the senior-most class of certificates will generally be substantially greater than the unpaid principal amount of the subordinated certificates. Consequently, the holders of the senior-most class of certificates will generally have the ability to determine whether and what actions should be taken. The subordinated certificates will generally need the concurrence of the senior-most certificateholders to cause actions to be taken. As a result, you may not be able to control certain actions with respect to the trust, which could affect the timing and amount of payments on your certificates.

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**[Risks Relating to the Issuance of Floating Rate Certificates** 

***Floating rate certificates will bear additional risks.***

The Series 20[●]-[●] certificates will bear interest at a floating rate, and accordingly carry significant risks not associated with conventional fixed rate debt securities. These risks include fluctuation of the interest rates and the possibility that you will receive an amount of interest that is lower than expected. The sponsor, the transferor, the servicer, the administrator, the issuing entity, the trustee or the calculation agent have no control over a number of matters, including economic, financial, political, regulatory and judicial events and conditions, that are important in determining the existence, magnitude and longevity of these risks and their results.

***[SOFR][Alternative Benchmark] is a relatively new reference rate and its composition and characteristics are not the same as the London interbank offered rate ("LIBOR").***

[The secured overnight financing rate published for any day by the Federal Reserve Bank of New York ("FRBNY") (or a successor administrator), as the administrator of the benchmark, on the FRBNY's website (or such successor administrator's website) (such rate, "SOFR") is a relatively new interest rate index and may not become widely established in the market or could eventually be discontinued. Further, the way that SOFR, including any market accepted adjustments to SOFR, are determined may change over time. The FRBNY states on its publication page for SOFR that the use of SOFR is subject to important limitations and disclaimers, including that the FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice.

SOFR is intended to be a broad measure of the cost of borrowing cash collateralized overnight by U.S. Treasury securities, and has been published by the FRBNY since April 2018. The FRBNY has also been publishing historical indicative SOFR from 2014. Investors should not rely on any historical changes or trends in SOFR as an indicator of future changes or trends in SOFR.

SOFR is published by the FRBNY based on data received from sources outside the control or direction of the sponsor, the transferor, the servicer, the issuing entity, the trustee or the calculation agent and none of the sponsor, the transferor, the servicer, the issuing entity, the trustee or the calculation agent (other than as expressly set forth herein) has control over its determination, calculation or publication. The activities of the FRBNY may directly affect prevailing SOFR rates in ways we cannot predict. There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the holders in the certificates. You should not rely on any historical changes or trends in SOFR as an indicator of future changes or trends in SOFR. If the manner in which SOFR is calculated is changed or if SOFR is discontinued, that change or discontinuance may result in a reduction of the amount of interest payable on and the liquidity and trading prices of the certificates. Due to the emerging and developing adoption of SOFR as an interest rate index, investors who desire to obtain financing for their certificates may have difficulty obtaining any credit or credit with satisfactory interest rates, which may result in lower leveraged yields and lower secondary market prices upon the sale of the certificates.

The composition and characteristics of SOFR are not the same as those of LIBOR and other floating interest benchmark rates, and SOFR is fundamentally different from LIBOR for two key reasons. First, SOFR is a secured rate, while LIBOR was an unsecured rate. Second, SOFR is an overnight rate, while LIBOR was a forward-looking rate that represents interbank funding over different maturities (e.g., three months). As a result, there can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, market volatility or global or regional economic, financial, political, regulatory, judicial or other events.]

***[SOFR][Alternative Benchmark] may be more volatile than other benchmark or market rates.***

Since the initial publication of SOFR, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although changes in compounded SOFR generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the certificate may fluctuate more

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than floating rate securities that are linked to less volatile rates. In addition, the volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury repurchase agreement market.

In contrast to other indices, SOFR may be subject to direct influence by activities of the FRBNY, which activities may directly affect prevailing SOFR rates in ways we cannot predict. The FRBNY has at times conducted operations in the overnight U.S. Treasury repurchase agreement market in order to help maintain the federal funds rate within a target range. There can be no assurance that the FRBNY will continue to conduct such operations in the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could be materially adverse to the interests of investors in the certificates.]

***Any failure of [SOFR][Alternative Benchmark] to maintain market acceptance could adversely affect your certificates.***

[According to the FRBNY's Alternative Reference Rates Committee, SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to LIBOR in part because it is considered a representation of general funding conditions in the overnight U.S. Treasury repurchase agreement market. However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market participants would not consider SOFR a suitable replacement or successor market rate for all of the purposes for which LIBOR historically has been used (including, without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen market acceptance of SOFR. Any failure of SOFR to maintain wide market acceptance could adversely affect the return on and value of the certificates and the price at which investors can sell the certificates in the secondary market.

Since SOFR is a relatively new market index, the certificates may not have an established trading market when issued, and an established trading market may not develop or may not provide significant liquidity. Market terms for the certificates, such as the spread over the rate reflected in interest rate provisions, may evolve over time, and trading prices of the certificates may be lower than those of later-issued certificates with interest rates based on SOFR as a result. Relatively limited market precedent exists for securities that use SOFR as the interest rate and the method for calculating an interest rate based upon SOFR in those precedents varies.

Similarly, if SOFR does not become widely adopted for securities like the certificates or the specific formula for the compounded SOFR rate used in the certificates may not be widely adopted by other market participants, the trading prices of the certificates may be lower than those of securities like the certificates linked to indices that are more widely used. Investors in the certificates may not be able to sell the certificates at all or may not be able to sell the certificates at prices that will provide them with yields comparable to those of similar investments that have a developed secondary market, and may consequently experience increased pricing volatility and market risk.

***A decrease in [SOFR][Alternative Benchmark] would reduce the rate of interest on your certificates.***

[The interest rate to be borne by the certificates is based on a spread over the SOFR Rate, which is based on compounded SOFR or, if the [administrator (or its designee)] determine on or prior to the relevant reference time that a benchmark transition event and its related benchmark replacement event have occurred, the applicable benchmark replacement. Changes in the benchmark rate will affect the rate at which the certificates accrue interest and the amount of interest payments on the certificates. Any decrease in the SOFR Rate or such benchmark replacement will lead to a decrease in the certificates interest rate. To the extent that the SOFR Rate decreases below 0.00% for any interest period, the rate at which the certificates accrue interest for such interest period will be reduced by the amount by which the SOFR Rate is negative; *provided* that the interest rate on the certificates for any interest period will not be less than 0.00%. A negative SOFR Rate could result in the interest rate applied to the certificates decreasing to 0.00% for the related interest period.]

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***[The issuing entity may issue floating rate certificates, but the issuing entity will not enter into any interest rate swaps and you may suffer losses on your certificates if interest rates rise.***

The credit card accounts comprising the Trust Portfolio may have finance charges set at a variable rate. However, the floating rate certificates, if any, will bear interest at a floating rate, initially, based on the [SOFR Rate][Alternative Benchmark] plus an applicable spread. Even though the issuing entity may issue floating rate certificates, it will not enter into any interest rate swaps or interest rate caps in connection with the issuance of the certificates.

If the interest rate payable on the certificates increases due to an increase in the [SOFR Rate][Alternative Benchmark] to the point where the amount of interest and principal due on the certificates, together with other fees and expenses payable by the issuing entity, exceeds the amount of collections and other funds available to the issuing entity to make such payments, the issuing entity may not have sufficient funds to make payments on the certificates. If the issuing entity does not have sufficient funds to make such payments, you may experience delays or reductions in the interest and principal payments on your certificates.

If market interest rates rise or other conditions change materially after the issuance of the certificates, you may experience delays or reductions in interest and principal payments on your certificates. The issuing entity will make payments on the floating rate certificates of each series out of funds available to that series—not solely from funds that are dedicated to the floating rate certificates of that series, class or tranche. Therefore, an increase in interest rates would reduce the amounts available for distribution to holders of all certificates of that series, not just the holders of the floating rate certificates of that series, class or tranche.]

***[Risks relating to [compounded SOFR][Alternative Benchmark].]***

[In March 2020, the FRBNY began to publish compounded averages of SOFR, which are used to determine compounded SOFR. It is possible that there will be limited interest in securities products based on compounded SOFR, or in the implementations of compounded SOFR with respect to the certificates. As a result, you should consider whether any future reliance on compounded SOFR may adversely affect the market values and yields of the certificates due to potentially limited liquidity and resulting constraints on available hedging and financing alternatives.

The interest rate on the certificates will be based on the SOFR Rate. The SOFR Rate will be based on compounded SOFR. The [administrator (or its designee)] may, from time to time, in its sole discretion, make conforming changes (i.e., technical, administrative or operational changes) without the consent of certificateholders or any other party, which could change the methodology used to determine the SOFR Rate. There can be no assurance that the methodology to calculate compounded SOFR will not be adjusted as described in the prior sentence and, if so adjusted, that the resulting interest rate will yield the same or similar economic results over the term of the certificates relative to the results that would have occurred had the interest rates been based on compounded SOFR without such adjustment or that the market value will not decrease due to any such adjustment in methodology. The [administrator (or its designee)] will have significant discretion in making SOFR conforming changes. No certificateholder will have any right to approve or disapprove these changes and will be deemed to have agreed to waive and release any and all claims relating to any such determinations.

You should carefully consider the foregoing uncertainties prior to investing in the certificates. In general, events related to SOFR and market rates may adversely affect the liquidity, market value and yield of your certificates.]

***Changes to or discontinuation of [SOFR][Alternative Benchmark] or the determinations made by the [administrator (or its designee)] may adversely affect your certificates.***

[The FRBNY publishes SOFR based on data received by it from sources other than [the administrator,] the sponsor, the transferor, the servicer, the issuing entity, the trustee or the calculation agent, and none of [the administrator,] the sponsor, the transferor, the servicer, the issuing entity, the trustee, the calculation agent or any other party to the transaction described in this prospectus has control over its calculation methods, publication schedule, rate revision practices or availability of SOFR at any time. There can be no guarantee, particularly given

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its relatively recent introduction, that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the certificates. If the manner in which SOFR is calculated is changed, that change may result in a reduction in the amount of interest payable on the certificates and the liquidity and trading prices of the certificates. In addition, the FRBNY may withdraw, modify or amend the published SOFR or SOFR data in its sole discretion and without notice. The interest rate for any interest period will not be adjusted for any modifications or amendments to SOFR or SOFR data that the FRBNY may publish after the interest rate for that interest period has been determined.

The [administrator (or its designee)] may make certain determinations with respect to the certificates. For example, if the [administrator (or its designee) has determined on or prior to the relevant reference time that a benchmark transition event and its related benchmark replacement date has occurred, the [administrator (or its designee)] will make certain determinations with respect to the certificates in its (or its designee's) sole discretion as further described under *"Series Provisions — Interest Payments."* The interests (or the interests of such designee, which may be an affiliate of the [administrator]) in making these determinations described above may be adverse to the interests of the investors in the certificates. Any of these determinations may adversely affect the value of the certificates, the return on the certificates and the price at which investor can sell the certificates. Moreover, certain determinations may require the exercise of discretion and the making of subjective judgments, such as with respect to compounded SOFR or the occurrence or nonoccurrence of a benchmark transition event and any benchmark replacement conforming changes. These potentially subjective determinations may adversely affect the value of the certificates, the return on the certificates and the price at which investors can sell the certificates. For further information regarding these types of determinations, see *"Series Provisions — Interest Payments."*

If an alternative method or index is designated in place of SOFR for the certificates, the U.S. federal income tax consequences of such a benchmark replacement are uncertain. If such a replacement constituted a "significant modification" of the certificates under Treasury Regulation section 1.1001-3, the replacement may result in a deemed taxable exchange of the certificates and the realization of gain or loss, as well as other corollary tax consequences.]]

**Risks Related to an Investment in the Certificates** 

***There is no public market for the certificates. As a result, you may be unable to sell your certificates or the price of the certificates may suffer.***

The underwriters may assist in resales of the certificates but they are not required to do so. A secondary market for any certificates may not develop. If a secondary market does develop, it might not continue or it might not be sufficiently liquid to allow you to resell any of your certificates.

In addition, some certificates have a more limited trading market and experience more price volatility. There may be a limited number of buyers when you decide to sell those certificates. This may affect the price you receive for the certificates or your ability to sell the certificates.

Moreover, events in the financial markets, including increased illiquidity, de-valuation of various assets in secondary markets and the lowering of ratings on certain asset-backed securities, may adversely affect the liquidity and/or reduce the market price of your certificates. There can be no assurance that you will be able to sell your certificates at favorable prices or at all.

You should not purchase certificates unless you understand and know you can bear these investment risks and you should consider that general market conditions may adversely affect the liquidity, marketability and overall market value of your certificates.

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***If your certificates are repaid prior to the expected final payment date, you may not be able to reinvest your principal in a comparable security.***

If you receive an early payment of principal on your certificates at a time when prevailing interest rates are relatively low, you may not be able to reinvest the proceeds in a comparable security with an effective interest rate equivalent to that of your certificates.

***The market value of the certificates could decrease if the ratings of the certificates are lowered or withdrawn or if there is an unsolicited issuance of a lower rating.***

The initial rating of a certificate addresses the likelihood of the payment of interest on that certificate when due and the ultimate payment of principal of that certificate by its legal maturity date. The ratings do not address the likelihood of the payment of principal of a certificate on its expected final payment date. In addition, the ratings do not address the likelihood of early payment or acceleration of a certificate, which could be caused by a pay-out event.

The ratings of the certificates are not a recommendation to buy, hold or sell the certificates. The ratings of the certificates may be lowered or withdrawn entirely at any time by the applicable rating agency without notice from AENB, TRS or the transferor to certificateholders of such change in rating. It is possible that a rating agency could revise its models and ratings methodology (including its ratings or outlooks with respect to the various transaction parties) and, following the issuance date, downgrade its ratings on the certificates that were not subject to such revised models or ratings methodology as part of the ratings process. In addition, a rating agency could choose to provide an unsolicited rating on a series, class or tranche of certificates, without notice to or from the bank, TRS, the transferor or the issuing entity, and that unsolicited rating could be lower than the ratings provided by the other rating agencies. If a series, class or tranche of certificates has had its ratings lowered or withdrawn, or if a series, class or tranche of certificates has received an unsolicited rating that is lower than the other ratings of such series, class or tranche of certificates, the market value of the certificates could decrease.

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**The Issuing Entity** 

American Express Credit Account Master Trust, also referred to as the issuing entity or the trust, was formed in 1996 pursuant to a pooling and servicing agreement. This pooling and servicing agreement, as amended from time to time, most recently as of April 1, 2018, and as may be further amended from time to time, is among American Express Travel Related Services Company, Inc., or TRS, as servicer, RFC III, as transferor, and The Bank of New York Mellon, as trustee. The trust does not have any officers or directors.

The trust, as a master trust, previously has issued other series of asset backed certificates and expects to issue additional series from time to time.

The trust's activities are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● acquiring and holding the receivables and the other trust assets and the proceeds from these assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● issuing certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● making payments on the certificates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● engaging in other activities that are necessary or incidental to accomplish these limited purposes.

Consequently, the trust does not and is not expected to have any source of capital resources other than the trust assets. The trust is formed under and administered in accordance with the laws of the State of New York. The fiscal year for the trust will end on December 31 of each year.

The transferor and any additional transferor designated under the pooling and servicing agreement in the future, has conveyed and will convey to the trust, without recourse, its interest in all receivables arising under the portfolio of accounts in the trust. The receivables consist of all amounts charged by account holders for goods and services and cash advances, called principal receivables, and all related periodic rate finance charges, annual membership fees, cash advance fees, late charge fees, returned check charges, overlimit fees, Issuer Rate Fees, and any other fees and charges billed on the accounts from time to time, collectively called finance charge receivables.

The trust assets consist of such receivables, all monies due or to become due thereunder, the proceeds of the receivables, all monies and other property on deposit in certain accounts maintained for the benefit of the certificateholders and Recoveries (net of collection expenses) received by the servicer including proceeds from the sale or securitization of Defaulted Receivables and proceeds of credit insurance policies relating to such receivables and related property conveyed to the trustee pursuant to an assignment, the right to receive Issuer Rate Fees attributed to the receivables, all monies on deposit in the Collection Account, the Special Funding Account and in certain accounts maintained for the benefit of the certificateholders, any series enhancements, and all of each transferor's legal rights and remedies under the purchase agreement. Uniform Commercial Code financing statements have been and will be filed, to the extent appropriate, to perfect the ownership or security interests of the trust and the trustee described herein.

Pursuant to the pooling and servicing agreement, the transferor will have the right (subject to certain limitations and conditions set forth therein), and in some circumstances will be obligated, to designate from time to time additional eligible accounts to be included as accounts and to transfer to the trust all receivables of such additional accounts, whether such receivables are then existing or thereafter created. See *"The Pooling and Servicing Agreement Generally — Additions of Accounts."* 

The transferor also has the right (subject to certain limitations and conditions) to require the trustee to reconvey all receivables in accounts designated by that transferor for removal, whether such receivables are then existing or thereafter created. Once an account is removed, receivables existing under that account are not transferred to the trust. See *"The Pooling and Servicing Agreement Generally — Removal of Accounts."*

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Throughout the term of the trust, the accounts from which the receivables arise will be the accounts designated on the Initial Cut-Off Date plus any Additional Accounts minus any accounts that have been removed. With respect to each series of certificates issued by the trust, the transferor will represent and warrant that, as of the related selection dates, such receivables meet certain eligibility requirements.

Additional information regarding the receivables in the Trust Portfolio is provided in Annex I to this prospectus, which forms an integral part of this prospectus.

**The Trust Portfolio** 

**General** 

The primary assets of the trust are receivables generated from time to time in a portfolio of designated consumer American Express credit card accounts and Pay Over Time revolving credit features associated with certain American Express credit card accounts and, in the future, may include other charge or credit accounts or products.

Additional information regarding the receivables in the Trust Portfolio is provided in Annex I to this prospectus, which forms an integral part of this prospectus.

**Static Pool Information** 

[Additional accounts were last designated for the Trust Portfolio in [●] 20[●], and none of the accounts included in such account addition had a date of origination later than calendar year 20[●]. As a result, no accounts originated in calendar years 20[●] through 20[●] are currently included in the Trust Portfolio. Therefore, static pool information (charge-off, delinquency, payment rate and revenue experience) regarding the historical performance of the receivables in the Trust Portfolio, presented based on the calendar year of origination of the accounts, is not included in this prospectus.]

[Static pool information regarding the performance of the receivables in the Trust Portfolio is provided in Annex II to this prospectus, which forms an integral part of this prospectus.]

**Pool Asset Review** 

As required under the Securities Act of 1933, as amended, the transferor is responsible for performing a review of the receivables in the Trust Portfolio and the disclosure relating to those receivables required to be included in this prospectus by Item 1111 of Regulation AB. The review, which is conducted by the transferor and its affiliates as described further below, primarily consists of the periodic review of internal data systems, including the related financial controls and processes, and the review of information relating to the receivables included in this prospectus, including both quantitative data and certain qualitative or factual disclosure.

The review described below is designed and effected to provide reasonable assurance that the disclosure regarding the receivables in the Trust Portfolio in this prospectus, including the information provided in Annex I and Annex II to this prospectus, is accurate in all material respects.

***Review of Data Flow and Controls***

AENB and its affiliates have data collection systems that, together, are designed to process and validate all incoming financial transactions for U.S. Card Members and service establishments, including Card Member spending and other activity such as remittances, fees, account adjustments and merchant transactions. AENB and its affiliates have established controls over these data collection systems to provide reasonable assurance regarding the completeness, accuracy, validity and timeliness of data received and sent by the data collection systems.

Data relating to Card Member spending and remittance activity is output from the data collection systems to the servicer's account servicing platform, which accumulates and processes spending and other activity for American Express' Card Members. The servicer and its affiliates have established controls over the account servicing platform

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to provide reasonable assurance regarding the completeness, accuracy, validity and timeliness of the data received and sent by the account servicing platform.

Data generated by the account servicing platform is sent to the servicer's securitization technology system. The securitization technology system also utilizes data provided by an internal risk information management system, including Card Members' credit bureau information. Within the securitization technology system, information relating to the accounts in the Trust Portfolio is processed and consolidated for reporting purposes, including for the inclusion in this prospectus of data relating to the receivables in the Trust Portfolio. The servicer and its affiliates have established controls over the securitization technology system to provide reasonable assurance regarding the completeness, accuracy, validity and timeliness of the data input from the account servicing platform to the securitization technology system.

As described above, AENB, the servicer and their affiliates have developed financial controls over the data collection systems, the account servicing platform and the securitization technology system to provide reasonable assurance regarding the completeness, accuracy and timeliness of data received by and exchanged between these systems. Included among these are controls to validate, confirm, balance, reconcile and calculate data as it moves through the systems. Discrepancies identified by these controls are recorded, investigated and resolved. Internal risk management standards developed by AENB, the servicer and their affiliates require the periodic testing of these controls using predetermined sampling methodologies. The sample size used for testing each control is based on the frequency with which that control operates and whether the control is automated or manual. AENB, the servicer and their affiliates have determined that the frequency with which these controls are tested and the testing methods used provide reasonable assurance that the data generated by these systems is accurate in all material respects. In addition to periodic testing of the controls, the internal departments that oversee the controls certify to the effectiveness of the controls on a quarterly or annual basis, depending on the type of control.

***Review of Data and Other Disclosure***

The transferor and its affiliates use information generated by the securitization technology system to create reports used to populate the tables included in Annex I and Annex II to this prospectus. The transferor and its affiliates, with the assistance of a third party, conduct a review of the quantitative data in those tables in which the data presented is compared with the reports generated by the securitization technology system and certain recalculations are performed. The transferor attributes all findings and conclusions of the review to itself.

Disclosure in this prospectus consisting of qualitative or factual information regarding the receivables in the Trust Portfolio was reviewed and approved by those officers and employees of AENB, the servicer, the transferor and their affiliates who are knowledgeable about such information.

***Underwriting and Authorization Process***

The underwriting and authorization procedures applicable to the accounts are described under *"AENB's Revolving Credit Businesses — Underwriting and Authorization Process"* in this prospectus. AENB and its affiliates regularly engage in activities that are designed to monitor and measure compliance with established credit underwriting and authorization policies, including testing of automated approval systems. These activities are overseen by one or more committees which are responsible for the design and implementation of credit processes and credit risk controls, including in the areas of authorizations, new account approval, credit line management, risk modeling, identification, monitoring and measurement of risk, and escalation of risk issues. Among other functions, such committees review and approve underwriting and customer management policies as well as changes to these policies, monitor adherence to these policies and monitor performance of credit risk processes.

On a quarterly basis, AENB and its affiliates conduct a review to validate the accuracy of the proprietary risk score used in the underwriting and authorization process to predict future credit performance. The results of this validation are evaluated by a modeling committee to determine whether adjustments to the credit risk model should be made. Using an automated system that operates on a daily basis, AENB and its affiliates verify that the applications approved and credit lines granted by the automated system have correctly applied the decision logic established by the system's designers. On a monthly basis, AENB and its affiliates measure the outcomes of the underwriting and authorization systems and specified portfolio level statistics against pre-set escalation metrics.

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Issues are escalated in accordance with policy to the appropriate committees for evaluation to determine whether any changes to policies, strategies or models should be made.

[If applicable, describe the nature of the review of additional pool assets added to the Trust Portfolio that were originated using materially different underwriting criteria performed by the transferors and whether those assets deviate from disclosed underwriting criteria or other criteria.]

***Conclusion of Review***

After undertaking the review described above, the transferor has concluded that it has reasonable assurance that the disclosure regarding the receivables in the Trust Portfolio in this prospectus, including the information provided in Annex I and Annex II to this prospectus, is accurate in all material respects.

**Repurchases and Replacements** 

Under the pooling and servicing agreement, the transferor makes certain representations and warranties to the trust about the receivables. If the transferor materially breaches certain of those representations or warranties, under certain circumstances, all of the Ineligible Receivables will be reassigned to the transferor and the related accounts will no longer be included in the Trust Portfolio. See *"The Pooling and Servicing Agreement Generally — Representations and Warranties."*

Under the purchase agreement, AENB makes certain representations and warranties to the purchaser about the receivables. If AENB breaches certain of those representations or warranties and, as a result, the purchaser is required under the pooling and servicing agreement to accept a reassignment of the related Ineligible Receivables as described above, then AENB will accept reassignment of such Ineligible Receivables. See *"Description of the Purchase Agreement — Repurchase Obligations.".*

In the past three years, no assets securitized by the sponsor were the subject of a demand for reassignment or repurchase for breach of representations and warranties. All such demands for reassignment or repurchase are disclosed on Form ABS-15G and on the trust's monthly distribution reports on Form 10-D. The most recent Form ABS-15G covering the receivables in the trust was filed on [●] [●], 20[●], under the transferor's CIK number, 0001283434.

Under certain circumstances, certificateholders may direct an asset representations reviewer to perform a review of all receivables in the Trust Portfolio that are more than 60 days contractually delinquent and the accounts relating to such receivables for compliance with certain representations and warranties on the receivables and the accounts. See *"Asset Representations Review."* 

**The Accounts** 

The receivables have arisen or will arise in certain revolving credit accounts that have been selected from the Total Portfolio, in each case, on the basis of criteria set forth in the purchase agreement and the pooling and servicing agreement. An account in the Total Portfolio must be an Eligible Account to be selected for inclusion in the portfolio of accounts, the receivables of which will be owned by the trust. The accounts include and may include all related accounts that satisfy certain conditions set forth in the pooling and servicing agreement or are originated as a result of (a) a card being lost or stolen or (b) the conversion of an account into another type of Eligible Account.

Accounts which relate to bankrupt obligors or certain charged-off receivables may be designated as accounts *provided* that the amount of principal receivables in any such account is deemed to be zero for purposes of all allocations under the pooling and servicing agreement.

Pursuant to the pooling and servicing agreement, in certain circumstances, the transferor will be obligated (subject to certain limitations and conditions) to designate, from time to time, eligible accounts to be included as accounts, the receivables of which will ultimately be conveyed to the trust. The transferor does not own accounts. If the transferor is required to designate accounts to the trust, it may give notice of the required addition directly or

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indirectly, as the case may be, to AENB. Under the purchase agreement, AENB will be obligated to designate accounts as requested. In addition, AENB may, with the consent of the transferor, designate accounts and sell the receivables in those accounts to the transferor, subject to the satisfaction of certain conditions. See *"Description of the Purchase Agreement."* Such accounts designated for the trust must meet the eligibility criteria set forth in the purchase agreement and the pooling and servicing agreement as of the applicable selection date. See *"The Pooling and Servicing Agreement Generally — Additions of Accounts"* for a more detailed discussion of the circumstances and manner in which the receivables arising in Additional Accounts will be conveyed to the trust.

As of each date with respect to which the transferor transfers any receivables arising in Additional Accounts, the transferor will represent and warrant to the trust that such receivables meet the eligibility requirements set forth in the purchase agreement and the pooling and servicing agreement. See *"The Pooling and Servicing Agreement Generally — Conveyance of Receivables."* The eligibility of accounts is assessed only on the applicable selection date, while the eligibility of receivables is assessed only on the applicable selection date (in the case of receivables then existing in Additional Accounts on such date) or as of the date of creation (in the case of new receivables arising in an account). Accordingly, there can be no assurance that all of such accounts and receivables will continue to meet the eligibility requirements as of any subsequent date, including any subsequent series closing date.

Subject to certain limitations and restrictions, the transferor may also designate certain accounts for removal from the trust, in which case the receivables of the removed accounts will be reassigned to the transferor. Throughout the term of the trust, the receivables in the trust will consist of receivables generated under the accounts (including Additional Accounts). Such receivables will not include the receivables generated under removed accounts.

AENB transfers to RFC III and RFC III in turn transfers to the trust, the Issuer Rate Fees. Pursuant to the pooling and servicing agreement, these Issuer Rate Fees are treated as collections of finance charge receivables. See *"AENB's Revolving Credit Businesses — Issuer Rate Fees."*

**Transaction Parties** 

**Account Owner and Sponsor** 

AENB is the sponsor of the trust and, as such, organizes and initiates the asset-backed securities transactions of the trust. AENB also is the account owner of certain consumer credit card accounts or features, the receivables of which are included in the trust. See *"AENB's Revolving Credit Businesses."* In addition, on behalf of TRS as servicer, AENB performs limited servicing functions with respect to receivables in the trust. See *"The Pooling and Servicing Agreement Generally — Collection and Other Servicing Procedures"* for a description of certain matters relating to the servicing functions provided by AENB*.*

AENB's principal office is located at 115 W Towne Ridge Pkwy, Sandy, Utah 84070, and its telephone number is (800) 446-6307. AENB is a wholly-owned subsidiary of TRS.

AENB and its predecessor entities have been involved in the securitization of consumer revolving credit card receivables since 1996.

**[Additional Originators]** 

[If any originator, or group of affiliated originators, apart from the sponsors or their affiliates, have originated, or is expected to originate, 10% or more, but less than 20%, of the pool assets, provide the information contemplated in Item 1110(a) of Regulation AB.]

[If any originator(s) have originated less than 10% of the pool assets but the cumulative amount originated by parties other than the sponsors or their affiliates is more than 10%, provide the information contemplated in Item 1110(a) of Regulation AB.]

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[If any originator, or group of affiliated originators, apart from the sponsors or their affiliates, have originated, or is expected to originate, 20% or more of the pool assets, provide the information contemplated in Item 1110(b) and (c) of Regulation AB.]

**Depositor and Transferor** 

RFC III, the depositor and the transferor, was formed under the laws of the State of Delaware on March 11, 2004. Its sole member is AENB. RFC III was formed for the limited purpose of issuing securities of the type offered hereby, purchasing, holding, owning and selling receivables and any activities incidental to and necessary or convenient for the accomplishment of such purposes. Neither AENB, as sole member of RFC III, nor RFC III's board of directors, intends to change the business purpose of RFC III.

Since its formation, RFC III has been engaged in these activities solely as (i) the purchaser of receivables from the account owner pursuant to the related purchase agreement, (ii) a transferor of receivables to the issuing entity pursuant to the pooling and servicing agreement, (iii) the holder of the transferor's interest in the issuing entity and (iv) a transferor that executes underwriting, subscription and purchase agreements in connection with each issuance of certificates.

A description of RFC III's obligations as the transferor of the receivables to the trust can be found in *"The Pooling and Servicing Agreement Generally — Conveyance of Receivables," "— Representations and Warranties," "— Additions of Accounts"* and *"— Removal of Accounts."*

Pursuant to a revolving credit agreement between RFC III and AENB, RFC III may borrow funds from AENB for the sole purpose of purchasing receivables from AENB under the purchase agreement. Under the revolving credit agreement, payments from RFC III are due only to the extent that those funds are not required for any other purpose and so long as the payment will not cause RFC III to default under the pooling and servicing agreement.

RFC III's executive offices are located at 115 W Towne Ridge Pkwy, Room 454, Sandy, Utah 84070, and its telephone number is (385) 308-6059.

**U.S. Credit Risk Retention** 

In accordance with the credit risk retention requirements of Regulation RR issued by the SEC, the FDIC and certain other banking regulators, AENB, directly as sponsor, or RFC III, as depositor and as a wholly-owned affiliate of the sponsor, is required to retain an economic interest in the credit risk of the receivables in the trust. The sponsor and the depositor intend to satisfy the credit risk retention requirements by maintaining a seller's interest in the trust, as defined by and calculated in accordance with Regulation RR, in an amount equal to not less than five percent of the aggregate unpaid principal balance of the outstanding certificates. In determining the aggregate unpaid principal balance of the outstanding certificates, any certificates and the collateral interests that have been at all times held by the sponsor or one or more wholly-owned affiliates of the sponsor may be disregarded and deemed not to be outstanding. The aggregate unpaid principal balance of the outstanding certificates may also be reduced by the aggregate amount of principal collections on deposit in a segregated principal accumulation account as permitted by Regulation RR. We refer to this aggregate unpaid principal balance of the outstanding certificates, with the reductions, if any, described immediately above, as the "adjusted outstanding investor ABS interests". For purpose of the calculation described above, a wholly-owned affiliate of the sponsor will include any person, other than the issuing entity, that directly or indirectly, wholly controls (*i.e.*, owns 100% of the equity in the sponsor), is wholly controlled by, or is wholly under common control with, the sponsor.

The required seller's interest will be maintained by the sponsor and the depositor through the depositor's ownership of the transferor's interest, which represents the interest in the trust not represented by your series or by any other series. The transferor's interest is entitled to share in allocations of certain amounts, including finance charge collections, principal collections and defaults, as described under *"The Pooling and Servicing Agreement Generally — Allocations."* The amount of principal receivables in the trust will vary each day as new principal receivables are created and others are paid or charged off as uncollectible. Therefore, the amount of the transferor's interest will fluctuate each day to reflect the changes in the amount of the principal receivables in the trust. In

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addition, the transferor's interest will generally increase to reflect reductions in the invested amount of any series, including as the result of payments of principal, and will generally decrease as a result of the issuance of a new series of investor certificates or of additional investor certificates in an outstanding series. Neither the sponsor nor the depositor will sell or otherwise transfer an interest in the transferor's interest in a manner that is prohibited under the Regulation RR, nor will they enter into any prohibited hedging arrangement with respect to the transferor's interest.

Though similar in concept, the obligation to retain the seller's interest for purposes of compliance with Regulation RR and the requirement to maintain the transferor's interest as set forth in the pooling and servicing agreement are independent obligations and are calculated differently. The transferor's interest is reported in the monthly distribution reports as a percentage of the aggregate amount of principal receivables in the trust, while the seller's interest under Regulation RR is required to be maintained at an amount equal to not less than 5% of the adjusted outstanding investor ABS interests. Generally, the obligation to maintain the transferor's interest in accordance with the pooling and servicing agreement will result in a higher minimum transferor's interest than the minimum seller's interest required under Regulation RR.

For purposes of compliance with Regulation RR, the seller's interest will equal the excess of the aggregate amount of principal receivables in the trust over the aggregate investor interest in receivables for all outstanding series of certificates. As of the closing date, through the ownership of the transferor's interest, we expect to have a seller's interest equal to $[●] which will equal [●]% of the adjusted outstanding investor ABS interest, measured in accordance with the provisions of Regulation RR. For purposes of determining the seller's interest on the closing date, we have used the aggregate principal balance of the receivables in the trust as of the last day of the [●] 20[●] Monthly Period and the principal balance of the certificates expected to be outstanding as of the closing date, including $[●]<sup>\*</sup> of Series 20[●]-[●]. The issuing entity will disclose on Form 8-K within a reasonable time after the closing date the amount of the seller's interest as of the closing date if materially different from that disclosed in this prospectus. In addition, the transferor will disclose in each of the trust's monthly distribution report on Form 10-D the amount of the seller's interest as of each measurement date described below.

The seller's interest will be calculated as a percentage of the adjusted outstanding investor ABS interest as of the last day of each Monthly Period. If, as of the end of any Monthly Period, the seller's interest is less than the required seller's interest under Regulation RR, the transferor will be required to designate Additional Accounts to increase the amount of the seller's interest to at least equal the required seller's interest within ten Business Days. Any failure by the transferor to designate such Additional Accounts, if not cured within five Business Days, will result in a Pay-Out Event. See *"The Pooling and Servicing Agreement Generally — Additions of Accounts"* and *"Series Provisions — Pay-Out Events."*

**Servicer [and Administrator]** 

TRS is the servicer of the trust. As servicer, it is responsible for servicing, managing and making collections on the receivables in the trust. See *"The Pooling and Servicing Agreement Generally — Collection and Other Servicing Procedures."* TRS has outsourced certain functions to affiliated and unaffiliated third parties, but it remains responsible for the overall servicing process. For information about certain affiliated and unaffiliated third-party service providers that provide these services, including AENB, see *"The Pooling and Servicing Agreement Generally — Outsourcing of Servicing."*

TRS, a company incorporated under the laws of the State of New York on May 3, 1982, is a wholly-owned subsidiary of American Express Company and the direct parent company of AENB. TRS, directly or through its subsidiaries, provides a variety of products and services worldwide, including credit and charge card and other payment and financing products; merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services; network services; travel and lifestyle services; expense management products and services; and other services, such as the design and operation of customer loyalty programs. TRS' various products and services are offered to a broad range of customers, including consumers, small

<sup>\*</sup> Subject to increase or decrease as discussed under "*Series Provisions*" in this prospectus.

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businesses, mid-sized companies and large corporations. TRS' principal office is located at 200 Vesey Street, New York, New York 10285-4405, and its telephone number is (212) 640-2000.

[For transaction where floating rate certificates are offered, include a disclosure regarding TRS's role as the administrator, if applicable, in connection with the determination of interest payments for such floating rate certificates.]

**Bank Holding Company Status** 

American Express Company and TRS are bank holding companies under the Bank Holding Company Act of 1956, as amended ("BHC Act") and have elected to be treated as financial holding companies under the BHC Act. As bank holding companies under the BHC Act, American Express Company and TRS are subject to supervision and examination by The Board of Governors of the Federal Reserve System.

**The Trustee [and the Calculation Agent]** 

The Bank of New York Mellon, a New York banking corporation, is the trustee under the pooling and servicing agreement. Its principal corporate trust office is located at 240 Greenwich Street, Floor 7 East, New York, New York 10286, Attention: Asset-Backed Securities Unit. The Bank of New York Mellon has been, and currently is, serving as indenture trustee and trustee for numerous securitization transactions and programs involving pools of credit card receivables.

In the ordinary course of business, The Bank of New York Mellon, The Bank of New York Mellon Trust Company, N.A., and BNY Mellon Trust of Delaware (collectively, "BNY Mellon") are named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("RMBS") transactions, BNY Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, BNY Mellon denies liability and intends to defend the litigations vigorously.

The Bank of New York Mellon has provided the above information for purposes of complying with Regulation AB. Other than the previous two paragraphs and the first three sentences under *"Prospectus Summary — Trustee"* in this prospectus, The Bank of New York Mellon has not participated in the preparation of, and is not responsible for, any other information contained in this prospectus.

The transferor, the servicer, the account owner and their respective affiliates may from time to time enter into normal banking and trustee relationships with the trustee and its affiliates. The trustee or the transferor may hold certificates in their own names; however, any certificates so held shall not be entitled to participate in any decisions made or instructions given to the trustee by the certificateholders as a group. In addition, for purposes of meeting the legal requirements of certain local jurisdictions, the trustee shall have the power to appoint, with the consent of the transferor (who shall not unreasonably withhold its consent), a co-trustee or separate trustees of all or any part of the trust. In the event of such appointment, all rights, powers, duties and obligations shall be conferred or imposed upon the trustee and such separate trustee or co-trustee jointly or, in any jurisdiction in which the trustee shall be incompetent or unqualified to perform certain acts, singly upon such separate trustee or co-trustee, who shall exercise and perform such rights, powers, duties and obligations solely at the direction of the trustee.

[For transaction where floating rate certificates are offered, include a disclosure regarding The Bank of New York Mellon's role as the calculation agent, if applicable, in connection with the determination of interest payments for such floating rate certificates.]

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See *"The Pooling and Servicing Agreement Generally — The Trustee."*

**AENB's Revolving Credit Businesses** 

**General** 

The receivables transferred to the trust are generated from transactions made by holders of consumer American Express revolving credit card accounts and "Pay Over Time" revolving credit features and "Plan It" lending features associated with certain American Express credit card accounts, all issued by AENB. Cards issued by AENB are accepted worldwide, and may be used for the purchase of merchandise and services.

Subject to certain conditions, the transferor may convey to the trust receivables arising in credit accounts or other credit products that may be of a type not currently included as accounts. Such accounts and products may be originated, underwritten, used or collected in a different manner than the accounts described below and may differ with respect to loss and delinquency experience, revenue experience and historical payment rates. Such accounts and products may also have different terms than the accounts described below and may be subject to different servicing, charge-off and collection practices. Consequently, the addition to the trust of receivables arising in such accounts or from such products could have the effect of reducing the Portfolio Yield.

American Express credit card accounts may be used to purchase Goods & Services and Travel & Entertainment from merchants accepting American Express credit cards, to transfer balances from other credit accounts or to obtain cash advances. American Express credit card accounts are solicited through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, direct mail, telephone, in-house sales teams and direct response advertising. AENB offers American Express credit card accounts that are originated under affinity or co-branded programs with certain unaffiliated entities, which can include in-person marketing. AENB also runs print, radio, television and online advertisements for American Express credit card accounts and has a toll-free telephone number and online channels for requests for information and applications. Receivables may also be generated by soliciting the transfer of account balances from American Express' competitors' accounts.

Card Members can generate receivables in various ways: by using traditional credit cards associated with American Express revolving credit card accounts and by using lending features associated with certain other American Express credit card accounts. Such lending features include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pay Over Time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cash Advance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Plan It

Pay Over Time, Cash Advance and Plan It are features that allow eligible Card Members to pay off certain eligible charges over time, while other non-eligible charges remain due in full by the payment due date. Pay Over Time is the feature currently embedded on all newly issued eligible card products and has been added to most existing eligible card products. Pay Over Time Travel and Pay Over Time Select are additional Pay Over Time features that a Card Member could qualify for and/or enroll in prior to July 1, 2018 and August 1, 2020, respectively. Pay Over Time Select is in the process of being decommissioned and has been removed from most accounts. The total of a Card Member's Pay Over Time, Cash Advance and Plan It balances generally may not exceed $50,000; for the majority of Card Members, the sum of these balances are capped at or below $35,000. Card Members who have Pay Over Time set to active on their accounts have all eligible charges (except for cash and certain other transactions) automatically placed into a Pay Over Time balance. For some accounts, a transaction is only eligible for Pay Over Time if it is over a certain minimum dollar amount. See *"— Underwriting and Authorization Process — Pay Over Time Features (for Certain Card Members)"* and *"— Billing and Payments — Pay Over Time Features (for Eligible Card Members)"* below for greater details regarding these revolving credit features.

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**Underwriting and Authorization Process** 

*Underwriting*. On an ongoing basis, AENB adopts, evaluates and enhances policies for underwriting and authorizations. It contracts with TRS for services, including the development and implementation of systems, controls and specifications for underwriting and authorizations.

AENB evaluates applications for American Express credit card accounts using a framework that evaluates available information to predict the risk of each applicant. The framework uses proprietary risk scoring decision models and other risk criteria applied through application of underwriting policies. Underwriting policies reflect the bank's risk tolerance levels, which take account of factors including the current and future economic environments. The performance trends of accounts originated at different score cut-off levels as compared to projected performance are monitored and evaluated to refine the scoring and identify enhancements to the framework.

Evaluations of applications consider, among other factors, information from credit bureaus (including one or more of Experian PLC, TransUnion LLC and Equifax Information Services LLC), commercially available risk scores, internal and external credit history, each applicant's relationship and history with American Express and other information, which is either publicly available or provided by the applicant in response to the application process or by third parties. The underwriting process also verifies the identity of the applicant, and that the information on the application is accurate as provided by the true applicant and incorporates legal requirements.

Virtually all underwriting and authorization decisions use an automated system to capture the relevant information, execute the scoring logic, compare the proprietary risk scores against cut-off levels, apply business rules and legal requirements and then execute the approve or decline decision. In specified circumstances, including for certain product applications or where certain information is unavailable, the framework incorporates manual decision-making by a dedicated, specialized and experienced team to evaluate the available information to assess the applicant's predicted risk, adhering to the same underwriting policies and standards.

Credit limits are determined based upon the Card Member's past spending patterns in relation to available credit, the Card Member's payment behavior and the proprietary risk assessment, as well as the Card Member's experience with other creditors and personal resources. Credit limits are assigned at the time a new account is approved. AENB reevaluates credit limits proactively based on monitoring the Card Member's account activity, and reactively after a Card Member initiates a request for a line increase. In both cases the evaluation includes a risk assessment. A stricter policy is applied to customer requests for a higher credit limit made by new customers shortly after account openings (e.g., within 60 days).

The credit limits for American Express credit card accounts generally range from $500 to $50,000.

*Credit Monitoring*. To monitor and control the quality of the portfolio, accounts are monitored monthly and on significant events like delinquency, inquiry, etc. by obtaining refreshed credit bureau information. AENB uses behavioral scoring models to score each active account with refreshed data. The behavioral scoring models are then used to dynamically evaluate whether or not credit limits should be increased or decreased.

*Point of Sale Authorization*. AENB uses an automated process to approve or decline transactions at the point of sale based on proprietary risk models. Merchant point-of-sale and online terminals connect with a proprietary authorization system. Card Member transactions are passed through the authorization system which considers the credit limit and other behavioral and risk factors to determine whether each transaction should be approved or declined.

*Fraud*. AENB contracts with TRS to monitor and manage the risk of different types of fraud. TRS uses a variety of tools and proprietary models to identify suspicious transactions resulting from different types of fraud, such as fraud rings, new account fraud and transactional fraud.

*Pay Over Time Features (for Certain Card Members).* AENB allows qualifying Card Members with accounts that generally require balances to be paid in full to pay certain charges over time using Pay Over Time, Cash Advance and Plan It. While there generally is no preset spending limit on these card accounts, the total of a Card

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Member's Pay Over Time, Cash Advance and Plan It balances generally may not exceed $50,000; for the majority of Card Members, the sum of these balances is capped at or below $35,000. This Pay Over Time Limit is set at the account level and therefore is shared across all the features that allow the Card Member to pay over time: Pay Over Time, Cash Advance, and Plan It. It is not a committed line of credit but a cap that applies to the total of the Pay Over Time, Cash Advance and Plan It balances. If a purchase that is otherwise eligible for Pay Over Time would cause the total of the Pay Over Time, Cash Advance and Plan It balances to exceed the Card Member's Pay Over Time Limit, then a portion of that purchase will be added to the Pay Over Time balance, up to the Pay Over Time Limit. The remaining portion of the purchase will remain in the due in full balance. Charges are subject to approval at the time of utilization through a credit authorization process prior to being approved.

**Billing and Payments** 

Consumer accounts owned by AENB have various billing and payment structures, including various annual fees and monthly finance charges. Each account holder is subject to an agreement governing the terms and conditions of the American Express credit card account and any applicable Pay Over Time feature. Pursuant to each such agreement, AENB reserves the right to add, change or terminate any terms, conditions, services or features of the account (including increasing or decreasing monthly finance charges on new transactions, fees or minimum payments). Such changes are subject to the requirements of applicable laws, including the Credit Card Accountability, Responsibility and Disclosure Act of 2009, and to certain limitations in the pooling and servicing agreement described herein. Any announced increase in the formula used to calculate the APR, or other change making the terms of an account more stringent, generally becomes effective on a designated future date.

*Credit Card Accounts.* Generally, an American Express credit card account holder is charged:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An annual fee of $0.00 to $695.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Finance charges on purchases, cash advances, and balance transfers, based on variable APRs equal to an index (currently the prime rate) plus a margin. The margin for purchases currently ranges from 9.74% to 21.49%, depending on the Card Member's risk profile, product, and date of acquisition. The margin for cash advances is currently 21.99%. Credit card account holders who violate certain payment terms may be subject to a penalty APR with a current margin of 26.74%. All variable APRs are capped at 29.99%. A number of products have 0.00% introductory APRs and low non-variable APRs for balance transfers. Few customers (accounting for less than 3% of the receivables in the Total Portfolio) have standard non-variable APRs, currently ranging generally from 0.00% to 19.99%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Amounts payable for certain uses of the American Express credit card, including the standard network fee of the greater of $10.00 or 5% on cash advances obtained through an automated teller machine. Certain cards also have foreign exchange fees equal to 2.7% of each transaction after conversion to U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If applicable, late fees, returned payment fees and other fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If Card Members choose to use the Plan It feature, they will generally be charged a monthly fee of up to 1.33% of each purchase amount moved into a plan based on the plan duration, either the APR that would otherwise apply to the purchase amount (for purchases in a Pay Over Time balance) or the APR that applies to the Pay Over Time feature at the time the plan is created (for purchases in a Pay in Full balance), and other factors.

Under the "Pay It" feature, Card Members can select qualifying purchase amounts under $100 for immediate payment in full, thereby reducing their balance by the amount paid. Under the "Plan It" feature, Card Members can select qualifying purchases over $100 to split up into monthly payments with a fixed fee. The Card Member is offered up to 3 plan duration options (ranging from 3 to 24 months). The monthly plan payment will be added to the Card Member's minimum payment due each month. The fixed monthly plan fees applied to accounts designated for the trust in connection with the "Plan It" feature will be treated as finance charge receivables.

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American Express credit card accounts are billed on a cycle basis. Payments on American Express traditional credit card accounts are generally applied, up to the minimum payment due, first to any plan amounts included in the minimum payment due, then to the balance with the lowest interest rate, and then to balances with higher interest rates. After the minimum payment has been paid, payments are applied to the balance with the highest interest rate, and then to balances with lower interest rates. Within each balance, payments are applied first to finance charges, then fees, then principal. If there is any past due amount, that amount is paid first. American Express Card Members are required to make a minimum payment each cycle. For traditional credit card accounts, the calculation of the minimum payment starts with the highest of (1) interest charged on the billing statement plus 1% of the new balance (excluding any overlimit amount, penalty fees, interest, and plan balances); (2) 2% of the new balance (excluding any penalty fees, overlimit amount, and plan balances); or (3) $40; then we add any penalty fees, up to 1/24th of any overlimit amount, any plan payment due, and any amounts past due, *provided* that the minimum payment will not exceed the new balance.

*Credit Cards with Pay Over Time Features.* There is no annual fee or other fee imposed for Pay Over Time features, but finance charges may accrue on Pay Over Time balances. The APR applicable to the Pay Over Time features is a variable rate determined based on the Card Member's risk profile and on the card product the Card Member has. Currently, except for Card Members who may benefit from promotional APRs from time to time, most Card Members enrolled in a Pay Over Time feature have an APR equal to the prime rate plus a margin ranging from 12.74% to 20.74%, with a cap of 29.99%. Pay Over Time balances are billed on a cycle basis at the same time as the rest of the Card Member's account. Payments – up to the minimum payment due – first apply to the Pay In Full new balance and then to any plan amounts included in the minimum payment due, then to the Pay Over Time and/or Cash Advance new balance, first to the balance with the lowest interest rate and then to balances with higher interest rates. After the minimum payment due has been paid, we apply payments first to the Pay Over Time and/or Cash Advance balances with the highest interest rate and then to balances with lower interest rates, and then to any plan balances. For eligible cards with Pay Over Time, the minimum payment due is the sum of the Pay In Full new balance, any Pay Over Time and/or Cash Advance minimum due, and any plan payment due. The Pay Over Time and/or Cash Advance minimum due is the sum of any Pay Over Time and/or Cash Advance amount past due plus the highest of: (1) $40; (2) 2% of the Pay Over Time and/or Cash Advance new balance; or (3) the total calculated by following these steps: use the Pay Over Time and/or Cash Advance new balance minus interest as the amount to calculate the sum of (a) through (c) below: (a) 1% of the amount from $0 through $20,000, (b) 2% of the amount from $20,000.01 through $35,000, and (c) 5% of the amount above $35,000. Then divide the sum from steps (a) through (c) by the amount and round to four decimals, multiply by the amount, and add the interest charged on the statement.

**Collection Efforts** 

Efforts to collect delinquent American Express credit card accounts and Pay Over Time accounts are made by the issuing bank, TRS and collection agencies and attorneys retained by the issuing bank. Under current practice, AENB includes a request for payment of overdue amounts on all billing statements upon delinquency. AENB uses its proprietary risk evaluation systems to determine the appropriate collection strategy. Account holders may be contacted by either a letter or a telephone call when the account becomes delinquent or sooner based on a number of factors, including the account holder's tenure and the amount owed in relation to prior spending and payment behavior. An account is generally considered to be delinquent if the minimum payment specified in the account holder's most recent billing statement is not received by the due date. If it is determined that the account holder is unable to pay the outstanding balance, the account is "pre-empted" — *i.e.,* the card is cancelled, credit privileges are revoked, and more intensive collection action is initiated. For all other account holders, credit privileges are generally cancelled no later than 120 days from initial billing. If an account remains delinquent, it may be sent to collection agencies or attorney firms to continue collection efforts including letters, telephone calls, and legal action. AENB may enter into arrangements with account holders to extend or otherwise change payment schedules to maximize collections. AENB may sell its rights to certain collections to its affiliates, collection agencies, or debt buyers.

Generally, it is AENB's practice to cause the receivables in an account to be charged off no later than the date on which such account becomes seven contractual payments past due (*i.e.,* approximately 180 days past the first due date), although charge-offs may be made earlier in some circumstances, such as confirmed bankruptcies. The credit

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evaluation, servicing, charge-off and collection practices of AENB may change over time in accordance with its business judgment and applicable law.

**Issuer Rate Fees** 

AENB, in its capacity as issuer of American Express cards, receives certain fees (referred to in this prospectus as "Issuer Rate Fees"), collected by the American Express network, in connection with Card Member charges for merchandise and services. These Issuer Rate Fees are individually negotiated directly between AENB and TRS and may change from time to time. The amount of Issuer Rate Fees included in finance charge collections for each Monthly Period during calendar year 20[●], as a percentage of total finance charge collections for each such Monthly Period (excluding collections of discount option receivables), ranged from a high of [●]% to a low of [●]%.

Issuer Rate Fees payable to AENB will be allocated and sold to RFC III for each month in an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the rate at which Issuer Rate Fees accrued to AENB during the second preceding Monthly Period on revolving
credit accounts owned by AENB, multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the numerator of which is the aggregate amount of Card Member charges in all revolving credit accounts owned
by AENB, excluding balance transfer transactions, purchases made by convenience checks, cash advances, certain ineligible products and services offered by TRS or any affiliate or subsidiary thereof, and all other transactions on which Issuer Rate
Fees did not accrue to AENB, in each case with respect to such Monthly Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the denominator of which is the aggregate amount of Card Member charges in all revolving credit accounts owned
by AENB, with respect to such Monthly Period, multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● new principal receivables that arose during such Monthly Period in the accounts that constitute revolving
credit accounts, *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the rate at which Issuer Rate Fees accrued to AENB during the second preceding Monthly Period on certain
credit accounts that generally require balances to be paid in full or lines of credit owned by AENB, multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the numerator of which is the aggregate amount of obligor charges on all credit accounts that generally
require balances to be paid in full or lines of credit owned by AENB, excluding balance transfer transactions, purchases made by convenience checks, cash advances, certain ineligible products and services offered by TRS or any affiliate or
subsidiary thereof, and all other transactions on which Issuer Rate Fees did not accrue to AENB, in each case with respect to such Monthly Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the denominator of which is the aggregate amount of obligor charges on all credit accounts that generally
require balances to be paid in full or lines of credit owned by AENB, with respect to such Monthly Period, multiplied by

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● new principal receivables that arose during such Monthly Period in the accounts that constitute credit
accounts that generally require balances to be paid in full or lines of credit.

This calculation represents an estimate of the actual Issuer Rate Fees payable to AENB from time to time in respect of the receivables and may be greater or less than the actual amount of Issuer Rate Fees so payable. AENB will be required, pursuant to the terms of the purchase agreement, to transfer to RFC III, and RFC III will in turn be required, pursuant to the terms of the pooling and servicing agreement, to transfer to the trust for the benefit of the certificateholders, these Issuer Rate Fees. Issuer Rate Fees, if any, will be included in collections of finance charge receivables pursuant to the pooling and servicing agreement for purposes of determining the amount of finance charge collections and allocating such collections and payments to the certificates. Issuer Rate Fees, if any, will also be included in finance charge receivables for purposes of calculating the average yield on the portfolio of accounts included in the trust applicable to any series of certificates.

**[Underwriting Criteria for any Additional Originators]** 

[If applicable, describe underwriting criteria for accounts that are originated by an originator other than AENB.]

**Use of Proceeds** 

The net proceeds from the sale of the certificates offered hereby, before the deduction of expenses, will be paid to RFC III, as the transferor. RFC III will use these proceeds to purchase additional receivables from AENB or for its general company purposes, including repayment of loans made from time to time by AENB to RFC III. AENB will use such amounts received from RFC III for general corporate purposes.

**Maturity Considerations** 

The pooling and servicing agreement and the Series 20[●]-[●] supplement for this series provide that the Class A certificateholders will not receive payments of principal until the Expected Final Payment Date, or earlier in the event of a Pay-Out Event which results in the commencement of the Early Amortization Period. Class A certificateholders will receive payments of principal on each Special Payment Date until the Class A Invested Amount has been paid in full or the Series 20[●]-[●] Termination Date has occurred. The Class B certificateholders will not begin to receive payments of principal until the final principal payment on the Class A certificates has been made. The holder of the Collateral Interest will not begin to receive payments of principal until the final principal payment on the Class B certificates has been made.

On each Distribution Date during the Controlled Accumulation Period, amounts equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Available Principal Collections (see *"Series Provisions — Principal Payments"*) for the related Monthly Period on deposit in the Collection Account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Controlled Deposit Amount, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount

will be deposited in the Principal Funding Account for Series 20[●]-[●] held by the trustee until the Expected Final Payment Date or the first Special Payment Date. See *"Series Provisions — Principal Payments"* for a discussion of the circumstances under which the commencement of the Controlled Accumulation Period may be delayed.

Subject to satisfaction of the Rating Agency Condition, the transferor may, at or after the time at which the Controlled Accumulation Period begins for Series 20[●]-[●], cause the trust to issue another series (or some portion thereof, to the extent that the full principal amount of such other series is not otherwise outstanding at such time) as a paired series with respect to Series 20[●]-[●] to be used to finance the increase in the Transferor Amount caused by the accumulation of principal in the Principal Funding Account with respect to Series 20[●]-[●]. Although no assurances can be given as to whether such other series will be issued and, if issued, the terms thereof, the outstanding principal amount of such series may vary from time to time (whether or not a Pay-Out Event occurs

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with respect to Series 20[●]-[●]), and the interest rate with respect to certificates of such other series may be established on its date of issuance and may be reset periodically. Further, since the terms of the Series 20[●]-[●] certificates will vary from the terms of such other series, the Pay-Out Events or Reinvestment Events with respect to such other series will vary from the Pay-Out Events with respect to Series 20[●]-[●] and may include Pay-Out Events or Reinvestment Events which are unrelated to the status of the transferor or the servicer or the receivables, such as Pay-Out Events or Reinvestment Events related to the continued availability and rating of certain providers of series enhancement to such other series. If a Pay-Out Event or Reinvestment Event does occur with respect to any such paired series prior to the payment in full of the Series 20[●]-[●] certificates and the Collateral Interest, the final payment of principal to the Series 20[●]-[●] certificateholders and the holder of the Collateral Interest may be delayed.

Should a Pay-Out Event occur with respect to the Series 20[●]-[●] certificates and the Collateral Interest and the Early Amortization Period begin, any amount on deposit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the Principal Funding Account will be paid to the Series 20[●]-[●] certificateholders on the first Special Payment Date, and the Series 20[●]-[●] certificateholders and the holder of the Collateral Interest will be entitled to receive Available Principal Collections on each Distribution Date with respect to such Early Amortization Period as described herein until the Class A Invested Amount, the Class B Invested Amount and the Collateral Invested Amount are paid in full or until the Series 20[●]-[●] Termination Date occurs, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the Special Funding Account will be released and treated as Shared Principal Collections to the extent needed to cover principal payments due to or for the benefit of any series, including Series 20[●]-[●] entitled to the benefits of Shared Principal Collections. See *"Series Provisions — Pay-Out Events."*

The ability of the Series 20[●]-[●] certificateholders and the holder of the Collateral Interest to receive payments of principal on the Expected Final Payment Date depends on the payment rates of the receivables, the amount of outstanding receivables, delinquencies, charge-offs and new borrowings on the accounts, the potential issuance by the trust of additional series and the availability of Shared Principal Collections. Monthly payment rates of the receivables may vary because, among other things, account holders may fail to make required minimum payments, may only make payments as low as the minimum required amount or may make payments as high as the entire outstanding balance. Monthly payment rates may also vary due to seasonal purchasing and payment habits of account holders and due to changes in any terms of incentive programs in which account holders participate. See the table entitled *"Account Holder Monthly Payment Rates of the Trust Portfolio"* under *"The Trust Portfolio — Payment Rates"* in Annex I to this prospectus. The transferor cannot predict, and no assurance can be given, as to the account holders' monthly payment rates that will actually occur in any future period, as to the actual rate of payment of principal of the Series 20[●]-[●] certificates and the Collateral Interest or whether the terms of any subsequently issued series might have an impact on the amount or timing of any such payment of principal. See *"Risk Factors — Business Risks Relating to AENB's Revolving Credit Business — Payment patterns of account holders may not be consistent over time and variations in these payment patterns may result in reduced payment of principal, or receipt of payment of principal earlier or later than expected"* and *"The Pooling and Servicing Agreement Generally — Sharing of Principal Collections Among Principal Sharing Series."* 

In addition, the amount of outstanding receivables and the delinquencies, charge-offs and new borrowings on the accounts may vary from month to month due to seasonal variations, the availability of other sources of credit, legal factors, general economic conditions and spending and borrowing habits of individual account holders. There can be no assurance that collections of principal receivables with respect to the Trust Portfolio, and thus the rate at which Series 20[●]-[●] certificateholders and the holder of the Collateral Interest could expect to receive payments of principal on the Series 20[●]-[●] certificates and the Collateral Interest during an Early Amortization Period or the rate at which the Principal Funding Account could be funded during the Controlled Accumulation Period, will be similar to the historical experience set forth in the table entitled *"Account Holder Monthly Payment Rates of the Trust Portfolio"* under *"The Trust Portfolio — Payment Rates"* in Annex I to this prospectus*.* As described under *"Series Provisions — Principal Payments"*, the transferor may shorten the Controlled Accumulation Period and, in such event, there can be no assurance that there will be sufficient time to accumulate all amounts necessary to pay the Class A Invested Amount and the Class B Invested Amount on the Expected Final Payment Date. In addition, the trust, as a master trust, has issued, and from time to time may issue, additional series, and there can be no assurance that the terms of any such series might not have an impact on the timing or amount of payments received

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by the Series 20[●]-[●] certificateholders. Further, if a Pay-Out Event occurs and the Early Amortization Period begins, the average life and maturity of the Class A certificates and the Class B certificates could be significantly reduced, thereby reducing the anticipated yield on such certificates.

Due to the reasons set forth above, there can be no assurance that deposits in the Principal Funding Account will be made on or prior to the Expected Final Payment Date in an amount equal to the sum of the Class A Invested Amount and the Class B Invested Amount or that the actual number of months elapsed from the date of issuance of the Class A certificates and Class B certificates to their respective final distribution dates will equal the expected number of months. See *"Risk Factors — Business Risks Relating to AENB's Revolving Credit Business — Payment patterns of account holders may not be consistent over time and variations in these payment patterns may result in reduced payment of principal, or receipt of payment of principal earlier or later than expected."*

**Series Provisions** 

On or about [●] [●], 20[●], the trust will issue $[●] of Class A Series 20[●]-[●] [Floating Rate][●]% Asset Backed Certificates and $[●] of Class B Series 20[●]-[●] [Floating Rate][●]% Asset Backed Certificates. In addition, the trust will issue a specified undivided Collateral Interest in the trust assets in an initial amount equal to $[●], or approximately [●]% of the Initial Invested Amount which will be subordinated to the Series 20[●]-[●] certificates as described herein.

The Series 20[●]-[●] certificates and the Collateral Interest will be issued pursuant to the pooling and servicing agreement and the Series 20[●]-[●] supplement specifying the principal terms of the certificates, the forms of which have been filed as exhibits to the registration statement of which this prospectus are a part.

This prospectus presents Series 20[●]-[●] with an Initial Invested Amount of $[●]. However, the Initial Invested Amount of this series may be increased or decreased. Any such increase or decrease will be applied *pro rata* among the Class A certificates, the Class B certificates and the Collateral Interest and will be reflected in the final prospectus.

The Collateral Interest is not offered by this prospectus. The Collateral Interest will initially be retained by the transferor but may in the future be transferred, including in a Note Trust Transfer.

The following summary describes certain terms applicable to the Series 20[●]-[●] certificates and the Collateral Interest. See *"The Pooling and Servicing Agreement Generally"* for additional information concerning the Series 20[●]-[●] certificates, the Collateral Interest and the pooling and servicing agreement.

**Interest Payments** 

Interest on the Class A certificates and the Class B certificates will accrue from the closing date on the outstanding principal balances of the Class A certificates and the Class B certificates at the Class A certificate rate and Class B certificate rate, respectively. Interest will be distributed on each Distribution Date, beginning [●] [●], 20[●] to the Series 20[●]-[●] certificateholders in whose names the Series 20[●]-[●] certificates were registered on the relevant Record Date. Interest for any Distribution Date will accrue from and including the 15<sup>th</sup> day of the preceding month (or, in the case of the first Distribution Date after the closing date, from and including the closing date) to but excluding the 15<sup>th</sup> day of the current month. Interest on the Class A certificates and the Class B certificates will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

[*Include for floating rate certificates:* On each Distribution Date, interest due to the Class A certificateholders will be equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A certificate rate for that Interest Period, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the outstanding principal balance of the Class A certificates as of the preceding Record Date (or, in the case of the first Distribution Date after the closing date, as of the closing date).

For the first Distribution Date after the closing date, however, interest on the Class A certificates will equal the interest accrued on the initial principal amount of the Class A certificates at the Class A certificate rate for the initial Interest Period.]

[*Include for fixed rate certificates:* On each Distribution Date, interest due to the Class A certificateholders will be equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A certificate rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the outstanding principal balance of the Class A certificates as of the preceding Record Date.

For the first Distribution Date after the closing date, however, interest on the Class A certificates will equal $[●].]

Interest due on the Class A certificates but not paid on any Distribution Date will be payable on the next succeeding Distribution Date together with additional interest on such amount at the Class A certificate rate plus 2% per year. Such additional interest shall accrue on the same basis as interest on the Class A certificates, and shall accrue from the Distribution Date such overdue interest became due, to but excluding the Distribution Date on which such additional interest is paid.]

The Class A certificates will bear interest from and including the closing date to but excluding [●] [●], 20[●], and during each Interest Period thereafter, at the rate of [[SOFR Rate][Alternative Benchmark] plus [●]% per year[; *provided* that if the sum of the [SOFR Rate][Alternative Benchmark] plus] [●]% is less than 0.00% for any Interest Period, then the interest rate for the Class A certificates will be deemed to be 0.00%].

On each Distribution Date, Class A Outstanding Monthly Interest due but not paid to the Class A certificateholders and any Class A Additional Interest will be paid, to the extent funds are available, to the Class A certificateholders. Payments to the Class A certificateholders in respect of interest on the Class A certificates on any Distribution Date will be funded from Class A Available Funds for the related Monthly Period. To the extent Class A Available Funds allocated to the holders of the Class A certificates for such Monthly Period are insufficient to pay such interest, Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and Reallocated Principal Collections allocable first to the Collateral Invested Amount and then the Class B Invested Amount will be used to make such payments.

[*Include for floating rate certificates:* On each Distribution Date, interest due to the Class B certificateholders will be equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class B certificate rate for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the outstanding principal balance of the Class B certificates as of the preceding Record Date (or, in the case of the first Distribution Date after the closing date, as of the closing date).

For the first Distribution Date after the closing date, however, interest on the Class B certificates will equal the interest accrued on the initial principal amount of the Class B certificates at the Class B certificate rate for the initial Interest Period.]

[*Include for fixed rate certificates:* On each Distribution Date, interest due to the Class B certificateholders will be equal to one–twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B certificate rate; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the outstanding principal balance of the Class B certificates as of the preceding Record Date.

For the first Distribution Date after the closing date, however, interest on the Class B certificates will equal $[●].]

Interest due on the Class B certificates but not paid on any Distribution Date will be payable on the next succeeding Distribution Date together with additional interest on such amount at the Class B certificate rate plus 2% per year. Such additional interest shall accrue on the same basis as interest on the Class B certificates, and shall accrue from the Distribution Date such overdue interest became due, to but excluding the Distribution Date on which such additional interest is paid.

The Class B certificates will bear interest from and including the closing date to but excluding [●] [●], 20[●], and during each Interest Period thereafter, at the rate of [[SOFR Rate][Alternative Benchmark] plus] [●]% per year[; *provided* that if the sum of [the [SOFR Rate][Alternative Benchmark] plus] [●]% is less than 0.00% for any Interest Period, then the interest rate for the Class B certificates will be deemed to be 0.00%].

On each Distribution Date, Class B Outstanding Monthly Interest due but not paid to the Class B certificateholders and any Class B Additional Interest will be paid, to the extent funds are available, to the Class B certificateholders. Payments to the Class B certificateholders in respect of interest on the Class B certificates on any Distribution Date will be funded from Class B Available Funds for the related Monthly Period. To the extent Class B Available Funds allocated to the holders of the Class B certificates for such Monthly Period are insufficient to pay such interest, Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and Reallocated Principal Collections allocable to the Collateral Invested Amount and not required to pay the Class A Required Amount or reimburse Class A Investor Charge-Offs will be used to make such payments.

[Insert provisions for determining the benchmark rate. If the benchmark rate is the SOFR Rate, the following provisions are included for illustrative purposes. If an Alternative Benchmark is used, the applicable prospectus will disclose the terms of the specific index that will be used to determine interest payments.]

[The "SOFR Rate" will be obtained by [the calculation agent] and provided in writing to the [administrator] for each Interest Period on [the second U.S. Government Securities Business Day before the first day of such Interest Period] ("SOFR Adjustment Date") as of 3:00 p.m. (New York time) on [such U.S. Government Securities Business Day][the related date of determination], at which time [Compounded SOFR][Term SOFR][[30]-day average SOFR] is published [on the FRBNY's Website][by the Term SOFR Administrator] (the "SOFR Determination Time") (or, if the Benchmark is not SOFR, the time determined by the [administrator] after giving effect to the Benchmark Replacement Conforming Changes) (the "Reference Time") and, except as provided below following a determination by the [administrator (or its designee)] that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the certificates as of any SOFR Adjustment Date, a rate equal to [Compounded SOFR][Term SOFR][[30]-day average SOFR]; provided, that, the [administrator (or its designee)] will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes. The SOFR Rate obtained by the calculation agent, in the absence of manifest error, will be conclusive and binding on the certificateholders. For the purposes of computing interest on the floating rate certificates, the following terms will have the following respective meanings:

"**Benchmark**" means, initially, the SOFR Rate; *provided* that if the [administrator (or its designee, which the [administrator] may designate in its sole discretion and which may be an affiliate of the [administrator])] determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate (or any daily published component used in the calculation thereof) or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement.

"**Benchmark Replacement**" means the first alternative set forth in the order below that can be determined by the [administrator (or its designee)] as of the Benchmark Replacement Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sum of: (a) the alternate rate of interest that has been selected by the [administrator (or its designee)] as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.

"**Benchmark Replacement Adjustment**" means the first alternative set forth in the order below that can be determined by the [administrator (or its designee)] as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the [administrator (or its designee)] giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.

"**Benchmark Replacement Conforming Changes**" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the interest period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other technical, administrative or operational matters) that the [administrator (or its designee)] decide may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the [administrator (or its designee)] decide that adoption of any portion of such market practice is not administratively feasible or if the [administrator (or its designee)] determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the [administrator (or its designee)] determine is reasonably necessary).

"**Benchmark Replacement Date**" means the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"**Benchmark Transition Event**" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

["**Compounded SOFR**" with respect to any U.S. Government Securities Business Day, shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for a tenor of [30] days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for a tenor of [30] days as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.

The specific Compounded SOFR rate is referred to by its tenor. For example, "[30]-day Average SOFR" refers to the compounded average SOFR over a rolling [30]-calendar day period as published on the FRBNY's Website.]

"**FRBNY's Website**" shall mean the website of the FRBNY, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind or at such other page as may replace such page on the FRBNY's website.

"**ISDA Definitions**" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

"**ISDA Fallback Adjustment**" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

"**ISDA Fallback Rate**" means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

"**Relevant Governmental Body**" means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

"**SOFR Adjustment Conforming Changes**" means, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the interest period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the [administrator (or its designee)] decide, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the [administrator (or its designee)] decide that adoption of any portion of such market practice is not administratively feasible or if the [administrator

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(or its designee)] determine that no market practice exists, in such other manner as the [administrator (or its designee)] determine is reasonably necessary).

["**Term SOFR" means the Term SOFR Reference Rate for a tenor comparable to the applicable interest period at the SOFR Determination Time, as such rate is published by the Term SOFR Administrator;** *provided***,** *however***, that if as of the SOFR Determination Time on such date, the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Transition Event with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the date of such SOFR Determination Time.]** 

["**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the [administrator]).]

["**Term SOFR Reference Rate**" means the forward-looking term rate based on SOFR.]

"**Unadjusted Benchmark Replacement**" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

"**U.S. Government Securities Business Day**" means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association [(or any successor thereto)] recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

All percentages resulting from any calculation [of interest] on the certificates will be rounded to the nearest one hundred-thousandth of a percentage point, with five-millionths of a percentage point rounded upwards (e.g., 9.8765455% (or 0.098765455) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation [of interest] on the certificates will be rounded to the nearest cent (with one-half cent being rounded upwards).]

***[Effect of Benchmark Transition Event***

Notwithstanding the foregoing, if the [administrator (or its designee, which the [administrator] may designate in its sole discretion and which may be an affiliate of the [administrator])] determine on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to any determination of the then-current Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the certificates in respect of such determination on such date and all determinations on all subsequent dates.

The [administrator] shall deliver written notice to each Rating Agency hired to rate the certificates, the trustee and the calculation agent on any SOFR Adjustment Date if, as of the applicable Reference Time, the [administrator (or its designee)] determine with respect to the related Interest Period that there will be a change in the SOFR Rate or the terms related thereto since the immediately preceding SOFR Adjustment Date due to a determination by the [administrator (or its designee)] that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred.

The [administrator] will have the right to make SOFR Adjustment Conforming Changes and, in connection with the implementation of a Benchmark Replacement, Benchmark Replacement Conforming Changes, from time to time.

