Document:

Document

Exhibit 10.1

 2022 PEPSICO ANNUAL LONG-TERM INCENTIVE AWARD
 
PERFORMANCE STOCK UNITS / LONG-TERM CASH AWARD
TERMS AND CONDITIONS 
 
These Terms and Conditions (including the country-specific terms set forth in the attached Addendum), along with the 2022 PepsiCo Annual Long-Term Incentive Award Summary provided to the Participant (the “Award Summary”), and signed by the individual named on the Award Summary (the “Participant”), shall constitute an agreement (this “Agreement”), effective as of the “grant date” indicated on the Award Summary  (the “Grant Date”), by and between PepsiCo, Inc., a North Carolina corporation having its principal office at 700 Anderson Hill Road, Purchase, New York 10577 (“PepsiCo,” and with its divisions and direct and indirect subsidiaries, the “Company”), and the Participant. 
 
W I T N E S S E T H: 
 
WHEREAS, the Board of Directors and shareholders of PepsiCo have approved the PepsiCo, Inc. Long-Term Incentive Plan (the “Plan”), for the purposes and subject to the provisions set forth in the Plan; and 
 
WHEREAS, pursuant to the authority granted to it in the Plan, the Compensation Committee of the Board of Directors of PepsiCo (the “Committee”), at a meeting held on or prior to the Grant Date, duly authorized the grant to the Participant of PepsiCo performance stock units (“PSUs”) and a long-term cash award (“LTC Award”) each to be granted on the Grant Date and in the respective amounts set forth on the Award Summary; and 
 
WHEREAS, awards granted under the Plan are to be evidenced by an Agreement in such form and containing such terms and conditions as the Committee shall determine. 
 
NOW, THEREFORE, it is mutually agreed as follows: 
 
A. Terms and Conditions Applicable to PSUs. These terms and conditions shall apply with respect to the PSUs granted to the Participant as indicated on the Award Summary. 

1. Grant. In consideration of the Participant remaining in the employ of the Company and agreeing to be bound by the covenants of Paragraph C, PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, a target number of PSUs as indicated on the Award Summary.  
2. Vesting and Payment. PSUs may only vest while the Participant is actively employed by the Company.  Subject to Paragraphs A.3 and A.4 below, the PSUs earned in accordance with Paragraph A.3 shall vest on the “vesting date” as indicated on the Award Summary (the “PSU Vesting Date”) and be paid as soon as practicable after such date (the “PSU Payment Date”).  PSUs that become earned and payable shall be settled in shares of PepsiCo Common Stock, with the Participant receiving one share of PepsiCo Common Stock for each PSU earned.  No fractional shares shall be delivered under this Agreement, and so any fractional share that may be payable shall be rounded to the nearest whole share. Any amount that the Company may be required to withhold upon the settlement of PSUs and/or the payment of dividend equivalents (see Paragraph A.6 below) in respect of applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the time of the issuance of shares or payment of cash. The Company will withhold shares to satisfy the required withholding obligation related to the settlement of PSUs.
3. Earning and Forfeiture of PSUs.  The Participant can earn a specified number of PSUs with respect to the period which shall include the fiscal year in which the Grant Date occurs and the two fiscal years following such year (the “Performance Period”), determined based on the achievement of performance targets established by the Committee.  Any portion of the PSU Award that is not earned in accordance with this Paragraph A.3 shall be forfeited and cancelled.  Subject to the terms and conditions set forth herein, the PSU Award shall be earned as follows: 
1

(a) One-half of the PSU Award shall be earned based on and subject to the level of achievement with respect to a performance measure selected by the Committee for the Performance Period pursuant to the performance scale established by the Committee and communicated to the Participant.  The Committee shall determine and certify the results of the level of achievement of such performance measure.
(b) One-half of the PSU Award shall be earned based on and subject to the level of achievement with respect to a second performance measure selected by the Committee for the Performance Period pursuant to the performance scale established by the Committee and communicated to the Participant.  The Committee shall determine and certify the results of the level of achievement of such performance measure.
Notwithstanding the level of performance achieved with respect to the performance targets established under Paragraphs A.3(a) and (b) above, the Committee has the discretion to reduce the number of PSUs to be paid.  The Committee’s right to exercise this discretion with respect to the earned portion of the PSU Award shall continue until the date on which the PSUs are delivered to the Participant.  Except in the case of death or Total Disability, the portion of the PSU Award with respect to which a Participant has satisfied the performance criteria will be payable in one payment on the PSU Payment Date. Any PSUs that are not earned in accordance with this Paragraph A.3 shall be forfeited and cancelled.  
4. Effect of Termination of Employment, Retirement, Death and Total Disability. 
(a) Termination of Employment. PSUs may vest and become payable only while the Participant is actively employed by the Company. Thus, vesting ceases upon the termination of the Participant’s active employment with the Company. Subject to subparagraphs 4(b), 4(c) and 4(d), all unvested PSUs shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the Company terminates regardless of whether any such PSUs have previously been earned in accordance with Paragraph A.3 above.  An authorized severance leave of absence will not be treated as active employment, and, as a result, the vesting of PSUs will not be extended by any such period.
(b) Retirement Prior to Age 62. If the Participant’s employment terminates prior to the PSU Vesting Date by reason of the Participant’s Retirement prior to attaining at least age 62, then a whole number of the PSUs granted hereunder shall vest on the Participant’s last day of active employment with the Company, with such number determined in proportion to the Participant’s active service (measured in calendar days) during the period commencing on the Grant Date and ending on the PSU Vesting Date (the “PSU Vesting Period”). All PSUs that vest in accordance with the foregoing sentence shall remain subject to the earning and forfeiture provisions of Paragraph A.3 and shall be paid on the original PSU Payment Date.    
(c)  Retirement on or After Age 62. If the Participant’s employment terminates by reason of the Participant’s Retirement after attaining at least age 62, then the PSUs granted hereunder shall become fully vested on the Participant’s last day of active employment with the Company. All such vested PSUs shall remain subject to the earning and forfeiture provisions of Paragraph A.3 and shall be paid on the original PSU Payment Date.  
(d) Death or Total Disability. If the Participant’s employment terminates by reason of death or Total Disability, then the target number of PSUs set forth in the Award Summary shall become fully vested on the Participant’s last day of active employment with the Company (which, for purposes of Total Disability, means the effective date of Total Disability), and shall be paid as soon as practicable following the date of termination.  
(e) Transfers to a Related Entity. In the event the Participant transfers to a Related Entity and such transfer is arranged and approved by PepsiCo, the PSUs shall continue to vest (and their time of payment shall be determined) after such transfer by treating the Participant’s employment with the Related Entity as employment with the Company for purposes of this Agreement. All such PSUs shall remain subject to the vesting, earning and forfeiture provisions of Paragraphs A.2 and A.3 and shall be paid on the original PSU Payment Date. 
5. No Rights as Shareholder. The Participant shall have no rights as a holder of PepsiCo Common Stock with respect to the PSUs granted hereunder unless and until such PSUs have been settled in shares of PepsiCo Common Stock that have been registered in the Participant’s name as owner.  
2

6. Dividend Equivalents. During the PSU Vesting Period, the Participant shall accumulate dividend equivalents with respect to the PSUs, which dividend equivalents shall be paid in cash (without interest) to the Participant only if and when the applicable PSUs vest and become payable. Dividend equivalents shall equal the dividends actually paid with respect to PepsiCo Common Stock during the PSU Vesting Period while (and to the extent) the PSUs remain outstanding and unpaid.  For purposes of determining the dividend equivalents accumulated under this Paragraph A.6, any PSUs that become payable hereunder shall be considered to have been outstanding from the Grant Date.  Upon the forfeiture of PSUs, any accumulated dividend equivalents attributable to such PSUs shall also be forfeited.
B. Terms and Conditions Applicable to LTC Award. These terms and conditions shall apply with respect to the LTC Award granted to the Participant as indicated on the Award Summary. 

