# EDGAR Filing Document

**Accession Number:** 0001833590
**File Stem:** 0001193125-26-124386
**Filing Date:** 2026-3
**Character Count:** 197003
**Document Hash:** db3bcf1d397f437f8dcd084f0691f1d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-124386.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001193125-26-124386

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WF Card Issuance Trust
- **CENTRAL INDEX KEY:** 0001833494
- **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:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-251538-01
- **FILM NUMBER:** 26793541

**BUSINESS ADDRESS:**
- **STREET 1:** 550 S. TRYON ST 18TH FLOOR
- **STREET 2:** D1086-180
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-410-1327

**MAIL ADDRESS:**
- **STREET 1:** 550 S. TRYON ST 18TH FLOOR
- **STREET 2:** D1086-180
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WF Card Funding LLC
- **CENTRAL INDEX KEY:** 0001833590
- **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:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-251538
- **FILM NUMBER:** 26793542

**BUSINESS ADDRESS:**
- **STREET 1:** 550 S. TRYON ST 18TH FLOOR
- **STREET 2:** D1086-180
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-410-1327

**MAIL ADDRESS:**
- **STREET 1:** 550 S. TRYON ST 18TH FLOOR
- **STREET 2:** D1086-180
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 10-K** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025** 

**or** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from<u> </u> to** 

**Commission File Number of Issuing Entity: 333-251538-01** 

**Central Index Key Number of Issuing Entity: 0001833494** 

**WF CARD ISSUANCE TRUST\*** 

**(Exact name of issuing entity as specified in its charter)** 

**(Issuer of the Notes)** 

**Commission File Number of Depositor: 333-251538** 

**Central Index Key Number of Depositor: 0001833590** 

**WF CARD FUNDING, LLC** 

**(Exact Name of Depositor as Specified in Its Charter)** 

**Central Index Key Number of Sponsor: 0000740906** 

**WELLS FARGO BANK, NATIONAL ASSOCIATION** 

**(Exact Name of Sponsor as Specified in Its Charter)** 

**Delaware** 

**(State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity)** 

**WF Card Issuance Trust** 

**c/o WF Card Funding, LLC** 

**550 S Tryon Street, Floor 18** 

**D1086-180** 

**Charlotte, North Carolina 28202** 

**(Address of Principal Executive Offices of Issuing Entity)** 

**(866) 263-3059** 

**(Registrant's telephone number, including area code)** 

**Not Applicable** 

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

------

**Securities registered pursuant to Section 12(b) of the Act:** 

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| **N/A** | **N/A** | **N/A** |

---

**Securities registered pursuant to Section 12(g) of the Act: None** 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ [Rule 405 of Regulation S-T is not applicable.]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company. or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐ [Not Applicable]

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes ☐ No ☒

Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

Documents Incorporated by Reference. **See Item 15(b)**.

\* In accordance with relevant regulations of the Securities and Exchange Commission, the depositor files annual and other reports with the Commission on behalf of WF Card Issuance Trust under the Central Index Key (CIK) number (0001833494).

------

**PART I** 

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:** 

---

| | |
|:---|:---|
| Item 1. | Business. |
| Item 1A. | Risk Factors. |
| Item 1C. | Cybersecurity. |
| Item 2. | Properties. |
| Item 3. | Legal Proceedings. |

---

**Item 1B. Unresolved Staff Comments.** 

Not applicable.

**Item 4. Mine Safety Disclosures.** 

Not applicable.

**Substitute information provided in accordance with General Instruction J to Form 10–K: Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).** 

The pool assets held by WF Card Issuance Trust do not include any significant obligors.

**Item 1114(b)(2) of Regulation AB: Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Financial Information).** 

Based on the standards set forth in Item 1114(b)(2) of Regulation AB, no information is required in response to this Item.

**Item 1115(b) of Regulation AB: Certain Derivatives Instruments (Financial Information).** 

Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.

**Item 1117 of Regulation AB: Legal Proceedings.** 

Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of certain legal proceedings and claims.

***Industry Developments***

Wells Fargo Bank, National Association ("WFBNA") currently issues Visa and Mastercard credit cards and, in the future, could become a credit card issuer in one or more other major credit card payment networks, including American Express. Mastercard and Visa are subject to settlement obligations relating to certain litigations and continue to be subject to significant ongoing litigations, including class actions. These settlements and litigations are based on, among other things, claimed violations of United States federal antitrust laws, claims that currency conversion fees were wrongly applied on purchases of goods and services in foreign countries, and claims alleging that the interchange charged by Mastercard and Visa is impermissible. The costs associated with these settlements, litigations and other matters could cause Mastercard and Visa to invest less in their networks and marketing efforts and could adversely affect the interchange paid to their member banks, including WFBNA.

------

***Interchange Litigation***

Plaintiffs representing a class of merchants have filed putative class actions, and individual merchants have filed individual actions, alleging that Visa and Mastercard, as well as certain payment card issuing banks including WFBNA, unlawfully colluded to set interchange rates associated with Visa and Mastercard payment card transactions and that enforcement of certain Visa and Mastercard rules and alleged tying and bundling of services offered to merchants were anticompetitive (the "Interchange Litigation"). These actions have been consolidated in the United States District Court for the Eastern District of New York. Wells Fargo & Company ("WFC") and its consolidated subsidiaries, including WFBNA (collectively, the "Company"), along with other defendants and entities, are parties to loss and judgment sharing agreements, which provide that they, along with other entities, will share, based on a formula, in any losses or judgments from the relevant litigation. In July 2012, Visa, Mastercard, and the financial institution defendants, including the Company, agreed to pay a total of approximately $6.6 billion in order to settle the consolidated action. Several merchants opted out of the settlement and are pursuing individual actions. In June 2016, the United States Court of Appeals for the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the district court for further proceedings. In November 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties entered into a settlement agreement to resolve the damages class claims pursuant to which defendants agreed to pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining in escrow from the 2012 settlement and $900 million in additional funding. The Company's allocated responsibility for the additional funding is approximately $94.5 million. The court granted final approval of the settlement on December 13, 2019, which was affirmed by the Second Circuit on March 15, 2023. On September 27, 2021, the district court granted the plaintiffs' motion for class certification in the equitable relief case. On March 26, 2024, Visa and Mastercard entered into a settlement agreement to resolve the equitable relief class claims, which was denied by the district court on June 25, 2024. In November 2025, Visa and Mastercard announced a revised settlement proposal. The district court has scheduled a hearing on April 20, 2026, to consider whether to grant preliminary approval of the proposed settlement. Some of the opt-out and direct-action cases have been settled while others remain pending.

***U.S. Bank Trust Company, National Association and U.S. Bank National Association***

U.S. Bank Trust Company, National Association, the indenture trustee ("U.S. Bank Trust Co.), is the wholly owned subsidiary of U.S. Bank National Association ("U.S. Bank N.A.") (U.S. Bank N.A. and U.S. Bank Trust Co. are collectively referred to herein as "U.S. Bank"). U.S. Bank N.A. and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage-backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank N.A. and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

U.S. Bank N.A. denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank N.A. cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank N.A. in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on

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June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank N.A. concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

U.S. Bank N.A. has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

U.S. Bank N.A. denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

U.S. Bank has provided us with the information in the paragraphs above in response to the requirements of Regulation AB. Other than the above five paragraphs and the information concerning U.S. Bank specified in this Form 10-K under the caption Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria and in Exhibit 33.2 and Exhibit 34.2 to this Form 10-K, U.S. Bank has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

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**PART II** 

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:** 

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| | |
|:---|:---|
| Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
| Item 6. | [Reserved.] |
| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk. |
| Item 8. | Financial Statements and Supplementary Data. |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
| Item 9A. | Controls and Procedures. |

---

---

| | |
|:---|:---|
| **Item 9B:** | **Other Information.**  |

---

None.

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| | |
|:---|:---|
| **Item 9C:** | **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**  |

---

Not applicable.

------

**PART III** 

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:** 

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| | |
|:---|:---|
| Item 10. | Directors, Executive Officers and Corporate Governance. |
| Item 11. | Executive Compensation. |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
| Item 14. | Principal Accountant Fees and Services. |

---

**Substitute information provided in accordance with General Instruction J to Form 10–K:** 

**Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions***.* 

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

**Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.** 

Each of WFBNA and U.S. Bank (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by WF Card Issuance Trust. Each Servicing Participant has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of, and for the applicable reporting period ended, December 31, 2025, which Reports on Assessment are included as exhibits to this Form 10-K. The "applicable reporting period" is based on the scope of each Servicing Participant's platform-level report, which is a 12-month period in the case of WFBNA and a 12-month period in the case of U.S. Bank. See "—*Platform-Level Reports*" below. In addition, each Servicing Participant has provided an attestation report (each, an "Attestation Report") by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K.

***Vendors***

A Servicing Participant may engage one or more vendors to perform specific and limited, or scripted activities that address all or a portion of one or more servicing criteria applicable to such Servicing Participant. Generally in these cases, the Servicing Participant has instituted policies and procedures to monitor whether such vendors' activities comply in all material respects with such servicing criteria, and may elect to take responsibility for assessing compliance with the servicing criteria applicable to such vendors' activities in such Servicing Participant's Report on Assessment. Where the Servicing Participant has not instituted such policies and procedures, or where the Servicing Participant does not otherwise elect to take responsibility for assessing its vendors' activities, the vendor is itself treated as a Servicing Participant and is required to provide its own Report on Assessment and related Attestation Report.

No Report on Assessment or related Attestation Report has identified (i) any material instance of noncompliance with the servicing criteria identified in such Report on Assessment as applicable to the related Servicing Participant or (ii) any material deficiency in such Servicing Participant's policies and procedures to monitor vendor compliance.

***Platform-Level Reports***

Regulations of the Securities and Exchange Commission ("SEC") require that each Servicing Participant complete a Report on Assessment at a "platform" level, meaning that the transactions covered by the Report on Assessment should include all asset- backed securities transactions involving such Servicing Participant that are backed by the same asset type. Further guidance from the SEC staff identifies additional parameters that a

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Servicing Participant may apply to define and further limit its platform. For example, a Servicing Participant may define its platform to include only transactions that were completed on or after January 1, 2006 and that were registered with the SEC pursuant to the Securities Act of 1933. Each Servicing Participant is responsible for defining its own platform, and each platform will naturally differ based on various factors, including the Servicing Participant's business model, the transactions in which it is involved and the range of activities performed in those transactions.

Based on our understanding of their platforms and the guidance that is available at this time, we believe that the parameters by which the Servicing Participants have defined their platforms should be permissible. However, because the guidance available at this time is subject to clarification or change, we cannot assure you that the SEC and its staff will necessarily agree.

**Item 1123 of Regulation AB: Servicer Compliance Statement.** 

WFBNA has been identified by the registrant as a servicer meeting the criteria of Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB with respect to the pool assets held by WF Card Issuance Trust. WFBNA has provided a statement of compliance with the related servicing agreement (the "Compliance Statement"), signed by an authorized officer of WFBNA. The Compliance Statement is attached as an exhibit to this Form 10-K.

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**PART IV** 

**Item 15. Exhibits and Financial Statement Schedules.** 

(a)(1) Not Applicable. (a)(2) Not Applicable.