Any determination, decision or election that may be made by the [administrator (or its designee)] or any other person in connection with a Benchmark Transition Event, a Benchmark Replacement Conforming Change, a SOFR Adjustment Conforming Change or a Benchmark Replacement as described above, including any determination

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with respect to administrative feasibility (whether due to technical, administrative or operational issues), a tenor, rate, an adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, if made by the [administrator] may be made in the sole discretion of the [administrator], if made by a designee of the [administrator] will be made after consultation with the [administrator], and such designee will not make any such determination, decision or election to which the [administrator] objects and, notwithstanding anything to the contrary in the transaction documents, will become effective without the consent of, or advance notice to, any other person (including any certificateholder). No certificateholder will have any right to approve or disapprove of these changes and will be deemed by their acceptance of a certificate to have agreed to waive and release any and all claims relating to any such determinations. The series supplement for the certificates provides that none of [the administrator (or its designees),] the sponsor, the transferor, the servicer, the issuing entity, the trustee or the calculation agent will have any liability for any action or inaction taken or refrained from being taken by it with respect to any SOFR Adjustment Conforming Changes, Benchmark, Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other matters related to or arising in connection with the foregoing. Each certificateholder and beneficial owner of certificates, by its acceptance of a certificate or a beneficial interest in a certificate, will be deemed to waive and release any and all claims against [the administrator (or its designees),] the sponsor, the transferor, the servicer, the issuing entity, the trustee and the calculation agent relating to any such determinations.

For the avoidance of doubt: (a) in no event will (i) the trustee and the calculation agent be responsible for determining the SOFR Rate or any substitute for SOFR if such rate does not appear on the FRBNY's Website or on a comparable system as is customarily used to quote SOFR or such substitute for SOFR, (ii) the trustee be responsible for determining the SOFR Rate or any substitute for SOFR or (iii) the trustee and the calculation agent be responsible for making any decision or election in connection with a Benchmark Transition Event or a Benchmark Replacement as described above, including any determination with respect to a tenor, rate or an adjustment or of the occurrence or non-occurrence of an event and (b) in connection with any of the matters referenced in clause (a) of this sentence, the trustee and the calculation agent will be entitled to conclusively rely on any determinations made by the [administrator] (on behalf of the issuing entity), as applicable, in regards to such matters and will have no liability for such actions taken at the direction of the [administrator] (on behalf of the issuing entity).

Neither the trustee nor the calculation agent will be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the SOFR Rate (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or replacement Benchmark index, or to determine whether any conditions to the designation of such a rate or index have been satisfied, (iii) to select, determine or designate any Benchmark Replacement Adjustment or Unadjusted Benchmark Replacement, or other modifier to any replacement or successor index, or (iv) to determine whether or what SOFR Adjustment Conforming Changes or Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing, including, but not limited to, as to any spread adjustment thereon, the business day convention, interest determination dates or any other relevant methodology applicable to such substitute or successor Benchmark. In connection with the foregoing, the trustee and the calculation agent will be entitled to conclusively rely on any determinations made by the [administrator] (on behalf of the issuing entity) without independent investigation, and neither will have any liability for actions taken at the direction of the [administrator] (on behalf of the issuing entity) in connection therewith.

Neither the trustee nor the calculation agent will be liable for any inability, failure or delay on its part to perform any of its duties set forth in the transaction documents as a result of the unavailability of SOFR or other applicable Benchmark and the absence of a designated Benchmark Replacement, including as a result of any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of the transaction documents and reasonably required for the performance of such duties. Neither the trustee nor the calculation agent will be responsible or liable for the actions or omissions of the [administrator], or for any failure or delay in the performance by the [administrator], nor shall the trustee or the calculation agent be under any obligation to oversee or monitor the performance of the [administrator].]

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[*Include for floating rate certificates:* Interest will accrue on the Collateral Senior Invested Amount at the Collateral Senior Minimum Interest Rate from the closing date. Interest will be distributed on each Distribution Date, beginning [●] [●], 20[●], to the holder of the Collateral Interest in an amount equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Senior Minimum Interest Rate for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Collateral Senior Invested Amount.

For the first Distribution Date after the closing date, however, interest on the Collateral Senior Invested Amount will accrue on the Collateral Senior Initial Invested Amount at the Collateral Senior Minimum Interest Rate for the initial Interest Period. The Collateral Interest will also provide for additional interest as provided herein and in the Series 20[●]-[●] supplement.]

[*Include for fixed rate certificates:* Interest will accrue on the Collateral Interest at the Collateral Minimum Interest Rate from the closing date. Interest will be distributed on each Distribution Date, beginning [●] [●], 20[●], to the holder of the Collateral Interest in an amount equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Minimum Interest Rate for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Invested Amount.

For the first Distribution Date after the closing date, however, interest on the Collateral Interest will equal $[●].

A portion of the interest payable on the Collateral Interest will be paid as interest on the Collateral Senior Invested Amount, which will accrue at the Collateral Senior Minimum Interest Rate from the closing date. Interest payable on the Collateral Senior Invested Amount on each Distribution Date, beginning [●] [●], 20[●], to the holder of the Collateral Interest will equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Senior Minimum Interest Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Senior Invested Amount.

For the first Distribution Date after the closing date, however, interest on the Collateral Senior Invested Amount will equal $[●]. The Collateral Interest will also provide for additional interest as provided herein and in the Series 20[●]-[●] supplement.]

On each Distribution Date, Collateral Senior Outstanding Minimum Monthly Interest due but not paid to the holder of the Collateral Interest and any Collateral Senior Additional Interest will be paid, to the extent funds are available, to the holder of the Collateral Interest. Payments to the holder of the Collateral Interest in respect of interest on the Collateral Senior Invested Amount on any Distribution Date will be funded from Excess Spread and Excess Finance Charge Collections, but only after such amounts are applied to make certain other payments. To the extent Excess Spread and Excess Finance Charge Collections allocated to the holder of the Collateral Interest for such Monthly Period are insufficient to pay such interest, Reallocated Principal Collections allocable to the portion of Collateral Invested Amount not represented by the Collateral Senior Invested Amount and not required to make certain other payments will be used to make such interest payments to the holder of the Collateral Interest.

[*Include for floating rate certificates:* The Class A certificate rate, the Class B certificate rate and the Collateral Senior Minimum Interest Rate applicable to the then current and immediately preceding Interest Periods may be obtained by telephoning the calculation agent at its corporate trust office at (212) 815-6258.]

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**Principal Payments** 

The Revolving Period begins on the closing date and ends upon the commencement of the Controlled Accumulation Period or, if earlier, the Early Amortization Period. During the Revolving Period, no principal payments will be made to or for the benefit of the Series 20[●]-[●] certificateholders or the holder of the Collateral Interest. Unless a Pay-Out Event has occurred, the Controlled Accumulation Period is scheduled to begin at the close of business on the last day of the [●] 20[●] Monthly Period, but may be delayed as described herein, and ends on the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the commencement of an Early Amortization Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the payment in full of the Invested Amount, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Expected Final Payment Date.

During the Controlled Accumulation Period (on or prior to the Expected Final Payment Date), principal will be deposited in the Principal Funding Account as described below and on the Expected Final Payment Date will be distributed to Class A certificateholders up to the Class A Invested Amount and then to Class B certificateholders up to the Class B Invested Amount. During the Controlled Accumulation Period, no principal payments will be made to the Series 20[●]-[●] certificateholders or the holder of the Collateral Interest.

On each Distribution Date with respect to the Controlled Accumulation Period, the trustee will deposit in the Principal Funding Account an amount equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Controlled Deposit Amount for such Distribution Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount,

until the amount on deposit in the Principal Funding Account equals the sum of the Class A Invested Amount and the Class B Invested Amount. Amounts on deposit in the Principal Funding Account will be paid to the Class A certificateholders and, if the amount on deposit in the Principal Funding Account exceeds the Class A Invested Amount, to the Class B certificateholders on the Expected Final Payment Date. No principal payments will be made in respect of the Collateral Invested Amount until the final principal payment has been made to the Class A certificateholders and the Class B certificateholders.

The Controlled Accumulation Period is scheduled to begin at the close of business on the last day of the [●] 20[●] Monthly Period. However, the date on which the Controlled Accumulation Period actually begins may be delayed if — after making a calculation prescribed by the pooling and servicing agreement — the servicer determines, in effect, that enough Shared Principal Collections are expected to be available for your series from principal sharing series that will be in their revolving periods during the Controlled Accumulation Period to delay the start of the Controlled Accumulation Period, without affecting the payment in full of the certificates of your series by the Expected Final Payment Date. This calculation will take into account the then-current principal payment rate on the accounts and the principal amount of principal sharing series that are entitled to share principal with Series 20[●]-[●].

If the beginning of your series' Controlled Accumulation Period is delayed and then a Pay-Out Event or Reinvestment Event occurs with respect to any outstanding principal sharing series, your series' Controlled Accumulation Period will start on (i) the first day of the Monthly Period immediately succeeding the date on which the Pay-Out Event or Reinvestment Event occurred or, if sooner, (ii) the date on which the Controlled Accumulation Period is then scheduled to start.

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If a Pay-Out Event with respect to Series 20[●]-[●] occurs during the Controlled Accumulation Period, the Early Amortization Period will commence and any amount on deposit in the Principal Funding Account will be paid first to the Class A certificateholders on the first Special Payment Date and then, after the Class A Invested Amount is paid in full, to the Class B certificateholders.

If, on the Expected Final Payment Date, monies on deposit in the Principal Funding Account are insufficient to pay the Class A Invested Amount and the Class B Invested Amount or if there are insufficient collections of principal receivables to pay the Collateral Invested Amount, a Pay-Out Event will occur and the Early Amortization Period will commence.

On each Distribution Date with respect to the Early Amortization Period until the Class A Invested Amount has been paid in full or the Series 20[●]-[●] Termination Date occurs, the holders of the Class A certificates will be entitled to receive Available Principal Collections in an amount up to the Class A Invested Amount. After payment in full of the Class A Invested Amount, the holders of the Class B certificates will be entitled to receive, on each Distribution Date, Available Principal Collections until the earlier of the date the Class B Invested Amount is paid in full and the Series 20[●]-[●] Termination Date. After payment in full of the Class B Invested Amount, the holder of the Collateral Interest will be entitled to receive, on each Distribution Date, Available Principal Collections until the earlier of the date the Collateral Invested Amount is paid in full and the Series 20[●]-[●] Termination Date.

**Credit Enhancement** 

The presence of credit enhancement for a class is intended to enhance the likelihood of receipt by certificateholders of such class of the full amount of principal and interest and to decrease the likelihood that such certificateholders will experience losses. However, the credit enhancement, if any, for a series will not provide protection against all risks of loss and will not guarantee repayment of the entire principal balance of the certificates and interest thereon. If losses occur that exceed the amount covered by the credit enhancement or that are not covered by the credit enhancement, certificateholders will bear their allocable share of such losses. In addition, if specific credit enhancement is provided for the benefit of more than one class or series, certificateholders of any such class or series will be subject to the risk that such credit enhancement will be exhausted by the claims of certificateholders of other classes or series.

***Subordination of the Class B Certificates and the Collateral Interest***

With respect to Series 20[●]-[●], credit enhancement is provided in the form of subordination.

The Class B certificates and the Collateral Interest will be subordinated to the extent necessary to fund certain payments with respect to the Class A certificates. In addition, the Collateral Interest will be subordinated to the extent necessary to fund certain payments with respect to the Class B certificates. Certain principal payments otherwise allocable to the Class B certificateholders may be reallocated to the Class A certificateholders and the Class B Invested Amount may be reduced.

Similarly, certain principal payments otherwise allocable to the Collateral Interest may be reallocated to the Class A certificateholders, the Class B certificateholders and, to the extent the Collateral Invested Amount exceeds the Collateral Senior Invested Amount, the holder of the Collateral Interest, and all such principal reallocations will reduce the Collateral Invested Amount. If the Collateral Invested Amount is reduced to zero, holders of the Class B certificates will bear directly the credit and other risks associated with their interest in the trust. To the extent the Class B Invested Amount is reduced, the percentage of collections of finance charge receivables allocated to the Class B certificateholders in subsequent Monthly Periods will be reduced. Moreover, to the extent the amount of such reduction in the Class B Invested Amount is not reimbursed, the amount of principal distributable to the Class B certificateholders will be reduced. If the Class B Invested Amount is reduced to zero, the Class A certificateholders will bear directly the credit and other risks associated with their undivided interest in the trust. In the event of a reduction in the Class A Invested Amount, the Class B Invested Amount or the Collateral Invested Amount, the amount of principal and interest available to fund payments with respect to the Class A certificates and the Class B certificates will be decreased. See *"— Allocation Percentages," "— Reallocation of Cash Flows"* and *"— Application of Collections — Excess Spread; Excess Finance Charge Collections."*

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***[Additional Credit Enhancement]***

***[Derivative Agreement]***

[A derivative agreement may serve as an additional source of funds to pay [principal of or interest on] the [Class [●]]/[Series 20[●]-[●]] certificates.]

[The entity providing credit enhancement pursuant to the [●] is [●]. [●] is a [state/country of incorporation] corporation and was incorporated in [●].]

[●] provides a wide range of business and banking services, including [description of services and general character].]

[The table(s) below set(s) forth certain financial information with respect to [●]: [Financial information contemplated by Item 1114(b)(2)(i) or (ii), as applicable, of Regulation AB.]

***[Derivative Counterparty]***

[The derivative counterparty under the derivative agreement is [●]. The derivative counterparty is a [state/country of incorporation] corporation and was incorporated in [●].

The derivative counterparty provides a wide range of business and banking services, including [description of services and general character].

The long-term credit rating assigned to the derivative counterparty by Fitch is currently "[●]," by Moody's is currently "[●]" and by Standard & Poor's is currently "[●]." The short-term credit rating assigned to the derivative counterparty by Fitch is currently "[●]," by Moody's is currently "[●]" and by Standard & Poor's is currently "[●]."

[Describe the operation and material terms of any derivative agreement, including limits on amount and timing of payments. Describe material provisions regarding the substitution of the derivative counterparty.]

Based on a reasonable good faith estimate of maximum probable exposure, the significance percentage of the derivative agreement is [less than 10%].]

[The table(s) below set(s) forth certain financial information with respect to the derivative counterparty: [Financial information contemplated by Item 1115(b)(1) or (2), as applicable, of Regulation AB.]

**Allocation Percentages** 

Pursuant to the pooling and servicing agreement, the servicer will allocate among Series 20[●]-[●] and all other series outstanding all collections of finance charge receivables and principal receivables and the Defaulted Amount with respect to such Monthly Period as described under *"The Pooling and Servicing Agreement Generally — Allocations"* and, with respect to Series 20[●]-[●] specifically, as described below.

Pursuant to the pooling and servicing agreement, during each Monthly Period, the servicer will allocate to Series 20[●]-[●] its Series Allocable Finance Charge Collections, Series Allocable Principal Collections and Series Allocable Defaulted Amount.

The Series Allocable Finance Charge Collections and the Series Allocable Defaulted Amount for Series 20[●]-[●] with respect to any Monthly Period will be allocated to the Series 20[●]-[●] certificates and the Collateral Interest based on the Floating Allocation Percentage and the remainder of such Series Allocable Finance Charge Collections and Series Allocable Defaulted Amount will be allocated to the interest of the holders of the Transferor Certificates.

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Investor Finance Charge Collections (which for any Monthly Period is equal to the product of the Floating Allocation Percentage and the Series Allocable Finance Charge Collections) will be reallocated among all series, including Series 20[●]-[●], in the [first][second] group of series known as Group [I][II] as set forth in "*The Pooling and Servicing Agreement Generally — Reallocations Among Different Series Within a Reallocation Group*" in this prospectus. Reallocated Investor Finance Charge Collections allocated to Series 20[●]-[●] and the Investor Default Amount will be further allocated among the Class A certificateholders, the Class B certificateholders and the holder of the Collateral Interest in accordance with the Class A Floating Percentage, the Class B Floating Percentage and the Collateral Floating Percentage, respectively.

Series Allocable Principal Collections for Series 20[●]-[●] will be allocated to the Series 20[●]-[●] certificates and the Collateral Interest based on the Principal Allocation Percentage and the remainder of such Series Allocable Principal Collections will be allocated to the holders of the Transferor Certificates. Such principal collections so allocated to the Series 20[●]-[●] certificates and the Collateral Interest will be further allocated to the Class A certificateholders, the Class B certificateholders and the holder of the Collateral Interest based on the Class A Principal Percentage, the Class B Principal Percentage and the Collateral Principal Percentage, respectively.

**Principal Funding Account** 

The servicer will establish and maintain in the name of the trustee, on behalf of the trust, the Principal Funding Account as an Eligible Deposit Account held for the benefit of the Series 20[●]-[●] certificateholders. During the Controlled Accumulation Period, the servicer will transfer collections in respect of principal receivables allocated to Series 20[●]-[●], Shared Principal Collections allocated to Series 20[●]-[●] and other amounts described herein to be treated in the same manner as collections of principal receivables from the Collection Account to the Principal Funding Account as described below under *"*— *Application of Collections*.*"*

Unless a Pay-Out Event has occurred and the Early Amortization Period has begun with respect to Series 20[●]-[●], all amounts on deposit in the Principal Funding Account on any Distribution Date (after giving effect to any deposits to, or withdrawals from, the Principal Funding Account to be made on such Distribution Date) will be invested through the following Distribution Date by the trustee at the direction of the servicer in Eligible Investments or, if no such direction is provided, will remain uninvested. On each Distribution Date with respect to the Controlled Accumulation Period, the interest and other investment income (net of investment expenses and losses) earned on such investments will be withdrawn from the Principal Funding Account and will be treated as a portion of Class A Available Funds. If such investments with respect to any such Distribution Date yield less than the Covered Amount, such shortfall will be funded from Class A Available Funds (including a withdrawal from the Reserve Account, if necessary, as described below under *"*— *Reserve Account"*) and from Class B Available Funds. The Available Reserve Account Amount at any time will be limited and there can be no assurance that sufficient funds will be available to fund any such shortfall.

**Reserve Account** 

The servicer will establish and maintain in the name of the trustee, on behalf of the trust, an Eligible Deposit Account for the benefit of the Class A certificateholders, the Class B certificateholders and the holder of the Collateral Interest. The Reserve Account is established to assist with the subsequent distribution of interest on the Class A certificates as provided in this prospectus during the Controlled Accumulation Period. On each Distribution Date from and after the funding of the Reserve Account begins, but prior to the termination of the Reserve Account, the trustee, acting pursuant to the servicer's instructions, will apply Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] (in the order of priority described below under *"— Application of Collections — Payment of Interest, Fees and Other Items"*) to increase the amount on deposit in the Reserve Account (to the extent such amount is less than the Required Reserve Account Amount).

On each Distribution Date, after giving effect to any deposit to be made to, and any withdrawal to be made from, the Reserve Account on such Distribution Date, the trustee will withdraw from the Reserve Account an amount equal to the excess, if any, of the amount on deposit in the Reserve Account over the Required Reserve Account Amount and shall distribute such excess to the holder of the Collateral Interest.

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If the Reserve Account has not terminated as described below, all amounts remaining on deposit in the Reserve Account on any Distribution Date (after giving effect to any deposits to, or withdrawals from, the Reserve Account to be made on such Distribution Date) will be invested to mature on or before the following Distribution Date by the trustee at the direction of the servicer in Eligible Investments or, if no such direction is provided, will remain uninvested. The interest and other investment income (net of investment expenses and losses) earned on such investments will be retained in the Reserve Account (to the extent the amount on deposit therein is less than the Required Reserve Account Amount) or deposited in the Collection Account and treated as collections of finance charge receivables allocable to Series 20[●]-[●].

On or before each Distribution Date with respect to the Controlled Accumulation Period (on or prior to the Expected Final Payment date) and on the first Special Payment Date (if such Special Payment Date occurs on or prior to the Expected Final Payment Date), a withdrawal will be made from the Reserve Account, and the amount of such withdrawal will be deposited in the Collection Account and included in Class A Available Funds in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Available Reserve Account Amount for such Distribution Date or Special Payment Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount, if any, by which the Covered Amount for such Distribution Date or Special Payment Date exceeds the investment earnings (net of losses and investment expenses), if any, in the Principal Funding Account for the related Distribution Date;

*provided* that the amount of such withdrawal will be reduced to the extent that funds otherwise would be available to be deposited in the Reserve Account on such Distribution Date or Special Payment Date. On each Distribution Date, the amount available to be withdrawn from the Reserve Account will equal the Available Reserve Account Amount.

The Reserve Account will be terminated following the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the termination of the trust pursuant to the pooling and servicing agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Invested Amount is paid in full, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with respect to Series 20[●]-[●] or, if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected Final Payment Date.

Upon the termination of the Reserve Account, all amounts on deposit therein (after giving effect to any withdrawal from the Reserve Account on such date as described above) will be distributed to the holder of the Collateral Interest. Any amounts withdrawn from the Reserve Account and distributed to the holder of the Collateral Interest as described above will not be available for distribution to the Class A certificateholders and the Class B certificateholders.

**Reallocation of Cash Flows** 

***Class A Required Amount***

On each Determination Date, the servicer will calculate the Class A Required Amount. If the Class A Required Amount is greater than zero, the following reallocations will occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and available
for such purpose will be used to fund the Class A Required Amount for the related Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if such Excess Spread and Excess Finance Charge Collections are insufficient to fund the Class A Required
Amount, Reallocated Principal Collections allocable first to the Collateral Interest and then to the Class B certificates will be used to fund the remaining Class A Required Amount; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if Reallocated Principal Collections for the related Monthly Period, together with Excess Spread and Excess
Finance Charge Collections allocated to Series 20[●]-[●], are insufficient to fund the Class A Required Amount for such related Monthly Period, then the Collateral Invested Amount will be reduced by the amount of such excess (but
not by more than the Class A Investor Default Amount for such related Distribution Date).

In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero, and the Class B Invested Amount will be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero (but not by more than the excess of the Class A Investor Default Amount, if any, for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount for such Distribution Date).

In the event that such reduction would cause the Class B Invested Amount to be a negative number, the Class B Invested Amount will be reduced to zero and the Class A Invested Amount will be reduced by the amount by which the Class B Invested Amount would have been reduced below zero (but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the amount of the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount with respect to such Distribution Date as described above). Any such reduction in the Class A Invested Amount may have the effect of slowing or reducing the return of principal and interest to the Class A certificateholders. In such case, the Class A certificateholders will bear directly the credit and other risks associated with their undivided interest in the trust. See *"— Defaulted Receivables; Investor Charge-Offs"* below.

Reductions of the Class A Invested Amount and Class B Invested Amount will thereafter be reimbursed and the Class A Invested Amount and Class B Invested Amount increased on each Distribution Date by the amount, if any, of Excess Spread and Excess Finance Charge Collections allocable to Series 20[●]-[●] and available to reimburse such reductions. See *"— Application of Collections — Excess Spread; Excess Finance Charge Collections"* below. When such reductions of the Class A Invested Amount and Class B Invested Amount have been fully reimbursed, reductions of the Collateral Invested Amount will be reimbursed and the Collateral Invested Amount increased in a similar manner.

***Class B Required Amount***

On each Determination Date, the servicer will calculate the Class B Required Amount. If the Class B Required Amount is greater than zero, the following reallocations will occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and not required
to pay the Class A Required Amount or reimburse Class A Investor Charge-Offs will be used to fund the Class B Required Amount for the related Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if such Excess Spread and Excess Finance Charge Collections are insufficient to fund the Class B Required
Amount, Reallocated Principal Collections allocable to the Collateral Interest and not required to pay the Class A Required Amount will then be used to fund the remaining Class B Required Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if such Reallocated Principal Collections allocable to the Collateral Interest for the related Monthly Period
are insufficient to fund the remaining Class B Required Amount, then the Collateral Invested Amount will be reduced by the amount of such insufficiency (but not by more than the Class B Investor Default Amount for such related Distribution
Date).

In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero, and the Class B Invested Amount will be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero (but not by more than the excess of the Class B Investor Default Amount for such Distribution Date over the amount of such reduction of the Collateral Invested Amount). Any such reduction in the Class B Invested Amount may have the effect of slowing or reducing the return of principal and interest to the Class B certificateholders. In that case, the Class B

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certificateholders will bear directly the credit and other risks associated with their undivided interests in the trust. See *"— Defaulted Receivables; Investor Charge-Offs"* below.

***Collateral Senior Required Amount***

On each Determination Date, the servicer will calculate the Collateral Senior Required Amount. If the Collateral Senior Required Amount is greater than zero, Reallocated Principal Collections allocable to the Collateral Interest and not required to pay the Class A Required Amount or the Class B Required Amount will be used to fund the Collateral Senior Required Amount. Reallocated Principal Collections will only be applied to fund the Collateral Senior Required Amount to the extent the Collateral Invested Amount will be no lower than the Collateral Senior Invested Amount following the reduction in the Collateral Invested Amount.

**Application of Collections** 

***Payment of Interest, Fees and Other Items***

On each Distribution Date, the trustee, acting pursuant to the servicer's instructions, will apply the Class A Available Funds, Class B Available Funds and Collateral Available Funds on deposit in the Collection Account in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an amount equal to the Class A Available Funds will be distributed in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to Class A Monthly Interest for such Distribution Date, *plus* the amount of any Class A Outstanding Monthly Interest, *plus* the amount of any Class A Additional Interest for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A certificateholders on a prior Distribution Date, will be distributed to the Class A certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if TRS or an affiliate of TRS is no longer the servicer, an amount equal to the Class A Servicing Fee for such Distribution Date, *plus* the amount of any Class A Servicing Fee previously due but not distributed to the servicer on a prior Distribution Date, will be distributed to the servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an amount equal to the Class A Investor Default Amount for such Distribution Date will be treated as a portion of Available Principal Collections for such Distribution Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as described under *"*— *Excess Spread; Excess Finance Charge Collections"* below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an amount equal to the Class B Available Funds will be distributed in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to Class B Monthly Interest for such Distribution Date, *plus* the amount of any Class B Outstanding Monthly Interest, *plus* the amount of any Class B Additional Interest for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B certificateholders on a prior Distribution Date, will be distributed to the Class B certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if TRS or an affiliate of TRS is no longer the servicer, an amount equal to the Class B Servicing Fee for such Distribution Date, *plus* the amount of any Class B Servicing Fee previously due but not distributed to the servicer on a prior Distribution Date, will be distributed to the servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as described under *"*— *Excess Spread; Excess Finance Charge Collections"* below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) an amount equal to the Collateral Available Funds will be distributed in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if TRS or an affiliate of TRS is no longer the servicer, an amount equal to the Collateral Interest Servicing Fee for such Distribution Date, *plus* the amount of any Collateral Interest Servicing Fee

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previously due but not distributed to the servicer on a prior Distribution Date, will be paid to the servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the balance, if any, will constitute a portion of Excess Spread and will be allocated and distributed as described under *"*— *Excess Spread; Excess Finance Charge Collections"* below.

***Excess Spread; Excess Finance Charge Collections***

On each Distribution Date, the trustee, acting pursuant to the servicer's instructions, will apply Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] for the related Monthly Period to make the following distributions in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to the Class A Required Amount, if any, for such Distribution Date will be used to fund the Class A Required Amount, and if the Class A Required Amount for such Distribution Date exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●], such Excess Spread and Excess Finance Charge Collections will be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● first, to pay shortfalls in the payment of amounts described in clause (A)(i) under *"* — *Payment of Interest, Fees and Other Items "*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● second, to pay shortfalls in the payment of amounts described in clause (A)(ii) under *"* — *Payment of Interest, Fees and Other Items "*, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● third, to pay shortfalls in the payment of amounts described in clause (A)(iii) under *"* — *Payment of Interest, Fees and Other Items "*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amount equal to the aggregate amount of Class A Investor Charge-Offs that have not been previously reimbursed will be treated as a portion of Available Principal Collections for such Distribution Date as described under *"*— *Payments of Principal"*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an amount equal to the interest accrued with respect to the aggregate outstanding principal balance of the Class B certificates not otherwise distributed to the Class B certificateholders on such Distribution Date will accrue at the Class B certificate rate and be paid to Class B certificateholders, except that any such interest previously due but not paid will accrue at the Class B certificate rate plus 2% per year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an amount equal to the Class B Required Amount, if any, for such Distribution Date will be (I) used to fund the Class B Required Amount and applied *first*, to pay shortfalls in the payment of amounts described in clause (B)(i) under *"*— *Payment of Interest, Fees and Other Items"*, and *second*, to pay shortfalls in the payment of amounts described in clause (B)(ii) under *"*— *Payment of Interest, Fees and Other Items"* and then (II) treated up to the Class B Investor Default Amount, as a portion of Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (iii), (iv) and (v) of the definition of Class B Invested Amount (but not in excess of the aggregate amount of such reductions that have not been previously reimbursed) will be treated as a portion of Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an amount equal to Collateral Senior Minimum Monthly Interest for such Distribution Date, plus the amount of any Collateral Senior Minimum Monthly Interest previously due but not distributed to the holder of the Collateral Interest on a prior Distribution Date and any Collateral Senior Additional Interest will be distributed to the holder of the Collateral Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an amount equal to the Monthly Servicing Fee due but not paid to the servicer on such Distribution Date or a prior Distribution Date shall be paid to the servicer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an amount equal to the Collateral Default Amount shall be treated as a portion of Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (iii), (iv) and (v) of the definition of Collateral Invested Amount (but not in excess of the aggregate amount of such reductions that have not been previously reimbursed) shall be treated as a portion of Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) on each Distribution Date from and after the date on which the Reserve Account is funded, but prior to the date on which the Reserve Account terminates as described under *"— Reserve Account"* above, an amount up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) without duplication of any amount paid pursuant to clause (f) above, an amount equal to the Collateral Minimum Monthly Interest for such Distribution Date, *plus* the amount of any Collateral Minimum Monthly Interest previously due but not distributed to the holder of the Collateral Interest on a prior Distribution Date, *plus* the amount of any Collateral Additional Interest for such Distribution Date and any Collateral Additional Interest previously due but not distributed to the holder of the Collateral Interest on a prior Distribution Date, will be distributed to the holder of the Collateral Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) prior to a Note Trust Transfer, the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date and will be available for allocation to other Excess Allocation Series as described under *"The Pooling and Servicing Agreement Generally — Sharing of Excess Finance Charge Collections Among Excess Allocation Series"*, if so needed or to the holders of the Transferor Certificates, and (ii) following a Note Trust Transfer, the balance, if any, will be distributed to the holder of the Collateral Interest.

***Payments of Principal***

On each Distribution Date, the trustee, acting pursuant to the servicer's instructions, will distribute Available Principal Collections (see *"— Principal Payments"* above) on deposit in the Collection Account in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on each Distribution Date with respect to the Revolving Period, all such Available Principal Collections will be treated as Shared Principal Collections and applied as described under *"The Pooling and Servicing Agreement Generally — Sharing of Principal Collections Among Principal Sharing Series"*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on each Distribution Date with respect to the Controlled Accumulation Period, all such Available Principal Collections will be distributed or deposited in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an amount equal to the lesser of (x) the Controlled Deposit Amount and (y) the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount will be deposited in the Principal Funding Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for each Distribution Date beginning on the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount will be paid to the holder of the Collateral Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) for each Distribution Date, the balance, if any, of Available Principal Collections not applied pursuant to paragraphs (A) and (B) (as applicable) above will be treated as Shared Principal Collections and applied as described under *"The Pooling and Servicing Agreement Generally — Sharing of Principal Collections Among Principal Sharing Series"*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on each Distribution Date with respect to the Early Amortization Period, all such Available Principal Collections will be distributed as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an amount up to the Class A Adjusted Invested Amount will be distributed to the Class A certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for each Distribution Date beginning on the Distribution Date on which the Class A Invested Amount is paid in full, an amount up to the Class B Adjusted Invested Amount will be distributed to the Class B certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) for each Distribution Date beginning on the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount will be distributed to the holder of the Collateral Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) for each Distribution Date, the balance, if any, of Available Principal Collections not applied pursuant to paragraphs (A), (B) and (C) (as applicable) above will be treated as Shared Principal Collections and applied as described under *"The Pooling and Servicing Agreement Generally — Sharing of Principal Collections Among Principal Sharing Series."*

**Defaulted Receivables; Investor Charge-Offs** 

On each Determination Date, the servicer will calculate the Investor Default Amount for the related Distribution Date. An amount equal to the Class A Investor Default Amount for each Distribution Date will be paid from Class A Available Funds, Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and from Reallocated Principal Collections, if applicable, and applied as described above in *"— Application of Collections — Payment of Interest, Fees and Other Items."* An amount equal to the Class B Investor Default Amount for each Distribution Date will be paid from Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and from Reallocated Principal Collections allocable to the Collateral Invested Amount, if applicable, and applied as described above in *"— Application of Collections — Excess Spread; Excess Finance Charge Collections."*

***Class A Investor Charge-Offs***

On each Distribution Date, if the Class A Required Amount for such Distribution Date exceeds the sum of (i) Excess Spread and Excess Finance Charge Collections allocable to Series 20[●]-[●] and (ii) Reallocated Principal Collections, the Collateral Invested Amount will be reduced by the amount of such excess, but not by more than the Class A Investor Default Amount for such Distribution Date.

In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero, and the Class B Invested Amount will be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount for such Distribution Date.

In the event that such reduction would cause the Class B Invested Amount to be a negative number, the Class B Invested Amount will be reduced to zero, and the Class A Invested Amount will be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the amount of the reductions, if any, of the Collateral Invested Amount and of the Class B Invested Amount with respect to such Distribution Date as described above. A reduction in the Class A Invested Amount as described in the preceding sentence is a "Class A Investor Charge-Off." Such Class A Investor Charge-Offs will reduce the amounts allocable and available for payment and may have the effect of slowing or reducing the return of principal to your series. If the Class A Invested Amount has been reduced by the amount of any Class A Investor Charge-Offs, it will thereafter be increased on any Distribution Date (but not by an amount in excess of the aggregate Class A Investor Charge-Offs) by the amount of Excess Spread and Excess Finance Charge Collections allocable to Series 20[●]-[●] available for such purpose as described above under *"— Application of Collections — Excess Spread; Excess Finance Charge Collections."*

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***Reductions in Class B Invested Amount and Collateral Invested Amount***

On each Distribution Date, if the Class B Required Amount for such Distribution Date exceeds the sum of (i) Excess Spread and Excess Finance Charge Collections allocable to Series 20[●]-[●] and not required to pay the Class A Required Amount or reimburse Class A Investor Charge-Offs, and (ii) Reallocated Principal Collections allocable to the Collateral Interest and not required to pay the Class A Required Amount, then the Collateral Invested Amount will be reduced by the amount of such excess, but not by more than the Class B Investor Default Amount for such Distribution Date.

In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero, and the Class B Invested Amount will be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class B Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount for such Distribution Date. A reduction in the Class B Invested Amount as described in the preceding sentence is a "Class B Investor Charge-Off."

The Class B Invested Amount will also be reduced by the amount of Reallocated Principal Collections in excess of the Collateral Invested Amount and the amount of any portion of the Class B Invested Amount allocated to the Class A certificates to avoid a reduction in the Class A Invested Amount. Any reductions in the Class B Invested Amount will reduce the amounts allocable and available for payment and may have the effect of slowing or reducing the return of principal to your series. The Class B Invested Amount will thereafter be increased on any Distribution Date (but not by an amount in excess of the amount of such reductions in the Class B Invested Amount) by the amount of Excess Spread and Excess Finance Charge Collections allocable to Series 20[●]-[●] available for such purpose as described above under *"*— *Application of Collections — Excess Spread; Excess Finance Charge Collections*.*"*

On each Distribution Date, if the Collateral Default Amount for such Distribution Date exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] which is allocated and available to fund such amount as described above under *"*— *Application of Collections — Excess Spread; Excess Finance Charge Collections*,*"* the Collateral Invested Amount will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Invested Amount for such Distribution Date. A reduction in the Collateral Invested Amount as described in the preceding sentence is a "Collateral Charge-Off."

The Collateral Interest will also be reduced by the amount of Reallocated Principal Collections and the amount of any portion of the Collateral Invested Amount allocated to the Class A certificates to avoid a reduction in the Class A Invested Amount or to the Class B certificates to avoid a reduction in the Class B Invested Amount. Any reductions in the Collateral Invested Amount will reduce the amounts allocable and available for payment and may have the effect of slowing or reducing the amount of payments to your series. The Collateral Invested Amount will thereafter be increased on any Distribution Date (but not by an amount in excess of the amount of such reductions in the Collateral Invested Amount) by the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] allocated and available for that purpose as described above under *"*— *Application of Collections — Excess Spread; Excess Finance Charge Collections."*

**Paired Series** 

Series 20[●]-[●] may be paired with one or more other series (each called a "paired series") at or after the commencement of the Controlled Accumulation Period if the Rating Agency Condition is satisfied. As funds are accumulated in the Principal Funding Account, the invested amount in the trust of such paired series will increase by up to a corresponding amount. Upon payment in full of the Series 20[●]-[●] certificates, assuming that there have been no unreimbursed charge-offs with respect to any related paired series, the aggregate invested amount of such related paired series will have been increased by an amount up to an aggregate amount equal to the Invested Amount paid to or deposited for the benefit of the Series 20[●]-[●] certificateholders after the Series 20[●]-[●] certificates were paired with the paired series. The issuance of a paired series will be subject to the conditions described under *"The Pooling and Servicing Agreement Generally — New Issuances"*. There can be no assurance, however, that the terms of any paired series might not have an impact on the timing or amount of payments received by the Series 20[●]-[●] certificateholders. See *"Risk Factors — Transaction Structure Risks — Issuances of additional series or* 

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 *additional certificates in outstanding series by the trust may adversely affect your certificates"* and *"The Pooling and Servicing Agreement Generally — Paired Series."*

**Additional Issuances of Series 20[**●**]-[**●**] Certificates** 

The pooling and servicing agreement allows the transferor to "reopen" or later increase the amount of an outstanding series, including Series 20[●]-[●], without notice by issuing and selling additional certificates subject to the same terms as the original certificates of the related outstanding series. Any additional Series 20[●]-[●] certificates will be treated, for all purpose, like the Series 20[●]-[●] certificates that are described in this prospectus, except that any new Series 20[●]-[●] certificates may begin to bear interest on a later date. Additional Series 20[●]-[●] certificates may be issued only if the conditions to issuance described in *"The Pooling and Servicing Agreement Generally — New Issuances"* are satisfied.

**Pay-Out Events** 

The Pay-Out Events with respect to the Series 20[●]-[●] certificates and the Collateral Interest will include each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of an insolvency event (as such term is defined in this prospectus) with respect to the transferor or other holder of the original transferor certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the trust becomes an "investment company" within the meaning of the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a failure on the part of the transferor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to make any payment or deposit required under the pooling and servicing agreement or the Series 20[●]-[●] supplement within five Business Days after the day such payment or deposit is required to be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to observe or perform any other covenant or agreement of the transferor set forth in the pooling and servicing agreement or the Series 20[●]-[●] supplement, which failure has a material adverse effect on the Series 20[●]-[●] certificateholders or the holder of the Collateral Interest and which continues unremedied for a period of 60 days after written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any representation or warranty made by the transferor in the pooling and servicing agreement or the Series 20[●]-[●] supplement or any information required to be given by the transferor to the trustee to identify the accounts proves to have been incorrect in any material respect when made or delivered and continues to be incorrect in any material respect for a period of 60 days after written notice and as a result of which the interests of the Series 20[●]-[●] certificateholders and the holder of the Collateral Interest are materially and adversely affected; *provided*, *however*, that a Pay-Out Event shall not be deemed to occur thereunder if the transferor has repurchased the related receivables or all such receivables, if applicable, during such period (or such longer period as the trustee may specify not to exceed an additional 60 days) in accordance with the provisions of the pooling and servicing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a failure by the transferor to convey receivables in additional accounts to the trust within five Business Days after the day on which it is required to convey such receivables pursuant to the pooling and servicing agreement or the Series 20[●]-[●] supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the occurrence of any Servicer Default which would have an Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reduction of the average Series Adjusted Portfolio Yield for any three consecutive Monthly Periods to a rate less than the average of the Base Rates for such three Monthly Periods;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the failure to pay in full the Class A Invested Amount, the Class B Invested Amount and the Collateral Invested Amount on the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transferor is unable for any reason to transfer receivables to the trust in accordance with the pooling and servicing agreement or the Series 20[●]-[●] supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the occurrence of an insolvency event as defined in the purchase agreement relating to the account owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the account owner is unable for any reason to transfer receivables to the transferor in accordance with the purchase agreement.

In the case of any event described above in subparagraph (c), (d) or (f), after the applicable grace period, if any, set forth in such subparagraphs, either the trustee or the holders of Series 20[●]-[●] certificates and the Collateral Interest evidencing more than 50% of the aggregate unpaid principal amount of Series 20[●]-[●] certificates and the Collateral Interest by notice then given in writing to the transferor and the servicer (and to the trustee if given by the Series 20[●]-[●] certificateholders and the holder of the Collateral Interest) may declare that a Pay-Out Event has occurred with respect to Series 20[●]-[●] as of the date of such notice, and, in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event shall occur with respect to Series 20[●]-[●] without any notice or other action on the part of the trustee immediately upon the occurrence of such event.

In the case of any event described in subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to Series 20[●]-[●] without any notice or other action on the part of the trustee, the Series 20[●]-[●] certificateholders or the holder of the Collateral Interest immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10%, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is less than 10%, and within 60 days following the occurrence of the related insolvency event or inability to transfer receivables, the aggregate amount of principal receivables outstanding in the trust does not at least equal the Required Minimum Principal Balance (without giving effect to principal receivables attributable to the transferor or the account owner with respect to which the insolvency event or the inability to transfer receivables has occurred).

**[Reinvestment Events]** 

[If applicable, describe reinvestment events]

**Servicing Compensation and Payment of Expenses** 

The share of the Servicing Fee allocable to Series 20[●]-[●] for any Distribution Date, called the Monthly Servicing Fee, will be equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Servicing Fee Rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Servicing Base Amount.

The share of the Monthly Servicing Fee allocable to the Class A certificateholders for any Distribution Date, called the Class A Servicing Fee, shall be equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A Floating Percentage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Servicing Fee Rate, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Servicing Base Amount.

The share of the Monthly Servicing Fee allocable to the Class B certificateholders for any Distribution Date, called the Class B Servicing Fee, shall be equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class B Floating Percentage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Servicing Fee Rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Servicing Base Amount.

The share of the Monthly Servicing Fee allocable to the holder of the Collateral Interest for any Distribution Date, called the Collateral Interest Servicing Fee, shall be equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Floating Percentage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Servicing Fee Rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Servicing Base Amount.

The remainder of the Servicing Fee shall be paid by the holders of the Transferor Certificates or the certificateholders of other series (as provided in the related supplements). In no event will the trust, the trustee, the Series 20[●]-[●] certificateholders or the holder of the Collateral Interest be liable for the share of the Servicing Fee to be paid by the holders of the Transferor Certificates or the certificateholders of any other series.

The servicer will pay from its servicing compensation certain expenses incurred in connection with servicing the receivables including, without limitation, payment of the fees and disbursements of the trustee, paying agent, transfer agent and registrar and independent accountants.

**Optional Repurchase** 

So long as the transferor is the servicer or an affiliate of the servicer, on any Distribution Date occurring on or after the date that the sum of the Class A Invested Amount, the Class B Invested Amount and the Collateral Invested Amount is reduced to an amount equal to 5% of the initial outstanding aggregate principal amount of the Class A certificates, the Class B certificates and the Collateral Interest or less, the transferor will have the option to repurchase the Class A certificateholders' interest, the Class B certificateholders' interest and the Collateral Interest. The purchase price will be equal to the sum of the Adjusted Invested Amount and accrued and unpaid interest on the Class A certificates, the Class B certificates and the Collateral Interest (and accrued and unpaid interest with respect to interest amounts that were due but not paid on such Distribution Date or any prior Distribution Date) through (a) if the day on which such repurchase occurs is a Distribution Date, the day preceding such Distribution Date or (b) if the day on which such repurchase occurs is not a Distribution Date, the day preceding the Distribution Date next following such day. Such proceeds will be allocated first to pay amounts due to the Class A certificateholders, then, to pay amounts due to the Class B certificateholders and finally, to pay amounts due to the holder of the Collateral Interest. Following any such repurchase, the Receivables will be assigned to the transferor and the Class A certificateholders, the Class B certificateholders and the holder of the Collateral Interest will have no further rights with respect thereto. In the event that the transferor fails for any reason to deposit the aggregate purchase price for such receivables, the trust will continue to hold the receivables and payments will continue to be made to the Class A certificateholders, Class B certificateholders and the holder of the Collateral Interest as described herein.

**Series Termination** 

If on the Distribution Date which is two months prior to the Series 20[●]-[●] Termination Date, the Invested Amount (after giving effect to all changes therein on such date) exceeds zero, the servicer will, within the 40-day period beginning on such date, solicit bids for the sale of interests in the principal receivables or certain principal receivables, together in each case with the related finance charge receivables, in an amount equal to the Invested

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Amount at the close of business on the last day of the Monthly Period preceding the Series 20[●]-[●] Termination Date (after giving effect to all distributions required to be made on the Series 20[●]-[●] Termination Date other than from the proceeds of the sale). No transferor, any affiliate thereof, any agent thereof or any other party consolidated with such transferor for purposes of United States generally accepted accounting principles will be entitled to participate in such bidding process or to purchase the receivables; *provided*, *however*, that, to the extent the holder of the Collateral Interest is not the transferor, an affiliate thereof, an agent thereof or any other party consolidated with the transferor for purposes of United States generally accepted accounting principles, the holder of the Collateral Interest may participate in such bidding process. Upon the expiration of such 40-day period, the trustee will determine (a) which bid is the highest cash purchase offer and (b) the amount which otherwise would be available in the Collection Account on the Series 20[●]-[●] Termination Date for distribution to the Series 20[●]-[●] certificate-holders and the holder of the Collateral Interest. The servicer will sell such receivables on the Series 20[●]-[●] Termination Date to the bidder who provided the highest cash purchase offer and will deposit the proceeds of such sale in the Collection Account for allocation (together with the amount which otherwise would be available in the Collection Account on the Series 20[●]-[●] Termination Date for distribution to the Series 20[●]-[●] certificateholders and the holder of the Collateral Interest) to Series 20[●]-[●].

**Reports** 

No later than the second Business Day prior to each Distribution Date, the servicer will forward to the trustee, the paying agent, the transferor, each Rating Agency and the holder of the Collateral Interest, a monthly report prepared by the servicer setting forth certain information with respect to the trust, the Class A certificates, the Class B certificates and the Collateral Interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate amount of principal receivables and finance charge receivables in the trust as of the end of such Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A Invested Amount, the Class B Invested Amount and the Collateral Invested Amount at the close of business on the last day of the preceding Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Series Allocation Percentage, the Floating Allocation Percentage, the Class A Floating Percentage, the Class B Floating Percentage and the Collateral Floating Percentage and the Principal Allocation Percentage, the Class A Principal Percentage, the Class B Principal Percentage and the Collateral Principal Percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of collections of principal receivables and finance charge receivables processed during the related Monthly Period and the portion thereof allocated to the interest of the holders of the Series 20[●]-[●] certificates and the holder of the Collateral Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the aggregate outstanding balance of accounts that were 31, 61, 91 and 121 days or more delinquent as of the end of such Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Class A Investor Default Amount, the Class B Investor Default Amount and the Collateral Default Amount and the Defaulted Amount with respect to the related Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the aggregate amount, if any, of Class A Investor Charge-Offs, Class B Investor Charge-Offs, any reductions in the Class B Invested Amount pursuant to clauses (iii), (iv) and (v) of the definition of Class B Invested Amount, and the amounts by which the Collateral Invested Amount has been reduced pursuant to clauses (iii), (iv) and (v) of the definition of Collateral Invested Amount and any Class A Investor Charge-Offs, Class B Investor Charge-Offs or Collateral Charge-Offs reimbursed on the related Monthly Period, for such Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Monthly Servicing Fee, Class A Servicing Fee, Class B Servicing Fee and Collateral Interest Servicing Fee for such Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series Adjusted Portfolio Yield for such Monthly Period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Base Rate for such Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Reallocated Principal Collections; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shared Principal Collections.

**Description of the Certificates** 

**General** 

The certificates will evidence undivided beneficial interests in the trust assets allocated to such certificates, representing the right to receive from such trust assets funds up to (but not in excess of) the amounts required to make payments of interest and principal in the manner described below. The certificates will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in book-entry form.

Payments of interest and principal will be made on each related interest payment date to the certificateholders in whose names the certificates were registered on the last day of the calendar month preceding such interest payment date, known as the record date.

**Book-Entry Registration** 

The certificates offered by this prospectus will be delivered in book-entry form. This means that, except in the limited circumstances described in *"— Definitive Certificates"* below, purchasers of certificates will not be entitled to have the certificates registered in their names. Furthermore, these purchasers will not be entitled to receive physical delivery of the certificates in definitive paper form. Instead, upon issuance, all the certificates of a class will be represented by one or more fully registered permanent global certificates, without interest coupons.

Each global certificate will be deposited with a securities depository named The Depository Trust Company ("DTC") and will be registered in the name of its nominee, Cede & Co. No global certificate representing book-entry certificates may be transferred except as a whole by DTC to a nominee of DTC, or by a nominee of DTC to another nominee of DTC. Thus, DTC or its nominee will be the only registered holder of the certificates and will be considered the sole representative of the beneficial owners of certificates for purposes of the pooling and servicing agreement.

The registration of the global certificates in the name of Cede & Co. will not affect beneficial ownership and is performed merely to facilitate subsequent transfers. The book-entry system, which is also the system through which most publicly traded common stock is held, is used because it eliminates the need for physical movement of securities. The laws of some jurisdictions, however, may require some purchasers to take physical delivery of their certificates in definitive form. These laws may impair the ability to own or transfer book-entry certificates.

Purchasers of certificates in the United States may hold interests in the global certificates through DTC, either directly, if they are participants in that system — such as a bank, brokerage house or other institution that maintains securities accounts for its customers with DTC or its nominee — or otherwise indirectly through a participant in DTC. Purchasers of certificates in Europe may hold interests in the global certificates through Clearstream Banking S.A. or through Euroclear Bank SA/NV ("Euroclear"), as operator of the Euroclear system.

Because DTC will be the only registered owner of the global certificates, Clearstream Banking and Euroclear will hold positions through their respective U.S. depositories, which in turn will hold positions on the books of DTC.

As long as the certificates are in book-entry form, they will be evidenced solely by entries on the books of DTC, its participants and any indirect participants. DTC will maintain records showing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ownership interests of its participants, including the U.S. depositories; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all transfers of ownership interests between its participants.

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The participants and indirect participants, in turn, will maintain records showing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ownership interests of their customers, including indirect participants, that hold the certificates
through those participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all transfers between these persons.

Thus, each beneficial owner of a book-entry certificate will hold its certificate indirectly through a hierarchy of intermediaries, with DTC at the "top" and the beneficial owner's own securities intermediary at the "bottom."

The trust, the trustee and their agents will not be liable for the accuracy of, and are not responsible for maintaining supervising or reviewing, DTC's records or any participant's records relating to book-entry certificates. The trust, the trustee and their agents also will not be responsible or liable for payments made on account of the book-entry certificates.

Until definitive certificates are issued to the beneficial owners as described under *"*— *Definitive Certificates"* in this prospectus, all references to "holders" of certificates means DTC. The trust, the trustee and any paying agent or transfer agent and registrar may treat DTC as the absolute owner of the certificates for all purposes.

Beneficial owners of book-entry certificates should realize that the trust will make all distributions of principal and interest on the certificates to DTC and will send all required reports and notices solely to DTC as long as DTC is the registered holder of the certificates. DTC and the participants are generally required by law to receive and transmit all distributions, notices and directions from the trustee to the beneficial owners through the chain of intermediaries.

Similarly, the trustee will accept notices and directions solely from DTC. Therefore, in order to exercise any rights of a holder of certificates under the pooling and servicing agreement, each person owning a beneficial interest in the certificates must rely on the procedures of DTC and, in some cases, Clearstream Banking or Euroclear. If the beneficial owner is not a participant in that system, then it must rely on the procedures of the participant through which that person owns its interest. DTC has advised the trust that it will take actions under the pooling and servicing agreement only at the direction of its participants, which in turn will act only at the direction of the beneficial owners. Some of these actions, however, may conflict with actions it takes at the direction of other participants and beneficial owners.

Notices and other communications by DTC to participants, by participants to indirect participants, and by participants and indirect participants to beneficial owners will be governed by arrangements among them.

Beneficial owners of book-entry certificates should also realize that book-entry certificates may be more difficult to pledge because of the lack of a physical certificate. Beneficial owners may also experience delays in receiving distributions on their certificates since distributions will initially be made to DTC and must be transferred through the chain of intermediaries to the beneficial owner's account.

***The Depository Trust Company***

DTC is a limited-purpose trust company organized under the New York Banking Law and is a "banking organization" within the meaning of the New York Banking Law. DTC is also a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered under Section 17A of the Securities Exchange Act of 1934, as amended. DTC was created to hold securities deposited by its participants and to facilitate the clearance and settlement of securities transactions among its participants through electronic book-entry changes in accounts of the participants, thus eliminating the need for physical movement of securities. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. The rules applicable to DTC and its participants are on file with the SEC.

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***[Clearstream Banking]***

[Clearstream Banking is incorporated under the laws of Luxembourg as a professional depositary. As a professional depositary, Clearstream Banking is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector (Comission de Surveillance du Secteur Financier). Clearstream Banking holds securities for its customers and facilitates the clearance and settlement of securities transactions by electronic book-entry transfers between their accounts. Clearstream Banking provides various services, including safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream Banking also deals with over 50 securities markets worldwide through established depository and custodial relationships. Clearstream Banking has established an electronic bridge with Euroclear in Brussels to facilitate settlement of trades between Clearstream Banking and Euroclear. Over 300,000 domestic and internationally traded bonds, equities, and investment funds are currently deposited with Clearstream Banking.

Clearstream Banking's customers are worldwide financial institutions including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations. Clearstream Banking's U.S. customers are limited to securities brokers and dealers and banks. Currently, Clearstream Banking has approximately 2,500 customers located in over 110 countries, including all major European countries, Canada, and the United States. Indirect access to Clearstream Banking is available to other institutions that clear through or maintain a custodial relationship with an account holder of Clearstream Banking.]

***[Euroclear]***

[Euroclear was created in 1968 to hold securities for participants of Euroclear and to clear and settle transactions between Euroclear participants through simultaneous electronic book-entry delivery against payment. This system eliminates the need for physical movement of securities and any risk from lack of simultaneous transfers of securities and cash. Euroclear includes various other services, including securities lending and borrowing and interfaces with domestic markets in several countries. The Euroclear system is operated by Euroclear Bank, S.A./N.V. The Euroclear operator conducts all operations. All Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear operator. The Euroclear operator establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks, including central banks, securities brokers and dealers and other professional financial intermediaries and may include the underwriters. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly.

Securities clearance accounts and cash accounts with the Euroclear operator are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System and applicable Belgian law. These Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific securities to specific securities clearance accounts. The Euroclear operator acts under the Terms and Conditions only on behalf of Euroclear participants, and has no record of or relationship with persons holding through Euroclear participants.

This information about DTC, Clearstream Banking and Euroclear has been compiled from public sources for informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind. Neither the sponsor, the depositor nor the issuing entity take any responsibility for the accuracy thereof.]

***Distributions on Book-Entry Certificates***

The trust will make distributions of principal of and interest on book-entry certificates to DTC. These payments will be made in immediately available funds by the trust's paying agent, The Bank of New York Mellon, at the office of the paying agent in New York City that the trust designates for that purpose.

In the case of principal payments, the global certificates must be presented to the paying agent in time for the paying agent to make those payments in immediately available funds in accordance with its normal payment procedures.

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Upon receipt of any payment of principal of or interest on a global certificate, DTC will immediately credit the accounts of its participants on its book-entry registration and transfer system. DTC will credit those accounts with payments in amounts proportionate to the participants' respective beneficial interests in the stated principal amount of the global certificate as shown on the records of DTC. Payments by participants to beneficial owners of book-entry certificates will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of those participants.

Distributions on book-entry certificates held beneficially through Clearstream Banking will be credited to cash accounts of Clearstream Banking customers in accordance with its rules and procedures, to the extent received by its U.S. depository.

Distribution on book-entry certificates held beneficially through Euroclear will be credited to the cash accounts of Euroclear participants in accordance with the Terms and Conditions, to the extent received by its U.S. depository.

In the event definitive certificates are issued, distributions of principal of and interest on definitive certificates will be made directly to the holders of the definitive certificates in whose names the definitive certificates were registered at the close of business on the related Record Date.

***Global Clearance and Settlement Procedures***

Initial settlement for the certificates will be made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC's rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System. Secondary market trading between Clearstream Banking customers and/or Euroclear participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of Clearstream Banking and Euroclear. Such secondary market trading will be settled using the procedures applicable to conventional eurobonds in immediately available funds.

Cross-market transfers between persons holding directly or indirectly through DTC, on the one hand, and directly or indirectly through Clearstream Banking customers or Euroclear participants, on the other, will be effected in DTC in accordance with DTC's rules on behalf of the relevant European international clearing system by the U.S. depositories. However, cross-market transactions of this type will require delivery of instructions to the relevant European international clearing system by the counterparty in that system in accordance with its rules and procedures and within its established deadlines, European time. The relevant European international clearing system will, if the transaction meets its settlement requirements, deliver instructions to its U.S. depository to take action to effect final settlement on its behalf by delivering or receiving certificates in DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Clearstream Banking customers and Euroclear participants may not deliver instructions directly to DTC.

Because of time-zone differences, credits to certificates in Clearstream Banking or Euroclear as a result of a transaction with a DTC participant will be made during subsequent securities settlement processing and will be credited the business day following a DTC settlement date. The credits to or any transactions in the certificates settled during processing will be reported to the relevant Euroclear participants or Clearstream Banking customers on that business day. Cash received in Clearstream Banking or Euroclear as a result of sales of certificates by or through a Clearstream Banking customer or a Euroclear participant to a DTC participant will be received with value on the DTC settlement date, but will be available in the relevant Clearstream Banking or Euroclear cash account only as of the business day following settlement in DTC.

Although DTC, Clearstream Banking and Euroclear have agreed to these procedures in order to facilitate transfers of certificates among participants of DTC, Clearstream Banking and Euroclear, they are under no obligation to perform or continue to perform these procedures and these procedures may be discontinued at any time.

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**Definitive Certificates** 

Beneficial owners of book-entry certificates may exchange those certificates for definitive certificates registered in their name only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● DTC is unwilling or unable to continue as depository for the global certificates or ceases to be a registered
"clearing agency" and the trust is unable to find a qualified replacement for DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor, at its option, elect to terminate the book-entry system through DTC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● after the occurrence of a servicer default, certificate owners evidencing not less than 50% of the unpaid
outstanding principal amount of the certificates advise the trustee and DTC that the continuation of a book-entry system is no longer in the best interests of those certificate owners.

If any of these three events occurs, DTC is required to notify the beneficial owners through the chain of intermediaries that the definitive certificates are available. The appropriate global certificate will then be exchangeable in whole for definitive certificates in registered form of like tenor and of an equal aggregate stated principal amount, in specified denominations. Definitive certificates will be registered in the name or names of the person or persons specified by DTC in a written instruction to the registrar of the certificates. DTC may base its written instruction upon directions it receives from its participants. Thereafter, the holders of the definitive certificates will be recognized as the "holders" of the certificates under the pooling and servicing agreement.

Definitive certificates will be transferable and exchangeable at the offices of the transfer agent and registrar, which will initially be the trustee. No service charge will be imposed for any registration of transfer or exchange, but the transfer agent and registrar may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection with that registration.

**The Pooling and Servicing Agreement Generally** 

**Conveyance of Receivables** 

RFC III, as transferor to the trust (and Centurion, RFC II and RFC IV, as former transferors to the trust), has sold and assigned to the trust its interest in the receivables in the accounts existing at the applicable cut-off dates, all receivables thereafter created from time to time under the accounts, all Recoveries allocable to the trust and the proceeds of all of the foregoing. From time to time, RFC III may assign to the trust the receivables in designated Additional Accounts existing at the close of business on the applicable cut-off dates. In addition, RFC III may assign to the trust all insurance proceeds, all Recoveries allocable to the trust, and the proceeds of all of the foregoing.

**Representations and Warranties** 

Under the pooling and servicing agreement, RFC III makes representations and warranties to the trust and the trustee about the receivables, to the effect, among other things, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as of the applicable cut-off date with respect to the accounts, the list of accounts and information concerning the accounts provided by it is accurate and complete in all material respects, with certain permitted exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each receivable conveyed by it to the trust has been conveyed free and clear of any lien or encumbrance, except liens permitted by the pooling and servicing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all governmental authorizations, consents, orders or approvals required to be obtained, effected or given by it in connection with the conveyance of receivables to the trust have been duly obtained, effected or given and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as of each applicable selection date, each account was an Eligible Account;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as of each applicable selection date, each of the receivables then existing in the accounts was an Eligible Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) as of the date of creation of any new receivable, such receivable is an Eligible Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) no selection procedures believed by it to be materially adverse to the interests of certificateholders have been used in selecting the accounts.

If the transferor materially breaches any representation and warranty described in this paragraph, and such breach remains uncured for 60 days (or such longer period as to which the servicer and the trustee agree) after the earlier to occur of the discovery of the breach by the transferor and receipt of written notice of the breach by the transferor, and the breach has a material adverse effect on the certificateholders' interest in such receivable, all of the Ineligible Receivables will be reassigned to the transferor on the terms and conditions set forth below. In such case, the account will no longer be included as an account in the Trust Portfolio.

An Ineligible Receivable will be reassigned to the transferor on or before the Monthly Period in which such reassignment obligation arises by the servicer deducting the portion of such Ineligible Receivable that is a principal receivable from the aggregate amount of principal receivables used to calculate the Transferor Amount. In the event that the exclusion of an Ineligible Receivable from the calculation of the Transferor Amount would cause the Transferor Amount to be less than the Required Transferor Amount, on the Distribution Date following the Monthly Period in which such reassignment obligation arises, the transferor will make a deposit into the Special Funding Account in immediately available funds in an amount equal to the amount by which the Transferor Amount would be reduced below the Required Transferor Amount.

The reassignment of any Ineligible Receivable to the transferor, and the obligation of the transferor to make deposits into the Special Funding Account as described in the preceding paragraph, is the sole remedy respecting any breach of the representations and warranties described in the preceding paragraphs with respect to such receivable available to the certificateholders or the trustee on behalf of the certificateholders.

The transferor will also make representations and warranties to the trust to the effect, among other things, that, as of each series closing date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is a corporation or a limited liability company, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has the authority to consummate the transactions contemplated by the pooling and servicing agreement and each supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the pooling and servicing agreement and each supplement constitute:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a valid, binding and enforceable agreement of the transferor and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a valid sale, transfer and assignment to the trust of all right, title and interest of the transferor in the receivables, whether then existing or thereafter created and the proceeds thereof (including proceeds in any of the accounts established for the benefit of the certificateholders) and in recoveries or the grant of a first-priority perfected security interest under the applicable UCC in such receivables and the proceeds thereof (including proceeds in any of the accounts established for the benefit of the certificateholders) and in Recoveries, which is effective as to each receivable then existing on such date.

In the event of a material breach of any of the representations and warranties described in the above paragraphs that has a material adverse effect on the certificateholders' interest in the receivables or the availability of the proceeds thereof to the trust (which determination will be made without regard to whether funds are then available pursuant to any series enhancement), either the trustee or certificateholders holding certificates evidencing not less than 50% of the aggregate unpaid principal amount of all outstanding certificates, by written notice to the transferor and the servicer (and to the trustee if given by the certificateholders), may direct the related transferor to accept the reassignment of the receivables in the trust within 60 days of such notice, or within such longer period specified in

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such notice. The transferor will be obligated to accept the reassignment of such receivables on the Distribution Date following the Monthly Period in which such reassignment obligation arises. Such reassignment will not be required to be made, however, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the end of such applicable period, the representations and warranties shall then be true and correct in all material respects, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material adverse effect caused by such breach shall have been cured.

The price for such reassignment will be an amount equal to the sum of the amounts specified therefor with respect to each series in the related supplement. The payment of such reassignment price in immediately available funds will be considered a payment in full of the certificateholders' interest and such funds will be distributed upon presentation and surrender of the certificates. If the trustee or certificateholders give a notice as provided above, the obligation of the related transferor to make any such deposit will constitute the sole remedy respecting a breach of the representations and warranties available to certificateholders or the trustee on behalf of certificateholders. See *"Description of the Purchase Agreement — Representations and Warranties."*

On each series closing date, the trustee will authenticate and deliver one or more certificates representing the series or class of certificates, in each case against payment to the transferor of the net proceeds of the sale of the certificates. In the case of the first series closing date, the trustee delivered the original transferor certificate, representing the transferor's interest.

In connection with each transfer of receivables to the trust, the computer records relating to such receivables will be marked to indicate that those receivables have been conveyed to the trust. In addition, the trustee will be provided with a computer file or a microfiche list containing a true and complete list showing for each account, as of the applicable cut-off date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its account number, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except in the case of new accounts and the list delivered on the substitution date, the aggregate amount of receivables in such account.

The transferor and AENB will retain and will not deliver to the trustee any other records or agreements relating to the accounts or the receivables, as applicable. Except as set forth above, the records and agreements relating to the accounts and the receivables will not be segregated from those relating to other credit accounts and receivables, and the physical documentation relating to the accounts or receivables will not be stamped or marked to reflect the transfer of receivables to the transferor or the trust. The transferor has filed and is required to file UCC financing statements for the transfer of the receivables to the trust meeting the requirements of applicable state law. See *"Certain Legal Aspects of the Receivables."*

It is not required or anticipated that the trustee will make any initial or periodic general examination of the receivables or any records relating to the receivables for the purpose of establishing the presence or absence of defects, the compliance by AENB and the transferor of their respective representations and warranties or for any other purpose. In addition, it is not anticipated or required that the trustee will make any initial or periodic general examination of the servicer for the purpose of establishing the compliance by the servicer with its representations or warranties or the performance by the servicer of its obligations under the pooling and servicing agreement, any supplement or for any other purpose. The servicer, however, will deliver to the trustee on or before March 31 of each calendar year an opinion of counsel with respect to the validity of the interest of the trust in and to the receivables and certain other components of the trust.

**Resolution of Repurchase Disputes** 

As discussed under *"— Representations and Warranties"* and *"Description of the Purchase Agreement — Repurchase Obligations,"* and upon the breach of certain representations or warranties made on the receivables or the related accounts, the sponsor or the transferor, as applicable, may be required to accept the reassignment of the

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receivables with respect to which a breach occurred. If the trustee or any certificateholder (the "requesting party") requests that the sponsor or the transferor, as applicable (the "representing party"), accept reassignment of any receivable pursuant to the purchase agreement or the pooling and servicing agreement due to an alleged breach of a representation or warranty, and the repurchase request has not been fulfilled or otherwise resolved within 180 days of the receipt of notice of such request by the sponsor or the transferor, as applicable, then the requesting party will have the right to refer the matter, at its discretion, to either mediation or non-binding third-party arbitration or to binding third-party arbitration, and the representing party will agree to the selected resolution method.

At the conclusion of the 180-day period described above, the representing party will provide notice informing the requesting party of the status of its request. However, in the absence of any such notice, the requesting party may presume that its request remains unresolved. The requesting party must provide the representing party written notice of its intention to refer an unresolved repurchase request to mediation or arbitration within 30 days of the conclusion of the 180-day period described above. If the requesting party is a certificateholder but is not a record holder (including if such certificateholder owns a beneficial interest in a certificates in book-entry form), in connection with submitting a repurchase request, such requesting party will be required to provide (i) a written certification that it is a beneficial owner of certificates and (ii) one other form of documentation, such as a trade confirmation, an account statement, a letter from a broker or dealer or other similar document to verify that the certificateholder is, in fact, a beneficial owner of certificates.

If the requesting party selects mediation as the resolution method, the mediation will be administered by a nationally recognized mediation association, and the fees and expenses of the mediation shall be allocated as mutually agreed upon by the representing party and the requesting party as part of the mediation. The mediator(s) will be appointed from a list of neutrals maintained by the American Arbitration Association (the "AAA").

If the requesting party selects third-party arbitration as the resolution method, the third-party arbitration will be administered by a nationally recognized arbitration association mutually agreed upon by the representing party and the requesting party. The arbitrator(s) will be appointed from a list of neutrals maintained by the AAA. The arbitrator(s) will determine the allocation of the costs and expenses of the third-party arbitration.

A failure by the parties to resolve a disputed matter through mediation or non-binding arbitration shall not preclude either party from seeking a resolution through other options available to it, including the initiation of a judicial proceeding in a court of competent jurisdiction, subject to the provisions specified below as applicable to both mediations and arbitrations. By selecting binding arbitration, the requesting party will give up the right to sue in court, including the right to a trial by jury. No person may bring a putative or certified class action to arbitration.

The following provisions will apply to both mediations and third-party arbitrations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any mediation or arbitration will be held in New York, New York or such other location mutually agreed to by
the requesting party and the representing party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Notwithstanding this dispute resolution provision, the parties will have the right to seek provisional or
ancillary relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The details and/or existence of any unfulfilled repurchase request, any informal meetings, mediations or
arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties' attempt to informally resolve an unfulfilled repurchase request, and any discovery taken in connection
with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding; *provided, however*, that any discovery taken in any arbitration
will be admissible in that particular arbitration. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party's attorneys, experts, accountants and other agents and
representatives, as reasonably required in connection with the related resolution procedure), except to the extent a party is required to disclose such information under applicable law, regulatory requirement or court order. If any party to a
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request for information from a third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify the other party to the resolution procedure and shall provide the other party with the opportunity to object to the production of its confidential information. <br>

A requesting party may not initiate a mediation or arbitration as described above with respect to a receivable that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that requesting party or another requesting party) but will have the right to join an existing mediation or arbitration with respect to that receivable if the mediation or arbitration has not yet concluded.

**The Transferor Certificates; Additional Transferors** 

The pooling and servicing agreement provides that the transferor may exchange a portion of the original transferor certificate for a Supplemental Certificate for transfer or assignment to a person designated by the transferor upon the execution and delivery of a supplement to the pooling and servicing agreement (which supplement shall be subject to the amendment section of the pooling and servicing agreement to the extent that it amends any of the terms of the pooling and servicing agreement; see *"— Amendments")*; *provided* that prior to such transfer or assignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Rating Agency Condition is satisfied,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the transferor shall have delivered to the trustee an officer's certificate to the effect that the transferor reasonably believes that such transfer or assignment will not, based on the facts known to such officer at the time of such certification, have an Adverse Effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the transferor shall have delivered to the trustee a Tax Opinion with respect to such transfer or assignment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the aggregate amount of principal receivables in the trust as of the date of such transfer or assignment will be greater than the Required Minimum Principal Balance as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the transferor or other holders of the original transferor certificate as of the date of such transfer or assignment shall have a remaining interest in the trust of not less than, in the aggregate, 2% of the total amount of principal receivables and funds on deposit in the Special Funding Account, the principal funding account and any other similar account.

The primary purpose for such a transfer would be to convey an interest in the original transferor certificate to another person. Any transfer or assignment of a Supplemental Certificate is subject to the condition set forth in (c) above.

If an affiliate of the transferor owns Eligible Accounts, the receivables of which are eligible for transfer to the trust, the transferor may wish to designate such affiliate to be included as a "transferor" under the pooling and servicing agreement (by means of an amendment to the pooling and servicing agreement that will not require the consent of any certificateholder; see *"— Amendments"* below). In connection with the designation of an additional transferor, the transferor will surrender the Transferor Certificate to the trustee in exchange for a newly issued Transferor Certificate modified to reflect such additional transferor's interest in the transferor's interest; *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions set forth in clauses (a), (c) and (e) in the preceding paragraph with respect to a transfer of a Supplemental Certificate shall have been satisfied with respect to such designation and transfer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any applicable conditions described in *"— Additions of Accounts"* below shall have been satisfied with respect to the transfer of receivables by any additional transferor to the trust. Following the inclusion of an

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additional transferor, the additional transferor will be treated in the same manner as the transferor, and each additional transferor generally will have the same obligations and rights as the transferor described herein.

**Additions of Accounts** 

Under the pooling and servicing agreement, the transferor (without independent verification of its authority) may designate from time to time Additional Accounts to be included as accounts in the trust. Subject only to the eligibility requirements in the purchase agreement and the pooling and servicing agreement and applicable regulatory guidelines, the account owner has the discretion to select the accounts from the Total Portfolio for addition to the Trust Portfolio. In connection with any such designation, the transferor will convey to the trust all of its interests in all receivables arising from those Additional Accounts. The conveyance by the transferor is subject to the following conditions, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each such Additional Account must be an Eligible Account, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● except for the addition of new accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the selection of the Additional Accounts is done in a manner which the transferor reasonably believes will not result in an Adverse Effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Rating Agency Condition will have been satisfied.

The transferor will be obligated to designate Additional Accounts (to the extent available) if, as of the end of any Monthly Period, the aggregate amount of principal receivables in the trust is less than the Required Minimum Principal Balance or the seller's interest amount is less than the required seller's interest amount (for credit risk retention purposes).

Any Additional Accounts designated to the trust will be selected from accounts owned by AENB. Therefore, if Additional Accounts are to be designated, the transferor shall, under the purchase agreement, request that AENB designate accounts which qualify as Eligible Accounts to the transferor. The transferor will then designate such accounts to the trust.

Each Additional Account must be an Eligible Account as of the applicable selection date. Because Additional Accounts may be created after the applicable selection dates with respect to the accounts already in the Trust Portfolio, they may not be of the same credit quality as the accounts currently in the Trust Portfolio. The Additional Accounts may have been originated at a later date using credit, origination or underwriting criteria different from those which were applied to the accounts currently in the Trust Portfolio. Furthermore, they may have been acquired from another revolving credit issuer or entity that had different credit, origination or underwriting criteria. Consequently, the performance of such Additional Accounts may be better or worse than the performance of the accounts already in the Trust Portfolio.

[Note: Disclosure contemplated by Items 1111(a)(7), (a)(8) and (g)(8) of Regulation AB will be included here or under "*AENB's Revolving Credit Businesses — Underwriting and Authorization Process*" in the event the receivables related to additional accounts deviate from disclosed underwriting criteria or other criteria or benchmarks used to evaluate the assets.]

**Removal of Accounts** 

On any day of any Monthly Period, the transferor (without independent verification of its authority) may, but shall not be obligated to, acquire all receivables and proceeds thereof with respect to removed accounts. The removal could occur for a number of reasons, including a determination by the transferor that the trust contains more receivables than the transferor is obligated to retain in the trust under the pooling and servicing agreement and any applicable supplements and a determination that the transferor does not desire to obtain additional financing through the trust at such time.