1. Grant. In consideration of the Participant remaining in the employ of the Company and agreeing to be bound by the covenants of Paragraph C, PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, an LTC Award in the target amount indicated on the Award Summary. 
2. Vesting and Payment.  The LTC Award may only vest while the Participant is actively employed by the Company.  Subject to Paragraphs B.3 and B.4 below, the LTC Award earned in accordance with Paragraph B.3 shall vest on the “vesting date” as indicated on the Award Summary (the “LTC Award Vesting Date”) and be paid in cash as soon as practicable after such date (the “LTC Payment Date”).  Any amount that the Company may be required to withhold upon the settlement of the LTC Award in respect of applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the time of payment. Unless the Participant makes other arrangements to satisfy this withholding obligation in accordance with procedures approved by the Company in its discretion, the Company will withhold a portion of the cash settlement amount of the LTC Award to satisfy any related required withholding obligation.
3. Earning and Forfeiture of LTC Award.

(a)The Participant can earn a specified percentage of the target amount of the LTC Award granted hereunder, equal to the product of (i) the target amount of the LTC Award set forth in the Award Summary, and (ii) the Relative TSR Performance Factor.  

(b) The Relative TSR Performance Factor shall be determined based on the percentile ranking of PepsiCo’s total shareholder return for the Performance Period relative to an index of peer companies selected by the Committee, calculated in accordance with the method established by the Committee and in accordance with a performance scale established by the Committee (“Relative TSR”).  The Relative TSR Performance Factor shall be rounded to the second decimal.  The Relative TSR Performance Factor for Relative TSR performance between the levels identified in the preceding sentence shall be determined by straight-line interpolation.   

(c) Notwithstanding the achievement of the performance target established under Paragraph B.3 (b) above, no LTC Award shall vest or become payable if Relative TSR is less than 25th percentile relative to the index of peer companies selected by the Committee pursuant to Paragraph B.3(b).

(d) Notwithstanding the achievement of the performance target established under Paragraph B.3 (b) above, no LTC Award shall become payable in excess of the target amount of the LTC Award unless PepsiCo’s absolute total shareholder return for the Performance Period is greater than zero.

Notwithstanding the level of performance achieved with respect to such performance measure, the Committee has the discretion to reduce the amount of the LTC Award earned to reflect the level of performance achieved with respect to the performance targets established under Paragraphs B.3(b).  The Committee’s right to exercise this discretion with respect to the amount of the LTC Award earned shall continue until the date on which the LTC Award is paid to the Participant.

Any LTC Award not earned in accordance with this Paragraph B.3 shall be forfeited and cancelled.  Except in the case of death or Total Disability, the LTC Award for which a Participant has satisfied the performance criteria will be payable in one payment on the LTC Payment Date.
4. Effect of Termination of Employment, Retirement, Death and Total Disability. 
3

(a) Termination of Employment. The LTC Award may vest and become payable only while the Participant is actively employed by the Company. Thus, vesting ceases upon the termination of the Participant’s active employment with the Company. Subject to subparagraphs 4(b), 4(c) and 4(d), any unvested portion of the LTC Award shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the Company terminates regardless of whether any portion of such LTC Award has previously been earned in accordance with Paragraph B.3 above. An authorized severance leave of absence will not be treated as active employment, and, as a result, the vesting of any LTC Award will not be extended by any such period.
(b) Retirement Prior to Age 62. If the Participant’s employment terminates prior to the LTC Award Vesting Date by reason of the Participant’s Retirement prior to attaining at least age 62, then a portion of the target LTC Award granted hereunder shall vest on the Participant’s last day of active employment with the Company, with such number determined in proportion to the Participant’s active service (measured in calendar days) during the period commencing on the Grant Date and ending on the LTC Award Vesting Date. Any portion of an LTC Award that vests in accordance with the foregoing sentence shall remain subject to the earning and forfeiture provisions of Paragraph B.3 and shall be paid on the original LTC Payment Date. 
(c) Retirement on or After Age 62. If the Participant’s employment terminates by reason of the Participant’s Retirement after attaining at least age 62, then the LTC Award granted hereunder shall become fully vested on the Participant’s last day of active employment with the Company.  Any such vested LTC Award shall remain subject to the earning and forfeiture provisions of Paragraph B.3 and shall be paid on the original LTC Payment Date. 
(d) Death or Total Disability. If the Participant’s employment terminates by reason of death or Total Disability, then the target amount of the LTC Award set forth in the Award Summary shall become fully vested on the Participant’s last day of active employment with the Company (which, for purposes of Total Disability, means the effective date of Total Disability), and shall be paid as soon as practicable following the date of termination.  
(e) Transfers to a Related Entity. In the event the Participant transfers to a Related Entity and such transfer is arranged and approved by PepsiCo, the LTC Award shall continue to vest (and the time of payment shall be determined) after such transfer by treating the Participant’s employment with the Related Entity as employment with the Company for purposes of this Agreement. Any such LTC Award shall remain subject to the vesting, earning and forfeiture provisions of Paragraphs B.2 and B.3 and shall be paid on the original LTC Payment Date. 
C. Prohibited Conduct. In consideration of the Company disclosing and providing access to Confidential Information, as more fully described in Paragraph C.2 below, after the date hereof, the grant by the Company of the PSUs and the LTC Award, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Participant and the Company, intending to be legally bound, hereby agree as follows.
 
1. Non-Competition and Non-Solicitation. The Participant hereby covenants and agrees that at all times during his or her employment with the Company and for a period of twelve months after the termination of the Participant’s employment with the Company for any reason whatsoever (including a termination due to the Participant’s Retirement), he or she will not, without the prior written consent of PepsiCo’s chief human resources officer or chief legal officer, either directly or indirectly, for himself/herself or on behalf of or in conjunction with any other person, partnership, corporation or other entity, engage in any activities prohibited in the following Paragraphs C.1(a) through (c): 
 
(a) The Participant shall not, in any country in which the Company operates, accept any employment, assignment, position or responsibility, provide services in any capacity, or acquire any ownership interest that involves the Participant’s Participation (as defined below) in an entity that markets, sells, distributes or produces Covered Products (as defined below), unless such entity makes retail sales or consumes Covered Products without in any way competing with the Company; 
 
(b) With respect to Covered Products, the Participant shall not directly or indirectly solicit for competitive business purposes any customer or Prospective Customer (as defined below) of the Company called on, serviced by, or contacted by the Participant in any capacity during his or her employment; or
 
4

(c) The Participant shall not in any way, directly or indirectly (including through someone else acting on the Participant’s recommendation, suggestion, identification or advice), solicit any Company employee to leave the Company’s employment or to accept any position with any other entity. 
 
Notwithstanding anything in this Paragraph C.1, the Participant shall not be considered to be in violation of Paragraph C.1(a) solely by reason of owning, directly or indirectly, up to five percent (5%) in the aggregate of any class of securities of any publicly traded corporation engaged in the prohibited activities described in Paragraph C.1(a).  

The Company advises the Participant to consult with an attorney regarding the provisions in this Paragraph C.1 before accepting this Agreement.  Part of the consideration described in the Award Summary and provided under this Agreement is in exchange for the Participant’s promises in this Paragraph C.1, Non-Competition and Non-Solicitation.  

2. Non-Disclosure. In order to assist the Participant with his or her duties, the Company shall continue to provide the Participant with access to confidential and proprietary operational information and other confidential information that is either information not known by actual or potential competitors, customers and third parties of the Company or is proprietary information of the Company (“Confidential Information”). Such Confidential Information shall include all non-public information the Participant acquired as a result of his or her positions with the Company. Examples of such Confidential Information include, without limitation, non-public information about the Company’s customers, suppliers, distributors and potential acquisition targets; its business operations, structure and methods of operation; its product lines, formulae and pricing; its processes, machines and inventions; its research and know-how; its production techniques; its financial data; its advertising and promotional ideas and strategy; information maintained in its computer systems; devices, processes, compilations of information and records; and its plans and strategies.  The Participant agrees that such Confidential Information remains confidential even if committed to the Participant’s memory.  The Participant agrees, during the term of his or her employment and at all times thereafter, not to use, divulge, or furnish or make accessible to any third party, company, corporation or other organization (including but not limited to, customers or competitors of the Company), without the Company’s prior written consent, any Confidential Information of the Company, except as necessary in his or her position with the Company or as permitted below with respect to Protected Activity.  