(a)(3) The exhibits required by Item 601 of regulation S-K are listed in the Exhibit Index.

(b) Exhibits.

**Exhibit Index** 

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| | |
|:---|:---|
| **Exhibit <br>Number** | **Description** |
| 3.1  | [Amended and Restated Limited Liability Company Agreement of WF Card Funding, LLC (included as Exhibit 3.1 to the registrant's Form 8-K filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex31.htm) |
| 4.1  | [Receivables Purchase Agreement, dated as of November 14, 2023 (included as Exhibit 4.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex41.htm) |
| 4.2  | [Transfer Agreement, dated as of November 14, 2023 (included as Exhibit 4.2 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex42.htm) |
| 4.3  | [Amended and Restated Trust Agreement, dated as of November 14, 2023 (included as Exhibit 4.3 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex43.htm) |
| 4.4  | [Indenture, dated as of November 14, 2023 (included as Exhibit 4.4 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex44.htm) |
| 4.5  | [WFCardSeries Indenture Supplement, dated as of November 14, 2023 (included as Exhibit 4.5 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex45.htm) |
| 4.6  | [Servicing Agreement, dated as of November 14, 2023 (included as Exhibit 4.6 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex46.htm) |
| 4.7  | [Asset Representations Review Agreement, dated as of November 14, 2023 (included as Exhibit 4.7 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 14, 2023, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312523276889/d563477dex47.htm) |
| 4.8  | [Class A(2024-1) Terms Document, dated as of March 1, 2024 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on March 1, 2024, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312524055707/d795629dex411.htm) |
| 4.9  | [Class A(2024-2) Terms Document, dated as of October 24, 2024 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on October 24, 2024, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312524242735/d869643dex411.htm) |
| 4.10 | [Class A(2025-1) Terms Document, dated as of June 10, 2025 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on June 10, 2025, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312525138337/d71737dex411.htm) |

---

------

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| | |
|:---|:---|
| 4.11 | [Class B(2024-1) Terms Document, dated as of February 14, 2024 (included in Exhibit 4.10 to the registrant's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 25, 2025, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312525062366/d842308dex410.htm) |
| 4.12 | [Class C(2024-1) Terms Document, dated as of February 14, 2024 (included in Exhibit 4.11 to the registrant's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 25, 2025, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312525062366/d842308dex411.htm) |
| 4.13 | [Class D(2024-1) Terms Document, dated as of February 14, 2024 (included in Exhibit 4.12 to the registrant's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 25, 2025, which is incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1833494/000119312525062366/d842308dex412.htm) |
| 4.14 | [Class B(2025-1) Terms Document, dated as of May 27, 2025.](d111263dex414.htm) |
| 4.15 | [Class C(2025-1) Terms Document, dated as of May 27, 2025.](d111263dex415.htm) |
| 4.16 | [Class D(2025-1) Terms Document, dated as of May 27, 2025.](d111263dex416.htm) |
| 31.1 | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d111263dex311.htm) |
| 33.1 | [Report on Assessment of Compliance with Servicing Criteria for Wells Fargo Bank, National Association.](d111263dex331.htm) |
| 33.2 | [Report on Assessment of Compliance with Servicing Criteria for U.S. Bank.](d111263dex332.htm) |
| 34.1 | [Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Wells Fargo Bank, National Association.](d111263dex341.htm) |
| 34.2 | [Attestation Report of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to U.S. Bank](d111263dex342.htm) |
| 35.1 | [Servicer Compliance Statement of Wells Fargo Bank, National Association.](d111263dex351.htm) |

---

(c) Not Applicable.

**Item 16. Form 10-K Summary.** 

Not Applicable.

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**SIGNATURES** 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **WF Card Funding, LLC, as Depositor of WF Card Issuance Trust** | **WF Card Funding, LLC, as Depositor of WF Card Issuance Trust** |
| By: | /s/ Kristine Kinzle |
| Name: | Kristine Kinzle |
| Title: | President & CEO |
|  | (senior officer in charge of securitization of WF Card Funding, LLC) |
| Date: | March 25, 2026 |

---

## Exhibit 4.14

**Exhibit 4.14** 

**EXECUTION VERSION** 

WF CARD ISSUANCE TRUST,

as Issuer,

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Indenture Trustee and as Note Registrar,

and

U.S. BANK NATIONAL ASSOCIATION,

as Bank

CLASS B(2025-1) TERMS DOCUMENT

dated as of May 27, 2025

to

WFCARDSERIES INDENTURE SUPPLEMENT

dated as of November 14, 2023

to

INDENTURE

dated as of November 14, 2023

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I Definitions and Other Provisions of General Application | ARTICLE I Definitions and Other Provisions of General Application | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.02. | GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.03. | Counterparts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.04. | Ratification of Indenture and Indenture Supplement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.05. | Concerning the Owner Trustee | 6 |
|  ARTICLE II The Class B(2025-1) Notes | ARTICLE II The Class B(2025-1) Notes | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01. | Creation and Designation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02. | Specification of Required Subordinated Amount and Adjustments Thereto | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03. | Interest Payment. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.04. | [Reserved]. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.05. | Payments of Interest and Principal. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.06. | Form of Delivery of Class B(2025-1) Notes; Depository; Denominations; Private Placement of Class B(2025-1) Notes; Transfer Restrictions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.07. | Delivery and Payment for the Class B(2025-1) Notes | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.08. | Targeted Deposits to the Accumulation Reserve sub-Account | 11 |
|  ARTICLE III Representations and Warranties | ARTICLE III Representations and Warranties | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01. | Issuer's Representations and Warranties | 13 |

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-i-

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THIS Class B(2025-1) TERMS DOCUMENT (this "<u>Terms Document</u>"), by and among WF CARD ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware, as issuer (the "<u>Issuer</u>"), having its principal office at c/o Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as owner trustee (the "<u>Owner Trustee</u>"), 1100 North Market Street, Wilmington, Delaware 19890, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America ("<u>U.S. Bank Trust Co.</u>"), not in its individual capacity but solely in its capacity as indenture trustee (in such capacity, the "<u>Indenture Trustee</u>") and as note registrar (in such capacity, the "<u>Note Registrar</u>"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as bank (the "<u>Bank</u>"), is made and entered into as of May 27, 2025.

Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class B Notes and shall specify the principal terms thereof.

**ARTICLE I** 

Definitions and Other Provisions of General Application

Section 1.01. <u>Definitions</u>. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms defined in this Article have the meanings assigned to them in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other terms used herein which are defined in the WFCardSeries Indenture Supplement, dated as of November 14, 2023 (as modified, amended or supplemented from time to time, the "<u>Indenture Supplement</u>"), among the Issuer, U.S. Bank Trust Co., as Indenture Trustee and Note Registrar, and the Bank, or the Indenture, dated as of November 14, 2023 (as modified, amended or supplemented from time to time, the "<u>Indenture</u>"), among the Issuer, U.S. Bank Trust Co., not in its individual capacity but solely in its capacity as Indenture Trustee and Note Registrar, and the Bank, as acknowledged and accepted by Wells Fargo Bank, National Association, as Servicer, either directly or by reference therein, have the meanings assigned to them therein. All terms defined or included by reference in this Terms Document shall have such defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used herein and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined herein, and accounting terms partially defined herein to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles or regulatory accounting principles, as applicable. To the extent that the definitions of accounting terms herein are inconsistent with the meanings of such terms under generally accepted accounting principles or regulatory accounting principles, the definitions contained herein shall control. The term "generally accepted accounting principles" with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation.

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&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 Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; and Section, subsection, Schedule and Exhibit references contained in this Terms Document are references to Sections, subsections, Schedules and Exhibits in or to this Terms Document unless otherwise specified. The term "including" and words of similar import will be deemed to be followed by "without limitation." The canon of *ejusdem generis* may be applied only in the context of this Terms Document's purpose and not merely in the context of a particular phrase.

&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 any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A reference to any law is to that law as amended or supplemented to the applicable time. A reference to any agreement, document, policy, or procedure is to that agreement, document, policy, or procedure as amended or supplemented to the applicable time. A reference to any Person includes that Person's successors and permitted assigns. Wherever from the context it appears appropriate, each term defined in either the singular or the plural form incorporates both the singular and the plural form of such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each capitalized term defined herein shall relate only to the Class B(2025-1) Notes and no other tranche of Notes issued by the Issuer.

"<u>Accumulation Reserve Funding Period</u>" shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class B(2025-1) Notes pursuant to <u>subsection</u> <u>4.10(b)</u> of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the April 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the October 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the December 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class B(2025-1) Notes and (ii) the date on which the Class B(2025-1) Notes are paid in full.

"<u>Base Rate</u>" means, with respect to any Monthly Period, the sum of (a) the Weighted Average Interest Rates for the Outstanding WFCardSeries Notes, (b) the WFCardSeries

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Net Servicing Fee Rate and (c) so long as WFBNA is the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period.

"<u>Class</u> <u>B Required Subordinated Amount of Class</u> <u>C Notes</u>" is defined in <u>subsection</u> <u>2.02(a)(i)</u>.

"<u>Class</u> <u>B Required Subordinated Amount of Class</u> <u>D Notes</u>" is defined in <u>subsection</u> <u>2.02(d)(i)</u>.

"<u>Class</u> <u>B(2025-1) Note</u>" means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class B(2025-1) Note and duly executed and authenticated in accordance with the Indenture.

*"*<u>Class</u> <u>B(2025-1) Noteholder</u>*"* means a Person in whose name a Class B(2025-1) Note is registered in the Note Register.

"<u>Class</u> <u>B(2025-1) Termination Date</u>" means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2025-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

"<u>Controlled Accumulation Amount</u>" means $31,250,000.00; <u>provided</u>, <u>however</u>, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to <u>subsection</u> <u>4.10(b)(ii)</u> of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of "Controlled Accumulation Amount" in the Indenture Supplement.

"<u>Excess Available Funds Percentage</u>" means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

"<u>Expected Principal Payment Date</u>" means May 17, 2032.

"<u>Initial Dollar Principal Amount</u>" means $375,000,000.

"<u>Interest Payment Date</u>" means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing June 16, 2025.

"<u>Issuance Date</u>" means May 27, 2025.

"<u>Legal Maturity Date</u>" means May 15, 2034.

"<u>Note Interest Rate</u>" means a per annum rate equal to 5.34%.

"<u>Pledged Collateral</u>" means the Receivables pledged to the Indenture Trustee under the Indenture.

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"<u>Portfolio Yield</u>" means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of WFCardSeries Available Funds allocated to the WFCardSeries pursuant to <u>subsection</u> <u>3.01(a)(i)</u> and <u>Section</u> <u>3.02</u> of the Indenture Supplement, plus (b) any amounts to be treated as WFCardSeries Available Funds pursuant to <u>subsections</u> <u>4.20(d)</u> and <u>4.29(a)</u> of the Indenture Supplement, plus (c) any Interest Funding sub-Account Earnings on the related Transfer Date, minus (d) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as WFCardSeries Available Funds for such Monthly Period pursuant to <u>subsections</u> <u>4.04(a)(ii)</u> and <u>4.27(a)</u> of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of WFCardSeries Notes for such Monthly Period, minus (e) the WFCardSeries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the WFCardSeries for such Monthly Period.