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The transferor is permitted to designate and require reassignment of the receivables from removed accounts upon satisfaction of the conditions listed in the pooling and servicing agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● delivery by the transferor to the trustee of a computer file or microfiche list containing a true and complete
list of all removed accounts, such accounts to be identified by, among other things, account number and their aggregate amount of receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the delivery by the transferor to the trustee of an officer's certificate to the effect that, in the
reasonable belief of the transferor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no selection procedure believed by the transferor to be materially adverse to, or materially beneficial to, the interests of the certificateholders or the transferor was utilized in removing the removed accounts from among any pool of accounts of a similar type,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such removal will not have an Adverse Effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such removal will not result in the occurrence of a Pay-Out Event or a Reinvestment Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● at least eight Business Days prior to the removal, the transferor shall have delivered written notice of the
removal to each Rating Agency and the trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Rating Agency Condition shall have been satisfied with respect to such removal.

In addition, the transferor's designation of any account as a removed account shall be random, unless the removed accounts are accounts (i) originated or acquired under a specific affinity agreement, private label agreement, merchant agreement, co-branding agreement or other program which is co-owned, operated or promoted, *provided* that such agreement has terminated in accordance with the terms therein or (ii) being removed due to other circumstances caused by requirements of agreements in which the right to such removed accounts or control thereof is determined by a party or parties to such agreements other than the transferor, any affiliate of the transferor or any agent of the transferor.

**Discount Option** 

The pooling and servicing agreement provides that the transferor may at any time and from time to time designate a fixed or variable percentage, known as the discount percentage, of the amount of principal receivables existing and arising in all or any specified portion of the accounts on and after the date such designation becomes effective to be treated as finance charge receivables, which will be called discount option receivables. Although there can be no assurance that the transferor will do so, such designation may occur because the transferor determines that the exercise of the discount option is needed to provide a sufficient yield on the receivables to cover interest and other amounts due and payable from collections of finance charge receivables or to avoid the occurrence of a Pay-Out Event or Reinvestment Event relating to the reduction of the average yield on the portfolio of accounts in the trust, if the related supplement provides for such a Pay-Out Event or Reinvestment Event. The existence of discount option receivables will result in an increase in the amount of collections of finance charge receivables, a reduction in the balance of principal receivables outstanding and a reduction in the Transferor Amount.

After any such designation, pursuant to the pooling and servicing agreement, the transferor may, without notice to or consent of the certificateholders, from time to time increase, reduce or withdraw the percentage of receivables subject to such designation. The transferor must provide 30 days prior written notice to the servicer, the trustee, each Rating Agency and any provider of Series Enhancement of any such designation or increase, reduction or withdrawal. Such designation or increase, reduction or withdrawal will become effective on the date specified therein only if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor delivers to the trustee and certain providers of Series Enhancement a certificate of an
authorized officer of that transferor to the effect that, based on the facts known to that transferor at the time, such designation or increase, reduction or withdrawal will not at the time of its occurrence cause a Pay-Out Event or Reinvestment Event or an event that, with notice or the lapse of time or both, would constitute a Pay-Out Event or Reinvestment Event, to occur with
respect to any series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Rating Agency Condition is satisfied with respect to such designation or increase, reduction or
withdrawal, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● only in the case of a reduction or withdrawal of the discount percentage, the transferor will have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivered to the trustee an opinion of counsel to the effect that such reduction of the percentage of discount option receivables will not adversely affect the tax characterization as debt of any certificates of any outstanding series or class that were characterized as debt at the time of their issuance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in certain circumstances, obtained the prior written consent of each provider of Series Enhancement entitled to consent thereto.

On the Date of Processing of any collections on or after the date the exercise of the discount option takes effect, the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the discount percentage then in effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● collections of receivables with respect to the accounts on or after the date such option is exercised that
otherwise would be principal receivables,

will be deemed collections of finance charge receivables and will be applied accordingly.

The transferor has increased and decreased the discount percentage from time to time, but the discount percentage is currently 0%.

**Premium Option** 

The pooling and servicing agreement provides that the transferor may at any time and from time to time designate a specified fixed or variable percentage, known as the premium percentage, of the amount of finance charge receivables existing arising in all or any specified portion of the accounts existing on and after the date such designation becomes effective to be treated as principal receivables, which will be called premium receivables. Although there can be no assurance that the transferor will exercise the option to designate premium receivables, the transferor may do so if, among other things, the transferor determines that the exercise of such option is needed to cover shortfalls of the principal receivables available to make scheduled principal payments on the certificates or scheduled deposits into the principal funding account, as applicable, or to avoid the occurrence of a Pay-Out Event or a Reinvestment Event relating to the existence of such shortfalls. Any such designation would result in an increase in the amount of collections of principal receivables and a lower yield on the portfolio with respect to collections of finance charge receivables than would otherwise occur.

After any such designation, pursuant to the pooling and servicing agreement, the transferor may, without notice to or consent of the certificateholders, from time to time increase, reduce or withdraw the premium percentage. The transferor must provide 30 days prior written notice to the servicer, the trustee, each Rating Agency and any provider of Series Enhancement of any such designation or increase, reduction or withdrawal. Such designation or increase, reduction or withdrawal will become effective on the date specified therein only if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor delivers to the trustee and certain providers of Series Enhancement a certificate of an
authorized officer of that transferor to the effect that, based on the facts known to that transferor at the time, such designation or increase, reduction or withdrawal will not at the time of its occurrence cause a Pay-Out Event or Reinvestment Event or an event that, with notice or the lapse of time or both, would constitute a Pay-Out Event or Reinvestment Event, to occur with
respect to any series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Rating Agency Condition will have been satisfied with respect to such designation or increase, reduction
or withdrawal,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in the case of a designation or increase of the premium percentage, the transferor will have delivered to the
trustee an opinion of counsel to the effect that such designation or increase of the premium percentage will not adversely affect the tax characterization as debt of any certificates of any outstanding series or class that were characterized as debt
at their time of issuance, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in certain circumstances, the transferor will have obtained the prior written consent of each provider of
Series Enhancement entitled to consent thereto.

On the Date of Processing of any collections on or after the date the exercise of the premium option takes effect, the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the premium percentage then in effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● collections of receivables with respect to the accounts on or after the date such option is exercised that
otherwise would be finance charge receivables, will be deemed collections of principal receivables and will be applied accordingly, unless otherwise provided in the related supplement.

The premium percentage is currently 0%.

**Indemnification** 

The pooling and servicing agreement provides that the servicer will indemnify the trust and the trustee from and against any loss, liability, expense, damage or injury suffered or sustained arising out of certain of the servicer's actions or omissions with respect to the trust pursuant to the pooling and servicing agreement.

Except as provided in the two preceding paragraphs, the pooling and servicing agreement provides that neither the transferor nor the servicer nor any of their respective directors, officers, employees or agents will be under any other liability to the trust, the trustee, the certificateholders, any provider of Series Enhancement or any other person for any action taken, or for refraining from taking any action, in good faith pursuant to the pooling and servicing agreement. However, neither the transferor nor the servicer will be protected against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence of any such person in the performance of duties or by reason of reckless disregard of its obligations and duties thereunder.

In addition, the pooling and servicing agreement provides that the servicer is not under any obligation to appear in, prosecute or defend any legal action which is not incidental to its servicing responsibilities under the pooling and servicing agreement. The servicer may, in its sole discretion, undertake any such legal action which it may deem necessary or desirable for the benefit of certificateholders with respect to the pooling and servicing agreement and the rights and duties of the parties thereto and the interests of the certificateholders thereunder.

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**Collection and Other Servicing Procedures** 

TRS has been servicing credit card accounts since 1987 and charge card accounts since 1958 when American Express began offering such accounts. TRS has been the servicer for the trust since the trust's formation in 1996. It has been servicing securitized consumer card receivables since 1992 in its capacity as the servicer of the American Express Master Trust. TRS currently is the servicer of the American Express Issuance Trust II and, in the future, may be the servicer of other master trusts or other securitization special purpose entities.

Pursuant to the pooling and servicing agreement, the servicer, whether acting itself or through one or more subservicers, is responsible for servicing, collecting, enforcing and administering the receivables in accordance with customary and usual procedures for servicing similar card receivables.

Servicing activities to be performed by the servicer include collecting and recording payments, communicating with account holders, investigating payment delinquencies, evaluating the increase of credit limits and the issuance of credit cards and credit accounts, providing billing and tax records to account holders and maintaining internal records with respect to each account. Managerial and custodial services performed by the servicer on behalf of the trust include providing assistance in any inspections of the documents and records relating to the accounts and receivables by the trustee pursuant to the pooling and servicing agreement, maintaining the agreements, documents and files relating to the accounts and receivables as custodian for the trust and providing related data processing and reporting services for certificateholders and on behalf of the trustee.

If TRS were to become a debtor in a bankruptcy case, a Servicer Default would occur and TRS could be removed as servicer for the trust and a successor servicer would be appointed. See *"— Servicer Default"* for more information regarding the appointment of a successor servicer.

**Outsourcing of Servicing** 

Pursuant to the pooling and servicing agreement, TRS, as servicer, has the right to delegate its duties as servicer to any person who agrees to conduct such duties in accordance with the pooling and servicing agreement, the applicable account guidelines and the applicable account agreements.

TRS has outsourced certain of its servicing functions by contracting with affiliated and unaffiliated third parties. TRS has contracted with AENB to perform certain limited servicing functions with respect to the receivables arising in the accounts owned by AENB, consisting of collecting and depositing or causing to be deposited into the collection account payments received in respect of such receivables and, when appropriate, charging off as uncollectible such receivables.

The performance of certain servicing functions has been outsourced by TRS and its affiliates to third-party service providers. Functions that are performed by outside service providers include, but are not limited to, card production and fulfillment, card replacement, contacting of customers to collect delinquent and charged-off balances, responding to telephone service center inquiries from customers and prospects, processing of customer disputes, preparing customer statements, data entry and imaging and remittance processing. Among other functions, TRS and its affiliates identify areas of risk, design, develop and implement models to minimize financial exposure and maximize customer spending, develop credit underwriting policies and procedures, underwrite and re-underwrite accounts and formulate risk management and credit criteria. The logic and rules inherent in the systems used by outside service providers to route customer inquiries and to make decisions about accounts are developed by TRS and its affiliates. Third-party service providers are required to follow detailed account management procedures and policies of TRS in connection with any decisions made with respect to accounts with respect to which they provide services. TRS and its affiliates regularly audit and assess the performance of third-party service providers to measure service quality and compliance. All third-party service providers are required to comply with the account owner's security and information protection requirements. Decisions to retain a third-party service provider are based on compliance with standards, cost, the ability of third parties to provide greater flexibility to TRS and its affiliates, financial stability and various other factors.

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[If an additional unaffiliated servicer will service 10% or more, but less than 20%, of the pool assets, provide the information contemplated in Item 1108(a)(2)(iii) of Regulation AB.]

[If an additional master servicer, affiliated servicer or other material servicer upon whose responsibilities the performance of the receivables in the trust is materially dependent will service the receivables in the trust, or if an unaffiliated servicer will service 20% or more of the pool assets, provide the information contemplated in Item 1108(a)(3) of Regulation AB.]

**New Issuances** 

The pooling and servicing agreement provides that, pursuant to one or more supplements, the transferor may cause the trust to issue one or more series of certificates and may define all principal terms of such series. Each series may have different terms and enhancements than any other series. None of the transferor, the servicer, the trustee or the trust is required or intends to provide prior notice to, or obtain the consent of, any certificateholder of any other series issued prior to the issuance of a new series. The transferor may offer any series to the public under a prospectus or other disclosure document in transactions either registered under the Securities Act of 1933, as amended, or exempt from registration thereunder directly, through one or more purchasers or placement agents, in fixed-price offerings or in negotiated transactions or otherwise. The transferor intends to offer, from time to time, additional series. Each issuance of a new series will have the effect of decreasing the Transferor Amount to the extent of the initial invested amount of such new series. You can review a summary of each series previously issued and currently outstanding under the caption *"Annex III: Other Series"* included at the end of this prospectus.

The pooling and servicing agreement provides that the transferor may designate principal terms such that each series has a Controlled Accumulation Period or a Controlled Amortization Period that may have a different length and begin on a different date than such periods for any other series. Further, one or more series may be in their Controlled Accumulation Period or Controlled Amortization Period while other series are not. Moreover, each series may have the benefits of Series Enhancement issued by enhancement providers different from the providers of Series Enhancement with respect to any other series.

Under the pooling and servicing agreement, the trustee shall hold any such Series Enhancement only on behalf of the certificateholders of the series to which such Series Enhancement relates. With respect to each such Series Enhancement, the transferor may deliver a different form of Series Enhancement agreement. The transferor also has the option under the pooling and servicing agreement to vary among series the terms upon which a series may be repurchased by the transferor or remarketed to other investors. There is no limit to the number of new issuances the transferor may cause under the pooling and servicing agreement. The trust will terminate only as provided in the pooling and servicing agreement. There can be no assurance that the terms of any series might not have an impact on the timing and amount of payments received by a certificateholder of another series.

Under the pooling and servicing agreement and pursuant to a supplement, a new issuance may only occur upon the satisfaction of certain conditions. The obligation of the trustee to authenticate the certificates of such new series and to execute and deliver the related supplement is subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● on or before the fifth day immediately preceding the date upon which the new issuance is to occur, the
transferor will give to the trustee, the servicer and each Rating Agency written notice of such new issuance and the date upon which the new issuance is to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor will deliver to the trustee the related supplement, specifying the terms of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor will deliver to the trustee any related Series Enhancement agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Rating Agency Condition will be satisfied with respect to the new issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor will deliver to the trustee and certain providers of Series Enhancement an officer's
certificate of that transferor to the effect that such issuance will not have an Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor will deliver to the trustee, each Rating Agency and certain providers of Series Enhancement a
Tax Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor or other holders of the original transferor certificate shall have a remaining interest in the
trust of not less than 2% of the total amount of principal receivables and funds on deposit in the Special Funding Account and the principal funding account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the aggregate amount of principal receivables shall be greater than the Required Minimum Principal Balance as
of the date upon which the new issuance is to occur after giving effect to such issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the seller's interest amount shall be greater than the required seller's interest amount (for credit
risk retention purposes) as of the date upon which the new issuance is to occur after giving effect to such issuance.

Notwithstanding the conditions to issuance described above, a supplement to the pooling and servicing agreement may provide that, in connection with the issuance of any subsequent series, the Rating Agency Condition need not be satisfied for the series governed by such supplement with respect to one or more of the Rating Agencies then rating such series.

The pooling and servicing agreement also provides that the transferor may from time to time, without notice to or the consent of, the registered holders of an outstanding series or class of certificates, cause the trust to create and issue additional certificates equal in rank to the series or class of certificates originally issued in all respects, except that interest will begin accruing on the additional certificates on the related issuance date. These additional series or classes of certificates may be consolidated and form a single series or class with the previously issued certificates and will have the same terms as to status, redemption or otherwise as the previously issued series or class of certificates. In addition, the transferor may retain certificates of a series or class upon initial issuance or upon a reopening of a series or class certificates and may sell them on a subsequent date.

There are no restrictions on the timing or amount of any issuance of additional certificates of an outstanding series or class of certificates so long as the conditions described above for a new issuance are met or waived. As of the date of any issuance of additional certificates of an outstanding series or class of certificates, the Invested Amount and outstanding dollar principal amount of that series or class will be increased to reflect the principal amount of the additional certificates. If the additional certificates are part of a series or class of certificates that has the benefit of a derivative agreement, the transferor will cause the trust to enter into a derivative agreement for the benefit of the additional certificates. Furthermore, the targeted deposits, if any, to any trust account will be increased proportionately to reflect the principal amount of the additional certificates.

When issued, the additional certificates of a series or class will be identical in all respects to the other outstanding certificates of that series or class equally and ratably entitled to the benefits of the pooling and servicing agreement as applicable to the previously issued certificates of such series or class without preference, priority or distinction.

**Collection Account** 

The servicer has established and maintains for the benefit of the certificateholders of each series, in the name of the trustee, on behalf of the trust, an Eligible Deposit Account called the Collection Account. The Collection Account, which is maintained with The Bank of New York Mellon, bears a designation clearly indicating that the funds deposited therein are held for the benefit of the certificateholders of each series. If at any time the Collection Account is no longer an Eligible Deposit Account, the Collection Account must be moved so that it will again be qualified as an Eligible Deposit Account.

Funds on deposit in the Collection Account generally will be invested by the trustee, at the direction of the servicer, in Eligible Investments. The servicer may appoint as its agent under a separate agreement a registered investment advisor to give instruction on its behalf to the trustee for funds to be invested in Eligible Investments. Any earnings (net of losses and investment expenses) on funds in the Collection Account will be paid to the

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transferor. The servicer will have the revocable power to withdraw funds from the Collection Account and to instruct the trustee to make withdrawals and payments from the Collection Account for the purpose of carrying out its duties under the pooling and servicing agreement and any supplement.

**Deposits in Collection Account** 

The servicer, no later than two Business Days after each Date of Processing, will deposit collections, up to the aggregate amount of collections required to be deposited on or prior to the related Distribution Date, into the Collection Account. It will then make the deposits and payments to the accounts and parties shown below on the date of such deposit.

Subject to the express terms of the related supplement, for as long as TRS or an affiliate of TRS remains the servicer under the pooling and servicing agreement and any of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the servicer maintains a short-term credit rating (which may be an implied rating) of not less than P-1 from Moody's and A-1 from S&P (or such other rating below P-1 or A-1, as the case may be, which is acceptable to such Rating Agency),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the servicer obtains a guarantee with respect to its deposit and payment obligations under the pooling and servicing agreement (in form and substance satisfactory to the Rating Agencies) from a guarantor having a short-term credit rating of not less than P-1 from Moody's and A-1 from S&P (or such other rating below P-1 or A-1, as the case may be, which is acceptable to such Rating Agency), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rating Agency Condition will have been satisfied despite the servicer's inability to satisfy the rating requirement specified in clause (i) above,

the servicer need not deposit collections into the Collection Account on the day indicated in the preceding paragraph (including for five Business Days following any such reduction of any such rating or failure to satisfy the conditions specified in clause (ii) or (iii) above). Instead it may use for its own benefit such collections until the Business Day immediately preceding the related Distribution Date. On that Business Day, the servicer will make such deposits in an amount equal to the net amount of such deposits and withdrawals which would have been made had the conditions of this sentence not applied.

TRS currently maintains the required short-term credit ratings described in (i) above. Although not required to do so, TRS, as servicer, currently deposits collections, up to the aggregate amount of collections required to be deposited on or prior to the related Distribution Date, into the Collection Account no later than two Business Days after each Date of Processing.

On each Determination Date, the servicer will calculate the amounts to be allocated to the certificateholders of each class or series and the holders of the Transferor Certificates as described herein in respect of collections of receivables received with respect to the preceding Monthly Period.

With respect to the certificateholders' interest, if the net amount in respect of finance charge receivables to be deposited into the Collection Account on any transfer date exceeds the sum of the interest payments due to certificateholders for the related Distribution Date, the Defaulted Amount and the Servicing Fee, plus certain amounts payable with respect to any Series Enhancement, then the servicer may deduct the Servicing Fee and, during the Revolving Period, the Defaulted Amount (which will be distributed to the transferor, but not in an amount exceeding the transferor's interest in principal receivables on such day, after giving effect to any new receivables transferred to the trust on such day) from the net amount to be deposited into the Collection Account.

In addition, on each Distribution Date with respect to any Controlled Amortization Period or any Controlled Accumulation Period, the servicer may deduct the amount of any Shared Principal Collections not required to cover principal shortfalls (which will be distributed to the transferor, but not in an amount exceeding the transferor's interest in principal receivables on such day, after giving effect to any new receivables transferred to the trust on such day) from the net amount to be deposited into the collection account. The trustee may not have a perfected

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security interest in collections held by the servicer that are commingled with other funds of the servicer or used by the servicer in the event of the bankruptcy, insolvency, liquidation, conservatorship or receivership of the servicer or, in certain circumstances, the lapse of certain time periods.

On the day any such deposit is made into the Collection Account, the servicer will withdraw from the Collection Account and pay to the transferor to the extent not deducted from collections as described above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the excess, if any, of the aggregate amount of such deposits in respect of principal receivables treated as Shared Principal Collections for all series over the aggregate amount of Principal Shortfalls for all series and, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of Series Allocable Principal Collections for all outstanding series to be paid to the transferor with respect to such date.

Any amounts in respect of principal receivables not distributed to the transferor on any day because the Transferor Amount does not exceed zero on such day (after giving effect to any principal receivables transferred to the trust on such day) shall be deposited into the Special Funding Account.

**Allocations** 

Pursuant to the pooling and servicing agreement, during each Monthly Period the servicer will allocate to each outstanding series its Series Allocable Finance Charge Collections, Series Allocable Principal Collections and Series Allocable Defaulted Amount.

The servicer will then allocate amounts initially allocated to a particular series between the certificateholders' interest and the transferor's interest for such Monthly Period as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Series Allocable Finance Charge Collections and the Series Allocable Defaulted Amount will at all times be allocated to the invested amount of a series based on the Floating Allocation Percentage of such series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Series Allocable Principal Collections will at all times be allocated to the invested amount of such series based on the Principal Allocation Percentage of such series.

Amounts not allocated to the invested amount of any series as described above will be allocated to the transferor's interest.

**Groups of Series** 

The certificates of a series may be included in a Reallocation Group. Collections of finance charge receivables allocable to each series in a Reallocation Group will be aggregated and made available for certain required payments for all series in such group. Consequently, the issuance of new series in such group may have the effect of reducing or increasing the amount of collections of finance charge receivables allocable to the certificates of other series in such group. See *"Risk Factors — Transaction Structure Risks — Issuances of additional series or additional certificates in outstanding series by the trust may adversely affect your certificates."*

Series 20[●]-[●] is included in Group [I][II]. Upon issuance, Series 20[●]-[●] will be the [●] outstanding series issued by the trust in Group [I][II]. Any issuance of a new series in Group [I][II] may reduce or increase the amount of finance charge collections allocated to your series.

**Reallocations Among Different Series Within a Reallocation Group** 

*Group Investor Finance Charge Collections.* For each Monthly Period, the servicer will calculate the Group Investor Finance Charge Collections for a particular Reallocation Group and, on the following Distribution Date,

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will allocate such amount among the certificateholders' interest (including any collateral invested amount) for all series in such group in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Group Investor Monthly Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Group Investor Default Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Group Investor Monthly Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Group Investor Additional Amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the balance *pro rata* among each series in such group based on the current invested amount of each such series.

In the case of clauses (i), (ii), (iii) and (iv) above, if the amount of Group Investor Finance Charge Collections is not sufficient to cover each such amount in full, the amount available will be allocated among the series in such group *pro rata* based on the claim that each series has under the applicable clause. This means, for example, that if the amount of Group Investor Finance Charge Collections is not sufficient to cover Group Investor Monthly Interest, each series in such group will share such amount *pro rata* and any other series in such group with a claim with respect to monthly interest, overdue monthly interest and interest on such overdue monthly interest, if applicable, which is larger than the claim for such amounts for any other series in such group offered hereby (due to a higher certificate rate) will receive a proportionately larger allocation.

The chart that follows demonstrates the manner in which collections of finance charge receivables are allocated and reallocated among series in such a group. The chart assumes that the trust has issued three series (Series 1, 2 and 3), and that each such series is in its Revolving Period.

In Step 1, total collections of finance charge receivables are allocated among the three series based on the Series Allocation Percentage for each series. The amounts allocated to each series pursuant to Step I are referred to as "Series Allocable Finance Charge Collections." See *"— Allocations"* above.

In Step 2, the amount of Investor Finance Charge Collections is determined by multiplying Series Allocable Finance Charge Collections for each series by the applicable floating allocation percentages. See *"— Allocations"* above.

Investor Finance Charge Collections for all series in a particular Reallocation Group (or Group Investor Finance Charge Collections) are pooled as shown above in Step 3 for reallocation to each such series as shown in Step 4. In Step 4, Group Investor Finance Charge Collections are reallocated to each series in such group as described above based on the respective claim of each series with respect to interest payable on the certificates or collateral invested amount (if any) of such series, the Defaulted Amount allocable to the certificateholders' interest of such series and the monthly servicing fee and certain other amounts with respect to such series. The excess is allocated pro rata among the series in such group based on each series' respective shortfall amounts.

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**Sharing of Excess Finance Charge Collections Among Excess Allocation Series** 

Each series issued by the trust may be designated as an Excess Allocation Series. Series 20[●]-[●] will be an Excess Allocation Series.

If a series is an Excess Allocation Series, collections on finance charge receivables and Excess Finance Charge Collections may be applied to cover any shortfalls with respect to amounts payable from collections of finance charge receivables allocable to any other Excess Allocation Series *pro rata* based upon the amount of the shortfall, if any, with respect to each other Excess Allocation Series. The sharing of Excess Finance Charge Collections among Excess Allocation Series will stop if the transferor delivers to the trustee a certificate of an authorized representative to the effect that, in the reasonable belief of the transferor, the continued sharing of Excess Finance Charge Collections among Excess Allocation Series would have adverse regulatory implications with respect to the transferor or the account owner. Following the delivery by the transferor of any such certificates, there will be no further sharing of Excess Finance Charge Collections among such series in any such group.

In all cases, any Excess Finance Charge Collections remaining after covering shortfalls with respect to all outstanding Excess Allocation Series will be paid to the holders of the Transferor Certificates. While any series offered hereby may be designated as an Excess Allocation Series, there can be no assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other series will be designated as an Excess Allocation Series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● there will be any Excess Finance Charge Collections for any such other series for any Monthly Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any agreement relating to any Series Enhancement will not be amended in such a manner as to increase payments
to the providers of Series Enhancement and thereby decrease the amount of Excess Finance Charge Collections available from such series, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor will not at any time deliver a certificate as described above.

Although the transferor believes that, based upon applicable rules and regulations as currently in effect, the sharing of Excess Finance Charge Collections among Excess Allocation Series will not have adverse regulatory implications for the transferor, or the account owner, there can be no assurance that this will continue to be true in the future.

**Sharing of Principal Collections Among Principal Sharing Series** 

Each series issued by the trust may be designated as a principal sharing series. Series 20[●]-[●] will be a principal sharing series.

If a series is a principal sharing series, collections of principal receivables for any Monthly Period allocated to the certificateholders' interest of any such series will first be used to cover certain amounts in respect of such series (including any required deposits into a principal funding account or required distributions to certificateholders of such series in respect of principal, if any). The servicer will determine the amount of collections of principal receivables for any Monthly Period (plus certain other amounts, including, with respect to Series 20[●]-[●], certain amounts described under *"Series Provisions — Application of Collections — Payments of Principal"*) allocated to such series remaining after covering such required deposits and distributions and any similar amount remaining for any other principal sharing series, collectively called "Shared Principal Collections." The servicer will allocate the Shared Principal Collections to cover any principal distributions to certificateholders and deposits to principal funding accounts for any principal sharing series that are either scheduled or permitted and that have not been covered out of collections of principal receivables and certain other amounts allocable to the certificateholders' interest of such series.

If principal shortfalls exceed Shared Principal Collections for any Monthly Period, Shared Principal Collections will be allocated *pro rata* among the applicable series based on the respective principal shortfalls of such series. To

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the extent that Shared Principal Collections exceed principal shortfalls, the balance will be allocated to the holders of the Transferor Certificates; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● such Shared Principal Collections will be distributed to the holders of the Transferor Certificates only to
the extent that the Transferor Amount is greater than the Required Transferor Amount, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in certain circumstances described below under *"— Special Funding Account,"* such Shared
Principal Collections will be deposited in the Special Funding Account.

Any such reallocation of collections of principal receivables will not result in a reduction in the invested amount of the series to which such collections were initially allocated. There can be no assurance that there will be any Shared Principal Collections with respect to any Monthly Period or that any other series will be designated as a principal sharing series.

**Paired Series** 

As described under *"Series Provisions — Application of Collections — Paired Series"* in this prospectus, a series of certificates may be paired with another series issued by the trust. As the invested amount of the series having a paired series is reduced, the invested amount in the trust of the paired series will increase by an equal amount. If a Pay-Out Event or Reinvestment Event occurs with respect to the series having a paired series or with respect to the paired series when the series is in a Controlled Amortization Period or a Controlled Accumulation Period, the Series Allocation Percentage and the Principal Allocation Percentage for the series having a paired series and the Series Allocation Percentage and the Principal Allocation Percentage for the paired series will be reset as provided in the related supplement. In addition, the Early Amortization Period or Early Accumulation Period for such series could be lengthened. Series 20[●]-[●] is [not] currently paired with another series.

**Special Funding Account** 

If, on any date, the Transferor Amount is less than or equal to the Required Transferor Amount, the servicer will not distribute to the holders of the Transferor Certificates any collections of principal receivables allocable to a series or a group that otherwise would be distributed to such holders. Instead it will deposit such funds in an Eligible Deposit Account, called the Special Funding Account, established and maintained by the servicer for the benefit of the certificateholders of each series, in the name of the trustee, on behalf of the trust. The Special Funding Account will bear a designation clearly indicating that the funds deposited therein are held for the benefit of the certificateholders of each series.

So long as no series is in a Controlled Accumulation Period, Early Accumulation Period, Controlled Amortization Period or Early Amortization Period, funds on deposit in the Special Funding Account will be withdrawn and paid to the holders of the Transferor Certificates on any Distribution Date to the extent that, after giving effect to such payment, the Transferor Amount exceeds the Required Transferor Amount on such date. If a Controlled Accumulation Period, Early Accumulation Period, Controlled Amortization Period or Early Amortization Period starts and is continuing for any series, however, any funds on deposit in the Special Funding Account will be released, deposited in the Collection Account and treated as collections of principal receivables to the extent needed to make principal payments due to or for the benefit of the certificateholders of such series, but only to the extent that doing so would not cause the Transferor Amount to be less than the Required Transferor Amount.

If the transferor determines that by decreasing the amount on deposit in the Special Funding Account, one or more series for which the related supplements permit partial amortization, may be prevented from experiencing a Pay-Out Event due to the insufficiency of yield, funds on deposit in the Special Funding Account may be applied to each such series (on a *pro rata* basis according to each series' invested amount) to reduce the invested amount thereof. Such reduction would enable that series to avoid a yield insufficiency Pay-Out Event, but may be done only to the extent that it would not cause the Transferor Amount to be less than the Required Transferor Amount. The transferor, at its option, may instruct the trustee to deposit to the Special Funding Account any Shared Principal Collections that would otherwise be payable to the holders of the Transferor Certificates in accordance with the foregoing.

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Funds on deposit in the Special Funding Account will be invested by the trustee, at the direction of the servicer, in Eligible Investments or, if no such direction is provided, will remain uninvested. Any earnings (net of losses and investment expenses) earned on amounts on deposit in the Special Funding Account during any Monthly Period will be withdrawn from the Special Funding Account and treated as collections of finance charge receivables for that Monthly Period.

**Funding Period** 

For any series, the related supplement may specify that during a Funding Period, the aggregate amount of principal receivables in the trust allocable to such series may be less than the aggregate principal amount of the certificates of such series. If so specified in the related supplement, the amount of such deficiency, called the Prefunding Amount, will be held in a prefunding account pending the transfer of additional principal receivables to the trust or pending the reduction of the invested amounts of other series issued by the trust. The related supplement will specify the initial invested amount for such series, the aggregate principal amount of the certificates of such series and the date by which the invested amount is expected to equal the aggregate principal amount of the certificates. The invested amount will increase as receivables are delivered to the trust or as the invested amounts of other series of the trust are reduced. The invested amount may also decrease due to the occurrence of a Pay-Out Event for that series.

During the Funding Period, funds on deposit in the prefunding account for a series of certificates will be withdrawn and paid to the transferor to the extent of any increases in the invested amount. If the invested amount does not for any reason equal the aggregate principal amount of the certificates by the end of the Funding Period, any amount remaining in the prefunding account and any additional amounts specified in the related supplement will be payable to the certificateholders of such series in the manner and at such time as set forth in the related supplement.

If so specified in the related supplement, moneys in the prefunding account will be invested by the trustee in Eligible Investments or will be subject to a guaranteed rate or investment agreement or other similar arrangement. In connection with each Distribution Date during the Funding Period, investment earnings on funds in the prefunding account during the related Monthly Period will be withdrawn from the prefunding account and deposited, together with any applicable payment under a guaranteed rate or investment agreement or other similar arrangement, into the Collection Account for distribution in respect of interest on the certificates of the related series in the manner specified in the related supplement.

**Defaulted Receivables; Rebates and Fraudulent Charges** 

Receivables in any account will be charged off as uncollectible in accordance with the account guidelines and the servicer's customary and usual policies and procedures for servicing card receivables comparable to the receivables. The current policy of AENB is to charge off the receivables in an account when the account is six contractual payments past due (i.e., approximately 180 days delinquent) or sooner if the death or bankruptcy of the account holder has been confirmed. This policy may change in the future to conform with regulatory requirements and applicable law.

If the servicer adjusts downward the amount of any principal receivable (other than Ineligible Receivables that have been, or are to be, reassigned to the transferor) because of a rebate, refund, counterclaim, defense, error, fraudulent charge or counterfeit charge to an account holder, or such principal receivable was created in respect of merchandise that was refused or returned by an account holder, or if the servicer otherwise adjusts downward the amount of any principal receivable without receiving collections therefor or charges off such amount as uncollectible, the Transferor Amount — and not the investors' interests — will be reduced by the amount of the adjustment. Furthermore, in the event that the exclusion of any such receivables would cause the Transferor Amount at such time to be less than the Required Transferor Amount, the transferor will be required to pay an amount equal to such deficiency into the Special Funding Account.

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**Servicer Covenants** 

In the pooling and servicing agreement, the servicer has agreed as to each receivable and related account that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly fulfill all obligations on its part to be fulfilled under or in connection with the receivables or the related accounts, and will maintain in effect all qualifications required in order to service the receivables or accounts, the failure to comply with which would have a material adverse effect on the certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not authorize any rescission or cancellation of the receivables except as ordered by a court of competent jurisdiction or other governmental authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take no action to impair the rights of the trustee in the receivables or the related accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not reschedule, revise or defer payments due on the receivables except in accordance with its guidelines for servicing receivables.

Under the terms of the pooling and servicing agreement, if the servicer discovers, or receives written notice from the trustee, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any covenant of the servicer set forth in clauses (a) through (d) above has not been complied with in all
material respects, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● such noncompliance has not been cured within 60 days (or such longer period, not in excess of 150 days, as may
be agreed to by the trustee and the transferor) thereafter and has a material adverse effect on the certificateholders' interest in such receivables,

then all receivables in the related account will be assigned and transferred to the servicer and the account will no longer be included as an account in the Trust Portfolio.

Such assignment and transfer will be made when the servicer deposits an amount equal to the amount of such receivables in the Collection Account on the Business Day preceding the Distribution Date following the Monthly Period during which such obligation arises. This transfer and assignment to the servicer constitutes the sole remedy available to the certificateholders if such covenant or warranty of the servicer is not satisfied and the trust's interest in any such assigned receivables will be automatically assigned to the servicer.

**Certain Matters Regarding the Servicer** 

The servicer may not resign from its obligations and duties under the pooling and servicing agreement except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon determination that the performance of such obligations and duties is no longer permissible under applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such obligations and duties are assumed by an entity that has satisfied the Rating Agency Condition.

No such resignation will become effective until the trustee or a successor to the servicer has assumed the servicer's obligations and duties under the pooling and servicing agreement. Notwithstanding the foregoing, the servicer may assign part or all of its obligations and duties as servicer under the pooling and servicing agreement if such assignment satisfies the Rating Agency Condition.

Any person into which, in accordance with the pooling and servicing agreement, the servicer may be merged or consolidated or any person resulting from any merger or consolidation to which the servicer is a party, or any person succeeding to the business of the servicer, will be the successor to the servicer under the pooling and servicing agreement.

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In addition, under the pooling and servicing agreement, the transferor may, upon 90 days' notice to the servicer and the trustee, remove the servicer without cause and appoint a replacement servicer, subject to the satisfaction of certain additional conditions, including: (1) the replacement servicer is an Eligible Servicer; (2) the transferor has given each Rating Agency prior notice of the appointment of such replacement servicer; and (3) the servicer continues to perform all servicing functions under the pooling and servicing agreement until the transfer of servicing to the replacement servicer has been completed. The replacement servicer must accept its appointment by written instrument acceptable to the trustee.

**Servicer Default** 

In the event of any Servicer Default, either the trustee or certificateholders holding certificates evidencing more than 50% of the aggregate unpaid principal amount of all certificates, by written notice to the servicer (and to the trustee if given by the certificateholders), may terminate all of the rights and obligations of the servicer, as servicer, under the pooling and servicing agreement. The trustee will appoint a new servicer. Any such termination and appointment is called a service transfer. If the only Servicer Default is bankruptcy-, insolvency-, receivership-, or conservatorship-related, however, the bankruptcy trustee, the receiver or the conservator for the servicer or the servicer itself as debtor-in-possession may have the power to prevent the trustee or certificateholders from appointing a successor servicer. See *"Risk Factors — Insolvency and Security Interest Risks — The conservatorship, receivership, bankruptcy, or insolvency of AENB, TRS, the transferor, the trust, or any of their affiliates could result in accelerated, delayed, or reduced payments to you."*

The rights and interest of the transferor under the pooling and servicing agreement in the transferor's interest will not be affected by any termination notice or service transfer. If, within 60 days of receipt of a termination notice, the trustee does not receive any bids from Eligible Servicers but receives an officer's certificate from the transferor to the effect that the servicer cannot in good faith cure the Servicer Default which gave rise to the termination notice, then the trustee shall, except when the Servicer Default is caused by certain events of bankruptcy, insolvency, conservatorship or receivership of the servicer, offer the transferor a right of first refusal to purchase the certificateholders' interest on the Distribution Date in the next calendar month. The purchase price for the certificateholders' interest will be equal to the sum of the amounts specified therefor for each outstanding series in the related supplement to the pooling and servicing agreement.

The trustee will, as promptly as possible, appoint an Eligible Servicer as a successor servicer. The successor servicer shall accept its appointment by written instrument acceptable to the trustee. The successor servicer is entitled to compensation out of collections; however, that compensation will not be in excess of the servicing fee. See *"Series Provisions — Servicing Compensation and Payment of Expenses"* for a discussion of the monthly servicing fee. Because TRS, as servicer, has significant responsibilities with respect to the servicing of the receivables, the trustee may have difficulty finding a suitable successor servicer. Potential successor servicers may not have the capacity to adequately perform the duties required of a successor servicer or may not be willing to perform such duties for the amount of the servicing fee currently payable under the pooling and servicing agreement. If no successor servicer has been appointed by the trustee and has accepted such appointment by the time the servicer ceases to act as servicer, all rights, authority, power and obligations of the servicer under the pooling and servicing agreement will be vested in the trustee. The Bank of New York Mellon, the trustee, does not have credit card operations. If The Bank of New York Mellon is automatically appointed as successor servicer, it may not have the capacity to perform the duties required of a successor servicer and current servicing compensation under the pooling and servicing agreement may not be sufficient to cover its actual costs and expenses of servicing the accounts. Prior to any service transfer, the trustee will seek to obtain bids from potential servicers meeting certain eligibility requirements set forth in the pooling and servicing agreement to serve as a successor servicer for servicing compensation not in excess of the Servicing Fee plus any amounts payable to the transferor pursuant to the pooling and servicing agreement.

**Evidence as to Compliance** 

The fiscal year for the trust will end on December 31 of each year. The depositor of the trust will file with the SEC an annual report on Form 10-K on behalf of the trust within 90 days after the end of its fiscal year.

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The servicer will deliver to the trustee and, if required, deliver to the depositor of the trust to file with the SEC as part of an annual report on Form 10-K filed on behalf of the trust, the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a report regarding its assessment of compliance during the preceding fiscal year with all applicable servicing
criteria set forth in relevant SEC regulations with respect to asset backed securities transactions taken as a whole involving the servicer that are backed by the same types of assets as those backing the certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● with respect to each assessment report described immediately above, a report by a registered public accounting
firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant SEC regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a servicer compliance certificate, signed by an authorized officer of the servicer, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a review of the servicer's activities during the reporting period and of its performance under the pooling and servicing agreement has been made under such officer's supervision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the best of such officer's knowledge, based on such review, the servicer has fulfilled all of its obligations under the pooling and servicing agreement in all material respects throughout the reporting period or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof.

The servicer's obligation to deliver any servicing assessment report or attestation report and, if required, to file the same with the SEC, is limited to those reports prepared by the servicer and, in the case of reports prepared by any other party, those reports actually received by the servicer.

Copies of all statements, certificates and reports furnished to the trustee may be obtained by a request in writing delivered to the trustee. Except as described in this prospectus, there will not be any independent verification that any duty or obligation to be performed by any transaction party — including the servicer — has been performed by that party.

**Transferor Insolvency** 

In addition to the consequences of a Pay-Out Event or Reinvestment Event discussed above, if an insolvency event occurs, the transferor immediately will stop transferring principal receivables to the trust. The transferor also will promptly notify the trustee of the insolvency event.

An "insolvency event" shall occur if the transferor or other holder of the original transferor certificate shall consent to or fail to object to the appointment of a conservator or receiver or liquidator or trustee in any insolvency, bankruptcy, receivership, conservatorship, liquidation, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the transferor or other holder or of or relating to all or substantially all of the transferor's or other holder's property, or a court or agency or supervisory authority having jurisdiction in the premises shall issue, or enter against the transferor or other holder a decree or order for the appointment of a conservator or receiver or liquidator or trustee in any insolvency, bankruptcy, receivership, conservatorship, liquidation, readjustment of debt, marshaling of assets and liabilities or similar proceedings or for the winding-up or liquidation of the transferor's or other holder's affairs; or the transferor or other holder shall admit in writing its inability, or shall be unable, to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency, bankruptcy, reorganization, liquidation, receivership, or conservatorship statute, make any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or a proceeding shall have been instituted against the transferor or other holder by a court having jurisdiction in the premises seeking a decree or order for relief in respect of any such person in an involuntary case under any bankruptcy, insolvency, reorganization or liquidation statute, or for the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official, of the transferor or other holder or for any substantial part of the transferor's or other holder's property, or for the liquidation and winding up of the transferor's or other holder's affairs and, if instituted against the transferor or other holder, any such proceeding shall continue undismissed or

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unstayed and in effect for a period of 60 consecutive days, or any of the actions sought in such proceeding shall occur.

If the only Pay-Out Event or Reinvestment Event to occur with respect to any series is the bankruptcy, insolvency, liquidation receivership or conservatorship of the transferor, the trustee may not be permitted to suspend transfers of receivables to the trust.

**Amendments** 

The pooling and servicing agreement and any supplement may be amended from time to time, including in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the issuance of a Supplemental Certificate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the designation of additional transferor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the addition to the trust of receivables arising from charge or credit accounts other than the revolving
credit accounts, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to change the definition of Monthly Period, Determination Date or Distribution Date.

Amendments to the pooling and servicing agreement and any supplement may be made by agreement of the trustee, the transferor and the servicer without the consent of the certificateholders of any series, so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Rating Agency Condition shall have been satisfied,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the transferor delivers to the trustee an officer's certificate to the effect that such amendment will
not have an Adverse Effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● such amendment will not effect a change in the permitted activities of the trust except for those changes
necessary for compliance with accounting requirements or tax requirements or required to cure any ambiguity or correct or supplement any provision contained in the pooling and servicing agreement or any supplement which may be defective or
inconsistent with any provisions thereof.

The pooling and servicing agreement or any supplement also may be amended by the trustee, the transferor and the servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a change in the permitted activities of the trust which is not materially adverse to holders of certificates, with the consent of certificateholders evidencing not less than 50% of the aggregate unpaid principal amount of the certificates of each outstanding series affected by such change, unless such change is necessary for compliance with accounting requirements or tax requirements or required to cure any ambiguity or correct or supplement any provision contained in the pooling and servicing agreement or any supplement which may be defective or inconsistent with any provisions thereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in all other cases with the consent of the certificateholders evidencing not less than 66<sup>2</sup>⁄<sub>3</sub>% of the aggregate unpaid principal amount of the certificates of all affected series for which the transferor has not delivered an officer's certificate stating that there will be no Adverse Effect, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the pooling and servicing agreement or any supplement or of modifying in any manner the rights of certificateholders.

No such amendment specified in clause (b) above, however, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce in any manner the amount of, or delay the timing of, deposits or distributions on any certificate
without the consent of each certificateholder,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● change the definition or the manner of calculating the certificateholders' interest or the invested
amount without the consent of each certificateholder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce the percentage required to consent to any such amendment without the consent of each certificateholder,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● adversely affect the rating of any series or class by any Rating Agency without the consent of the holders of
certificates of such series or class evidencing not less than 66<sup>2</sup>⁄<sub>3</sub>% of the aggregate unpaid principal amount of the certificates of such series or class.

Promptly following the execution of any amendment to the pooling and servicing agreement (other than an amendment described in the first paragraph), the trustee will furnish written notice of the substance of such amendment to each certificateholder. Notwithstanding the foregoing, any supplement executed in connection with the issuance of one or more new series of certificates will not be considered an amendment to the pooling and servicing agreement.

In addition to being subject to amendment pursuant to the provisions described above, the pooling and servicing agreement and any supplement may be amended by the transferor without the consent of the servicer, the trustee or any certificateholder to account for the transfer of assets as sales in accordance with FASB Statement No. 140, including providing for the transfer of receivables from AENB to a bankruptcy-remote special purpose entity and from that entity to the trust. Promptly after the effectiveness of any such amendment, the transferor shall deliver a copy of such amendment to each of the servicer, the trustee, each Rating Agency and any other party entitled to receive it pursuant to the relevant supplement. Furthermore, such amendment shall be subject to the delivery by the transferor of a Tax Opinion.

[Notwithstanding anything under this heading to the contrary, the pooling and servicing agreement and any supplement may be amended by the [administrator] without the consent of the transferor, the servicer, the trustee, the calculation agent, any certificateholder or any other person and without satisfying any other amendment provisions of the pooling and servicing agreement, any supplement or in any other transaction document solely in connection with any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes to be made by the [administrator (or its designee)] (on behalf of the issuing entity); *provided* that the [administrator] (on behalf of the issuing entity) has delivered notice of such amendment to each Rating Agency hired to rate the certificates, the trustee and the calculation agent on or prior to the date such amendment is executed; provided, further, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes shall not affect the trustee's or calculation agent's rights, indemnities or obligations without the trustee's, or calculation agent's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to the pooling and servicing agreement and any supplement may be retroactive (including retroactive to the Benchmark Replacement Date) and the pooling and servicing agreement and any supplement may be amended more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.]

**Defeasance** 

Only if so expressly provided in the applicable supplement, then pursuant to the pooling and servicing agreement, the transferor may terminate its substantive obligations in respect of a series or the pooling and servicing agreement by depositing with the trustee, under the terms of an irrevocable trust agreement satisfactory to the trustee, from amounts representing or acquired with collections on the receivables (allocable to the defeased series and available to purchase additional receivables) monies or Eligible Investments sufficient to make all remaining scheduled interest and principal payments on the defeased series on the dates scheduled for such payments and to pay all amounts owing to any provider of Series Enhancement. To achieve that end, the transferor has the right to use collections on receivables to purchase Eligible Investments rather than additional receivables.

Prior to the first exercise of its right to substitute monies or Eligible Investments for receivables, the transferor shall deliver:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the trustee an opinion of counsel with respect to such deposit and termination of obligations to the effect that, for federal income tax purposes, such action would not cause the trust to be deemed to be an association (or publicly traded partnership) taxable as a corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the servicer and the trustee written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied.

In addition, the transferor must comply with certain other requirements set forth in the pooling and servicing agreement, including requirements that the transferor deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to the trustee an opinion of counsel to the effect that the deposit and termination of obligations will not
require the trust to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to the trustee and certain providers of Series Enhancement an officer's certificate stating that, based
on the facts known to such officer at the time, in the reasonable opinion of the transferor, such deposit and termination of obligations will not at the time of its occurrence cause a Pay-Out Event or a
Reinvestment Event or an event that, after the giving of notice or the lapse of time would constitute a Pay-Out Event or a Reinvestment Event, to occur with respect to any series.

If the transferor discharges its substantive obligations in respect of the defeased series, any Series Enhancement for the affected series may no longer be available to make payments with respect to that series.

Upon the making of any deposit described in the preceding paragraph, the certificateholders of the defeased series could recognize taxable gain for federal income tax purposes to the extent that the value of the affected certificates exceeds the tax basis therein, but in no event would be allowed to deduct a taxable loss for such purposes.

**List of Certificateholders** 

Upon written request of any holder or group of holders of certificates of any series or of all outstanding series of record holding certificates evidencing not less than 10% of the aggregate unpaid principal amount of the certificates of such series or all series, as applicable, the trustee will afford such holder or holders of certificates access during business hours to the current list of certificateholders of such series or of all outstanding series, as the case may be, for purposes of communicating with other holders of certificates with respect to their rights under the pooling and servicing agreement. See *"Description of the Certificates — Book-Entry Registration"* and *"— Definitive Certificates."*

The pooling and servicing agreement will not provide for any annual or other meetings of certificateholders.

**The Trustee** 

The Bank of New York Mellon, a New York banking corporation, is the trustee under the pooling and servicing agreement. See *"Transaction Parties — The Trustee"* for a description of The Bank of New York Mellon.

Under the terms of the pooling and servicing agreement, the servicer agrees to pay to the trustee reasonable compensation for performance of its duties under the pooling and servicing agreement. The trustee has agreed to perform only those duties specifically set forth in the pooling and servicing agreement. Under the terms of the pooling and servicing agreement, the trustee's limited responsibilities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to deliver to certificateholders of record certain notices, reports and other documents received by the
trustee, as required under the pooling and servicing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to authenticate, deliver, cancel and otherwise administer the investor certificates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to remove and reassign ineligible receivables and accounts from the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to establish and maintain necessary trust accounts and to maintain accurate records of activity in those
accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to serve as the initial transfer agent, paying agent and registrar, and, if its resigns these duties, to
appoint a successor transfer agent, paying agent and register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to invest funds in the trust accounts at the direction of the servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to represent the certificateholders in interactions with clearing agencies and other similar organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to distribute and transfer funds at the direction of the servicer, as applicable, in accordance with the terms
of the pooling and servicing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to file with the appropriate party all documents necessary to protect the rights and interests of the
certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to enforce the rights of the certificateholders against the servicer, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to notify the certificateholders and other parties, to sell the receivables, and to allocate the proceeds of
such sale, in the event of the termination of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to perform certain other administrative functions identified in the pooling and servicing agreement.

In addition to the responsibilities described above, the trustee has the discretion to require the transferor or the servicer, as applicable, to cure a potential Pay-Out Event and to declare a Pay-Out Event. See *"Series Provisions — Pay-Out Events."*

If a Servicer Default occurs, in addition to the responsibilities described above, the trustee may be required to appoint a successor servicer or to take over servicing responsibilities under the pooling and servicing agreement. See *"— Servicer Default."* In addition, if a Servicer Default occurs, the trustee, in its discretion, may proceed to protect its rights or the rights of the investor certificateholders under the pooling and servicing agreement by a suit, action or other judicial proceeding.

The trustee is not liable for any errors of judgment as long as the errors are made in good faith and the trustee was not negligent. The trustee may resign at any time, and it may be forced to resign if the trustee fails to meet the eligibility requirements specified in the pooling and servicing agreement.

The holders of a majority of investor certificates have the right to direct the time, method or place of conducting any proceeding for any remedy available to the trustee under the pooling and servicing agreement.

**Merger or Consolidation of the Transferor or the Servicer** 

The pooling and servicing agreement provides that the transferor may not consolidate with or merge into, or sell all or substantially all of its assets as an entirety to, any other entity unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the surviving entity is organized under the laws of the United States of America, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the surviving entity, the transferor and the trustee shall have entered into a supplement to the pooling and servicing agreement providing for the entity's assumption of the transferor's obligations under the pooling and servicing agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transferor shall have delivered to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an officer's certificate and an opinion of counsel regarding the enforceability of such assumption agreement against the surviving entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Tax Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all filings required to perfect the trustee's interest in the receivables to be conveyed by the surviving entity shall have been duly made and copies thereof shall have been delivered to the trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the trustee shall have received an opinion of counsel with respect to clause (iv) above and certain other matters specified in the pooling and servicing agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the surviving entity is not subject to Title 11 of the United States Code, the transferor shall have delivered notice to each Rating Agency of the assumption of the transferor's obligations by the surviving entity. If the surviving entity is subject to Title 11 of the United States Code, the transferor shall have delivered the notice described above and the transferor shall have received notice that the Rating Agency Condition has been satisfied.

Assumption of obligations by entities subject to Title 11 of the United States Code in accordance with the provisions described above may alter or increase certain insolvency risks described under *"Risk Factors — Insolvency and Security Interest Risks — The conservatorship, receivership, bankruptcy, or insolvency of AENB, TRS, the transferor, the trust, or any of their affiliates could result in accelerated, delayed, or reduced payments to you."*

Under the pooling and servicing agreement, the servicer may not consolidate with or merge into, or sell all or substantially all of its assets as an entirety to, any other entity unless, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the surviving entity is an Eligible Servicer under the pooling and servicing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the surviving entity is a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in a supplement to the pooling and servicing agreement, the surviving entity expressly assumes the servicer's obligations under such agreement.

**Assumption of the Transferor's Obligations** 

The pooling and servicing agreement permits a transfer of all or a portion of the transferor's credit accounts and the receivables arising thereunder. This transfer may include all (but not less than all) of the accounts and may also include the transferor's remaining interest in the receivables arising thereunder and its interest in the trust, together with all servicing functions and other obligations under the pooling and servicing agreement or relating to the transactions contemplated thereby, to another entity that may or may not be affiliated with that transferor. Pursuant to the pooling and servicing agreement, the transferor is permitted to assign, convey, and transfer these assets and obligations to such other entity, without the consent or approval or any certificateholders, if the following conditions, among others, are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the assuming entity is organized under the laws of the United States of America, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assuming entity, the transferor and the trustee shall have entered into a supplement to the pooling and servicing agreement or an assumption agreement providing for the entity's assumption of the transferor's obligations under the pooling and servicing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transferor shall have delivered to the trustee:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an officer's certificate and an opinion of counsel regarding the enforceability of such assumption agreement against the assuming entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Tax Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all filings required to perfect the trustee's interest in the receivables to be conveyed by the assuming entity shall have been duly made and copies thereof shall have been delivered to the trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the trustee shall have received an opinion of counsel with respect to clause (iv) above and certain other matters specified in the pooling and servicing agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the assuming entity is not subject to Title 11 of the United States Code, the transferor shall have delivered notice to each Rating Agency of the assumption of the transferor's obligations by the surviving entity. If the assuming entity is subject to Title 11 of the United States Code, the transferor shall have delivered the notice described above and the transferor shall have received notice that the Rating Agency Condition has been satisfied.

The pooling and servicing agreement provides that the transferor, the surviving entity and the trustee may enter into amendments to that agreement to permit the transfer and assumption described above without the consent of any certificateholders. After any permitted transfer and assumption, the assuming entity will be considered to be a "transferor" for all purposes hereof, and the transferor will have no further liability or obligation under the pooling and servicing agreement. Assumption of obligations by entities subject to Title 11 of the United States Code in accordance with the provisions described above may alter or increase certain insolvency risks described under *"Risk Factors — Insolvency and Security Interest Risks — The conservatorship, receivership, bankruptcy, or insolvency of AENB, TRS, the transferor, the trust, or any of their affiliates could result in accelerated, delayed, or reduced payments to you."* 

**Description of the Purchase Agreement** 

The following summarizes the material terms of the receivables purchase agreement between AENB and RFC III. We refer to the receivables purchase agreement as the "purchase agreement" and we refer to RFC III as the "purchaser." The purchase agreement is filed as an exhibit to this registration statement, of which this prospectus is a part.

**Sale of Receivables** 

AENB is the owner of the accounts which contain the receivables that are purchased by RFC III pursuant to the purchase agreement and then transferred by RFC III to the trust. In connection with the sale of receivables to RFC III, AENB has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● filed appropriate UCC financing statements to evidence the sale to the purchaser and to perfect the right,
title and interest of the purchaser in those receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● indicated in its books and records (including any related computer files) that the receivables have been sold
by it to the purchaser.

Pursuant to the purchase agreement, AENB:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sold all of its right, title and interest, if any, in the receivables existing in the initial accounts at the
close of business on the substitution date and in the receivables thereafter arising in those accounts, in each case including all Issuer Rate Fees, insurance proceeds and Recoveries allocable to such receivables, all monies due or to become due,
all amounts received or receivable, all collections and all proceeds, each as it relates to such receivables; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● will, from time to time, at the request of the purchaser, designate Additional Accounts and sell to the
purchaser all of its right, title and interest in the receivables existing in the additional accounts on the applicable addition cut-off date and in the receivables arising thereafter in those accounts, in
each case including all Issuer Rate Fees, insurance proceeds, Recoveries, all monies due or to become due, all amounts received or receivable, all collections and all proceeds, each as it relates to such receivables.

Under the purchase agreement, the allocated Issuer Rate Fees for each calendar month is to be paid by AENB to the purchaser in the second following calendar month. For each calendar month, the allocated Issuer Rate Fees will be an amount equal to the sum of (i) the product of (A) the rate at which Issuer Rate Fees accrued to AENB during the second preceding Monthly Period on revolving credit accounts owned by AENB, *multiplied by* (B) a fraction, (I) the numerator of which is the aggregate amount of charges in all revolving credit accounts owned by AENB, excluding balance transfer transactions, purchases made by convenience checks, cash advances, certain ineligible products and services offered by TRS or any affiliate or subsidiary thereof, and all other transactions on which Issuer Rate Fees did not accrue to AENB, in each case with respect to such Monthly Period, and (II) the denominator of which is the aggregate amount of charges in all revolving credit accounts owned by AENB with respect to such Monthly Period, *multiplied by* (C) new principal receivables that arose during such Monthly Period in the accounts that constitute revolving credit accounts, *plus* (ii) the product of (A) the rate at which Issuer Rate Fees accrued to AENB during the second preceding Monthly Period on certain credit accounts that generally require balances to be paid in full or lines of credit owned by AENB, *multiplied by* (B) a fraction, (I) the numerator of which is the aggregate amount of obligor charges on all credit accounts that generally require balances to be paid in full or lines of credit owned by AENB, excluding balance transfer transactions, purchases made by convenience checks, cash advances, certain ineligible products and services offered by TRS or any affiliate or subsidiary thereof, and all other transactions on which Issuer Rate Fees did not accrue to AENB, in each case with respect to such Monthly Period, and (II) the denominator of which is the aggregate amount of obligor charges on all credit accounts that generally require balances to be paid in full or lines of credit owned by AENB with respect to such Monthly Period, multiplied by (C) new principal receivables that arose during such Monthly Period in the accounts that constitute credit accounts that generally require balances to be paid in full or lines of credit.

Pursuant to the pooling and servicing agreement, RFC III has assigned all of its right, title and interest in the purchase agreement, including its right to enforce the agreement against AENB, to the trustee, on behalf of the trust.

**Representations and Warranties** 

In the purchase agreement, AENB represents and warrants to the purchaser that, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it is validly existing in good standing under the applicable laws of the applicable jurisdiction and has full
power and authority to own its properties and conduct its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● its execution and delivery of the purchase agreement and its performance of the transactions contemplated by
that agreement will not conflict with or result in any breach of any of the terms of any material agreement to which it is a party or by which its properties are bound and will not conflict with or violate any requirements of law applicable to it;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all governmental authorizations, consents, orders, approvals, registrations or declarations required to be
obtained by it in connection with its execution and delivery of, and its performance of the applicable purchase agreement, have been obtained.

**Repurchase Obligations** 

In the purchase agreement, AENB makes the following representations and warranties, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as of the applicable cut-off date with respect to the accounts, the
list of accounts and information concerning the accounts provided by it is accurate and complete in all material respects, with certain permitted exceptions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each receivable conveyed by it to the purchaser has been conveyed free and clear of any lien or encumbrance,
except liens permitted by the purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all governmental authorizations, consents, orders, approvals, registrations or declarations required to be
obtained, effected or given by it in connection with the conveyance of receivables to the purchaser have been duly obtained, effected or given and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as of each applicable selection date, each account was an Eligible Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as of each applicable selection date, each of the receivables then existing in the accounts was an Eligible
Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as of the date of creation of any new receivable, such receivable is an Eligible Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no selection procedures reasonably believed by it to be materially adverse to the interests of the purchaser
have been used in selecting the accounts.

As described under *"The Pooling and Servicing Agreement Generally — Representations and Warranties"*, the purchaser, in its capacity as transferor to the trust, makes corresponding representations to the trust and the trustee. The pooling and servicing agreement provides that if the transferor materially breaches any of such representations, subject to certain conditions, the transferor will be required to accept reassignment of the related Ineligible Receivables. The purchase agreement provides that if AENB materially breaches any of the representations and warranties described above and, as a result, the purchaser is required under the pooling and servicing agreement to accept a reassignment of the related Ineligible Receivables transferred to the trust by the purchaser, then AENB will accept reassignment of such Ineligible Receivables and pay to the purchaser an amount equal to the unpaid balance of such Ineligible Receivables. See *"— Representations and Warranties."*

**Reassignment of Other Receivables** 

AENB also represents and warrants in the purchase agreement that (a) the purchase agreement and any supplemental conveyance each constitutes a legal, valid and binding obligation of AENB and (b) the purchase agreement and any supplemental conveyance constitute a valid sale to the purchaser of all right, title and interest of AENB of the receivables, including all Issuer Rate Fees, insurance proceeds, Recoveries, all monies due or to become due, all amounts received or receivable, all collections and all proceeds, each as it relates to such receivables, and that the sale is perfected under the applicable UCC. If a representation described in (a) or (b) of the preceding sentence is not true and correct in any material respect and as a result of the breach the purchaser is required under the pooling and servicing agreement to accept a reassignment of all of the receivables previously sold by AENB pursuant to the purchase agreement, AENB will accept a reassignment of those receivables. See *"— Representations and Warranties."* If AENB is required to accept such reassignment, AENB will pay to the purchaser an amount equal to the unpaid balance of the reassigned receivables.

**Modifications** 

AENB also agrees in the purchase agreement that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● except (i) as otherwise required by any requirements of law or (ii) as is deemed by AENB to be
necessary in order for it to maintain its credit card business or a program operated by such credit card business on a competitive basis based on a good faith assessment by it of the nature of the competition with respect to such credit card
business or such program, AENB shall not at any time reduce the annual percentage rate of the periodic rate finance charges assessed on the receivables or take any other action with respect to any of the accounts if, as a result of any such action,
such action would reasonably be expected to cause a Pay-Out Event or a Reinvestment Event to occur under the pooling and servicing agreement based on the insufficiency of Portfolio Yield or any similar test.
In addition, except as otherwise required by any requirements of law, AENB shall not at any time reduce the annual percentage rate of the periodic rate finance charges assessed on the receivables or take any other action with respect to any of the
accounts if, as a result of any such action, such action would reasonably be expected to cause the Portfolio Yield under the pooling and servicing agreement to be less than the then-current highest Average Rate for any group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● subject to compliance with all requirements of law and the bullet above, AENB may change the terms and
provisions of the account agreements or the credit guidelines applicable to the accounts in any respect (including the calculation of the amount or the timing of charge-offs and the periodic rate finance charges to be assessed thereon).
Notwithstanding the above, unless required by requirements of law or as permitted by the bullet above, AENB will not take any action with respect to such account agreements or such credit guidelines which, at the time of such action, would
reasonably be expected to have a material adverse effect on the transferor.

**Amendments** 

The purchase agreement may be amended by AENB and the purchaser without consent of any investor certificateholders. No amendment, however, may be effective unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● written confirmation has been received by the purchaser from each rating agency that the amendment will not
result in the reduction, qualification or withdrawal of the respective ratings of each rating agency for any certificates issued by the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● AENB will certify to the purchaser that it reasonably believes that the amendment will not cause a Pay-Out Event.

**Termination** 

The purchase agreement will not terminate at least until the earlier of (a) the termination of the trust pursuant to the pooling and servicing agreement and (b) an amendment to the pooling and servicing agreement to replace RFC III with an affiliate of RFC III as the transferor under the pooling and servicing agreement. Nevertheless, if a receiver or conservator is appointed for AENB or certain other liquidation, bankruptcy, insolvency or other similar events occur, AENB will cease to transfer receivables to the purchaser and promptly give notice of that event to the purchaser and the trustee, unless the receiver, conservator or bankruptcy court instructs otherwise.

**Asset Representations Review** 

As discussed under *"Description of the Purchase Agreement — Representations and Warranties"* and *"The Pooling and Servicing Agreement Generally — Representations and Warranties,"* the sponsor and the transferor make certain representations and warranties regarding the receivables and the related accounts. As described below, the asset representations reviewer will be responsible for performing a review of all receivables in the Trust Portfolio that are more than 60 days contractually delinquent (i.e., 60 days past the date a payment amount is first due under the applicable card member agreement) and the accounts relating to such receivables for compliance with certain of these representations and warranties if the following sequential events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as of the end of any Monthly Period, the 60-Day Delinquency Percentage
equals or exceeds the Delinquency Threshold, as described below under *"— Delinquency Event"*; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the certificateholders have voted to direct a review of all receivables in the Trust Portfolio that are more
than 60 days contractually delinquent and the accounts relating to such receivables for compliance with the ARR Representations and Warranties on the receivables and the accounts, as described below under *"— Voting Event."* 

**Delinquency Event** 

If, with respect to any Monthly Period, the 60-Day Delinquency Percentage equals or exceeds the Delinquency Threshold, the transferor will disclose such occurrence in the trust's monthly distribution report on Form 10-D relating to such Monthly Period.

The "60-Day Delinquency Percentage" for any Monthly Period will equal the average for the three consecutive Monthly Periods ending with such Monthly Period of the aggregate outstanding balance of receivables in the Trust Portfolio that are more than 60 days contractually delinquent (not including any Defaulted Receivables), as a percentage of the total receivables outstanding in the Trust Portfolio, in each case as of the end of the applicable Monthly Period. We determined to base the delinquency event on the percentage of receivables in the Trust Portfolio that are more than 60 days contractually delinquent because it is a relatively stable metric by which to measure nonperforming assets at different points in time. We determined to use a rolling three-month average of monthly delinquency percentages because it is a measure of nonperforming assets over a period of time and is, therefore, a better measure of the significance of that nonperformance than is a measure of nonperforming assets at any particular point in time.

The "Delinquency Threshold" will initially equal [●]%, although the Delinquency Threshold will be reviewed and may be adjusted as described below. The initial Delinquency Threshold is calculated as the product of the historical peak percentage of receivables in the Trust Portfolio that were more than 60 days contractually delinquent (not including any Defaulted Receivables) as of the end of any Monthly Period from the formation of the trust in May 1996 to [●] 20[●] ([●]%) and a multiplier of [●].

In determining the manner in which the Delinquency Threshold is calculated, we sought to identify a circumstance when rising delinquencies might begin to cause a reasonable investor concern that the receivables in the Trust Portfolio might not have complied with the representations and warranties made with respect to those receivables in the pooling and servicing agreement and the purchase agreement. We considered two primary factors: (i) the historical peak percentage of receivables in the Trust Portfolio that were more than 60 days contractually delinquent and (ii) the history of repurchase demands for receivables in the Trust Portfolio where the breach of a representation or warranty had been asserted. During the period from the formation of the trust in May 1996 to [●] 20[●], the historical peak percentage of receivables in the Trust Portfolio that were more than 60 days contractually delinquent was [●]%. During that same period, neither the trustee nor any certificateholder has made a repurchase demand or asserted a breach of a representation or warranty concerning the receivables. We believe that delinquency percentages that do not exceed the historical peak delinquency percentage by a reasonable margin are far less likely to bear either a causal or a correlative relationship to any putative or actual breaches of representations and warranties concerning delinquent receivables, particularly in the case of the issuing entity, where no repurchase demand has ever been made nor breach of a representation or warranty been asserted. Further, we believe that establishing a reasonable margin above the historical peak delinquency percentage will reduce the likelihood that the Delinquency Threshold is breached due to general fluctuations in consumer credit cycles or other factors that are unrelated to breaches of representations and warranties, such as changes in the macro-economic environment or underwriting decisions. Based on these considerations, we believe that the Delinquency Threshold, calculated as described above, is an appropriate measure to trigger a review by the asset representations reviewer for a securitization platform that was established over 20 years ago and with no history of repurchase demands.

The Delinquency Threshold will be reviewed and may be adjusted upon the occurrence of either of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the filing of a registration statement with the SEC relating to any certificates to be offered and sold from time to time by the transferor, on behalf of the issuing entity; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a change in law or regulation (including any new or revised interpretation of an existing law or regulation) that, in the judgment of the transferor, could reasonably be expected to have a material effect on the delinquency rate for payments on the credit card accounts comprising the Trust Portfolio or the manner by which delinquencies are defined or determined;

*provided*, *however*, that, once the 60-Day Delinquency Percentage for any Monthly Period exceeds the Delinquency Threshold, a review of the Delinquency Threshold that would otherwise be undertaken as described above will be delayed until the date on which it is first reported in the trust's monthly distribution report on Form 10-D that the 60-Day Delinquency Percentage for the related Monthly Period no longer exceeds the Delinquency Threshold.

In the case of a review undertaken upon the occurrence of an event described in clause (i) above, we may increase or decrease the Delinquency Threshold, including by increasing or decreasing the multiplier used to calculate the Delinquency Threshold, by any amount we reasonably determine to be appropriate based on the composition of the Trust Portfolio at the time of the review. In the case of a review undertaken upon the occurrence of an event described in clause (ii) above, we may increase or decrease the Delinquency Threshold, including by increasing or decreasing the multiplier used to calculate the Delinquency Threshold, by any amount we reasonably determine to be appropriate as a result of the related change in law or regulation. Any adjustment to the Delinquency Threshold will be disclosed in the trust's monthly distribution report on Form 10-D relating to the Monthly Period in which the adjustment occurs, which report will include a description of how the adjusted Delinquency Threshold rate was determined to be appropriate.

**Voting Event** 

Following the disclosure in a monthly distribution report on Form 10-D that the 60-Day Delinquency Percentage with respect to the related Monthly Period exceeded the Delinquency Threshold, investors in the Series 20[●]-[●] certificates and all other outstanding series issued by the issuing entity will have the right to determine whether or not to initiate a vote to direct an asset representations review by providing written notice to the trustee of their desire to initiate such a vote. If any of the certificateholders providing such notice is not a record holder (including if such certificateholder owns a beneficial interest in a certificates in book-entry form), the trustee may require that certificateholder to provide (i) a written certification that it is a beneficial owner of certificates and (ii) one other form of documentation, such as a trade confirmation, an account statement, a letter from a broker or dealer or other similar document to verify that the certificateholder is, in fact, a beneficial owner of certificates.

If, within 90 days following the date of disclosure that the Delinquency Threshold has been exceeded, certificateholders holding certificates evidencing not less than 5% of the aggregate unpaid principal amount of all outstanding certificates (excluding any certificates held by the sponsor, the depositor, the servicer or any of their affiliates) provide written notice to the trustee of their desire to initiate a vote, the trustee will promptly provide notice of such occurrence to all certificateholders and commence a solicitation of votes of certificateholders to initiate a review. In addition, the transferor will disclose in the trust's monthly distribution report on Form 10-D relating to the Monthly Period during which the 5% notice threshold was reached that a vote to direct an asset representations review has commenced.

The vote on whether to initiate an asset representations review will be completed within 90 days of the delivery by the trustee of notice to certificateholders that a solicitation of votes has commenced. If, at the end of the 90-day voting period, certificateholders holding certificates evidencing more than 50% of the aggregate unpaid principal amount of all outstanding certificates participating in such vote (excluding any certificates held by the sponsor, the depositor, the servicer or any of their affiliates) elect to direct an asset representations review, the trustee will promptly provide notice of such occurrence to the transferor, the servicer and the sponsor, and the servicer will provide notice to the asset representations reviewer. In addition, the transferor will disclose the results of the vote in the trust's monthly distribution report on Form 10-D relating to the Monthly Period during which the voting period ended.

**Asset Representations Review Process** 

Following receipt of notice from the servicer that certificateholders have voted to direct an asset representations review, the asset representations reviewer will perform a review of all receivables in the Trust Portfolio that were

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more than 60 days contractually delinquent (and the accounts relating to such receivables), as of the last day of the Monthly Period immediately preceding the monthly period during which the 90-day voting period ended, for compliance with the ARR Representations and Warranties on such receivables and the accounts. The asset representations review will be performed in accordance with the procedures set forth in the asset representations review agreement.

The asset representations review agreement provides that, in connection with any asset representations review, the servicer will grant the asset representations reviewer access to documentation related to the performance of its review of the applicable accounts and receivables. The servicer will generally grant access to the review documentation within 60 days of the servicer's notice to the asset representations reviewer, and the asset representations review will generally be completed within 60 days of the asset representations reviewer receiving access to the necessary documentation.

Upon the completion of an asset representations review, the asset representations reviewer will provide a report to the trustee, the sponsor and the transferor of the findings and conclusions of the review of the receivables and the accounts. A summary of the asset representations reviewer's report will be included in the trust's distribution report on Form 10-D for the distribution period in which the report is provided to the trustee, the sponsor and the transferor.

The asset representations reviewer will not be the party to determine whether any noncompliance with representations or warranties constitutes a breach of any contractual provision relating to the receivables or the accounts. With respect to any such noncompliance with representations and warranties identified during the asset representations review, the sponsor will be the party to determine whether a contractual breach has occurred relating to the receivables or the accounts.

**Asset Representations Reviewer** 

Clayton Fixed Income Services LLC, a Delaware limited liability company or "Clayton", will act as the asset representations reviewer under the asset representations review agreement. Clayton is a wholly-owned subsidiary of Covius Services, LLC. Clayton and its affiliates have provided independent due diligence loan review and servicer oversight services since 1989.

Clayton and its affiliates are providers of targeted due diligence reviews of securitized assets and policies and procedures of originators and servicers to assess compliance with representations and warranties, regulatory and legal requirements, investor guidelines and settlement agreements. Clayton and its affiliates have performed over 17 million loan reviews and provided ongoing oversight on over $2 trillion of securitization transactions on behalf of investors, sponsors, issuers and originators, including government sponsored enterprises and other governmental agencies. These services have been performed primarily on residential mortgage loan and residential mortgage-backed security transactions, although Clayton and its affiliates have also performed these services for transactions involving auto loans, equipment leases, credit cards, commercial mortgage loans, student loans, timeshare loans and boat and recreational vehicle loans.