Notwithstanding the foregoing, nothing in this Agreement, the Plan, any other Award made under the Plan or in any other confidentiality provision to which the Participant may be subject as a result of the Participant’s employment with the Company shall: (1) limit the Participant’s rights to make truthful statements or disclosures about any facts and circumstances related to any claim or allegation of unlawful discrimination by the Company and, for Participants located in California, shall not prevent such California Participant from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Participant has reason to believe is unlawful; (2) bar the Participant from giving testimony pursuant to a compulsory legal process or as otherwise required by law; or (3) prohibit the Participant from, without notice to the Company, filing a complaint or charge with government agencies (including, without limitation, the Equal Employment Opportunity Commission), communicating with government agencies, providing information to government agencies, participating in government agency investigations, or testifying in government agency proceedings concerning any possible legal violations or from receiving a monetary award for information provided to a government agency (collectively, “Protected Activity”).  The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by the privilege.  Further, notwithstanding any confidentiality provision to which the Participant may be subject, the Participant is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”
5

 
3. Return of Confidential Information and Company Property. The Participant agrees that whenever the Participant’s employment with the Company ends for any reason, (a) all documents containing or referring to the Company’s Confidential Information as may be in the Participant’s possession, or over which the Participant may have control, and all other property of the Company provided to the Participant by the Company during the course of the Participant’s employment with the Company will be returned by the Participant to the Company immediately, with no request being required; and (b) all Company computer and computer-related equipment and software, and all Company property, files, records, documents, drawings, specifications, lists, equipment, and similar items relating to the business of the Company, whether prepared by the Participant or otherwise, coming into the Participant’s possession or control during the course of his or her employment shall remain the exclusive property of the Company, and shall be delivered by the Participant to the Company immediately, with no request being required.
 
4. Misconduct. During the term of his or her employment with the Company, the Participant shall not engage in any of the following acts that are considered to be contrary to the Company’s best interests: (a) breaching any contract with or violating any obligation to the Company, including, without limitation, the Company’s Code of Conduct, Insider Trading Policy or any other written policies of the Company,  (b) unlawfully trading in the securities of PepsiCo or of any other company based on information gained as a result of his or her employment with the Company, (c) committing acts involving gross misconduct in the performance of employment duties, dishonesty, fraud, illegality, or moral turpitude, or that cause or contribute to the need for an accounting adjustment to PepsiCo’s financial results, or (d) in the judgment of the Company, engaging in conduct that may be detrimental to or reflect unfavorably upon the Company or its brands, services, or products; provided, however that nothing in this section is intended to bar the Participant from engaging in Protected Activity. 
 
5. Reasonableness of Provisions. The Participant agrees that: (a) the terms and provisions of this Agreement are reasonable and constitute an otherwise enforceable agreement to which the terms and provisions of this Paragraph C are ancillary or a part of; (b) the consideration provided by the Company under this Agreement is not illusory; (c) the restrictions contained in this Paragraph C are necessary and reasonable for the protection of the legitimate business interests and goodwill of the Company; and (d) the consideration given by the Company under this Agreement, including, without limitation, the provision by the Company of Confidential Information to the Participant, gives rise to the Company’s interest in the covenants set forth in this Paragraph C.  
 
6. Repayment and Forfeiture. The Participant specifically recognizes and affirms that each of the covenants contained in Paragraphs C.1 through C.4 of this Agreement is a material and important term of this Agreement that has induced the Company to provide for the award of the PSUs and the LTC Award granted hereunder, the disclosure of Confidential Information referenced herein, and the other promises made by the Company herein.  The Participant further agrees that in the event that (i) the Company determines that the Participant has breached any term of Paragraphs C.1 through C.4 or (ii) all or any part of Paragraph C is held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction in an action between the Participant and the Company, in addition to any other remedies at law or in equity the Company may have available to it, the Company may in its sole discretion: 
 
(a)  cancel any unpaid PSUs or any LTC Award granted hereunder; and/or 
 
(b)  require the Participant to pay to the Company the value (determined as of the date paid) of any PSUs and any portion of any LTC Award granted hereunder that have been paid out. 

In addition to the provisions of this Paragraph C.6, the Participant agrees that he or she will be bound by the terms of any Company compensation clawback policy applicable to the Participant that the Company may adopt from time to time.
 
7. Equitable Relief. In the event the Company determines that the Participant has breached or attempted or threatened to breach any term of Paragraph C, in addition to any other remedies at law or in equity the Company may have available to it, it is agreed that the Company shall be entitled, upon application to any court of proper jurisdiction, to a temporary restraining order or preliminary injunction (without the necessity of (a) proving irreparable harm, (b) establishing that monetary damages are 
6

inadequate or (c) posting any bond with respect thereto) against the Participant prohibiting such breach or attempted or threatened breach by proving only the existence of such breach or attempted or threatened breach.
8. Extension of Restrictive Period. The Participant agrees that the period during which the covenants contained in this Paragraph C shall be effective shall be computed by excluding from such computation any time during which the Participant is in violation of any provision of Paragraph C.
9. Acknowledgments. The Company and the Participant agree that it was their intent to enter into a valid and enforceable agreement.  The Participant and the Company thereby acknowledge the reasonableness of the restrictions set forth in Paragraph C, including the reasonableness of the geographic area, duration as to time and scope of activity restrained.  The Participant further acknowledges that his or her skills are such that he or she can be gainfully employed in noncompetitive employment and that the agreement not to compete will not prevent him or her from earning a living.  The Participant agrees that if any covenant contained in Paragraph C of this Agreement is found by a court of competent jurisdiction to contain limitations as to time, geographical area, or scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the goodwill or other business interest of the Company, then the court shall reform the covenant to the extent necessary to cause the limitations contained in the covenant as to time, geographical area, and scope of activity to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the goodwill and other business interests of the Company and to enforce the covenants as reformed.
10. Provisions Independent. The covenants on the part of the Participant in this Paragraph C shall be construed as an agreement independent of any other agreement, including any employee benefit agreement, and independent of any other provision of this Agreement, and the existence of any claim or cause of action of the Participant against the Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants.
11. Notification of Subsequent Employer. The Participant agrees that the Company may notify any person or entity employing the Participant or evidencing an intention of employing the Participant of the existence and provisions of this Agreement.
12. Transfers to a Related Entity. In the event the Participant transfers to a Related Entity as a result of actions by PepsiCo, any reference to “Company” in this Paragraph C shall be deemed to refer to such Related Entity in addition to the Company.
D. Additional Terms and Conditions. 
1. Adjustment for Change in PepsiCo Common Stock. In the event of any change in the outstanding shares of PepsiCo Common Stock by reason of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination or exchange of shares, spin-off or other similar corporate change, the number and type of shares to which the PSUs held by the Participant relate shall be adjusted to such extent (if any), determined to be appropriate and equitable by the Committee. 
 
2. Nontransferability. Unless the Committee specifically determines otherwise: (a) the PSUs and LTC Award are personal to the Participant and (b) neither the PSUs nor the LTC Award shall be transferable or assignable, other than in the case of the Participant’s death by will or the laws of descent and distribution, and any such purported transfer or assignment shall be null and void. 
 
3. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a)  “Covered Products” means any product that falls into one or more of the following categories, so long as the Company is producing, marketing, selling or licensing such product anywhere in the world: in-home and commercial beverage systems, carbon dioxide gas cylinders, carbon dioxide gas refills, consumables, and ready-to-drink beverages, including without limitation carbonated soft drinks, tea, water, juices, juice drinks, juice products sports drinks, coffee drinks, alcoholic beverages, and energy drinks; dairy products; snacks, including salty snacks, fruit and vegetable snacks, dips and spreads, sweet snacks, meat snacks, granola, nutrition and cereal bars, and cookies; hot cereals and ready-to-eat 
7

cereals; pancake mixes and pancake syrup; grain-based food products; pasta products; sports performance nutrition products, including without limitation, energy, protein, carbohydrate, nutrition and meal replacement chews, bars, powders, gels, drinks or drink mixes; or any product or service that the Participant had reason to know was under development by the Company during the Participant’s employment with the Company. 
 
 (b) “Participation” shall be construed broadly to include, without limitation: (i) serving as a director, officer, employee, consultant or contractor with respect to such a business entity; (ii) providing input, advice, guidance or suggestions to such a business entity; or (iii) providing a recommendation or testimonial on behalf of such a business entity or one or more products it produces. 