"<u>Predecessor Note</u>" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under <u>Section</u> <u>3.06</u> of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

"<u>Quarterly Excess Available Funds Percentage</u>" means, with respect to the April 2030 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

"<u>Record Date</u>" means, for any Transfer Date, the last day of the preceding Monthly Period.

"<u>Required Accumulation Reserve sub</u><u>-Account Amount</u>" means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.50% of the Outstanding Dollar Principal Amount of the Class B(2025-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; <u>provided</u>*,* <u>however</u>*,* that if such designation is of a lesser amount, the Rating Agency Condition shall be satisfied with respect to such change.

"<u>Servicer Interchange Rate</u>" means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for such Monthly Period.

"<u>Stated Principal Amount</u>" means $375,000,000.

"<u>Weighted Average Interest Rates</u>" means, with respect to any Outstanding Notes of a class or tranche of the WFCardSeries, or of all of the Outstanding Notes of the WFCardSeries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest:

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&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 a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche on that date;

&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 a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

Section 1.02. <u>GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **THIS TERMS DOCUMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS TERMS DOCUMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.**

&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 TERMS DOCUMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS TERMS DOCUMENT; <u>PROVIDED</u>, 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. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH <u>SECTION</u> <u>1.05</u> OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR THREE**

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**DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO AND THE NOTEHOLDERS BY ACCEPTING THEIR INTEREST IN THE NOTES 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 TERMS DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. NOTHING IN THIS <u>SECTION</u> <u>1.02</u> SHALL LIMIT THE RIGHTS OF ANY PERSON PURSUANT TO <u>SECTION</u> <u>2.10</u> OF THE TRANSFER AGREEMENT OR <u>SECTION</u> <u>6.03</u> OF THE RECEIVABLES PURCHASE AGREEMENT IN CONNECTION WITH A REQUEST RELATING TO THE REPURCHASE OF RECEIVABLES; PROVIDED, THAT, FOR THE AVOIDANCE OF DOUBT, THE PARTIES HERETO HEREBY AGREE NONE OF THE INDENTURE TRUSTEE OR THE NOTE REGISTRAR SHALL BE OBLIGATED TO ARBITRATE ANY MATTER REGARDING ITS RIGHTS, DUTIES, PRIVILEGES, INDEMNITIES, PROTECTIONS, IMMUNITIES AND BENEFITS.**

Section 1.03. <u>Counterparts</u>. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

SECTION 1.04. <u>Ratification of Indenture and Indenture Supplement</u>. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

Section 1.05. <u>Concerning the Owner Trustee</u><u>.</u> This Terms Document is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, and (i) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (ii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any

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Person claiming by, through or under them and (iii) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents.

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**ARTICLE II** 

The Class B(2025-1) Notes

Section 2.01. <u>Creation and Designation</u>. There is hereby created a tranche of WFCardSeries Class B Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the "<u>WFCardSeries</u> <u>Class</u> <u>B(2025-1)</u> <u>Notes</u>."

Section 2.02. <u>Specification of Required Subordinated Amount and Adjustments Thereto</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) For the Class B(2025-1) Notes for any date of determination, the "<u>Class</u> <u>B Required Subordinated Amount of Class</u> <u>C Notes</u>" will be an amount equal to the product of (x) the Adjusted Outstanding Dollar Principal Amount of the Class B(2025-1) Notes on such date, *times* (y) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a fraction, the numerator of which is the aggregate Class A Required Subordinated Amount of Class C
Notes for all tranches of Class A Notes which are Outstanding on that date, for which the Class A Required Subordinated Amount of Class B Notes is greater than zero and the denominator of which is the aggregate Adjusted Outstanding
Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2025-1) Notes) which are Outstanding on that date; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 7.22222%; *times*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a fraction, the numerator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2025-1) Notes) which are Outstanding on that date *minus* the aggregate Class A Required Subordinated Amount of Class B Notes for all tranches of Class A Notes which are Outstanding on that date, and the denominator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2025-1) Notes) which are Outstanding on that 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;(ii) If an Early Redemption Event with respect to the Class B(2025-1) Notes shall have occurred, if an Event of Default and acceleration of the Class B(2025-1) Notes shall have occurred or if the Class B Usage of the Class C Required Subordinated Amount for the Class B(2025-1) Notes is greater than zero, on any date of determination following any such event, the Class B Required Subordinated Amount of Class C Notes for the Class B(2025-1) Notes shall be the greater of (x) the amount determined pursuant to <u>subsection</u> <u>2.02(a)(i)</u> on such date of determination and (y) the amount determined pursuant to <u>subsection</u> <u>2.02(a)(i)</u> as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on

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which the Class B Usage of Class C Required Subordinated Amount exceeded zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer may increase the percentage set forth in clause (a)(i)(y)(B)(1) above for the Class B(2025-1) Notes without the consent of any Noteholder or any Note Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer may change the definition of the Class B Required Subordinated Amount of Class C Notes with respect to the Class B(2025-1) Notes without the consent of any Noteholder so long as (i) the Issuer has satisfied the Rating Agency Condition with respect the change in such definition, (ii) the Issuer has delivered to the Indenture Trustee and the Note Rating Agencies an Issuer Tax Opinion and (iii) after giving effect to such change, the Class B Required Subordinated Amount of Class C Notes for the Class B(2025-1) Notes is greater than zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) For the Class B(2025-1) Notes for any date of determination, the "<u>Class</u> <u>B Required Subordinated Amount of Class</u> <u>D Notes</u>" will be an amount equal to the product of (x) the Adjusted Outstanding Dollar Principal Amount of the Class B(2025-1) Notes on such date, *times* (y) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a fraction, the numerator of which is the aggregate Class A Required Subordinated Amount of Class D
Notes for all tranches of Class A Notes which are Outstanding on that date, for which the Class A Required Subordinated Amount of Class B Notes is greater than zero and the denominator of which is the aggregate Adjusted Outstanding
Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2025-1) Notes) which are Outstanding on that date; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 3.88889%; *times*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a fraction, the numerator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2025-1) Notes) which are Outstanding on that date *minus* the aggregate Class A Required Subordinated Amount of Class B Notes for all tranches of Class A Notes which are Outstanding on that date, and the denominator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2025-1) Notes) which are Outstanding on that 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;(ii) If an Early Redemption Event with respect to the Class B(2025-1) Notes shall have occurred, if an Event of Default and acceleration of the Class B(2025-1) Notes shall have occurred or if the Class B Usage of the Class D Required Subordinated Amount for the Class B(2025-1) Notes is greater than zero, on any date of determination following any such event, the Class B Required Subordinated Amount of Class D Notes for the Class B(2025-1) Notes shall be the

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greater of (x) the amount determined pursuant to <u>subsection</u> <u>2.02(d)(i)</u> on such date of determination and (y) the amount determined pursuant to <u>subsection</u> <u>2.02(d)(i)</u> as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class B Usage of Class D Required Subordinated Amount exceeded zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuer may increase the percentage set forth in clause (d)(i)(y)(B)(1) above for the Class B(2025-1) Notes without the consent of any Noteholder or any Note Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Issuer may change the definition of the Class B Required Subordinated Amount of Class D Notes with respect to the Class B(2025-1) Notes without the consent of any Noteholder so long as the Issuer has (i) satisfied the Rating Agency Condition with respect the change in such definition and (ii) delivered to the Indenture Trustee and the Note Rating Agencies an Issuer Tax Opinion.

Section 2.03. <u>Interest Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class B(2025-1) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate *times* (ii) the Outstanding Dollar Principal Amount of the Class B(2025-1) Notes determined as of the Record Date preceding the related Transfer Date; <u>provided</u>, <u>however</u>, that for the first Interest Payment Date the amount of interest due is $1,001,250.00. Interest on the Class B(2025-1) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to <u>Section</u> <u>4.03</u> of the Indenture Supplement, on each Transfer Date, the Issuer shall cause to be deposited into the Class B(2025-1) Interest Funding sub-Account the portion of WFCardSeries Available Funds allocable to the Class B(2025-1) Notes.

Section 2.04. <u>[Reserved]</u>.

Section 2.05. <u>Payments of Interest and Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any installment of interest or principal, if any, payable on any Class B(2025-1) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Indenture Trustee to the Person in whose name such Class B(2025-1) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person's account as has been designated by written instructions received by the Indenture Trustee from such Person not later than the close of business on the third Business Day preceding the date of payment except that with respect to Notes registered on the Record Date in the name of Cede & Co., the nominee of DTC, payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right of the Class B(2025-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class B(2025-1) Termination Date.

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Section 2.06. <u>Form of Delivery of Class</u> <u>B(2025-1) Notes; Depository; Denominations; Private Placement of Class</u> <u>B(2025-1) Notes; Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Class B(2025-1) Notes shall be delivered in the form of a global Registered Note as provided in <u>Sections</u> <u>2.02</u> and <u>3.01(i)</u> of the Indenture, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depository for the Class B(2025-1) Notes shall be The Depository Trust Company, and the Class B(2025-1) Notes shall initially be registered in the name of Cede & Co., its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Class B(2025-1) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Class B(2025-1) Notes have not been registered under the Securities Act or any state securities law. No transfer of any Class B(2025-1) Note or any interest therein shall be made except (1) in accordance with the terms of the applicable note purchase agreement and <u>subsection</u> <u>2.06(e)</u> and (2) to a Person who the transferring Class B(2025-1) Noteholder reasonably believes is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) in compliance with Rule 144A, or to an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or pursuant to another exemption available under the Securities Act to a transferee that, prior to such transfer, shall have delivered to the Issuer and the Indenture Trustee an opinion of counsel pursuant to <u>subsection</u> <u>2.06(e)</u>. The Class B(2025-1) Notes will bear a legend to the effect set forth in Exhibit A-2 to the Indenture Supplement. None of the Transferor, the Issuer, the Note Registrar, the Owner Trustee or the Indenture Trustee is obligated to register the transfer of the Class B(2025-1) Notes under the Securities Act or any other securities or "blue sky" laws or to take any other action not otherwise required under the applicable note purchase agreement, the Indenture Supplement or the Indenture to permit the transfer of the Class B(2025-1) Notes without the registration of the transfer of such Class B(2025-1) Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Class B(2025-1) Noteholders may, at any time, without the consent of any Noteholder or any Note Rating Agency (but not without the prior written consent of the Issuer and prior notice to each Note Rating Agency) sell or transfer all or a portion of the Class B(2025-1) Notes. Pursuant to subsection 16.05(a) of the Indenture, any transfer of the Class B(2025-1) Notes shall be subject to delivery to the Indenture Trustee of either (i) an Issuer Tax Opinion with respect to such transfer or (ii) an Opinion of Counsel to the effect that such Notes will be debt for United States federal income tax purposes.

Section 2.07. <u>Delivery and Payment for the Class</u> <u>B(2025-1) Notes</u>. The Issuer shall execute and deliver the Class B(2025-1) Notes to the Note Registrar for authentication, and the Note Registrar shall deliver the Class B(2025-1) Notes when authenticated, each in accordance with <u>Section</u> <u>3.03</u> of the Indenture.