The asset representations reviewer is not, and so long as the Series 20[●]-[●] certificates are outstanding will not be, affiliated with AENB, RFC III, TRS, the trustee or any of their affiliates. The asset representations reviewer is not the same party or an affiliate of any party hired by any sponsor or any underwriter to perform pre-closing due diligence work on the receivables.

**Other Matters Relating to the Asset Representations Reviewer** 

The asset representations reviewer will be paid an annual fee by the transferor, or the sponsor at the direction of the transferor, in accordance with the asset representations review agreement. However, the annual fee does not include the fees and expenses payable to the asset representations reviewer in connection with an asset representations review. Under the asset representations review agreement, the asset representations reviewer will be entitled to receive an additional fee in connection with an asset representations review, which fee will be paid by the transferor, or the sponsor at the direction of the transferor.

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The asset representations review agreement provides that the asset representations reviewer will have no liability for any action taken or for refraining from the taking of any action in good faith or for errors in judgment, whether arising from express or implied duties under the asset representations review agreement, with exceptions for liability imposed by reason of the asset representations reviewer's willful misfeasance, bad faith or negligence or its reckless disregard of its obligations. In addition, the asset representations reviewer will be entitled to rely in good faith on the documents provided to it in connection with the performance of its duties under the asset representations review agreement.

The asset representations reviewer will be replaced if it no longer meets the eligibility requirements under the asset representations review agreement. In addition, the transferor may remove and replace the asset representations reviewer (i) in connection with a material breach or failure to perform by the asset representations reviewer under the asset representations review agreement, (ii) in connection with certain bankruptcy events with respect to the asset representations reviewer or (iii) if the asset representations reviewer becomes a competitor of, or an affiliate of a competitor of, American Express.

The asset representations reviewer may not resign as asset representations reviewer except (i) upon determination that (A) the performance of its duties under the asset representations review agreement is no longer permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under the asset representations review agreement permitted under applicable law, or (ii) on or after July 20, 2021, upon one year's written notice. No resignation of the asset representations reviewer will become effective until a successor asset representations reviewer is in place. The expenses associated with changing from one asset representations reviewer to another asset representations reviewer will be paid as agreed upon by the transferor and the asset representations reviewer and will not be paid out of collections received on the trust's assets.

**Certain Legal Aspects of the Receivables** 

**Certain Regulatory Matters** 

The operations and financial condition of AENB are subject to extensive regulation and supervision under federal and state law. The appropriate banking regulatory authorities, including the FDIC, the OCC and the CFPB, have broad enforcement powers over AENB. These enforcement powers may adversely affect the operation and financial condition of the trust and your rights under the pooling and servicing agreement prior to the appointment of a receiver or conservator.

If United States federal bank regulatory authorities supervising AENB were to find that any obligation of AENB or an affiliate under a securitization or other agreement, or any activity of AENB or such affiliate, constituted an unsafe or unsound practice or violated any law, rule, regulation or written condition or agreement applicable to AENB or such affiliate, such federal bank regulatory authorities have the power to order AENB or such affiliate, among other things, to rescind such agreement or contract, refuse to perform that obligation, terminate the activity, amend the terms of such obligation or take such other action as such regulatory authorities determine to be appropriate. In such an event, AENB or such affiliate may not be liable to you for contractual damages for complying with such an order and no recourse may be available against the relevant regulatory authority.

In one case, after the OCC found that a national bank was, contrary to safe and sound banking practices, receiving inadequate servicing compensation under its securitization agreements, that bank agreed to a consent order with the OCC. Such consent order required that bank, among other things, to immediately resign as servicer and to cease performing its duties as servicer within approximately 120 days, to immediately withhold and segregate funds from collections for payment of its servicing fee (notwithstanding the priority of payments in the securitization agreements and the perfected security interest of the relevant trust in those funds) and to increase its servicing fee percentage above that which was originally agreed upon in its securitization agreements.

While AENB and its affiliates have no reason to believe that any obligation of AENB or an affiliate under the securitization agreements is unsafe or unsound or violative of any law, rule or regulation applicable to them, there can be no assurance that any such regulatory authority would not conclude otherwise in the future. If such a bank regulatory authority did reach such a conclusion, and ordered AENB or an affiliate to rescind or amend the securitization agreements, payments to you could be delayed or reduced.

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See *"Risk Factors — Other Legal and Regulatory Risks — Regulatory action could result in losses or delay in payments"* and *"— Regulatory oversight and supervision could adversely affect the trust or your certificates, including by impeding origination or collection efforts, changing account holder use patterns, or reducing collections."* 

**Consumer Financial Products Regulation** 

The relationship of the consumer and the provider of consumer credit is extensively regulated by federal and state consumer protection laws. With respect to credit accounts issued by AENB, the most significant federal laws include the federal Truth in Lending, Equal Credit Opportunity, Fair Credit Reporting and Fair Debt Collection Practices Acts. These statutes impose disclosure requirements before and when an account is opened, at the end of monthly billing cycles and on an annual basis, and, in addition, limit account holder liability for unauthorized use, prohibit certain discriminatory practices in extending credit, and regulate practices followed in collections. In addition, account holders are entitled under these laws to have payments and credits applied to the revolving credit account promptly and to request prompt resolution of billing errors.

The CFPB has broad rulemaking examination and enforcement authority with respect to certain federal consumer financial laws over providers of consumer financial products and services, including American Express and AENB, and authority to prevent "unfair, deceptive or abusive" acts or practices. In addition, a number of U.S. states have significant consumer credit protection, disclosure and other laws (in certain cases more stringent than U.S. federal laws). U.S. federal law also regulates abusive debt collection practices which, along with bankruptcy and debtor relief laws, can affect the ability of American Express to collect amounts owed to it. American Express has been subject to regulatory actions by the CFPB and other regulators and may continue to be subject to such actions, including governmental inquiries, investigations and enforcement proceedings, in the event of noncompliance or alleged noncompliance with laws or regulations. Internal and regulatory reviews are likely to continue to result in changes to practices, products and procedures.

The trust may be liable for certain violations of consumer protection laws that apply to the receivables, either as assignee from the transferor with respect to obligations arising before transfer of the receivables to the trust or as the party directly responsible for obligations arising after the transfer. In addition, an account holder may be entitled to assert such violations by way of set-off against the obligation to pay the amount of receivables owing. All receivables that were not created in compliance in all material respects with the requirements of such laws (if such noncompliance has a material adverse effect on the certificateholders' interest therein) will be reassigned to the transferor. The servicer has also agreed in the pooling and servicing agreement to indemnify the trust, among other things, for any liability arising from such violations caused by its servicing activities. For a discussion of the trust's rights if the receivables were not created in compliance in all material respects with applicable laws, see *"The Pooling and Servicing Agreement Generally — Representations and Warranties."*

The Servicemembers Civil Relief Act ("SCRA") allows individuals on active duty in the military to cap the interest rate and fees on debts incurred before the call to active duty at 6%. In addition, subject to judicial discretion, any action or court proceeding in which an individual in military service is involved may be stayed if the individual's rights would be prejudiced by denial of such a stay. Currently, some account holders with outstanding balances have been placed on active duty in the military, and more may be placed on active duty in the future. In addition to the requirements of the SCRA, SCRA-covered American Express account holders receive additional protections for the duration of their active duty status, including: (1) SCRA-eligible balances are subject to an interest rate of 0% for the life of the balance; (2) exclusion from increases to annual fees and annual percentage rates; and (3) exclusion from application of the penalty rate. Additionally, annual membership fees, late payment fees, return payment fees and return ATM fees are waived for covered account holders for the duration of their active duty status.

The Military Lending Act of 2006 and its implementing regulations (the "MLA") apply to consumer credit cards offered by card issuers to "covered borrowers," comprising active duty, active guard, or reserve personnel and their spouses and dependents. Specifically, credit card issuers are barred from imposing a MAPR greater than 36 percent in any covered borrower's billing cycle, with MAPR calculated by including not only the covered borrower's periodic rate but also credit insurance premiums, debt cancellation and suspension fees, ancillary product fees, and other fees which are not "bona fide" and "reasonable." Card issuers may need to proactively identify

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covered borrowers by reference to a Department of Defense online database or a consumer report from a nationwide consumer reporting agency in order to ensure they do not impose an excessive MAPR on such individuals. In addition, disclosures of MAPR restrictions must be made to covered borrowers orally and in writing.

Application of federal and state bankruptcy and debtor relief laws would affect the interests of the certificateholders if such laws result in any receivables being charged off as uncollectible. See *"The Pooling and Servicing Agreement Generally — Defaulted Receivables; Rebates and Fraudulent Charges."*

See *"Risk Factors — Other Legal and Regulatory Risks — Regulatory oversight and supervision could adversely affect the trust or your certificates, including by impeding origination or collection efforts, changing account holder use patterns, or reducing collections"* and *"— Changes to consumer protection laws, including in the application or interpretation thereof, may impede origination or collection efforts, change account holder use patterns, or reduce collections, any of which may result in acceleration of or reduction in payment on the certificates."*

**Legal Proceedings** 

In the ordinary course of business, American Express Company and its subsidiaries ("American Express") are subject to various pending and potential legal actions, arbitration proceedings, claims, investigations, examinations, regulatory proceedings, information gathering requests, subpoenas, inquiries and matters relating to compliance with laws and regulations (collectively, legal proceedings).

Based on American Express' current knowledge, and taking into consideration our litigation-related liabilities, American Express does not believe it is a party to, nor are any of its properties the subject of, any legal proceeding that would have a material adverse effect on its consolidated financial condition or liquidity. However, in light of the uncertainties involved in such matters, including the fact that some pending legal proceedings are at preliminary stages or seek an indeterminate amount of damages, penalties or fines, it is possible that the outcome of legal proceedings could have a material impact on its results of operations. Certain legal proceedings involving American Express are described below.

On September 30, 2024, American Express was named as a defendant in a case filed in the United States District Court for the District of Massachusetts, captioned *Pizza Hazel, Inc., et al. v. American Express Co., et al.*, in which plaintiffs allege that the anti-steering and non-discrimination provisions in American Express' merchant agreements violate federal antitrust law and that the arbitration provision in American Express' merchant agreements violates federal antitrust law to the extent it prevents antitrust challenges to its anti-steering and non-discrimination provisions. Plaintiffs seek, on behalf of themselves and a class of merchants that accept through the OptBlue Program, unspecified damages and an injunction prohibiting American Express from enforcing its anti-steering and non-discrimination provisions and prohibiting American Express from enforcing its arbitration provision to the extent the arbitration provision prevents antitrust challenges to its anti-steering and non-discrimination provisions.

On March 21, 2024, American Express was named as a defendant in a case filed in the United States District Court for the District of Rhode Island, captioned *5-Star General Store aka Bento LLC, et al. v. American Express Co., et al.*, in which plaintiffs allege that the anti-steering and non-discrimination provisions in American Express' merchant agreements violate federal antitrust law and seek, on behalf of themselves and a class of merchants, an injunction prohibiting American Express from enforcing its anti-steering and non-discrimination provisions and a declaration that American Express has violated antitrust laws.

On January 29, 2019, American Express was named in a putative class action brought in the United States District Court for the Eastern District of New York, captioned *Anthony Oliver, et al. v. American Express Company and American Express Travel Related Services Company Inc.*, in which the plaintiffs are holders of MasterCard, Visa and/or Discover credit and/or debit cards (but not American Express cards) and allege they paid higher prices as a result of the anti-steering and non-discrimination provisions in American Express' merchant agreements in violation of federal antitrust law and the antitrust and consumer laws of various states. Plaintiffs seek unspecified damages and other forms of relief. The court dismissed plaintiffs' federal antitrust claim, numerous state antitrust and consumer protection claims and their unjust enrichment claim. For the remaining state antitrust or consumer

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protection claims, the court certified classes for (i) holders of Visa and MasterCard debit cards in eight states and Washington, D.C.; and (ii) holders of Visa, MasterCard and Discover credit cards that do not offer rewards or charge an annual fee in two states and Washington, D.C. Trial is scheduled for July 2025.

On March 8, 2016, plaintiffs B&R Supermarket, Inc. d/b/a Milam's Market and Grove Liquors LLC, on behalf of themselves and others, filed a suit, captioned *B&R Supermarket, Inc. d/b/a Milam's Market, et al. v. Visa Inc., et al.*, for violations of the Sherman Antitrust Act, the Clayton Antitrust Act, California's Cartwright Act and unjust enrichment in the United States District Court for the Northern District of California, against American Express Company, other credit and charge card networks, other issuing banks and EMVCo, LLC. Plaintiffs allege that the defendants, through EMVCo, conspired to shift liability for fraudulent, faulty and otherwise rejected consumer credit card transactions from themselves to merchants after the implementation of EMV chip payment terminals. Plaintiffs seek damages and injunctive relief. On May 4, 2017, the California court transferred the case to the United States District Court for the Eastern District of New York. On August 28, 2020, the court granted plaintiffs' motion for class certification. On August 14, 2024, the court granted American Express' motion to compel arbitration as to class members who are subject to American Express' merchant agreements, but did not stay the claims pending arbitration. On November 15, 2024, American Express appealed to the Second Circuit requesting a stay of all claims against American Express that are subject to arbitration. On March 31, 2025, American Express reached an agreement in principle with the class representatives to settle this action, which is subject to negotiation of a complete stipulation of settlement and court approval.

**Tax Matters** 

**Federal Income Tax Consequences — General** 

The following is a discussion of material federal income tax consequences relating to the investment in a certificate offered hereunder. This discussion is based on current law, which is subject to changes that could prospectively or retroactively modify or adversely affect the tax consequences summarized below. The discussion does not address all of the tax consequences relevant to a particular certificate owner in light of that certificate owner's circumstances, and some certificate owners may be subject to special tax rules and limitations not discussed below. Further, certificate owners should be aware that this summary and the opinions contained herein may not be able to be relied upon to avoid any income tax penalties that may be imposed with respect to the certificates. Each prospective certificate owner is urged to consult its own tax adviser in determining the federal, state, local and foreign income and any other tax consequences of the purchase, ownership and disposition of a certificate.

For purposes of this discussion, "U.S. person" means a citizen or resident of the United States, a corporation or partnership organized in or under the laws of the United States, any state thereof, or any political subdivision of either (including the District of Columbia), or an estate or trust the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source. The term "U.S. certificate owner" means any U.S. person and any other person to the extent that the income attributable to its interest in a certificate is effectively connected with that person's conduct of a U.S. trade or business.

**Treatment of the Certificates as Debt** 

The transferor expresses in the pooling and servicing agreement the intent that for federal, state and local income and franchise tax purposes, the certificates will be debt secured by the receivables. The transferor, by entering into the pooling and servicing agreement, and each investor, by the acceptance of a beneficial interest in a certificate, will agree to treat the certificates as debt for federal, state and local income and franchise tax purposes. However, the pooling and servicing agreement generally refers to the transfer of receivables as a "sale," and because different criteria are used in determining the non-tax accounting treatment of the transaction, the transferor will treat the pooling and servicing agreement for certain non-tax accounting purposes as causing a transfer of an ownership interest in the receivables and not as creating a debt obligation.

A basic premise of federal income tax law is that the economic substance of a transaction generally determines its tax consequences. The form of a transaction, while a relevant factor, is not conclusive evidence of its economic substance. In appropriate circumstances, the courts have allowed taxpayers as well as the Internal Revenue Service

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(the "IRS") to treat a transaction in accordance with its economic substance, as determined under federal income tax law, even though the participants in the transaction have characterized it differently for non-tax purposes.

The determination of whether the economic substance of a purchase of an interest in property is instead a loan secured by the transferred property has been made by the IRS and the courts on the basis of numerous factors designed to determine whether the transferor has relinquished (and the purchaser has obtained) substantial incidents of ownership in the property. Among those factors, the primary ones examined are whether the purchaser has the opportunity to gain if the property increases in value, and has the risk of loss if the property decreases in value. Orrick, Herrington & Sutcliffe LLP, special federal income tax counsel to the transferor ("Special Tax Counsel"), is of the opinion that, under current law as in effect on the series closing date, although no transaction closely comparable to that contemplated herein has been the subject of any Treasury regulation, revenue ruling or judicial decision, for federal income tax purposes the certificates offered hereunder will not constitute an ownership interest in the receivables but will properly be characterized as debt. Except where indicated to the contrary, the following discussion assumes that the certificates offered hereunder are debt for federal income tax purposes.

**Description of Opinions** 

As more fully described in this *"Tax Matters"* section, Special Tax Counsel is of the opinion generally to the effect that the trust will not be subject to federal income tax, and further that the certificates will be characterized as debt for federal income tax purposes. Additionally, Special Tax Counsel is of the opinion generally to the effect that the statements set forth in this section, to the extent that they constitute matters of law or legal conclusions, are correct in all material respects.

Special Tax Counsel has not been asked to opine on any other federal income tax matter, and the balance of this discussion does not purport to set forth any opinion of Special Tax Counsel concerning any other particular federal income tax matter. For example, the discussion of original issue discount below is a general discussion of federal income tax consequences relating to an investment in certificates that are treated as having original issue discount, which discussion Special Tax Counsel opines is correct in all material respects as described above; however, that discussion does not set forth any opinion as to whether any particular series of certificates will be treated as having original issue discount. Additionally, those matters as to which Special Tax Counsel renders opinions should be understood to be subject to the additional considerations in the discussions relating to those opinions set forth below.

Special Tax Counsel has not been asked to, and does not, render any opinion regarding the state or local income tax consequences of the purchase, ownership and disposition of a beneficial interest in the certificates. See *"— State and Local Taxation"* below.

This description of the substance of the opinions rendered by Special Tax Counsel is not intended as a substitute for an investor's review of the remainder of this discussion of income tax consequences, or for consultation with its own advisors or tax return preparer.

**Treatment of the Trust** 

***General***

The pooling and servicing agreement permits the issuance of certificates and certain other interests (including any collateral interest) in the trust, each of which may be treated for federal income tax purposes either as debt or as equity interests in the trust. If all of the certificates and other interests (other than the original transferor certificate) in the trust were characterized as debt, the trust might be characterized as a security arrangement for debt collateralized by the receivables and issued directly by the transferor (or other holders of the original transferor certificate). Under such a view, the trust would be disregarded for federal income tax purposes. Alternatively, if some of the Transferor Certificates, the certificates and other interests in the trust were characterized as equity therein, the trust might be characterized as a separate entity owning the receivables, issuing its own debt, and jointly owned by the transferor (or other holders of the original transferor certificate) and any other holders of equity interests in the trust. However, Special Tax Counsel is of the opinion that, under current law as in effect on the series

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closing date, any such entity constituted by the trust will not be an association or publicly traded partnership taxable as a corporation.

***Possible Treatment of the Trust as a Partnership or a Publicly Traded Partnership***

Although, as described above, Special Tax Counsel is of the opinion that the certificates will properly be treated as debt for federal income tax purposes and that the trust will not be treated as an association or publicly traded partnership taxable as a corporation, such opinion does not bind the IRS and thus no assurance can be given that such treatment will prevail. Further, such opinion is made with respect to current law, which is subject to change. If the IRS were to contend successfully that some or all of the Transferor Certificates, the certificates or any other interests in the trust (including any collateral interest) were equity in the trust for federal income tax purposes, all or a portion of the trust could be classified as a partnership or as a publicly traded partnership taxable as a corporation for such purposes. Because Special Tax Counsel is of the opinion that the certificates will be characterized as debt for federal income tax purposes, no attempt will be made to comply with any tax reporting requirements that would apply as a result of such alternative characterizations.

If the trust were treated in whole or in part as a partnership in which some or all holders of interests in the publicly offered certificates were partners, that partnership could be classified as a publicly traded partnership, and so could be taxable as a corporation. Further, regulations published by the Treasury Department under the publicly traded partnership provisions of the Internal Revenue Code could cause the trust to constitute a publicly traded partnership even if all holders of interests in publicly offered certificates are treated as holding debt. If the trust were classified as a publicly traded partnership, whether by reason of the treatment of publicly offered certificates as equity or by reason of the publicly traded partnership regulations, it would avoid taxation as a corporation if its income was not derived in the conduct of a "financial business"; however, whether the income of the trust would be so classified is unclear.

Under the Internal Revenue Code and the publicly traded partnership regulations, a partnership will be classified as a publicly traded partnership if equity interests therein are traded on an "established securities market," or are "readily tradable" on a "secondary market" or its "substantial equivalent." The transferor has taken and intends to take measures designed to reduce the risk that the trust could be classified as a publicly traded partnership by reason of interests in the trust other than the publicly traded certificates. However, certain of the actions that may be necessary for avoiding the treatment of such interests as "readily tradable on a secondary market (or the substantial equivalent thereof)" are not fully within the control of the transferor. As a result, there can be no assurance that the measures the transferor intends to take will in all circumstances be sufficient to prevent the trust from being classified as a publicly traded partnership under the publicly traded partnership regulations.

If the trust was treated as a partnership but nevertheless was not treated as a publicly traded partnership taxable as a corporation, that partnership would not be subject to federal income tax. Rather, each item of income, gain, loss and deduction of the partnership generated through the ownership of the related receivables would be taken into account directly in computing taxable income of the transferor (or the holders of the original transferor certificate) and any certificate owners treated as partners in accordance with their respective partnership interests therein. The amounts and timing of income reportable by any certificate owners treated as partners would likely differ from that reportable by such certificate owners had they been treated as owning debt. For example, individual certificate owners could be subject to limitations on their ability to deduct their share of partnership expenses to the extent partnership expenses are treated as investment expenses; on the other hand, to the extent the partnership expenses are treated as allocable to a trade or business, the amount of interest expense deductions available to a certificate owner could be limited under the rules of Section 163(j) of the Internal Revenue Code. In addition, new audit rules for partnerships require taxes arising from audit adjustments to be paid by the entity rather than by its partners or members unless an entity elects otherwise. It is unclear to what extent these elections would be available to the trust and how any such elections would affect the procedural rules available to challenge any audit adjustment that would otherwise be available in the absence of any such election. In addition, if the trust were treated in whole or in part as a partnership other than a publicly traded partnership taxable as a corporation, income derived from the partnership by any certificate owner that is a pension fund or other tax-exempt entity may be treated as unrelated business taxable income. Partnership characterization also may have adverse state and local income or franchise tax consequences for a certificate owner.

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**Taxation of U.S. Certificate Owners** 

***Interest and Original Issue Discount***

Subject to the discussion in the immediately following paragraph, stated interest on a beneficial interest in a certificate will be includible in gross income in accordance with a U.S. certificate owner's method of accounting. If the certificates are issued with original issue discount, the provisions of Sections 1271 through 1273 and 1275 of the Internal Revenue Code will apply to the certificates. Under those provisions, a U.S. certificate owner (including a cash basis holder) generally would be required to accrue the original issue discount on its interest in a certificate in income for federal income tax purposes on a constant yield basis, resulting in the inclusion of original issue discount in income in advance of the receipt of cash attributable to that income. In general, a certificate will be treated as having original issue discount to the extent that its "stated redemption price" exceeds its "issue price," if such excess equals or exceeds a "de minimis" amount equal to 0.25 percent multiplied by the weighted average life of the certificate (determined by taking into account only the number of complete years following issuance until payment is made for any partial principal payments). Under Section 1272(a)(6) of the Internal Revenue Code, special provisions apply to debt instruments on which payments may be accelerated due to prepayments of other obligations securing those debt instruments. However, no regulations have been issued interpreting those provisions, and the manner in which those provisions would apply to the certificates is unclear, but the application of Section 1272(a)(6) could affect the rate of accrual of original issue discount and could have other consequences to holders of interests in the certificates. Additionally, the IRS could take the position based on Treasury regulations that none of the interest payable on a certificate is "unconditionally payable" and hence that all of such interest should be included in the certificate's stated redemption price at maturity. If sustained, such treatment should not significantly affect the tax liability of most certificate owners, but prospective U.S. certificate owners should consult their own tax advisers concerning the impact to them in their particular circumstances. The trust intends to take the position that interest on the certificates constitutes "qualified stated interest" and that the above consequences do not apply.

The transferor may sell all or a portion of certain classes of the certificates (including any tranche or subclass of certificates) to one or more of its affiliates, and may have the right while the certificates are so held, subject to certain conditions, to reset the interest rate on those certificates (such certificates, the "retained certificates"). The analysis of the accrual of stated interest on, and the application of the original issue discount provisions of the Internal Revenue Code with respect to, any retained certificates is not completely certain; however, absent an actual sale at a discount equal to or exceeding the applicable "de minimis" amount of original issue discount, the trust generally does not intend to treat retained certificates as having been issued with original issue discount. Certificate owners acquiring retained certificates should consult their advisers with respect to the reporting of interest income in respect of retained certificates, whether retained certificates will be treated as issued with original issue discount, and the effect of any such treatment on them.

***Market Discount***

A U.S. certificate owner who purchases an interest in a certificate at a discount that exceeds any unamortized original issue discount may be subject to the "market discount" rules of Sections 1276 through 1278 of the Internal Revenue Code. These rules provide, in part, that gain on the sale or other disposition of a certificate and partial principal payments on a certificate are treated as ordinary income to the extent of accrued market discount. The market discount rules also provide for deferral of interest deductions with respect to debt incurred to purchase or carry a certificate that has market discount.

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***Market Premium***

A U.S. certificate owner who purchases an interest in a certificate at a premium may elect to offset the premium against interest income over the remaining term of the certificate in accordance with the provisions of Section 171 of the Internal Revenue Code.

***Sale or Exchange of Certificates***

Upon a disposition of an interest in a certificate, a U.S. certificate owner generally will recognize gain or loss equal to the difference between the amount realized on the disposition and the U.S. certificate owner's adjusted basis in its interest in the certificate. A taxable exchange of a certificate could also occur as a result of the transferor's substitution of money or investments for receivables. See *"The Pooling and Servicing Agreement Generally — Defeasance."* Additionally, a U.S. certificate owner may recognize gain or loss as a result of any resetting of the interest rate payable on a retained certificate by the trust. The adjusted basis in the interest in the certificate will equal its cost, increased by any original issue discount or market discount includible in income with respect to the interest in the certificate prior to its sale and reduced by any principal payments previously received with respect to the interest in the certificate and any amortized premium. Subject to the market discount rules, gain or loss will be capital gain or loss if the interest in the certificate was held as a capital asset. Capital losses generally may be used only to offset capital gains.

***3.8% Medicare Tax***

Certain non-corporate U.S. certificate owners will be subject to an additional 3.8% tax on all or a portion of their "net investment income," which may include the interest payments and any gain realized with respect to the certificates, less certain deductions. U.S. certificate owners should consult their tax advisors with respect to any consequences of this 3.8% Medicare tax.

***Acceleration of Income for Certain U.S. Certificate Owners***

An accrual method U.S. certificate owner that prepares an "applicable financial statement" (as defined in Section 451 of the Internal Revenue Code, which includes any GAAP financial statement, Form 10-K annual statement, audited financial statement or a financial statement filed with any federal agency for non-tax purposes) generally will be required to include certain items of income in gross income no later than the time such amounts are reflected on such a financial statement. This could result in an acceleration of income recognition for income items differing from the above description. The Treasury Department released Treasury regulations that exclude from this rule any item of gross income for which a taxpayer uses a special method of accounting required by certain sections of the Internal Revenue Code, including income subject to the timing rules for original issue discount and de minimis original issue discount, income under the contingent payment debt instrument rules, income under the variable rate debt instrument rules, and market discount (including de minimis market discount). Prospective investors are urged to consult with their tax advisors regarding the potential applicability of these rules to their particular situation.

**Foreign Certificate Owners** 

Under U.S. federal income tax law now in effect, payment of interest by the trust to a certificate owner who, for U.S. federal income tax purposes, is a nonresident alien individual or a foreign corporation (a "foreign person"), generally will be considered "portfolio interest" and generally will not be subject to U.S. federal income tax and withholding tax, provided the interest is not effectively connected with the conduct of a trade or business within the United States by the foreign person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the foreign person actually or constructively owns 10 percent or more of the total combined voting power of all classes of stock of the transferor entitled to vote (or of a profits or capital interest in the trust if characterized as a partnership),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the foreign person is a controlled foreign corporation that is related to the transferor (or the trust if treated as a partnership) through stock ownership,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the foreign person is a bank receiving interest described in Internal Revenue Code Section 881(c)(3)(A),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such interest is contingent interest described in Internal Revenue Code Section 871(h)(4), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the foreign person bears certain relationships to any holder of either (x) the original transferor certificate other than the transferor or (y) any other interest in the trust not properly characterized as debt.

To qualify for the exemption from taxation, the withholding agent, who generally is the last U.S. person in the chain of payment prior to payment to a foreign person, must have received (in the year in which a payment of interest or principal occurs or in either of the two preceding years) a statement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is signed by the foreign person under penalties of perjury,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certifies that the foreign person is not a U.S. person, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provides the name and address of, and certain additional information concerning, the foreign person.

The statement generally may be made on a Form W-8BEN or Form W-8BEN-E (or substantially similar substitute form), and the foreign person must inform the withholding agent of any change in the information on the statement within 30 days of the change. If a certificate is held through a securities clearing organization or certain other financial institutions, the organization or institution may provide a signed statement to the withholding agent. However, in that case, the signed statement generally must be accompanied by a Form W-8BEN or Form W-8BEN-E (or substitute form) provided by the foreign person to the organization or institution holding the certificate on behalf of the foreign person. If interest is not portfolio interest, then it will be subject to U.S. federal income and withholding tax at a rate of 30 percent, unless reduced or eliminated under an applicable tax treaty or interest is effectively connected with the conduct of a trade or business within the United States and, in either case, the appropriate statement has been provided. Special rules apply to partnerships, estates and trusts, and in certain circumstances certifications as to foreign status and other matters may be required to be provided by partners and beneficiaries thereof.

Generally, any gain or income realized by a foreign person upon retirement or disposition of an interest in a certificate will not be subject to U.S. federal income tax, *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a certificate owner that is an individual, such certificate owner is not present in the United States for 183 days or more during the taxable year in which such retirement or disposition occurs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of gain representing accrued interest, the conditions for exemption from withholding described above are satisfied, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such gain is not effectively connected with the conduct of a trade or business in the United States by the foreign person.

Certain exceptions may be applicable, and an individual foreign person is cautioned to consult a tax advisor.

If the certificates were treated as an interest in a partnership, the recharacterization could cause a non-U.S. certificate owner to be treated as engaged in a trade or business in the United States. In that event, the non-U.S. certificate owner would be required to file a U.S. federal income tax return and, in general, would be subject to U.S. federal income tax (including the branch profits tax) on its net income from the partnership. Further, certain withholding obligations apply with respect to income allocable or distributions made to, or amounts realized on a disposition of a certificate by, a foreign partner. That withholding may be at a rate as high as the highest applicable

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marginal rate. If some or all of the certificates were treated as stock in a corporation, any related dividend distributions to a non-U.S. certificate owner generally would be subject to withholding of tax at the rate of 30 percent, unless that rate were reduced by an applicable tax treaty.

The U.S. Treasury Department has issued final Treasury regulations which revise various procedural matters relating to withholding taxes. Certificate owners are cautioned to consult their tax advisors regarding the procedures whereby they may establish an exemption from withholding.

**Backup Withholding and Information Reporting** 

Payments of principal and interest, as well as payments of proceeds from the sale, retirement or other disposition of a certificate, may be subject to "backup withholding" tax under the Internal Revenue Code if a recipient of such payments fails to furnish to the payor certain identifying information. Any amounts deducted and withheld would be allowed as a credit against such recipient's U.S. federal income tax, *provided* that appropriate proof is provided under rules established by the IRS. Furthermore, certain penalties may be imposed by the IRS on a recipient of payments that is required to supply information but that does not do so in the proper manner. Backup withholding will not apply with respect to payments made to certain exempt recipients, such as corporations and financial institutions. Information may also be required to be provided to the IRS concerning payments, unless an exemption applies. Certificate owners are cautioned to consult their tax advisors regarding their qualification for exemption from backup withholding and information reporting and the procedure for obtaining such an exemption.

**Foreign Account Tax Compliance Act** 

Holders of interests in certificates that are not United States persons should be aware of legislation commonly known as FATCA and related administrative guidance that impose a 30% United States withholding tax on certain payments (including interest payments in respect of certificates) made to a non-United States entity that fails to take required steps to provide information regarding its "United States accounts" or its direct or indirect "substantial United States owners," as applicable, or to certify that it has no such accounts or owners. Various exceptions are provided under the legislation and related administrative guidance. To comply with the requirements of FATCA, the trustee or the paying agent may, in appropriate circumstances, require holders of interests in certificates to provide information and tax documentation regarding their direct and indirect owners. The trust will not be obligated to pay any additional amounts to "gross up" payments to holders of interests in certificates as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or government charges with respect to payments in respect of the certificates. Prospective investors should consult their own tax advisors regarding the application and impact of FATCA based upon their particular circumstances.

**State and Local Taxation** 

The discussion above does not address the taxation of the trust or the tax consequences of the purchase, ownership or disposition of an interest in the certificates under any state or local tax law. Each investor is cautioned to consult its own tax advisor regarding state and local tax consequences.

**ERISA Considerations** 

Section 406 of the Employee Retirement Income Security Act of 1974, as amended, and Section 4975 of the Internal Revenue Code prohibit a Plan from engaging in certain transactions involving "plan assets" with persons that are "parties in interest" under ERISA or "disqualified persons" under the Internal Revenue Code, collectively, "parties in interest," with respect to the Plan. A violation of these "prohibited transaction" rules may generate excise tax and other liabilities under ERISA and Section 4975 of the Internal Revenue Code for such persons, unless a statutory, regulatory or administrative exemption is available. Plans that are governmental plans (as defined in Section 3(32) of ERISA) and certain church plans (as defined in Section 3(33) of ERISA) are not subject to ERISA requirements.

Moreover, prohibited transactions could also arise if the trust assets were deemed to constitute "plan assets" of any Plan that owned certificates. The Department of Labor has issued a final regulation, referred to as the plan asset

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regulation, concerning the definition of what constitutes "plan assets" of a Plan subject to ERISA or Section 4975 of the Internal Revenue Code. Under the plan asset regulation, the assets and properties of corporations, partnerships and certain other entities in which a Plan makes an investment in an "equity interest" could be deemed to be "plan assets" of the Plan in certain circumstances. Accordingly, if Plans (or other entities whose assets include "plan assets") purchase certificates, the trust could be deemed to hold "plan assets" and result in non-exempt prohibited transactions, unless either of the following exceptions applies.

**Publicly-Offered Security** 

The first exception applies to a "publicly-offered security." A publicly-offered security is a security that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) freely transferable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) part of a class of securities that is owned, immediately subsequent to the initial offering, by 100 or more investors who are independent of the issuer and of one another, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) either is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) part of a class of securities registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) sold to the Plan as part of an offering of securities to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended, and the class of securities of which such security is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer during which the offering of such securities to the public occurred.

For purposes of the 100 independent investor criterion, each class of certificates should be deemed to be a "class" of securities that would be tested separately from any other securities that may be issued by the trust.

**The Department of Labor Authorization** 

In addition, a second exception may be available. On July 16, 2000, the Department of Labor authorized Centurion and RFC II (as the transferors to the trust at the time) to rely upon the exemptive relief from certain of the prohibited transaction provisions of ERISA and Section 4975 of the Internal Revenue Code available under Prohibited Transaction Class Exemption 96-62 relating to (i) the initial purchase, the holding and the subsequent resale by Plans of classes of senior certificates representing an undivided interest in a credit card trust with respect to which Centurion, RFC II or any of their affiliates is the sponsor, and (ii) the servicing, operation and management of such trust if, in either case, the general conditions and certain other conditions set forth in the authorization are satisfied.

The authorization will apply to the acquisition, holding and resale of senior certificates by, on behalf of or with "plan assets" of a Plan if the conditions are met.

Among the conditions that must be satisfied for the authorization to apply are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the acquisition of the senior certificates by a Plan is on terms (including the price for such senior certificates) that are at least as favorable to the investing Plan as they would be in an arm's-length transaction with an unrelated party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights and interests evidenced by the senior certificates acquired by the Plan are not subordinated to the rights and interests evidenced by other certificates of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the senior certificates acquired by the Plan have received a rating at the time of such acquisition that is either in one of the two highest generic rating categories from a Rating Agency or, for senior certificates

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that have a maturity of one year or less, the highest short-term generic rating category from a Rating Agency; *provided* that, notwithstanding such rating, credit support is provided to the senior certificates through a senior-subordinated structure or other form of third-party credit support which, at a minimum, represents 5% of the outstanding principal balance of the senior certificates at the time of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the trustee is not an affiliate of any member of the restricted group (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the sum of all payments made to and retained by the underwriters in connection with the distribution of the senior certificates represents not more than reasonable compensation for underwriting such senior certificates; the consideration received by the transferor as a consequence of the assignment of receivables to the trust, to the extent allocable to the senior certificates, represents not more than the fair market value of such receivables; and the sum of all payments made to and retained by the servicer, to the extent allocable to the senior certificates, represents not more than reasonable compensation for the servicer's services under the related supplement to the pooling and servicing agreement and reimbursement of the servicer's reasonable expenses in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Plan investing in the senior certificates is an "accredited investor" as defined in Rule 501(a)(1) of Regulation D of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the trustee is a substantial financial institution or trust company experienced in trust activities; is familiar with its duties, responsibilities and liabilities as a fiduciary under ERISA; and, as the legal owner of (or holder of a perfected security interest in) the receivables, enforces all the rights created in favor of the certificateholders, including Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) prior to the issuance of any new series, confirmation is received from the Rating Agencies that such issuance will not result in the reduction or withdrawal of the then current rating of the senior certificates held by any Plan pursuant to the authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to protect against fraud, chargebacks or other dilution of the receivables, the pooling and servicing agreement and the Rating Agencies require the transferor to maintain a transferor's interest of not less than 2% of the principal balance of the receivables contained in the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) each receivable is an Eligible Receivable, based on criteria of the Rating Agencies and as specified in the pooling and servicing agreement, and the pooling and servicing agreement requires that any change in the terms of the card agreements must be made applicable to a comparable segment of accounts which are owned or serviced by Centurion, RFC II or any of their affiliates and are part of the same program or have the same or substantially similar characteristics. The pooling and servicing agreement complies with this condition by specifying that any such change either must be required by law, or, if not so required, must not have a material adverse effect on the trust or the certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the pooling and servicing agreement must limit the number of receivables in newly originated accounts to be designated to the trust, without the Rating Agencies' prior written consent, to the following amounts: (i) with respect to any three-month period, 15% of the number of existing accounts designated to the trust as of the first day of such period, and (ii) with respect to any twelve-month period, 20% of the number of existing accounts designated to the trust as of the first day of such twelve-month period. The pooling and servicing agreement complies with this condition by specifying that the Rating Agencies' prior written consent is required for any designation of newly originated accounts to the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the pooling and servicing agreement requires the transferor to deliver an opinion of counsel semiannually confirming the validity and perfection of the transfer of receivables in newly originated accounts to the trust if such an opinion is not delivered with respect to each interim addition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the pooling and servicing agreement requires the transferor and the trustee to receive confirmation from each Rating Agency that such Rating Agency will not reduce or withdraw its then-current rating of the senior certificates as a result of (i) a proposed transfer of receivables in newly originated accounts to the trust, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) will have resulted from the transfer of receivables in all newly originated accounts added to the trust during the preceding three-month period (beginning at quarterly intervals specified in the pooling and servicing agreement and ending in the calendar month prior to the date such confirmation is issued); *provided* that a rating agency confirmation shall not be required under clause (ii) for any three-month period in which any transfers of newly originated accounts occurred only after receipt of prior rating agency confirmation pursuant to clause (i) above. This condition is complied with because the pooling and servicing agreement currently in effect permits the transferor to transfer newly originated accounts to the trust only in compliance with clause (i) above.

The trust also must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the corpus of the trust must consist only of receivables of the type which have been included in other investment pools;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) certificates evidencing interests in such other investment pools have been rated in one of the two highest generic rating categories by at least one of the rating agencies for at least one year prior to the Plan's acquisition of senior certificates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) certificates evidencing an interest in such other investment pools have been purchased by investors other than Plans for at least one year prior to any Plan's acquisition of senior certificates.

Moreover, the authorization provides relief from certain self-dealing/ conflict-of-interest prohibited transactions that may occur when a Plan fiduciary causes a Plan to acquire senior certificates if the fiduciary (or its affiliate) is an obligor on the receivables held in the trust; *provided* that among other requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of an acquisition in connection with the initial issuance of senior certificates, at least 50% of each class of certificates in which Plans have invested is acquired by persons independent of the restricted group and at least 50% of the aggregate interest in the trust is acquired by persons independent of the restricted group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such fiduciary (or its affiliate) is an obligor with respect to 0.5% or less of the fair market value of the obligations contained in the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Plan's investment in senior certificates does not exceed 25% of all of the senior certificates outstanding after the acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) no more than 25% of the assets of the Plan are invested in securities representing an interest in one or more trusts containing assets sold or serviced by the same entity.

The authorization does not apply to Plans sponsored by the "restricted group" which consists of the transferor, any underwriter of the senior certificates, the trustee, the servicer, any obligor with respect to obligations included in the trust constituting more than 0.5% of the fair market value of the aggregate undivided interest in the trust allocated to the senior certificates of a series, determined on the date of the initial issuance of such series, or any affiliate of any such party.

The DOL has designated this authorization as an "underwriter exemption." As a result, an insurance company investing solely assets of its general account may be able to acquire and hold certain subordinated certificates of a series; *provided* that (i) the senior certificates of that series are eligible for relief under the authorization and (ii) such acquisition and holding satisfies the conditions applicable under Sections I and III of DOL PTCE 95-60.

The transferor believes that the authorization will apply to the acquisition and holding of the Class A certificates by Plans and that all conditions of the authorization, other than those that are within the control of the investors (i.e., clauses (a) and (f) above in the third paragraph under *"— The Department of Labor Authorization"*), will be met.

Moreover, as discussed above, while Special Tax Counsel has given its opinion that the certificates will properly be treated as debt for federal income tax purposes, if any certificates are treated as equity interests in a

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partnership in which other certificates are debt, all or part of a tax-exempt investor's share of income from the certificates that are treated as equity could be treated as unrelated debt-financed income under the Internal Revenue Code taxable to the investor.

**Class A Certificates** 

Subject to the considerations described above, the Class A certificates may be purchased by, on behalf of, or with "plan assets" of any Plan. Any Plan fiduciary that proposes to cause a Plan to acquire any of the Class A certificates should consult with its counsel with respect to the potential consequences of the Plan's acquisition and ownership of such Class A certificates under ERISA and the Internal Revenue Code.

**Class B Certificates** 

The Class B certificates may not be acquired or held by, on behalf of, or with "plan assets" of any Plan other than insurance companies investing solely assets of their general accounts. By its acceptance of a Class B certificate, each Class B certificateholder will be deemed to have represented and warranted that either (i) it is not and will not be, and is not acquiring the Class B certificates with "plan assets" of, a Plan or (ii) it is an insurance company, it acquired and will hold the Class B certificates solely with assets of its general account, and such acquisition and holding satisfies the conditions applicable under Sections I and III of Department of Labor Prohibited Transaction Class Exemption 95-60. Each person that proposes to cause an insurance company to acquire any of the Class B certificates should consult with its counsel with respect to the potential consequences of the acquisition and ownership of such Class B certificates under ERISA and the Internal Revenue Code.

**Consultation With Counsel** 

In light of the foregoing, fiduciaries of Plans, or other entities whose assets include "plan assets" considering the purchase of offered certificates, should consult their own counsel as to whether the acquisition of such offered certificates would constitute or result in a prohibited transaction, whether trust assets which are represented by such offered certificates would be considered "plan assets," the consequences that would apply if the trust assets were considered "plan assets," the applicability of exemptive relief from the prohibited transaction rules under the two exceptions described above or otherwise, the nature of the responsibilities of the issuing entity, the transferor, the account owner, the underwriters and the trustee and the responsibilities of the Plan fiduciary, and the applicability of the tax on unrelated business income and unrelated debt-financed income.

Finally, such fiduciaries of Plans and other Plan investors should consider the fiduciary standards under ERISA or other applicable law in the context of the Plan's particular circumstances before authorizing an investment of a portion of the Plan's assets in the offered certificates. Accordingly, among other factors, fiduciaries of Plans and other Plan investors should consider whether the investment (i) satisfies the diversification requirement of ERISA or other applicable law, (ii) is in accordance with the Plan's governing instruments, (iii) is prudent in light of the *"Risk Factors"* discussed in this prospectus and (iv) where applicable, satisfies the requirements of any other applicable law.

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**Underwriting** 

Subject to the terms and conditions set forth in the underwriting agreement among the transferor, AENB and the underwriters of the Class A certificates named below and the underwriters of the Class B certificates named below, the transferor has agreed to cause the trust to sell to the underwriters, and the underwriters have agreed to purchase, the principal amount of the Class A certificates and Class B certificates set forth opposite their names:

---

| | |
|:---|:---|
| **Underwriters of the Class A Certificates** | **Aggregate Principal Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>of Class A Certificates</u>**  |
|  [●] | $**[**●**]** |
|  [●] | [●] |
|  [●] | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**[**●**]** |
| **Underwriters of the Class B Certificates** | **Aggregate Principal Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>of Class B Certificates</u>**  |
|  [●] | $**[**●**]** |
|  [●] | [●] |
|  [●] | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**[**●**]** |

---

If the Initial Invested Amount is increased or decreased as discussed under *"Series Provisions"* in this prospectus, the amounts set forth above will be adjusted.

The transferor, or an affiliate of the transferor, may retain all or a portion of the Class B certificates upon initial issuance and, at a subsequent date, may sell all or a portion of those certificates in one or more negotiated transactions, or otherwise, at varying prices to be determined at the time of sale. In connection with any such sale, the transferor or such affiliate may be deemed to be an underwriter of the Class B certificates under the Securities Act of 1933 and any discounts or commissions received by it and any profit realized by it on the sale or resale of the Class B certificates may be deemed to be underwriting discounts and commissions. However, upon initial issuance, there will be no underwriting arrangement for any Class B certificates retained by the transferor or such affiliate.

The underwriting agreement provides that the obligation of the Class A underwriters to pay for and accept delivery of the Class A certificates and the obligation of the Class B underwriters to pay for and accept delivery of the Class B certificates are subject to the approval of certain legal matters by their counsel and to certain other conditions. All of the Series 20[●]-[●] certificates offered hereby will be issued if any are issued. Offering expenses are estimated to be $[●].

The Class A underwriters propose initially to offer the Class A certificates to the public at the price set forth on the cover page hereof and to certain dealers at such price less concessions not in excess of [●]% of the principal amount of the Class A certificates. The Class A underwriters may allow, and such dealers may reallow, concessions not in excess of [●]% of the principal amount of the Class A certificates to certain brokers and dealers. After the initial public offering, the public offering price and other selling terms may be changed by the Class A underwriters.

The Class B underwriters propose initially to offer the Class B certificates to the public at the price set forth on the cover page hereof and to certain dealers at such price less concessions not in excess of [●]% of the principal amount of the Class B certificates. The Class B underwriters may allow, and such dealers may reallow, concessions not in excess of [●]% of the principal amount of the Class B certificates to certain brokers and dealers. After the initial public offering, the public offering price and other selling terms may be changed by the Class B underwriters.

The underwriters may engage in over-allotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids with respect to the offered certificates in accordance with Regulation M under the Securities Exchange Act of 1934, as amended. Over-allotment transactions involve syndicate sales in excess of the

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offering size, which creates a syndicate short position. Stabilizing transactions permit bids to purchase the offered certificates so long as the stabilizing bids do not exceed a specified maximum. Syndicate covering transactions involve purchases of the offered certificates in the open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the offered certificates originally sold by such syndicate member are purchased in a syndicate covering transaction. Such over-allotment transactions, stabilizing transactions, syndicate-covering transactions and penalty bids may cause the prices of the offered certificates to be higher than they would be in the absence of such transactions. Neither the transferor nor any of the underwriters represent that the underwriters will engage in any such transactions or that such transactions, once commenced, will not be discontinued without notice at any time.

In the ordinary course of their respective businesses, the underwriters and their respective affiliates have engaged and may in the future engage in investment banking or commercial banking transactions with the transferor, TRS, AENB or any of their affiliates.

AENB, on behalf of itself and RFC III, will indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or contribute to payments the underwriters may be required to make in respect thereof.

**Offering Restrictions** 

We and the underwriters are offering to sell the certificates only under the circumstances and in jurisdictions where offers and sales are permitted.

Each underwriter of the offered certificates has agreed, severally and not jointly, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000
(as amended, the "FSMA"), with respect to anything done by it in relation to any Series 20[●]-[●] certificates in, from or otherwise involving the United Kingdom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it has only communicated or caused to be communicated and will only communicate or cause to be communicated an
invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any Series 20[●]-[●] certificates in circumstances in which Section 21(1) of the
FSMA does not apply to the trust or the transferor.

Each underwriter has represented and agreed, severally and not jointly, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any of the Series 20[●]-[●] certificates to any retail investor in the United Kingdom. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the expression "retail investor" means a person who is one (or more) of the following: (i) a
retail client as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) 2017/565 as it forms part of UK assimilated law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA"), and as amended,
(ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (such rules or regulations, as amended, the "Insurance Distribution Directive"),
where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK assimilated law by virtue of the EUWA, and as amended, or (iii) not a qualified
investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of UK assimilated law by virtue of the EUWA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the expression "offer" includes the communication in any form and by any means of sufficient
information on the terms of the offer and the certificates to be offered so as to enable an investor to decide to purchase or subscribe for the certificates.

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In the United Kingdom, this document is only being distributed to and is only directed at (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order") or (ii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This document is only available to relevant persons, and any person who is not a relevant person should not act or rely on this document or any of its contents.

Each underwriter has represented and agreed, severally and not jointly, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any of the Series 20[●]-[●] certificates to any retail investor in the European Economic Area. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the expression "retail investor" means a person who is one (or more) of the following: (i) a
retail client as defined in point (11) of Article 4(1) of MiFID II, (ii) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of
Article 4(1) of MiFID II or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the expression "offer" includes the communication in any form and by any means of sufficient
information on the terms of the offer and the certificates to be offered so as to enable an investor to decide to purchase or subscribe the certificates.

**Legal Matters** 

Certain legal matters relating to the certificates will be passed upon for AENB, RFC III and the trust by Catherine Lo, Counsel of American Express Company. Ms. Lo owns or has the right to acquire a number of shares of common stock of American Express which in the aggregate is equal to less than 0.05% of the outstanding common stock of American Express. Certain other legal matters will be passed upon for the transferor and the trust by Orrick, Herrington & Sutcliffe LLP. Certain legal matters will be passed upon for the underwriters by Orrick, Herrington & Sutcliffe LLP. Certain legal matters relating to the federal income tax consequences of the issuance of the certificates and certain other matters relating thereto will be passed upon for the transferor by Orrick, Herrington & Sutcliffe LLP. In addition, opinions relating to the legality of the certificates and to federal income tax matters with respect to the issuance of the certificates have been provided by Orrick, Herrington & Sutcliffe LLP and filed as exhibits to the registration statement relating to the certificates.

**Reports to Certificateholders** 

Monthly reports containing information on the certificates and the collateral securing the certificates will be filed with the SEC to the extent required by the SEC. These reports will not be sent to certificateholders. See *"Description of the Certificates — Book-Entry Registration," "The Pooling and Servicing Agreement Generally — Evidence as to Compliance"* and *"Series Provisions — Reports."*

**Investor Communications** 

The transferor will include in each monthly distribution report on Form 10-D any request received during the applicable reporting period from an investor to communicate with other investors related to investors exercising their rights under the terms of the pooling and servicing agreement. The information will include the name of the investor making the request, the date the request was received, a statement from the transferor regarding the receipt of such request stating that such investor is interested in communicating with other investors with regard to the possible exercise of rights under the pooling and servicing agreement and a description of the method other investors may use to contact the requesting investor. The transferor will be responsible for any expenses in connection with the filing of the monthly distribution reports on Form 10-D.

If any requesting investor is a record holder of certificates at the time of such request to communicate, such investor will not be required to provide verification of ownership. If the investor is not a record holder of certificates (including if such investor owns a beneficial interest in a certificates in book-entry form), such investor will be

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required to provide a (i) written certification that it is a beneficial owner of certificates and (ii) one other form of documentation, such as a trade confirmation, an account statement, a letter from a broker or dealer or similar document to verify that the investor is, in fact, a beneficial owner of certificates.

**Where You Can Find More Information** 

We have filed a registration statement on Form SF-3 relating to the certificates with the SEC and have met the registrant requirements set forth in General Instruction I.A.1. to Form SF-3. This prospectus is part of the registration statement, but the registration statement includes additional information.

The servicer will file with the SEC all required annual reports on Form 10-K, monthly distribution reports on Form 10-D and current reports on Form 8-K. Our SEC filings are available to the public on the SEC Internet Web site (http://www.sec.gov). Our SEC filings may be located by using the SEC Central Index Key ("CIK") for American Express Credit Account Master Trust, 0001003509.

Reports that are filed with the SEC by the servicer pursuant to the Securities Exchange Act of 1934, as amended, may be accessed by any investor, free of charge, through an Internet Web site at http://ir.americanexpress.com. In the event this Internet Web site is temporarily unavailable, TRS will provide to investors electronic or paper copies of such reports free of charge upon request. For purposes of any electronic version of this prospectus, the URL in this paragraph is an inactive textual reference only. We have taken steps to ensure that the URL in this paragraph was inactive at the time we created any electronic version of this prospectus.

The SEC allows us to "incorporate by reference" information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. Information that we file later with the SEC that is incorporated by reference will automatically update the information in this prospectus. In all cases, you should rely on the later information over different information included in this prospectus.

All monthly distribution reports on Form 10-D and current reports on Form 8-K subsequently filed by or on behalf of the issuing entity prior to the termination of this offering shall be deemed to be incorporated by reference into this prospectus.

As a recipient of this prospectus, you may request a copy of any document we incorporate by reference, except exhibits to the documents (unless the exhibits are specifically incorporated by reference), at no cost, by writing or calling us at: American Express Travel Related Services Company, Inc., 200 Vesey Street, New York, New York 10285-4405, Attention: Secretary; (212) 640-2000.

**Forward-Looking Statements** 

We have made various statements in this prospectus, including information incorporated herein by reference, that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts and represent only our beliefs and expectations regarding future events, many of which, by their nature, are inherently uncertain and beyond our control. The actual outcomes or results may differ materially from those included in the forward-looking statements. Words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "estimate," "potential," "continue" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, changes in economic, market and operating conditions; impacts related to inflation and interest rate changes; consumer behaviors, preferences and bankruptcies; competition, pricing pressures and technological changes; issues impacting brand perceptions and our reputation; the impact of current, pending or future legislation and regulation (including regulatory changes addressing financial institutions or the financial markets, capital requirements and liquidity reserves, securitizations, sales of financial assets and credit origination, billing and collection practices); changes in global trade, fiscal, monetary, regulatory, accounting and tax policies; and success in gaining regulatory approvals when required, as well as other risks and uncertainties, including, but not limited to, those described in *"Risk Factors"* in this prospectus. Although we believe the expectations reflected in the forward-

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looking statements are based upon reasonable assumptions, it is not possible to foresee or identify all factors that could have a material and negative impact on the future performance of the transfer, the account owner and their affiliates, the issuing entity or your certificates. Accordingly, you are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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**Glossary of Defined Terms** 

"**Additional Accounts**" are any accounts in the Total Portfolio that are designated to the trust pursuant to an addition.

"**Adjusted Invested Amount**" for any date of determination means the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount and the Collateral Invested Amount as of such date.

"**Adverse Effect**" means, with respect to any action, that such action will (a) result in the occurrence of a Pay-Out Event or a Reinvestment Event or (b) materially adversely affect the amount or timing of distributions to be made to the investor certificateholders of any series or class under the pooling and servicing agreement.

"**Aggregate Addition Accounts**" means revolving credit or other charge or credit accounts established pursuant to a revolving credit agreement or other charge or credit agreement, respectively, between the account owner and the person or persons obligated to make payments thereunder, excluding any merchant, which is designated by such account owner to be included as an account.

"**ARR Representations and Warranties**" means the representations and warranties set forth as an exhibit to the asset representations review agreement.

"**Available Principal Collections**" means, with respect to any Monthly Period, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Principal Allocation Percentage of the Series Allocation Percentage of all collections of principal receivables received during such Monthly Period (*minus* certain Reallocated Principal Collections used to fund the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Shared Principal Collections with respect to other principal sharing series that are allocated to Series 20[●]-[●], and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain other amounts which pursuant to the Series 20[●]-[●] supplement are to be treated as Available Principal Collections with respect to the related Distribution Date.

"**Available Reserve Account Amount**" means, on each Distribution Date, the amount available to be withdrawn from the Reserve Account equal to the lesser of the amount on deposit in the Reserve Account (before giving effect to any deposit to be made to the Reserve Account on such Distribution Date) and the Required Reserve Account Amount for such Distribution Date.

"**Average Rate**" means, with respect to any group, the percentage equivalent of a decimal equal to the sum of the amounts for each outstanding series (or each class within a series consisting of more than one class) within such group obtained by multiplying:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the certificate rate for such series or class (adjusted to take into account any payments received or payable pursuant to any interest rate agreements), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the aggregate unpaid principal amount of the certificates of such series or class, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the aggregate unpaid principal amount of all certificates within such group.

"**Base Rate**" means, for any Monthly Period, the annualized percentage equivalent (which percentage shall never exceed 100%) of a fraction:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is equal to the sum of the Class A Monthly Interest, the Class B Monthly Interest (calculated as if the Class B Invested Amount equals the outstanding principal balance of the Class B certificates), the Collateral Senior Minimum Monthly Interest and the Monthly Servicing Fee for the Series 20[●]-[●] certificates and for the Collateral Interest for the related Distribution Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period.

"**Business Day**" means, for purposes of this prospectus (unless otherwise indicated), any day other than (a) a Saturday or Sunday, or (b) any other day on which banking institutions in New York, New York or any other state in which the principal executive offices of AENB, any other account owner or the trustee are located, are authorized or are obligated by law or executive order to be closed.

[*Include for floating rate certificates:* "**Class A Additional Interest**" means an amount paid on each Distribution Date, if applicable, equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A certificate rate for that Interest Period *plus* 2.0% per year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount payable on interest amounts that were due but not distributed to the Class A certificateholders on a prior Distribution Date.]

[*Include for fixed rate certificates*: "**Class A Additional Interest**" means an amount paid on each Distribution Date, if applicable, equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A certificate rate *plus* 2.0% per year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount payable on interest amounts that were due but not distributed to the Class A certificateholders on a prior Distribution Date.]

"**Class A Adjusted Invested Amount**" for any date of determination means an amount equal to the Class A Invested Amount *minus* the funds on deposit in the Principal Funding Account (up to the Class A Invested Amount) on such date.

"**Class A Available Funds**" means, with respect to any Monthly Period, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A Floating Percentage of Reallocated Investor Finance Charge Collections allocated to the Series 20[●]-[●] certificates and the Collateral Interest with respect to such Monthly Period (including any investment earnings and certain other amounts that are to be treated as collections of finance charge receivables allocable to Series 20[●]-[●] in accordance with the pooling and servicing agreement and the Series 20[●]-[●] supplement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class A Floating Percentage of net investment earnings, if any, in the Principal Funding Account for such Distribution Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amounts, if any, to be withdrawn from the Reserve Account that must be included in Class A Available Funds pursuant to the Series 20[●]-[●] supplement with respect to the related Distribution Date.

"**Class A Floating Percentage**" means, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is equal to the Class A Adjusted Invested Amount as of the close of business on the last day of the preceding Monthly Period (or, with respect to the first Monthly Period, the Class A Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is equal to the Adjusted Invested Amount as of the close of business on such day (or, with respect to the first Monthly Period, the Initial Invested Amount).

"**Class A Initial Invested Amount**" means $[●], subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

"**Class A Invested Amount**" for any date of determination means an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A Initial Invested Amount, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of principal payments made to the Class A certificateholders on or prior to such date, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates *over* the aggregate amount of any reimbursements of Class A Investor Charge-Offs for all Distribution Dates prior to such date; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the principal amount of any additional Class A certificates issued after the initial issuance;

*provided*, *however*, that the Class A Invested Amount may not be reduced below zero.

"**Class A Investor Charge-Off**" has the meaning described in *"Series Provisions — Defaulted Receivables; Investor Charge-Offs — Class A Investor Charge-Offs"* in this prospectus.

"**Class A Investor Default Amount**" means, for any Distribution Date, the portion of the Investor Default Amount allocated to the Class A certificates in an amount equal to the product of the Class A Floating Percentage applicable during the related Monthly Period and the Investor Default Amount for such Distribution Date.

[*Include for floating rate certificates:* "**Class A Monthly Interest**" means, for any Distribution Date, an amount equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A certificate rate in effect for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the outstanding principal amount of the Class A certificates as of the preceding Record Date;

*provided*, *however*, that for the first Distribution Date after the closing date, Class A Monthly Interest shall be equal to the interest accrued on the initial principal amount of the Class A certificates at the Class A certificate rate for the initial Interest Period.]

[*Include for fixed rate certificates:* "**Class A Monthly Interest**" means, for any Distribution Date, an amount equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A certificate rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the outstanding principal amount of the Class A certificates as of the preceding Record Date;

*provided*, *however*, that for the first Distribution Date after the closing date, Class A Monthly Interest shall be equal to $[●].]

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"**Class A Outstanding Monthly Interest**" means, for any Distribution Date, the amount of Class A Monthly Interest previously due but not paid to Class A certificateholders on a prior Distribution Date.

"**Class A Principal Percentage**" means, with respect to any Monthly Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the Class A Invested Amount as of the last day of the immediately preceding Monthly Period (or, with respect to the first Monthly Period, the Class A Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the Invested Amount as of such day (or, with respect to the first Monthly Period, the Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the Controlled Accumulation Period or the Early Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the Class A Invested Amount as of the end of the Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the Invested Amount as of such day.

"**Class A Required Amount**" means, for any Determination Date, the amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class A Monthly Interest for the related Distribution Date, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Class A Outstanding Monthly Interest, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Class A Additional Interest, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if TRS or an affiliate is no longer the servicer, the Class A Servicing Fee for the related Distribution Date and any unpaid Class A Servicing Fee, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Class A Investor Default Amount, if any, for the related Distribution Date, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Class A Available Funds for the related Monthly Period.

"**Class A Servicing Fee**" has the meaning described in *"Series Provisions — Servicing Compensation and Payment of Expenses"* in this prospectus.

[*Include for floating rate certificates:* "**Class B Additional Interest**" means an amount paid on each Distribution Date, if applicable, equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class B certificate rate for that Interest Period *plus* 2.0% per year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount payable on interest amounts that were due but not distributed to the Class B certificateholders on a prior Distribution Date.]

[*Include for fixed rate certificates:* "**Class B Additional Interest**" means an amount paid on each Distribution Date, if applicable, equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B certificate rate *plus* 2.0% per year, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount payable on interest amounts that were due but not distributed to the Class B certificateholders on a prior Distribution Date.]

"**Class B Adjusted Invested Amount**" for any date of determination means an amount equal to the Class B Invested Amount *minus* the funds on deposit in the Principal Funding Account (up to the Class B Invested Amount) on such date.

"**Class B Available Funds**" means, with respect to any Monthly Period, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B Floating Percentage of Reallocated Investor Finance Charge Collections allocated to the Series 20[●]-[●] certificates and the Collateral Interest with respect to such Monthly Period (including any investment earnings and certain other amounts that are to be treated as collections of finance charge receivables allocable to Series 20[●]-[●] in accordance with the pooling and servicing agreement and the Series 20[●]-[●] supplement), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class B Floating Percentage of net investment earnings, if any, in the Principal Funding Account for such Distribution Date.

"**Class B Floating Percentage**" means, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is equal to the Class B Adjusted Invested Amount as of the close of business on the last day of the preceding Monthly Period (or, with respect to the first Monthly Period, the Class B Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is equal to the Adjusted Invested Amount as of the close of business on such day (or, with respect to the first Monthly Period, the Initial Invested Amount).

"**Class B Initial Invested Amount**" means $[●], subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

"**Class B Invested Amount**" for any date of determination means an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B Initial Invested Amount, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of principal payments made to Class B certificateholders on or prior to such date, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of Class B Investor Charge-Offs for all prior Distribution Dates, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of Reallocated Principal Collections for all prior Distribution Dates which have been used to fund the Class A Required Amount with respect to such Distribution Dates (excluding any Reallocated Principal Collections that have resulted in a reduction of the Collateral Invested Amount), *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an amount equal to the amount by which the Class B Invested Amount has been reduced to cover the Class A Investor Default Amount on all prior Distribution Dates as described under *"Series Provisions — Defaulted Receivables; Investor Charge-Offs"* in this prospectus, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted as described in clauses (iii), (iv) and (v) above; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the principal amount of any additional Class B certificates issued after the initial issuance;

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*provided*, *however*, that the Class B Invested Amount may not be reduced below zero.

"**Class B Investor Charge-Off**" has the meaning described in *"Series Provisions — Defaulted Receivables; Investor Charge-Offs — Reductions in Class B Invested Amount and Collateral Invested Amount"* in this prospectus.

"**Class B Investor Default Amount**" means, for any Distribution Date, the portion of the Investor Default Amount allocated to the Class B certificates in an amount equal to the product of the Class B Floating Percentage applicable during the related Monthly Period and the Investor Default Amount for such Distribution Date.

[*Include for floating rate certificates:* "**Class B Monthly Interest**" means, for any Distribution Date, an amount equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class B certificate rate in effect for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class B Invested Amount as of the preceding Record Date;

*provided*, *however*, that for the first Distribution Date after the closing date, Class B Monthly Interest shall be equal to the interest accrued on the initial principal amount of the Class B certificates at the Class B certificate rate for the initial Interest Period.]

[*Include for fixed rate certificates:* "**Class B Monthly Interest**" means, for any Distribution Date, an amount equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B certificate rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class B Invested Amount as of the preceding Record Date;

*provided*, *however*, that for the first Distribution Date after the closing date, Class B Monthly Interest shall be equal to $[•].]

"**Class B Outstanding Monthly Interest**" means, for any Distribution Date, the amount of Class B Monthly Interest previously due but not paid to Class B certificateholders on a prior Distribution Date.

"**Class B Principal Percentage**" means, with respect to any Monthly Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the Class B Invested Amount as of the last day of the immediately preceding Monthly Period (or, with respect to the first Monthly Period, the Class B Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the Invested Amount as of such day (or, with respect to the first Monthly Period, the Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the Controlled Accumulation Period or the Early Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the Class B Invested Amount as of the end of the Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the Invested Amount as of such day.

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"**Class B Required Amount**" means, for any Determination Date, the amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class B Monthly Interest for the related Distribution Date, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Class B Outstanding Monthly Interest, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Class B Additional Interest, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if TRS or an affiliate is no longer the servicer, the Class B Servicing Fee for the related Distribution Date and any unpaid Class B Servicing Fee, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Class B Investor Default Amount, if any, for the related Distribution Date, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Class B Available Funds for the related Monthly Period.

"**Class B Servicing Fee**" has the meaning described in *"Series Provisions — Servicing Compensation and Payment of Expenses"* in this prospectus.

"**Collateral Additional Interest**" means, for any Distribution Date, additional interest on Collateral Minimum Monthly Interest due but not paid to the holder of the Collateral Interest in respect of the Collateral Invested Amount on a prior Distribution Date at a rate equal to the Collateral Minimum Interest Rate.

"**Collateral Available Funds**" means, for any Monthly Period, an amount equal to the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections (including any investment earnings and certain other amounts that are to be treated as collections of finance charge receivables allocable to Series 20[●]-[●] in accordance with the pooling and servicing agreement and the Series 20[●]-[●] supplement).

"**Collateral Charge-Off**" has the meaning described in *"Series Provisions — Defaulted Receivables; Investor Charge-Offs — Reductions in Class B Invested Amount and Collateral Invested Amount"* in this prospectus.

"**Collateral Default Amount**" means, with respect to any Distribution Date, the product of the Investor Default Amount for such Distribution Date and the Collateral Floating Percentage.

"**Collateral Floating Percentage**" means, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is equal to the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period (or, with respect to the first Monthly Period, the Collateral Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is equal to the Adjusted Invested Amount as of the close of business on such day (or, with respect to the first Monthly Period, the Initial Invested Amount).

"**Collateral Initial Invested Amount**" means $[●], subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

"**Collateral Interest**" means an uncertificated interest in the trust assets that is subordinated to, and serves as credit enhancement for, the Series 20[●]-[●] certificates.

"**Collateral Interest Servicing Fee**" has the meaning described in *"Series Provisions — Servicing Compensation and Payment of Expenses"* in this prospectus.

"**Collateral Invested Amount**" for any date of determination means an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Initial Invested Amount, *minus*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of principal payments made to the holder of the Collateral Interest on or prior to such date, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of Collateral Charge-Offs for all prior Distribution Dates, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of Reallocated Principal Collections for all prior Distribution Dates, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an amount equal to the amount by which the Collateral Invested Amount has been reduced to cover the Class A Investor Default Amount and the Class B Investor Default Amount on all prior Distribution Dates as described under *"Series Provisions — Defaulted Receivables; Investor Charge-Offs"* in this prospectus, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted as described in clauses (iii), (iv) and (v) above; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the principal amount of any additional Collateral Interest issued after the initial issuance;

*provided*, *however*, that the Collateral Invested Amount may not be reduced below zero.

"**Collateral Minimum Interest Rate**" means (i) initially, a *per annum* rate equal to [the [SOFR Rate][Alternative Benchmark] plus] [●]%, and (ii) following a Note Trust Transfer, the rate specified in the applicable agreement among RFC III, TRS and the holder of the Collateral Interest relating to the transfer of the Collateral Interest from RFC III to the holder of the Collateral Interest, which rate will not exceed [the [SOFR Rate][Alternative Benchmark] determined as discussed under *"Series Provisions — Interest Payments"* in this prospectus] plus] [●]%.

"**Collateral Minimum Monthly Interest**" means, for any Distribution Date, an amount equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Minimum Interest Rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Invested Amount;

*provided*, *however*, that for the first Distribution Date after the closing date, Collateral Minimum Monthly Interest shall be equal to $[●].

"**Collateral Principal Percentage**" means, with respect to any Monthly Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the Collateral Invested Amount as of the last day of the immediately preceding Monthly Period (or, with respect to the first Monthly Period, the Collateral Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the Invested Amount as of such day (or, with respect to the first Monthly Period, the Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the Controlled Accumulation Period or the Early Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the Collateral Invested Amount as of the end of the Revolving Period, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the Invested Amount as of such day.

"**Collateral Senior Additional Interest**" means, for any Distribution Date, additional interest on Collateral Senior Minimum Monthly Interest due but not paid to the holder of the Collateral Interest in respect of the Collateral Senior Invested Amount on a prior Distribution Date at a rate equal to the Collateral Senior Minimum Interest Rate.

"**Collateral Senior Initial Invested Amount**" means $[●], subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

"**Collateral Senior Invested Amount**" for any date of determination means an amount equal to the Collateral Senior Initial Invested Amount *minus* the aggregate amount of principal payments made to the holders of the Collateral Interest in respect of the Collateral Senior Invested Amount on all prior Distribution Dates (or, in the case of the first Distribution Date after the closing date, as of the closing date).

"**Collateral Senior Minimum Interest Rate**" means (i) initially, a *per annum* rate equal to [the [SOFR Rate][Alternative Benchmark] plus] [●]%, and (ii) following a Note Trust Transfer, the rate specified in the applicable agreement among RFC III, TRS and the holder of the Collateral Interest relating to the transfer of the Collateral Interest from RFC III to the holder of the Collateral Interest, which rate will not exceed [the [SOFR Rate][Alternative Benchmark] determined] as discussed under *"Series Provisions — Interest Payments"* in this prospectus [plus][minus]] [●]%.

[*Include for floating rate certificates:* "**Collateral Senior Minimum Monthly Interest**" means, for any Distribution Date, an amount equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Senior Minimum Interest Rate in effect for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Collateral Senior Invested Amount.]

[*Include for fixed rate certificates:* "**Collateral Senior Minimum Monthly Interest**" means, for any Distribution Date, an amount equal to one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Senior Minimum Interest Rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Senior Invested Amount;

*provided*, *however*, that for the first Distribution Date after the closing date, Collateral Senior Minimum Monthly Interest shall be equal to $[●].]

"**Collateral Senior Outstanding Minimum Monthly Interest**" means, for any Distribution Date, the amount of Collateral Senior Minimum Monthly Interest previously due but not paid to the holder of the Collateral Interest on a prior Distribution Date.

"**Collateral Senior Required Amount**" means, for any Determination Date, the amount equal to the excess of the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if TRS or an affiliate is no longer the servicer, the Collateral Interest Servicing Fee for the related Distribution Date and any unpaid Collateral Interest Servicing Fee, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Collateral Senior Minimum Monthly Interest for the related Distribution Date, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Collateral Senior Outstanding Minimum Monthly Interest, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Collateral Senior Additional Interest;

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over the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if TRS or an affiliate is no longer the servicer, the amount of Collateral Available Funds to be applied on such Distribution Date to pay the Collateral Interest Servicing Fee and any unpaid Collateral Interest Servicing Fee; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of Excess Spread and Excess Finance Charge Collections available to be applied on the related Distribution Date to pay the Collateral Senior Minimum Monthly Interest for such Distribution Date, any Collateral Senior Outstanding Minimum Monthly Interest and any Collateral Senior Additional Interest.

"**Collection Account**" means the account established as described under *"The Pooling and Servicing Agreement Generally — Collection Account"* in this prospectus.

"**Controlled Accumulation Amount**" means $[●]; *provided*, *however*, that, if the start of the Controlled Accumulation Period is delayed and, therefore, the length of the Controlled Accumulation Period is shortened as described under *"Series Provisions — Principal Payments"* in this prospectus, the Controlled Accumulation Amount may be different for each Distribution Date for the Controlled Accumulation Period and will be determined by the servicer in accordance with the Series 20[●]-[●] supplement based on the principal payment rates for the accounts and on the invested amounts of other principal sharing series that are scheduled to be in their revolving periods and able to create Shared Principal Collections during the Controlled Accumulation Period. If the Initial Invested Amount is increased or decreased as discussed under *"Series Provisions"* in this prospectus, the Controlled Accumulation Amount will be adjusted accordingly.