 (c) “Prospective Customer” shall mean any individual or entity of which the Participant has gained knowledge as a result of the Participant’s employment with the Company and with which the Participant dealt with or had contact with during the six (6) months preceding his or her termination of employment with the Company. 

(d) “Related Entity” shall mean any entity (i) as to which PepsiCo directly or indirectly owns 20% or more, but less than a majority, of the entity’s voting securities, general partnership interests, or other voting or management rights at the relevant time and (ii) which the Committee or its delegate deems in its sole discretion to be a related entity at the relevant time.
  
(e) “Retirement” shall mean (i) early, normal or late retirement as used in the U.S. pension plan of the Company in which the Participant participates (if any) and for which the Participant is eligible pursuant to the terms of such plan or (ii) termination of employment after attaining at least age 55 and completing at least 10 years of service with the Company (or, if earlier, after attaining at least age 65 and completing at least five years of service with the Company), with the number of years of service completed by a Participant subject to clause (ii) to be calculated in accordance with administrative procedures established from time to time under the Plan.
 
(f) “Total Disability” shall mean being considered totally disabled under the PepsiCo Long-Term Disability Program (as amended and restated from time to time), with such status having resulted in benefit payments from such plan or another Company-sponsored disability plan and 12 months having elapsed since the Participant was so considered to be disabled from the cause of the current disability. The effective date of a Participant’s Total Disability shall be the first day that all of the foregoing requirements are met.
 
4. Notices. Any notice to be given to PepsiCo in connection with the terms of this Agreement shall be addressed to PepsiCo at 700 Anderson Hill Road, Purchase, New York 10577, Attention: Senior Vice President, Total Rewards, or such other address as PepsiCo may hereafter designate to the Participant. Any such notice shall be deemed to have been duly given when personally delivered, addressed as aforesaid, or when enclosed in a properly sealed envelope or wrapper, addressed as aforesaid, and deposited, postage prepaid, with the federal postal service. 
 
5. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any assignee or successor in interest to PepsiCo, whether by merger, consolidation or the sale of all or substantially all of PepsiCo’s assets. PepsiCo will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of PepsiCo expressly to assume and agree to perform this Agreement in the same manner and to the same extent that PepsiCo would be required to perform it if no such succession had taken place.  This Agreement shall be binding upon and inure to the benefit of the Participant or his or her legal representative and any person to whom the PSUs and LTC Award may be transferred by will or the applicable laws of descent and distribution. 
 
6. No Contract of Employment; Agreement’s Survival. This Agreement is not a contract of employment.  This Agreement does not impose on the Company any obligation to retain the Participant in its employ and shall not interfere with the ability of the Company to terminate the Participant’s employment relationship at any time. This Agreement shall survive the termination of the Participant’s employment for any reason. If an entity ceases to be a majority-owned subsidiary of PepsiCo for purposes of Rule 12b-2 of the Exchange Act or a Related Entity, such cessation shall, for purposes of this Agreement, be deemed to be a termination of employment with the Company with respect to any 
8

Participant employed by such entity, unless the Committee or its delegate determines otherwise in its sole discretion.
 
7. Registration, Listing and Qualification of Shares of PepsiCo Common Stock. The Committee may require that the Participant make such representations and agreements and furnish such information as the Committee deems appropriate to assure compliance with or exemption from the requirements of any securities exchange, any foreign, federal, state or local law, any governmental regulatory body, or any other applicable legal requirement, and PepsiCo Common Stock shall not be issued unless and until the Participant makes such representations and agreements and furnishes such information as the Committee deems appropriate. 

8. Amendment; Waiver. The terms and conditions of this Agreement may be amended in writing by the chief human resources officer or chief legal officer of PepsiCo (or either of their delegates); provided, however, that (i) no such amendment shall adversely affect the awards granted hereunder without the Participant’s written consent (except to the extent the Committee reasonably determines that such amendment is necessary or appropriate to comply with applicable law, including the provisions of Internal Revenue Code of 1986, as amended (the “Code”) Section 409A and the regulations thereunder pertaining to the deferral of compensation, or the rules and regulations of any stock exchange on which PepsiCo Common Stock is listed or quoted); and (ii) the amendment must be permitted under the Plan. The Company’s failure to insist upon strict compliance with any provision of this Agreement or failure to exercise, or any delay in exercising, any right, power or remedy under this Agreement shall not be deemed to be a waiver of such provision or any such right, power or remedy which the Board (as defined in the Plan), the Committee or the Company has under this Agreement. 
 
9. Severability or Reform by Court. In the event that any provision of this Agreement is deemed by a court to be broader than permitted by applicable law, then such provision shall be reformed (or otherwise revised or narrowed) so that it is enforceable to the fullest extent permitted by applicable law. If any provision of this Agreement shall be declared by a court to be invalid or unenforceable to any extent, the validity or enforceability of the remaining provisions of this Agreement shall not be affected. 
 
10. Plan Terms. The PSUs, the LTC Award and the terms and conditions set forth herein are subject in all respects to the terms and conditions of the Plan and any guidelines, policies or regulations which govern administration of the Plan. The Committee reserves its rights to amend or terminate the Plan at any time without the consent of the Participant; provided, however, that PSUs and LTC Awards outstanding under the Plan at the time of such action shall not, without the Participant’s written consent, be adversely affected thereby (except to the extent the Committee reasonably determines that such amendment or termination is necessary or appropriate to comply with applicable law, including the provisions of Code Section 409A and the regulations thereunder pertaining to the deferral of compensation, or the rules and regulations of any stock exchange on which PepsiCo Common Stock is listed or quoted). The Committee shall have full power and authority to administer and interpret the Plan and to adopt or establish such rules, regulations, agreements, guidelines, procedures and instruments that are not contrary to the terms of the Plan and that, in its opinion, may be necessary or advisable for the administration and operation of the Plan.  All interpretations or determinations of the Committee or its delegate shall be final, binding and conclusive upon the Participant (and his or her legal representatives and any recipient of a transfer of the PSUs or LTC Award permitted by this Agreement) on any question arising hereunder or under the Plan or other guidelines, policies or regulations which govern administration of the Plan. 
 
11. Participant Acknowledgements. By entering into this Agreement, the Participant acknowledges and agrees that: 
 
(a) the PSUs and the LTC Award will be exclusively governed by the terms of the Plan, including the right reserved by the Company to amend or cancel the Plan at any time without the Company incurring liability to the Participant (except for PSUs and LTC Awards already granted under the Plan); 
 
(b) the Participant has been provided a copy of PepsiCo’s Prospectus relating to the Plan, the PSUs (and the shares covered thereby) and the LTC Award; 
 
(c) the PSUs and LTC Awards are not a constituent part of the Participant’s salary and that the Participant is not entitled, under the terms and conditions of his or her employment, or by accepting or 
9

being awarded any PSUs or LTC Awards pursuant to this Agreement, to require options, performance stock units, cash or other awards to be granted to him/her in the future under the Plan or any other plan; 
 
(d) upon payment of PSUs or LTC Awards, the Participant will arrange for payment to the Company an estimated amount to cover employee payroll taxes resulting from such payment which payment shall be in the manner set forth in this Agreement and/or, to the extent necessary, any balance may be withheld from the Participant’s wages;

(e)  notwithstanding any action taken by the Company, the Participant is ultimately liable for any or all income tax, social insurance, payroll tax, payment on account or other tax-related items ("Tax-Related Items") related to the Participant's participation in the Plan and legally applicable to the Participant.   The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect to the award, including, but not limited to, the grant, vesting or settlement  and exercise of the award, the subsequent sale of PepsiCo Common Stock acquired pursuant to such award and the receipt of any dividends and/or dividend equivalents; and (ii) does not commit to and is under no obligation to structure the terms of any Award to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result.
 