Section 2.08. <u>Targeted Deposits to the Accumulation Reserve sub-Account</u>. The deposit targeted to be made to the Accumulation Reserve sub-Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the amount, if any, by which the Required Accumulation Reserve sub-Account Amount exceeds the amount then on deposit in

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the Accumulation Reserve sub-Account (after giving effect to any withdrawals of amounts on deposit in such Accumulation Reserve sub-Account that are to occur on the related Transfer Date).

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**ARTICLE III** 

Representations and Warranties

Section 3.01. <u>Issuer</u><u>'</u><u>s Representations and Warranties</u>. The Issuer makes the following representations and warranties as to the Pledged Collateral on which the Indenture Trustee is deemed to have relied in acquiring the Pledged Collateral. Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms Document. Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Rating Agency Condition has been satisfied with respect to such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture creates a valid and continuing security interest (as defined in the New York UCC) in the Pledged Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Pledged Collateral constitutes "accounts" within the meaning of the New York UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the time of each grant of a security interest in the Pledged Collateral to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to such Pledged Collateral free and clear of any lien, claim or encumbrance of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Pledged Collateral granted to the Indenture Trustee pursuant to the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Pledged Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of the Pledged Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer.

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IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

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| | |
|:---|:---|
| WF CARD ISSUANCE TRUST, | WF CARD ISSUANCE TRUST, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee |
| By: | /s/ Patrick A. Kanar |
|  | Name: Patrick A. Kanar |
|  | Title: Assistant Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK TRUST COMPANY, NATIONAL<br> ASSOCIATION, not in its individual capacity but solely in its capacity as Indenture Trustee and as Note Registrar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK TRUST COMPANY, NATIONAL<br> ASSOCIATION, not in its individual capacity but solely in its capacity as Indenture Trustee and as Note Registrar |
| By: | /s/ John Leurini |
|  | Name: John Leurini |
|  | Title: Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK NATIONAL ASSOCIATION, as Bank<br> and not in its individual capacity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK NATIONAL ASSOCIATION, as Bank<br> and not in its individual capacity |
| By: | /s/ John Leurini |
|  | Name: John Leurini |
|  | Title: Vice President |

---

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| | |
|:---|:---|
| Acknowledged and Accepted: | Acknowledged and Accepted: |
| WELLS FARGO BANK, NATIONAL ASSOCIATION, | WELLS FARGO BANK, NATIONAL ASSOCIATION, |
| as Servicer | as Servicer |
| By: | /s/ Kristine Kinzle |
|  | Name: Kristine Kinzle |
|  | Title: Executive Director |

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[Signature Page to the Class B(2025-1) Terms Document (Class B Notes)]

## Exhibit 4.15

**Exhibit 4.15** 

**EXECUTION VERSION** 

WF CARD ISSUANCE TRUST,

as Issuer,

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Indenture Trustee and as Note Registrar,

and

U.S. BANK NATIONAL ASSOCIATION,

as Bank

CLASS C(2025-1) TERMS DOCUMENT

dated as of May 27, 2025

to

WFCARDSERIES INDENTURE SUPPLEMENT

dated as of November 14, 2023

to

INDENTURE

dated as of November 14, 2023

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
| | | **Page** |
|  ARTICLE I Definitions and Other Provisions of General Application | ARTICLE I Definitions and Other Provisions of General Application | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.02. | Governing Law; Submission to Jurisdiction; Waiver of Jury Trial | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.03. | Counterparts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.04. | Ratification of Indenture and Indenture Supplement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.05. | Concerning the Owner Trustee | 6 |
|  ARTICLE II The Class C(2025-1) Notes | ARTICLE II The Class C(2025-1) Notes | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01. | Creation and Designation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02. | Specification of Required Subordinated Amount, Adjustments Thereto | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03. | Interest Payment | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.04. | [Reserved]. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.05. | Payments of Interest and Principal | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.06. | Targeted Deposit to the Class C Reserve Account | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.07. | Form of Delivery of Class C(2025-1) Notes; Depository; Denominations; Private Placement of Class C(2025-1) Notes; Transfer Restrictions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.08. | Delivery and Payment for the Class C(2025-1) Notes | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.09. | Targeted Deposits to the Accumulation Reserve sub-Account | 11 |
|  ARTICLE III Representations and Warranties | ARTICLE III Representations and Warranties | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01. | Issuer's Representations and Warranties | 12 |

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- i -

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THIS CLASS C(2025-1) TERMS DOCUMENT (this "<u>Terms Document</u>"), by and among WF CARD ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware, as issuer (the "<u>Issuer</u>"), having its principal office at c/o Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as owner trustee (the "<u>Owner Trustee</u>"), 1100 North Market Street, Wilmington, Delaware 19890, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America ("<u>U.S. Bank Trust Co.</u>"), not in its individual capacity but solely in its capacity as indenture trustee (in such capacity, the "<u>Indenture Trustee</u>") and as note registrar (in such capacity, the "<u>Note Registrar</u>"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as bank (the "<u>Bank</u>"), is made and entered into as of May 27, 2025.

Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class C Notes and shall specify the principal terms thereof.

**ARTICLE I** 

Definitions and Other Provisions of General Application

Section 1.01. <u>Definitions</u>. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms defined in this Article have the meanings assigned to them in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other terms used herein which are defined in the WFCardSeries Indenture Supplement, dated as of November 14, 2023 (as modified, amended or supplemented from time to time, the "<u>Indenture Supplement</u>"), among the Issuer, U.S. Bank Trust Co., as Indenture Trustee and Note Registrar, and the Bank, or the Indenture, dated as of November 14, 2023 (as modified, amended or supplemented from time to time, the "<u>Indenture</u>"), among the Issuer, U.S. Bank Trust Co., not in its individual capacity but solely in its capacity as Indenture Trustee and Note Registrar, and the Bank, as acknowledged and accepted by Wells Fargo Bank, National Association, as Servicer, either directly or by reference therein, have the meanings assigned to them therein. All terms defined or included by reference in this Terms Document shall have such defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used herein and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined herein, and accounting terms partially defined herein to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles or regulatory accounting principles, as applicable. To the extent that the definitions of accounting terms herein are inconsistent with the meanings of such terms under generally accepted accounting principles or regulatory accounting principles, the definitions contained herein shall control. The term "generally accepted accounting principles" with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation.

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&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 Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; and Section, subsection, Schedule and Exhibit references contained in this Terms Document are references to Sections, subsections, Schedules and Exhibits in or to this Terms Document unless otherwise specified. The term "including" and words of similar import will be deemed to be followed by "without limitation." The canon of ejusdem generis may be applied only in the context of this Terms Document's purpose and not merely in the context of a particular phrase.

&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 any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A reference to any law is to that law as amended or supplemented to the applicable time. A reference to any agreement, document, policy, or procedure is to that agreement, document, policy, or procedure as amended or supplemented to the applicable time. A reference to any Person includes that Person's successors and permitted assigns. Wherever from the context it appears appropriate, each term defined in either the singular or the plural form incorporates both the singular and the plural form of such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each capitalized term defined herein shall relate only to the Class C(2025-1) Notes and no other tranche of Notes issued by the Issuer.

"<u>Accumulation Reserve Funding Period</u>" shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class C(2025-1) Notes pursuant to <u>subsection</u> <u>4.10(b)</u> of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the April 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the October 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the December 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class C(2025-1) Notes and (ii) the date on which the Class C(2025-1) Notes are paid in full.

"<u>Base Rate</u>" means, with respect to any Monthly Period, the sum of (a) the Weighted Average Interest Rates for the Outstanding WFCardSeries Notes, (b) the WFCardSeries

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Net Servicing Fee Rate and (c) so long as WFBNA is the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period.

"<u>Class</u> <u>C Required Subordinated Amount of Class</u> <u>D Notes</u>" is defined in <u>subsection</u> <u>2.02(a)(i)</u>.

"<u>Class</u> <u>C Reserve Account Percentage</u>" means, with respect to any Transfer Date, (i) zero, if the Quarterly Excess Available Funds Percentage on such Transfer Date is greater than or equal to 4.50%, (ii) 1.25%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 4.50% and greater than or equal to 4.00%, (iii) 2.00%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 4.00% and greater than or equal to 3.50%, (iv) 2.75%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 3.50% and greater than or equal to 3.00%, (v) 3.50%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 3.00% and greater than or equal to 2.50%, (vi) 4.50%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 2.50% and greater than or equal to 2.00%, and (vii) 6.00%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 2.00%.

"<u>Class</u> <u>C(2025-1) Note</u>" means any Note, substantially in the form set forth in <u>Exhibit</u> <u>A</u><u>-3</u> to the Indenture Supplement, designated therein as a Class C(2025-1) Note and duly executed and authenticated in accordance with the Indenture.

"<u>Class</u> <u>C(2025-1) Noteholder</u>" means a Person in whose name a Class C(2025-1) Note is registered in the Note Register.

"<u>Class</u> <u>C(2025-1) Termination Date</u>" means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2025-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

"<u>Controlled Accumulation Amount</u>" means $20,312,500.00; <u>provided</u>, <u>however</u>, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to <u>subsection</u> <u>4.10(b)(ii)</u> of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of "Controlled Accumulation Amount" in the Indenture Supplement.

"<u>Excess Available Funds Percentage</u>" means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

"<u>Expected Principal Payment Date</u>" means May 17, 2032.

"<u>Initial Dollar Principal Amount</u>" means $243,750,000.

"<u>Interest Payment Date</u>" means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing June 16, 2025.

"<u>Issuance Date</u>" means May 27, 2025.

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"<u>Legal Maturity Date</u>" means May 15, 2034.

"<u>Note Interest Rate</u>" means a per annum rate equal to 5.69%.

"<u>Pledged Collateral</u>" means the Receivables pledged to the Indenture Trustee under the Indenture.

"<u>Portfolio Yield</u>" means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of WFCardSeries Available Funds allocated to the WFCardSeries pursuant to <u>subsection</u> <u>3.01(a)(i)</u> and <u>Section</u> <u>3.02</u> of the Indenture Supplement, plus (b) any amounts to be treated as WFCardSeries Available Funds pursuant to <u>subsections</u> <u>4.20(d)</u> and <u>4.29(a)</u> of the Indenture Supplement, plus (c) any Interest Funding sub-Account Earnings on the related Transfer Date, minus (d) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as WFCardSeries Available Funds for such Monthly Period pursuant to <u>subsections</u> <u>4.04(a)(ii)</u> and <u>4.27(a)</u> of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of WFCardSeries Notes for such Monthly Period, minus (e) the WFCardSeries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the WFCardSeries for such Monthly Period.

"<u>Predecessor Note</u>" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under <u>Section</u> <u>3.06</u> of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

"<u>Quarterly Excess Available Funds Percentage</u>" means, with respect to the April 2030 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

"<u>Record Date</u>" means, for any Transfer Date, the last day of the preceding Monthly Period.

"<u>Required Accumulation Reserve sub</u><u>-Account Amount</u>" means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.50% of the Outstanding Dollar Principal Amount of the Class C(2025-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; <u>provided</u>, <u>however</u>, that if such designation is of a lesser amount, the Rating Agency Condition shall be satisfied with respect to such change.

"<u>Servicer Interchange Rate</u>" means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for such Monthly Period.

"<u>Stated Principal Amount</u>" means $243,750,000.