"**Controlled Deposit Amount**" means, for any Distribution Date relating to the Controlled Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such Distribution Date and any Deficit Controlled Accumulation Amount for the immediately preceding Distribution Date.

"**Controlled Accumulation Period**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for Series 20[●]-[●], the period that is scheduled to begin at the close of business on the last day of the [●] 20[●] Monthly Period (which date may be delayed as described under *"Series Provisions — Principal Payments"* in this prospectus) and will continue until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the commencement of the Early Amortization Period[or an Early Accumulation Period],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment in full of the Series 20[●]-[●] certificates, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Series 20[●]-[●] Termination Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any other applicable series or class of such series, the period that begins on a date certain or on a date determined in the manner described in the related supplement and will continue until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the commencement of the Early Amortization Period or an Early Accumulation Period for that series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment in full of the certificates of that series or class, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the series termination date for that series.

"**Controlled Amortization Period**" means, for another applicable series or class of such series, the period that begins on a date certain or on a date determined in the manner described in the related supplement and will continue until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the commencement of the Early Amortization Period for that series,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment in full of the certificates of that series or class, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the series termination date for that series.

[*Include for floating rate certificates:* "**Covered Amount**" means, for any Distribution Date with respect to the Controlled Accumulation Period or the first Special Payment Date, if such Special Payment Date occurs prior to the payment in full of the Class A Invested Amount, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A certificate rate in effect for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate amount on deposit in the Principal Funding Account, if any, as of the preceding Distribution Date that is allocable to the principal of the Class A certificates, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the actual number of days in the related Interest Period divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B certificate rate in effect for that Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate amount on deposit in the Principal Funding Account, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B certificates.]

[*Include for fixed rate certificates:* "**Covered Amount**" means, for any Distribution Date with respect to the Controlled Accumulation Period or the first Special Payment Date, if such Special Payment Date occurs prior to the payment in full of the Class A Invested Amount, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A certificate rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount on deposit in the Principal Funding Account, if any, as of the preceding Distribution Date that is allocable to the principal of the Class A certificates, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one-twelfth of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class B certificate rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount on deposit in the Principal Funding Account, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B certificates.]

"**Date of Processing**" means, with respect to any transaction or receipt of collections, the Business Day after such transaction is first output, in written form pursuant to the servicer's usual and customary data processing procedures, from the servicer's computer file of accounts comparable to the accounts (regardless of the effective date of recordation).

"**Defaulted Amount**," for any Monthly Period, will be an amount (not less than zero) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of Defaulted Receivables for such Monthly Period, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of any Defaulted Receivables with respect to which the transferor or the servicer becomes obligated to accept reassignment or assignment during such Monthly Period (unless an event relating

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to bankruptcy, receivership, liquidation, conservatorship or insolvency has occurred with respect to the transferor or the servicer, in which event the amount of such Defaulted Receivables will not be added to the sum so subtracted).

"**Defaulted Receivables**," for any Monthly Period, are principal receivables that were charged off as uncollectible in such Monthly Period.

"**Deficit Controlled Accumulation Amount**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the first Distribution Date for the Controlled Accumulation Period, the excess, if any, of the Controlled Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding Account on such Distribution Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on each subsequent Distribution Date for the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Distribution Date over the amount deposited in the Principal Funding Account on such subsequent Distribution Date.

"**Determination Date**" will be, unless otherwise indicated, the third Business Day preceding each Distribution Date.

"**Distribution Date**" will be, unless otherwise indicated, the 15th day of each month (or, if such 15th day is not a Business Day, the next Business Day).

"**Early Accumulation Period**" means, for any applicable series or class of such series, the period that begins on the day on which a Reinvestment Event for that series occurs or is deemed to occur and continues until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the commencement of the Early Amortization Period for that series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment in full of the invested amount of that series, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the series termination date for that series.

"**Early Amortization Period**" means, for any applicable series or class of such series, the period that begins on the day on which a Pay-Out Event for that series occurs or is deemed to occur and continues until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment in full of the certificates of that series or class, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the series termination date for that series.

"**Eligible Account**" means each credit or 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 the Pooling and Servicing Agreement) owned by the account owner and its successors and permitted assignees which, as of the respective date of designation, is a credit or charge account or line of credit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in existence and maintained by the account owner or such successors or assignees,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is payable in United States dollars,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) has not been sold or pledged to any other party except for any other account owner that has entered into a purchase agreement, the transferor or an additional transferor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) does not have receivables which have been sold or pledged to any party other than the transferor,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except as provided below, has an account holder who has not been confirmed by the servicer in its computer files as being involved in any voluntary or involuntary bankruptcy proceeding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) has an account holder who has provided as his or her most recent billing address an address located in the United States, its territories or possessions or Canada or a United States military address (provided, however, that, at any time, up to 3% of the accounts may have account holders who have provided as their most recent billing addresses, addresses outside of such jurisdictions),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) has not been identified as an account or product with respect to which the related card has been lost or stolen (if such account or product is a credit card account or product),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) does not have receivables that are Defaulted Receivables and does not have any receivables that have been identified by the servicer as having been incurred as a result of fraudulent use of any related credit card, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with respect to Aggregate Addition Accounts, certain other accounts or products which shall have satisfied the Rating Agency Condition.

"**Eligible Deposit Account**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a segregated account with an Eligible Institution (other than the account owner), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a segregated trust account with the corporate trust department of a depository institution (other than the account owner) organized under the laws of the United States or any one of the states thereof, including the District of Columbia (or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as the rating of any of the unsecured or unguaranteed senior debt securities of such depository institution satisfies the publicly published controlling and applicable ratings criteria established by each Rating Agency.

"**Eligible Institution**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a depository institution (which may be the trustee) organized under the laws of the United States, any one of the states thereof (including the District of Columbia) or any domestic branch of a foreign bank, so long as such depository institution's long-term unsecured debt rating or its certificate of deposit rating satisfies the publicly published controlling and applicable ratings criteria established by each Rating Agency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other institution that is acceptable to each Rating Agency.

"**Eligible Investment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations fully guaranteed by the United States of America,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities; *provided* that, at the time of the trust's investment therein, the short-term debt of such depository institution or trust company shall be rated at least "A-1+" (or any other rating subject to receipt by the transferor, the servicer and the trustee of written notification from S&P that investments of such type at such other minimum rating will not result in S&P reducing or withdrawing its then existing rating of the certificates of any outstanding series or class with respect to which it is a Rating Agency) by S&P and shall be satisfactory to each other Rating Agency,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper that, at the time of the trust's investment or a contractual commitment to invest therein, shall be rated at least "A-1+" (or any other rating subject to receipt by the transferor, the servicer and the trustee of written notification from S&P that investments of such type at such other minimum rating will not result in S&P reducing or withdrawing its then existing rating of the certificates of any outstanding series or

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class with respect to which it is a Rating Agency) by S&P and shall be satisfactory to each other Rating Agency,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) demand deposits, time deposits or certificates of deposit which are fully insured by the FDIC having, at the time of the trust's investment therein, a rating satisfactory to each Rating Agency,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) bankers' acceptances issued by any depository institution or trust company described in (ii) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) time deposits, other than as referred to in (iv) above (having maturities not later than the business day preceding the next distribution date), with an entity, the commercial paper of which shall be rated at least "A-1+" (or any other rating subject to receipt by the transferor, the servicer and the trustee of written notification from S&P that investments of such type at such other minimum rating will not result in S&P reducing or withdrawing its then existing rating of the certificates of any outstanding series or class with respect to which it is a Rating Agency) by S&P and shall be satisfactory to each other Rating Agency,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) only to the extent permitted by Rule 3a-7 under the Investment Company Act of 1940, as amended, (a) money market funds that, at the time of the trust's investment therein, shall be rated at least "AAAm" by S&P (or any other rating subject to receipt by the transferor, the servicer and the trustee of written notification from S&P that investments of such type at such other minimum rating will not result in S&P reducing or withdrawing its then existing rating of the certificates of any outstanding series or class with respect to which it is a Rating Agency) and shall be satisfactory to each other Rating Agency, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other investment if the Rating Agency Condition has been satisfied; *provided, however,* that Eligible Investments shall not include securities issued by, or other obligations of, the account owner; and *provided further* that no Eligible Investments shall be contrary to the status of the trust as a qualified special purpose entity under existing accounting literature.

"**Eligible Receivable**" means each receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that has arisen in an Eligible Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that 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 a material adverse effect on certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as to which at the time of the transfer of such receivable to the trust, the 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 the transferor or the account owner if such taxes are not then due and payable or if the transferor or the 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that has been the subject of either a valid transfer and assignment from the transferor to the trust of all of the transferor's right, title and interest therein (including any proceeds thereof), or the grant of a first-priority perfected security interest therein (and in the proceeds thereof), effective until the termination of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that is the legal, valid and binding payment obligation of the obligor thereon, enforceable against such obligor in accordance with its terms, except as such enforceability may be limited by applicable

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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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) that, at the time of transfer to the trust, has not been waived or modified except as permitted in accordance with the credit guidelines and which waiver or modification is reflected in the servicer's computer file of accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) that, at the time of transfer to the trust, is not subject to any right of rescission, setoff, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the obligor, other than defenses arising out of applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) as to which, at the time of transfer to the trust, the transferor thereof has satisfied all its obligations required to be satisfied by such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) as to which, at the time of transfer to the trust, none of the transferor, AENB, or any other account owner, as the case may be, has taken any action which would impair, or omitted to take any action the omission of which would impair, the rights of the trust or the certificateholders therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) that 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.

"**Eligible Servicer**" means, the trustee, TRS or AENB, or, if the trustee, TRS or AENB is not acting as servicer, an entity, the appointment of which satisfies the Rating Agency Condition, or an entity that, at the time of its appointment as servicer, (1) services a portfolio of charge or credit accounts, (2) is legally qualified and has the capacity to service the trust, (3) has, in the sole determination of the trustee, demonstrated the ability to service professionally and competently a portfolio of similar accounts in accordance with high standards of skill and care, (4) is qualified to use the software that is then being used to service the accounts or obtains the right to use or has its own software which is adequate to perform its duties under the pooling and servicing agreement and other securitization agreements and (5) has a net worth of at least $50,000,000 as of the end of its most recent fiscal quarter.

"**Excess Allocation Series**" means any series that, as specified in the related supplement, is entitled to receive Excess Finance Charge Collections as more fully described under *"The Pooling and Servicing Agreement Generally — Sharing of Excess Finance Charge Collections Among Excess Allocation Series"* in this prospectus.

"**Excess Finance Charge Collections**" means collections of finance charge receivables and certain other amounts allocable to the certificateholders' interest of any Excess Allocation Series in excess of the amounts necessary to make required payments with respect to such series (including payments to the provider of any related Series Enhancement) that are payable out of collections of finance charge receivables.

"**Excess Spread**" means, for any Distribution Date, an amount equal to the sum of the amounts described in clause (A)(iv), clause (B)(iii) and clause (C)(ii) in *"Series Provisions — Application of Collections — Payment of Interest, Fees and Other Items"* in this prospectus.

"**Expected Final Payment Date**" means the [●] 20[●] Distribution Date.

"**Floating Allocation Percentage**" means, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is the Adjusted Invested Amount as of the last day of the preceding Monthly Period (or, with respect to the first Monthly Period, the Initial Invested Amount), and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of the total amount of the principal receivables in the trust as of such day (or, with respect to the first Monthly Period, the total amount of principal receivables in the trust on the closing date) and the principal amount on deposit in the Special Funding Account, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Series Allocation Percentage for such Monthly Period.

However, the amount calculated above pursuant to clause (a) of the denominator shall be increased by the aggregate amount of principal receivables in Additional Accounts added to the trust during such Monthly Period and decreased by the aggregate amount of principal receivables in Additional Accounts removed from the trust during such Monthly Period, as though such receivables had been added to or removed from, as the case may be, the trust as of the first day of such Monthly Period.

"**Funding Period**" means, for the applicable series, a period beginning on the series closing date for that series and ending on a specified date before the start a Controlled Amortization Period or a Controlled Accumulation Period for that series.

"**Goods & Services**" means spend in merchant categories other than Travel & Entertainment-related merchant categories.

"**Group [I][II]**" shall mean Series 20[●]-[●] and each other series specified in a supplement to the pooling and services agreement to be included in Group [I][II].

"**Group Investor Additional Amounts**" means, for any Distribution Date, the sum of the amounts determined with respect to each series in such group equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount by which the invested amount of any class of certificates or any collateral invested amounts have been reduced as a result of investor charge-offs, subordination of principal collections and funding the investor default amount for any other class of certificates or collateral invested amounts of such series, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the related supplement so provides, the amount of interest at the applicable certificate rate that has accrued on the amount described in the preceding clause (i).

"**Group Investor Default Amount**" means, for any Distribution Date, the sum of the amounts determined with respect to each series in such group equal to the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series Allocable Defaulted Amount for such Distribution Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the applicable Floating Allocation Percentage for such Distribution Date.

"**Group Investor Finance Charge Collections**" means, for any Distribution Date, the aggregate amount of Investor Finance Charge Collections for such Distribution Date for all series in such group.

"**Group Investor Monthly Fees**" means, for any Distribution Date, the Servicing Fee payable monthly for each series in such group, any series enhancement fees and any other similar fees which are paid out of Reallocated Investor Finance Charge Collections for such series pursuant to the applicable supplement.

"**Group Investor Monthly Interest**" means, for any Distribution Date, the sum of the aggregate amount of monthly interest, including overdue monthly interest and interest on such overdue monthly interest, if applicable, for all series in such group for such Distribution Date.

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"**Ineligible Receivables**" means all receivables with respect to an affected account that has been reassigned to the transferor as a result of the transferor's breach of certain representations and warranties described in *"The Pooling and Servicing Agreement Generally — Representations and Warranties"* in this prospectus.

"**Initial Cut-Off Date**" means April 16, 2004.

"**Initial Invested Amount**" means $[●], subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

"**Interest Period**" means, for any Distribution Date, a period from and including the 15<sup>th</sup> day of the month of the preceding Distribution Date to but excluding the 15<sup>th</sup> day of the month of the current Distribution Date; *provided*, *however*, that with respect to the first Distribution Date after the closing date, the Interest Period will be the period from and including the closing date to but excluding [●] [●], 20[●].

"**Invested Amount**" for any date of determination means an amount equal to the sum of the Class A Invested Amount as of such date, the Class B Invested Amount as of such date and the Collateral Invested Amount as of such date.

"**Investor Default Amount**" means, for any Distribution Date, the product of (i) the Floating Allocation Percentage for the related Monthly Period and (ii) the Series Allocable Defaulted Amount for such Monthly Period.

"**Investor Finance Charge Collections**," for any series, means the collections of finance charge receivables allocable to the invested amount (including any collateral invested amount) of that series.

"**Issuer Rate Fees**" has the meaning described in *"AENB's Revolving Credit Businesses — Issuer Rate Fees"* in this prospectus.

"**Monthly Period**" means, with respect to each Distribution Date, the calendar month immediately preceding such Distribution Date; *provided*, *however*, that the initial Monthly Period with respect to any series will commence on the closing date with respect to such series.

"**Monthly Receivables Percentage**" means, for any day, the percentage equivalent of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is an amount equal to the sum of the aggregate amount of principal receivables outstanding in the trust attributable to the transferor or the account owner with respect to which an insolvency event has occurred or to the transferor that is unable to transfer receivables to the trust, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is an amount equal to the sum of the aggregate amount of principal receivables outstanding in the trust,

in each case as of the last day of the immediately preceding Monthly Period.

"**Monthly Servicing Fee**" has the meaning described in *"Series Provisions — Servicing Compensation and Payment of Expenses"* in this prospectus.

"**Note Trust Transfer**" means the transfer of the Collateral Interest by the transferor to a trust established for the purpose of issuing notes collateralized by the Collateral Interest.

"**Pay-Out Event**" means, with respect to Series 20[●]-[●], each event described in *"Series Provisions — Pay-Out Events"* in this prospectus and, with respect to another series, each event specified as such in the related supplement.

"**Plans**" mean certain pension, profit sharing or other employee benefit plans, individual retirement accounts or annuities and employee annuity plans and Keogh plans regulated under Section 406 of ERISA and Section 4975 of

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the Internal Revenue Code, and entities whose underlying assets are deemed to include assets of the foregoing plans, accounts and annuities by reason of the investment by such plans, accounts and annuities in such entities.

"**Portfolio Yield**" means, with respect to the trust as a whole and, with respect to any Monthly Period, the annualized percentage equivalent of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is the aggregate of the sum of the Series Allocable Finance Charge Collections for all series during the immediately preceding Monthly Period calculated on a cash basis after subtracting therefrom the Series Allocable Defaulted Amount for all series for such Monthly Period and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the total amount of principal receivables as of the last day of such immediately preceding Monthly Period.

"**Prefunding Amount**" has the meaning described in *"The Pooling and Servicing Agreement Generally — Funding Period"* in this prospectus.

"**Principal Allocation Percentage**" means, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during the Revolving Period, the Series Adjusted Invested Amount for Series 20[●]-[●] as of the last day of the immediately preceding Monthly Period (or, with respect to the first Monthly Period, the Initial Invested Amount), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during the Controlled Accumulation Period or the Early Amortization Period, the Series Adjusted Invested Amount for Series 20[●]-[●] as of the last day of the Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of the total amount of principal receivables in the trust as of the last day of the immediately preceding Monthly Period and the principal amount on deposit in the Special Funding Account as of such last day (or, with respect to the first Monthly Period, as of the closing date), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Series Allocation Percentage for Series 20[●]-[●] as of the last day of the immediately preceding Monthly Period.

However, the amount calculated above pursuant to clause (a) of the denominator shall be increased by the aggregate amount of principal receivables in Additional Accounts added to the trust during such Monthly Period and decreased by the aggregate amount of principal receivables in Additional Accounts removed from the trust during such Monthly Period, as though such receivables had been added to or removed from, as the case may be, the trust as of the first day of such Monthly Period.

Because the Series 20[●]-[●] certificates are subject to being paired with a future series, if a Pay-Out Event or a Reinvestment Event occurs with respect to a paired series during the Controlled Accumulation Period for Series 20[●]-[●], the transferor may, by written notice to the trustee and the servicer, designate a different numerator for the foregoing fraction, *provided* that such numerator is not less than the Adjusted Invested Amount as of the last day of the Revolving Period for such paired series and the transferor shall have received written notice from each Rating Agency that such designation will satisfy the Rating Agency Condition and shall have delivered copies of each such written notice to the servicer and the trustee. In addition, the transferor shall have delivered to the trustee a certificate of an authorized officer to the effect that, based on the facts known to such officer at the time, in the reasonable belief of the transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or lapse of time, would constitute a Pay-Out Event, to occur with respect to Series 20[●]-[●].

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"**Principal Funding Account**" means the account established as described under *"Series Provisions — Principal Funding Account"* in this prospectus.

"**Rating Agency**" is a nationally recognized statistical rating organization selected by the transferor to rate a series or class of certificates.

"**Rating Agency Condition**" means, with respect to any action, that each Rating Agency shall have notified the transferor, the servicer and the trustee in writing that such action will not result in a reduction or withdrawal of the then existing rating of any outstanding series or class with respect to which it is a Rating Agency.

"**Reallocated Investor Finance Charge Collections**" means the amount of Group Investor Finance Charge Collections allocated to the certificateholders' interest (including any collateral invested amount) for a particular series offered by this prospectus.

"**Reallocated Principal Collections**" means, for any Distribution Date, the collections of principal receivables allocable first to the Collateral Interest and then, in the case of the Class A Required Amount, to the Class B certificates that are used to fund the excess, if any, of the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount remaining after Excess Spread and Excess Finance Charge Collections allocated to Series 20[●]-[●] and available for such purpose have been used to fund the Class A Required Amount and the Class B Required Amount.

"**Reallocation Group**" means, for any series, the group of series that will be subject to reallocations of collections of receivables and other amounts or obligations among the series in that group. Series 20[●]-[●] is included in Group [I][II].

"**Record Date**" means, for any Distribution Date, the last day of the calendar month immediately preceding that Distribution Date.

"**Recoveries**" means all amounts received (net of expenses of collection), including insurance proceeds, with respect to Defaulted Receivables, including the net proceeds of any sale of such Defaulted Receivables.

"**Regulation RR**" means the regulations required under Section 15G of the Securities Exchange Act, added pursuant to Section 941(b) of the Dodd-Frank Act.

"**Reinvestment Event**" means, with respect to another applicable series, each event specified as such in the related supplement.

"**Required Minimum Principal Balance**," as of any date of determination, means the sum of the series invested amounts for all outstanding series plus the sum of the Series Required Transferor Amounts for each such series minus the amount on deposit in the Special Funding Account. The "series invested amount" will generally equal the initial invested amount for a series.

"**Required Reserve Account Amount**" for any Distribution Date on or after the Reserve Account Funding Date, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such other amount designated by the transferor, *provided* that the holder of the Collateral Interest shall have consented to such designation and such designation satisfies the Rating Agency Condition.

"**Required Transferor Amount**" means, as of any date of determination, an amount equal to the product of (A) the Required Transferor Percentage and (B) the aggregate amount of principal receivables in the trust.

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"**Required Transferor Percentage**" shall mean 7% or any other percentage specified in a supplement to the pooling and servicing agreement; provided, however, that the transferor may reduce the Required Transferor Percentage upon (x) 30 days' prior notice to the trustee and each Rating Agency, (y) satisfaction of the Rating Agency Condition with respect thereto and (z) delivery to the trustee of a certificate of the transferor stating that the transferor reasonably believes that such reduction will not, based on the facts known at the time of such certification, have an Adverse Effect; provided further that the Required Transferor Percentage shall not be reduced if such reduction would cause the seller's interest to fall below the amount required for purposes of satisfying the risk retention requirements of Regulation RR, as described under "Risk Retention" in this prospectus.

"**Reserve Account Funding Date**" means the Distribution Date which occurs not later than the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the [●] 20[●] Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the [●] 20[●] Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such earlier Distribution Date as the transferor may determine by written notice to the trustee and the servicer.

For this purpose, the "Excess Spread Percentage" for any Monthly Period will be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

"**Revolving Period**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for Series 20[●]-[●], the period that begins on the series closing date and continues until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the commencement of the Early Amortization Period for Series 20[●]-[●]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the commencement of the Controlled Accumulation Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any other series of certificates, the period that begins on the series closing date or another date as specified in the related supplement and continues until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the commencement of the Early Amortization Period or Early Accumulation Period for that series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date specified in the related supplement as the end of the Revolving Period.

"**Series 20[**●**]-[**●**]**" means the series of Class A certificates, Class B certificates and Collateral Interest, the terms of which are described in this prospectus.

"**Series 20[**●**]-[**●**] Termination Date**" means the [●] 20[●] Distribution Date.

"**Series Adjusted Invested Amount**" means, for any series and for any Monthly Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the series invested amount for such series for that Monthly Period, less

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of the cumulative amount (calculated in accordance with the terms of the related supplement) of investor charge-offs allocable to the invested amount for such series as of the last day of the immediately preceding Monthly Period over the aggregate reimbursement of such investor charge-offs as of such last day (or for any other series), or such lesser amount as may be provided in the supplement for such series.

"**Series Adjusted Portfolio Yield**" means, for any Monthly Period, the annualized percentage equivalent of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reallocated Investor Finance Charge Collections (including any investment earnings and certain other amounts that are to be treated as collections of finance charge receivables allocable to Series 20[●]-[●] in accordance with the pooling and servicing agreement) for such Monthly Period, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of investment earnings, if any, in the Principal Funding Account for the related Distribution Date, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Excess Finance Charge Collections that are allocated to Series 20[●]-[●], *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of funds withdrawn from the Reserve Account and which are required to be deposited into the Collection Account and included as Class A Available Funds for the Distribution Date for such Monthly Period, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Investor Default Amount for the Distribution Date for such Monthly Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period.

"**Series Allocable Finance Charge Collections**," "**Series Allocable Principal Collections**" and "**Series Allocable Defaulted Amount**" mean, for any series and for any Monthly Period, the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series Allocation Percentage and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of collections of finance charge receivables deposited in the Collection Account, the amount of collections of principal receivables deposited in the Collection Account and the amount of all Defaulted Amounts with respect to that Monthly Period, respectively.

"**Series Allocation Percentage**" means, for any series and for any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is the Series Adjusted Invested Amount as of the last day of the immediately preceding Monthly Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the Trust Adjusted Invested Amount.

"**Series Enhancement**" means any credit enhancement for the benefit of the certificateholders of a particular series or class of certificates.

"**Series Required Transferor Amount**" for any date of determination means 7.0% of the Invested Amount.

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"**Servicer Default**" refers to any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure by the servicer to make any payment, transfer or deposit, or to give instructions to the trustee to make any payment, transfer or deposit, on the date the servicer is required to do so under the pooling and servicing agreement or any supplement, which is not cured within a five Business Day grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) failure on the part of the servicer duly to observe or perform in any material respect any other covenants or agreements of the servicer in the pooling and servicing agreement or any supplement which has an Adverse Effect and which continues unremedied for a period of 60 days after written notice, or the servicer assigns its duties under the pooling and servicing agreement, except as specifically permitted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any representation, warranty or certification made by the servicer in the pooling and servicing agreement, any supplement or in any certificate delivered pursuant to the pooling and servicing agreement or any supplement proves to have been incorrect in any material respect when made, which has an Adverse Effect on the rights of the certificateholders of any series, and which Adverse Effect continues for a period of 60 days after written notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the occurrence of certain events of bankruptcy, insolvency, liquidation, receivership or conservatorship with respect to the servicer.

Notwithstanding the foregoing, a delay in or failure of performance referred to under clause (i) above for a period of 10 Business Days after the applicable grace period or referred to under clauses (ii) or (iii) for a period of 60 Business Days after the applicable grace period, will not constitute a Servicer Default if such delay or failure could not have been prevented by the exercise of reasonable diligence by the servicer and such delay or failure was caused by an act of God or other similar occurrence. Upon the occurrence of any such event, the servicer will not be relieved from using its best efforts to perform its obligations in a timely manner in accordance with the terms of the pooling and servicing agreement. The servicer must provide the trustee, the transferor and any provider of Series Enhancement prompt notice of such failure or delay by it, together with a description of its efforts to so perform its obligations.

"**Servicing Base Amount**" means, for any Distribution Date, (i) the Adjusted Invested Amount as of the last day of the Monthly Period preceding such Distribution Date, *minus* (ii) the product of the amount, if any, on deposit in the Special Funding Account as of the last day of the Monthly Period preceding such Distribution Date and the Series Allocation Percentage with respect to such Monthly Period.

"**Servicing Fee**" has the meaning described in *"Description of the Certificates — Servicing Compensation and Payment of Expenses"* in this prospectus.

"**Servicing Fee Rate**" means 2.0% per year.

"**Shared Principal Collections**" has the meaning described in *"The Pooling and Servicing Agreement Generally — Sharing of Principal Collections Among Principal Sharing Series"* in this prospectus.

"**Special Funding Account**" means the account established as described under *"The Pooling and Servicing Agreement Generally — Special Funding Account"* in this prospectus.

"**Special Payment Date**" means any Distribution Date in a Monthly Period following a Monthly Period in which a Pay-Out Event occurs.

"**Supplemental Certificate**" means any certificate that is received by the transferor in exchange for a portion of the Transferor Certificates.

"**Tax Opinion**" means, with respect to any action, an opinion of counsel to the effect that, for federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of the certificates of any outstanding series or class that was characterized as debt at the time of its issuance, (b) following such action the

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trust will not be deemed to be an association (or publicly traded partnership) taxable as a corporation and (c) such action will not cause or constitute an event in which gain or loss would be recognized by any certificateholder.

"**Total Portfolio**" is the revolving credit account portfolio of consumer American Express credit card accounts and Pay Over Time revolving credit features associated with credit card accounts owned by AENB and in the future may include other charge or credit accounts or products owned by AENB or other account owners, including revolving credit features of the charge card accounts, but excluding certain accounts owned by AENB issued to Latin American obligors.

"**Transferor Amount**" means, at any time of determination, an amount equal to the sum of (i) the total aggregate amount of principal receivables in the trust and (ii) the amount on deposit in the Special Funding Account at such time minus the aggregate "Adjusted Invested Amounts" for all outstanding series (specified in the prospectuses related to the offering of such series) at such time.

"**Transferor Certificates**" means, collectively, the original transferor certificate and any outstanding Supplemental Certificates.

"**Travel & Entertainment**" means spend on travel and entertainment, which primarily includes airline, cruise, lodging and dining merchant categories.

"**Trust Adjusted Invested Amount**" means, for any Monthly Period, the sum of the Series Adjusted Invested Amounts (as adjusted in any supplement) for all outstanding series.

"**Trust Portfolio**" means certain accounts selected from the Total Portfolio and designated for the trust based on the eligibility criteria specified in the purchase agreement and the pooling and servicing agreement.

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**Annex I** 

**The Trust Portfolio** 

*The information provided in this Annex I forms an integral part of the prospectus.* 

**General** 

The primary assets of the trust are receivables generated from time to time in a portfolio of designated consumer American Express credit card accounts and Pay Over Time revolving credit features associated with certain American Express credit card accounts and, in the future, may include other charge or credit accounts or products.

The accounts in the Trust Portfolio were selected from the Total Portfolio based upon the eligibility criteria specified in the purchase agreement and the pooling and servicing agreement applied with respect to the accounts as of their selection date. See *"The Pooling and Servicing Agreement Generally — Conveyance of Receivables," "— Addition of Accounts"* and *"Risk Factors — Transaction Structure Risks — Addition or removal of accounts to the trust or other changes in the composition or performance of the trust's assets may decrease the credit quality of the assets securing the repayment of your certificates. If this occurs, your receipt of payments of principal and interest may be reduced, delayed or accelerated" in this prospectus for a discussion of those eligibility criteria.* Subject only to these criteria and any applicable regulatory guidelines, the account owner has the discretion to select the accounts in the Total Portfolio for addition to the Trust Portfolio. The account owner has in the past considered, and may in the future consider, factors such as product type, tenure of an account and interest rate applicable to an account in determining the accounts to be added to the Trust Portfolio. Set forth below is certain information with respect to the Trust Portfolio. Additional accounts were most recently designated for the Trust Portfolio on [●], 20[●]. See *"AENB's Revolving Credit Businesses"* and *"The Trust Portfolio — The Accounts" in this prospectus.*

The Trust Portfolio's yield, loss, delinquency and payment rate is comprised of segments which may, when taken individually, have yield, loss, delinquency and payment rate characteristics different from those of the overall Trust Portfolio. There can be no assurance that the yield, loss, delinquency and payment rate experience relating to the receivables in the Trust Portfolio in the future will be comparable to the historical experience relating to the receivables in the Trust Portfolio set forth below.

**Loss and Delinquency Experience** 

The following tables set forth the loss and delinquency experience for the Trust Portfolio for each of the periods shown. The loss and delinquency rates at any time reflect, among other factors, the quality of the Trust Portfolio, the average seasoning of the accounts, the success of the account owner's collection efforts, the product mix of the Trust Portfolio and general economic conditions.

The following table sets forth the loss experience for the Trust Portfolio for each indicated period. Total gross charge-offs include charge-offs of principal receivables only, and do not include any charge-offs of finance charge and fee receivables or the amount of any reductions in principal receivables due to a rebate, refund, error, fraudulent charge or other miscellaneous adjustment described under *"The Pooling and Servicing Agreement Generally — Defaulted Receivables; Rebates and Fraudulent Charges."* If finance charge and fee receivables that have been charged-off were included in total gross charge-offs, total gross charge-offs would be higher as an absolute number and as a percentage of the average principal receivables outstanding during the periods indicated. Recoveries are collections received in respect of charged-off accounts in the Trust Portfolio during the period indicated in the following table. Total recoveries for each indicated period include recoveries of principal, finance charges and certain fees for that period. Under the pooling and servicing agreement, recoveries are treated as collections of finance charge receivables. Total net charge-offs are an amount equal to total gross charge-offs minus total recoveries, each for the applicable period. Average principal receivables outstanding for each indicated period is the average of the month-end principal receivables balances for that period. We cannot provide any assurance that the loss experience for the receivables in the Trust Portfolio in the future will be similar to the historical experience set forth below.

A-I-1

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**Loss Experience of the Trust Portfolio** 

**(Dollars in Thousands)** 

---

| | | |
|:---|:---|:---|
|  | | **Year Ended December 31,** |
|  Average Principal Receivables Outstanding | $— | $— |
|  Total Gross Charge-Offs | $— | $— |
|  Total Recoveries |  |  |
|  Total Net Charge-Offs | $— | $— |
|  Total Gross Charge-Offs as a Percentage of Average Principal Receivables Outstanding | %(1) | % |
|  Total Recoveries as a Percentage of Average Principal Receivables Outstanding | (1) |  |
|  Total Net Charge-Offs as a Percentage of Average Principal Receivables Outstanding | %(1) | % |
|  Number of Accounts Experiencing a Loss |  |  |
|  Number of Accounts Experiencing a Recovery(2) |  |  |
|  Average Net Loss per Account Experiencing a Loss(3) | $— | $— |

---

(1) This percentage is an annualized figure.

(2) Calculated by totaling the number of accounts experiencing a recovery in each of the months during the
indicated period. Therefore, an account that has experienced a recovery in multiple months during the indicated period will be counted more than once.

(3) Calculated as Net Charge-Offs divided by Number of Accounts Experiencing a Loss.

The following tables set forth the delinquency experience for the Trust Portfolio for each indicated period. With respect to the *"Average Receivables Delinquent as a Percentage of the Trust Portfolio"* table below, the average receivables delinquent is the average of the month-end delinquent amounts, while the average receivables outstanding is the average of month-end receivables balances, each for the applicable period. With respect to the *"Average Number of Delinquent Accounts as a Percentage of the Trust Portfolio"* table below, the average number of delinquent accounts is the average of the month-end delinquent accounts, while the average number of outstanding accounts is the average of total month-end accounts, each for the applicable period. We cannot provide any assurance that the delinquency experience for the receivables in the Trust Portfolio in the future will be similar to the historical experience set forth below.

**Average Receivables Delinquent as a Percentage of the Trust Portfolio** 

**(Dollars in Thousands)** 

---

| | | |
|:---|:---|:---|
|  | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **Year Ended December 31,** |
|  | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **20[**●**]** |
|  | **Percentage<br>of Avg.<br>Receivables<br>Outstanding** | **Percentage<br>of Avg.<br>Receivables<br>Outstanding** |
|  Average Receivables Outstanding | $nan% | $nan% |
|  Average Receivables Delinquent: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 to 60 Days | $nan% | $nan% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 to 90 Days |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 to 120 Days |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 to 150 Days |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 Days to 180 Days |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 Days or More |  |  |
|  Total | $nan% | $nan% |

---

A-I-2

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**Average Number of Delinquent Accounts as a Percentage of the Trust Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **20[**●**]** | **20[**●**]** | **20[**●**]** |
|  | **Number of<br>Accounts** | **Percentage<br>of Total<br>Number of<br>Accounts** | **Number of<br>Accounts** | **Percentage<br>of Total<br>Number of<br>Accounts** | **Percentage of<br>Total Number<br>of Accounts** |
|  Average Number of Accounts Outstanding% |  |  |  |  |  |
|  Average Number of Accounts Delinquent: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 to 60 Days% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 to 90 Days |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 to 120 Days |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 to 150 Days |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 Days to 180 Days |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 Days or More |  |  |  |  |  |
|  Total% |  |  |  |  |  |

---

**Revenue Experience** 

The following table sets forth the revenue experience for the Trust Portfolio from total finance charge and fee collections for each indicated period. Total finance charge and fee collections set forth in the table below include periodic finance charges, cash advance fees, annual membership fees, other fees, discount option yield, Issuer Rate Fees and recoveries on charged-off accounts. Under the pooling and servicing agreement, recoveries on charged-off accounts are treated as collections of finance charge receivables. There can be no assurance that the revenues for the Trust Portfolio in the future will be similar to the historical experience of the Trust Portfolio set forth below.

Revenue experience from total finance charge and fee collections results from dividing total finance charges and fee collections by the average principal receivables outstanding. The average principal receivables outstanding for each indicated period is the average of the month-end principal receivables balances for that period.

**Revenue Experience of the Trust Portfolio** 

**(Dollars in Thousands)** 

---

| | | |
|:---|:---|:---|
|  | | **Year Ended December 31,** |
|  Average Principal Receivables Outstanding | $— | $— |
|  Finance Charge and Fee Collections | $— | $— |
|  Collections of Discount Option Receivables |  |  |
|  Total Finance Charge and Fee Collections | $— | $— |
|  Total Finance Charge and Fee Collections as a Percentage of Average Principal Receivables Outstanding | %(1) | % |

---

(1) This percentage is an annualized figure.

The historical revenue figures for the Trust Portfolio shown in the table above include interest on purchases and cash advances and fees collected from holders of the accounts during the applicable month. Revenues from finance charges and fees collected will be affected by numerous factors, including the periodic finance charges on the receivables, the amount of fees paid by account holders, the percentage of account holders who pay off their balances in full each month and do not incur periodic finance charges on purchases and change in the level of delinquencies on the receivables. Revenues related to finance charges and fees also depend on the types of charges and fees assessed by the account owner on the accounts in the Trust Portfolio. Accordingly, revenues will be affected by future changes in the types of charges and fees assessed on the accounts and other factors. See *"Certain Legal Aspects of the Receivables — Consumer Financial Products Regulation" in this prospectus.* None of the servicer, the account owner or any of their respective affiliates has any basis to predict how future changes in the use of the accounts by account holders or in the terms of accounts may affect the revenue for the Trust Portfolio.

A-I-3

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**Principal Payment Rates** 

The following table sets forth the highest and lowest account holder monthly principal payment rates for the Trust Portfolio during any month in the period shown and the average account holder monthly principal payment rates for all months during each period shown, calculated as the percentage equivalent of a fraction. The monthly principal payment rates for each month is calculated as the amount of principal payments from account holders (excluding recoveries on charged-off receivables) as posted to the accounts during the applicable month divided by the aggregate amount of principal receivables outstanding as of the beginning of the applicable month, normalized for a 30-day month by dividing the resulting rate by the actual number of days in the applicable month and multiplying the result by 30. In addition, as of the month ended [●], 20[●], and with regard to the prior month's statement only, [●]% of the accounts in the Trust Portfolio had account holders that made only the minimum payment due under the terms of the related account agreement, and [●]% of the accounts in the Trust Portfolio had account holders that paid their full balance under the terms of the related account agreement. See *"AENB's Revolving Credit Businesses — Billing and Payments" in this prospectus for a description of how minimum payments are calculated.*

**Account Holder Monthly Principal Payment Rates of the Trust Portfolio** 

---

| | | |
|:---|:---|:---|
|  | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **Year Ended December 31,** |
|  | **[**●**] Months Ended<br>[**●**], 20[**●**]** | **20[**●**]** |
|  Lowest Month% |  |  |
|  Highest Month% |  |  |
|  Monthly Average% |  |  |

---

A-I-4

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**The Receivables** 

As of [●], 20[●], the receivables in the accounts included in the Trust Portfolio totaled $[●] comprised of $[●] of principal receivables and $[●] of finance charge receivables.

The following tables, together with the paragraph under *"— Composition by Geographic Distribution,"* summarize the Trust Portfolio by various criteria as of [●], 20[●]. Because the future composition of the Trust Portfolio may change over time, these tables are not necessarily indicative of the composition of the Trust Portfolio at any time subsequent to [●], 20[●].

**Composition By Account Balance** 

**Trust Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Account Balance Range** | **Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Receivables**<br>**Outstanding** |
|  Credit Balance% |  |  | $nan% |
|  Zero Balance |  |  |  |
|  $0.01 to $1,000 |  |  |  |
|  $1,000.01 to $5,000 |  |  |  |
|  $5,000.01 to $10,000 |  |  |  |
|  $10,000.01 or More |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total% |  |  | $nan% |

---

The average account balance as of [●], 20[●] was $[●] for all accounts and $[●] for all accounts other than accounts with a zero balance as of that date.

A-I-5

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##### [**Table of Contents**](#toc)
**Composition By Credit Limit** 

**Trust Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Credit Limit Range** | **Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Receivables**<br>**Outstanding** |
|  Less than $1,000.99% |  |  | $nan% |
|  $1,001 to $5,000.99 |  |  |  |
|  $5,001 to $10,000.99 |  |  |  |
|  $10,001 to $15,000.99 |  |  |  |
|  $15,001 to $20,000.99 |  |  |  |
|  $20,001 to $25,000.99 |  |  |  |
|  $25,001 or More(1) |  |  |  |
|  Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (Credit Card)% |  |  | $nan% |
|  No Pre-Set Spending Limit<br>(Pay Over Time) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Total% |  |  | $nan% |

---

(1) The maximum credit limit generally is $100,000.

**Composition by Period of Delinquency** 

**Trust Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Period of Delinquency**<br> **(Days Contractually Delinquent)** | **Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Receivables**<br>**Outstanding** |
|  Current to 30 days% |  |  | $nan% |
|  31 to 60 Days |  |  |  |
|  61 to 90 Days |  |  |  |
|  91 to 120 Days |  |  |  |
|  121 to 150 Days |  |  |  |
|  151 Days to 180 Days |  |  |  |
|  181 Days or More |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total% |  |  | $nan% |

---

A-I-6

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##### [**Table of Contents**](#toc)
**Composition by Account Age** 

**Trust Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Account Age (1)** | **Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Number of**<br>**Accounts** | **Percentage**<br>**of Total**<br>**Receivables**<br>**Outstanding** |
|  Not More than 11 Months% |  |  | $nan% |
|  12 Months to 17 Months |  |  |  |
|  18 Months to 23 Months |  |  |  |
|  24 Months to 35 Months |  |  |  |
|  36 Months to 47 Months |  |  |  |
|  48 Months to 59 Months |  |  |  |
|  60 Months to 71 Months |  |  |  |
|  72 Months or More |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total% |  |  | $nan% |

---

(1) For purposes of this table, the age of an account is rounded down to the nearest whole month. For example,
the age of an account that has been in existence for eleven months and twenty days would be rounded down to eleven months, and that account would be included in the "Not More than 11 Months" age range.

**Composition by Geographic Distribution** 

**Trust Portfolio** 

As of [●], 20[●], approximately [●]%, [●]%, [●]%, [●]%, [●]% and [●]% of the receivables related to account holders having billing addresses in [●], [●], [●], [●], [●] and [●], respectively. Not more than 5% of the receivables related to account holders have billing addresses in any other single state.

**Composition by Standardized Credit Score** 

**Trust Portfolio** 

The following table sets forth the composition of the Trust Portfolio as of [●], 20[●] by FICO<sup>®</sup>\* score ranges. To the extent available, FICO scores are obtained at origination and monthly thereafter. A FICO score is a measurement determined by Fair Isaac Corporation using information collected by the major credit bureaus to assess consumer credit risk. FICO risk scores rank-order consumers according to the likelihood that their credit obligations will be paid in accordance with the terms of their accounts. Although Fair Isaac Corporation discloses only limited information about the variables it uses to assess credit risk, those variables likely include, but are not limited to, debt level, credit history, payment patterns (including delinquency experience), and level of utilization of available credit. FICO scores of an individual may change over time, depending on the conduct of the individual, including the individual's usage of his or her available credit and changes in credit score technology used by Fair Isaac Corporation.

\* FICO<sup>®</sup> is a registered trademark of Fair Isaac Corporation.

A-I-7

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##### [**Table of Contents**](#toc)
FICO scores are based on independent, third-party information, the accuracy of which we cannot verify. The account owner does not use standardized credit scores, such as a FICO score, alone to determine the amount of charges that should be approved on a credit card account. Rather, a FICO score is only one of many factors used by AENB, as account owner, to assess an individual's credit and default risk. In connection with its underwriting and authorization decisions, the account owner uses proprietary scoring models, which it generally has found to be more accurate predictors of credit and default risk than any single standardized credit score such as FICO. The use of proprietary models also enables the account owner to extend credit to an account holder with a lower FICO score without changing the account owner's risk tolerance than would be the case if the account owner relied solely on FICO. See *"AENB's Revolving Credit Businesses — Underwriting and Authorization Process"* in this prospectus. The FICO scores presented below should not be used alone as a method of forecasting whether account holders will make payments in accordance with the terms of their accounts. References to "Receivables Outstanding" in the following table include both finance charge receivables and principal receivables. Because the future composition of the Trust Portfolio may change over time, this table is not necessarily indicative of the composition of the Trust Portfolio at any specific time in the future.

**Composition by Standardized Credit Score(1)** 

**Trust Portfolio** 

---

| | |
|:---|:---|
| **FICO Score Range** | **Percentage of Total**<br>**Receivables**<br>**Outstanding** |
|  Less than 560 | $nan% |
| 560 - 659 |  |
| 660 - 699 |  |
| 700 - 759 |  |
|  760 and above |  |
|  Refreshed FICO Unavailable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $nan% |

---

(1) Standardized Credit Score defined as the FICO score in the most recent Monthly Period.

A-I-8

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##### [**Table of Contents**](#toc)
**Annex II** 

**Static Pool Information** 

*The information provided in this Annex II forms an integral part of the prospectus.* 

The Trust Portfolio is comprised of designated consumer American Express credit card accounts and Pay Over Time revolving credit features associated with certain American Express credit card accounts and, in the future, may include other charge or credit accounts or products.

The following tables present charge-off, delinquency, payment rate and revenue experience of the Trust Portfolio. Due to the nature of the receivables in the Trust Portfolio, the following tables do not include information relating to (i) prepayments, because the concept of prepayments is not an applicable consideration beyond payment rate data, which is provided, or (ii) standardized credit scores, because credit decisions are being made on an ongoing basis based on continuously evolving obligor credit scores.

Data is presented in the following tables in separate increments based on the calendar year of origination of the accounts, each an "Origination Segment." Data is presented for the five most recent Origination Segments [and for the portion of the current Origination Segment ended [●] [●], 20[●]]. As used in the tables, the date of origination is generally either the date the account became effective or was first used. The account aging shows activity through the indicated age of the account (e.g., 0-12 months, 13-24 months), which is referred to in this Annex II as the "performance period." In the following tables, highlighted data is based on a full 12 months of activity for all accounts in the applicable Origination Segment and, therefore, will not change in future disclosures unless the transferor designates Additional Accounts for inclusion in the trust as described under *"The Pooling and Servicing Agreement Generally — Additions of Accounts"* in this prospectus or remove accounts from the trust as described under *"The Pooling and Servicing Agreement Generally — Removal of Accounts"* in this prospectus or a party to the transaction accepts the reassignment of Ineligible Receivables following the breach of certain representations and warranties as described under *"Description of the Purchase Agreements — Repurchase Obligations"* and *"The Pooling and Servicing Agreement Generally — Representations and Warranties"* in this prospectus, and then only if any such addition or removal of accounts or reassignment of Ineligible Receivables involves accounts in the applicable Origination Segments. The data that is not highlighted will change in future disclosures and, in some cases, will reflect activity in an account for less than 12 full months, depending on when the account is originated and when the data for that disclosure is generated.

As of [●] [●], 20[●], the accounts reflected in the following tables had receivables outstanding that were approximately [●]% of the total receivables outstanding in the Trust Portfolio at such date. Because the accounts reflected in the following tables are only a portion of the Trust Portfolio, the overall performance of the receivables in the Trust Portfolio may be different from the performance reflected in the tables below. There can be no assurance that the performance of receivables in the future will be similar to the historical experience set forth below.

A-II-1

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##### [**Table of Contents**](#toc)
**Gross Charge-Off Rate of the Trust Portfolio** 

**As of Date: [**●**] [**●**], 20[**●**]** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Origination Year** | **0-12**<br> **Months** | **13-24**<br> **Months** | **25-36**<br> **Months** | **37-48**<br> **Months** | **49-60**<br> **Months** | **>=61**<br> **Months** |
|  **20[**●**] Origination** | [●]% |  |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |

---

**[Graphical Presentation to be Included]** 

Total gross charge-offs for any Origination Segment include charge-offs of principal receivables only, and do not include any charge-offs of finance charge and fee receivables or the amount of any reductions in principal receivables due to a rebate, refund, error, fraudulent charge or other miscellaneous adjustment described under *"The Pooling and Servicing Agreement Generally — Defaulted Receivables; Rebates and Fraudulent Charges"* in this prospectus. The gross charge-off rate, which is an annualized percentage, results from dividing total gross charge-offs by the average of the month-end principal receivables balances for each month in the applicable performance period, which is referred to in this Annex II as the "average month-end principal receivables outstanding."

A-II-2

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##### [**Table of Contents**](#toc)
**Net Charge-Off Rate of the Trust Portfolio** 

**As of Date: [**●**] [**●**], 20[**●**]** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Origination Year** | **0-12**<br> **Months** | **13-24**<br> **Months** | **25-36**<br> **Months** | **37-48**<br> **Months** | **49-60**<br> **Months** | **>=61**<br> **Months** |
|  **20[**●**] Origination** | [●]% |  |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |

---

**[Graphical Presentation to be Included]** 

Total net charge-offs for any Origination Segment are an amount equal to total gross charge-offs minus total recoveries. The net charge-off rate, which is an annualized percentage, results from dividing total net charge-offs by the average month-end principal receivables outstanding.

A-II-3

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##### [**Table of Contents**](#toc)
**30 Days+ Delinquency Rate of the Trust Portfolio** 

**As of Date: [**●**] [**●**], 20[**●**]** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Origination Year** | **0-12<br>Months** | **13-24<br>Months** | **25-36<br>Months** | **37-48<br>Months** | **49-60<br>Months** | **>=61<br>Months** |
|  **20[**●**] Origination** | [●]% |  |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |

---

**[Graphical Presentation to be Included]** 

The 30 Days+ Delinquency Rate (i.e., accounts 31 days or more delinquent) is the result of dividing the average of the month-end delinquent amounts for each month in the applicable performance period by the average month-end receivables outstanding.

A-II-4

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##### [**Table of Contents**](#toc)
**Account Holder Monthly Payment Rate of the Trust Portfolio** 

**As of Date: [**●**] [**●**], 20[**●**]** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Origination Year** | **0-12<br>Months** | **13-24<br>Months** | **25-36<br>Months** | **37-48<br>Months** | **49-60<br>Months** | **>=61<br>Months** |
|  **20[**●**] Origination** | [●]% |  |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |

---

**[Graphical Presentation to be Included]** 

The monthly payment rate results from dividing total principal collections received (excluding recoveries on charged-off receivables) during each month by that month's opening total principal receivables balance, which is then normalized for a 30-day month.

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##### [**Table of Contents**](#toc)
**Revenue Experience of the Trust Portfolio** 

**As of Date: [**●**] [**●**], 20[**●**]** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Origination Year** | **0-12<br>Months** | **13-24<br>Months** | **25-36<br>Months** | **37-48<br>Months** | **49-60<br>Months** | **>=61<br>Months** |
|  **20[**●**] Origination** | [●]% |  |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% |  |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% |  |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% |  |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% |  |
|  **20[**●**] Origination** | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |

---

**[Graphical Presentation to be Included]** 

[The percentages set forth above, which are annualized percentages, result from dividing total finance charges and fees billed by the average month-end principal receivables outstanding. Total finance charges and fees billed include periodic finance charges, cash advance fees, annual membership fees, other fees and Issuer Rate Fees.

Historical data for revenue experience as reported with respect to the Trust Portfolio (i) unlike the calculation of total finance charges and fees billed above which is based on the related amounts posted to accounts, is calculated based on the related amounts collected on the accounts including recoveries and (ii) is calculated using Issuer Rate Fees. As a result, there are limitations to any comparison of the historical data presented in this Annex II and the static pool data presented in the table above.]

A-II-6

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##### [**Table of Contents**](#toc)
**Annex III** 

**Other Series** 

*The information provided in this Annex III forms an integral part of the prospectus.* 

The table below sets forth the principal characteristics of all other series issued by the trust and currently outstanding.

**Series 2012-A\*** 

---

| | |
|:---|:---|
| Maximum Invested Amount | $3448276000 |
| Class A Maximum Invested Amount | $3000000000 |
| Class A Certificate Rate | Floating Rate |
| Class B Maximum Invested Amount | $112069000 |
| Class B Certificate Rate | Floating Rate |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Maximum Invested Amount | $336207000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | Extendable |
| Series Issuance Date | October 3, 2012 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group II |

---

\* Variable Funding Floating Rate Asset Backed Certificates

A-III-1

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##### [**Table of Contents**](#toc)
**Series 2022-3** 

---

| | |
|:---|:---|
| Initial Invested Amount | $2571435000 |
| Class A Initial Invested Amount | $2250000000 |
| Class A Certificate Rate | 3.75% per year |
| Class B Initial Invested Amount | $96430000 |
| Class B Certificate Rate | 4.07% per year |
| Controlled Accumulation Amount (subject to adjustment) | $195535833.34 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | August 1, 2024 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $225005000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | August 2025 Distribution Date |
| Series Issuance Date | August 16, 2022 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

**Series 2022-4** 

---

| | |
|:---|:---|
|  Initial Invested Amount | $1042858000 |
| Class A Initial Invested Amount | $1000000000 |
| Class A Certificate Rate | 3.75% per year |
| Class B Initial Invested Amount | $96430000 |
| Class B Certificate Rate | 4.95% per year |
| Controlled Accumulation Amount (subject to adjustment) | $86904833.34 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | September 1, 2024 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $100001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | October 2025 Distribution Date |
| Series Issuance Date | November 3, 2022 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

A-III-2

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##### [**Table of Contents**](#toc)
**Series 2023-1** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1303572000 |
| Class A Initial Invested Amount | $1250000000 |
| Class A Certificate Rate | 4.87% per year |
| Class B Initial Invested Amount | $53572000 |
| Class B Certificate Rate | 5.12% per year |
| Controlled Accumulation Amount (subject to adjustment) | $108631000 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | May 1, 2025 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $125001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | May 2026 Distribution Date |
| Series Issuance Date | June 14, 2023 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

**Series 2023-2** 

---

| | |
|:---|:---|
| Initial Invested Amount | $571430000 |
| Class A Initial Invested Amount | $500000000 |
| Class A Certificate Rate | 4.80% per year |
| Class B Initial Invested Amount | $21429000 |
| Class B Certificate Rate | 5.12% per year |
| Controlled Accumulation Amount (subject to adjustment) | $43452416.67 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | May 1, 2027 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $50001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | May 2028 Distribution Date |
| Series Issuance Date | June 14, 2023 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

A-III-3

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##### [**Table of Contents**](#toc)
**Series 2023-3** 

---

| | |
|:---|:---|
| Initial Invested Amount | $971433000 |
| Class A Initial Invested Amount | $850000000 |
| Class A Certificate Rate | 5.23% per year |
| Class B Initial Invested Amount | $36430000 |
| Class B Certificate Rate | 5.52% per year |
| Controlled Accumulation Amount (subject to adjustment) | $73869166.67 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | September 1, 2025 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $85003000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | September 2026 Distribution Date |
| Series Issuance Date | September 19, 2023 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

**Series 2023-4** 

---

| | |
|:---|:---|
| Initial Invested Amount | $971433000 |
| Class A Initial Invested Amount | $850000000 |
| Class A Certificate Rate | 5.15% per year |
| Class B Initial Invested Amount | $36430000 |
| Class B Certificate Rate | 5.46% per year |
| Controlled Accumulation Amount (subject to adjustment) | $73869166.67 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | September 1, 2027 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $85003000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | September 2028 Distribution Date |
| Series Issuance Date | September 19, 2023 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

A-III-4

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##### [**Table of Contents**](#toc)
**Series 2024-1** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1142859000 |
| Class A Initial Invested Amount | $1000000000 |
| Class A Certificate Rate | 5.23% per year |
| Class B Initial Invested Amount | $42858000 |
| Class B Certificate Rate | 5.50% per year |
| Controlled Accumulation Amount (subject to adjustment) | $86904833.34 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | April 1, 2026 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $100001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | April 2027 Distribution Date |
| Series Issuance Date | April 23, 2024 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

**Series 2024-2** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1142859000 |
| Class A Initial Invested Amount | $1000000000 |
| Class A Certificate Rate | 5.24% per year |
| Class B Initial Invested Amount | $42858000 |
| Class B Certificate Rate | 5.51% per year |
| Controlled Accumulation Amount (subject to adjustment) | $86904833.34 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | April 1, 2028 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $100001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | April 2029 Distribution Date |
| Series Issuance Date | April 23, 2024 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

A-III-5

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##### [**Table of Contents**](#toc)
**Series 2024-3** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1371433000 |
| Class A Initial Invested Amount | $1200000000 |
| Class A Certificate Rate | 4.65% per year |
| Class B Initial Invested Amount | $51430000 |
| Class B Certificate Rate | 5.08% per year |
| Controlled Accumulation Amount (subject to adjustment) | $104285833.34 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | July 1, 2026 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $120003000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | July 2027 Distribution Date |
| Series Issuance Date | July 23, 2024 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

**Series 2025-1** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1600000000 |
| Class A Initial Invested Amount | $1400000000 |
| Class A Certificate Rate | 4.56% per year |
| Class B Initial Invested Amount | $60000000 |
| Class B Certificate Rate | 4.96% per year |
| Controlled Accumulation Amount (subject to adjustment) | $121666666.67 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | December 1, 2026 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $140000000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | December 2027 Distribution Date |
| Series Issuance Date | February 11, 2025 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

A-III-6

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##### [**Table of Contents**](#toc)
**Series 2025-2** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1714287000 |
| Class A Initial Invested Amount | $1500000000 |
| Class A Certificate Rate | 4.28% per year |
| Class B Initial Invested Amount | $64286000 |
| Class B Certificate Rate | 4.59% per year |
| Controlled Accumulation Amount (subject to adjustment) | $130357166.67 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | April 1, 2027 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $150001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | April 2028 Distribution Date |
| Series Issuance Date | May 13, 2025 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

**Series 2025-3** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1142859000 |
| Class A Initial Invested Amount | $1000000000 |
| Class A Certificate Rate | 4.51% per year |
| Class B Initial Invested Amount | $42858000 |
| Class B Certificate Rate | 4.83% per year |
| Controlled Accumulation Amount (subject to adjustment) | $86904833 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | April 1, 2029 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $100001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | April 2030 Distribution Date |
| Series Issuance Date | May 13, 2025 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

A-III-7

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##### [**Table of Contents**](#toc)
**Series 2025-4** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1714287000 |
| Class A Initial Invested Amount | $1500000000 |
| Class A Certificate Rate | 4.30% per year |
| Class B Initial Invested Amount | $64286000 |
| Class B Certificate Rate | 4.69% per year |
| Controlled Accumulation Amount (subject to adjustment) | $130357166.67 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | July 1, 2027 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $150001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | July 2028 Distribution Date |
| Series Issuance Date | July 22, 2025 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

**Series 2025-5** 

---

| | |
|:---|:---|
| Initial Invested Amount | $1142859000 |
| Class A Initial Invested Amount | $1000000000 |
| Class A Certificate Rate | 4.51% per year |
| Class B Initial Invested Amount | $42858000 |
| Class B Certificate Rate | 4.90% per year |
| Controlled Accumulation Amount (subject to adjustment) | $86904833.34 |
| Approximate Commencement of Controlled Accumulation Period (subject to adjustment) | July 1, 2029 |
| Annual Servicing Fee Percentage | 2.0% per year |
| Collateral Initial Invested Amount | $100001000 |
| Enhancement for the Class A and Class B Certificates | Collateral Invested Amount |
| Other enhancement for the Class A Certificates | Subordination of the Class B Certificates |
| Expected Final Payment Date | July 2030 Distribution Date |
| Series Issuance Date | July 22, 2025 |
| Principal Sharing Series | Yes |
| Excess Allocation Series | Yes |
| Group | Group I |

---

A-III-8

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##### [**Table of Contents**](#toc)
**American Express Credit Account Master Trust** 

**Issuing Entity** 

**SERIES 20[**●**]-[**●**]** 

**$[**●**]<sup>\*</sup>** 

**Class A [Floating Rate][[**●**]%] Asset Backed Certificates** 

**$[**●**]<sup>\*</sup>** 

**Class B [Floating Rate][[**●**]%] Asset Backed Certificates** 

**American Express Receivables Financing Corporation III LLC** 

**Depositor and Transferor** 

**American Express Travel Related Services Company, Inc.** 

**Servicer** 

**American Express National Bank** 

**Sponsor**![LOGO](g884322g69m95.jpg)

**PROSPECTUS** 

*Joint Bookrunners* 

**[**●**]** 

**[**●**]** 

**[**●**]** 

*Co-Managers* 

**[**●**]** 

**[**●**]** 

**[**●**]** 

You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information.

We are not offering the offered certificates in any state where the offer is not permitted.

We do not claim the accuracy of the information in this prospectus as of any date other than the date stated on its cover.

Dealers will deliver a prospectus when acting as underwriters of the offered certificates and with respect to their unsold allotments or subscriptions. In addition, until the date which is 90 days after the date of this prospectus, all dealers selling the offered certificates will deliver a prospectus, such delivery obligation generally may be satisfied through the filing of the prospectus with the Securities and Exchange Commission.

<sup>\*</sup> Subject to increase or decrease as discussed under *"Series Provisions"* in this prospectus.

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 12. Other Expenses of Issuance and Distribution.** 

The following is an itemized list of the estimated expenses to be incurred in connection with the offering of the securities being offered hereunder other than underwriting discounts and commissions.

---

| | |
|:---|:---|
|  Registration Fee<sup>(1)</sup> | $3,062,000\* |
|  Printing and Engraving Expenses | $1,000,000\* |
|  Trustee's Fees and Expenses | $700,000\* |
|  Legal Fees and Expenses | $2,600,000\* |
|  Blue Sky Fees and Expenses | $400,000\* |
|  Accountants' Fees and Expenses | $3,000,000\* |
|  Rating Agency Fees | $18,000,000\* |
|  Miscellaneous Fees | <u>$300,000\*</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | <u>$29,062,000\*</u> |

---

\* Estimated.

<sup>(1)</sup> $535,850.00 of registration fees have been previously paid, corresponding to $3,500,000,000.00 of Asset-Backed Securities that remain unsold at the current fee rate of $153.10 per million. The registration fee for any additional securities is deferred in accordance with Rules 456(c) and 457(s) of the Securities Act of 1933.

**Item 13. Indemnification of Directors and Officers.** 

*American Express Receivables Financing Corporation III LLC* 

The Delaware Limited Liability Company Act gives Delaware limited liability companies broad powers to indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever.

To the fullest extent permitted by the Delaware Limited Liability Company Act and in accordance with its Limited Liability Company Agreement, American Express Receivables Financing Corporation III LLC will indemnify any member, officer, director, employee or agent of American Express Receivables Financing Corporation III LLC who is, was or is threatened to be made a party to any proceeding (including a proceeding by or in the right of American Express Receivables Financing Corporation III LLC or by or on behalf of a member) by reason of the fact that he, she or it is or was a member, officer or director of American Express Receivables Financing Corporation III LLC, is or was acting on behalf of American Express Receivables Financing Corporation III LLC in good faith or is or was serving, at the request of American Express

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##### [**Table of Contents**](#toc)
Receivables Financing Corporation III LLC, as a director, manager, officer, employee or agent of any other legal entity, or is a fiduciary of any employee benefit plan established at the direction of American Express Receivables Financing Corporation III LLC, against all liabilities and reasonable expenses incurred in the proceeding except such liabilities and expenses as are incurred because of such individual's gross negligence or willful misconduct.

Each underwriting agreement will generally provide that the underwriters will indemnify American Express Receivables Financing Corporation III LLC and its directors, officers, members and controlling parties against specified liabilities, including liabilities under the Securities Act, relating to certain information provided or actions taken by the underwriters. American Express Receivables Financing Corporation III LLC has been advised that in the opinion of the Commission, this indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Item 14. Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1  | [Form of Underwriting Agreement.](d884322dex11.htm) |
| 3.1  | [Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC (incorporated by reference to Exhibit 3.1 of Form S-3/A, filed April 20, 2004, File No. 333-113579).](http://www.sec.gov/Archives/edgar/data/949349/000112528204001644/b331276_ex3-1.txt) |
| 3.2  | [Amendment Number One to the Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC, dated as of April 1, 2018 (incorporated herein by reference to Exhibit 3.1 of Form 8-K, filed April 4, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex31.htm) |
| 4.1  | [Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, as transferor, American Express Travel Related Services Company, Inc., as servicer, and The Bank of New York Mellon, as trustee and securities intermediary (incorporated by reference to Exhibit 4.1 of Form 8-K, filed April 4, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex41.htm) |
| 4.2  | [Form of Series Supplement, including form of Asset-Backed Certificates.](d884322dex42.htm) |
| 4.3  | [Amended and Restated Receivables Purchase Agreement, dated as of April 1, 2018, between American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated by reference to Exhibit 4.3 of Form 8-K, filed April 4, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex43.htm) |
| 5.1  | [Opinion of Orrick, Herrington & Sutcliffe LLP with respect to legality.](d884322dex51.htm) |
| 8.1  | [Opinion of Orrick, Herrington & Sutcliffe LLP with respect to tax matters.](d884322dex81.htm) |
| 10.1  | [Amended and Restated Asset Representations Review Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and Clayton Fixed Income Services LLC (incorporated by reference to Exhibit 10.1 of Form 8-K, filed April 4, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex101.htm) |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| 23.1  | [Consent of Orrick, Herrington & Sutcliffe LLP (included in its opinion filed as Exhibit 5.1).](d884322dex51.htm) |
| 23.2  | [Consent of Orrick, Herrington & Sutcliffe LLP (included in its opinion filed as Exhibit 8.1).](d884322dex81.htm) |
| 24.1  | [Powers of Attorney of American Express Receivables Financing Corporation III LLC (included on page II-7).](#sig) |
| 36.1  | [Form of Depositor Certification for Shelf Offerings of Asset-Backed Securities (incorporated by reference to Exhibit 99.36 of Form SF-3/A, filed October 20, 2015, File No. 333-205964).](http://www.sec.gov/Archives/edgar/data/1003509/000119312515348368/d23160dex9936.htm) |
| 99.1  | [Third Amended and Restated Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated by reference to Exhibit 4.4 of Form 8-K, filed April 4, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex44.htm) |
| 99.2  | [Second Amended and Restated Defaulted Receivables Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.5 of Form 8-K, filed April 4, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex45.htm) |
| 107.1 | [Calculation of Filing Fee Table.](d884322dexfilingfees.htm) |

---

**Item 15. Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Undertaking pursuant to Rule 415*.

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

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##### [**Table of Contents**](#toc)
*provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Paragraphs A.(1)(i), A.(1)(ii) and A.(1)(iii) of this section do not apply if the registration statement is on Form S-3, Form SF-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Paragraphs A.(1)(i) and A.(1)(ii) do not apply if this Registration Statement is for an offering of asset-backed securities on Form SF-1 or Form SF-3 and the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser:

If the registrant is relying on Rule 430D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) and (h) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430D relating to an offering made pursuant to Rule 415(a)(1)(vii) or (a)(1)(xii) for the purpose of providing the information required by section 10(a) of the Securities Act (15 U.S.C. 77j(a)) shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430D, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <u>bona fide</u> offering thereof; <u>provided</u>, <u>however</u>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) If the registrant is relying on Rule 430D, with respect to any offering of securities registered on Form SF-3, to file the information previously omitted from the prospectus filed as part of an effective registration statement in accordance with Rule 424(h) and Rule 430D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Filings Incorporating Subsequent Exchange Act Documents by Reference*.

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Request for Acceleration of Effective Date or Filing of Registration Statement Becoming Effective Upon Filing.*

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit

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##### [**Table of Contents**](#toc)
to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Filings Regarding Asset-Backed Securities Incorporating by Reference Subsequent Exchange Act Documents by Third Parties.*

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 of a third party that is incorporated by reference in the registration statement in accordance with Item 1100(c)(1) of Regulation AB shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York, on July 24, 2025.

---

| | |
|:---|:---|
| AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC<br> acting solely in its capacity as the depositor of American Express Credit Account Master Trust | AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC<br> acting solely in its capacity as the depositor of American Express Credit Account Master Trust |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christa Marvelli |
|  | Name: Christa Marvelli<br> Title: President |

---

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Christa Marvelli, David A. Kanarek and Catherine Lo, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all amendments (including post-effective amendments) to this Registration Statement, any registration statement filed pursuant to Rule 462(b), and any or all other documents in connection therewith, and to file the same, with all exhibits thereto, with the Commission, granting unto said attorneys-in-fact authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as might or could be done in person, hereby ratifying and confirming all said attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed on July 24, 2025 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| **Signature** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Title</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christa Marvelli | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President |
| Christa Marvelli | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Brady P. Bagley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Treasurer |
| Brady P. Bagley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Financial Officer and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Accounting Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christa Marvelli | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director |
| Christa Marvelli |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ James Zhou | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director |
| James Zhou |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregory F. Lavelle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director |
| Gregory F. Lavelle |  |

---

## Exhibit 1.1

**Exhibit 1.1** 

**[Form of] Underwriting Agreement** 

**American Express Credit Account Master Trust** 

**$[_________] Class A** 

**Series 20[___]-[__] [Floating Rate][[_____]%] Asset Backed Certificates** 

**$[_________] Class B** 

**Series 20[___]-[__] [Floating Rate][[_____]%] Asset Backed Certificates** 

[_____] [__], 20[__]

New York, New York

[Name(s) and Address(es) of Representative(s)]

Ladies and Gentlemen:

The undersigned, AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC ("**RFC III**" or the **"Transferor"**), has authorized the issuance and sale to you and to the underwriters named in Schedule A hereto (the **"Underwriters"**) of $[_______] (aggregate principal amount) Class A Series 20[__]-[__] [Floating Rate][[___]%] Asset Backed Certificates (the **"Class A Certificates"**), and $[_______] (aggregate principal amount) Class B Series 20[__]-[_] [Floating Rate][[___]%] Asset Backed Certificates (the **"Class B Certificates"** and, together with the Class A Certificates, the **"Certificates"**). The Certificates will be issued pursuant to a Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as otherwise amended from time to time and as supplemented by the Series 20[__]-[_] Supplement thereto, to be dated as of [____] [__], 20[__] (together, the **"Pooling and Servicing Agreement"**), among the Transferor, American Express Travel Related Services Company, Inc. (**"TRS"**), as servicer (in such capacity, the **"Servicer"**), and The Bank of New York Mellon, as trustee (the **"Trustee"**). The Certificates are more fully described in the Registration Statement (defined below).

Each Certificate will represent an undivided interest in certain assets of the American Express Credit Account Master Trust (the **"Trust"**). The property of the Trust will include, among other things, receivables (the **"Receivables"**) generated from time to time in a portfolio of designated consumer American Express<sup>®</sup> credit card accounts and Pay Over Time revolving credit features associated with certain credit accounts (the **"Accounts"**) owned by American Express National Bank (the **"Bank"**) or any other Account Owner (as such term is defined in the Pooling and Servicing Agreement). Certain of the Receivables (and the related Accounts) will be subject to review by Clayton Fixed Income Services LLC (the "**Asset Representations Reviewer**") in certain circumstances for compliance with certain representations and warranties made about the Receivables, in accordance with the Amended and Restated Asset Representations Review Agreement, dated as of April 1, 2018 (as amended or supplemented from time to time, the "**Asset Representations Review Agreement**"), among the Transferor, the Servicer, and the Asset Representations Reviewer.

Each capitalized term used, but not defined herein, shall have the meaning specified in the Pooling and Servicing Agreement. The Asset Representations Review Agreement, the Pooling and Servicing Agreement and the Amended and Restated Receivables Purchase Agreement, dated as of April 1, 2018, between the Transferor and the Bank (as amended or supplemented from time to time, the

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"**Receivables Purchase Agreement**") are each sometimes referred to herein as a **"Transaction Document."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Representations, Warranties and Agreements of the Transferor and TRS.** The Transferor, as to and for itself only, and TRS, solely with respect to Section 1(s), represents and warrants to, and agrees with, the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transferor has filed with the Securities and Exchange Commission (the **"Commission"**), on Form SF-3, a registration statement (Registration Nos. 333-[______] and 333-[______]-01) relating to the Certificates, including a form of prospectus pursuant to Rule 415 under the Securities Act of 1933, as amended (the **"Act"**). The Transferor may have filed one or more amendments thereto, each of which has been furnished to the Representatives. The Registration Statement (defined below) has been declared effective by the Commission and is effective under the Act. The Transferor will also file with the Commission a prospectus in accordance with Rule 424 under the Act. As filed, the registration statement, as amended, the form of prospectus, and any prospectuses (as amended or supplemented, if applicable) filed pursuant to Rule 424 under the Act relating to the Certificates shall, except to the extent that the Representatives shall agree in writing to a modification, be in all substantive respects in the form furnished to you prior to the Execution Time (defined below) or, to the extent not completed at the Execution Time, shall contain only such specific additional information and other changes (beyond those contained in the latest preliminary prospectus (as amended or supplemented, if applicable) which has previously been furnished to the Underwriters) as the Transferor shall have advised the Underwriters, prior to the Execution Time, will be included or made therein.

For purposes of this Agreement, **"Effective Date"** means the date and time as of which such registration statement, or the most recent post-effective amendment thereto, if any, was declared effective by the Commission or the most recent effective date as of which the Prospectus (as defined below) is deemed to be part of such registration statement pursuant to Rule 430D under the Act. Such registration statement, as amended as of the Effective Date, and including the exhibits thereto, any material incorporated by reference therein and all information deemed to be part of such registration statement as of the Effective Date pursuant to Rule 430D under the Act, is hereinafter referred to as the **"Registration Statement,"** and the prospectus (together with static pool information (the **"Static Pool Information"**) required to be disclosed pursuant to Item 1105 of Regulation AB under the Act relating to the Certificates, required to be filed with the Commission pursuant to and in accordance with Rule 424(b) under the Act (**"Rule 424(b)"**) is referred to as the **"Prospectus." "Execution Time"** shall mean the date and time that this Agreement is executed and delivered by the parties hereto. A free writing prospectus, dated [______] [__], 20[__], relating to the ratings on the Certificates (the **"Ratings Free Writing Prospectus"**) has been filed with the Commission in accordance with Section 5(a) (to the extent required by Rule 433 under the Act).