(f) benefits received under the Plan will be excluded from the calculation of termination indemnities or other severance payments; 
(g) in the event of termination of the Participant’s employment, a severance or notice period to which the Participant may be entitled under local law and which follows the date of termination specified in a notice of termination or other document evidencing the termination of the Participant’s employment will not be treated as active employment for purposes of this Agreement and, as a result, vesting of unvested PSUs or LTC Awards will not be extended by any such period;
(h) for purposes of this Agreement, a Participant will be considered actively employed during (i) the first six months of an authorized leave of absence approved by the Company, in its sole discretion, or (ii) other statutory leaves that have requirements in excess of six months;  
 (i) the Participant will seek all necessary approvals under, make all required notifications under and comply with all laws, rules and regulations applicable to the ownership of stock, including, without limitation, currency and exchange laws, rules and regulations; 

(j) this Agreement will be interpreted and applied so that the PSUs and the LTC Award, to the extent possible, will not be subject to Code Section 409A.  To the extent such awards are subject to Code Section 409A because of the Participant’s eligibility for Retirement, then payments limited to the earliest permissible payment date under Code Section 409A shall be made following a Change in Control only (i) upon a Change in Control if it qualifies under Code Section 409A(a)(2)(A)(v) (a “409A CIC”), and (ii) upon a termination of employment if it occurs after a 409A CIC and it constitutes a Code Section  409A separation from service (and in this case, the six-month delay of Code Section 409A(a)(2)(B)(i) shall apply to “specified employees,” determined under the default rules of Code Section 409A or such other rules as apply generally under the Company’s Section 409A plans). Notwithstanding any other provision of this Agreement, this Agreement will be modified to the extent the Committee reasonably determines is necessary or appropriate for such PSUs or LTC Awards to comply with Code Section 409A; 

(k) the non-disclosure provisions set forth in Paragraph C.2. supersede and replace in their entirety the non-disclosure provisions set forth in the Plan as in effect on the date hereof, in any agreement evidencing an Award made under the Plan and in any other Awards made under the Plan; and 

(l) the Participant will not receive any benefits under this Agreement if the Participant does not timely accept the Agreement as presented. 
 
12. Right of Set-Off. The Participant agrees, in the event that the Company in its reasonable judgment determines that the Participant owes the Company any amount due to any loan, note, obligation or indebtedness, including but not limited to amounts owed to the Company pursuant to the Company’s tax equalization program or the Company’s policies with respect to travel and business expenses, and if the Participant has not satisfied such obligation(s), then the Company may instruct the plan administrator to withhold and/or sell shares of PepsiCo Common Stock acquired by the Participant upon settlement of 
10

the PSUs (to the extent such PSUs are not subject to Code Section 409A), or the Company may deduct funds equal to the amount of such obligation from other funds due to the Participant from the Company (including with respect to any LTC Award) to the maximum extent permitted by Code Section 409A.
 
13. Electronic Delivery and Acceptance. The Participant hereby consents and agrees to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents.  The Participant hereby consents to any and all procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan), and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.  Participant consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan, including any program adopted under the Plan.
 
14. Data Privacy. Participant hereby acknowledges and consents to the collection, use, processing and/or transfer of Personal Data as defined and described in this Paragraph D.14.  Participant is not obliged to consent, however a failure to provide consent, or the withdrawal of consent at any time, may impact Participant’s ability to participate in the Plan.  The Company and/or Participant’s employer collects and maintains certain personal information about Participant that may include name, home address and telephone number, email address, date of birth, social security number or other government or employer-issued identification number, salary grade, hire data, salary, citizenship, job title, any shares of PepsiCo Common Stock, or details of all performance stock units, long-term cash awards or any other entitlement to shares of PepsiCo Common Stock awarded, cancelled, purchased, vested, or unvested (collectively “Personal Data”).  The Company and the Participant’s employer will transfer Personal Data internally as necessary for the purpose of implementation, administration and management of the Participant’s participation in the Plan and the Company and/or the Participant’s employer may further transfer Personal Data to any third parties assisting the Company in the implementation, administration and management of the Plan.   These recipients may be located in the European Economic Area or UK, or elsewhere throughout the world, such as the United States.  The Participant hereby authorizes (where required under applicable law) the recipients to receive, possess, use, retain and transfer Personal Data, in electronic or other form, as may be required for the administration of the Plan and/or the subsequent holding of any shares of PepsiCo Common Stock on the Participant’s behalf, to a broker or other third party with whom the Participant may elect to deposit any shares of PepsiCo Common Stock acquired pursuant to the Plan. Third parties retained by the Company may use the Personal Data as authorized by the Company to provide the requested services. Third parties may be located throughout the world, including but not limited to the United States.  Third parties often maintain their own published policies that describe their privacy and security practices. The Company is not responsible for the privacy or security practices of any third parties. Participant may access, review or amend certain Personal Data by contacting the Company and/or the Plan’s service provider.  The Participant may, at any time, exercise the Participant's rights provided under applicable personal data protection laws, which may include the right to (i) obtain confirmation as to the existence of Personal Data, (ii) verify the content, origin and accuracy of Personal Data, (iii) request the integration, update, amendment, deletion or blockage (for breach of applicable laws) of Personal Data, (iv) oppose, for legal reasons, the collection, processing or transfer of the Personal Data which is not necessary or required for the implementation, administration and/or operation of the Plan and the Participant's participation in the Plan, and (v) withdraw the Participant's consent to the collection, processing or transfer of Personal Data as provided hereunder (in which case, the stock options, restricted stock units, performance stock units or any other entitlement to shares of PepsiCo Common Stock awarded will become null and void).  The Participant may seek to exercise these rights by contacting the Participant's Human Resources manager or the Company's Human Resources Department, who may direct the matter to the applicable Company privacy official. Finally, the Participant understands that the Company may rely on a different legal basis for the processing and/or transfer of Personal Data in the future and/or request the Participant to provide another data privacy consent. If applicable and upon request of the Company, the Participant agrees to provide an executed acknowledgment or data privacy consent (or any other acknowledgments, agreements or consents) to the Company or the employer that the Company and/or the employer may deem necessary to obtain under the data privacy laws in the Participant's country, either now or in the future. The Participant understands that the Participant will not be able to participate in the Plan if the Participant fails to execute any such acknowledgment or consent requested by the Company and/or the employer.
 
11

15. Stock Ownership Guidelines/Share Retention Policy. The Participant agrees as a condition of this grant that, in the event that the Participant is or becomes subject to the Company’s Stock Ownership Guidelines and/or Share Retention Policy, the Participant shall not sell any shares of PepsiCo Common Stock obtained upon settlement of the PSUs unless such sale complies with the Stock Ownership Guidelines and the Share Retention Policy as in effect from time to time.
 
16. Governing Law. Notwithstanding the provisions of Paragraphs D.10 and D.11, this Agreement shall be governed, construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of law rules or principles. 
 
17. Choice of Venue; Attorneys’ Fees. Notwithstanding the provisions of Paragraphs D.10 and D.11, any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against the Participant or the Company only in the courts of the State of New York or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York, and the Participant and the Company consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein.  In the event that a Participant or the Company brings an action to enforce the terms of the Plan or this Agreement and the Company prevails, the Participant shall pay all costs and expenses incurred by the Company in connection with that action, including reasonable attorneys’ fees, and all further costs and fees, including reasonable attorneys’ fees incurred by the Company in connection with the collection.

 18. Addendum to Agreement.  Notwithstanding any provisions of this Agreement to the contrary, the PSUs shall be subject to such special terms and conditions for the Participant's country of residence (and country of employment, if different), as are set forth in the addendum to this Agreement (the “Addendum”).  Further, if the Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the PSUs to the extent the Committee or its duly authorized delegate determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules or regulations or to facilitate the operation and administration of the PSUs and the Plan (or the Committee or its duly authorized delegate may establish alternative terms and conditions as may be necessary or advisable to accommodate the Participant's transfer).  In all circumstances, the Addendum shall constitute part of this Agreement.

19. Entire Agreement. This Agreement contains all the understanding and agreements between the Participant and the Company regarding the subject matter hereof.

PepsiCo, Inc.
                        