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"<u>Weighted Average Interest Rates</u>" means, with respect to any Outstanding Notes of a class or tranche of the WFCardSeries, or of all of the Outstanding Notes of the WFCardSeries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest:

&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 a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche on that date;

&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 a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

Section 1.02. <u>Governing Law; Submission to Jurisdiction; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **THIS TERMS DOCUMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS TERMS DOCUMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.**

&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 TERMS DOCUMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS TERMS DOCUMENT; <u>PROVIDED</u>, 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. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE** 

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 **MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH <u>SECTION</u> <u>1.05</u> OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO AND THE NOTEHOLDERS BY ACCEPTING THEIR INTEREST IN THE NOTES 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 TERMS DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. NOTHING IN THIS <u>SECTION</u> <u>1.02</u> SHALL LIMIT THE RIGHTS OF ANY PERSON PURSUANT TO <u>SECTION</u> <u>2.10</u> OF THE TRANSFER AGREEMENT OR <u>SECTION</u> <u>6.03</u> OF THE RECEIVABLES PURCHASE AGREEMENT IN CONNECTION WITH A REQUEST RELATING TO THE REPURCHASE OF RECEIVABLES; PROVIDED, THAT, FOR THE AVOIDANCE OF DOUBT, THE PARTIES HERETO HEREBY AGREE NONE OF THE INDENTURE TRUSTEE OR THE NOTE REGISTRAR SHALL BE OBLIGATED TO ARBITRATE ANY MATTER REGARDING ITS RIGHTS, DUTIES, PRIVILEGES, INDEMNITIES, PROTECTIONS, IMMUNITIES AND BENEFITS.**

Section 1.03. <u>Counterparts</u>. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

Section 1.04. <u>Ratification of Indenture and Indenture Supplement</u>. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

Section 1.05. <u>Concerning the Owner Trustee</u><u>.</u> This Terms Document is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, and (i) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the

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Owner Trustee but is made and intended for the purpose of binding only the Issuer, (ii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iii) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents.

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**ARTICLE II** 

The Class C(2025-1) Notes

Section 2.01. <u>Creation and Designation</u>. There is hereby created a tranche of WFCardSeries Class C Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the "<u>WFCardSeries</u> <u>Class</u> <u>C(2025-1) Notes.</u>"

Section 2.02. <u>Specification of Required Subordinated Amount, Adjustments Thereto</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) For the Class C(2025-1) Notes for any date of determination, the "<u>Class</u> <u>C Required Subordinated Amount of Class</u> <u>D Notes</u>" will be an amount equal to the product of (x) the Adjusted Outstanding Dollar Principal Amount of the Class C(2025-1) Notes on such date, times (y) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a fraction, the numerator of which is the sum of the aggregate Class B Required Subordinated Amount of
Class D Notes for all tranches of Class B Notes which are Outstanding on that date and the aggregate Class A Required Subordinated Amount of Class D Notes for all tranches of Class A Notes which are Outstanding on that date
for which the Class A Required Subordinated Amount of Class B Notes is equal to zero and the denominator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class C Notes (including the Class C(2025-1) Notes) which are Outstanding on that date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 3.62694%;<sup></sup> *times* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a fraction, the numerator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all
tranches of Class C Notes (including the Class C(2025-1) Notes) which are Outstanding on that date minus the sum of the aggregate Class B Required Subordinated Amount of Class C Notes for
all tranches of Class B Notes which are Outstanding on that date and the aggregate Class A Required Subordinated Amount of Class C Notes for all tranches of Class A Notes which are Outstanding on that date for which the
Class A Required Subordinated Amount of Class B Notes is equal to zero, and the denominator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class C Notes (including the Class

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C(2025-1) Notes) which are Outstanding on that 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;(ii) If an Early Redemption Event with respect to the Class C(2025-1) Notes shall have occurred, if an Event of Default and acceleration of the Class C(2025-1) Notes shall have occurred or if the Class C Usage of the Class D Required Subordinated Amount for the Class C(2025-1) Notes is greater than zero, on any date of determination following any such event, the Class C Required Subordinated Amount of Class D Notes for the Class C(2025-1) Notes shall be the greater of (x) the amount determined pursuant to <u>subsection</u> <u>2.02(a)(i)</u> on such date of determination and (y) the amount determined pursuant to <u>subsection</u> <u>2.02(a)(i)</u> as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class C Usage of Class D Required Subordinated Amount exceeded zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer may increase the percentage set forth in clause (a)(i)(y)(B)(1) above for the Class C(2025-1) Notes without the consent of any Noteholder or any Note Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer may change the definition of the Class C Required Subordinated Amount of Class D Notes with respect to the Class C(2025-1) Notes without the consent of any Noteholder so long as the Issuer has (i) satisfied the Rating Agency Condition with respect to the change in such definition and (ii) delivered to the Indenture Trustee and the Note Rating Agencies an Issuer Tax Opinion.

Section 2.03. <u>Interest Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class C(2025-1) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate *times* (ii) the Outstanding Dollar Principal Amount of the Class C(2025-1) Notes determined as of the Record Date preceding the related Transfer Date; <u>provided</u>, <u>however</u>, that for the first Interest Payment Date the amount of interest due is $693,468.75. Interest on the Class C(2025-1) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to <u>Section</u> <u>4.03</u> of the Indenture Supplement, on each Transfer Date, the Issuer shall cause to be deposited into the Class C(2025-1) Interest Funding sub-Account the portion of WFCardSeries Available Funds allocable to the Class C(2025-1) Notes.

Section 2.04. <u>[Reserved].</u>

Section 2.05. <u>Payments of Interest and Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any installment of interest or principal, if any, payable on any Class C(2025-1) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Indenture Trustee to the Person in whose name such Class C(2025-1) Note (or one or more

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Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person's account as has been designated by written instructions received by the Indenture Trustee from such Person not later than the close of business on the third Business Day preceding the date of payment, except that with respect to Notes registered on the Record Date in the name of Cede & Co., the nominee of DTC, payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right of the Class C(2025-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class C(2025-1) Termination Date.

Section 2.06. <u>Targeted Deposit to the Class</u> <u>C Reserve Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The deposit targeted to be made to the Class C Reserve sub-Account for the Class C(2025-1) Notes for any Transfer Date will be an amount equal to (i) the product of (A) the Class C Reserve Account Percentage for that Transfer Date times (B) the sum of the Initial Outstanding Dollar Principal Amounts of each tranche of Outstanding WFCardSeries Notes as of the last day of the preceding Monthly Period times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2025-1) Notes as of the close of business on the last day of the preceding Monthly Period and the denominator of which is the Nominal Liquidation Amount of all Class C Notes in the WFCardSeries as of the close of business on the last day of the preceding Monthly Period, minus (ii) the amount credited to the Class C Reserve sub-Account for the Class C(2025-1) Notes immediately prior to such targeted deposit; <u>provided</u>, however, that if an Early Redemption Event or Event of Default occurs with respect to the Class C(2025-1) Notes, the deposit targeted will be the Adjusted Outstanding Dollar Principal Amount of the Class C(2025-1) Notes minus the amount then credited to such sub-Account.

Section 2.07. <u>Form of Delivery of Class</u> <u>C(2025-1) Notes; Depository; Denominations; Private Placement of Class</u> <u>C(2025-1) Notes; Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Class C(2025-1) Notes shall be delivered in the form of a global Registered Note as provided in <u>Sections</u> <u>2.02</u> and <u>3.01(i)</u> of the Indenture, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depository for the Class C(2025-1) Notes shall be The Depository Trust Company, and the Class C(2025-1) Notes shall initially be registered in the name of Cede & Co., its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Class C(2025-1) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Class C(2025-1) Notes have not been registered under the Securities Act or any state securities law. No transfer of any Class C(2025-1) Note or any interest therein shall be made except (1) in accordance with the terms of the applicable note purchase agreement and <u>subsection</u> <u>2.07(e)</u> and (2) to a Person who the transferring Class C(2025-1) Noteholder reasonably believes is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) in compliance with Rule 144A, or to an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or pursuant to another exemption available under the Securities Act to a transferee that, prior to such transfer, shall have delivered to the Issuer and the Indenture Trustee an opinion of counsel pursuant to <u>subsection</u> <u>2.07(e)</u>. The

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Class C(2025-1) Notes will bear a legend to the effect set forth in <u>Exhibit</u> <u>A-3</u> to the Indenture Supplement. None of the Transferor, the Issuer, the Note Registrar, the Owner Trustee or the Indenture Trustee is obligated to register the transfer of the Class C(2025-1) Notes under the Securities Act or any other securities or "blue sky" laws or to take any other action not otherwise required under the applicable note purchase agreement, the Indenture Supplement or the Indenture to permit the transfer of the Class C(2025-1) Notes without the registration of the transfer of such Class C(2025-1) Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Class C(2025-1) Noteholders may, at any time, without the consent of any Noteholder or any Note Rating Agency (but not without the prior written consent of the Issuer and prior notice to each Note Rating Agency) sell or transfer all or a portion of the Class C(2025-1) Notes. Pursuant to subsection 16.05(a) of the Indenture, any transfer of the Class C(2025-1) Notes shall be subject to delivery to the Indenture Trustee of either (i) an Issuer Tax Opinion with respect to such transfer or (ii) an Opinion of Counsel to the effect that such Notes will be debt for United States federal income tax purposes.

Section 2.08. <u>Delivery and Payment for the Class</u> <u>C(2025-1) Notes</u>. The Issuer shall execute and deliver the Class C(2025-1) Notes to the Note Registrar for authentication, and the Note Registrar shall deliver the Class C(2025-1) Notes when authenticated, each in accordance with <u>Section</u> <u>3.03</u> of the Indenture.

Section 2.09. <u>Targeted Deposits to the Accumulation Reserve sub-Account</u>. The deposit targeted to be made to the Accumulation Reserve sub-Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the amount, if any, by which the Required Accumulation Reserve sub-Account Amount exceeds the amount then on deposit in the Accumulation Reserve sub-Account (after giving effect to any withdrawals of amounts on deposit in such Accumulation Reserve sub-Account that are to occur on the related Transfer Date).

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**ARTICLE III** 

Representations and Warranties

Section 3.01. <u>Issuer</u><u>'</u><u>s Representations and Warranties</u>. The Issuer makes the following representations and warranties as to the Pledged Collateral on which the Indenture Trustee is deemed to have relied in acquiring the Pledged Collateral. Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms Document. Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Rating Agency Condition has been satisfied with respect to such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture creates a valid and continuing security interest (as defined in the New York UCC) in the Pledged Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Pledged Collateral constitutes "accounts" within the meaning of the New York UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the time of each grant of a security interest in the Pledged Collateral to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to such Pledged Collateral free and clear of any lien, claim or encumbrance of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Pledged Collateral granted to the Indenture Trustee pursuant to the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Pledged Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of the Pledged Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer.