Prior to the time the first contract of sale (or, in the event a contract reformation is effective to terminate the existing contract of sale and extinguish any rights thereunder, the time of the first such effective contract reformation) for the Certificates was entered into, as designated on Schedule A hereto (the "**Time of Sale**"), the Transferor had prepared and filed with the Commission pursuant to and in accordance with Rule 424(h) under the Act (**"Rule 424(h)"**) a preliminary Prospectus, dated [_____] [__], 20[__] (subject to completion). As used herein, "**Preliminary Prospectus**" means, with respect to any date or time referred to herein, the most recent preliminary Prospectus (as amended or supplemented, if applicable) (including the Static Pool Information), which has been prepared and delivered by the Transferor to the Underwriters in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) On the Effective Date and on the date of this Agreement, the Registration Statement did or will, and, when the Prospectus was first filed and on the Closing Date (as defined

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below), the Prospectus did or will, comply in all material respects with the applicable requirements of the Act and the rules and regulations of the Commission promulgated thereunder (the **"Rules and Regulations"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Effective Date, the Registration Statement did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as of its date and at the Time of Sale, the Preliminary Prospectus, together with the Ratings Free Writing Prospectus did not or will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being understood that no representation or warranty is made with respect to the omission of pricing and price-dependent information, which information shall of necessity appear only in the Prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as of its date and as of the Closing Date, the Prospectus will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other than the Preliminary Prospectus, the Ratings Free Writing Prospectus, the Prospectus and the Permitted Additional Information (as defined in Section 4(b)), the Transferor (including its agents and representatives other than the Underwriters in their capacity as such) has not made, used, prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any "written communication" (as defined in Rule 405 under the Act) that constitutes an offer to sell or solicitation of an offer to buy the Certificates; *provided* that the Transferor makes no representation or warranty as to the information contained in or omitted from the Registration Statement, the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus in reliance upon and in conformity with the Underwriter Information (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the respective dates as of which information is given in the Registration Statement, the Preliminary Prospectus and the Ratings Free Writing Prospectus, there has not been any material adverse change in the financial condition, results of operations or business of the Transferor, whether or not arising from transactions in the ordinary course of business that, would reasonably be expected to materially adversely affect the interests of the holders of the Certificates, otherwise than as set forth or contemplated in the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Transferor (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized, (ii) is qualified to transact business in, and is in good standing under, the laws of each jurisdiction in which its activities require such qualification (except where the failure to be so qualified would not, individually or in the aggregate, have a material adverse effect on the financial condition, results of operations or business of the Transferor), and (iii) has full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted and to execute, deliver and perform its obligations under this Agreement, each Transaction Document to which it shall be a party and the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement has been duly and validly authorized, executed and delivered by the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Pooling and Servicing Agreement has been duly authorized, executed and delivered by the Transferor, and assuming the due authorization, execution and delivery thereof by the

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Trustee and the Servicer, constitutes a valid and binding obligation of the Transferor enforceable against the Transferor in accordance with its terms, subject to applicable bankruptcy, fraudulent conveyance, reorganization, insolvency, moratorium and similar laws affecting or relating to creditors rights generally and to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). As of the Closing Date, the Pooling and Servicing Agreement will conform in all material respects to the description thereof contained in the Preliminary Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Certificates have been duly and validly authorized by all required action of the Transferor, and when duly and validly executed by the Transferor, authenticated by the Trustee and delivered in accordance with the Pooling and Servicing Agreement, and delivered to and paid for by the Underwriters as provided herein, will be validly issued and outstanding and entitled to the benefits of the Pooling and Servicing Agreement. As of the Closing Date, the Certificates will have been duly and validly executed by the Transferor, and will conform in all material respects to the descriptions thereof contained in the Preliminary Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Receivables Purchase Agreement has been duly authorized, executed and delivered by the Transferor, and assuming the due authorization, execution and delivery thereof by the other parties thereto, the Receivables Purchase Agreement constitutes valid and binding obligations of the Transferor, enforceable against the Transferor in accordance with its terms, subject to applicable bankruptcy, fraudulent conveyance, reorganization, insolvency, moratorium and similar laws affecting or relating to creditors' rights generally and to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). As of the Closing Date, the Receivables Purchase Agreement will conform in all material respects to the description thereof contained in the Preliminary Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the transfer of the Receivables to the Trustee by the Transferor, nor the issuance, sale and delivery of the Certificates, nor the execution or delivery of this Agreement or any Transaction Document by the Transferor, nor the consummation of any of the transactions herein or therein contemplated, nor the fulfillment of the terms of the Certificates, any Transaction Document or this Agreement, will result in (i) the breach of any term or provision of the charter or by-laws of the Transferor or conflict with, result in a material breach, violation or acceleration of, or constitute a default under, the terms of any material indenture or other agreement or instrument to which the Transferor is a party or by which it or its properties is bound or may be affected, (ii) to the best knowledge of the Transferor, the breach of any term or provision of any material statute, order or regulation applicable to the Transferor of any court, regulatory body, administrative agency, governmental body or arbitrator having jurisdiction over the Transferor or (iii) the creation of any Lien upon any property or assets of the Transferor (other than as contemplated in any Transaction Document), except, in the case of (ii) and (iii), where such conflict, breach or creation of any Lien would not, individually or in the aggregate, have a material adverse effect on financial condition, results of operations or business of the Transferor. The Transferor is not a party to, bound by, or in breach or violation of, any indenture or other agreement or instrument, or subject to, or in violation of, any statute, order or regulation of any court, regulatory body, administrative agency, governmental body or arbitrator having jurisdiction over it, that materially and adversely affects the ability of it to perform its obligations under this Agreement, any Transaction Document to which it is a party or the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other than as set forth or contemplated in the Preliminary Prospectus, to the best knowledge of the Transferor, there are no material actions, suits or proceedings affecting the Transferor before or by any court, regulatory body, administrative agency, governmental body or arbitrator now pending or, threatened that, individually or in the aggregate, (i) would reasonably be likely to have a material adverse effect on (x) the financial condition, results of operations, or business of the Transferor or (y) the ability of the Transferor to perform its obligations under this Agreement, any Transaction

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Document to which it is a party or the Certificates, (ii) assert the invalidity of this Agreement, any Transaction Document or the Certificates, (iii) seek to prevent the issuance, sale or delivery of the Certificates or any of the transactions contemplated by this Agreement or any Transaction Document or (iv) seek to affect adversely the federal income tax or ERISA attributes of the Certificates described in the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any taxes, fees and other governmental charges in connection with the execution, delivery and issuance of the Certificates or the execution and delivery of this Agreement or any Transaction Document have been or will have been paid by the Transferor at or prior to the Closing Date to the extent due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As of the Closing Date, the representations and warranties of the Transferor in each Transaction Document to which it is a party (individually and in the aggregate) will be true and correct in all material respects, except that to the extent that any such representation or warranty expressly relates to an earlier date, such representation or warranty was true and correct in all material respects at and as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Except as required under the Act, the Securities Exchange Act of 1934, as amended (the **"Exchange Act"**), and other applicable securities laws, no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the execution, delivery and performance by the Transferor of, or the compliance by the Transferor with, this Agreement, each Transaction Document to which it is a party or the Certificates or the consummation of the transactions contemplated hereby or thereby other than (i) those that have been obtained or made and remain in full force and effect and (ii) without limitation, the filing of Uniform Commercial Code financing statements with respect to the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The accounting firm of certified public accountants, who have audited certain financial statements of the Bank, are independent public accountants as required by the Act and the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) At the time of such transfer, the Transferor had good and marketable title to the Receivables being transferred by it to the Trustee or otherwise pursuant to the Pooling and Servicing Agreement or any other Transaction Document, free and clear of any Liens (other than as contemplated in the Pooling and Servicing Agreement) and will not have assigned to any Person any of its right, title or interest in such Receivables or the Transaction Documents (other than as contemplated in the Transaction Documents) or the Certificates being issued pursuant to the Pooling and Servicing Agreement; and the Transferor had the power and authority to so transfer such Receivables, and, the Trustee, on behalf of the Trust, had and, on the Closing Date, will have good and marketable title to, or a first-priority, perfected security interest in, such Receivables, and, upon the delivery to the Underwriters of the Certificates and payment by the Underwriters of the purchase price therefor on the Closing Date, the Underwriters will have good and marketable title to the Certificates, in each case free and clear of any Liens (other than as contemplated in the Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Trust is not now, and immediately following the issuance of the Certificates will not be (i) an "investment company" or a company "controlled by" an investment company within the meaning of the Investment Company Act of 1940, as amended (the **"1940 Act"**) or (ii) a "covered fund" for purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956. In reaching this conclusion, although other statutory or regulatory exemptions under the 1940 Act may be available, the Transferor has relied on the exemption from registration set forth in Rule 3a-7 under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Transferor was not, on the date on which the first *bona fide* offer (as described in Rule 164(h)(2) of the Act) of the Certificates was made, an "ineligible issuer" as such term is defined in Rule 405 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Transferor and TRS have executed and delivered a written representation (each, a **"17g-5 Representation"**) to each rating agency hired to rate the Certificates (each a **"Rating Agency**,**"** and collectively the **"Rating Agencies"**) that they will take the actions specified in paragraphs (a)(3)(iii)(A) through (D) of Rule 17g-5 of the Exchange Act (**"Rule 17g-5"**). Each of the Transferor and TRS has complied with each 17g-5 Representation, other than (i) any breach of a 17g-5 Representation that would not have a material adverse effect on the Certificateholders or (ii) arising from a breach by any of the Underwriters of the representations set forth in Section 4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Transferor has complied and, at and as of the Closing Date, shall have complied in all material respects with Rule 193 of the Act and Items 1111(a)(7) and 1111(a)(8) of Regulation AB under the Act in connection with the offering of the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Transferor has not engaged or caused any other person to engage, nor will the Transferor engage or cause any other person to engage prior to the Closing Date, any third-party to provide "due diligence services" as defined in Rule 17g-10(d)(1) under the Exchange Act in connection with the offering of the Certificates or obtained any third-party due diligence report within the meaning of Rule 15Ga-2(d) under the Exchange Act with respect to the assets held by the Trust or the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Representations, Warranties and Agreements of the Bank.** The Bank, as to and for itself only, represents and warrants to and agrees with the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized, (ii) is qualified to transact business in, and is in good standing under, the laws of each jurisdiction in which its activities require such qualification (except where the failure to be so qualified could not, individually or in the aggregate, have a material adverse effect on the financial condition, results of operations or business of the Bank), and (iii) has full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted and to execute, deliver and perform its obligations under this Agreement and the Receivables Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Receivables Purchase Agreement has been duly authorized, executed and delivered by the Bank, and assuming the due authorization, execution and delivery thereof by the other parties thereto, the Receivables Purchase Agreement constitutes valid and binding obligations of the Bank, enforceable against the Bank in accordance with its terms, subject to applicable bankruptcy, fraudulent conveyance, reorganization, insolvency, moratorium and similar laws affecting or relating to creditors' rights generally and to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). As of the Closing Date, the Receivables Purchase Agreement will conform in all material respects to the description thereof contained in the Preliminary Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly and validly authorized, executed and delivered by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth or contemplated in the Preliminary Prospectus, to the best knowledge of the Bank, there are no material actions, suits or proceedings affecting the Bank before or by any court, regulatory body, administrative agency, governmental body or arbitrator now pending or

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threatened that, individually or in the aggregate, (i) would reasonably be likely to have a material adverse effect on (x) the financial condition, results of operations, business of the Bank or (y) the ability of the Bank to perform its obligations under this Agreement or the Receivables Purchase Agreement or (ii) assert the invalidity of this Agreement or the Receivables Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As of the Closing Date, the representation and warranties of the Bank in the Receivables Purchase Agreement (individually and in the aggregate) will be true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the execution, delivery and performance by the Bank of, or the compliance by the Bank with, this Agreement or the Receivables Purchase Agreement or the consummation of the transactions contemplated hereby or thereby other than (i) those that have been obtained or made and remain in full force and effect and (ii) without limitation, the filing of Uniform Commercial Code financing statements with respect to the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Pooling and Servicing Agreement has been duly authorized, executed and delivered by the Servicer, and assuming the due authorization, execution and delivery thereof by the Trustee and the Transferor, constitutes a valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, subject to applicable bankruptcy, reorganization, insolvency and similar laws affecting creditors rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is pursuant to a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Bank has not granted, assigned, pledged or transferred and shall not grant, assign, pledge or transfer to any Person a security interest in, or any other right, title or interest in, the Receivables, except as provided in the Receivables Purchase Agreement, and agrees to take all action required by the Receivables Purchase Agreement in order to effect the sale of the Receivables made pursuant to the Receivables Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the transfer of the Receivables under the Receivables Purchase Agreement nor the execution or delivery of this Agreement or any Transaction Document by the Bank, nor the consummation of any of the transactions herein or therein contemplated, nor the fulfillment of the terms of any Transaction Document or this Agreement, will result in (i) the breach of any term or provision of the charter or by-laws of the Bank or conflict with, result in a material breach, violation or acceleration of, or constitute a default under, the terms of any material indenture or other agreement or instrument to which the Bank is a party or by which it or its properties is bound or may be affected, (ii) to the best knowledge of the Transferor, the breach of any term or provision of any material statute, order or regulation applicable to the Bank of any court, regulatory body, administrative agency, governmental body or arbitrator having jurisdiction over the Bank or (iii) the creation of any Lien upon any property or assets of the Bank (other than as contemplated in any Transaction Document), except, in the case of (ii) and (iii), where such conflict, breach or creation of any Lien would not, individually or in the aggregate, have a material adverse effect on the financial condition, results of operations or business of the Bank. The Bank is not a party to, bound by, or in breach or violation of, any indenture or other agreement or instrument, or subject to, or in violation of, any statute, order or regulation of any court, regulatory body, administrative agency, governmental body or arbitrator having jurisdiction over it, that materially and adversely affects the ability of it to perform its obligations under this Agreement or any Transaction Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Bank has not engaged or caused any other person to engage, nor will the Bank engage or cause any other person to engage prior to the Closing Date, any third-party to provide "due diligence services" as defined in Rule 17g-10(d)(1) under the Exchange Act in connection with the

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offering of the Certificates or obtained any third-party due diligence report within the meaning of Rule 15Ga-2(d) under the Exchange Act with respect to the assets held by the Trust or the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Bank is the appropriate entity to comply with all requirements imposed on sponsors of a securitization transaction in accordance with the final rules implementing the credit risk retention requirements of Section 15G of the Exchange Act (the "**Credit Risk Retention Rules**"), either directly or (to the extent permitted by the Credit Risk Retention Rules) through one or more wholly-owned affiliates (as defined in the Credit Risk Retention Rules). The Bank, directly or through one or more wholly-owned affiliates (as defined in the Credit Risk Retention Rules), satisfies, and will satisfy on the Closing Date, the Credit Risk Retention Rules by maintaining a "seller's interest" (as defined in the Credit Risk Retention Rules) in the Trust of not less than 5% of the aggregate unpaid principal balance of all outstanding investor "ABS interests" (as defined in the Credit Risk Retention Rules) in the Trust, determined in accordance with the Credit Risk Retention Rules, without any impermissible transfer, hedging or financing of such retained interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Purchase, Sale, Payment and Delivery of Certificates.** On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Transferor agrees to sell to the Underwriters, and each Underwriter agrees, severally and not jointly, to purchase from the Transferor, on [_____] [__], 20[__], or on such other date as shall be mutually agreed upon by the Transferor and the Underwriters (the **"Closing Date"**), the number and type of Certificates set forth in Schedule A opposite the name of such Underwriter. The Class A Certificates being purchased by the Underwriters hereunder are to be purchased at a purchase price equal to [________]% of the principal amount thereof; and the Class B Certificates being purchased by the Underwriters hereunder are to be purchased at a purchase price equal to [_______]% of the principal amount thereof.

The closing of the sale of the Certificates (the **"Closing"**) shall be held at the offices of Orrick, Herrington & Sutcliffe LLP, 51 West 52nd Street, 23rd Floor, New York, New York 10019, at on or about 9:00 A.M. (E.S.T.) on the Closing Date. Payment of the purchase price for the Certificates being sold and purchased hereunder shall be made on the Closing Date by wire transfer of federal or other immediately available funds to the accounts to be designated one Business Day prior to the Closing Date by the Transferor, against delivery of the Certificates at the Closing on the Closing Date. Each of the Certificates to be so delivered shall be represented by one or more definitive certificates registered in the name of Cede & Co. as nominee for The Depository Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Offering by Underwriters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is understood that, after the Effective Date, the Underwriters propose to offer the Certificates for sale to the public as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than (i) the Preliminary Prospectus, (ii) the Ratings Free Writing Prospectus, (iii) the Prospectus and (iv) any materials included in one or more "road shows" (as defined in Rule 433(h) under the Act) relating to the Certificates authorized or approved by the Transferor (the "**Permitted Additional Information**"), each Underwriter severally and not jointly represents, warrants and covenants that it has not prepared, made, used, authorized, approved, disseminated or referred to and will not prepare, make, use, authorize, approve, disseminate or refer to any "written communication" (as defined in Rule 405 under the Act) that constitutes an offer to sell or solicitation of an offer to buy the Certificates, including but not limited to any "ABS informational and computational materials" as defined in Item 1101(a) of Regulation AB under the Act unless such Underwriter has obtained the prior written approval of the Transferor; *provided*, *however*, that (x) each Underwriter may prepare and convey to one

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or more of its potential investors one or more "written communications" (as defined in Rule 405 under the Act) containing no more than the following: (i) information contemplated by Rule 134 under the Act and included or to be included in the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus, or (ii) columns or other entries showing the status of the subscriptions, the expected pricing parameters, the weighted average life or the trade date of the Certificates (each such communication, an "**Underwriter Free Writing Prospectus**") and (y) each Underwriter will be permitted to provide confirmations of sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Underwriter severally and not jointly represents and agrees (i) that it did not enter into any contract of sale for any Certificates prior to the Time of Sale and (ii) that, during the period prior to the filing of the Prospectus (as notified to the Underwriters by the Transferor) it will deliver the Preliminary Prospectus to each investor to whom it sells Certificates at or prior to the time of the contract of sale for such investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Underwriter severally and not jointly represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Underwriter Free Writing Prospectus prepared by it will not, as of the date such Underwriter Free Writing Prospectus was conveyed or delivered to any prospective purchaser of Certificates, include any untrue statement of material fact or omit any material fact necessary to make the statements contained therein, when read together with the Preliminary Prospectus, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that no Underwriter makes such representation, warranty or agreement to the extent such misstatements or omissions were the result of any inaccurate information that was included in the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus or any inaccurate information furnished to the Underwriter by the Transferor expressly for use therein, which information was not corrected by information subsequently provided by the Transferor to the Underwriter reasonably prior to the time of first use of such Underwriter Free Writing Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Underwriter Free Writing Prospectus prepared by it shall contain a legend substantially in the form of and in compliance with the Rules and Regulations of the Act, and shall otherwise conform to any requirements for "free writing prospectuses" under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Underwriter, severally and not jointly, represents, warrants and agrees that it will not, at any such time that such Underwriter is acting as an "underwriter" (as defined in Section 2(a)(11) of the Act) with respect to the Certificates, transfer, deposit or otherwise convey any Certificates into a trust or other type of special purpose vehicle that issues securities or other instruments backed in whole or in part by, or that represents interest in, such Certificates without the prior written consent of the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Underwriter, severally and not jointly, represents, warrants and agrees that it has not and will not, directly or indirectly, offer, sell or deliver any of the Certificates or distribute the Prospectus, the Ratings Free Writing Prospectus, the Preliminary Prospectus or any other offering material relating to the Certificates in or from any jurisdiction except under circumstances that will, to the best of its knowledge and belief, result in compliance by it with any applicable laws and regulations thereof and that will, to the best of its knowledge and belief, not impose any obligations on the Transferor except as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Underwriter, severally and not jointly, represents, warrants and agrees that it (i) has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000, as amended (the **"FSMA"**), with respect to anything done by it in relation to any Certificates in, from or otherwise involving the United Kingdom of Great Britain and Northern Ireland (the "UK" or

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"United Kingdom"), and (ii) has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any Certificates in circumstances in which Section 21(1) of the FSMA does not apply to the Trust or the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Underwriter, severally and not jointly, represents, warrants and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Certificates to any retail investor in the United Kingdom. For the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) 2017/565, as it forms part of UK assimilated law by virtue of the European Union (Withdrawal) Act of 2018 (as amended, the "**EUWA**"), and as amended; (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (such rules or regulations, as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of UK assimilated law by virtue of the EUWA, and as amended; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129, as it forms part of UK assimilated law by virtue of the EUWA, and the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Certificates to be offered so as to enable an investor to decide to purchase or subscribe for the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Underwriter, severally and not jointly, represents, warrants and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Certificates to any retail investor in the European Economic Area (the "**EEA**"). For the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "**MiFID II**"); (ii) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended), and the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Certificates to be offered so as to enable an investor to decide to purchase or subscribe for the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each Underwriter, severally and not jointly, covenants with the Bank and the Transferor that on or prior to the Closing Date, and thereafter, to the extent applicable, so long as it is acting as an "underwriter" as defined in Section 2(a)(11) of the Act with respect to the Certificates, it (a) will not deliver any Rating Information (as defined below) to any Rating Agency or any other "nationally recognized statistical rating organization" (within the meaning of the Exchange Act), and (b) will not participate in any oral communication of Rating Information with any Rating Agency or any other "nationally recognized statistical rating organization" (within the meaning of the Exchange Act) unless a designated representative from the Bank or the Transferor participates in such communication; *provided*, *however*, that if an Underwriter receives an oral communication from a Rating Agency, such Underwriter is authorized to inform such Rating Agency that it will respond to the oral communication with a designated representative from the Bank or the Transferor or refer such Rating Agency to the Transferor, who will respond to the oral communication. **"Rating Information"** means any oral or written information provided to a Rating Agency for the purpose of (a) determining the initial credit rating for the Certificates, including information about the characteristics of the Receivables and the legal structure of the Certificates, or (b) undertaking credit rating surveillance on the Certificates, including information about the characteristics and performance of the Receivables.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each Underwriter, severally and not jointly, (i) represents to the Bank and the Transferor that as of the date of this Agreement, it (a) has not delivered any Rating Information to any Rating Agency or any other "nationally recognized statistical rating organization" (within the meaning of the Exchange Act), and (b) has not participated in any oral communication of Rating Information with any Rating Agency or any other "nationally recognized statistical rating organization" (within the meaning of the Exchange Act) unless a designated representative from the Bank or the Transferor participated in such communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Certain Agreements of the Transferor and TRS.** Each of the Transferor and, solely with respect to Section 5(k), TRS severally covenants and agrees with the several Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately following the execution of this Agreement, the Transferor will prepare a Prospectus setting forth the amount of Certificates covered thereby, the price at which the Certificates are to be purchased by the Underwriters, the initial public offering price, the selling concessions and allowances, and such other information as the Transferor shall deem to be appropriate. The Transferor will transmit each of the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus, to the Commission pursuant to Rule 424(h), Rule 424(b) or Rule 433, as applicable, by a means reasonably calculated to result in a filing that complies with all applicable provisions of Rule 424(h), Rule 424(b) or Rule 433. The Transferor will advise the Underwriters promptly of any such filing pursuant to Rule 424(h), Rule 424(b) or Rule 433, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Transferor will advise the Underwriters promptly of (i) any proposal to amend or supplement the Registration Statement, the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus, (ii) any request by the Commission for any amendment of or supplement to the Registration Statement, the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus or for any additional information, (iii) any amendment or supplement to the Registration Statement, the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution or threat of any proceeding for that purpose (it being agreed that the Transferor will use its best efforts to prevent the issuance of any such stop order and to obtain as soon as possible the lifting of any such stop order issued by the Commission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at any time when a prospectus relating to the Certificates is required to be delivered under the Act (including delivery as contemplated by Rule 172 under the Act), any event occurs as a result of which the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus to comply with the Act, the Transferor promptly will advise the Underwriters thereof and will prepare and file, or cause to be prepared and filed, with the Commission an amendment or supplement which will correct such statement or omission, or an amendment or supplement which will effect such compliance. Any such filing shall not operate as a waiver or limitation on any right of the Underwriters hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As soon as practicable, but not later than December 31 of the year following the year in which the Closing Date occurs, the Transferor will cause the Trust to make generally available to Certificateholders an earnings statement of the Trust covering a period of at least twelve months beginning after the effective date of the Registration Statement that will satisfy the provisions of Section 11(a) of the Act and Rule 158 promulgated thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Transferor will furnish to the Underwriters copies of the Registration Statement (one of which will be signed and will include all exhibits), each related preliminary prospectus or prospectus, the Preliminary Prospectus, the Ratings Free Writing Prospectus, the Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Underwriters request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Transferor will promptly and from time to time take such action as any Underwriter may reasonably request to qualify the Certificates for offering and sale under the securities laws of such jurisdictions as such Underwriter may request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Certificates; *provided* that in connection therewith the Transferor shall not be required to qualify as a foreign corporation or dealer in securities or to file a general consent to service of process in any particular jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For a period from the date of this Agreement until the retirement of the Certificates, the Transferor will deliver to you the annual statements of compliance and the annual independent certified public accountants' reports furnished to the Trustee pursuant to the Pooling and Servicing Agreement, as soon as such statements and reports are furnished to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) So long as any Certificate is outstanding and upon your request, the Transferor will furnish to the Underwriters (i) as soon as practicable after the end of the fiscal year all documents required to be distributed to Certificateholders or filed with the Commission pursuant to the Exchange Act or any order of the Commission thereunder and (ii) from time to time, any other information concerning the Transferor or the Trust filed with any government or regulatory authority that is otherwise publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent, if any, that the rating provided with respect to the Certificates by any Rating Agency is conditional upon the furnishing of documents or the taking of any other actions by the Transferor, the Transferor shall use its best efforts to furnish such documents and take any such other actions unless (a) the furnishing of such documents or the taking of any such action is first required by such Rating Agency after the Execution Time and (b) doing so would have a material adverse effect upon the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Between the date of this Agreement and the Closing Date, the Transferor will not, without the prior written consent of the Representatives, directly or indirectly, issue, sell or offer to sell securities similar to the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each of the Transferor and TRS will comply with each 17g-5 Representation, other than any breach of a 17g-5 Representation that would not have a material adverse effect on the Certificateholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Certain Agreements of the Bank.**

The Bank covenants and agrees with the several Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent, if any, that the rating provided with respect to the Certificates by any Rating Agency is conditional upon the furnishing of documents or the taking of any other actions by the Bank, the Bank shall use its best efforts to furnish such documents and take any such other actions unless (x) the furnishing of such documents or the taking of any such action is first required by such Rating Agency after the Execution Time and (y) doing so would have a material adverse effect upon the Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank, or (to the extent permitted by the Credit Risk Retention Rules) one or more of its wholly-owned affiliates (as defined in the Credit Risk Retention Rules) will continue to comply with all requirements imposed on sponsors of a securitization transaction by the Credit Risk Retention Rules for so long as those requirements are applicable, including maintaining a "seller's interest" (as defined in the Credit Risk Retention Rules) in the Trust of not less than 5% of the aggregate unpaid principal balance of all outstanding investor "ABS interest" (as defined in the Credit Risk Retention Rules) in the Trust, for the duration required in the Credit Risk Retention Rules, without any impermissible hedging, transfer or financing of such retained interest. The Bank will be solely responsible for compliance with the disclosure requirements of the Credit Risk Retention Rules, including the contents of all such disclosures, ensuring that the required pre-sale disclosures are contained in the Preliminary Prospectus, and ensuring that any required post-closing disclosures are provided to investors in the Prospectus or otherwise in a timely and an appropriate method that does not require any involvement of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Payment of Expenses.** Whether or not the transactions contemplated hereunder are consummated, the Transferor will pay all expenses incident to the performance of their obligations under this Agreement, including (i) the printing of the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus and of each amendment or supplement thereto, (ii) the preparation of this Agreement and each Transaction Document, (iii) the preparation, issuance and delivery of the Certificates to the Underwriters, (iv) the fees and disbursements of the counsel to the Transferor and the fees and disbursements of the Transferor's accountants, (v) the qualification of the Certificates under securities laws in accordance with the provisions of Section 5(f), including filing fees in connection with the preparation of any blue sky and legal investment survey, (vi) the printing and delivery to the Underwriters of copies of the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus and of each amendment or supplement thereto, (vii) the preparation and filing of the Registration Statement and all amendments thereto, (viii) the printing and delivery to the Underwriters of copies of any blue sky or legal investment survey prepared in connection with the Certificates and any supplements thereto, (ix) any fees charged by each Rating Agency for the rating of the Certificates, (x) the fees and expenses, if any, incurred with respect to any filing with the National Association of Securities Dealers, Inc., (xi) the fees and expenses of the Trustee and its counsel and (xii) one-half of the fees and disbursements of counsel to the Underwriters (the other half of such fees and disbursements to be paid for by the Underwriters).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Conditions of the Obligations of each Underwriter.** The obligations of each Underwriter to purchase, and to pay for, the Certificates will be subject to the accuracy of the representations and warranties of the Transferor and the Bank set forth herein as of the date hereof and the Closing Date, to the accuracy of the statements of officers of each of the Transferor, TRS and the Bank made pursuant hereto or in connection herewith, to the performance by the Transferor and the Bank of its obligations hereunder, and to the following additional conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Preliminary Prospectus, the Ratings Free Writing Prospectus, the Prospectus and each supplement thereto shall have been filed (if required) with the Commission in accordance with the Act and the Rules and Regulations and Section 1 hereof, and, as of the Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the knowledge of the Transferor or the Underwriters, shall be contemplated by the Commission or by any authority administering any state securities or "blue sky" laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or prior to the Closing Date, the Underwriters shall have received letters, dated as of the date of the Preliminary Prospectus and as of the date of the Prospectus, of a nationally recognized accounting firm of certified public accountants, substantially in the forms of the drafts to

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which the Underwriters have previously agreed and otherwise in form and substance satisfactory to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development involving a prospective change, in or affecting particularly the business or properties of the Trust, the Transferor or the Bank that, in the judgment of the Underwriters (after consultation with the Transferor), materially impairs the market for or investment quality of the Certificates or makes it impractical or inadvisable to market the Certificates; (ii) any suspension or limitation on trading in securities generally on the New York Stock Exchange; (iii) any suspension generally or material limitation of trading of any securities of the Bank, the Transferor or any Affiliate of the Bank or the Transferor on any exchange or in the over-the-counter market; (iv) any banking moratorium declared by Federal or State of New York or other applicable state authorities; or (v) any outbreak or escalation of hostilities or armed conflict in which the United States is involved, any declaration of war by Congress, or any other substantial national or international calamity or emergency if, in the reasonable judgment of the Underwriters, the effect of any such outbreak, escalation, declaration, calamity, or emergency would make it impractical or inadvisable to proceed with completion of the sale of and payment for the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At the Closing Date, each of the Transferor and the Bank shall have furnished to the Representatives certificates of an executive officer of the Transferor or the Bank, as applicable, as to the accuracy of the representations and warranties of the Transferor or the Bank, as applicable, herein at and as of the Closing Date, as to the performance by the Transferor or the Bank, as applicable, of all of its obligations hereunder to be performed at or prior to the Closing Date, and as to such other matters as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Counsel for each of the Bank and the Transferor shall have furnished to the Underwriters one or more written opinions, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank has been duly incorporated or formed and is validly existing and in good standing under the laws of the jurisdiction in which it is organized, with full power and authority (corporate and other) to own its properties and conduct its business, as presently owned and conducted by it, and to enter into and perform its obligations under this Agreement and the Receivables Purchase Agreement, and has had at all times the power, authority and legal right to acquire, own and transfer the Receivables as contemplated by the Receivables Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Bank (a) is duly qualified to do business and is in good standing in the jurisdiction in which it is organized, and under applicable laws, as they are currently interpreted and enforced, has obtained all necessary licenses and approvals in each jurisdiction in which failure to qualify or to obtain such licenses or approvals would materially and adversely affect the enforceability of any Receivable or would materially and adversely affect the ability of the Bank to perform its obligations under this Agreement or the Receivables Purchase Agreement and (b) without limiting the foregoing, has the corporate power and authority to carry on its business as described in the Prospectus and own and operate its property in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Transferor has been duly incorporated or formed and is validly existing and in good standing under the laws of the jurisdiction in which it is organized, with full power and authority (corporate, limited liability company and other) to own its properties and conduct its business, as presently owned and conducted by it, and to enter into and perform its obligations under this Agreement, the Transaction Documents to which it is a party and the Certificates, and has had at all times

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the power, authority and legal right to acquire, own and transfer the Receivables as contemplated by the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Transferor (a) is duly qualified to do business and is in good standing in the jurisdiction in which it is organized, and under applicable laws, as they are currently interpreted and enforced, has obtained all necessary licenses and approvals in each jurisdiction in which failure to qualify or to obtain such licenses or approvals would materially and adversely affect the enforceability of any Receivable or would adversely affect the ability of the Transferor to perform its obligations under this Agreement, the Transaction Documents to which it is a party or the Certificates and (b) without limiting the foregoing, has the corporate or limited liability company power and authority to carry on its business as described in the Prospectus and own and operate its property in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) This Agreement has been duly authorized, executed and delivered by the Transferor and the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Certificates have been duly authorized, executed and delivered by the Transferor, and, when duly authenticated by the Trustee in accordance with the terms of the Pooling and Servicing Agreement, and delivered to and paid for by the Underwriters in accordance with the terms of this Agreement, will be validly issued and outstanding and entitled to the benefits provided by the Pooling and Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each Transaction Document to which the Transferor is a party has been duly authorized, executed and delivered by the Transferor and constitutes the legal, valid and binding agreement of the Transferor, enforceable against it in accordance with its terms, subject, as to enforceability, to (A) applicable bankruptcy, fraudulent conveyance, insolvency, moratorium, receivership, reorganization, liquidation and other similar laws relating to or affecting the rights and remedies of creditors generally, and (B) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Receivables Purchase Agreement has been duly authorized, executed and delivered by the Bank and constitutes the legal, valid and binding agreement of the Bank, enforceable against it in accordance with its terms, subject, as to enforceability, to (A) applicable bankruptcy, fraudulent conveyance, insolvency, moratorium, receivership, reorganization, liquidation and other similar laws relating to or affecting the rights and remedies of creditors generally, and (B) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To the knowledge of such counsel, no consent, approval, authorization or order of any governmental agency or body is required for (A) the execution, delivery and performance by the Transferor of its obligations under this Agreement, any Transaction Document to which it is a party or the Certificates, or (B) the issuance or sale of the Certificates, except such as have been obtained under the Act and as may be required under state securities or "blue sky" laws in connection with the purchase and distribution of the Certificates by the Underwriters and the filing of Uniform Commercial Code financing statements with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To the knowledge of such counsel, neither the execution and delivery by the Bank of this Agreement or the Receivables Purchase Agreement nor the performance by the Bank of the transactions therein contemplated nor the fulfillment of the terms thereof does or will result in any

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material violation of any statute or regulation or any order or decree of any court or governmental authority binding upon the Bank or its property, or conflict with, or result in a material breach or violation of any term or provision of, or result in a default under any of the terms and provisions of, its charter or by-laws, or materially conflict with, or result in a material breach or violation of any term or provision of, or result in a material default under any of the terms and provisions, of any indenture, loan agreement or other material agreement known to such counsel to which the Bank is a party or by which the Bank is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) To the knowledge of such counsel, neither the execution and delivery of this Agreement, the Transaction Documents or the Certificates by the Transferor nor the performance by the Transferor of the transactions therein contemplated nor the fulfillment of the terms thereof does or will result in any material violation of any statute or regulation or any order or decree of any court or governmental authority binding upon the Transferor or its property, or conflict with, or result in a material breach or violation of any term or provision of, or result in a default under any of the terms and provisions of, its charter or by-laws, or materially conflict with, or result in a material breach or violation of any term or provision of, or result in a material default under any of the terms and provisions, of any indenture, loan agreement or other material agreement known to such counsel to which the Transferor is a party or by which the Transferor is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Except as disclosed in the Registration Statement, the Preliminary Prospectus or the Prospectus, to the knowledge of such counsel after due investigation, there are no legal or governmental proceedings pending to which the Bank is a party or to which any property of the Bank is subject that, individually or in the aggregate, (i) would have a material adverse effect on the ability of the Bank to perform its obligations under this Agreement or the Receivables Purchase Agreement or (ii) assert the invalidity of this Agreement or the Receivables Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Except as disclosed in the Registration Statement, the Preliminary Prospectus or the Prospectus, to the knowledge of such counsel after due investigation, there are no legal or governmental proceedings pending to which the Transferor is a party or to which any property of the Transferor is subject that, individually or in the aggregate, (i) would have a material adverse effect on the ability of the Transferor to perform its obligations under this Agreement, any Transaction Document or the Certificates, (ii) assert the invalidity of this Agreement, any Transaction Document or the Certificates, (iii) seek to prevent the issuance, sale or delivery of the Certificates or the transactions contemplated by this Agreement or any Transaction Document or (iv) seek to affect adversely the federal income tax or ERISA attributes of the Certificates described in the Preliminary Prospectus or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) The Registration Statement, the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus (except for the financial statements, financial schedules and other financial and operating data including therein, as to which such counsel expresses no view) comply as to form in all material respects with the requirements of the Act and the Rules and Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The Registration Statement is effective under the Act, and the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus have been filed with the Commission pursuant to Rule 424(h), Rule 424(b) or Rule 433, as applicable, thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Such counsel has not independently verified the accuracy, completeness or fairness of the information contained in the Registration Statement, the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus. However, based upon discussion with the Transferor and the Bank, their accountants and others, no facts have come to the attention of such counsel that cause it to believe that the Registration Statement, as of the Effective Date (except for the financial statements, financial schedules and other financial and statistical data included therein as to

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which such counsel expresses no view), contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or that the Preliminary Prospectus, together with the Ratings Free Writing Prospectus, as of its date and as of the Time of Sale, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or that the Prospectus (as amended on or prior to the Closing Date), together with the Ratings Free Writing Prospectus, as of the date of the Prospectus and at the Closing Date contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being understood that such counsel expresses no view as to the financial statements, financial schedules, and other financial and statistical data included in the Preliminary Prospectus or the Prospectus or, in the case of the Preliminary Prospectus, the omission of pricing and price-dependent information, which information shall of necessity appear only in the Prospectus). References to the Preliminary Prospectus or the Prospectus in this paragraph include any amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Orrick, Herrington & Sutcliffe LLP, Parsons Behle & Latimer, and Richards, Layton & Finger, P.A., special UCC counsel for the Transferor, shall have furnished to the Underwriters written opinions, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, with respect to certain matters relating to the (i) transfer of the Receivables to the Transferor with respect to the perfection of the Transferors' interest in the Receivables and with respect to other related matters and (ii) the transfer of the Receivables to the Trust, with respect to the perfection of the Trust's interest in the Receivables and with respect to other related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Orrick, Herrington & Sutcliffe LLP, special tax counsel for the Transferor, shall have furnished to the Underwriters a written opinion, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, to the effect that the Certificates will be treated as indebtedness and the Trust will not be an association or publicly traded partnership taxable as a corporation for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Underwriters shall have received from Orrick, Herrington & Sutcliffe LLP, counsel to the Underwriters, a written opinion, dated the Closing Date, with respect to such matters as the Representatives may require (and each of the Transferor and the Bank shall furnish to such counsel all documents requested for the purpose of enabling it to pass upon such matters).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) McGuireWoods LLP, counsel to the Trustee, shall have furnished to the Underwriters a written opinion, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee is a banking corporation, duly organized and validly existing under the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustee has all requisite corporate power and authority to execute and deliver, and to perform its obligations under each Transaction Document to which it is a party and to carry out the transactions contemplated by such Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The execution and delivery by the Trustee of each Transaction Document to which the Trustee is a party and the performance by the Trustee of its obligations thereunder do not conflict with or result in a violation of the charter or by-laws of the Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Transaction Document to which the Trustee is a party (A) has been duly authorized, executed and delivered by the Trustee and (B) assuming the due execution and delivery thereof by the other parties thereto, constitutes a legal, valid and binding obligation of the Trustee, enforceable against the Trustee in accordance with its terms, subject, as to enforceability, to (x) applicable bankruptcy, fraudulent conveyance, insolvency, moratorium, receivership, reorganization, liquidation and other similar laws relating to or affecting the rights and remedies of creditors generally and (y) general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Certificates have been duly authenticated by the Trustee pursuant to the Pooling and Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Underwriters shall have received evidence satisfactory to them that, on or before the Closing Date, UCC-1 financing statements have been filed in the appropriate filing offices of the States of New York, Delaware and Utah and such other jurisdictions as counsel to the Transferor deems appropriate to reflect the interest of the Trust in the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Class A Certificates and the Class B Certificates shall have received the respective ratings indicated in the Ratings Free Writing Prospectus from the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Underwriters shall have received all written opinions required by the Rating Agencies, addressed to the Underwriters and dated the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Counsel to the Asset Representations Reviewer shall have furnished to the Underwriters a written opinion, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, relating to the Asset Representations Reviewer and the Asset Representations Review Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All proceedings in connection with the transactions contemplated by this Agreement and all documents incident hereto shall be satisfactory in form and substance to the Underwriters, and the Underwriters shall have received such information, certificates and documents as any of them may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Indemnification.** The Bank (on behalf of itself and RFC III) agrees to indemnify and hold harmless each Underwriter, each Person, if any, who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) against any and all loss, liability, claim, damage and expense whatsoever arising out of (A) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, (B) any untrue statement or alleged untrue statement of a material fact contained in the Permitted Additional Information (or any amendment or supplement thereto), Preliminary Prospectus (it being understood that such indemnification with respect to the Preliminary Prospectus does not include the omission of pricing and price-dependent information, which information shall of necessity appear only in the Prospectus), Ratings Free Writing Prospectus (but only when read together with the Preliminary Prospectus or the Prospectus, as applicable), or Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading or (C) any written information furnished to an Underwriter by the Transferor or the Bank expressly for use in any Underwriter Free Writing Prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency, or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, if such settlement is effected with the written consent of the Bank and the Transferor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever (including, subject to Section 9(c) hereof, the fees and disbursements of counsel chosen by such Underwriters or Persons) reasonably incurred in investigating, preparing or defending against any litigation or investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not indemnified by the Transferor and the Bank pursuant to subparagraphs (i) or (ii) above,

*provided, however*, that the Bank and the Transferor will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement in or omission or alleged omission made in any such documents in reliance upon and in conformity with Underwriter Information.

The indemnity agreement provided for in this subsection 9(a) will be in addition to any liability that the Transferor and the Bank may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Transferor and the Bank, each of their respective directors, the Transferor's officers who signed the Registration Statement, and each Person, if any, who controls the Transferor or the Bank within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense (A) described in the indemnity contained in subsection 9(a), but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Transferor or the Bank by the Underwriters expressly for use in the Registration Statement (or any amendment thereto), the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), (B) resulting from such Underwriter's failure to convey (within the meaning of Rule 159 under the Act) the Preliminary Prospectus to each investor with whom it enters into a contract of sale for any Certificates prior to the time of such contract of sale, or (C) arising out of any untrue statement or alleged untrue statement of a material fact contained in any Underwriter Free Writing Prospectus prepared by such Underwriter, or the omission or alleged omission therefrom, when read together with the Preliminary Prospectus, of a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that such Underwriter will not be liable in any such case to the extent that any such loss, liability, claim, damage or expense arises out of or is based upon any such untrue statement or alleged untrue statement or any such omission or alleged omission in any Underwriter Free Writing Prospectus in reliance upon and in conformity with (x) any written, inaccurate information furnished to such Underwriter by the Transferor or the Bank expressly for use therein or (y) the Preliminary Prospectus, the Ratings Free Writing Prospectus or Prospectus, which information was not corrected by information subsequently provided by the Transferor or the Bank to such Underwriter prior to the time of first use of such Underwriter Free Writing Prospectus. The Transferor and the Bank acknowledge that (a) the names of the underwriters appearing on the front cover and back cover of the Preliminary Prospectus and the Prospectus, (b) the information in the table on the front cover of the Prospectus in the row captioned "Price to Public" and (c) the information in the table, the third paragraph relating to selling concessions and reallowance, and the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under this Section 9 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 9, notify the indemnifying party in writing of the claim or the commencement of that action; *provided* that the failure to notify the indemnifying party shall not relieve indemnifying party from any liability which it may have under this Section 9 except to the extent it has been materially prejudiced by such failure (and for the avoidance of doubt the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 9). If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After notice from an indemnifying party to such indemnified party of its election to assume the defense of such claim or action, such indemnifying party shall not be liable to such indemnified party under this Section 9 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation; *provided* that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized by the indemnifying party in writing, (ii) such indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to it which are different from or additional to those available to such indemnifying party and in the reasonable judgment of such counsel it is advisable for such indemnified party to employ separate counsel, (iii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (iv) such indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to such indemnified party, in which case, if such indemnified party notifies such indemnifying party in writing that it elects to employ separate counsel at the expense of such indemnifying party, such indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party (it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all indemnified parties, which firm shall be designated in writing by the Representatives, if the indemnified parties under this Section 9 consist of any Underwriter or any of their respective officers, employees or controlling persons, or by the Transferor or the Bank, if the indemnified parties under this Section 9 consist of the Transferor or the Bank or any of their respective directors, officers, employees or controlling persons). Each indemnified party shall use its best efforts to cooperate with the indemnifying party in the defense of any such action or claim. No indemnifying party shall (i) without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (a) includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suite or proceeding and (b) does not include a statement as to, or an admission of, fault, culpability or a failure to

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act, by or on behalf of such indemnified party, or (ii) be liable for any settlement of any claim, action, suit or proceeding effected without its prior written consent (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Contribution.** In order to provide for just and equitable contribution in circumstances in which the indemnity agreements provided for in Section 9 are for any reason held to be unenforceable or insufficient by the indemnified parties, although applicable in accordance with its terms, the Transferor and the Bank, on the one hand, and the Underwriters, on the other hand, shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnity agreements incurred by the Transferor, the Bank and one or more of the Underwriters in such proportions that the Underwriters are responsible for that portion represented by the underwriting compensation earned by them bears to the initial public offering price or prices and the Transferor and the Bank shall be responsible for the balance*; provided*, *however,* that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Transferor, the Bank and the Underwriters each agree that it would not be just or equitable if the amount of such contribution were determined by pro rata or per capita allocation. The Underwriters' obligations in this Section 10 to contribute are several in proportion to their respective underwriting obligations and not joint. For purposes of this Section, each Person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Underwriters and each director of the Transferor, each director of the Bank, such officer of the Transferor who signed the Registration Statement, and each Person, if any, who controls the Transferor or the Bank within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Transferor and the Bank. Notwithstanding the provisions of this Section 10, no Underwriter shall be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by it in connection with the Certificates underwritten by it exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statements or omission or alleged omission with respect to the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Survival.** Each party hereto agrees that the respective representations, warranties and agreements made by it herein and in any certificate or other instrument delivered pursuant hereto shall be deemed to be relied upon, in the case of the Transferor and the Bank, by each Underwriter and, in the case of each Underwriter, by the Transferor and the Bank, notwithstanding any investigation heretofore or hereafter made by or on behalf of the Transferor, the Bank or the Underwriters, and that the respective representations, warranties and agreements (including without limitation the indemnity and contribution agreement) made by each party hereto herein or in any such certificate or other instrument shall survive the delivery of and payment for the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Termination.** This Agreement may be terminated in the sole discretion of the Underwriters by notice to the Transferor given at or prior to the Closing Date in the event that the Transferor or the Bank shall have failed, refused or been unable to perform in all material respects all obligations and satisfy in all material respects all conditions on its part to be performed or satisfied hereunder at or prior thereto. Termination of this Agreement pursuant to this Section 12 shall be without liability of any party to any other party except (i) as provided in Sections 7, 9 and 10 hereof and (ii) if this Agreement is terminated by the Representatives in accordance with any of the provisions of Section 8(a), (b), (d), (e), (f), (g), (j), (k), (l), or (n), the Transferor will reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Default by One or More of the Underwriters.** If one or more of the Underwriters shall fail on the Closing Date to purchase the Certificates which it or they are obligated to

------

purchase under this Agreement (the **"Defaulted Securities"**), the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the aggregate amount of Defaulted Securities does not exceed 10% of the aggregate principal amount of the Certificates, each of the non-defaulting Underwriters shall be obligated to purchase the full amount thereof in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the aggregate amount of Defaulted Securities exceeds 10% of the aggregate principal amount of the Certificates, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section 13 shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of this Agreement, either the Representatives or the Transferor shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Capacity.** The Bank and the Transferor acknowledge and agree that (i) the transaction contemplated by this Agreement is an arm's-length commercial transaction between the Bank and the Transferor, on the one hand, and each of the Underwriters, on the other, (ii) in connection therewith with respect to all aspects of the transaction contemplated herein, each Underwriter is acting as a principal and not the agent or fiduciary of the Bank and the Transferor, and the Bank and the Transferor hereby expressly disclaim any fiduciary relationship with respect thereto, (iii) none of the Underwriters has assumed an advisory responsibility in favor of the Bank or the Transferor with respect to the transaction contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Bank or the Transferor on other matters) or any other obligation to the Bank or the Transferor except the obligations expressly set forth in this Agreement, and (iv) the Bank and the Transferor are not relying on any of the Underwriters for any legal, regulatory, tax, insurance or accounting advice in any jurisdiction and the Underwriters shall not have any responsibly or liability to the Bank or the Transferor with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Notices.** All communications provided for or permitted hereunder shall be in writing and shall be deemed to have been duly given if personally delivered, sent by overnight courier or mailed by registered mail, postage prepaid and return receipt requested, or transmitted by telecopier with transmission confirmed, if to (a) the Underwriters, addressed to (i) [________________], Attention: [______], (ii) [________________], [______] and (iii) [________________], Attention: [______], or to such other address as the Representatives may designate in writing to the Transferor, (b) American Express National Bank, addressed to American Express National Bank, 115 W Towne Ridge Pkwy, Sandy, Utah 84070, Attention: Treasurer or (c) American Express Receivables Financing Corporation III LLC, 115 W Towne Ridge Pkwy, Room 454, Sandy, Utah 84070, Attention: President (in the case of (c), with a copy to American Express Travel Related Services Company, Inc., as administrator, 200 Vesey Street, New York, New York 10285, Attention: Treasurer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Successors.** This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. Nothing expressed herein is intended or

------

shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or equitable right, remedy or claim under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Severability of Provisions.** Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Entire Agreement.** This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the matters and transactions contemplated hereby and supersedes all prior agreements and understandings whatsoever relating to such matters and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Amendment.** Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Headings.** The headings in this Agreement are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Counterparts and Electronic Signature.** This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which shall together constitute one instrument. Each of the parties hereto agrees that the transaction consisting of this Agreement may be conducted by electronic means. Each party agrees, and acknowledges that it is such party's intent, that if such party signs this Agreement using an electronic signature, it is signing, adopting, and accepting this Agreement and that signing this Agreement using an electronic signature is the legal equivalent of having placed its handwritten signature on this Agreement on paper. Each party acknowledges that it is being provided with an electronic or paper copy of this Agreement in a usable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **GOVERNING LAW; WAIVER OF JURY TRIAL; JURISDICTION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT; *PROVIDED*, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR *FORUM NON CONVENIENS* AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER

------

SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **[Recognition of the U.S. Special Resolution Regimes.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Section 23:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"BHC Act Affiliate"** has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Covered Entity"** means any of the following: (A) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (B) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (C) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **"Default Right"** has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **"U.S. Special Resolution Regime"** means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **[Acknowledgement and Consent to Bail-In of Affected Financial Institutions.** Notwithstanding anything to the contrary in this Agreement, any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under this Agreement or any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-in Action on any such liability, including, if applicable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Section 24:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Bail-In Action**" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Bail-In Legislation**" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**EEA Financial Institution**" means (x) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (y) any entity established in an EEA Member Country which is a parent of an institution described in clause (x) of this definition, or (z) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (x) or (y) of this definition and is subject to consolidated supervision with its parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**EEA Member Country**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**EEA Resolution Authority**" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**EU Bail-In Legislation Schedule**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "**Resolution Authority**" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "**UK Financial Institution**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**UK Resolution Authority**" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "**Write-Down and Conversion Powers**" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.]

*(signature page follows)* 

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If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to us the enclosed duplicate hereof, whereupon it will be a binding agreement among the undersigned in accordance with its terms.

---

| | |
|:---|:---|
| **AMERICAN EXPRESS NATIONAL BANK** | **AMERICAN EXPRESS NATIONAL BANK** |
| By: |  |
|  | Name: |
|  | Title: |
| **AMERICAN EXPRESS RECEIVABLES**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FINANCING CORPORATION III LLC** | **AMERICAN EXPRESS RECEIVABLES**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FINANCING CORPORATION III LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page – Underwriting Agreement Series 20[__]-[_]]

------

---

| | |
|:---|:---|
| Acknowledged and Agreed (solely with respect<br> to Section 1(r), Section 2(g) and Section 5(k)): | Acknowledged and Agreed (solely with respect<br> to Section 1(r), Section 2(g) and Section 5(k)): |
| **AMERICAN EXPRESS TRAVEL RELATED**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SERVICES COMPANY, INC.** | **AMERICAN EXPRESS TRAVEL RELATED**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SERVICES COMPANY, INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page – Underwriting Agreement Series 20[__]-[_]]

------

---

| | |
|:---|:---|
| The foregoing Underwriting Agreement is hereby agreed to as of the date first above written. | The foregoing Underwriting Agreement is hereby agreed to as of the date first above written. |
| **[REPRESENTATIVE],** | **[REPRESENTATIVE],** |
| &nbsp;&nbsp; for itself and as a representative of the several Underwriters named in <u>Schedule A</u> hereto | &nbsp;&nbsp; for itself and as a representative of the several Underwriters named in <u>Schedule A</u> hereto |
| By: |  |
|  | Name: |
|  | Title: |
| **[REPRESENTATIVE],** | **[REPRESENTATIVE],** |
| &nbsp;&nbsp; for itself and as a representative of the several Underwriters named in <u>Schedule A</u> hereto | &nbsp;&nbsp; for itself and as a representative of the several Underwriters named in <u>Schedule A</u> hereto |
| By: |  |
|  | Name: |
|  | Title: |
| **[REPRESENTATIVE],** | **[REPRESENTATIVE],** |
| &nbsp;&nbsp; for itself and as a representative of the several Underwriters named in <u>Schedule A</u> hereto | &nbsp;&nbsp; for itself and as a representative of the several Underwriters named in <u>Schedule A</u> hereto |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page – Underwriting Agreement Series 20[__]-[_]]

------

**SCHEDULE A** 

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| | |
|:---|:---|
| <u>Underwriters of the Class A Certificates</u> | Aggregate Principal Amount<br> <u>of the Class A Certificates</u> |
|  | $|
|  TOTAL | $|
| <u>Underwriters of the Class B Certificates</u> | Aggregate Principal Amount<br> <u>of the Class B Certificates</u> |
|  | $|
|  TOTAL | $|

---

Time of Sale: [__]:[__] [A.M./P.M.] (Eastern Time) on [______] [__], 20[__]

## Exhibit 4.2

**Exhibit 4.2** 

[FORM OF] SERIES 20[ ]-[ ] SUPPLEMENT

Dated as of [ ] [ ], 20[ ]

to

FOURTH AMENDED AND RESTATED

POOLING AND SERVICING AGREEMENT

Dated as of April 1, 2018

$[ ]

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

Series 20[ ]-[ ]

among

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC

as Transferor

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

as Servicer [and Administrator]

and

THE BANK OF NEW YORK MELLON

as Trustee

on behalf of the Series 20[ ]-[ ] Certificateholders

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I CREATION OF THE SERIES 20[ ]-[ ] CERTIFICATES | ARTICLE I CREATION OF THE SERIES 20[ ]-[ ] CERTIFICATES | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation. | 1 |
|  ARTICLE II DEFINITIONS | ARTICLE II DEFINITIONS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions. | 2 |
|  ARTICLE III SERVICING FEE | ARTICLE III SERVICING FEE | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Compensation | 19 |
|  ARTICLE IV RIGHTS OF SERIES 20[ ]-[ ] CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS | ARTICLE IV RIGHTS OF SERIES 20[ ]-[ ] CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collections and Allocations. | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determination of Monthly Interest. | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Funding Account; Controlled Accumulation Period. | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required Amount. | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application of Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defaulted Amounts; Investor Charge-Offs. | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess Spread; Excess Finance Charge Collections | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reallocated Principal Collections | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess Finance Charge Collections | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reallocated Investor Finance Charge Collections. | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Principal Collections | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve Account. | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Instructions | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Benchmark Determinations] | 37 |
|  ARTICLE V DISTRIBUTIONS AND REPORTS TO SERIES 20[ ]-[ ] CERTIFICATEHOLDERS | ARTICLE V DISTRIBUTIONS AND REPORTS TO SERIES 20[ ]-[ ] CERTIFICATEHOLDERS | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions. | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports and Statements to Series 20[ ]-[ ] Certificateholders. | 39 |
|  ARTICLE VI PAY-OUT EVENTS | ARTICLE VI PAY-OUT EVENTS | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay-Out Events | 40 |
|  ARTICLE VII OPTIONAL REPURCHASE; SERIES TERMINATION | ARTICLE VII OPTIONAL REPURCHASE; SERIES TERMINATION | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional Repurchase. | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series Termination. | 42 |

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE VIII FINAL DISTRIBUTIONS | ARTICLE VIII FINAL DISTRIBUTIONS | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01. | Sale of Receivables or Certificateholders' Interest pursuant to Section 2.06 or 10.01 of the<br> Agreement and Section 7.01 or 7.02 of this Supplement. | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02. | Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the Agreement. | 44 |
|  ARTICLE IX MISCELLANEOUS PROVISIONS | ARTICLE IX MISCELLANEOUS PROVISIONS | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.01. | Ratification of Agreement | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.02. | Counterparts | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.03. | Governing Law | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.04. | FATCA Matters | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.05. | Uncertificated Securities | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.06. | Transfers of the Class B Certificate and the Collateral Interest. | 46 |
|  EXHIBITS | EXHIBITS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit A-1 | Form of Class A Certificate | A-1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit A-2 | Form of Class B Certificate | A-2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit B | Form of Monthly Payment Instructions and Notification to the Trustee | B-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit C-1 | Form of Monthly Statement | C-1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit C-2 | Form of Annual Payment Information | C-2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit D | Form of Monthly Servicer's Certificate | D-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit E | Form of Investment Letter | E-1 |

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SERIES 20[__]-[__] SUPPLEMENT, dated as of [_____] [__], 20[__] (the "<u>Supplement</u>"), among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, as Transferor (the "<u>Transferor</u>"), AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation, as Servicer, and THE BANK OF NEW YORK MELLON, a banking corporation organized and existing under the laws of the State of New York, not in its individual capacity, but solely as Trustee.

Pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the "<u>Agreement</u>"), among the Transferor, the Servicer and the Trustee, the AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST (the "<u>Trust</u>") has been created. Section 6.03 of the Agreement provides that the Transferor may from time to time direct the Trustee to authenticate one or more new Series of Investor Certificates representing fractional undivided interests in the Trust. The Principal Terms of any new Series are to be set forth in a Supplement to the Agreement.

Pursuant to this Supplement, the Transferor and the Trustee shall create a new Series of Investor Certificates and specify the Principal Terms thereof.

ARTICLE I

<u>Creation of the Series 20[__]-[_] Certificates</u> 

Section 1.01. <u>Designation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There is hereby created a Series of Investor Certificates to be issued pursuant to the Agreement and this Supplement to be known as "American Express Credit Account Master Trust, Series 20[__]-[_]." The Series 20[__]-[_] Certificates shall be issued in two Classes, the first of which shall be known as the "Class A Series 20[__]-[_] [Floating Rate][[___]%] Asset Backed Certificates" and the second of which shall be known as the "Class B Series 20[__]-[_] [Floating Rate][[___]%] Asset Backed Certificates." In addition, there is hereby created a third Class of uncertificated interests in the Trust which shall be known as the "Collateral Interest, Series 20[__]-[_]" and which shall be deemed to be "Investor Certificates" for all purposes under the Agreement and this Supplement other than for purposes of the definition of the term "Tax Opinion" in Section 1.01 of the Agreement. The Collateral Interest shall be considered a Class of Series 20[__]-[_] for all purposes of the Agreement and this Supplement, including for purposes of voting concerning the liquidation of the Trust pursuant to Section 9.01 of the Agreement. The Collateral Interest Holder shall be deemed to be the Series Enhancer for all purposes under the Agreement and this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Series 20[__]-[_] shall be included in Group [I][II] and shall be a Principal Sharing Series. Series 20[__]-[_] shall be an Excess Allocation Series. Series 20[__]-[_] shall not be subordinated to any other Series. Notwithstanding any provision in the Agreement or in this Supplement to the contrary, the first Distribution Date with respect to Series 20[__]-[_] shall be the [____] 20[__] Distribution Date and the first Monthly Period shall begin on and include the Closing Date and end on and include [_____] [__], 20[__].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly provided herein, (i) the provisions of Article VI and Article XII of the Agreement relating to the registration, authentication, delivery, presentation, cancellation and surrender of Registered Certificates shall not be applicable to the Collateral Interest, and (ii) the provisions of Section 3.07 of the Agreement shall not cause the Collateral Interest to be treated as debt for federal, state and local income and franchise tax purposes, but rather the Transferor intends, and together with the Collateral Interest Holder, agree to treat the Collateral Interest for federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to Section 6.03(c) of the Agreement, the Transferor may, from time to time, increase the amount of the Series 20[__]-[_] Certificates by issuing and selling additional Series 20[__]-[_] Certificates. Any additional Series 20[__]-[_] Certificates so issued shall be treated, for all purpose, like the Series 20[__]-[_] Certificates subject to the terms of the Agreement and this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Series 20[__]-[_] shall be a Repurchase Reporting Series.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Series 20[__]-[_] shall be an Investor Communication Reporting Series.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In connection with the issuance of any future Series of Investor Certificates, notwithstanding subsection 6.03(b)(iv) of the Agreement, the Rating Agency Condition need not be satisfied for Series 20[__]-[_] with respect to any Rating Agency (other than [Standard & Poor's]) then rating Series 20[__]-[_].

ARTICLE II

<u>Definitions</u> 

Section 2.01. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever used in this Supplement, the following words and phrases shall have the following meanings, and the definitions of such terms are applicable to the singular as well as the plural forms of such terms and the masculine as well as the feminine and neuter genders of such terms.

"<u>Additional</u> <u>Interest</u>" shall mean, with respect to any Distribution Date, the Class A Additional Interest, the Class B Additional Interest and the Collateral Additional Interest for such Distribution Date.

"<u>Adjusted</u> <u>Invested</u> <u>Amount</u>" shall mean, with respect to any date of determination, an amount equal to the Invested Amount less the Principal Funding Account Balance on such date of determination.

["<u>Administrator</u>" shall mean American Express Travel Related Services Company, Inc.]

"<u>Assignee</u>" shall have the meaning specified in subsection 9.06(a).

"<u>Available</u> <u>Principal</u> <u>Collections</u>" shall mean, with respect to any Monthly Period, an amount equal to the sum of (a) (i) an amount equal to the Principal Allocation Percentage of Series 20[__]-[_] Allocable Principal Collections received during such Monthly Period *minus* (ii) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.08 are required to fund the Required Amount for the related Distribution Date, (b) any Shared Principal Collections with respect to other Series that are allocated to Series 20[__]-[_] in accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any other amounts which pursuant to Section 4.05 or 4.07 of this Supplement are to be treated as Available Principal Collections with respect to the related Distribution Date.

"<u>Available</u> <u>Reserve</u> <u>Account</u> <u>Amount</u>" shall mean, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

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"<u>Base</u> <u>Rate</u>" shall mean, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is equal to the sum of the Class A Monthly Interest, the Class B Monthly Interest (calculated as if the Class B Invested Amount equals the outstanding principal balance of the Class B Certificates), the Collateral Minimum Monthly Interest and the Monthly Servicing Fee with respect to the related Distribution Date and the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period.

["<u>Benchmark</u>" shall mean, initially, the SOFR Rate; *provided* that if the [Administrator (or its designee)] determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate (or any daily published component used in the calculation thereof) or the then-current Benchmark, then "Benchmark" shall mean the applicable Benchmark Replacement.]

["<u>Benchmark Replacement</u>" shall mean the first alternative set forth in the order below that can be determined by the [Administrator (or its designee)] as of the Benchmark Replacement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (ii) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sum of: (i) the alternate rate of interest that has been selected by the [Administrator (or its designee)] as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (ii) the Benchmark Replacement Adjustment.]

["<u>Benchmark Replacement Adjustment</u>" shall mean the first alternative set forth in the order below that can be determined by the [Administrator (or its designee)] as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the [Administrator (or its designee)] giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.]

["<u>Benchmark Replacement Conforming Changes</u>" shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the interest period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other technical, administrative or operational matters) that the [Administrator (or its designee)] decide

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may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the [Administrator (or its designee)] decide that adoption of any portion of such market practice is not administratively feasible or if the [Administrator (or its designee)] determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the [Administrator (or its designee)] determine is reasonably necessary).]

["<u>Benchmark Replacement Date</u>" shall mean the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of clause (c) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.]

["<u>Benchmark Transition Event</u>" shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.]

["<u>Calculation Agent</u>" shall mean the Trustee, acting as the initial Calculation Agent, together with any successor to the Trustee acting in that capacity, and any Person specified in the Agreement or appointed by the Trustee to act in that capacity for the related Series.]

"<u>Class</u> <u>A</u> <u>Additional</u> <u>Interest</u>" shall have the meaning specified in subsection 4.02(a).

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"<u>Class</u> <u>A</u> <u>Adjusted</u> <u>Invested</u> <u>Amount</u>" shall mean, with respect to any date of determination, an amount equal to the Class A Invested Amount less the Principal Funding Account Balance (but not in excess of the Class A Invested Amount) on such date.

"<u>Class</u> <u>A</u> <u>Available</u> <u>Funds</u>" shall mean, with respect to any Monthly Period, an amount equal to the sum of (a) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class A Floating Percentage of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date, (b) the Class A Floating Percentage of the Reallocated Investor Finance Charge Collections and (c) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date.

"<u>Class</u> <u>A</u> <u>Certificate</u> <u>Rate</u>" shall mean, for any Interest Accrual Period with respect to the Class A Certificates, a *per annum* rate equal to [[Benchmark] plus] [___]%[; *provided* that if the sum of [[Benchmark] plus] [___]% is less than 0.00% for any Interest Accrual Period, then the Class A Certificate Rate for such Interest Accrual Period shall be deemed to be 0.00%].

"<u>Class</u> <u>A</u> <u>Certificateholder</u>" shall mean the Person in whose name a Class A Certificate is registered in the Certificate Register.

"<u>Class</u> <u>A</u> <u>Certificates</u>" shall mean any one of the Certificates executed by the Transferor and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit</u> <u>A-l</u>.

"<u>Class</u> <u>A</u> <u>Floating</u> <u>Percentage</u>" shall mean, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Class A Adjusted Invested Amount as of the close of business on the last day of the preceding Monthly Period and the denominator of which is equal to the Adjusted Invested Amount as of such day; *provided, however,* that with respect to the first Monthly Period, the Class A Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class A Initial Invested Amount and the denominator of which is the Initial Invested Amount.

"<u>Class</u> <u>A Initial Invested Amount</u>" shall mean $[______________].

"<u>Class</u> <u>A</u> <u>Interest</u> <u>Shortfall</u>" shall have the meaning specified in subsection 4.02(a).

"<u>Class</u> <u>A</u> <u>Invested</u> <u>Amount</u>" shall mean, on any date of determination, an amount equal to (a) the Class A Initial Invested Amount, *minus* (b) the aggregate amount of principal payments made to the Class A Certificateholders on or prior to such date, *minus* (c) the excess, if any, of (i) the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates *over* (ii) Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) prior to such date, and *plus* (d) the principal amount of any additional Class A Certificates issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; *provided*, *however*, that the Class A Invested Amount shall not be reduced below zero.

"<u>Class</u> <u>A</u> <u>Investor</u> <u>Charge-Offs</u>" shall have the meaning specified in subsection 4.06(a).

"<u>Class</u> <u>A</u> <u>Investor</u> <u>Default</u> <u>Amount</u>" shall mean, with respect to each Distribution Date, an amount equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class A Floating Percentage for such Monthly Period.

"<u>Class</u> <u>A</u> <u>Monthly</u> <u>Interest</u>" shall have the meaning specified in subsection 4.02(a).

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"<u>Class</u> <u>A</u> <u>Principal</u> <u>Percentage</u>" shall mean, with respect to any Monthly Period (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; *provided, however,* that with respect to the first Monthly Period, the Class A Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class A Initial Invested Amount and denominator of which is the Initial Invested Amount.

"<u>Class</u> <u>A</u> <u>Required</u> <u>Amount</u>" shall have the meaning specified in subsection 4.04(a).

"<u>Class</u> <u>A</u> <u>Servicing</u> <u>Fee</u>" shall have the meaning specified in Section 3.01.

"<u>Class</u> <u>B</u> <u>Additional</u> <u>Interest</u>" shall have the meaning specified in subsection 4.02(b).

"<u>Class</u> <u>B</u> <u>Adjusted</u> <u>Invested</u> <u>Amount</u>" shall mean, with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference, if any, between the Principal Funding Account Balance and the Class A Invested Amount on such date.

"<u>Class</u> <u>B</u> <u>Available</u> <u>Funds</u>" shall mean, with respect to any Monthly Period, an amount equal to the sum of (a) the Class B Floating Percentage of the Reallocated Investor Finance Charge Collections and (b) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class B Floating Percentage of the Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date.

[*Include for floating rate certificates:* "<u>Class</u> <u>B</u> <u>Certificate</u> <u>Rate</u>" shall mean, for any Interest Accrual Period with respect to the Class B Certificates, a *per annum* rate equal to [[Benchmark] plus] [___]%; [; *provided, however*, that the Transferor may adjust the Class B Certificate Rate from time to time only upon the satisfaction of the Class B Certificate Rate Adjustment Condition;][*provided* that if the sum of [[Benchmark] plus] [___]% [(or, if applicable, the sum of [Benchmark] plus the applicable spread above [Benchmark] resulting from such an adjustment of the Class B Certificate Rate)] is less than 0.00% for any Interest Accrual Period, then the Class B Certificate Rate for such Interest Accrual Period shall be deemed to be 0.00%].]

[*Include for fixed rate certificates:* "<u>Class</u> <u>B Certificate Rate</u>" shall mean, for any Interest Accrual Period with respect to the Class B Certificates, a *per annum* rate equal to [___]% [; *provided, however,* that the Transferor may adjust the Class B Certificate Rate from time to time only upon the satisfaction of the Class B Certificate Rate Adjustment Conditions].]

["<u>Class</u> <u>B Certificate Rate Adjustment Conditions</u>" shall mean, with respect to any modification of the Class B Certificate Rate by the Transferor, (i) the Transferor shall provide written notice to the Trustee of the modified Class B Certificate Rate no later than two Business Days prior to the date on which such modified rate is to become effective; (ii) the modified Class B Certificate Rate shall not exceed a per annum rate equal to [[Benchmark] plus] [___]%; (iii) the Class B Certificate Rate shall not be modified during the first Interest Accrual Period or more than two times during any subsequent Interest Accrual Period; (iv) the Transferor shall certify in the related notice that the modified Class B Certificate Rate is a fixed rate or a "qualified floating rate" (within the meaning of Treasury Regulations section 1.1275-5) otherwise meeting such relevant requirements as would cause the Class B Certificates

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to constitute variable rate debt instruments (within the meaning of Treasury Regulations section 1.1275-5, including without limitation paragraph (a)(4) thereof) and determined under procedures consistent with those applicable to reset bonds (as described in Treasury Regulations section 1.1275-5(f)) such that, in either case, the fair market value of the Class B Certificates will be the Class B Invested Amount; (v) the Transferor shall certify in the related notice that the Class B Certificates have not been previously sold by TRS or any of its Affiliates (including, without limitation, within the meaning of Affiliate, solely for purposes of this clause (v), any Person related to TRS within the meaning of sections 267(b) or 707(b)(1) of the Code) to a Person who is not TRS or any of its Affiliates; (vi) the Transferor shall provide to the Trustee an Opinion of Counsel to the effect that such modification shall not adversely affect the status of the Class B Certificates as debt for federal income tax purposes; (vii) the Transferor shall provide two days' notice of such modified rate to the Rating Agencies; and (viii) the Transferor shall certify in the related notice to the Trustee that the Rating Agencies have been notified pursuant to clause (vii) above.

"<u>Class</u> <u>B</u> <u>Certificateholder</u>" shall mean the Person in whose name a Class B Certificate is registered in the Certificate Register.

"<u>Class</u> <u>B</u> <u>Certificates</u>" shall mean any one of the Certificates executed by the Transferor and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit</u> <u>A-2</u>.

"<u>Class</u> <u>B</u> <u>Floating</u> <u>Percentage</u>" shall mean, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Class B Adjusted Invested Amount as of the close of business on the last day of the preceding Monthly Period and the denominator of which is equal to the Adjusted Invested Amount as of the close of business on such day; *provided, however,* that with respect to the first Monthly Period, the Class B Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of which is the Initial Invested Amount.

"<u>Class</u> <u>B Initial Invested Amount</u>" shall mean $[_______].

"<u>Class</u> <u>B</u> <u>Interest</u> <u>Shortfall</u>" shall have the meaning specified in subsection 4.02(b).

"<u>Class</u> <u>B</u> <u>Invested</u> <u>Amount</u>" shall mean, on any date of determination, an amount equal to (a) the Class B Initial Invested Amount, *minus* (b) the aggregate amount of principal payments made to the Class B Certificateholders prior to such date, *minus* (c) the aggregate amount of Class B Investor Charge-Offs for all prior Distribution Dates, *minus* (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to subsection 4.08(a) (excluding any Reallocated Principal Collections that have resulted in a reduction in the Collateral Invested Amount pursuant to Section 4.08), *minus* (e) an amount equal to the amount by which the Class B Invested Amount has been reduced on all prior Distribution Dates pursuant to subsection 4.06(a), *plus* (f) the amount of Excess Spread and Excess Finance Charge Collections allocated and available on all prior Distribution Dates pursuant to subsection 4.07(e) for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e), and *plus* (g) the principal amount of any additional Class B Certificates issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; *provided, however,* that the Class B Invested Amount shall not be reduced below zero.