/s/ Duncan Micallef            
Duncan Micallef
Senior Vice President, Total Rewards

12Exhibit 4.1

 

BARCLAYS DRYROCK ISSUANCE TRUST

as Issuer and

 

 

 

U.S. BANK NATIONAL ASSOCIATION

as Indenture Trustee and as Securities Intermediary

 

 

SERIES 2022-1 INDENTURE SUPPLEMENT

 

 

dated as of April 21, 2022

 

 

to

 

 

INDENTURE

    	 

    	 

    

TABLE OF CONTENTS

 

	 	Page

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01   Definitions	1
	Section 1.02   Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.	15
	Section 1.03   Counterparts; Electronic Signature	15
	Section 1.04   Ratification of Indenture	16
	ARTICLE II THE NOTES	16
	Section 2.01   Designation.	16
	Section 2.02   Issuance of Series 2022-1 Notes	17
	Section 2.03   Documentation	17
	ARTICLE III SERVICING COMPENSATION	17
	Section 3.01   Servicing Compensation	17
	ARTICLE IV RIGHTS OF SERIES 2022-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	17
	Section 4.01   Collections and Allocations.	17
	Section 4.02   Determination of Series 2022-1 Monthly Interest.	18
	Section 4.03   Determination of Series 2022-1 Monthly Principal	19
	Section 4.04   Application of Series 2022-1 Available Finance Charge Collections on Deposit
in the Collection Account	20
	Section 4.05   Application of Series 2022-1 Available Principal Collections.	21
	Section 4.06   Principal Funding Account; Controlled Accumulation Period.	22
	Section 4.07   Investor Charge-Offs	24
	Section 4.08   Reallocated Principal Collections	24
	Section 4.09   Shared Excess Available Finance Charge Collections.	24
	Section 4.10   Shared Excess Available Principal Collections.	25
	Section 4.11   Accumulation Reserve Account.	26
	Section 4.12   Investment Instructions	28
	Section 4.13   [RESERVED].	28
	Section 4.14   Sale of Collateral for Series 2022-1 Notes That are Accelerated or Reach Legal
Maturity.	28
	Section 4.15   Distribution Account	30
	Section 4.16   Delinquency Trigger Percentage	30
	Section 4.17   Asset Review.	30

    	 	i	 

     

    

 

 

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	Section 4.18   Governing Law For Hague Securities Convention	32
	ARTICLE V EARLY AMORTIZATION OF THE NOTES	32
	Section 5.01   Early Amortization Events	32
	Section 5.02   Early Redemption Event	33
	ARTICLE VI LEGAL MATURITY; FINAL PAYMENTS	34
	Section 6.01   Legal Maturity	34
	ARTICLE VII DELIVERY OF SERIES 2022-1 NOTES; DISTRIBUTIONS AND REPORTS TO SERIES 2022-1 NOTEHOLDERS	34
	Section 7.01   Form of Delivery for the Series 2022-1 Notes; Depository; Denominations.	34
	Section 7.02   Delivery and Payment for the Series 2022-1 Notes	35
	Section 7.03   Distributions.	35
	Section 7.04   Reports and Statements to Series 2022-1 Noteholders.	36
	Section 7.05   Restrictions on Transfer of the Class B Notes	37
	ARTICLE VIII MISCELLANEOUS PROVISIONS	38
	Section 8.01   Non-petition Covenant	38
	Section 8.02   Actions by the Issuer	38
	Section 8.03   Limitations on Liability.	38
	Section 8.04   FATCA Matters	39
	Section 8.05   [RESERVED].	39
	Section 8.06   Amendments	39
	Section 8.07   Class B Notes.	39
	Section 8.08   Appointment of Asset Representations Reviewer	40
	Section 8.09   Dispute Resolution.	40
	Section 8.10   Investor Communication	41
	Section 8.11   Tax Retained Notes.	41
	Section 8.12   Credit Risk Retention	42
	ARTICLE IX INSOLVENCY PROCEEDING WITH RESPECT TO BBD	43
	Section 9.01   Actions Upon Repudiation.	43
	Section 9.02   Notice.	44
	Section 9.03   Reservation of Rights	45

    	 	ii	 

     

    

TABLE OF CONTENTS

(continued)

 

Page

 

EXHIBITS

 

EXHIBIT A-1FORM OF CLASS A NOTE

EXHIBIT A-2FORM OF CLASS B NOTE

EXHIBIT B-1FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

EXHIBIT B-2 FORM OF ANNUAL PAYMENT INFORMATION

EXHIBIT B-3 FORM OF DAILY SERVICER’S STATEMENT

EXHIBIT C FORM OF MONTHLY SERVICER’S CERTIFICATE

    	 	iii	 

     

    

SERIES 2022-1 INDENTURE
SUPPLEMENT, dated as of April 21, 2022 (this “Indenture Supplement”), by and between BARCLAYS DRYROCK ISSUANCE TRUST,
a statutory trust organized under the laws of the State of Delaware (the “Issuer”), having its principal office at
Rodney Square North, 1100 North Market St., Wilmington, DE 19890, and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
in its capacity as Indenture Trustee (the “Indenture Trustee”) and as Securities Intermediary.

Pursuant to this Indenture
Supplement, the Issuer shall create a new Series of Notes and shall specify the principal terms thereof. The Issuer has tendered the notice
of issuance required by Section 4.10(a)(i) of the Indenture and this Indenture Supplement is being entered into by and between the Issuer
and the Indenture Trustee as required by Section 4.10(a)(viii) of the Indenture to provide for the issuance, authentication and delivery
of each of the Class A Notes, Series 2022-1 and the Class B Notes, Series 2022-1.

The transactions set forth
in this Indenture Supplement, together with the Transaction Documents, shall be an arm’s length, bona fide securitization transaction.

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section
1.01        Definitions.
For all purposes of this Indenture Supplement, except as otherwise expressly provided or unless the context otherwise requires:

(1)                 
the terms defined in this Article have the meanings assigned to them in this Article, and, along with any other term defined
in any Section of this Indenture Supplement, apply to the singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter gender of such terms;

(2)                 
all other terms used herein which are defined in the Indenture, the Transfer Agreement or the Servicing Agreement, either
directly or by reference therein, have the meanings assigned to them therein;

(3)                 
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles and, except as otherwise herein expressly provided, 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;

(4)                 
all references in this Indenture Supplement to designated “Articles,” “Sections” and other subdivisions
are to the designated Articles, Sections and other subdivisions of this Indenture Supplement. The words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Indenture Supplement as a whole and not to any particular
Article, Section or other subdivision;

(5)                 
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, the Transfer

    	 

    	 

    

Agreement or the Servicing Agreement, the terms
and provisions of this Indenture Supplement shall be controlling;

(6)                 
each capitalized term defined herein shall relate only to the Series 2022-1 Notes and no other Series of Notes issued by
the Issuer; and

(7)                 
“including” and words of similar import shall be deemed to be followed by “without limitation.”

“Accumulation Reserve
Account” has the meaning specified in Section 4.11(a).

“Accumulation Reserve
Account Funding Period” means a period commencing on the first Payment Date on which a condition in the right column of the
following table was in effect on the immediately preceding Payment Date, if the Payment Date is a Payment Date described in the corresponding
left column of the following table, and ending on the earliest to occur of: (i) the day on which the Allocation Amount is reduced to zero,
(ii) the first Payment Date with respect to the Early Amortization Period, (iii) the Expected Final Payment Date and (iv) the termination
of the Trust pursuant to the Trust Agreement; provided, that if the Controlled Accumulation Period Length is determined to be one (1)
month, there shall be no Accumulation Reserve Account Funding Period.

	Payment Date:	Condition:
	(a) The Payment Date occurring three (3) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is greater than or equal to 4%.
	(b) The Payment Date occurring four (4) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 4% but greater than or equal to 3%.
	(c) The Payment Date occurring six (6) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 3% but greater than or equal to 2%.
	(d) The Payment Date occurring twelve (12) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 2%.

 

“Accumulation Reserve
Account Surplus” means, as of any date of determination, the amount, if any, by which the amount on deposit in the Accumulation
Reserve Account exceeds the Required Accumulation Reserve Account Amount.

    	 	2	 

     

    

“Accumulation Reserve
Draw Amount” has the meaning specified in Section 4.11(c).

“Additional Interest”
means, with respect to any Payment Date, any Class A Additional Interest and any Class B Additional Interest for such Payment Date.

“Adjusted Outstanding
Dollar Principal Amount” means, as of any date of determination, the Outstanding Dollar Principal Amount of the Series 2022-1
Notes on such date of determination, less any funds then on deposit with respect to principal in the Supplemental Issuer Accounts for
the benefit of such Series 2022-1 Notes on such date of determination.

“Administrator”
means BBD, in its capacity as administrator of the Issuer, and any permitted successors or assigns thereto.