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IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

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| | |
|:---|:---|
| WF CARD ISSUANCE TRUST, | WF CARD ISSUANCE TRUST, |
|  | by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee |
| By: | /s/ Patrick A. Kanar |
|  | Name: Patrick A. Kanar |
|  | Title: Assistant Vice President |
|  U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as Indenture Trustee and as Note Registrar | U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as Indenture Trustee and as Note Registrar |
| By: | /s/ John Leurini |
|  | Name: John Leurini |
|  | Title: Vice President |
|  U.S. BANK NATIONAL ASSOCIATION, as Bank and not in its individual capacity | U.S. BANK NATIONAL ASSOCIATION, as Bank and not in its individual capacity |
| By: | /s/ John Leurini |
|  | Name: John Leurini |
|  | Title: Vice President |

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| | |
|:---|:---|
| Acknowledged and Accepted: | Acknowledged and Accepted: |
| WELLS FARGO BANK, NATIONAL ASSOCIATION, | WELLS FARGO BANK, NATIONAL ASSOCIATION, |
| as Servicer | as Servicer |
| By: | /s/ Kristine Kinzle |
| Name: Kristine Kinzle | Name: Kristine Kinzle |
| Title: Executive Director | Title: Executive Director |

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[Signature Page to the Class C(2025-1) Terms Document (Class C Notes)]

## Exhibit 4.16

**Exhibit 4.16** 

**EXECUTION VERSION** 

WF CARD ISSUANCE TRUST,

as Issuer,

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Indenture Trustee and as Note Registrar,

and

U.S. BANK NATIONAL ASSOCIATION,

as Bank

CLASS D(2025-1) TERMS DOCUMENT

dated as of May 27, 2025

to

WFCARDSERIES INDENTURE SUPPLEMENT

dated as of November 14, 2023

to

INDENTURE

dated as of November 14, 2023

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I Definitions and Other Provisions of General Application | ARTICLE I Definitions and Other Provisions of General Application | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.02. | GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.03. | Counterparts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.04. | Ratification of Indenture and Indenture Supplement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.05. | Concerning the Owner Trustee | 6 |
|  ARTICLE II The Class D(2025-1) Notes | ARTICLE II The Class D(2025-1) Notes | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01. | Creation and Designation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02. | Interest Payment. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03. | [Reserved]. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.04. | Payments of Interest and Principal. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.05. | Targeted Deposit to the Class D Reserve Account | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.06. | Form of Delivery of Class D(2025-1) Notes; Depository; Denominations; Private Placement of Class D(2025-1) Notes; Transfer Restrictions. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.07. | Delivery and Payment for the Class D(2025-1) Notes | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.08. | Targeted Deposits to the Accumulation Reserve sub-Account | 10 |
|  ARTICLE III Representations and Warranties | ARTICLE III Representations and Warranties | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01. | Issuer's Representations and Warranties | 11 |

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-i-

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THIS CLASS D(2025-1) TERMS DOCUMENT (this "<u>Terms Document</u>"), by and among WF CARD ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware, as issuer (the "<u>Issuer</u>"), having its principal office at c/o Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as owner trustee (the "<u>Owner Trustee</u>"), 1100 North Market Street, Wilmington, Delaware 19890, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America ("<u>U.S. Bank Trust Co.</u>"), not in its individual capacity but solely in its capacity as indenture trustee (in such capacity, the "<u>Indenture Trustee</u>") and as note registrar (in such capacity, the "<u>Note Registrar</u>"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as bank (the "<u>Bank</u>"), is made and entered into as of May 27, 2025.

Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class D Notes and shall specify the principal terms thereof.

**ARTICLE I** 

Definitions and Other Provisions of General Application

Section 1.01. <u>Definitions</u>. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms defined in this Article have the meanings assigned to them in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other terms used herein which are defined in the WFCardSeries Indenture Supplement, dated as of November 14, 2023 (as modified, amended or supplemented from time to time, the "<u>Indenture Supplement</u>"), among the Issuer, U.S. Bank Trust Co., as Indenture Trustee and Note Registrar, and the Bank, or the Indenture, dated as of November 14, 2023 (as modified, amended or supplemented from time to time, the "<u>Indenture</u>"), among the Issuer, U.S. Bank Trust Co., not in its individual capacity but solely in its capacity as Indenture Trustee and Note Registrar, and the Bank, as acknowledged and accepted by Wells Fargo Bank, National Association, as Servicer, either directly or by reference therein, have the meanings assigned to them therein. All terms defined or included by reference in this Terms Document shall have such defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used herein and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined herein, and accounting terms partially defined herein to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles or regulatory accounting principles, as applicable. To the extent that the definitions of accounting terms herein are inconsistent with the meanings of such terms under generally accepted accounting principles or regulatory accounting principles, the definitions contained herein shall control. The term "generally accepted accounting principles" with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation.

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&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 Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; and Section, subsection, Schedule and Exhibit references contained in this Terms Document are references to Sections, subsections, Schedules and Exhibits in or to this Terms Document unless otherwise specified. The term "including" and words of similar import will be deemed to be followed by "without limitation." The canon of *ejusdem generis* may be applied only in the context of this Terms Document's purpose and not merely in the context of a particular phrase.

&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 any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A reference to any law is to that law as amended or supplemented to the applicable time. A reference to any agreement, document, policy, or procedure is to that agreement, document, policy, or procedure as amended or supplemented to the applicable time. A reference to any Person includes that Person's successors and permitted assigns. Wherever from the context it appears appropriate, each term defined in either the singular or the plural form incorporates both the singular and the plural form of such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each capitalized term defined herein shall relate only to the Class D(2025-1) Notes and no other tranche of Notes issued by the Issuer.

"<u>Accumulation Reserve Funding Period</u>" shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class D(2025-1) Notes pursuant to subsection 4.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the April 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the October 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the December 2030 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class D(2025-1) Notes and (ii) the date on which the Class D(2025-1) Notes are paid in full.

"<u>Base Rate</u>" means, with respect to any Monthly Period, the sum of (a) the Weighted Average Interest Rates for the Outstanding WFCardSeries Notes, (b) the WFCardSeries

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Net Servicing Fee Rate and (c) so long as WFBNA is the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period.

"<u>Class</u> <u>D Reserve Account Percentage</u>" means, with respect to any Transfer Date, (i) zero, if the Quarterly Excess Available Funds Percentage on such Transfer Date is greater than or equal to 4.50%, (ii) 1.25%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 4.50% and greater than or equal to 4.00%, (iii) 2.00%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 4.00% and greater than or equal to 3.50%, (iv) 2.75%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 3.50% and greater than or equal to 3.00%, (v) 3.50%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 3.00% and greater than or equal to 2.50%, (vi) 4.50%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 2.50% and greater than or equal to 2.00%, and (vii) 6.00%, if the Quarterly Excess Available Funds Percentage on such Transfer Date is less than 2.00%.

"<u>Class</u> <u>D(2025-1) Note</u>" means any Note, substantially in the form set forth in <u>Exhibit</u> <u>A</u><u>-4</u> to the Indenture Supplement, designated therein as a Class D(2025-1) Note and duly executed and authenticated in accordance with the Indenture.

"<u>Class</u> <u>D(2025-1) Noteholder</u>" means a Person in whose name a Class D(2025-1) Note is registered in the Note Register.

"<u>Class</u> <u>D(2025-1) Termination Date</u>" means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class D(2025-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

"<u>Controlled Accumulation Amount</u>" means $10,937,500.00; <u>provided</u>, <u>however</u>, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to <u>subsection</u> <u>4.10(b)(ii)</u> of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of "Controlled Accumulation Amount" in the Indenture Supplement.

"<u>Excess Available Funds Percentage</u>" means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

"<u>Expected Principal Payment Date</u>" means May 17, 2032.

"<u>Initial Dollar Principal Amount</u>" means $131,250,000.

"<u>Interest Payment Date</u>" means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing June 16, 2025.

"<u>Issuance Date</u>" means May 27, 2025.

"<u>Legal Maturity Date</u>" means May 15, 2034.

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"<u>Note Interest Rate</u>" means a per annum rate equal to 7.15%.

"<u>Pledged Collateral</u>" means the Receivables pledged to the Indenture Trustee under the Indenture.

"<u>Portfolio Yield</u>" means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of WFCardSeries Available Funds allocated to the WFCardSeries pursuant to <u>subsection</u> <u>3.01(a)(i)</u> and <u>Section</u> <u>3.02</u> of the Indenture Supplement, plus (b) any amounts to be treated as WFCardSeries Available Funds pursuant to <u>subsections</u> <u>4.20(d)</u> and <u>4.29(a)</u> of the Indenture Supplement, plus (c) any Interest Funding sub-Account Earnings on the related Transfer Date, minus (d) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as WFCardSeries Available Funds for such Monthly Period pursuant to <u>subsections</u> <u>4.04(a)(ii)</u> and <u>4.27(a)</u> of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of WFCardSeries Notes for such Monthly Period, minus (e) the WFCardSeries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the WFCardSeries for such Monthly Period.

"<u>Predecessor Note</u>" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under <u>Section</u> <u>3.06</u> of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

"<u>Quarterly Excess Available Funds Percentage</u>" means, with respect to the April 2030 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

"<u>Record Date</u>" means, for any Transfer Date, the last day of the preceding Monthly Period.

"<u>Required Accumulation Reserve sub</u><u>-Account Amount</u>" means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.50% of the Outstanding Dollar Principal Amount of the Class D(2025-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; <u>provided</u>, <u>however</u>, that if such designation is of a lesser amount, the Rating Agency Condition shall be satisfied with respect to such change.

"<u>Servicer Interchange Rate</u>" means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for such Monthly Period.

"<u>Stated Principal Amount</u>" means $131,250,000.

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"<u>Weighted Average Interest Rates</u>" means, with respect to any Outstanding Notes of a class or tranche of the WFCardSeries, or of all of the Outstanding Notes of the WFCardSeries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest:

&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 a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche on that date;

&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 a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

Section 1.02. <u>GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **THIS TERMS DOCUMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS TERMS DOCUMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.**

&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 TERMS DOCUMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS TERMS DOCUMENT; <u>PROVIDED</u>, 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. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT**

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**SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH <u>SECTION</u> <u>1.05</u> OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO AND THE NOTEHOLDERS BY ACCEPTING THEIR INTEREST IN THE NOTES 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 TERMS DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. NOTHING IN THIS <u>SECTION</u> <u>1.02</u> SHALL LIMIT THE RIGHTS OF ANY PERSON PURSUANT TO <u>SECTION</u> <u>2.10</u> OF THE TRANSFER AGREEMENT OR <u>SECTION</u> <u>6.03</u> OF THE RECEIVABLES PURCHASE AGREEMENT IN CONNECTION WITH A REQUEST RELATING TO THE REPURCHASE OF RECEIVABLES; PROVIDED, THAT, FOR THE AVOIDANCE OF DOUBT, THE PARTIES HERETO HEREBY AGREE NONE OF THE INDENTURE TRUSTEE OR THE NOTE REGISTRAR SHALL BE OBLIGATED TO ARBITRATE ANY MATTER REGARDING ITS RIGHTS, DUTIES, PRIVILEGES, INDEMNITIES, PROTECTIONS, IMMUNITIES AND BENEFITS.**

Section 1.03. <u>Counterparts</u>. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

Section 1.04. <u>Ratification of Indenture and Indenture Supplement</u>. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

Section 1.05. <u>Concerning the Owner Trustee</u>. This Terms Document is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, and (i) each of the representations, undertakings and agreements herein made on the part of the

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Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (ii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iii) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents.

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**ARTICLE II** 

The Class D(2025-1) Notes

Section 2.01. <u>Creation and Designation</u>. There is hereby created a tranche of WFCardSeries Class D Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the "<u>WFCardSeries</u> <u>Class</u> <u>D(2025-1) Notes</u>."