"<u>Class</u> <u>B</u> <u>Investor</u> <u>Charge-Offs</u>" shall have the meaning specified in subsection 4.06(b).

"<u>Class</u> <u>B</u> <u>Investor</u> <u>Default</u> <u>Amount</u>" shall mean, with respect to each Distribution Date, an amount equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class B Floating Percentage for such Monthly Period.

"<u>Class</u> <u>B</u> <u>Monthly</u> <u>Interest</u>" shall have the meaning specified in subsection 4.02(b).

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"<u>Class</u> <u>B</u> <u>Principal</u> <u>Percentage</u>" shall mean, with respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; *provided, however,* that with respect to the first Monthly Period, the Class B Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of which is the Initial Invested Amount.

"<u>Class</u> <u>B</u> <u>Required</u> <u>Amount</u>" shall have the meaning set forth in subsection 4.04(b).

"<u>Class</u> <u>B</u> <u>Servicing</u> <u>Fee</u>" shall have the meaning specified in Section 3.01.

"<u>Closing</u> <u>Date</u>" shall mean [______] [__], 20[__]; *provided* that, for purposes of determining the date on which the first Monthly Period begins, the Closing Date shall be deemed to be the close of business on [______] [__], 20[__].

"<u>Collateral</u> <u>Additional</u> <u>Interest</u>" shall have the meaning specified in subsection 4.02(c).

"<u>Collateral</u> <u>Available</u> <u>Funds</u>" shall mean with respect to any Distribution Date, the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections with respect to the preceding Monthly Period.

"<u>Collateral</u> <u>Charge-Offs</u>" shall have the meaning specified in subsection 4.06(c).

"<u>Collateral</u> <u>Default</u> <u>Amount</u>" shall mean, with respect to any Distribution Date, the product of the Investor Default Amount for such Distribution Date and the Collateral Floating Percentage.

"<u>Collateral</u> <u>Floating</u> <u>Percentage</u>" shall mean, with respect to any Distribution Date, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period and the denominator of which is the Adjusted Invested Amount as of the close of business on such last day; *provided, however,* that with respect to the first Monthly Period, the Collateral Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount.

"<u>Collateral</u> <u>Initial</u> <u>Invested</u> <u>Amount</u>" shall mean $[_______].

"<u>Collateral</u> <u>Interest</u>" shall mean a fractional undivided interest in the Trust which shall consist of the right to receive, (i) to the extent necessary to make the required payments to the Collateral Interest Holder under this Supplement, the portion of Collections allocable thereto under the Agreement and this Supplement and funds on deposit in the Collection Account allocable thereto pursuant to the Agreement and this Supplement and (ii) amounts available for payment to the Collateral Interest Holder pursuant to subsections 4.05(e), 4.05(f), 4.07(f), 4.07(k), 4.07(l), 4.12(e), 4.12(f), 8.01(b), 8.02(a) and 8.02(b) or any other provision of this Supplement.

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"<u>Collateral</u> <u>Interest</u> <u>Holder</u>" shall mean (i) initially, the Transferor, (ii) following a Note Trust Transfer, the entity so designated in the applicable Transfer Agreement, and (iii) following any other transfer in accordance with Section 9.06, the applicable transferee.

"<u>Collateral</u> <u>Interest</u> <u>Shortfall</u>" shall have the meaning specified in subsection 4.02(c).

"<u>Collateral</u> <u>Invested</u> <u>Amount</u>" shall mean, when used with respect to any date, an amount equal to (a) the Collateral Initial Invested Amount, *minus* (b) the aggregate amount of principal payments made to the Collateral Interest Holder prior to such date, *minus* (c) the aggregate amount of Collateral Charge-Offs for all prior Distribution Dates pursuant to subsection 4.06(c), *minus* (d) the aggregate amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to Section 4.08 allocable to the Collateral Invested Amount, *minus* (e) an amount equal to the amount by which the Collateral Invested Amount has been reduced on all prior Distribution Dates pursuant to subsections 4.06(a) and (b), *plus* (f) the amount allocated and available on all prior Distribution Dates pursuant to subsection 4.07(i), for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e), and *plus* (g) the principal amount of any additional Collateral Interest issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; *provided, however,* that the Collateral Invested Amount shall not be reduced below zero.

"<u>Collateral Minimum Interest Rate</u>" shall mean (i) initially, a *per annum* rate equal to [[Benchmark] plus] [___]%[; *provided* that if the sum of [Benchmark] plus [___]% is less than 0.00% for any Interest Accrual Period], then the Collateral Minimum Interest Rate for such Interest Accrual Period shall be deemed to be 0.00%, and (ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); *provided* that for purposes of this Supplement, such rate shall not exceed [[Benchmark] plus] [___]% *per annum*.

"<u>Collateral Minimum Monthly Interest</u>" shall have the meaning specified in subsection 4.02(c).

"<u>Collateral</u> <u>Principal</u> <u>Percentage</u>" shall mean, with respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; *provided, however,* that with respect to the first Monthly Period, the Collateral Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount.

"<u>Collateral</u> <u>Senior Additional</u> <u>Interest</u>" shall have the meaning specified in subsection 4.02(d).

"<u>Collateral</u> <u>Senior Initial</u> <u>Invested</u> <u>Amount</u>" shall mean $[_______].

"<u>Collateral</u> <u>Senior Interest</u> <u>Shortfall</u>" shall have the meaning specified in subsection 4.02(d).

"<u>Collateral</u> <u>Senior Invested</u> <u>Amount</u>" shall mean, when used with respect to any date, an amount equal to the Collateral Senior Initial Invested Amount less the aggregate amount of principal

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payments distributed to the Collateral Interest Holder in respect of the Collateral Senior Invested Amount on all prior Distribution Dates, *plus* the principal amount of any additional Collateral Interest issued in respect of the Collateral Senior Invested Amount after the Closing Date in accordance with Section 6.03(c) of the Agreement.

"<u>Collateral Senior Minimum Interest Rate</u>" shall mean (i) initially, a *per annum* rate equal to [[Benchmark] plus] [___]%[; *provided* that if the sum of [Benchmark] plus [___]% is less than 0.00% for any Interest Accrual Period], and (ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); *provided* that for purposes of this Supplement, such rate shall not exceed [[Benchmark] plus] [___]% *per annum*.

"<u>Collateral Senior Minimum Monthly Interest</u>" shall have the meaning specified in subsection 4.02(d).

"<u>Collateral Senior Required Amount</u>" shall have the meaning set forth in subsection 4.04(c).

"<u>Collateral</u> <u>Servicing</u> <u>Fee</u>" shall have the meaning set forth in Section 3.01.

["<u>Compounded SOFR</u>" shall mean, with respect to any U.S. Government Securities Business Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable compounded average of SOFR for a tenor of [30] days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the rate specified in (a) above does not so appear, the applicable compounded average of SOFR for a tenor of [30] days as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.

The specific Compounded SOFR rate is referred to by its tenor. For example, "[30]-day Average SOFR" refers to the compounded average SOFR over a rolling [30]-calendar day period as published on the FRBNY's Website.]

"<u>Controlled</u> <u>Accumulation</u> <u>Amount</u>" shall mean, for any Distribution Date with respect to the Controlled Accumulation Period, $[_______]; *provided, however,* that, if the Controlled Accumulation Period Length is determined to be less than 12 months, the Controlled Accumulation Amount for each Distribution Date with respect to the Controlled Accumulation Period will be equal to (i) the product of (x) the sum of the Class A Initial Invested Amount and the Class B Initial Invested Amount and (y) the Controlled Accumulation Period Factor for the related Monthly Period divided by (ii) the Required Accumulation Factor Number.

"<u>Controlled</u> <u>Accumulation</u> <u>Period</u>" shall mean, unless a Pay-Out Event shall have occurred prior thereto, the period commencing at the close of business on the last day of the [______] 20[__] Monthly Period or such later date as is determined in accordance with subsection 4.03(c) and ending on the first to occur of (a) the commencement of the Early Amortization Period, (b) the payment in full of the Invested Amount and (c) the Expected Final Payment Date.

"<u>Controlled</u> <u>Accumulation</u> <u>Period</u> <u>Factor</u>" shall mean, for each Monthly Period, a fraction, the numerator of which is equal to the sum of the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series, and the denominator of which is equal to the sum (without duplication) of (a) the Series Invested Amount as of the last day of the prior Monthly Period, (b) the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series (other than Series

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20[__]-[_]) that are not expected to be in their revolving periods, and (c) the series invested amounts as of the last day of the prior Monthly Period of all other outstanding Series that are not Principal Sharing Series and are in their revolving periods.

"<u>Controlled</u> <u>Accumulation</u> <u>Period</u> <u>Length</u>" has the meaning specified in subsection 4.03(c).

"<u>Controlled</u> <u>Deposit</u> <u>Amount</u>" shall mean, for any Distribution Date with respect to the Controlled Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such Distribution Date and any Deficit Controlled Accumulation Amount for the immediately preceding Distribution Date.

[*Include for floating rate certificates*: "<u>Covered Amount</u>" shall mean, for any Distribution Date with respect to the Controlled Accumulation Period or the first Special Payment Date, if such Special Payment Date occurs prior to the date the Class A Invested Amount is paid in full, an amount equal to the sum of (x) with respect to the Class A Certificates, the product of (i) the Class A Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is 360 and, (iii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class A Certificates and (y) with respect to the Class B Certificates, the product of (i) the Class B Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is 360 and (iii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B Certificates.]

[*Include for fixed rate certificates*: "<u>Covered</u> <u>Amount</u>" shall mean, for any Distribution Date with respect to the Controlled Accumulation Period or the first Special Payment Date, if such Special Payment Date occurs prior to the date the Class A Invested Amount is paid in full, an amount equal to the sum of (x) with respect to the Class A Certificates, one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class A Certificates and (y) with respect to the Class B Certificates, one-twelfth of the product of (i) the Class B Certificate Rate and (ii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B Certificates.]

"<u>Deficit</u> <u>Controlled</u> <u>Accumulation</u> <u>Amount</u>" shall mean (a) on the first Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding Account on such Distribution Date and (b) on each subsequent Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Distribution Date over the amount deposited in the Principal Funding Account on such subsequent Distribution Date.

"<u>Distribution</u> <u>Date</u>" shall mean [______] [__], 20[__], and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day.

"<u>Early</u> <u>Amortization</u> <u>Period</u>" shall mean the period commencing at the close of business on the Business Day immediately preceding the day on which a Pay-Out Event with respect to Series 20[__]-[__] is deemed to have occurred, and ending on the first to occur of (i) the payment in full of the Invested Amount or (ii) the Series 20[__]-[_] Termination Date.

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"<u>Excess Finance Charge Collections</u>" shall mean collections of Finance Charge Receivables and certain other amounts allocable to the Certificateholders' Interest of any Excess Allocation Series in excess of the amounts necessary to make required payments with respect to such series (including payments to the provider of any related Series Enhancement) that are payable out of collections of Finance Charge Receivables.

"<u>Excess</u> <u>Spread</u>" shall mean, with respect to any Distribution Date, the sum of the amounts, if any, specified pursuant to subsections 4.05(a)(iv), 4.05(b)(iii) and 4.05(c)(ii) with respect to such Distribution Date.

"<u>Expected</u> <u>Final</u> <u>Payment</u> <u>Date</u>" shall mean the [______] 20[__] Distribution Date.

"<u>Finance</u> <u>Charge</u> <u>Shortfall</u>" shall have the meaning specified in Section 4.09.

["<u>Fitch</u>" shall mean Fitch Ratings, Inc. or its successor.]

"<u>Floating</u> <u>Allocation</u> <u>Percentage</u>" shall mean, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Adjusted Invested Amount as of the last day of the preceding Monthly Period (or with respect to the first Monthly Period, the Initial Invested Amount) and the denominator of which is the product of (x) the Series 20[__]-[_] Allocation Percentage with respect to such Monthly Period and (y) the sum of (i) the total amount of Principal Receivables in the Trust as of such day (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust on the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, as of the Closing Date); *provided, however,* that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (y)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period.

["<u>FRBNY</u>" shall mean the Federal Reserve Bank of New York.]

["<u>FRBNY's Website</u>" shall mean the website of the FRBNY, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind or at such other page as may replace such page on the FRBNY's website.]

"<u>Group [I][II]</u>" shall mean Series 20[__]-[__] and each other Series specified in the related Supplement to be included in Group [I][II].

"<u>Group [I][II]</u> <u>Investor</u> <u>Additional</u> <u>Amounts</u>" shall mean, with respect to any Distribution Date, the sum of (a) Series 20[__]-[_] Additional Amounts for such Distribution Date and (b) for all other Series included in Group [I][II], the sum of (i) the aggregate net amount by which the Invested Amounts of such Series have been reduced as a result of investor charge-offs, subordination of principal collections and funding the investor default amounts in respect of any Class or Series Enhancement interests of such Series as of such Distribution Date and (ii) if the applicable Supplements so provide, the aggregate unpaid amount of interest at the applicable certificate rates that has accrued on the amounts described in the preceding clause (i) for such Distribution Date.

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"<u>Group [I][II]</u> <u>Investor</u> <u>Default</u> <u>Amount</u>" shall mean, with respect to any Distribution Date, the sum of (a) the Investor Default Amount for such Distribution Date and (b) the aggregate amount of the investor default amounts for all other Series included in Group [I][II] for such Distribution Date.

"<u>Group [I][II]</u> <u>Investor</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>" shall mean, with respect to any Distribution Date, the sum of (a) Investor Finance Charge Collections for such Distribution Date and (b) the aggregate amount of the investor finance charge collections for all other Series included in Group [I][II] for such Distribution Date.

"<u>Group [I][II]</u> <u>Investor</u> <u>Monthly</u> <u>Fees</u>" shall mean with respect to any Distribution Date, the sum of (a) Series 20[__]-[_] Monthly Fees for such Distribution Date and (b) the aggregate amount of the servicing fees, investor fees, fees payable to any Series Enhancer and any other similar fees, which are payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group [I][II] for such Distribution Date.

"<u>Group [I][II]</u> <u>Investor Monthly Interest</u>" shall mean, with respect to any Distribution Date, the sum of (a) Series 20[__]-[_] Monthly Interest for such Distribution Date and (b) the aggregate amount of monthly interest, including overdue monthly interest and interest on such overdue monthly interest, if such amounts are payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group [I][II] for such Distribution Date.

"<u>Initial</u> <u>Invested</u> <u>Amount</u>" shall mean $[________].

"<u>Interest Accrual Period</u>" shall mean, with respect to any Distribution Date, the period (a) from and including the 15th day of the month of the preceding Distribution Date (or, in the case of the first Distribution Date after the Closing Date, from and including the Closing Date) and (b) to but excluding the 15th day of the month of the current Distribution Date.

"<u>Invested</u> <u>Amount</u>" shall mean, as of any date of determination, an amount equal to the sum of (a) the Class A Invested Amount as of such date, (b) the Class B Invested Amount as of such date and (c) the Collateral Invested Amount as of such date.

"<u>Investment Letter</u>" shall have the meaning specified in subsection 9.06(a).

"<u>Investor</u> <u>Charge-Offs</u>" shall mean Class A Investor Charge-Offs, Class B Investor Charge-Offs and Collateral Charge-Offs.

"<u>Investor</u> <u>Default</u> <u>Amount</u>" shall mean, with respect to any Distribution Date, an amount equal to the product of (a) the Series 20[__]-[_] Allocable Defaulted Amount for the related Monthly Period and (b) the Floating Allocation Percentage for such Monthly Period.

"<u>Investor</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>" shall mean with respect to any Distribution Date, an amount equal to the product of (a) the Floating Allocation Percentage for the related Monthly Period and (b) Series 20[__]-[_] Allocable Finance Charge Collections deposited in the Collection Account for the related Monthly Period.

["<u>ISDA Definitions</u>" shall mean the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.]

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["<u>ISDA Fallback Adjustment</u>" shall mean the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.]

["<u>ISDA Fallback Rate</u>" shall mean the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.]

"<u>Monthly</u> <u>Interest</u>" shall mean, with respect to any Distribution Date, the Class A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date.

"<u>Monthly Receivables Percentage</u>" shall mean, for any day, the percentage equivalent of a fraction, the numerator of which is an amount equal to the sum of the aggregate amount of Principal Receivables outstanding in the Trust attributable to the Transferor or Account Owner with respect to which an Insolvency Event or a Transfer Restriction Event has occurred, and the denominator of which is an amount equal to the sum of the aggregate amount of Principal Receivables outstanding in the Trust, in each as of the last day of the immediately preceding Monthly Period.

"<u>Monthly</u> <u>Servicing</u> <u>Fee</u>" shall have the meaning specified in subsection 3.01.

"<u>Note Trust Transfer</u>" shall mean the transfer pursuant to the applicable Transfer Agreement of the Collateral Interest by the Transferor to a trust established for the purpose of issuing notes collateralized by the Collateral Interest.

"<u>Pay-Out</u> <u>Event</u>" shall mean any Pay-Out Event specified in Section 6.01.

"<u>Permitted Assignee</u>" shall mean any Person who, if it were a Class B Certificateholder, the Collateral Interest Holder or a holder of an interest in the Trust, as applicable, would not cause the Trust to be taxable as a publicly traded partnership for federal income tax purposes.

"<u>Principal</u> <u>Allocation</u> <u>Percentage</u>" shall mean, with respect to any day during a Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for Series 20[__]-[_] as of the last day of the immediately preceding Monthly Period (or, in the case of the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the Series Adjusted Invested Amount for Series 20[__]-[_] as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the product of (x) the sum of (i) the total amount of Principal Receivables in the Trust as of the last day of the immediately preceding Monthly Period (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, the Closing Date) and (y) the Series 20[__]-[_] Allocation Percentage as of the last day of the immediately preceding Monthly Period; *provided, however,* that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (x)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period; and *provided further,* that if after the commencement of the Controlled Accumulation Period a Pay-Out Event occurs with respect to another Series that was

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designated in the Supplement therefor as a Series that is a "Paired Series" with respect to Series 20[__]-[_], the Transferor may, by written notice delivered to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the Adjusted Invested Amount as of the last day of the revolving period for such Paired Series, (y) the Transferor shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee and (z) the Transferor shall have delivered to the Trustee an Officer's Certificate of such Transferor to the effect that, based on the facts known to such officer at such time, in the reasonable belief of such Transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay-Out Event, to occur with respect to Series 20[__]-[_].

"<u>Principal</u> <u>Funding</u> <u>Account</u>" shall have the meaning specified in subsection 4.03(a)(i).

"<u>Principal</u> <u>Funding</u> <u>Account</u> <u>Balance</u>" shall mean, with respect to any date of determination during the Controlled Accumulation Period, the principal amount, if any, on deposit in the Principal Funding Account on such date of determination.

"<u>Principal</u> <u>Funding Account Investment</u> <u>Proceeds</u>" shall have the meaning specified in subsection 4.03(a)(ii).

"<u>Principal</u> <u>Funding Account Investment</u> <u>Shortfall</u>" shall mean, with respect to each Distribution Date during the Controlled Accumulation Period, the amount, if any, by which the Principal Funding Account Investment Proceeds are less than the Covered Amount.

"<u>Reallocated</u> <u>Investor</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>" shall mean that portion of Group [I][II] Investor Finance Charge Collections allocated to Series 20[__]-[_] pursuant to Section 4.10.

"<u>Reallocated</u> <u>Principal</u> <u>Collections</u>" shall mean, with respect to any Monthly Period, the product of (a) the Series 20[__]-[_] Allocable Principal Collections deposited in the Collection Account for such Monthly Period and (b) the sum of the Class B Principal Percentage and the Collateral Principal Percentage.

"<u>Reassignment</u> <u>Amount</u>" shall mean, with respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Adjusted Invested Amount on such Distribution Date, *plus* (ii) Monthly Interest for such Distribution Date and any Monthly Interest previously due but not distributed to the Series 20[__]-[_] Certificateholders on a prior Distribution Date, *plus* (iii) the amount of Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not distributed to the Series 20[__]-[_] Certificateholders on a prior Distribution Date.

["<u>Relevant Governmental Body</u>" shall mean the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.]

"<u>Required</u> <u>Accumulation</u> <u>Factor</u> <u>Number</u>" shall be equal to a fraction, rounded upwards to the nearest whole number, the numerator of which is one and the denominator of which is equal to the lowest monthly principal payment rate on the Accounts, expressed as a decimal, for the three months preceding the date of such calculation.

"<u>Required</u> <u>Amount</u>" shall mean, with respect to any Monthly Period, the sum of the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount.

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"<u>Required</u> <u>Reserve</u> <u>Account</u> <u>Amount</u>" shall mean, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferor, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferor shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

"<u>Reserve</u> <u>Account</u>" shall have the meaning specified in subsection 4.12(a).

"<u>Reserve</u> <u>Account</u> <u>Funding</u> <u>Date</u>" shall mean the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the [_________] 20[__] Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the [_________] 20[__] Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the "<u>Excess Spread Percentage</u>" for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

"<u>Reserve</u> <u>Account</u> <u>Surplus</u>" shall mean, as of any date of determination, the amount, if any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount.

"<u>Reserve</u> <u>Draw</u> <u>Amount</u>" shall have the meaning specified in subsection 4.12(c).

"<u>Revolving</u> <u>Period</u>" shall mean the period beginning at the close of business on the Series Cut-Off Date and ending on the earlier of (a) the close of business on the day immediately preceding the day the Controlled Accumulation Period commences and (b) the close of business on the day immediately preceding the day the Early Amortization Period commences.

"<u>Series</u> <u>20[__]-[_]</u>" shall mean the Series of Certificates the terms of which are specified in this Supplement.

"<u>Series</u> <u>20[__]-[_] Additional</u> <u>Amounts</u>" shall mean, with respect to any Distribution Date, the sum of the amounts determined pursuant to subsections 4.07(b), (e) and (i) for such Distribution Date.

"<u>Series</u> <u>20[__]-[_] Allocable</u> <u>Defaulted</u> <u>Amount</u>" shall mean the Series Allocable Defaulted Amount with respect to Series 20[__]-[_].

"<u>Series</u> <u>20[__]-[_] Allocable</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>" shall mean the Series Allocable Finance Charge Collections with respect to Series 20[__]-[_].

"<u>Series</u> <u>20[__]-[_]</u> <u>Allocable</u> <u>Principal</u> <u>Collections</u>" shall mean the Series Allocable Principal Collections with respect to Series 20[__]-[_].

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"<u>Series</u> <u>20[__]-[_]</u> <u>Allocation</u> <u>Percentage</u>" shall mean the Series Allocation Percentage with respect to Series 20[__]-[_].

"<u>Series</u> <u>20[__]-[_]</u> <u>Certificate</u>" shall mean a Class A Certificate or a Class B Certificate or the Collateral Interest.

"<u>Series</u> <u>20[__]-[_]</u> <u>Certificateholder</u>" shall mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder.

"<u>Series</u> <u>20[__]-[_]</u> <u>Certificateholders'</u> <u>Interest</u>" shall mean the Certificateholders' Interest for Series 20[__]-[_], including the Collateral Interest.

"<u>Series</u> <u>20[__]-[_]</u> <u>Monthly</u> <u>Fees</u>" shall mean, with respect to any Distribution Date, the amount determined pursuant to subsections 4.05(a)(ii), (b)(ii) and (c)(i) and subsection 4.07(g).

"<u>Series 20[__]-[_]</u> <u>Monthly Interest</u>" shall mean the amounts determined pursuant to subsections 4.02(a), (b) and (c).

"<u>Series</u> <u>20[__]-[_]</u> <u>Principal</u> <u>Shortfall</u>" shall have the meaning specified in Section 4.11.

"<u>Series</u> <u>20[__]-[_]</u> <u>Termination</u> <u>Date</u>" shall mean the [________] 20[__] Distribution Date.

"<u>Series</u> <u>Adjusted</u> <u>Portfolio</u> <u>Yield</u>" shall mean, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (a) Reallocated Investor Finance Charge Collections with respect to such Monthly Period, *plus* (b) the amount of any Principal Funding Account Investment Proceeds for the related Distribution Date, *plus* (c) *provided* that each Rating Agency has consented in writing to the inclusion thereof in calculating the Series Adjusted Portfolio Yield, any Excess Finance Charge Collections that are allocated to Series 20[__]-[_] with respect to such Monthly Period, *plus* (d) the amount of funds, if any, withdrawn from the Reserve Account which pursuant to subsection 4.12(d) are required to be deposited into the Collection Account and included as Class A Available Funds for the Distribution Date with respect to such Monthly Period, *minus* (e) the Investor Default Amount for the Distribution Date with respect to such Monthly Period, and (B) the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period.

"<u>Series</u> <u>Cut-Off</u> <u>Date</u>" shall mean the close of business on [_______] [__], 20[__].

"<u>Series</u> <u>Invested</u> <u>Amount</u>" shall mean, on any date of determination, an amount equal to the Initial Invested Amount *plus* the aggregate initial principal amount of any additional Series 20[__]-[_] Certificates issued pursuant to Section 6.03(c) of the Agreement.

"<u>Series</u> <u>Required</u> <u>Transferor</u> <u>Amount</u>" shall mean an amount equal to 7% of the Invested Amount.

"<u>Servicing</u> <u>Base</u> <u>Amount</u>" shall have the meaning specified in Section 3.01.

"<u>Servicing</u> <u>Fee</u> <u>Rate</u>" shall mean 2.0% *per annum.*

["<u>SOFR Adjustment Conforming Changes</u>" shall mean, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the interest accrual period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the [Administrator (or its designee)] decide, from time to

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time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the [Administrator (or its designee)] decide that adoption of any portion of such market practice is not administratively feasible or if the [Administrator (or its designee)] determine that no market practice exists, in such other manner as the [Administrator (or its designee)] determine is reasonably necessary).]

["<u>SOFR Adjustment Date</u>" shall mean the second U.S. Government Securities Business Day before the first day of such Interest Accrual Period.]

["<u>SOFR Determination Time</u>" shall mean 3:00 p.m. (New York time) on the U.S. Government Securities Business Day, at which time [Compounded SOFR][Term SOFR][[30]-day average SOFR] is published [on the FRBNY's Website][by the Term SOFR Administrator].]

["<u>SOFR Rate</u>" shall mean the rate that will be obtained by the [Calculation Agent] and provided in writing to the [Administrator] for each Interest Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided in Section 4.14 following a determination by the [Administrator (or its designee)] that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Series 20[__]-[_] Certificates as of any SOFR Adjustment Date, a rate equal to [Compounded SOFR][Term SOFR][[30]-day average SOFR]; *provided* that the [Administrator (or its designee)] will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.]

"<u>Special</u> <u>Payment</u> <u>Date</u>" shall mean each Distribution Date with respect to the Early Amortization Period.

["<u>Term SOFR</u>" shall mean the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Accrual Period at the SOFR Determination Time, as such rate is published by the Term SOFR Administrator; *provided, however*, that if as of the SOFR Determination Time on such date, the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Transition Event with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the date of such SOFR Determination Time.]

["<u>Term SOFR Administrator</u>" shall mean CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the [Administrator].]

["<u>Term SOFR Reference Rate</u>" shall mean the forward-looking term rate based on SOFR.]

"<u>Transfer</u>" shall have the meaning specified in subsection 9.06(a).

"<u>Transfer Agreement</u>" shall mean, in connection with a Note Trust Transfer, if applicable, the transfer and administration agreement entered into by RFC III, as transferor, TRS, as administrator, and the applicable trust established in connection with such Note Trust Transfer, as the same may be amended, supplemented or otherwise modified from time to time.

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"<u>Transferor</u> <u>Percentage</u>" shall mean 100% *minus* (a) the Floating Allocation Percentage, when used at any time with respect to Finance Charge Receivables and Defaulted Receivables, or (b) the Principal Allocation Percentage, when used at any time with respect to Principal Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Supplement or the Agreement, the term "<u>Rating</u> <u>Agency</u>" shall mean, whenever used in this Supplement or the Agreement with respect to Series 20[__]-[_], [Fitch and Standard & Poor's]. As used in this Supplement and in the Agreement with respect to Series 20[__]-[_], "highest investment category" shall mean (i) in the case of [Fitch, AAA or F1+], as applicable and (ii) in the case of [Standard & Poor's, AAA or A-1+], as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each capitalized term defined herein shall relate to the Series 20[__]-[_] Certificates and no other Series of Certificates issued by the Trust, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in the Agreement. In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Agreement, the terms and provisions of this Supplement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The words "hereof," "herein" and "hereunder" and words of similar import when used in this Supplement shall refer to this Supplement as a whole and not to any particular provision of this Supplement; references to any Article, subsection, Section or Exhibit are references to Articles, subsections, Sections and Exhibits in or to this Supplement unless otherwise specified; and the term "including" means "including without limitation."

["<u>Unadjusted Benchmark Replacement</u>" shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment.]

["<u>U.S. Government Securities Business Day</u>" shall mean any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association [(or any successor thereto)] recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.]

ARTICLE III

<u>Servicing Fee</u> 

Section 3.01. <u>Servicing</u> <u>Compensation</u>. The share of the Servicing Fee allocable to the Series 20[__]-[_] Certificateholders with respect to any Distribution Date (the "<u>Monthly</u> <u>Servicing</u> <u>Fee</u>") shall be equal to one-twelfth of the product of (a) the Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the last day of the Monthly Period preceding such Distribution Date *minus* (ii) the product of the amount, if any, on deposit in the Special Funding Account as of the last day of the Monthly Period preceding such Distribution Date and the Series 20[__]-[_] Allocation Percentage with respect to such Monthly Period (the amount calculated pursuant to this clause (b) is referred to as the "<u>Servicing</u> <u>Base</u> <u>Amount</u>"). The share of the Monthly Servicing Fee allocable to the Class A Certificateholders with respect to any Distribution Date (the "<u>Class</u> <u>A</u> <u>Servicing</u> <u>Fee</u>") shall be equal to one-twelfth of the product of (a) the Class A Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Class B Certificateholders with respect to any Distribution Date (the "<u>Class</u> <u>B</u> <u>Servicing</u> <u>Fee</u>") shall be equal to one-twelfth of the product of (a) the Class B Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Collateral Interest with respect to any Distribution Date (the "<u>Collateral</u> <u>Servicing</u> <u>Fee</u>") shall be equal to one-twelfth of the product of the (a) Collateral Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The remainder of the Servicing Fee shall be paid by the Holders of the Transferor Certificates or the investor certificateholders of other Series (as provided in the related Supplements) and in no event shall the Trust, the Trustee or the Series 20[__]-[_] Certificateholders be liable for the share of the Servicing Fee to be paid by the Holders of the Transferor Certificates

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or the investor certificateholders of any other Series. To the extent that the Class A Servicing Fee, the Class B Servicing Fee and the Collateral Servicing Fee are not paid in full pursuant to the preceding provisions of this Section 3.01, and Sections 4.05 and 4.07, they shall be paid by the Holders of the Transferor Certificates.

ARTICLE IV

<u>Rights of Series 20[__]-[_] Certificateholders and</u> 

<u>Allocation and Application of Collections</u> 

Section 4.01. <u>Collections</u> <u>and</u> <u>Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Allocations</u>. Collections of Finance Charge Receivables and Principal Receivables and Defaulted Receivables allocated to Series 20[__]-[_] pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables reallocated from other Series in Group [I][II]) shall be allocated and distributed or reallocated as set forth in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments</u> <u>to</u> <u>the</u> <u>Transferor</u>. The Servicer shall on each Deposit Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 20[__]-[_] Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series 20[__]-[_] Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero.

The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Certificateholders' Interest pursuant to Section 2.06 or 10.01 of the Agreement, payment of the purchase price for the Series 20[__]-[_] Certificateholders' Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables pursuant to Section 9.01 or 12.02 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Allocations</u> <u>to</u> <u>the</u> <u>Series</u> <u>20[__]-[_]</u> <u>Certificateholders</u>. The Servicer shall, prior to the close of business on each Deposit Date, allocate to the Series 20[__]-[_] Certificateholders the following amounts as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Allocations</u> <u>of</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>. The Servicer shall allocate to the Series 20[__]-[_] Certificateholders and retain in the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 20[__]-[_] Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Allocations</u> <u>of</u> <u>Principal</u> <u>Collections</u>. The Servicer shall allocate to the Series 20[__]-[_] Certificateholders the following amounts as set forth below:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Allocations</u> <u>During</u> <u>the</u> <u>Revolving</u> <u>Period</u>. During the Revolving Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 20[__]-[_] Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 20[__]-[_] Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 20[__]-[_] Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date shall be allocated to the Series 20[__]-[_] Certificateholders and first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates; *provided, however,* that such amount to be paid to the Holders of the Transferor Certificates on any Deposit Date shall be paid to such Holders only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Allocations</u> <u>During</u> <u>the</u> <u>Controlled</u> <u>Accumulation</u> <u>Period</u>. During the Controlled Accumulation Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 20[__]-[_] Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 20[__]-[_] Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 20[__]-[_] Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a "<u>Percentage</u> <u>Allocation</u>") shall be allocated to the Series 20[__]-[_] Certificateholders and retained in the Collection Account until applied as provided herein; *provided, however,* that if the sum of such Percentage Allocation and all preceding Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount during the Controlled Accumulation Period for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Allocations</u> <u>During</u> <u>the</u> <u>Early</u> <u>Amortization</u> <u>Period</u>. During the Early Amortization Period, an amount equal to the product of (A) the Principal

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Allocation Percentage and (B) the Series 20[__]-[_] Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 20[__]-[_] Certificateholders and retained in the Collection Account until applied as provided herein; *provided, however,* that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 20[__]-[_] Certificateholders, the remainder that has not been so deposited and allocated shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Supplement or the Agreement, the Servicer shall be permitted to make a single deposit of Collections in the Collection Account on the Transfer Date following the Monthly Period with respect to which such deposit relates in lieu of making daily deposits of Collections into the Collection Account for so long as, in addition to satisfying the conditions set forth in Section 4.03(a)(i), (ii) or (iii) of the Agreement, TRS or an Affiliate of TRS remains the Servicer and (i) maintains a short-term issuer default rating (which may be an implied rating) of not less than [F1] by [Fitch] (or such other rating below [F1],[which is satisfactory to [Fitch]), (ii) obtains a guarantee with respect to the Servicer's deposit and payment obligations under this Supplement and the Agreement pursuant to a guaranty in form and substance acceptable to Fitch *provided* that the guarantor maintains a short-term issuer default rating of [F1] by [Fitch] (or such other rating below [F1], which is satisfactory to [Fitch]), or (iii) the Rating Agency Condition will be satisfied despite the Servicer's inability to satisfy the conditions specified in clause (i) or (ii) above and in Section 4.03(a)(i) or (ii) of the Agreement; *provided, however*, that, if the Servicer, satisfies any condition specified in clause (i), (ii) or (iii) above and subsequently fails to satisfy such condition, the Servicer shall resume making daily deposits of Collections in the Collections Account no later than five Business Days following the date on which the Servicer failed to satisfy such condition.

Section 4.02. <u>Determination</u> <u>of</u> <u>Monthly</u> <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The amount of monthly interest ("<u>Class</u> <u>A</u> <u>Monthly</u> <u>Interest</u>") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to [*include for the floating rate certificates:* the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date][*include for the fixed rate certificates*: one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; *provided* that Class A Monthly Interest for the first Distribution Date after the Closing Date shall be an amount equal to $[__________]].

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "<u>Class</u> <u>A</u> <u>Interest</u> <u>Shortfall</u>"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A

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Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("<u>Class</u> <u>A</u> <u>Additional</u> <u>Interest</u>") equal to [*include for the floating rate certificates:* the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% *per annum* and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders)][*include for the fixed rate certificates*: one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% *per annum* and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders)] shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of monthly interest ("<u>Class</u> <u>B Monthly Interest</u>") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to [*include for the floating rate certificates:* the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date][*include for the fixed rate certificates*: one-twelfth of the product of (i) the Class B Certificate Rate for such Distribution Date and (ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; *provided* that Class B Monthly Interest for the first Distribution Date after the Closing Date shall be an amount equal to $[_________]][; *provided, however*, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days].

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "<u>Class</u> <u>B</u> <u>Interest</u> <u>Shortfall</u>"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("<u>Class</u> <u>B</u> <u>Additional</u> <u>Interest</u>") equal to [*include for the floating rate certificates:* the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% *per annum* and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders)][*include for the fixed rate certificates*: one-twelfth of the product of (i) the sum of (x) the Class B Certificate Rate and (y) 2.0% *per annum* and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders)] shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The amount of monthly interest ("<u>Collateral Minimum Monthly Interest</u>") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to [*include for the floating rate certificates:* the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates][*include for the fixed rate certificates*: one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates][; *provided*, *however*, that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i)[(B)] above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Minimum Interest Rate was in effect during such period and a year of 360 days].

On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "<u>Collateral</u> <u>Interest</u> <u>Shortfall</u>") equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date *minus* (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("<u>Collateral</u> <u>Additional</u> <u>Interest</u>") shall be payable as provided herein with respect to the Collateral Invested Amount equal to [*include for the floating rate certificates:* the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)][*include for the fixed rate certificates*: one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)]. Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The amount of monthly interest ("<u>Collateral Senior Minimum Monthly Interest</u>") distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to [*include for the floating rate certificates:* the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date after the Closing Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Senior Invested Amount][*include for the fixed rate certificates*: one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; *provided* that Collateral Senior Minimum Monthly Interest for the first Distribution Date after the Closing Date shall be an amount equal to $[__________]][; *provided*, *however*, that in the event the Collateral Senior Minimum

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Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days].

On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "<u>Collateral</u> <u>Senior Interest</u> <u>Shortfall</u>") equal to (x) the aggregate Collateral Senior Minimum Monthly Interest for such Distribution Date *minus* (y) the aggregate amount of funds allocated and available to pay such Collateral Senior Minimum Monthly Interest on such Distribution Date. If the Collateral Senior Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Senior Interest Shortfall is fully paid, an additional amount ("<u>Collateral</u> <u>Senior Additional</u> <u>Interest</u>") shall be payable as provided herein with respect to the Collateral Senior Invested Amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) such Collateral Senior Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Senior Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [*Include for the floating rate certificates:* All percentages resulting from any calculation [of interest] on the Series 20[__]-[_] Certificates shall be rounded to the nearest one hundred-thousandth of a percentage point, with five- millionths of a percentage point rounded upwards (e.g., 9.8765455% (or 0.098765455) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation [of interest] on the Series 20[__]-[_] Certificates will be rounded to the nearest cent (with one- half cent being rounded upwards).]

Section 4.03. <u>Principal</u> <u>Funding</u> <u>Account;</u> <u>Controlled</u> <u>Accumulation</u> <u>Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Servicer, for the benefit of the Series 20[__]-[_] Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "<u>Principal</u> <u>Funding</u> <u>Account</u>"), bearing a designation clearly indicating that the funds deposited therein and the property credited thereto are held for the benefit of the Series 20[__]-[_] Certificateholders. The Principal Funding Account shall initially be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)), funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer (or its agent appointed pursuant to Section 4.13(c)); *provided, however*, that if no such written direction is provided, funds on deposit in the Principal Funding Account shall remain uninvested. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20[__]-[_] Certificateholders; *provided* that on each Distribution Date all interest and other investment income (net of losses and investment expenses) ("<u>Principal Funding Account Investment Proceeds</u>") on funds on deposit therein shall be applied as set forth in paragraph (iii) below. Subject to the first sentence of this paragraph (a)(ii), funds on deposit in the Principal Funding Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Principal Funding Account on a Transfer Date (which immediately precedes a Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight. No such Eligible Investment shall be disposed of prior to its maturity; *provided, however,* that the Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other

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amount with respect to such Eligible Investment; *provided further, however,* that the Servicer shall deliver prompt written notice to the Trustee of any such default; and *provided further* that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by reason of any insufficiency in such Principal Funding Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee's failure to make payments on such Eligible Investments issued by the Trustee, in its commercial capacity, in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On each Distribution Date with respect to the Controlled Accumulation Period, the Servicer shall direct the Trustee in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account Investment Proceeds then on deposit in the Principal Funding Account and such Principal Funding Account Investment Proceeds shall be treated as a portion of Class A Available Funds and Class B Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall not be considered to be principal amounts on deposit therein for purposes of this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Trustee shall possess all right, title and interest in all funds and property from time to time deposited in or credited to the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 20[__]-[_] Certificateholders. If, at any time, the Principal Funding Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Principal Funding Account meeting the conditions specified in paragraph (a)(i) above as an Eligible Deposit Account and shall transfer any cash or any investments to such new Principal Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pursuant to the authority granted to the Servicer in subsection 3.01(b) of the Agreement, the Servicer shall have the power to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Principal Funding Account for the purposes of carrying out the Servicer's or Trustee's duties hereunder. Pursuant to the authority granted to the Paying Agent in Section 5.01 of this Supplement and Section 6.07 of the Agreement, the Paying Agent shall have the power to withdraw funds from the Principal Funding Account for the purpose of making distributions to the Series 20[__]-[_] Certificateholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Controlled Accumulation Period is scheduled to commence at the close of business on the last day of the [_____] 20[__] Monthly Period; *provided, however,* that if the Controlled Accumulation Period Length (which shall be determined as described below) is less than 12 months, the date on which the Controlled Accumulation Period actually commences will be delayed to the close of business on the last day of the month preceding the month that is the number of months prior to the Expected Final Payment Date at least equal to the Controlled Accumulation Period Length and, as a result, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length. On the Determination Date immediately preceding the [______] 20[__] Distribution Date, and on each Determination Date thereafter that occurs prior to the Determination Date occurring in the Monthly Period in which the Controlled Accumulation Period commences, the Servicer will determine the "<u>Controlled</u> <u>Accumulation</u> <u>Period</u> <u>Length</u>" which will equal the number of months such that the sum of the Controlled Accumulation Period Factors for each month during such period will be equal to or greater than the Required Accumulation Factor Number; *provided, however,* that the Controlled Accumulation Period Length shall not be less than one month. Notwithstanding the foregoing, if the Controlled Accumulation Period Length shall have been determined to be less than 12 months and, after the date on which such determination is made, a Pay-Out Event or

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Reinvestment Event (as those terms are defined in the Supplement for such Series) shall occur with respect to any outstanding Principal Sharing Series other than Series 20[__]-[_], the Controlled Accumulation Period will commence on the earlier of (i) the first day of the Monthly Period immediately succeeding the date that such Pay-Out Event or Reinvestment Event shall have occurred with respect to such Series and (ii) the date on which the Controlled Accumulation Period is then scheduled to commence.

Section 4.04. <u>Required</u> <u>Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Distribution Date, on the related Determination Date, the Servicer shall determine the amount (the "<u>Class</u> <u>A</u> <u>Required</u> <u>Amount</u>"), if any, by which (x) the sum of (i) Class A Monthly Interest for such Distribution Date, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders on a prior Distribution Date, (iii) any Class A Additional Interest for such Distribution Date and (iv) any Class A Additional Interest previously due but not paid to the Class A Certificateholders on a prior Distribution Date, (v) if TRS or an Affiliate of TRS is no longer the Servicer, the Class A Servicing Fee for such Distribution Date, (vi) if TRS or an Affiliate of TRS is no longer the Servicer, any Class A Servicing Fee previously due but not paid to the Servicer, and (vii) the Class A Investor Default Amount, if any, for such Distribution Date exceeds (y) the Class A Available Funds. In the event that the difference between (x) the Class A Required Amount for such Distribution Date and (y) the amount of Excess Spread and Excess Finance Charge Collections applied with respect thereto pursuant to subsection 4.07(a) on such Distribution Date is greater than zero, the Servicer shall give written notice to the Transferor and the Trustee of such excess Class A Required Amount on the date of computation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each Distribution Date, on the related Determination Date, the Servicer shall determine the amount (the "<u>Class</u> <u>B</u> <u>Required</u> <u>Amount</u>"), if any, equal to the sum of (x) the amount, if any, by which (A) the sum of (i) Class B Monthly Interest for such Distribution Date, (ii) any Class B Monthly Interest previously due but not paid to the Class B Certificateholders, (iii) Class B Additional Interest, if any, for such Distribution Date, (iv) any Class B Additional Interest previously due but not paid to the Class B Certificateholders on a prior Distribution Date, (v) if TRS or an Affiliate of TRS is no longer the Servicer, the Class B Servicing Fee for such Distribution Date and (vi) if TRS or an Affiliate of TRS is no longer the Servicer, any Class B Servicing Fee previously due but not paid to the Servicer exceeds (B) the Class B Available Funds and (y) the Class B Investor Default Amount for such Distribution Date. In the event that the difference between (x) the Class B Required Amount for such Distribution Date and (y) the amount of Excess Spread and Excess Finance Charge Collections applied with respect thereto pursuant to subsection 4.07(d) on such Distribution Date is greater than zero, the Servicer shall give written notice to the Transferor and the Trustee of such excess Class B Required Amount on the date of computation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to each Distribution Date, on the related Determination Date, the Servicer shall determine the amount (the "<u>Collateral Senior Required Amount</u>"), if any, by which (x) the sum of (i) if TRS or an Affiliate of TRS is no longer the Servicer, the Collateral Servicing Fee for such Distribution Date, (ii) if TRS or an Affiliate of TRS is no longer the Servicer, any Collateral Servicing Fee previously due but not paid to the Servicer, (iii) Collateral Senior Minimum Monthly Interest for such Distribution Date, (iv) any Collateral Senior Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, (v) Collateral Senior Additional Interest, if any, for such Distribution Date, and (vi) any Collateral Senior Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date exceeds (y) the sum of (A) the amount of Collateral Available Funds to be applied under Section 4.05(c)(i) on such Distribution Date and (B) the amount of Excess Spread and Excess Finance Charge Collections available to be applied pursuant to subsection 4.07(f) on such Distribution Date. In the event that the Collateral

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Senior Required Amount is greater than zero, the Servicer shall give written notice to the Transferor and the Trustee of such Collateral Senior Required Amount on the date of computation.

Section 4.05. <u>Application of Class</u> <u>A Available Funds, Class</u> <u>B Available Funds, Collateral Available Funds and Available Principal Collections</u>. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of <u>Exhibit B</u>, on each Distribution Date, Class A Available Funds, Class B Available Funds, Collateral Available Funds and

Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date to make the following distributions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Distribution Date, an amount equal to the Class A Available Funds with respect to such Distribution Date will be distributed or deposited in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to Class A Monthly Interest for such Distribution Date, *plus* the amount of any Class A Monthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, *plus* the amount of any Class A Additional Interest for such Distribution Date and any Class A Additional Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to the Class A Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if TRS or an Affiliate of TRS is no longer the Servicer, an amount equal to the Class A Servicing Fee for such Distribution Date, *plus* the amount of any Class A Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be distributed to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an amount equal to the Class A Investor Default Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Distribution Date, an amount equal to the Class B Available Funds with respect to such Distribution Date will be distributed or deposited in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to Class B Monthly Interest for such Distribution Date, *plus* the amount of any Class B Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, *plus* the amount of any Class B Additional Interest for such Distribution Date and any Class B Additional Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to the Class B Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if TRS or an Affiliate of TRS is no longer the Servicer, an amount equal to the Class B Servicing Fee for such Distribution Date, *plus* the amount of any Class B Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be distributed to the Servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Distribution Date, an amount equal to the Collateral Available Funds with respect to such Distribution Date will be distributed or deposited in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if TRS or an Affiliate of TRS is no longer the Servicer, an amount equal to the Collateral Servicing Fee for such Distribution Date, *plus* the amount of any Collateral Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be distributed to the Servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On each Distribution Date with respect to the Controlled Accumulation Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the lesser of (x) the Controlled Deposit Amount and (y) the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount shall be deposited in the Principal Funding Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for each Distribution Date beginning on the Distribution Date on which the Class B Invested Amount shall have been paid in full, an amount up to the Collateral Invested Amount shall be distributed to the Collateral Interest Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the balance of such Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On each Distribution Date with respect to the Early Amortization Period, an amount equal to Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount up to the Class A Adjusted Invested Amount on such Distribution Date shall be deposited in the Principal Funding Account for distribution to the Class A Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for each Distribution Date beginning on the Distribution Date on which the Class A Invested Amount is paid in full, an amount up to the Class B Adjusted Invested Amount on such Distribution Date shall be deposited in the Principal Funding Account for distribution to the Class B Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for each Distribution Date beginning on the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount on such Distribution Date shall be distributed to the Collateral Interest Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for each Distribution Date, after giving effect to paragraphs (i), (ii) and (iii) above, an amount equal to the balance, if any, of such Available Principal

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Collections will be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement.

Section 4.06. <u>Defaulted</u> <u>Amounts;</u> <u>Investor</u> <u>Charge-Offs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Determination Date, the Servicer shall calculate the Class A Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Required Amount for the related Monthly Period exceeds the sum of (x) the amount of Reallocated Principal Collections allocated to Series 20[__]-[_] with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections allocable to Series 20[__]-[_] with respect to such Monthly Period, the Collateral Invested Amount, if any, will be reduced by the amount of such excess, but not by more than the Class A Investor Default Amount for such Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date. In the event that such reduction would cause the Class B Invested Amount to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the aggregate amount of the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such Distribution Date (a "<u>Class</u> <u>A</u> <u>Investor</u> <u>Charge-Off</u>"). Class A Investor Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose pursuant to subsection 4.07(b). References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Determination Date, the Servicer shall calculate the Class B Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class B Required Amount for such Distribution Date exceeds the sum of (x) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-[_] with respect to the related Monthly Period which are allocated and available to pay such amount pursuant to subsection 4.07(d) and (y) the Reallocated Principal Collections allocable to the Collateral Interest and not required to pay the Class A Required Amount with respect to such Distribution Date, then the Collateral Invested Amount shall be reduced by the amount of such excess. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount shall be reduced to zero, and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class B Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date (a "<u>Class</u> <u>B</u> <u>Investor</u> <u>Charge-Off</u>"). Class B Investor Charge-Offs shall thereafter be reimbursed and the Class B Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class B Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose pursuant to subsection 4.07(e). References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Determination Date, the Servicer shall calculate the Collateral Default Amount. If on any Distribution Date the Collateral Default Amount for the previous Monthly Period exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-

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[_] with respect to the related Monthly Period which are allocated and available to pay such amount pursuant to subsection 4.07(h), the Collateral Invested Amount will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Invested Amount for such Distribution Date (a "<u>Collateral</u> <u>Charge-Off</u>"). The Collateral Invested Amount will be reimbursed after any reduction pursuant to this Section 4.06 on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available on such Distribution date for that purpose as described under subsection 4.07(i).

Section 4.07. <u>Excess</u> <u>Spread;</u> <u>Excess</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of <u>Exhibit B</u>, on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-[_] with respect to the related Monthly Period, to make the following distributions or deposits in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to the Class A Required Amount, if any, with respect to such Distribution Date shall be distributed by the Trustee to fund the Class A Required Amount in accordance with, and in the priority set forth in, subsections 4.05(a)(i), (ii) and (iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amount equal to the aggregate amount of Class A Investor Charge-Offs which have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an amount equal to interest on the aggregate outstanding principal balance of the Class B Certificates not otherwise distributed to the Class B Certificateholders pursuant to Section 4.05(b)(i), at a rate *per annum* equal to the Class B Certificate Rate, shall be distributed to the Class B Certificateholders, except that interest previously due but not paid will accrue interest at a rate *per annum* equal to the Class B Certificate Rate plus 2% *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an amount equal to the Class B Required Amount, if any, with respect to such Distribution Date will be (i) used to fund the Class B Required Amount and be applied in accordance with subsections 4.05(b)(i) and 4.05(b)(ii)*,* and then (ii) an amount up to the Class B Investor Default Amount will be treated and applied as Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of "Class B Invested Amount" in Section 2.01 of this Supplement (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be treated as a portion of Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an amount equal to Collateral Senior Minimum Monthly Interest for such Distribution Date, *plus* the amount of any Collateral Senior Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, *plus* the amount of any Collateral Senior Additional Interest for such Distribution Date and any Collateral Senior Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to the Collateral Interest Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an amount equal to the Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee due but not paid to the Servicer on a prior Distribution Date shall be paid to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an amount equal to the Collateral Default Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of "Collateral Invested Amount" (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be treated as a portion of Available Principal Collections for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) on each Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates pursuant to subsection 4.12(f), an amount up to

the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) without duplication of any amount paid pursuant to Section 4.07(f), an amount equal to the Collateral Minimum Monthly Interest for such Distribution Date, *plus* the amount of any Collateral Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, *plus* the amount of any Collateral Additional Interest for such Distribution Date and any Collateral Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to the Collateral Interest Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) prior to a Note Trust Transfer, the balance, if any, shall constitute a portion of Excess Finance Charge Collections for such Distribution Date and shall be available for allocation to other Excess Allocation Series in accordance with Section 4.09 hereof, if so needed, or to the holders of the Transferor Certificates, and (ii) following a Note Trust Transfer the balance, if any, will be distributed to the Collateral Interest Holder.

Section 4.08. <u>Reallocated</u> <u>Principal</u> <u>Collections</u>. On each Distribution Date, the Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of <u>Exhibit B</u>, Reallocated Principal Collections with respect to such Distribution Date, to make the following distributions or deposits in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-[_] with respect to the related Monthly Period shall be distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.05(a)(i), (ii) and (iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsections 4.07(c) and (d) on such Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in subsections 4.07(c) and (d); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; *provided*, *however*, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount.

All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above.

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On each Distribution Date, the Collateral Invested Amount shall be reduced by the amount of Reallocated Principal Collections for such Distribution Date; *provided*, *however*, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) to be a negative number, the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) shall be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be a negative number on any Distribution Date, Reallocated Principal Collections shall be reallocated on such Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.

Section 4.09. <u>Excess</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>. Series 20[__]-[_] shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge Collections with respect to the Excess Allocation Series for any Distribution Date will be allocated to Series 20[__]-[_] in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess Allocation Series for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 20[__]-[_] for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series for such Distribution Date. The "<u>Finance</u> <u>Charge</u> <u>Shortfall</u>" for Series 20[__]-[_] for any Distribution Date will be equal to the excess, if any, of (a) the sum of (I) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and (II) following a Note Trust Transfer, the full amount required to be paid, without duplication, from the portion of Available Funds (as such term is defined in the Transfer Agreement) allocable to Series 20[__]-[_] in accordance with the applicable Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. The amount of Excess Finance Charge Collections for Series 20[__]-[_] for any Distribution Date shall be (i) initially, the balance remaining and so available pursuant to Section 4.07(l) and (ii) following a Note Trust Transfer, the amount so specified pursuant to the Transfer Agreement. On each Distribution Date following a Note Trust Transfer, the Trustee shall deposit into the Collection Account for application in accordance with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the applicable Transfer Agreement on such date.

Section 4.10. <u>Reallocated</u> <u>Investor</u> <u>Finance</u> <u>Charge</u> <u>Collections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That portion of Group [I][II] Investor Finance Charge Collections for any Distribution Date equal to the amount of Reallocated Investor Finance Charge Collections for such Distribution Date will be allocated to Series 20[__]-[_] and will be distributed as set forth in this Supplement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reallocated Investor Finance Charge Collections with respect to any Distribution Date shall equal the sum of (i) the aggregate amount of Series 20[__]-[_] Monthly Interest, Investor Default Amount, Series 20[__]-[_] Monthly Fees and Series 20[__]-[_] Additional Amounts for such Distribution Date and (ii) that portion of excess Group [I][II] Investor Finance Charge Collections to be included in Reallocated Investor Finance Charge Collections pursuant to subsection (c) hereof; *provided, however,* that if the amount of Group [I][II] Investor Finance Charge Collections for such Distribution Date is less than the sum of (w) Group [I][II] Investor Monthly Interest, (x) Group [I][II] Investor Default Amount, (y) Group [I][II] Investor Monthly Fees and (z) Group [I][II] Investor Additional Amounts, then Reallocated Investor Finance Charge Collections shall equal the sum of the following amounts for such Distribution Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The product of (I) Group [I][II] Investor Finance Charge Collections (up to the amount of Group [I][II] Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 20[__]-[_] Monthly Interest and the denominator of which is Group [I][II] Investor Monthly Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the product of (I) Group [I][II] Investor Finance Charge Collections less the amount of Group [I][II] Investor Monthly Interest (up to the Group [I][II] Investor Default Amount) and (II) a fraction, the numerator of which is the Investor Default Amount and the denominator of which is the Group [I][II] Investor Default Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the product of (I) Group [I][II] Investor Finance Charge Collections less the amount of Group [I][II] Investor Monthly Interest and the Group [I][II] Investor Default Amount (up to Group [I][II] Investor Monthly Fees) and (II) a fraction, the numerator of which is Series 20[__]-[_] Monthly Fees and the denominator of which is Group [I][II] Investor Monthly Fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the product of (I) Group [I][II] Investor Finance Charge Collections less the sum of (i) Group [I][II] Investor Monthly Interest, (ii) the Group [I][II] Investor Default Amount and (iii) Group [I][II] Investor Monthly Fees and (II) a fraction, the numerator of which is Series 20[__]-[_] Additional Amounts and the denominator of which is Group [I][II] Investor Additional Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the amount of Group [I][II] Investor Finance Charge Collections for such Distribution Date exceeds the sum of (i) Group [I][II] Investor Monthly Interest, (ii) Group [I][II] Investor Default Amount, (iii) Group [I][II] Investor Monthly Fees and (iv) Group [I][II] Investor Additional Amounts, then Reallocated Investor Finance Charge Collections for such Distribution Date shall include an amount equal to the product of (x) the amount of such excess and (y) a fraction, the numerator of which is the Invested Amount as of the last day of the second preceding Monthly Period (or, for Series 20[__]-[_] only, with respect to the first Distribution Date after the Closing Date, as of the Closing Date) and the denominator of which is the sum of such Invested Amount and the aggregate invested amounts for all other Series included in Group [I][II] as of such last day (or, for Series 20[__]-[_] only, with respect to the first Distribution Date after the Closing Date, as of the Closing Date).

Section 4.11. <u>Shared</u> <u>Principal</u> <u>Collections</u>. Subject to Section 4.04 of the Agreement, Shared Principal Collections for any Distribution Date will be allocated to Series 20[__]-[_] in an amount equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 20[__]-[_] Principal Shortfall for such Distribution Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The "<u>Series</u> <u>20[__]-[_]</u> <u>Principal</u> <u>Shortfall</u>" will be equal to (a) for any Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution Date with respect to the Controlled

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Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections).

Section 4.12. <u>Reserve Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall establish and maintain, in the name of the Trustee, on behalf of the Trust, for the benefit of the Series 20[__]-[_] Certificateholders, an Eligible Deposit Account (the "<u>Reserve</u> <u>Account</u>") bearing a designation clearly indicating that the funds deposited therein and the property credited thereto are held for the benefit of the Series 20[__]-[_] Certificateholders. The Reserve Account shall initially be established with The Bank of New York Mellon. The Trustee shall possess all right, title and interest in all funds and property from time to time deposited in or credited to the Reserve Account and in all proceeds thereof. The Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 20[__]-[_] Certificateholders. If at any time the Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency shall consent) establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash or any investments to such new Reserve Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount at such time, for the purposes set forth in this Supplement, and (ii) on each Distribution Date (from and after the Reserve Account Funding Date) prior to the termination of the Reserve Account make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.07(j).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Funds on deposit in the Reserve Account shall be invested at the written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)) by the Trustee in Eligible Investments; *provided, however*, that if no such written direction is provided, funds on deposit in the Reserve Account shall remain uninvested. Subject to the immediately preceding sentence, funds on deposit in the Reserve Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; *provided, however,* that the Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment; *provided further, however,* that the Servicer shall deliver prompt written notice to the Trustee of any such default; and *provided further* that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by reason of any insufficiency in such Reserve Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee's failure to make payments on such Eligible Investments issued by the Trustee, in its commercial capacity, in accordance with their terms. On each Distribution Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on funds on deposit in the Reserve Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account and treated as collections of Finance Charge Receivables allocable to Series 20[__]-[_]. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Supplement, except as otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Determination Date preceding each Distribution Date with respect to the Controlled Accumulation Period and the first Special Payment Date, the Servicer shall calculate the "<u>Reserve</u> <u>Draw</u> <u>Amount</u>" which shall be equal to the excess, if any, of the Covered Amount with respect to such Distribution Date or Special Payment Date over the Principal Funding Account Investment Proceeds with respect to such Distribution Date or Special Payment Date; *provided* that such amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under subsection 4.07(j) with respect to such Distribution Date or Special Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that for any Distribution Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve Account Amount, shall be withdrawn from the Reserve Account on the related Transfer Date by the Trustee (acting in accordance with the instructions of the Servicer), deposited into the Collection Account and included in Class A Available Funds for such Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Reserve Account Surplus on any Distribution Date, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Distribution Date, is greater than zero, the Trustee, acting in accordance with the written instructions of the Servicer, shall withdraw from the Reserve Account, and distribute to the Collateral Interest Holder, an amount equal to such Reserve Account Surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the earliest to occur of (i) the day on which the Invested Amount is paid in full to the Series 20[__]-[_] Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with respect to Series 20[__]-[_], (iii) if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected Final Payment Date and (iv) the termination of the Trust pursuant to the Agreement, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Class A Certificateholders which are payable from the Reserve Account as provided herein, shall withdraw from the Reserve Account and pay to the Collateral Interest Holder all amounts, if any, on deposit in the Reserve Account and the Reserve Account shall be deemed to have terminated for purposes of this Supplement.

Section 4.13. <u>Investment</u> <u>Instructions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any investment instructions required to be given to the Trustee pursuant to the terms hereof must be given to the Trustee no later than 10:30 a.m. (New York City time) on the date such investment is to be made. In the event the Trustee receives such investment instruction later than such time, the Trustee may, but shall have no obligation to, make such investment. In the event the Trustee is unable to make an investment required in an investment instruction received by the Trustee after 10:30 a.m. (New York City time) on such day, such investment shall be made by the Trustee on the next succeeding Business Day. In no event shall the Trustee be liable for any investment not made pursuant to investment instructions received after 10:30 a.m. (New York City time) on the day such investment is requested to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall hold each Eligible Investment that constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Trustee that (i) such investment property at all times shall be credited to a securities account of the Trustee, (ii) all property credited to such securities account shall be treated as a financial asset, (iii) such securities intermediary shall treat the Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (iv) such securities intermediary shall comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (v) such securities intermediary shall not agree with any person or entity other than the Trustee to comply with entitlement orders originated by any person or entity other than the Trustee, (vi) such securities account and all

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property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than the Trustee), (vii) such agreement between such securities intermediary and the Trustee shall be governed by the laws of the State of New York, and (viii) such securities intermediary's jurisdiction for purposes of the Uniform Commercial Code shall be the State of New York. The Trustee shall maintain possession of each other Eligible Investment in the State of New York, separate and apart from all other property held by the Trustee. Notwithstanding any other provision of this Supplement, the Trustee shall not hold any Eligible Investment through an agent except as expressly permitted by this Section 4.13(b). Each term used in this Section 4.13(b) and defined in the New York Uniform Commercial Code shall have the meaning set forth in the New York Uniform Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to investments made by the Trustee pursuant to the terms hereof, the Servicer may appoint as its agent under a separate agreement a registered investment advisor and authorize such agent to give instructions, which may be provided to the Trustee through S.W.I.F.T., on behalf of the Servicer to the Trustee for funds to be invested and reinvested in one or more Eligible Investments. The Servicer shall provide the Trustee with a written direction certifying any such appointment. The Trustee shall be entitled to conclusively rely on, and shall be protected in acting upon, instructions, which may be provided to the Trustee through S.W.I.F.T., received from such agent on behalf of the Servicer.

Section 4.14. [Benchmark Determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Series 20[__]-[_] Certificates are Outstanding, the [Calculation Agent] shall obtain SOFR in accordance with the definition of "SOFR Rate" on each SOFR Adjustment Date. All determinations of SOFR by the [Calculation Agent], in the absence of manifest error, will be conclusive and binding on the Certificateholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the [Administrator (or its designee, which the [Administrator] may designate in its sole discretion and which may be an affiliate of the [Administrator])] determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to any determination of the then-current Benchmark on any date, the Benchmark Replacement determined by the [Administrator] will replace the then-current Benchmark for all purposes relating to the Series 20[__]-[_] Certificates in respect of such determination on such date and all such determinations on all subsequent dates. The [Administrator (or its designee)] shall deliver written notice to each Rating Agency on any SOFR Adjustment Date if, as of the applicable Reference Time, the [Administrator (or its designee)] has determined with respect to the related Interest Accrual Period that there will be a change in the SOFR Rate or the terms related thereto since the immediately preceding SOFR Adjustment Date due to a determination by the [Administrator (or its designee)] that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred. The [Administrator (or its designee)] shall have the right to make SOFR Conforming Changes and, in connection with the implementation of a Benchmark Replacement, Benchmark Replacement Conforming Changes, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any determination, decision or election that may be made by the [Administrator (or its designee)] or any other Person in connection with a Benchmark Transition Event, a Benchmark Replacement Conforming Change or a Benchmark Replacement pursuant to this <u>Section</u> <u>4.14</u> (or pursuant to any capitalized term used in this <u>Section</u> <u>4.14</u> or in any such capitalized term), including any determination with respect to administrative feasibility (whether due to technical, administrative or operational issues), a tenor, rate, an adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, if made by the

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[Administrator] may be made in the [Administrator]'s sole discretion, if made by a designee of the [Administrator] will be made after consultation with the [Administrator], and such designee will not make any such determination, decision or election to which the [Administrator] objects and, notwithstanding anything to the contrary in this Supplement, the Agreement or any other transaction documents, will become effective without the consent of any other Person (including any Certificateholder). The Series 20[__]-[_] Certificateholders shall not have any right to approve or disapprove of these changes and shall be deemed by their acceptance of a Series 20[__]-[_] Certificate to have agreed to waive and release any and all claims relating to any such determinations. Notwithstanding anything to the contrary in this Supplement, the Agreement or any other transaction documents, none of the Trustee, the Calculation Agent, the [Administrator (or its designee)], the Transferor or the Servicer will have any liability for any action or inaction taken or refrained from being taken by it with respect to any SOFR Adjustment Conforming Changes, Benchmark, Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other matters related to or arising in connection with the foregoing. Each Series 20[_]-[_] Certificateholder and beneficial owner of Series 20[_]-[_] Certificate, by its acceptance of a Series 20[_]-[_] Certificate or a beneficial interest in a Series 20[_]-[_] Certificate, will be deemed to waive and release any and all claims against the Trust, the Trustee, the [Administrator (or its designee)], the Seller, the Transferor and the Servicer relating to any such determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Supplement or the Agreement, this Supplement may be amended by the [Administrator] without the consent of the Transferor, the Servicer, the Trustee, the Calculation Agent, any Certificateholder or any other Person and without satisfying any other amendment provisions of the Agreement or any other transaction documents solely in connection with any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes to be made by the [Administrator (or its designee)]; *provided* that the [Administrator] has delivered notice of such amendment to each Rating Agency, the Trustee and the Calculation Agent on or prior to the date such amendment is executed; <u>provided</u>, further, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes shall not affect the or Trustee's Calculation Agent's rights, indemnities or obligations without the or Trustee's Calculation Agent's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to this Supplement may be retroactive (including retroactive to the Benchmark Replacement Date) and this Supplement may be amended more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.]

ARTICLE V

<u>Distributions and Reports to</u> 

<u>Series 20[__]-[_] Certificateholders</u> 

Section 5.01. <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class A Certificateholder's *pro rata* share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on the Class A Certificates pursuant to this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Special Payment Date and on the Expected Final Payment Date, the Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to

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Section 3.04(b) of the Agreement) to each Class A Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class A Certificateholder's *pro rata* 

share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to pay principal of the Class A Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class A Invested Amount on such date (unless there has been an optional repurchase of the Series 20[__]-[_] Certificateholders' Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Distribution Date, the Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class B Certificateholder's *pro rata* share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on the Class B Certificates pursuant to this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Special Payment Date, and on the Expected Final Payment Date, the Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class B Certificateholder's *pro rata* share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to pay principal of the Class B Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class B Invested Amount on such date (unless there has been an optional repurchase of the Series 20[__]-[_] Certificateholders' Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On each Distribution Date, the Trustee shall distribute to the Collateral Interest Holder the aggregate amount payable to the Collateral Interest Holder pursuant to Sections 4.05, 4.07, 4.12, 8.01 and 8.02 to the Collateral Interest Holder's account, as specified in writing by the Collateral Interest Holder, in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The distributions to be made pursuant to this Section 5.01 are subject to the provisions of Sections 2.06, 9.02, 10.01 and 12.02 of the Agreement and Sections 8.01 and 8.02 of this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as provided in Section 12.02 of the Agreement with respect to a final distribution, distributions to Series 20[__]-[_] Certificateholders hereunder shall be made by check mailed to each Series 20[__]-[_] Certificateholder at such Series 20[__]-[_] Certificateholder's address appearing in the Certificate Register without presentation or surrender of any Series 20[__]-[_] Certificate or the making of any notation thereon; *provided, however,* that with respect to Series 20[__]-[_] Certificates registered in the name of a Clearing Agency, such distributions shall be made to such Clearing Agency in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The distributions to be made pursuant to this Section 5.01 are to be made pursuant to the written instructions of the Servicer substantially in the form of <u>Exhibit B</u>.

Section 5.02. <u>Reports</u> <u>and</u> <u>Statements</u> <u>to</u> <u>Series</u> <u>20[__]-[_]</u> <u>Certificateholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Distribution Date, the Paying Agent, on behalf of the Trustee, shall make available, and shall forward to each Series 20[__]-[_] Certificateholder upon request, a statement substantially in the form of <u>Exhibit C-1</u> to this Supplement prepared by the Servicer and delivered to the Paying Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than each Determination Date, the Servicer shall deliver to the Trustee, the Paying Agent, the Transferor, each Rating Agency and the Collateral Interest Holder (i) a statement substantially in the form of <u>Exhibit C-1</u> to this Supplement prepared by the Servicer and (ii) a certificate of a Servicing Officer substantially in the form of <u>Exhibit D</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each statement or certificate provided pursuant to paragraph (a) or (b) may be obtained by any Series 20[__]-[_] Certificateholder or any Certificate Owner thereof by a request in writing to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On or before January 31 of each calendar year, beginning with calendar year 20[__], the Paying Agent, on behalf of the Trustee, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 20[__]-[_] Certificateholder, a statement substantially in the form of <u>Exhibit C-2</u> to this Supplement to the extent prepared by the Servicer and delivered to the Paying Agent for such calendar year or the applicable portion thereof during which such Person was a Series 20[__]-[_] Certificateholder, together with such information as is required to be provided by a paying agent under the Code (including Forms 1099 and other customary tax reporting information) and, to the extent prepared by the Servicer and delivered to the Paying Agent, such other information as is required to be provided by an issuer of indebtedness under the Code. The obligations of the Servicer and Paying Agent to prepare and deliver the statement substantially in the form of <u>Exhibit C-2</u> to this Supplement shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of the Code as from time to time in effect.

ARTICLE VI

<u>Pay-Out Events</u> 

Section 6.01. <u>Pay-Out</u> <u>Events</u>. If any one of the following events shall occur with respect to the Series 20[__]-[_] Certificates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of an Insolvency Event relating to the Transferor or other holder of the Original Transferor Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust becomes an investment company within the meaning of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) failure on the part of the Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20[__]-[_] Certificateholders and which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferor and the Trustee by any Holder of the Series 20[__]-[_] Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any representation or warranty made by the Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to such Transferor and the Trustee by any Holder of the Series 20[__]-[_] Certificates and as a result of which the interests of the

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Series 20[__]-[_] Certificateholders are materially and adversely affected for such period; *provided, however,* that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the provisions of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a failure by the Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Servicer Default which would have an Adverse Effect shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the average Series Adjusted Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average of the Base Rates for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Class A Invested Amount, the Class B Invested Amount or the Collateral Invested Amount shall not be paid in full on the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Transfer Restriction Event shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the occurrence of an Insolvency Event as defined in the Receivables Purchase Agreement relating to the Account Owner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a Transfer Restriction Event as defined in the Receivables Purchase Agreement shall occur between the Account Owner and the related Transferor;

then, (A) in the case of any event described in subparagraph (c), (d) or (f), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Investor Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount of the Investor Certificates of this Series by notice then given in writing to the Transferor and the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may declare that a Pay-Out Event has occurred with respect to this Series as of the date of such notice; (B) in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event; and (C) in the case of any event described in subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that (x) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables outstanding in the Trust does not at least equal the Required Minimum Principal Balance (without giving effect to Principal Receivables attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer Restriction Event has occurred).

ARTICLE VII

<u>Optional Repurchase; Series Termination</u> 

Section 7.01. <u>Optional</u> <u>Repurchase</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Transferor is the Servicer or an Affiliate of the Servicer, on any day occurring on or after the date on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 20[__]-[_] Certificateholders' Interest, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. If, on the date on which the Transferor exercises such option, the long-term unsecured debt obligations of such Transferor purchasing the Series 20[__]-[_] Certificateholders' Interest is not rated at least in the third highest rating category by the Rating Agency, such Transferor shall deliver to the Trustee, with a copy to the Rating Agency, an Officer's Certificate of such Transferor which shall have attached to it the relevant fraudulent conveyance statute, if any, and set forth the factual basis for a conclusion that the exercise of such optional repurchase would not constitute a fraudulent conveyance of such Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Transferor shall give the Servicer and the Trustee at least 30 days prior written notice of the date on which the Transferor intends to exercise such purchase option. Not later than 12:00 noon, New York City time, on such day the Transferor shall deposit the Reassignment Amount into the Collection Account in immediately available funds. Such purchase option is subject to payment in full of the Reassignment Amount. Following the deposit of the Reassignment Amount into the Collection Amount in accordance with the foregoing, the Invested Amount for Series 20[__]-[_] shall be reduced to zero and the Series 20[__]-[_] Certificateholders shall have no further interest in the Receivables. The Reassignment Amount shall be distributed as set forth in subsection 8.01(b).