“Aggregate Series
Available Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note
Transfer Date, the sum of the Series Available Finance Charge Collections Shortfalls (as such term is defined in each of the applicable
Indenture Supplements) for each Shared Excess Available Finance Charge Collections Series in Shared Excess Available Finance Charge Collections
Group One for such Monthly Period.

“Aggregate Series
Available Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer
Date, the sum of the Series Available Principal Collections Shortfalls (as such term is defined in each of the applicable Indenture Supplements)
for each Shared Excess Available Principal Collections Series in Shared Excess Available Principal Collections Group One for such Monthly
Period.

“Allocation Amount”
means, as of the Closing Date, the Series 2022-1 Stated Principal Amount and on any date of determination thereafter, the sum of, without
duplication, (a) the Allocation Amount determined as of the later of the Closing Date or the date of determination immediately prior to
the then current date of determination, plus (b) the amount of all increases in the Series 2022-1 Stated Principal Amount resulting
from the issuance of additional Series 2022-1 Notes since the prior date of determination, plus (c) all reimbursements, as provided
in Section 4.04(e) or otherwise, of reductions in the Allocation Amount due to Investor Charge- Offs or Reallocated Principal Collections
since the prior date of determination, minus (d) the amount of the reduction in the Allocation Amount due to Investor Charge-Offs
since the prior date of determination, determined as set forth in Section 4.07, minus (e) the amount of the reduction in
the Allocation Amount due to the application of Reallocated Principal Collections since the prior date of determination, determined as
set forth in Section 4.08, minus (f) the amount deposited into the Principal Funding Account or (without duplication) deposited
into the Distribution Account pursuant to Section 4.05(c) or paid to the Series 2022-1 Noteholders (in each case, after giving
effect to any deposits, allocations, reallocations or withdrawals to be made on that day) since the prior date of determination; provided,
however, that (1) the Allocation Amount may never be less than zero, (2) the Allocation Amount may never be greater than the Adjusted
Outstanding Dollar Principal Amount and (3) if there is a sale of Collateral in accordance with Section 4.14, the Allocation Amount
will be reduced to zero upon such sale.

    	 	3	 

     

    

“Amortization Period”
means, with respect to any Series of Notes, each Monthly Period with respect to which either (i) Principal Collections are required to
be deposited into an accumulation account for payment of principal (other than Optional Amortization Amounts) on such Series of Notes
or (ii) principal payments (other than Optional Amortization Amounts) are required to be made on such Series of Notes.

“Applicable Distribution
Date” has the meaning specified in Section 9.01(b).

“ARR Representations
and Warranties” means the representations and warranties set forth on Exhibit A to the Asset Representations Reviewer
Agreement.

“ARR Review”
has the meaning specified in Section 4.17(a).

“Asset Representations
Reviewer” means the Person appointed by the Issuer to perform an ARR Review pursuant to an asset representations reviewer agreement,
which shall initially be Clayton Fixed Income Services LLC.

“Asset Representations
Reviewer Agreement” means the agreement entered into by and among the Servicer, the Issuer and the Asset Representations Reviewer,
dated as of May 13, 2016.

“Available Accumulation
Reserve Account Amount” means, for any Payment Date, the lesser of (a) the amount on deposit in the Accumulation Reserve Account
on such date (before giving effect to any deposit to be made to the Accumulation Reserve Account on such date) and (b) the Required Accumulation
Reserve Account Amount.

“Available Principal
Collections” means, with respect to the Series 2022-1 Notes, the Series 2022-1 Available Principal Collections and has, with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Base Rate”
means, with respect to any Payment Date, the sum of (a) the annualized percentage equivalent of a fraction, the numerator of which is
equal to the sum of the Class A Monthly Interest and the Class B Monthly Interest for such Payment Date and the denominator of which is
the Outstanding Dollar Principal Amount as of the Record Date for such Payment Date and (b) the Servicing Fee Percentage for such Payment
Date.

“Class”
means the Class A Notes and the Class B Notes, as applicable.

“Class A Additional
Interest” has the meaning specified in Section 4.02(a).

“Class A Interest
Shortfall” has the meaning specified in Section 4.02(a).

“Class A Monthly
Interest” has the meaning specified in Section 4.02(a).

“Class A Note”
means any one of the Notes substantially in the form of Exhibit A-1, which is duly executed and authenticated in accordance with
the Indenture.

    	 	4	 

     

    

“Class A Note Interest
Rate” means, for any Interest Period with respect to the Class A Notes, a per annum rate equal to 3.07%.

“Class A Noteholder”
means the Person in whose name a Class A Note is registered in the Note Register.

“Class A Stated
Principal Amount” means $725,000,000.

“Class B Additional
Interest” has the meaning specified in Section 4.02(b).

“Class B Interest
Shortfall” has the meaning specified in Section 4.02(b).

“Class B Monthly
Interest” has the meaning specified in Section 4.02(b).

“Class B Note”
means any one of the Notes substantially in the form of Exhibit A-2, which is duly executed and authenticated in accordance with
the Indenture.

“Class B Note Interest
Rate” means, for any Interest Period with respect to the Class B Notes, a per annum rate equal to 0.00%.

“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note Register.

“Class B Stated
Principal Amount” means $159,147,000.

“Closing Date”
means April 21, 2022.

“Code”
means the Internal Revenue Code of 1986, as amended.

“Controlled Accumulation
Amount” means $73,678,917; provided, however, that if the Servicer elects to postpone the commencement of the
Controlled Accumulation Period in accordance with Section 4.06(c), it shall be an amount equal to the Outstanding Dollar Principal
Amount of such Series of Notes as of the first day of the Controlled Accumulation Period divided by the Controlled Accumulation Period
Length.

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period beginning on the first Business
Day of the April 2024 Monthly Period or such later date as is determined in accordance with Section 4.06(c) and ending on the earlier
to occur of (a) the commencement of the Early Amortization Period and (b) the payment in full of the Series 2022-1 Stated Principal Amount
of, and any Monthly Interest due on, the Series 2022-1 Notes.

“Controlled Accumulation
Period Length” has the meaning specified in Section 4.06(c).

“Controlled Deposit
Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, an amount equal to the sum of the Controlled
Accumulation Amount for such Payment Date and any Deficit Controlled Accumulation Amount from the immediately preceding Payment Date.

    	 	5	 

     

    

“Covered Amount”
means, for any Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation Period and (ii) the first
Payment Date of the Early Amortization Period, an amount equal to the sum of (a) the product of (i) the Class A Note Interest Rate in
effect with respect to such Interest Period, (ii) a fraction, the numerator of which is 30 and the denominator of which is 360 and (iii)
the Principal Funding Account Balance, if any, as of the immediately preceding Payment Date, up to the Outstanding Dollar Principal Amount
of the Class A Notes as of the last day of the immediately preceding Monthly Period, and (b) the product of (i) the Class B Note Interest
Rate in effect with respect to such Interest Period, (ii) a fraction, the numerator of which is 30 and the denominator of which is 360
and (iii) the lesser of (x) the Principal Funding Account Balance, if any, as of the preceding Payment Date in excess of the Outstanding
Dollar Principal Amount of the Class A Notes as of the last day of the immediately preceding Monthly Period and (y) the Outstanding Dollar
Principal Amount of the Class B Notes as of the last day of the immediately preceding Monthly Period.

“Credit Risk and
Performance Disclosure” means written information that the Issuer shall cause to be distributed about the Notes and the Receivables
at the financial asset or pool level, as appropriate for the Receivables, and security-level to enable evaluation and analysis of the
credit risk and performance of the Notes and the Receivables, which information and its disclosure, at a minimum, shall comply with the
requirements of Regulation AB (to the extent then in effect) or any successor disclosure requirements for public issuances, even if the
Notes are issued in a private placement or are not otherwise required to be registered; provided, that information that is unknown
or not available to the Issuer after reasonable investigation may be omitted if there is included in the offering document a statement
that the specific information is otherwise unavailable.

“Daily Servicer’s
Certificate” has the meaning specified in the Servicing Agreement and shall be substantially in the form of Exhibit B-3.