Section 2.02. <u>Interest Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class D(2025-1) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate *times* (ii) the Outstanding Dollar Principal Amount of the Class D(2025-1) Notes determined as of the Record Date preceding the related Transfer Date; <u>provided</u>, <u>however</u>, that for the first Interest Payment Date the amount of interest due is $469,218.75. Interest on the Class D(2025-1) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to <u>Section</u> <u>4.03</u> of the Indenture Supplement, on each Transfer Date, the Issuer shall cause to be deposited into the Class D(2025-1) Interest Funding sub-Account the portion of WFCardSeries Available Funds allocable to the Class D(2025-1) Notes.

Section 2.03. <u>[Reserved]</u>.

Section 2.04. <u>Payments of Interest and Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any installment of interest or principal, if any, payable on any Class D(2025-1) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Indenture Trustee to the Person in whose name such Class D(2025-1) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person's account as has been designated by written instructions received by the Indenture Trustee from such Person not later than the close of business on the third Business Day preceding the date of payment, except that with respect to Notes registered on the Record Date in the name of Cede & Co., the nominee of DTC, payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right of the Class D(2025-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class D(2025-1) Termination Date.

Section 2.05. <u>Targeted Deposit to the Class</u> <u>D Reserve Account</u>. (a) The deposit targeted to be made to the Class D Reserve sub-Account for the Class D(2025-1) Notes for any Transfer Date will be an amount equal to (i) the product of (A) the Class D Reserve Account Percentage for that Transfer Date times (B) the sum of the Initial Outstanding Dollar Principal Amounts of each tranche of Outstanding WFCardSeries Notes as of the last day of the preceding Monthly Period times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class D(2025-1) Notes as of the close of business on the last day of the preceding Monthly Period and the denominator of which is the Nominal Liquidation Amount of all Class D Notes in the

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WFCardSeries as of the close of business on the last day of the preceding Monthly Period, minus (ii) the amount credited to the Class D Reserve sub-Account for the Class D(2025-1) Notes immediately prior to such targeted deposit; provided, however, that if an Early Redemption Event or Event of Default occurs with respect to the Class D(2025-1) Notes, the deposit targeted will be the Adjusted Outstanding Dollar Principal Amount of the Class D(2025-1) Notes minus the amount then credited to such sub-Account.

Section 2.06. <u>Form of Delivery of Class</u> <u>D(2025-1) Notes; Depository; Denominations; Private Placement of Class</u> <u>D(2025-1) Notes; Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Class D(2025-1) Notes shall be delivered in the form of a global Registered Note as provided in <u>Sections</u> <u>2.02</u> and <u>3.01(i)</u> of the Indenture, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depository for the Class D(2025-1) Notes shall be The Depository Trust Company, and the Class D(2025-1) Notes shall initially be registered in the name of Cede & Co., its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Class D(2025-1) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Class D(2025-1) Notes have not been registered under the Securities Act or any state securities law. No transfer of any Class D(2025-1) Note or any interest therein shall be made except (1) in accordance with the terms of the applicable note purchase agreement and <u>subsection</u> <u>2.06(e)</u> and (2) to a Person who the transferring Class D(2025-1) Noteholder reasonably believes is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) in compliance with Rule 144A, or to an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or pursuant to another exemption available under the Securities Act to a transferee that, prior to such transfer, shall have delivered to the Issuer and the Indenture Trustee an opinion of counsel pursuant to <u>subsection</u> <u>2.06(e)</u>. The Class D(2025-1) Notes will bear a legend to the effect set forth in Exhibit A-4 to the Indenture Supplement. None of the Transferor, the Issuer, the Note Registrar, the Owner Trustee or the Indenture Trustee is obligated to register the transfer of the Class D(2025-1) Notes under the Securities Act or any other securities or "blue sky" laws or to take any other action not otherwise required under the applicable note purchase agreement, the Indenture Supplement or the Indenture to permit the transfer of the Class D(2025-1) Notes without the registration of the transfer of such Class D(2025-1) Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Class D(2025-1) Noteholders may, at any time, without the consent of any Noteholder or any Note Rating Agency (but not without the prior written consent of the Issuer and prior notice to each Note Rating Agency) sell or transfer all or a portion of the Class D(2025-1) Notes. Pursuant to subsection 16.05(a) of the Indenture, any transfer of the Class D(2025-1) Notes shall be subject to delivery to the Indenture Trustee of either (i) an Issuer Tax Opinion with respect to such transfer or (ii) an Opinion of Counsel to the effect that such Notes will be debt for United States federal income tax purposes.

Section 2.07. <u>Delivery and Payment for the Class</u> <u>D(2025-1) Notes</u>. The Issuer shall execute and deliver the Class D(2025-1) Notes to the Note Registrar for authentication, and the

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Note Registrar shall deliver the Class D(2025-1) Notes when authenticated, each in accordance with <u>Section</u> <u>3.03</u> of the Indenture.

Section 2.08. <u>Targeted Deposits to the Accumulation Reserve sub-Account</u>. The deposit targeted to be made to the Accumulation Reserve sub-Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the amount, if any, by which the Required Accumulation Reserve sub-Account Amount exceeds the amount then on deposit in the Accumulation Reserve sub-Account (after giving effect to any withdrawals of amounts on deposit in such Accumulation Reserve sub-Account that are to occur on the related Transfer Date.

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**ARTICLE III** 

Representations and Warranties

Section 3.01. <u>Issuer</u><u>'</u><u>s Representations and Warranties</u>. The Issuer makes the following representations and warranties as to the Pledged Collateral on which the Indenture Trustee is deemed to have relied in acquiring the Pledged Collateral. Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms Document. Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Rating Agency Condition has been satisfied with respect to such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture creates a valid and continuing security interest (as defined in the New York UCC) in the Pledged Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Pledged Collateral constitutes "accounts" within the meaning of the New York UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the time of each grant of a security interest in the Pledged Collateral to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to such Pledged Collateral free and clear of any lien, claim or encumbrance of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Pledged Collateral granted to the Indenture Trustee pursuant to the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Pledged Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of the Pledged Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer.

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IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

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| | |
|:---|:---|
| WF CARD ISSUANCE TRUST, | WF CARD ISSUANCE TRUST, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee |
| By: | /s/ Patrick A. Kanar |
|  | Name: Patrick A. Kanar |
|  | Title: Assistant Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK TRUST COMPANY, NATIONAL<br> ASSOCIATION, not in its individual capacity but solely in its capacity as Indenture Trustee and as Note Registrar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK TRUST COMPANY, NATIONAL<br> ASSOCIATION, not in its individual capacity but solely in its capacity as Indenture Trustee and as Note Registrar |
| By: | /s/ John Leurini |
|  | Name: John Leurini |
|  | Title: Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK NATIONAL ASSOCIATION, as Bank<br> and not in its individual capacity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK NATIONAL ASSOCIATION, as Bank<br> and not in its individual capacity |
| By: | /s/ John Leurini |
|  | Name: John Leurini |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| Acknowledged and Accepted: | Acknowledged and Accepted: |
| WELLS FARGO BANK, NATIONAL ASSOCIATION, | WELLS FARGO BANK, NATIONAL ASSOCIATION, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as Servicer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as Servicer |
| By: | /s/ Kristine Kinzle |
| Name: Kristine Kinzle<br> Title: Executive Director | Name: Kristine Kinzle<br> Title: Executive Director |
| Name: Kristine Kinzle<br> Title: Executive Director | Name: Kristine Kinzle<br> Title: Executive Director |

---

[Signature Page to the Class D(2025-1) Terms Document (Class D Notes)]

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION PURSUANT TO RULE 13a-14(d)/15d-14(d)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

I, Kristine Kinzle, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of WF Card Issuance Trust (the "Exchange Act periodic reports");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, all of the distribution, servicing and other information required to be provided under
Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on my knowledge and the servicer compliance statement required in this report under Item 1123 of
Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their
related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in
such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: U.S. Bank National Association and U.S. Bank Trust Company, National Association.

Date: March 25, 2026

---

| | |
|:---|:---|
| By: | /s/ Kristine Kinzle |
| Name: Kristine Kinzle | Name: Kristine Kinzle |
| Title: President & CEO | Title: President & CEO |
| (senior officer in charge of securitization of WF Card Funding, LLC) | (senior officer in charge of securitization of WF Card Funding, LLC) |

---

## Exhibit 33.1

**EXHIBIT 33.1** 

**REPORT ON ASSESSMENT OF** 

**COMPLIANCE WITH THE SERVICING CRITERIA FOR** 

**WELLS FARGO BANK, NATIONAL ASSOCIATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Wells Fargo Bank, National Association (the "Asserting Party"), is responsible for assessing
compliance, as of and for the period from January 1, 2025 through December 31, 2025, with the servicing criteria applicable to the Asserting Party under paragraph (d) of Item 1122 of Regulation AB, as set forth in Appendix A hereto
(such servicing criteria, excluding the criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix A hereto, the "Applicable Servicing Criteria"). The transactions covered by this report include all
asset-backed securities transactions backed by credit card receivables issued by WF Card Issuance Trust, for which transactions the Asserting Party acted as servicer, that were registered with the Securities and Exchange Commission pursuant to the
Securities Act of 1933, as amended, where the related asset-backed securities were outstanding during the period from January 1, 2025 through December 31, 2025 (the "Platform"), as listed in Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Asserting Party has engaged a vendor ("Vendor"), which is not considered a
"servicer" as defined in Item 1101(j) of Regulation AB, to perform specific, limited or scripted activities, and the Asserting Party elects to take responsibility for assessing compliance with the servicing criteria or portion of the
servicing criteria applicable to such Vendor's activities as set forth in Appendix A hereto. The Asserting Party has policies and procedures in place designed to provide reasonable assurance that the Vendor's activities comply in all
material respects with the servicing criteria applicable to the Vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as set forth in paragraph 4 below, the Asserting Party used the criteria set forth in paragraph
(d) of Item 1122 of Regulation AB to assess the compliance by the Asserting Party with the Applicable Servicing Criteria, as of and for the period from January 1, 2025 through December 31, 2025, with respect to the Platform taken as a
whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix A hereto are
inapplicable to the Asserting Party based on the activities it performs with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Asserting Party has complied, in all material respects, with the Applicable Servicing Criteria, as of and
for the period from January 1, 2025 through December 31, 2025, with respect to the Platform taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Asserting Party has not identified and is not aware of any material instance of noncompliance by the Vendor
with the Applicable Servicing Criteria, as of and for the period from January 1, 2025 through December 31, 2025, with respect to the Platform taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Asserting Party has not identified any material deficiency in its policies and procedures to monitor the
compliance by the Vendor with the Applicable Servicing Criteria, as of and for the period from January 1, 2025 through December 31, 2025, with respect to the Platform taken as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. KPMG LLP, an independent registered public accounting firm, has issued an attestation report for the Platform
on the Asserting Party's assessment of compliance with the Applicable Servicing Criteria, as of and for the period from January 1, 2025 through December 31, 2025.