Section 7.02. <u>Series</u> <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, on the [______] 20[__] Distribution Date, the Invested Amount (after giving effect to all changes therein on such date) would be greater than zero, the Servicer, on behalf of the Trustee, shall, within the 40-day period which begins on such Distribution Date, solicit bids for the sale of Principal Receivables and the related Finance Charge Receivables (or interests therein) in an amount equal to the Invested Amount at the close of business on the last day of the Monthly Period preceding the Series 20[__]-[_] Termination Date (after giving effect to all distributions required to be made on the Series 20[__]-[_] Termination Date, except pursuant to this Section 7.02). Such bids shall require that such sale shall (subject to subsection 7.02(b)) occur on the Series 20[__]-[_] Termination Date. The Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such Transferor for purposes of United States generally accepted accounting principles shall not be entitled to participate in such bidding process or to purchase the Receivables; *provided, however*, that, to the extent the Collateral Interest Holder is not the Transferor, an Affiliate thereof, an agent thereof or any other party consolidated with the Transferor for purposes of United States generally accepted accounting principles, the Collateral Interest Holder may participate in such bidding process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer, on behalf of the Trustee, shall sell such Receivables (or interests therein) on the Series 20[__]-[_] Termination Date to the bidder who made the highest cash purchase offer. The proceeds of any such sale shall be treated as Collections on the Receivables allocated to the Series 20[__]-[_] Certificateholders pursuant to the Agreement and this Supplement; *provided, however,* that the Servicer shall determine conclusively the amount of such proceeds which are allocable to Finance Charge Receivables and the amount of such proceeds which are allocable to Principal Receivables. During the period from the [__________] 20[__] Distribution Date to the Series 20[__]-[_] Termination Date, the Servicer shall continue to collect payments on the Receivables and allocate and deposit such Collections in accordance with the provisions of the Agreement and the Supplements.

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ARTICLE VIII

<u>Final Distributions</u> 

Section 8.01. <u>Sale of Receivables or Certificateholders' Interest pursuant to Section</u> <u>2.06 or 10.01 of the Agreement and Section</u> <u>7.01 or 7.02</u> <u>of</u> <u>this</u> <u>Supplement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The amount to be paid by the Transferor with respect to Series 20[__]-[_] in connection with a reassignment of Receivables to the Transferor pursuant to Section 2.06 of the Agreement shall equal the Reassignment Amount for the first Distribution Date following the Monthly Period in which the reassignment obligation arises under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The amount to be paid by the Transferor with respect to Series 20[__]-[_] in connection with a repurchase of the Certificateholders' Interest pursuant to Section 10.01 of the Agreement shall equal the sum of (x) the Reassignment Amount for the Distribution Date of such repurchase and (y) the sum of (A) the excess, if any, of (I) a price equivalent to the average of bids quoted on the Record Date preceding the date of repurchase or, if not a Business Day, on the next succeeding Business Day by at least two recognized dealers selected by the Trustee for the purchase by such dealers of a security which is similar to the Class A Certificates with a remaining maturity approximately equal to the remaining maturity of the Class A Certificates and rated by each Rating Agency in the rating category originally assigned to the Class A Certificates over (II) the portion of the Reassignment Amount attributable to the Class A Certificates and (B) the excess, if any, of (I) a price equivalent to the average of bids quoted on such Record Date, or if not a Business Day, on the next succeeding Business Day by at least two recognized dealers selected by the Trustee for the purchase by such dealers of a security which is similar to the Class B Certificates with a remaining maturity approximately equal to the remaining maturity of the Class B Certificates and rated by each Rating Agency in the rating category originally assigned to the Class B Certificates, if applicable, over (II) the portion of the Reassignment Amount attributable to the Class B Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 7.01 or any amounts allocable to the Series 20[__]-[_] Certificateholders' Interest deposited into the Collection Account pursuant to Section 7.02, the Trustee shall, in accordance with the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class A Certificateholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for

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payment to the Class B Certificateholders and (iii) the balance, if any, will be distributed to the Collateral Interest Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to subsection 8.01(b) for payment to the Series 20[__]-[_] Certificateholders shall be deemed distributed in full to the Series 20[__]-[_] Certificateholders on the date on which such funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Section 8.02. <u>Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section</u> <u>9.01 of the Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not later than 12:00 noon, New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.01(b) of the Agreement, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, *provided* that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Principal Collections and (y) the Principal Allocation Percentage with respect to the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, *provided* that the amount of such distribution shall not exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Principal Collections and (B) the Principal Allocation Percentage with respect to the related Monthly Period *minus* (y) the amount distributed to the Paying Agent pursuant to clause (i) of this sentence and (iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly Interest for such Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, *provided* that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class A Floating Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Finance Charge Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, *provided* that the amount of such distribution shall not exceed the product of (x) the portion of the

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Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 20[__]-[_] Allocable Finance Charge Collections and (B) the Floating Allocation Percentage with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Collateral Interest Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 20[__]-[_] Certificateholders shall be distributed in full to the Series 20[__]-[_] Certificateholders on the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

ARTICLE IX

<u>Miscellaneous Provisions</u> 

Section 9.01. <u>Ratification</u> <u>of</u> <u>Agreement</u>. As supplemented by this Supplement, the Agreement is in all respects ratified and confirmed and the Agreement as so supplemented by this Supplement shall be read, taken and construed as one and the same instrument.

Section 9.02. <u>Counterparts</u>. This Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument.

Section 9.03. <u>Governing</u> <u>Law</u>. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 9.04. <u>FATCA Matters</u>. Each Certificate Owner and Series 20[__]-[_] Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding tax may apply. Each such Certificate Owner and Series 20[__]-[_] Certificateholder further agrees, upon request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing, if a payment made under this Supplement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver to the Transferor and the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Transferor or the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Transferor or the Trustee to comply with their respective obligations under FATCA, to determine that such recipient has complied with such recipient's obligations under FATCA, or to determine the amount to deduct and withhold from such payment. In addition, the Transferor shall deliver to the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Trustee to comply with its obligations under FATCA, and the Transferor understands that failure to

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provide such documentation may result in payments being subject to United States withholding tax. The Trustee shall be entitled to deduct withholding tax imposed pursuant to FATCA, and shall have no obligation to gross up any payment or to pay any additional amount as a result of such withholding tax. For these purposes, "FATCA" means Section 1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA after the date of this Supplement.

Section 9.05. <u>Uncertificated Securities</u>. The Collateral Interest shall be delivered in uncertificated form.

Section 9.06. <u>Transfers of the Class</u> <u>B Certificate and the Collateral Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise consented to by the Transferor, no portion of the Class B Certificates or the Collateral Interest or any interest therein may be sold, conveyed, assigned, hypothecated, pledged, participated, exchanged or otherwise transferred (each, a "<u>Transfer</u>") except in accordance with this Section 9.06 and only to a Permitted Assignee. Any attempted or purported transfer, assignment, exchange, conveyance, pledge, hypothecation or grant other than to a Permitted Assignee shall be void. Unless otherwise consented to by the Transferor, no portion of the Collateral Interest or any interest therein may be Transferred to any Person (each such Person acquiring the Collateral Interest or any interest therein, an "<u>Assignee</u>") unless such Assignee shall have executed and delivered to the Transferor on or before the effective date of any Transfer a letter substantially in the form attached hereto as <u>Exhibit E</u> (an "<u>Investment Letter</u>"), executed by such Assignee, with respect to the related Transfer to such Assignee of all or a portion of the Collateral Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Assignee will certify that the Collateral Interest or the interest therein purchased by such Assignee will be acquired for investment only and not with a view to any public distribution thereof, and that such Assignee will not offer to sell or otherwise dispose of the Collateral Interest or any interest therein so acquired by it in violation of any of the registration requirements of the Securities Act, or any applicable state or other securities laws. Each Assignee will acknowledge and agree that (i) it has no right to require the Transferor to register under the Securities Act or any other securities law the Collateral Interest or the interest therein to be acquired by the Assignee and (ii) the sale of the Collateral Interest is not being made by means of the prospectus prepared in connection with the sale of the Series 20[__]-[_] Certificates. Each Assignee will agree with the Transferor that: (a) such Assignee will deliver to the Transferor an Investment Letter and (b) all of the statements made by such Assignee in its Investment Letter shall be true and correct as of the date made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No portion of the Collateral Interest or any interest therein may be Transferred to, and each Assignee will certify that it is not, (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA and subject to Title I of ERISA), (b) any "plan" (as defined in and subject to Section 4975 of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include "plan assets" (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA) by reason of a plan's investment in the entity, including, without limitation, an insurance company general account.

*[The signature page follows this page.]* 

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IN WITNESS WHEREOF, the undersigned have caused this Supplement to be duly executed and delivered by their respective duly authorized officers on the day and year first above written.

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| | |
|:---|:---|
| **AMERICAN EXPRESS RECEIVABLES** | **AMERICAN EXPRESS RECEIVABLES** |
|  | **FINANCING CORPORATION III LLC**, |
|  | as Transferor |
| By: |  |
|  | Name: |
|  | Title: |
| **AMERICAN EXPRESS TRAVEL RELATED** | **AMERICAN EXPRESS TRAVEL RELATED** |
|  | **SERVICES COMPANY, INC.**, |
|  | as Servicer |
| BY: |  |
|  | Name: |
|  | Title: |
| **THE BANK OF NEW YORK MELLON,** | **THE BANK OF NEW YORK MELLON,** |
|  | as Trustee |
| BY: |  |
|  | Name: |
|  | Title: |

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*[Signature page – Series 20[__]-[_] Supplement]* 

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| | |
|:---|:---|
| **<u>FORM OF CLASS A CERTIFICATE</u>** | **<u>EXHIBIT A-1</u>** |

---

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| | |
|:---|:---|
| REGISTERED | $<sup>1/</sup> |
| No. R-  | CUSIP No. [_________] |

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Unless this Class A Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("<u>DTC</u>"), to American Express Receivables Financing Corporation III LLC or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 20[__]-[_]

CLASS A [FLOATING RATE][[___]%] ASSET BACKED CERTIFICATE

Expected Final Payment Date:

The [_____] 20[__] Distribution Date

Each $100,000 minimum denomination represents a

1/[______]ths undivided interest

in Class A of the

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 20[__]-[_]

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

and other assets and interests constituting Trust Assets under the Fourth Amended and Restated Pooling and Servicing Agreement referred to below.

(Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express National Bank, American Express Receivables Financing Corporation III LLC, or any of their respective affiliates)

This certifies that CEDE & CO. (the "<u>Class</u> <u>A Certificateholder</u>") is the registered owner of a fractional undivided interest in certain assets of a trust (the "<u>Trust</u>") created pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the "<u>Agreement</u>"), as supplemented by the Series 20[__]-[_] Supplement, dated as of [_________] [__], 20[__] (as amended and supplemented, the "<u>Supplement</u>"),

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| | |
|:---|:---|
| <sup>1/</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denominations of $100,000 and integral multiples of $1,000 in excess thereof.  |

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A-1-1

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among American Express Receivables Financing Corporation III LLC, as transferor (the "<u>Transferor</u>"), American Express Travel Related Services Company, Inc., as servicer, and The Bank of New York Mellon, a New York banking corporation, as trustee (the "<u>Trustee</u>"). The corpus of the Trust consists of (i) the Transferor's ownership interest in a portfolio of receivables (the "<u>Receivables</u>") existing in credit and charge accounts identified under the Agreement from time to time (the "<u>Accounts</u>"), (ii) all Receivables generated under the Accounts from time to time thereafter, (iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account and any other Series Accounts and (v) all other assets and interests constituting the Trust. The Holder of this Certificate is entitled to the benefits of the subordination of the Class B Certificates and the Collateral Interest to the extent provided in the Supplement. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this Class A Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreement or the Supplement, as applicable.

This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement and the Supplement, to which Agreement and Supplement, each as amended and supplemented from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and is bound.

It is the intent of the Transferor and the Class A Certificateholder that, for federal, state and local income and franchise tax purposes, the Class A Certificates will qualify as indebtedness of the Transferor secured by the Receivables. The Class A Certificateholder, by the acceptance of this Class A Certificate, agrees to treat this Class A Certificate for federal, state and local income and franchise tax purposes as debt of the Transferor.

In general, payments of principal with respect to the Class A Certificates are limited to the Class A Invested Amount, which may be less than the unpaid principal balance of the Class A Certificates. The Expected Final Payment Date is the [__________] 20[__] Distribution Date, but principal with respect to the Class A Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the Class A Certificates will occur later than the Expected Final Payment Date.

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose.

A-1-2

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IN WITNESS WHEREOF, the Transferor has caused this Class A Certificate to be duly executed.

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| | |
|:---|:---|
| AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC | AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC |
| By: |  |
|  | Name: |
|  | Title: |

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Dated: [_______] [__], 20[__]

A-1-3

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the American Express Credit Account Master Trust Series 20[__]-[_] Class A Certificates described in the within-mentioned Agreement and Supplement.

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON,<br> as Trustee | THE BANK OF NEW YORK MELLON,<br> as Trustee |
| By: |  |
|  | Authorized Signatory |

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A-1-4

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AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 20[__]-[_]

CLASS A [FLOATING RATE][[___]%] ASSET BACKED CERTIFICATE

Summary of Terms and Conditions

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts advanced to cardmembers as cash advances and Finance Charge Receivables. This Class A Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 20[__]-[_] (the "<u>Series 20[__]-[_] Certificates</u>"), and one of a class thereof entitled Class A Series 20[__]-[_] [Floating Rate][[____]%] Asset Backed Certificates (the "<u>Class</u> <u>A Certificates</u>"), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all outstanding Series (the "<u>Certificateholders' Interest</u>") with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class A Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Invested Amount at such time. The Class A Initial Invested Amount is $[__________]. The Class A Invested Amount on any date will be an amount equal to (a) the Class A Initial Invested Amount, *minus* (b) the aggregate amount of principal payments made to the Class A Certificateholder on or prior to such date, *minus* (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) of the Supplement prior to such date.

Subject to the terms and conditions of the Agreement, the Transferor may, from time to time, direct the Trustee, on behalf of the Trust, to issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets.

On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder of record on the last day of the preceding calendar month (each a "<u>Record Date</u>") such Class A Certificateholder's *pro rata* share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are payable to the Class A Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class A Certificate will be made by the Paying Agent by check mailed to the address of the Class A Certificateholder of record appearing in the Certificate Register without the presentation or surrender of this Class A Certificate or the making of any notation thereon (except for the final distribution in respect of this Class A Certificate) except that with respect to Class A Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of this Class A Certificate will be made only upon presentation and surrender of this Class A Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 20[__]-[_] Certificateholders in accordance with the Agreement and the Supplement.

On any day occurring on or after the day on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, the Transferor has the option to repurchase the Series 20[__]-[_] Certificateholders' Interest in the Trust. The repurchase price will be equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series 20[__]-[_] Certificateholders will not have any interest in the Receivables and the Series 20[__]-[_] Certificates will represent only the right to receive such Reassignment Amount.

A-1-5

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**This Class A Certificate does not represent an obligation of, or an interest in, the Transferor or the Servicer or any affiliate of any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality. This Class A Certificate is limited in right of payment to certain Collections with respect to the Receivables (and certain other amounts), all as more specifically set forth hereinabove and in the Agreement and the Supplement.** 

The Class A Certificates are issuable only in minimum denominations of $100,000 and integral multiples of $1,000. The transfer of this Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer, in a form satisfactory to the Trustee or the Transfer Agent and Registrar, duly executed by the Class A Certificateholder or such Class A Certificateholder's attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate fractional undivided interest will be issued to the designated transferee or transferees.

As provided in the Agreement and subject to certain limitations therein set forth, Class A Certificates are exchangeable for new Class A Certificates evidencing like aggregate fractional, undivided interests as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

The Servicer, the Transferor, the Trustee, the Paying Agent and the Transfer Agent and Registrar and any agent of any of them, may treat the person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and none of the Servicer, the Transferor, the Trustee, the Paying Agent, the Transfer Agent and Registrar, or any agent of any of them, shall be affected by notice to the contrary except in certain circumstances described in the Agreement.

**THIS CLASS A CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** 

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ASSIGNMENT

Social Security or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ______________________________________________

(name and address of assignee)

the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints , attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

Dated: ______________ ________________________<sup>2/</sup>

Signature Guaranteed:

________________________

<sup>2/</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change whatsoever.

A-1-7

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| | |
|:---|:---|
|  **<u>FORM OF CLASS B CERTIFICATE</u>** | **<u>EXHIBIT A-2</u>** |

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**THIS CLASS B CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF PERSONS INVESTING ASSETS OF A BENEFIT PLAN (AS DEFINED BELOW) OR AN INDIVIDUAL RETIREMENT ACCOUNT OTHER THAN BY INSURANCE COMPANIES INVESTING ASSETS SOLELY OF THEIR GENERAL ACCOUNTS.** 

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| | |
|:---|:---|
| REGISTERED | $<sup>3/</sup> |
| No. R-  | CUSIP No. [_________] |

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Unless this Class B Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("<u>DTC</u>"), to American Express Receivables Financing Corporation III LLC or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 20[__]-[_]

CLASS B [FLOATING RATE][[___]%] ASSET BACKED CERTIFICATE

Expected Final Payment Date:

The [_______] 20[__] Distribution Date

Each $100,000 minimum denomination represents a

1/[____________]ths undivided interest

in Class B of the

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 20[__]-[_]

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

and other assets and interests constituting Trust Assets under the Fourth Amended and Restated Pooling and Servicing Agreement referred to below.

(Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express National Bank, American Express Receivables Financing Corporation III LLC or any of their respective affiliates)

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| | |
|:---|:---|
| <sup>3/</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denominations of $100,000 and integral multiples of $1,000 in excess thereof.  |

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A-2-1

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This certifies that CEDE & CO. (the "<u>Class</u> <u>B Certificateholder</u>") is the registered owner of a fractional, undivided interest in certain assets of a trust (the "<u>Trust</u>") created pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and otherwise amended and supplemented, the "<u>Agreement</u>"), as supplemented by the Series 20[__]-[_] Supplement, dated as of [_______] [__], 20[__] (as amended and supplemented, the "<u>Supplement</u>"), among American Express Receivables Financing Corporation III LLC, as transferor (the "<u>Transferor</u>"), American Express Travel Related Services Company, Inc., as servicer, and The Bank of New York Mellon, a New York banking corporation, as trustee (the "<u>Trustee</u>"). The corpus of the Trust consists of (i) the Transferor's ownership interest in a portfolio of receivables (the "<u>Receivables</u>") existing in credit and charge accounts identified under the Agreement from time to time (the "<u>Accounts</u>"), (ii) all Receivables generated under the Accounts from time to time thereafter, (iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account, and any other Series Accounts and (v) all other assets and interests constituting the Trust. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this Class B Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreement or the Supplement, as applicable.

This Class B Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement and the Supplement, to which Agreement and Supplement, each as amended and supplemented from time to time, the Class B Certificateholder by virtue of the acceptance hereof assents and is bound.

No Class B Certificate may be acquired by or for the account of any employee benefit plan, trust or account, including an individual retirement account, that is subject to the Employee Retirement Income Security Act of 1974, as amended, or that is described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or an entity whose underlying assets include plan assets by reason of a plan's investment in such entity (a "Benefit Plan"), unless (i) such acquirer or holder is an insurance company, (ii) the source of funds used to acquire or hold such Certificate (or interest therein) is an "insurance company general account" (as defined in U.S. Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60), and (iii) the conditions set forth in Sections I and III of PTCE 95-60 have been satisfied. By acquiring any interest in this Class B Certificate, each applicable Certificate Owner shall be deemed to have represented and warranted either (i) that it is not a Benefit Plan and is not acting for the account of any Benefit Plan or (ii) that (1) it is an insurance company, (2) the source of funds used to acquire or hold an interest in such Certificate is an "insurance company general account" (as such term is defined in PTCE 95-60), and (3) the conditions set forth in Sections I and III of PTCE 95-60 have been satisfied.

**THIS CLASS B CERTIFICATE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A CERTIFICATES TO THE EXTENT SPECIFIED IN THE SUPPLEMENT.** 

It is the intent of the Transferor and the Class B Certificateholder that, for federal, state and local income and franchise tax purposes, the Class B Certificates will qualify as indebtedness of the Transferor secured by the Receivables. The Class B Certificateholder, by the acceptance of this Class B Certificate, agrees to treat this Class B Certificate for federal, state and local income and franchise tax purposes as debt of the Transferor.

A-2-2

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In general, payments of principal with respect to the Class B Certificates are limited to the Class B Invested Amount, which may be less than the unpaid principal balance of the Class B Certificates. The Expected Final Payment Date is the [__________] 20[__] Distribution Date, but principal with respect to the Class B Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the Class B Certificates will occur later than the Expected Final Payment Date.

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class B Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose.

A-2-3

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IN WITNESS WHEREOF, the Transferor has caused this Class B Certificate to be duly executed.

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| | |
|:---|:---|
| AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC | AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC |
| By: |  |
|  | Name: |
|  | Title: |

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Dated: [________] [__], 20[__]

A-2-4

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the American Express Credit Account Master Trust Series 20[__]-[_] Class B Certificates described in the within mentioned Agreement and Supplement.

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON,<br> as Trustee | THE BANK OF NEW YORK MELLON,<br> as Trustee |
| By: |  |
|  | Authorized Signatory |

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A-2-5

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AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 20[__]-[_]

CLASS B [FLOATING RATE][[___]%] ASSET BACKED CERTIFICATE

Summary of Terms and Conditions

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts advanced to cardmembers as cash advances and Finance Charge Receivables. This Class B Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 20[__]-[_] (the "<u>Series 20[__]-[_] Certificates</u>"), and one of a class thereof entitled Class B Series 20[__]-[_] [Floating Rate][[____]%] Asset Backed Certificates (the "<u>Class</u> <u>B Certificates</u>"), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all outstanding Series (the "<u>Certificateholders' Interest</u>") with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class B Invested Amount at such time. The Class B Initial Invested Amount is $[__________]. The Class B Invested Amount on any date will be an amount equal to (a) the Class B Initial Invested Amount, *minus* (b) the aggregate amount of principal payments made to the Class B Certificateholder on or prior to such date, *minus* (c) the excess, if any, of the aggregate amount of Class B Investor Charge-Offs for all prior Distribution Dates over Class B Investor Charge-Offs reimbursed, *minus* (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to subsection 4.08(a) of the Supplement (excluding any Reallocated Principal Collections that have resulted in a reduction in the Collateral Invested Amount pursuant to Section 4.08), *minus* (e) an amount equal to the amount by which the Class B Invested Amount has been reduced to cover the Class A Investor Default Amount on all prior Distribution Dates, and *plus* (f) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-[_] and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); *provided, however*, that the Class B Invested Amount may not be reduced below zero.

Subject to the terms and conditions of the Agreement, the Transferor may, from time to time, direct the Trustee, on behalf of the Trust, to issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets.

On each Distribution Date, the Paying Agent shall distribute to each Class B Certificateholder of record on the last day of the preceding calendar month (each a "<u>Record Date</u>") such Class B Certificateholder's *pro rata* share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are payable to the Class B Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class B Certificate will be made by the Paying Agent by check mailed to the address of the Class B Certificateholder of record appearing in the Certificate Register without the presentation or surrender of this Class B Certificate or the making of any notation thereon (except for the final distribution in respect of this Class B Certificate) except that with respect to Class B Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of this Class B Certificate will be made only upon presentation and surrender of this Class B Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 20[__]-[_] Certificateholders in accordance with the Agreement and the Supplement.

A-2-6

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On any day occurring on or after the day on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, the Transferor has the option to repurchase the Series 20[__]-[_] Certificateholders' Interest in the Trust. The repurchase price will be equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date next following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series 20[__]-[_] Certificateholders will not have any interest in the Receivables and the Series 20[__]-[_] Certificates will represent only the right to receive such Reassignment Amount.

This Class B Certificate does not represent an obligation of, or an interest in, the Transferor or the Servicer or any affiliate of any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality. This Class B Certificate is limited in right of payment to certain Collections with respect to the Receivables (and certain other amounts), all as more specifically set forth hereinabove and in the Agreement and the Supplement.

The Class B Certificates are issuable only in minimum denominations of $100,000 and integral multiples of $1,000. The transfer of this Class B Certificate shall be registered in the Certificate Register upon surrender of this Class B Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer, in a form satisfactory to the Trustee or the Transfer Agent and Registrar, duly executed by the Class B Certificateholder or such Class B Certificateholder's attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or more new Class B Certificates of authorized denominations and for the same aggregate fractional undivided interest will be issued to the designated transferee or transferees.

As provided in the Agreement and subject to certain limitations therein set forth, Class B Certificates are exchangeable for new Class B Certificates evidencing like aggregate fractional undivided interests as requested by the Class B Certificateholder surrendering such Class B Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

The Servicer, the Transferor, the Trustee, the Paying Agent and the Transfer Agent and Registrar and any agent of any of them, may treat the person in whose name this Class B Certificate is registered as the owner hereof for all purposes, and none of the Servicer, the Transferor, the Trustee, the Paying Agent, the Transfer Agent and Registrar, or any agent of any of them, shall be affected by notice to the contrary except in certain circumstances described in the Agreement.

**THIS CLASS B CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** 

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ASSIGNMENT

Social Security or other identifying number of assignee<u> </u> 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ______________________________________________

(name and address of assignee)

the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints , attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

Dated: ______________ ________________________<sup>4</sup>/

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Guaranteed:

<u> </u>

<sup>4</sup> / NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change whatsoever.

A-2-8

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**<u>EXHIBIT B</u>** 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

NOTIFICATION TO THE TRUSTEE

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 20[__]-[_]

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. ("<u>TRS</u>"), as Servicer pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the "<u>Pooling and Servicing Agreement</u>"), among TRS, American Express Receivables Financing Corporation III LLC, as transferor (the "<u>Transferor</u>"), and The Bank of New York Mellon (formerly The Bank of New York), as trustee (the "<u>Trustee</u>"), does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 20[__]-[_] Supplement, dated as of [__________] [__], 20[__], among TRS, the Transferor and the Trustee (as amended and supplemented, the "<u>Supplement</u>"), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. TRS is the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned is a Servicing Officer.

I. INSTRUCTION TO MAKE A WITHDRAWAL

Pursuant to subsections 4.05(a), (b) and (c), the Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection Account on<u> </u> ,<u> </u>, which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals in accordance with subsections 4.05(a), (b) and (c):

With respect to the Class A Certificates,

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| | | | |
|:---|:---|:---|:---|
| A) | <u>Pursuant to subsection 4.05(a)(i)</u>: | <u>Pursuant to subsection 4.05(a)(i)</u>: |  |
|  | (1) | Interest at the Class A Certificate Rate for the related Interest Accrual Period on the Class A Invested Amount | $|
|  | (2) | Class A Monthly Interest previously due but not paid | $|

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| | | | |
|:---|:---|:---|:---|
|  | (3) | Class A Additional Interest and any Class A Additional Interest due but not paid | $|
| B) | <u>Pursuant to subsection 4.05(a)(ii):</u> | <u>Pursuant to subsection 4.05(a)(ii):</u> |  |
|  | (1) | The Class A Servicing Fee for the preceding Monthly Period, if applicable | $|
|  | (2) | Accrued and unpaid Class A Servicing Fees, if applicable | $|
| C) | <u>Pursuant to subsection 4.05(a)(iii):</u> | <u>Pursuant to subsection 4.05(a)(iii):</u> |  |
|  | (1) | Class A Investor Default Amount for the preceding Monthly Period | $|
| With respect to the Class B Certificates, | With respect to the Class B Certificates, | With respect to the Class B Certificates, |  |
| A) | <u>Pursuant to subsection 4.05(b)(i):</u> | <u>Pursuant to subsection 4.05(b)(i):</u> |  |
|  | (1) | Interest at the Class B Certificate Rate for the related Interest Accrual Period on the Class B Invested Amount | $|
|  | (2) | Class B Monthly Interest previously due but not paid | $|
|  | (3) | Class B Additional Interest and any Class B Additional Interest previously due but not paid | $|
| B) | <u>Pursuant to subsection 4.05(b)(ii):</u> | <u>Pursuant to subsection 4.05(b)(ii):</u> |  |
|  | (1) | The Class B Servicing Fee for the preceding Monthly Period, if applicable | $|
|  | (2) | Accrued and unpaid Class B Servicing Fees, if applicable | $|
| With respect to the Collateral Interest | With respect to the Collateral Interest | With respect to the Collateral Interest |  |
| A) | <u>Pursuant to subsection 4.05(c)(i):</u> | <u>Pursuant to subsection 4.05(c)(i):</u> |  |
|  | (1) | The Collateral Servicing Fee for the preceding Monthly Period, if applicable | $|
|  | (2) | Accrued and unpaid Collateral Servicing Fees, if applicable | $|

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Pursuant to subsections 4.05(d), (e) and (f), the Servicer hereby instructs the Trustee (i) to make withdrawals from the Collection Account on<u> </u> , which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Available Principal Collections) as set forth

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below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals in accordance with subsections 4.05(d), (e) and (f):

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| | | | |
|:---|:---|:---|:---|
| A) | <u>Pursuant to subsection 4.05(d):</u>  | <u>Pursuant to subsection 4.05(d):</u>  |  |
|  | (1) | Amount to be treated as Shared Principal Collections | $|
| B) | <u>Pursuant to subsection 4.05(e):</u> | <u>Pursuant to subsection 4.05(e):</u> |  |
|  | (1) | The lesser of the Controlled Deposit Amount and the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account | $|
|  | (2) | After the Class B Invested Amount is paid in full, the amount paid to the Collateral Interest Holder (up to the Collateral Invested Amount) | $|
|  | (3) | Prior to the date the Class B Invested Amount is paid in full, amount to be treated as Shared Principal Collections | $|
| C) | <u>Pursuant to subsection 4.05(f):</u> | <u>Pursuant to subsection 4.05(f):</u> |  |
|  | (1) | An amount up to the Class A Adjusted Invested Amount deposited in the Principal Funding Account | $|
|  | (2) | On and after the Distribution Date on which the Class A Invested Amount is paid in full, an amount up to the Class B Invested Amount deposited in the Principal Funding Account | $|
|  | (3) | On and after the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount distributed to the Collateral Interest Holder | $|

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Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee to apply on<u> </u> , which is a Distribution Date under the Supplement, any Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-[_] as follows:

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| | | |
|:---|:---|:---|
| A) | Pursuant to subsection 4.07(a): |  |
|  | Class A Required Amount applied in the priority set forth in subsections 4.05(a)(i), (ii) and (iii) | $|

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| | | | |
|:---|:---|:---|:---|
| B) | <u>Pursuant to subsection 4.07(b):</u> | <u>Pursuant to subsection 4.07(b):</u> |  |
|  | Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections | Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections | $|
| C) | <u>Pursuant to subsection 4.07(c):</u> | <u>Pursuant to subsection 4.07(c):</u> |  |
|  | Interest accrued on aggregate outstanding principal balance of the Class B Certificates not otherwise distributed to Class B Certificateholders pursuant to Section 4.05(b)(i) | Interest accrued on aggregate outstanding principal balance of the Class B Certificates not otherwise distributed to Class B Certificateholders pursuant to Section 4.05(b)(i) | $|
| D) | <u>Pursuant to subsection 4.07(d):</u> | <u>Pursuant to subsection 4.07(d):</u> |  |
|  | Class B Required Amount applied in the priority set forth in subsections 4.05(b)(i) and (ii) | Class B Required Amount applied in the priority set forth in subsections 4.05(b)(i) and (ii) | $|
| E) | <u>Pursuant to subsection 4.07(d):</u> | <u>Pursuant to subsection 4.07(d):</u> |  |
|  | Amount (up to the Class B Investor Default) to be applied as Available Principal Collections | Amount (up to the Class B Investor Default) to be applied as Available Principal Collections | $|
| F) | <u>Pursuant to subsection 4.07(e):</u> | <u>Pursuant to subsection 4.07(e):</u> |  |
|  | The amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections | The amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections | $|
| G) | <u>Pursuant to subsection 4.07(f):</u> | <u>Pursuant to subsection 4.07(f):</u> |  |
|  | (1) | Collateral Senior Minimum Monthly Interest | $|
|  | (2) | Collateral Senior Minimum Monthly Interest previously due but not paid | $|
|  | (3) | Collateral Senior Additional Interest and any Collateral Senior Additional Interest previously due and not paid | $|
| H) | <u>Pursuant to subsection 4.07(g):</u> | <u>Pursuant to subsection 4.07(g):</u> |  |
|  | Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer | Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer | $|
| I) | <u>Pursuant to subsection 4.07(h):</u> | <u>Pursuant to subsection 4.07(h):</u> |  |
|  | Collateral Default Amount allocated to Available Principal Collections | Collateral Default Amount allocated to Available Principal Collections | $|

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| | | |
|:---|:---|:---|
| J) | <u>Pursuant to subsection 4.07(i):</u> |  |
|  | The amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections | $|
| K) | <u>Pursuant to subsection 4.07(j):</u> |  |
|  | The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account | $|
| L) | <u>Pursuant to subsection 4.07(k):</u> |  |
|  | (1) Remaining Collateral Minimum Monthly Interest | $|
|  | (2) Remaining Collateral Minimum Monthly Interest previously due but not paid | $|
|  | (3) Remaining Collateral Additional Interest and any Collateral Additional Interest previously due and not paid | $|
| M) | <u>Pursuant to subsection 4.07(l):</u> |  |
|  | [Prior to a Note Trust Transfer: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount to be treated as Excess Finance Charge Collections for such Distribution Date and shall be available for allocation to other Excess Allocation Series | $|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount distributed to the holders of the Transferor Certificates | $] |
|  | [Following a Note Trust Transfer: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amount distributed to the Collateral Interest Holder | $] |

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Pursuant to Section 4.08, the Servicer does hereby instruct the Trustee to apply on<u> </u> , which is a Distribution Date under the Pooling and Servicing Agreement, $ of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available Funds, Class B Available Funds, Collateral Available Funds, Excess Spread and Excess Finance Charge Collections thereto.

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II. INSTRUCTION TO MAKE CERTAIN PAYMENTS

Pursuant to Section 5.01 of the Supplement, the Servicer does hereby instruct the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, on<u> </u> , which date is a Payment Date under the Supplement, the following amounts as set forth below:

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| | | |
|:---|:---|:---|
| A) | <u>Pursuant to subsection 5.01(a):</u> | $|
|  | Interest to be distributed to Class A Certificateholders |  |
| B) | <u>Pursuant to subsection 5.01(b):</u> |  |
|  | On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders | $|
| C) | <u>Pursuant to subsection 5.01(c):</u><br>Interest to be distributed to Class B Certificateholders | $|
| D) | <u>Pursuant to subsection 5.01(d):</u> |  |
|  | On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders | $|
| E) | <u>Pursuant to subsection 5.01(e):</u><br>Aggregate amount to be distributed to the Collateral Interest Holder | $|

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III. ACCRUED AND UNPAID AMOUNTS

After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month.

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| | | |
|:---|:---|:---|
| 1. | <u>Subsection 4.06(a):</u>  |  |
|  | The aggregate amount of all unreimbursed Class A Investor Charge-Offs | $|
| 2. | <u>Subsection 4.06(a), (b) and 4.08(a)</u>: |  |
|  | The aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof | $|

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| | | |
|:---|:---|:---|
| 3. | <u>Subsection 4.06(a), (b), (c) and 4.08(a), (b) and (c):</u>  |  |
|  | The aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof<u> </u> | $|

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IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this day of<u> </u> ,<u> </u>.

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| | |
|:---|:---|
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer | AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
| By: |  |
|  | Name: |
|  | Title: |

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------

**<u>EXHIBIT C-1</u>** 

FORM OF MONTHLY STATEMENT

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **A. TRUST ACTIVITY** | **TRUST<br>TOTALS** |
| &nbsp;&nbsp; Record Date |  |
| &nbsp;&nbsp; Number of days in Monthly Period |  |
| &nbsp;&nbsp; Beginning Number of Accounts |  |
| &nbsp;&nbsp;&nbsp;Beginning Principal Receivable Balance, including any Additions, Removals, or Adjustments of Principal Receivables during the Monthly Period | $________ |
| &nbsp;&nbsp;&nbsp; a. Addition of Principal Receivables | $________ |
| &nbsp;&nbsp;&nbsp; b. Removal of Principal Receivables | $________ |
| &nbsp;&nbsp;&nbsp; c. Adjustments to Principal Receivables | $________ |
| &nbsp;&nbsp; Special Funding Account Balance | $________ |
| &nbsp;&nbsp; Beginning Total Principal Balance | $________ |
| &nbsp;&nbsp; Finance Charge Collections (excluding Recoveries) | $________ |
| &nbsp;&nbsp; Collections of Discount Option Receivables | $________ |
| &nbsp;&nbsp; Recoveries | $________ |
| &nbsp;&nbsp; Total Collections of Finance Charge Receivables | $________ |
| &nbsp;&nbsp; Total Collections of Principal Receivables | $________ |
| &nbsp;&nbsp; Monthly Payment Rate | ________% |
| &nbsp;&nbsp; Defaulted Amount | $________ |
| &nbsp;&nbsp; Annualized Default Rate | ________% |
| &nbsp;&nbsp; Annualized Default Rate, Net of Recoveries | ________% |
| &nbsp;&nbsp; Trust Portfolio Yield | ________% |
| &nbsp;&nbsp; New Principal Receivables | $________ |
| &nbsp;&nbsp; Ending Number of Accounts |  |
| &nbsp;&nbsp; Ending Principal Receivables Balance | $________ |
| &nbsp;&nbsp; Ending Required Minimum Principal Balance | $________ |
| &nbsp;&nbsp; Ending Transferor Amount | $________ |
| &nbsp;&nbsp; Ending Special Funding Account Balance | $________ |
| &nbsp;&nbsp; Ending Total Principal Balance | $________ |
| &nbsp;&nbsp; Ending Total Receivables | $________ |

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C-1-1

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** | &nbsp;&nbsp;&nbsp; **B. SERIES ALLOCATIONS** |
|  | Invested<br>Amount | Adjusted<br>Invested<br>Amount | Principal<br>Funding<br>Account<br>Balance | Series<br>Required<br>Transferor<br>Amount | Series<br>Allocation<br>Percentage | Series<br>Allocable<br>Finance<br>Charge<br>Collections | Series<br>Allocable<br>Recoveries | Series<br>Allocable<br>Principal<br>Collections | Series<br>Allocable<br>Defaulted<br>Amount |
| &nbsp;&nbsp; Group ___ | $________ | $______ | $______ | $______ | ______% | $______ | $______ | $______ | $______ |
| &nbsp;&nbsp; Other | $________ | $______ | $______ | $______ | ______% | $______ | $______ | $______ | $______ |
| &nbsp;&nbsp; Total |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Trust  |  |  |  |  |  |  |  |  |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS | &nbsp;&nbsp;&nbsp; C. GROUP ALLOCATIONS |
|  | Invested<br>Amount | Investor<br>Finance<br>Charge<br>Collections | Investor<br>Monthly<br>Interest | Investor<br>Default<br>Amount | Investor<br>Monthly<br>Fees | Investor<br>Additional<br>Amounts | Total | Reallocated<br>Investor<br>Finance<br>Charge<br>Collections | Investment<br>Funding<br>Account<br>Proceeds | Available<br>Excess |
| &nbsp;&nbsp; Group ___ | $______ | $_______ | $_______ | $_______ | $_______ | $_______ | $____ | $________ | $________ | $________ |
| &nbsp;&nbsp; Total | $______ | $_______ | $_______ | $_______ | $_______ | $_______ | $____ | $________ | $________ | $________ |
| &nbsp;&nbsp; Trust Total | $______ | $_______ | $_______ | $_______ | $_______ | $_______ | $____ | $________ | $________ | $________ |
|  |  | Group Investor Finance Charge Collections | Group Investor Finance Charge Collections | Group Investor Finance Charge Collections | Group Expenses | Group Expenses | Group Expenses | Group Reallocable Investor Finance Charge Collections | Group Reallocable Investor Finance Charge Collections | Group Reallocable Investor Finance Charge Collections |
| &nbsp;&nbsp; Group ___ | &nbsp;&nbsp; Group ___ | $________ | $________ | $________ | $________ | $________ | $________ | $________ | $________ | $________ |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **D. TRUST PERFORMANCE** | &nbsp;&nbsp;&nbsp; **D. TRUST PERFORMANCE** | &nbsp;&nbsp;&nbsp; **D. TRUST PERFORMANCE** | &nbsp;&nbsp;&nbsp; **D. TRUST PERFORMANCE** | &nbsp;&nbsp;&nbsp; **D. TRUST PERFORMANCE** | &nbsp;&nbsp;&nbsp; **D. TRUST PERFORMANCE** |
| &nbsp;&nbsp;&nbsp;Delinquencies: |  | Dollar Amount | Percentage of<br> Ending Total<br> Receivables | Number of<br>Accounts | Percentage of Total<br>Number of Accounts |
|  | 31-60 Days Delinquent | $_________ | _________% |  | _________% |
|  | 61-90 Days Delinquent | $_________ | _________% |  | _________% |
|  | 91-120 Days Delinquent | $_________ | _________% |  | _________% |
|  | 120+ Days Delinquent | $_________ | _________% |  | _________% |
|  | Total 30+ Days Delinquent | $_________ | _________% |  | _________% |

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| | |
|:---|:---|
| &nbsp;&nbsp; Loss Experience: | &nbsp;&nbsp; Loss Experience: |
| Ending Principal Receivables Balance | _________ |
| Defaulted Amount | _________ |
| Recoveries | _________ |
| Net Default Amount | _________ |
| Annualized Default Rate | _________% |
| Annualized Recovery Rate | _________% |
| Annualized Default Rate, Net of Recoveries | _________% |

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C-1-2

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| | | |
|:---|:---|:---|
| Number of Accounts Experiencing a Loss | Number of Accounts Experiencing a Loss | ________ |
| Number of Accounts Experiencing a Recovery | Number of Accounts Experiencing a Recovery | ________ |
| Average Net Default Amount per Account Experiencing a Loss | Average Net Default Amount per Account Experiencing a Loss | ________ |
| &nbsp;&nbsp;&nbsp; **E. REPURCHASES AND REPLACEMENTS** | &nbsp;&nbsp;&nbsp; **E. REPURCHASES AND REPLACEMENTS** | &nbsp;&nbsp;&nbsp; **E. REPURCHASES AND REPLACEMENTS** |
| &nbsp;&nbsp; Information required by Rule 15Ga-1(a) concerning the Trust: | &nbsp;&nbsp; Information required by Rule 15Ga-1(a) concerning the Trust: | &nbsp;&nbsp; Information required by Rule 15Ga-1(a) concerning the Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] |
| &nbsp;&nbsp; Most recent Form ABS-15G: | &nbsp;&nbsp; Most recent Form ABS-15G: | &nbsp;&nbsp; Most recent Form ABS-15G: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form ABS-15G filed on________ under CIK number________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form ABS-15G filed on________ under CIK number________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form ABS-15G filed on________ under CIK number________ |
| &nbsp;&nbsp;&nbsp; **F. ASSET REVIEW** | &nbsp;&nbsp;&nbsp; **F. ASSET REVIEW** | &nbsp;&nbsp;&nbsp; **F. ASSET REVIEW** |
| &nbsp;&nbsp; Information required by Item 1121(d)(1) of Regulation AB concerning the Trust: | &nbsp;&nbsp; Information required by Item 1121(d)(1) of Regulation AB concerning the Trust: | &nbsp;&nbsp; Information required by Item 1121(d)(1) of Regulation AB concerning the Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] |
| &nbsp;&nbsp; Information required by Item 1121(d)(2) of Regulation AB concerning the Trust: | &nbsp;&nbsp; Information required by Item 1121(d)(2) of Regulation AB concerning the Trust: | &nbsp;&nbsp; Information required by Item 1121(d)(2) of Regulation AB concerning the Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [There has been no change to the Asset Representation Reviewer during the reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [There has been no change to the Asset Representation Reviewer during the reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [There has been no change to the Asset Representation Reviewer during the reporting period.] |
| &nbsp;&nbsp;&nbsp; **G. INVESTOR COMMUNICATION** | &nbsp;&nbsp;&nbsp; **G. INVESTOR COMMUNICATION** | &nbsp;&nbsp;&nbsp; **G. INVESTOR COMMUNICATION** |
| &nbsp;&nbsp; Information required by Item 1121(e) of Regulation AB concerning the Trust: | &nbsp;&nbsp; Information required by Item 1121(e) of Regulation AB concerning the Trust: | &nbsp;&nbsp; Information required by Item 1121(e) of Regulation AB concerning the Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [No activity to report for reporting period.] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [On [_________], 20[__], [______] received a request from [______] expressing an interest in communicating with other investors with regard to the possible exercise of rights under [TRANSACTION AGREEMENT]. The requesting investor may be contacted at: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [On [_________], 20[__], [______] received a request from [______] expressing an interest in communicating with other investors with regard to the possible exercise of rights under [TRANSACTION AGREEMENT]. The requesting investor may be contacted at: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [On [_________], 20[__], [______] received a request from [______] expressing an interest in communicating with other investors with regard to the possible exercise of rights under [TRANSACTION AGREEMENT]. The requesting investor may be contacted at: |
| &nbsp;&nbsp; [ADDRESS] | &nbsp;&nbsp; [ADDRESS] | &nbsp;&nbsp; [ADDRESS] |
| &nbsp;&nbsp; [PHONE NUMBER] | &nbsp;&nbsp; [PHONE NUMBER] | &nbsp;&nbsp; [PHONE NUMBER] |
| [EMAIL]] | [EMAIL]] | [EMAIL]] |
| &nbsp;&nbsp;**H. CREDIT RISK RETENTION** | As of the last day of Monthly<br> Period | As of the last day of Prior Monthly<br> Period |
| &nbsp;&nbsp;&nbsp; Required Seller's Interest Amount | $________ | $________ |
| &nbsp;&nbsp;&nbsp; Seller's Interest Amount | $________ |  |
| &nbsp;&nbsp;&nbsp; Seller's Interest Percentage | ________% | ________% |

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C-1-3

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **SERIES 20[__]-[_] CERTIFICATES** | &nbsp;&nbsp; **SERIES 20[__]-[_] CERTIFICATES** | &nbsp;&nbsp; **SERIES 20[__]-[_] CERTIFICATES** | &nbsp;&nbsp; **SERIES 20[__]-[_] CERTIFICATES** | &nbsp;&nbsp; **SERIES 20[__]-[_] CERTIFICATES** |
| &nbsp;&nbsp; **A. INVESTOR/**<br> **TRANSFEROR**<br> **ALLOCATIONS** | **SERIES ALLOCATIONS** | **TOTAL INVESTOR INTEREST** | **TRANSFERORS' INTEREST** | |
| &nbsp;&nbsp;&nbsp;Beginning Invested Amount/Transferor Amount | $____________ | $____________ | $____________ |  |
| &nbsp;&nbsp;&nbsp;Beginning Adjusted Invested Amount | $____________ | $____________ | $____________ |  |
| &nbsp;&nbsp;&nbsp;Floating Allocation Percentage | _________% | _________% | _________% |  |
| &nbsp;&nbsp;&nbsp;Principal Allocation Percentage | _________% | _________% | _________% |  |
| &nbsp;&nbsp;&nbsp;Collections of Finance Charge Receivables | $____________ | $____________ | $____________ |  |
| &nbsp;&nbsp;&nbsp;Collections of Principal Receivables | $____________ | $____________ | $____________ |  |
| &nbsp;&nbsp;&nbsp;Defaulted Amount | $____________ | $____________ | $____________ |  |
| &nbsp;&nbsp;&nbsp;Ending Invested Amount/Transferor Amount | $____________ | $____________ | $____________ |  |
| &nbsp;&nbsp;&nbsp;**B. MONTHLY PERIOD FUNDING REQUIREMENTS** | **CLASS A** | **CLASS B** | **COLLATERAL INTEREST** | **TOTAL** |
| &nbsp;&nbsp;&nbsp;Principal Funding Account Balance | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Investment Proceeds for Monthly Period | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Required Reserve Account Amount | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Reserve Account Opening Balance | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Reserve Account Investment Proceeds retained per Section 4.12(b) | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Reserve Account Deposit | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Reserve Draw Amount | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Reserve Account Surplus (after giving effect to any principal distributions on the related Distribution Date) | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Reserve Account Closing Balance (after giving effect to any principal distributions and Reserve Account withdrawals on the related Distribution Date) | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;[SOFR Adjustment Date] | [N/A] | [N/A] | [N/A] | [N/A] |

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C-1-4

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Coupon _______to ______<br>| _________% | _________% | _________% | _________% |
| &nbsp;&nbsp;&nbsp;Monthly Interest Due | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Outstanding Monthly Interest Due | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Additional Interest Due | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Total Interest Due | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Investor Default Amount | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Investor Monthly Fees Due | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Investor Additional Amounts Due | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Total Due | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Reallocated Investor Finance Charge Collections |  |  |  | $____________ |
| &nbsp;&nbsp;&nbsp;Interest and Principal Funding Investment Proceeds |  |  |  | $____________ |
| &nbsp;&nbsp;&nbsp;Interest on Reserve Account |  |  |  | $____________ |
| &nbsp;&nbsp;&nbsp;Series Adjusted Portfolio Yield |  |  |  | _________% |
| &nbsp;&nbsp;&nbsp;Base Rate |  |  |  | _________% |
| &nbsp;&nbsp;&nbsp;Excess Spread Percentage |  |  |  | _________% |
| &nbsp;&nbsp;&nbsp;**C. CERTIFICATES – BALANCES AND DISTRIBUTIONS** | **CLASS A** | **CLASS B** | **COLLATERAL INTEREST** | **TOTAL** |
| &nbsp;&nbsp;&nbsp;Beginning Certificates Balance | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Distributions of Interest | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Deposits to the Principal Funding Account | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Distributions of Principal | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Total Distributions | $____________ | $____________ | $____________ | $____________ |
| &nbsp;&nbsp;&nbsp;Ending Certificates Balance | $____________ | $____________ | $____________ | $____________ |

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C-1-5

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| | | | |
|:---|:---|:---|:---|
| D) | Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount. | Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount. |  |
|  | (1) | The total amount of the distribution: | $|
|  | (2) | The amount of the distribution in respect of Class A Monthly Interest: | $|
|  | (3) | The amount of the distribution in respect of Class A Outstanding Monthly Interest: | $|
|  | (4) | The amount of the distribution in respect of Class A Additional Interest: | $|
|  | (5) | The amount of the distribution in respect of principal of the Class A Certificates: | $|
| E) | Class A Investor Charge-Offs and Reimbursement of Class A Investor Charge-Offs. | Class A Investor Charge-Offs and Reimbursement of Class A Investor Charge-Offs. |  |
|  | (1) | The total amount of Class A Investor Charge-Offs: | $|
|  | (2) | The amount of Class A Investor Charge-Offs per $1,000 original certificate principal amount: | $|
|  | (3) | The total amount reimbursed in respect of Class A Investor Charge-Offs: | $|
|  | (4) | The amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original certificate principal amount: | $|
|  | (5) | The amount, if any, by which the outstanding principal balance of the Class A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date: | $|
| F) | Information regarding distributions in respect of the Class B Certificates, per $1,000 original certificate principal amount. | Information regarding distributions in respect of the Class B Certificates, per $1,000 original certificate principal amount. |  |
|  | (1) | The total amount of the distribution in respect of Class B Certificates: | $|
|  | (2) | The amount of the distribution in respect of Class B Monthly Interest: | $|

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C-1-6

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| | | | |
|:---|:---|:---|:---|
|  | (3) | The amount of the distribution in respect of Class B Outstanding Monthly Interest: | $|
|  | (4) | The amount of the distribution in respect of Class B Additional Interest: | $|
|  | (5) | The amount of the distribution in respect of principal of the Class B Certificates: | $|
| G) | Amount of reductions in Class B Invested Amount pursuant to clauses (c), (d), and (e) of the definition of Class B Invested Amount on such Distribution Date. | Amount of reductions in Class B Invested Amount pursuant to clauses (c), (d), and (e) of the definition of Class B Invested Amount on such Distribution Date. |  |
|  | (1) | The amount of reductions in Class B Invested Amount pursuant to clauses (c), (d) and (e) of the definition of Class B Invested Amount: | $|
|  | (2) | The amount of the reductions in the Class B Invested Amount per $1,000 original certificate principal amount: | $|
|  | (3) | The total amount reimbursed in respect of such reductions in the Class B Invested Amount: | $|
|  | (4) | The amount reimbursed in respect of such reductions in the Class B Invested Amount, per $1,000 original certificate principal amount: | $|
|  | (5) | The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date: | $|
| H) | Information regarding distributions on the Distribution Date to the Collateral Interest Holder. | Information regarding distributions on the Distribution Date to the Collateral Interest Holder. |  |
|  | (1) | The total amount distributed to the Collateral Interest Holder: | $|
|  | (2) | The amount of the distribution in respect of Collateral Minimum Monthly Interest (including in respect of Collateral Senior Minimum Monthly Interest): | $|
|  | (3) | The amount of the distribution in respect of Collateral Senior Additional Interest (including in respect of Collateral Additional Interest): | $|

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C-1-7

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| | | | |
|:---|:---|:---|:---|
|  | (4) | The amount distributed to the Collateral Interest Holder in respect of principal on the Collateral Invested Amount: | $|
|  | (5) | The amount of the distribution to the Collateral Interest Holder in respect of remaining Excess Spread: | $|
| I) | Amount of reductions in Collateral Invested Amount pursuant to clauses (c), (d), and (e) of the definition of Collateral Invested Amount. | Amount of reductions in Collateral Invested Amount pursuant to clauses (c), (d), and (e) of the definition of Collateral Invested Amount. |  |
|  | (1) | The amount of reductions in the Collateral Invested Amount pursuant to clauses (c), (d) and (e) of the definition of Collateral Invested Amount: | $|
|  | (2) | The total amount reimbursed in respect of such reductions in the Collateral Invested Amount: | $|

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C-1-8

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **J. APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS** | &nbsp;&nbsp;&nbsp; **J. APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS** |
| &nbsp;&nbsp;&nbsp; **1. CLASS A AVAILABLE FUNDS** | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class A Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class A Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class A Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Class A Investor Default Amount (treated as Available Principal Collections)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class A Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class A Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class A Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Class A Investor Default Amount (treated as Available Principal Collections)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class A Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class A Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class A Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Class A Investor Default Amount (treated as Available Principal Collections)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class A Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class A Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class A Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Class A Investor Default Amount (treated as Available Principal Collections)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class A Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class A Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class A Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Class A Investor Default Amount (treated as Available Principal Collections)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class A Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class A Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class A Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Class A Investor Default Amount (treated as Available Principal Collections)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; **2. CLASS B AVAILABLE FUNDS** | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class B Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class B Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class B Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class B Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class B Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class B Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class B Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class B Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class B Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Class B Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Class B Outstanding Monthly Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Class B Additional Interest<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; **3. COLLATERAL AVAILABLE FUNDS** | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; **4. TOTAL EXCESS SPREAD** | $____________ |
| &nbsp;&nbsp;&nbsp; **K. REALLOCATED PRINCIPAL COLLECTIONS** | &nbsp;&nbsp;&nbsp; **K. REALLOCATED PRINCIPAL COLLECTIONS** |
| &nbsp;&nbsp;&nbsp; 1. Principal Allocation Percentage | ________% |
| &nbsp;&nbsp;&nbsp; 2. Series 20[__]-[_] Allocable Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 3. Principal Allocation Percentage of Series 20[__]-[_] Allocable Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 4. Reallocated Principal Collections Required to fund the Required Amount | $____________ |
| &nbsp;&nbsp;&nbsp; 5. Item 3 minus Item 4 | $____________ |
| &nbsp;&nbsp;&nbsp; 6. Shared Principal Collections from other Series allocated to Series 20[__]-[_] | $____________ |
| &nbsp;&nbsp;&nbsp; 7. Other amounts treated as Available Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 8. Available Principal Collections (total of items 5, 6 and 7) | $____________ |
| &nbsp;&nbsp;&nbsp; **L. APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD** | &nbsp;&nbsp;&nbsp; **L. APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD** |
| &nbsp;&nbsp;&nbsp; 1. Collateral Invested Amount | $____________ |
| &nbsp;&nbsp;&nbsp; 2. Required Collateral Invested Amount | $____________ |
| &nbsp;&nbsp;&nbsp; 3. Excess of Collateral Invested Amount over Required Collateral Invested Amount | $____________ |
| &nbsp;&nbsp;&nbsp; 4. Treated as Shared Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; **M. APPLICATION OF PRINCIPAL COLLECTIONS DURING ACCUMULATION OR AMORTIZATION PERIOD** | &nbsp;&nbsp;&nbsp; **M. APPLICATION OF PRINCIPAL COLLECTIONS DURING ACCUMULATION OR AMORTIZATION PERIOD** |
| &nbsp;&nbsp;&nbsp; 1. Principal Funding Account | $____________ |
| &nbsp;&nbsp;&nbsp; 2. Excess of Collateral Invested Amount over Required Collateral Invested Amount | $____________ |

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C-1-9

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; 3. Distribution of Principal |  | $____________ |
| &nbsp;&nbsp;&nbsp; 4. Treated as Shared Principal Collections |  | $____________ |
| &nbsp;&nbsp;&nbsp; **N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 20[__]-[_]** | &nbsp;&nbsp;&nbsp; **N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 20[__]-[_]** | &nbsp;&nbsp;&nbsp; **N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 20[__]-[_]** |
| &nbsp;&nbsp;&nbsp; 1. Excess Spread | &nbsp;&nbsp;&nbsp; 1. Excess Spread | $____________ |
| &nbsp;&nbsp;&nbsp; 2. Excess Finance Charge Collections | &nbsp;&nbsp;&nbsp; 2. Excess Finance Charge Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 3. Applied to fund Class A Required Amount | &nbsp;&nbsp;&nbsp; 3. Applied to fund Class A Required Amount | $____________ |
| &nbsp;&nbsp;&nbsp; 4. Class A Investor Charge-Offs treated as Available Principal Collections | &nbsp;&nbsp;&nbsp; 4. Class A Investor Charge-Offs treated as Available Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 5. Applied to fund overdue Class B Interest | &nbsp;&nbsp;&nbsp; 5. Applied to fund overdue Class B Interest | $____________ |
| &nbsp;&nbsp;&nbsp; 6. Applied to fund Class B Required Amount | &nbsp;&nbsp;&nbsp; 6. Applied to fund Class B Required Amount | $____________ |
| &nbsp;&nbsp;&nbsp; 7. Reduction of Class B Invested Amount treated as Available Principal Collections | &nbsp;&nbsp;&nbsp; 7. Reduction of Class B Invested Amount treated as Available Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 8. Applied to Collateral Senior Minimum Monthly Interest | &nbsp;&nbsp;&nbsp; 8. Applied to Collateral Senior Minimum Monthly Interest | $____________ |
| &nbsp;&nbsp;&nbsp; 9. Applied to unpaid Monthly Servicing Fee |  | $____________ |
| &nbsp;&nbsp;&nbsp; 10. Collateral Default Amount treated as Available Principal Collections | &nbsp;&nbsp;&nbsp; 10. Collateral Default Amount treated as Available Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 11. Reduction of Collateral Invested Amount treated as Available Principal Collections | &nbsp;&nbsp;&nbsp; 11. Reduction of Collateral Invested Amount treated as Available Principal Collections | $____________ |
| &nbsp;&nbsp;&nbsp; 12. Deposited to Reserve Account | &nbsp;&nbsp;&nbsp; 12. Deposited to Reserve Account | $____________ |
| &nbsp;&nbsp;&nbsp; 13. Applied to any remaining Collateral Minimum Monthly Interest | &nbsp;&nbsp;&nbsp; 13. Applied to any remaining Collateral Minimum Monthly Interest | $____________ |
| &nbsp;&nbsp;&nbsp; 14. [Prior to a Note Trust Transfer:<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) remaining Excess Spread applied as Excess Finance Charge Collections | &nbsp;&nbsp;&nbsp; 14. [Prior to a Note Trust Transfer:<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) remaining Excess Spread applied as Excess Finance Charge Collections | $____________ |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(b) remaining Excess Spread distributed to the holders of the Transferor Certificates] | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(b) remaining Excess Spread distributed to the holders of the Transferor Certificates] | $____________ |
| &nbsp;&nbsp;&nbsp;&nbsp; [Following a Note Trust Transfer: remaining Excess Spread distributed to Collateral Interest Holder(s)] | &nbsp;&nbsp;&nbsp;&nbsp; [Following a Note Trust Transfer: remaining Excess Spread distributed to Collateral Interest Holder(s)] | $____________ |
| &nbsp;&nbsp;&nbsp; **O. YIELD AND BASE RATE** | &nbsp;&nbsp;&nbsp; **O. YIELD AND BASE RATE** | &nbsp;&nbsp;&nbsp; **O. YIELD AND BASE RATE** |
| &nbsp;&nbsp;&nbsp; 1. Base Rate |  |  |
|  | a. Current Monthly Period | _______% |
|  | b. Prior Monthly Period | ________% |
|  | c. Second Prior Monthly Period | ________% |
| &nbsp;&nbsp;&nbsp; 2. Three Month Average Base Rate |  | ________% |
| &nbsp;&nbsp;&nbsp; 3. Series Adjusted Portfolio Yield |  |  |
|  | a. Current |  |

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C-1-10

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| | | |
|:---|:---|:---|
|  | Monthly Period | ________% |
|  | b. Prior Monthly Period | ________% |
|  | c. Second Prior Monthly Period | ________% |
| &nbsp;&nbsp;&nbsp; 4. Three Month average Series Adjusted Portfolio Yield |  | ________% |
| &nbsp;&nbsp;&nbsp; 5. Is the three month average Series Adjusted Portfolio Yield more than the three month average Base Rate? |  | [Yes/No] |
| &nbsp;&nbsp;&nbsp; P. REASSIGNMENT AMOUNT | &nbsp;&nbsp;&nbsp; P. REASSIGNMENT AMOUNT | &nbsp;&nbsp;&nbsp; P. REASSIGNMENT AMOUNT |
| &nbsp;&nbsp; Adjusted Invested Amount |  | $____________ |
| &nbsp;&nbsp; Monthly Interest |  | $____________ |
| &nbsp;&nbsp; Monthly Interest previously due but not paid |  | $____________ |
| &nbsp;&nbsp; Additional Interest |  | $____________ |
| &nbsp;&nbsp; Additional Interest previously due but not paid |  | $____________ |
| &nbsp;&nbsp; Reassignment Amount |  | $____________ |

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C-1-11

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**<u>EXHIBIT C-2</u>**

FORM OF ANNUAL PAYMENT INFORMATION

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 20[__]-[_]

FOR THE YEAR ENDED DECEMBER 31, 20[_]

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. ("TRS"), as Servicer pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the "Pooling and Servicing Agreement"), among TRS, American Express Receivable Financing Corporation III LLC, as transferor (the "Transferor") and The Bank of New York Mellon, as trustee (the "Trustee"), does hereby certify as follows:

Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 20[__]-[_] Supplement, dated as of [________] [__], 20[__], among TRS, the Transferor and the Trustee (as amended and supplemented, the "Supplement"), as applicable.

Pursuant to Section 5.01 of the Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31, 20[_]:

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| | | |
|:---|:---|:---|
| A) | <u>Pursuant to subsection 5.01(a):</u> |  |
|  | Interest distributed to Class A Certificateholders | $________ |
| B) | <u>Pursuant to subsection 5.01(b):</u> |  |
|  | On the Expected Final Payment Date or a Special Payment Date, if applicable, principal distributed to the Class A Certificateholders | $________ |
| C) | <u>Pursuant to subsection 5.01(c):</u> |  |
|  | Interest distributed to Class B Certificateholders | $________ |
| D) | <u>Pursuant to subsection 5.01(d):</u> |  |
|  | On the Expected Final Payment Date or a Special Payment Date, if applicable, on or after the date Class A Invested Amount is paid in full, principal distributed to the Class B Certificateholders | $________ |
| E) | <u>Pursuant to subsection 5.01(e):</u> |  |
|  | Aggregate amount distributed to the Collateral Interest Holder in respect of interest | $________ |
|  | Aggregate amount distributed to the Collateral Interest Holder in respect of principal | $________ |

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C-2-1

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IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this [_] day of January, 20[_].

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| |
|:---|
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
| By:__________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: |

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C-2-2

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**<u>EXHIBIT D</u>**

FORM OF MONTHLY SERVICER'S CERTIFICATE

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc., as Servicer ("<u>TRS</u>"), pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended, restated, supplemented and/or otherwise modified from time to time, the "<u>Agreement</u>"), among TRS, as Servicer, American Express Receivables Financing Corporation III LLC, as Transferor, and The Bank of New York Mellon, as Trustee, does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Supplements, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. TRS is, as of the date hereof, the Servicer under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned is a Servicing Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Certificate relates to the Distribution Date occurring on<u> </u> , 20 and covers activity from<u> </u> <u> </u> , 20 through <u> </u> , 20 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date [or, if there has been a default in the performance of any such obligation, set forth in detail (i) the nature of such default, (ii) the action taken by the Servicer, if any, to remedy such default and (iii) the current status of each such default; if applicable, insert "None"].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event occurred on or prior to such Distribution Date.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this day of<u> </u> , 20 .

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| |
|:---|
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,<br> as Servicer |
| By:__________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: |

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**<u>EXHIBIT E</u>**

FORM OF INVESTMENT LETTER

[Date]

Re: American Express Credit Account Master Trust;

<u>Purchases of Series 20[__]-[_] Collateral Interest</u>

Ladies and Gentlemen:

This letter (the "Investment Letter") is delivered by the undersigned (the "Purchaser") pursuant to Section 9.06 of the Series 20[__]-[_] Supplement, dated as of [______] [__], 20[__] (the "Series Supplement") to Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the "Agreement"), each among The Bank of New York Mellon, as Trustee, American Express Receivables Financing Corporation III LLC, as Transferor, and American Express Travel Related Services Company, Inc., as Servicer. Capitalized terms used herein without definition shall have the meanings set forth in the Agreement. The Purchaser represents to and agrees with the Transferor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment in the Collateral Interest and is able to bear the economic risk of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser is an "accredited investor," as defined in Rule 501, promulgated by the Securities
and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), or is a sophisticated institutional investor. The Purchaser understands that the offering and sale of the Collateral
Interest has not been and will not be registered under the Securities Act and has not and will not be registered or qualified under any applicable "Blue Sky" law, and that the offering and sale of the Collateral Interest has not been
reviewed by, passed on or submitted to any federal or state agency or commission, securities exchange or other regulatory body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchaser is acquiring an interest in the Collateral Interest without a view to any distribution, resale
or other transfer thereof except, with respect to any Collateral Interest or any interest or participation therein, as contemplated in the following sentence. The Purchaser will not resell or otherwise transfer any interest or participation in the
Collateral Interest, except in accordance with Section 9.06 of the Series Supplement and (i) in a transaction exempt from the registration requirements of the Securities Act and applicable state securities or "blue sky" laws;
(ii) to the Transferor or any affiliate of the Transferor; or (iii) to a person who the Purchaser reasonably believes is a qualified institutional buyer (within the meaning thereof in Rule 144A under the Securities Act) that is aware that
the resale or other transfer is being made in reliance upon Rule 144A. In connection therewith, the Purchaser hereby agrees that it will not resell or otherwise transfer the Collateral Interest or any interest therein unless the purchaser thereof
provides to the addressee hereof a letter substantially in the form hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No portion of the Collateral Interest or any interest therein may be Transferred, and each Assignee will
certify that it is not, (a) an "employee benefit plan" (as

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defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any "plan" (as defined in Section 4975(e)(1) of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include "plan assets" (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101 or otherwise under ERISA) by reason of a plan's investment in the entity, including, without limitation, an insurance company general account. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Investment Letter has been duly executed and delivered and constitutes the legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the
enforcement of creditors' rights generally and general principles of equity.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very truly yours,<br>**[NAME OF PURCHASER]**<br>By: ___________________________<br> Name:<br> Title: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:<br>AMERICAN EXPRESS RECEIVABLES<br> FINANCING CORPORATION III LLC,<br> as Transferor<br>By: _______________________<br> Name:<br> Title: |  |

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## Exhibit 5.1

**Exhibit 5.1** 

[Orrick, Herrington & Sutcliffe LLP letterhead]

July 24, 2025

American Express Receivables Financing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation III LLC

115 W Towne Ridge Pkwy, Room 454

Sandy, Utah 84070

Re: <u>American Express Credit Account Master Trust, Registration Statement on Form SF-3</u>

Ladies and Gentlemen:

We have acted as special counsel to American Express Receivables Financing Corporation III LLC, a Delaware limited liability company (the "Transferor"), in connection with the above-referenced Registration Statement on Form SF-3 being filed concurrently herewith with the Securities and Exchange Commission (the "Registration Statement") under the Securities Act of 1933, as amended (the "Act"), relating to the proposed issuance and sale from time to time of Asset Backed Certificates (the "Certificates") of the American Express Credit Account Master Trust to which the Transferor will transfer receivables (the "Receivables") generated from time to time in a portfolio of designated credit accounts. The American Express Credit Account Master Trust was formed pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of April 16, 2004, as of January 1, 2006, as of July 20, 2016 and as of April 1, 2018 (as so amended and restated and as otherwise amended from time to time, the "Pooling Agreement") among the Transferor, American Express Travel Related Services Company, Inc., as Servicer (the "Servicer") and The Bank of New York Mellon, as trustee (the "Trustee"). The Certificates will be issued and delivered in accordance with the terms of a specified Series Supplement to the Pooling Agreement, a form of which will be filed as Exhibit 4.2 to the Registration Statement.

We have examined such instruments, documents and records as we have deemed relevant and necessary for the purposes of our opinion expressed below. In such examination, we have assumed the authenticity of original documents and the genuineness of all signatures, the conformity to the originals of all documents submitted to us as copies, and the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed.

Based on such examination, and upon consideration of applicable law, we are of the opinion that, assuming the due execution and delivery of the Pooling Agreement and applicable Series Supplement thereto substantially in the forms filed as exhibits to the Registration Statement, upon the issuance, authentication, execution and delivery of the Certificates in accordance with the provisions of such Pooling Agreement and such Supplement, against payment therefor, and upon the sale of the Certificates in the manner described in the

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Registration Statement, any amendment thereto and the prospectus relating thereto, the Certificates will be legally issued, and the holders of the Certificates will have no obligation to make payments to the Transferor or its creditors (other than the purchase price for the Certificates) or contributions to the Transferor or its creditors solely by reason of the holders' ownership of the Certificates.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to us under the caption "Legal Matters" in the Prospectus included in the Registration Statement. In giving such consent, we do not admit that we are "experts," within the meaning of the term used in the Act or the rules and regulations of the Securities and Exchange Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

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| |
|:---|
| Very truly yours, |
| /s/ Orrick, Herrington & Sutcliffe LLP |
| ORRICK, HERRINGTON & SUTCLIFFE LLP |

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## Exhibit 8.1

**Exhibit 8.1** 

[Orrick, Herrington & Sutcliffe LLP letterhead]

July 24, 2025

American Express Receivables Financing Corporation III LLC

115 W Towne Ridge Pkwy, Room 454

Sandy, Utah 84070

Re: American Express Credit Account Master Trust,

<u>Registration Statement on Form SF-3</u> 

Ladies and Gentlemen:

We have acted as special counsel for American Express Receivables Financing Corporation III LLC ("RFC III") in connection with the preparation of the Registration Statement on Form SF-3 (the "Registration Statement"), which has been filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Act"), for the registration under the Act of Asset Backed Certificates (the "Certificates") representing an undivided interest in the American Express Credit Account Master Trust (the "Trust"). The Certificates are to be issued pursuant to a Fourth Amended and Restated Pooling and Servicing Agreement and Series Supplement thereto, substantially in the form of Exhibits 4.1 and 4.2, respectively, to the Registration Statement.

We hereby confirm that the statements set forth in the prospectus relating to the Certificates (the "Prospectus") forming a part of the Registration Statement under the headings "Summary of Series Terms–Tax Status" and "Tax Matters," to the extent that they constitute matters of law or legal conclusions with respect thereto, are correct in all material respects and we hereby confirm the opinions set forth under such headings. There can be no assurance, however, that contrary positions will not be taken by the Internal Revenue Service or that the law will not change.

This opinion letter is based on the facts and circumstances set forth in the Prospectus and in the other documents reviewed by us. As the Registration Statement contemplates Series and Classes of Certificates with numerous different characteristics, the particular characteristics of each Series or Class of Certificates must be considered in determining the applicability of this opinion to a particular Series of Class of Certificates.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. We also consent to the reference to Orrick, Herrington & Sutcliffe LLP under the captions "Summary of Series Terms–Tax Status," "Legal Matters" and "Tax Matters" in the Prospectus. In giving such consent, we do not admit that we are "experts," within the meaning of the term used in the Act or the rules and regulations of the Securities and Exchange Commission

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issued thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

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| |
|:---|
| Very truly yours, |
| /s/ Orrick, Herrington & Sutcliffe LLP |
| ORRICK, HERRINGTON & SUTCLIFFE LLP |

---

## Ex-Filing

Exhibit 107.1

Calculation of Filing Fee Table

(Form Type)

American Express Receivables Financing Corporation III LLC (Depositor)

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u> 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Security Type | Security Class<br> Title | Amount<br> Registered  | Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit | Maximum<br> Aggregate Offering<br>Price | Fee Rate | Carry<br> Forward<br> Form Type | Carry Forward <br>File Number | Carry Forward Initial<br> effective date | Filing Fee Previously Paid<br> In Connection with<br> Unsold Securities to be<br> Carried Forward |
| &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;Newly Registered Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees to Be Paid | Asset-Backed <br> Securities | Asset-Backed <br> Certificates<br> 457(s)<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;Carry Forward Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Offering Amounts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Offering Amounts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Offering Amounts<sup>(1)</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fees Previously Paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fees Previously Paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fees Previously Paid |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fee Offsets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fee Offsets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fee Offsets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee Due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee Due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fee Due |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> |  |  |  |  |

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<sup>(1)</sup> The registrant is registering an unspecified amount of securities as may from time to time be offered at unspecified prices and is deferring payment of all of the registration fees for such securities in accordance with Rules 456(c) and 457(s) of the Securities Act of 1933, as amended (the "Securities Act").

<sup>(2)</sup> An aggregate registration fee of $535,850.00 has been previously paid in connection with the preliminary prospectuses filed by the depositor pursuant to Rule 424(h), which filings form a part of the previously filed registration statement on Form SF-3 (File Nos. 333-263871 and 333-263871-01) which became effective on August 2, 2022 (as amended, the "Prior Registration Statement"), corresponding, in the aggregate, to $3,500,000,000.00 of Asset-Backed Securities that remain unsold following the completion of the offerings related to such filings at the current fee rate of $153.10 per million. Such previously paid registration fees will be used to offset the registration fees for any securities as may be offered from time to time, in accordance with Rule 457(p) of the Securities Act. The amount of such previously paid registration fees available for offset may be reduced if any portion of such fees is used to offset the registration fees for securities offered and sold from the Prior Registration Statement during the Rule 415(a)(5) grace period prior to effectiveness of this registration statement.