March 25, 2026

Wells Fargo Bank, National Association

---

| | |
|:---|:---|
| By: | /s/ Kristine Kinzle |
|  | Kristine Kinzle |
|  | Executive Director |

---

------

**APPENDIX A** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;&nbsp;**Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable**<br> **Servicing**<br> **Criteria** |
| &nbsp;&nbsp;&nbsp;**Reference** | **Criteria** | **Performed<br>Directly by<br>Asserting<br>Party** | |
|  | **General Servicing Considerations** |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X X<sup>1</sup> |  |
|  | **Cash Collection and Administration** |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X X<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to | X |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Servicing Criteria** | &nbsp;&nbsp;&nbsp; **Servicing Criteria** | **Applicable Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable**<br> **Servicing**<br> **Criteria** |
| &nbsp;&nbsp;&nbsp; **Reference** | **Criteria** | **Performed<br>Directly by<br>Asserting<br>Party** | **Performed by<br>Vendor(s) for<br>which Asserting<br>Party is the<br>Responsible**<br> **Party** | |
|  | commingling of cash) as set forth in the transaction agreements. |  |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act. | X |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |  |
|  | **Investor Remittances and Reporting** |  |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | X |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's |  |  | X |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Servicing Criteria** | &nbsp;&nbsp;&nbsp; **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable**<br> **Servicing**<br> **Criteria** |
| &nbsp;&nbsp;&nbsp; **Reference** | **Criteria** | **Performed<br>Directly by<br>Asserting<br>Party** | |
|  | investor records, or such other number of days specified in the transaction agreements. |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |
|  | **Pool Asset Administration** |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | X X<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction | X |  |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Servicing Criteria** | &nbsp;&nbsp;&nbsp; **Servicing Criteria** | **Applicable Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable**<br> **Servicing**<br> **Criteria** |
| &nbsp;&nbsp;&nbsp; **Reference** | **Criteria** | **Performed<br>Directly by<br>Asserting<br>Party** | **Performed by<br>Vendor(s) for<br>which Asserting<br>Party is the<br>Responsible**<br> **Party** | |
|  | agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | X |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X |  |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or | X<sup>3</sup> |  |  |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Servicing Criteria** | &nbsp;&nbsp;&nbsp; **Servicing Criteria** | **Applicable Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable**<br> **Servicing**<br> **Criteria** |
| &nbsp;&nbsp;&nbsp; **Reference** | **Criteria** | **Performed<br>Directly by<br>Asserting<br>Party** | **Performed by<br>Vendor(s) for<br>which Asserting<br>Party is the<br>Responsible**<br> **Party** | |
|  | Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  |  |  |

---

<sup>1</sup> Wells Fargo Bank, National Association ("WFBNA") is responsible for the processing of collections received with respect to the credit card receivables held by WF Card Issuance Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WFBNA has engaged one vendor—Fiserv Inc. ("Fiserv") – as a technology provider for the
consumer credit card processing platform/system of record and obligor payment processor. Fiserv aggregated and conveyed data, performed payment processing, transaction processing, clearing and settlement, and posting and billing service activities
addressed by criteria 1122(d)(1)(v), 1122(d)(2)(i) and 1122(d)(4)(iv) during the period from January 1, 2025 through December 31, 2025.

<sup>2</sup> There were no additions, removals, or substitutes to the asset pool during the period from January 1, 2025 through December 31, 2025. As such, there were no activities performed during the period from January 1, 2025 through December 31, 2025 with respect to the Platform because there were no occurrences of events that would require WFBNA to perform such activities. 

<sup>3</sup> There were no external enhancements or other support requiring maintenance during the period from January 1, 2025 through December 31, 2025. As such, there were no activities performed during the period from January 1, 2025 through December 31, 2025 with respect to the Platform because there were no occurrences of events that would require WFBNA to perform such activities. 

**APPENDIX B** 

Outstanding WFCardSeries Tranches of Notes in the Platform

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Tranche of Notes** | **Date of Applicable**<br> **Indenture Supplement** | **Issuance Date** |
| &nbsp;&nbsp;&nbsp;WFCardSeries Class A(2024-1) | November 14, 2023 | March 1, 2024 |
| &nbsp;&nbsp;&nbsp;WFCardSeries Class A(2024-2) | November 14, 2023 | October 24, 2024 |
| &nbsp;&nbsp;&nbsp;WFCardSeries Class A(2025-1) | November 14, 2023 | June 10, 2025 |

---

## Exhibit 33.2

**Exhibit 33.2** 

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025, with the servicing criteria set forth in Item 1122 (d) of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the **U.S. Bank Corporate Trust Asset-Backed Securities Platform**<sup>1</sup> **(the "Platform")**

U.S. Bank hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable to it as noted on
the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as set forth in paragraph 3 below, U.S. Bank used the criteria set forth in paragraph (d) of Item
1122 of Regulation AB to assess its compliance with the applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The criteria listed in the column titled "Inapplicable Servicing Criteria" on Exhibit A hereto are
inapplicable to U.S. Bank based on the servicing activities it performs directly with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of and for the year
ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Ernst & Young, LLP, a registered public accounting firm, has issued an attestation report on U.S.
Bank's assessment of compliance with the applicable servicing criteria as of and for the year ended December 31, 2025.

<sup>1</sup> The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides trustee, securities administration, registrar and paying agent services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended. 

Corporate Trust ABS Platform (A) 1

------

---

| |
|:---|
| U.S. BANK NATIONAL ASSOCIATION |
| /s/ Joe Nardi |
| Name: Joe Nardi |
| Title: Executive Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| /s/ Joe Nardi |
| Name: Joe Nardi |
| Title: Executive Vice President |
| Dated: February 26, 2026 |

---

Corporate Trust ABS Platform (A) 2

------

**EXHIBIT A to Management's Assertion** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reference** | **Servicing Criteria** | **Applicable<br>Servicing**<br> **Criteria** | **Inapplicable**<br> **Servicing Criteria** |
| &nbsp;&nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;&nbsp;**<u>General Servicing Considerations</u>** |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | X<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;&nbsp;**<u>Cash Collection and Administration</u>** |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X<sup>4</sup> |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. | X |  |

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<sup>2</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>3</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>4</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

Corporate Trust ABS Platform (A) 3

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reference** | **Servicing Criteria** | **Applicable<br>Servicing**<br> **Criteria** | **Inapplicable**<br> **Servicing**<br> **Criteria** |
| &nbsp;&nbsp;&nbsp;1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |
| &nbsp;&nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;&nbsp;**<u>Pool Asset Administration</u>** |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X |  |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. |  | X |

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Corporate Trust ABS Platform (A) 4

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reference** | **Servicing Criteria** | **Applicable<br>Servicing**<br> **Criteria** | **Inapplicable**<br> **Servicing Criteria** |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  | X |
| &nbsp;&nbsp;&nbsp;1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | X |  |

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Corporate Trust ABS Platform (A) 5

## Exhibit 34.1

**Exhibit 34.1** 

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| | |
|:---|:---|
| ![LOGO](g111263g0321103612633.jpg) | <br>KPMG LLP<br> Suite 1000<br> 620 S. Tryon Street<br> Charlotte, North Carolina 28202-1842 |

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**Report of Independent Registered Public Accounting Firm** 

The Board of Directors

Wells Fargo Bank, National Association:

We have examined management of Wells Fargo Bank, National Association (the Company)'s assertion, included in the accompanying REPORT ON ASSESSMENT OF COMPLIANCE WITH THE SERVICING CRITERIA FOR WELLS FARGO BANK, NATIONAL ASSOCIATION, that the Company complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for all asset-backed securities transactions backed by credit card receivables issued by WF Card Issuance Trust, for which transactions the Company acted as servicer, that were registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, where the related asset-backed securities were outstanding during the period from January 1, 2025 through December 31, 2025 (the Platform), except for servicing criteria 1122(d)(1)(iii), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(3)(iii), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii) and 1122(d)(4)(xiii), which the Company has determined are not applicable to the activities it performs with respect to the Platform (the Applicable Servicing Criteria), as of and for the period from January 1, 2025 through December 31, 2025. With respect to servicing criteria 1122(d)(4)(iii) and 1122(d)(4)(xv), the Company has determined that there were no activities performed during the period from January 1, 2025 through December 31, 2025 with respect to the Platform because there were no occurrences of events that would require the Company to perform such activities. Appendix B to management's REPORT ON ASSESSMENT OF COMPLIANCE WITH THE SERVICING CRITERIA FOR WELLS FARGO BANK, NATIONAL ASSOCIATION identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Company's compliance with the Applicable Servicing Criteria for the Platform. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the Applicable Servicing Criteria for the Platform based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Applicable Servicing Criteria for the Platform and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Applicable Servicing Criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Applicable Servicing Criteria for the Platform.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

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![LOGO](g111263g0321103612299.jpg)

As described in the accompanying REPORT ON ASSESSMENT OF COMPLIANCE WITH THE SERVICING CRITERIA FOR WELLS FARGO BANK, NATIONAL ASSOCIATION, for servicing criteria 1122(d)(1)(v), 1122(d)(2)(i) and 1122(d)(4)(iv), the Company has engaged a vendor to perform the activities required by these servicing criteria. The Company has determined that this vendor is not considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the applicable servicing criteria applicable to the vendor as permitted by the SEC's Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers (C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the servicing criteria applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related servicing criteria as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06.

In our opinion, management's assertion that the Company complied with the aforementioned Applicable Servicing Criteria for the Platform, including servicing criteria 1122(d)(1)(v), 1122(d)(2)(i) and 1122(d)(4)(iv) for which compliance is determined based on C&DI 200.06 as described above, as of and for the period from January 1, 2025 through December 31, 2025 is fairly stated, in all material respects.

Our opinion on management's assertion does not extend to any other information that accompanies or contains our report.

/s/ KPMG LLP

Charlotte, North Carolina

March 25, 2026

## Exhibit 34.2

**Exhibit 34.2**![LOGO](g111263g0321104615473.jpg)

**Report of Independent Registered Public Accounting Firm** 

The Board of Directors

U.S. Bank National Association and U.S. Bank Trust Company, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar and paying agent services, as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2025 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

![LOGO](g111263g0321104615134.jpg)

Minneapolis, Minnesota

February 26, 2026

## Exhibit 35.1

**Exhibit 35.1** 

**SERVICER COMPLIANCE STATEMENT** 

**Wells Fargo Bank, National Association** 

**WF Card Issuance Trust** 

The undersigned, a duly authorized officer of Wells Fargo Bank, National Association (the "Bank"), as Servicer pursuant to the Servicing Agreement, dated as of November 14, 2023 (as amended, supplemented, or otherwise modified from time to time, the "Servicing Agreement") by and between the Issuer, the Bank, as Servicer, and WF Card Funding, LLC, as Holder of the Transferor Interest, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Bank is Servicer under the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The undersigned is duly authorized as required pursuant to the Servicing Agreement to execute and deliver this
Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Certificate is delivered pursuant to Section 7.06 of the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A review of the activities of the Bank during the 12-month period ended
December 31, 2025 and of its performance under the Servicing Agreement was made under my supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To the best of my knowledge, based on such review, the Bank has fulfilled all of its obligations in all
material respects under the Servicing Agreement throughout the 12-month period ended December 31, 2025.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 25<sup>th</sup> day of March 2026.

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| | |
|:---|:---|
| By: | /s/ Kristine Kinzle |
|  | Name: Kristine Kinzle |
|  | Title: Executive Director |

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