“Deficit Controlled
Accumulation Amount” means (a) on the first Payment Date with respect to the Controlled Accumulation Period, the excess, if
any, of the Controlled Accumulation Amount for such Payment Date over the amount deposited in the Principal Funding Account on
such Payment Date and (b) on each subsequent Payment Date with respect to the Controlled Accumulation Period, the excess, if any, of the
Controlled Deposit Amount for such subsequent Payment Date over the amount deposited in the Principal Funding Account on such subsequent
Payment Date.

“Delinquency Trigger
Event” means, as determined as of the last day of each Monthly Period, the occurrence of the Sixty Day Delinquency Rate Percentage
being equal to or greater than the Delinquency Trigger Percentage.

“Delinquency Trigger
Percentage” means, the lesser of (i) 9.00% or (ii) the “Delinquency Trigger Percentage” as specified in the indenture
supplement for any other Outstanding Series of Notes.

“Distribution Account”
means the Eligible Deposit Account designated as such and established pursuant to Section 4.15.

    	 	6	 

     

    

“Early Amortization
Event” means, with respect to the Series 2022-1 Notes, the events specified in Section 5.01 hereof and Article XII of
the Indenture.

“Early Amortization
Period” means the period commencing at the close of business on the Business Day immediately preceding the day on which an Early
Amortization Event with respect to Series 2022-1 is deemed to have occurred, and ending on the first to occur of (a) the payment in full
of the Series 2022-1 Stated Principal Amount of, and any Series 2022-1 Monthly Interest due on, the Series 2022-1 Notes, (b) the date
on which Collateral is sold pursuant to Section 4.14, and (c) the Legal Maturity Date.

“Early Redemption
Event” has the meaning specified in Section 5.02.

“EUWA”
means the European Union (Withdrawal) Act 2018 (as amended).

“EU Securitization
Regulation” means the provisions of Article 5(1)(d) and Articles 6(1) and 6(3) of Regulation (EU) 2017/2402 of the European
Parliament and the Council of December 12, 2017.

“EU Securitization
Rules” means the EU Securitization Regulation, together with all relevant implementing regulations in relation thereto, all
regulatory technical standards and implementing technical standards in relation thereto or applicable in relation thereto pursuant to
any transitional arrangements made pursuant to the EU Securitization Regulation and, in each case, any relevant guidance and direction
published in relation thereto by the European Banking Authority, the European Securities and Markets Authority and the European Insurance
and Occupational Pensions Authority (or in each case, any predecessor or any other applicable regulatory authority) or by the European
Commission, in each case, as amended and in effect from time to time.

“Excess Spread
Percentage” means, with respect to each Payment Date, as determined on the second preceding Business Day, an amount equal to
the Series 2022-1 Portfolio Yield with respect to the related Monthly Period minus the Base Rate with respect to such Payment Date.

“Expected Final
Payment Date” means the April 2025 Payment Date.

“FATCA”
has the meaning specified in Section 8.04.

“Fitch”
means Fitch Ratings, Inc., or any successor thereto.

“Floating Allocation
Percentage” means, with respect to the Series 2022-1 Notes, the Series 2022-1 Floating Allocation Percentage and has, with respect
to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Hague Securities
Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary
(concluded July 5, 2006), which became effective in the United States of America on April 1, 2017.

“IAI”
has the meaning specified in Section 8.07(b).

    	 	7	 

     

    

“Indenture”
means the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6,
2015 and as further amended by the omnibus amendment, dated as of September 21, 2018, by and between the Issuer and the Indenture Trustee,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

“Indenture Supplement”
has (a) with respect to Series 2022-1, the meaning specified in the preamble hereto and (b) with respect to any other Series of Notes,
the meaning specified in the Indenture.

“Indenture Trustee”
means U.S. Bank National Association, in its capacity as indenture trustee under the Indenture, its successors in interest and any successor
indenture trustee under the Indenture.

“Initial Payment
Date” means June 15, 2022.

“Interest Period”
means, with respect to any Payment Date, the period from and including the Payment Date immediately preceding such Payment Date (or, in
the case of the Initial Payment Date, from and including the Closing Date) and to but excluding such Payment Date.

“Investor Charge-Off”
has the meaning specified in Section 4.07.

“Issuer”
has the meaning specified in the preamble hereto.

“Legal Maturity
Date” means the February 2028 Payment Date.

“Monthly Interest”
means the Series 2022-1 Monthly Interest.

“Monthly Subordination
Amount” means, with respect to any Payment Date, an amount (which shall never be less than zero) equal to the lesser of (i)
the excess of the amounts distributable pursuant to Section 4.04(a) and Section 4.04(b) over the Series 2022-1 Available
Finance Charge Collections and Shared Excess Available Finance Charge Collections available to make such distribution pursuant to Section
4.04(a) and Section 4.04(b), and (ii) (1) the Class B Stated Principal Amount minus (2) the amount of unreimbursed Investor
Charge-offs (after giving effect to Investor Charge-offs as of the current Payment Date) and unreimbursed Reallocated Principal Collections
(as of the previous Payment Date).

“Note Rating Agency”
means Standard & Poor’s or Fitch.

“Optional Amortization
Amount” means, with respect to any Series of Notes, an “Optional Amortization Amount” for such Series of Notes as
specified in the related Indenture Supplement.

“Owner Trustee”
has the meaning specified in the Trust Agreement.

“Payment Date”
means (i) with respect to Series 2022-1, the Initial Payment Date and the 15th day of each calendar month thereafter, or, if such 15th
day is not a Business Day, the next

    	 	8	 

     

    

succeeding Business Day and (ii) with respect
to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Principal Allocation
Percentage” means, with respect to the Series 2022-1 Notes, the Series 2022-1 Principal Allocation Percentage and has, with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Principal Funding
Account” means the Eligible Deposit Account designated as such and established pursuant to Section 4.06(a).

“Principal Funding
Account Balance” shall mean, with respect to any date of determination during the Controlled Accumulation Period, the principal
amount, if any, on deposit in the Principal Funding Account on such date of determination.

“Principal Funding
Account Investment Proceeds” shall have the meaning specified in Section 4.06(a)(ii).

“QIB”
has the meaning specified in Section 8.07(b).

“Quarterly Excess
Spread Percentage” means (a) with respect to the June 2022 Payment Date, the Excess Spread Percentage with respect to the immediately
preceding Monthly Period, (b) with respect to the July 2022 Payment Date, the percentage equivalent of a fraction, the numerator of which
is the sum of the Excess Spread Percentages for the immediately preceding two (2) Monthly Periods and the denominator of which is two
(2) and (c) with respect to the August 2022 Payment Date and each Payment Date thereafter, the percentage equivalent of a fraction, the
numerator of which is the sum of the Excess Spread Percentages for the immediately preceding three (3) Monthly Periods and the denominator
of which is three (3).

“Reallocated Principal
Collections” means, with respect to any Payment Date, Series 2022-1 Principal Collections applied in accordance with Section
4.08.

“Record Date”
means the last day of the Monthly Period immediately preceding the related Payment Date.

“Regulation RR”
means the regulations under Section 15G of the Securities Exchange Act, added pursuant to Section 941(b) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.

“Repurchase Party”
shall have the meaning specified in Section 8.09.

“Requesting Party”
shall have the meaning specified in Section 8.09.

“Required Accumulation
Reserve Account Amount” means, with respect to any Payment Date during the Accumulation Reserve Account Funding Period, an amount
equal to (a) 0.50% of the Outstanding Dollar Principal Amount of the Series 2022-1 Notes as of the Record Date for such Payment Date or
(b) any other amount designated by the Transferor; provided, that if the amount is less than that determined under clause (a),
the Note Rating Agency Condition shall have been satisfied with respect to such designation and written evidence of the satisfaction of

    	 	9	 

     

    

the Note Rating Agency Condition has been delivered
to the Servicer, the Indenture Trustee and the Owner Trustee.

“Required Excess
Spread Percentage” means 0%; provided, however, that the Issuer may, from time to time, change such percentage (which shall
never be less than zero) (a) upon written notice to the Indenture Trustee, (b) upon satisfaction of the Note Rating Agency Condition,
and (c) provided the Issuer reasonably believes, as evidenced by an Officer’s Certificate of the Transferor delivered to the Indenture
Trustee, that such change will not have an Adverse Effect.

“Revolving Period”
means the period beginning on the Closing Date and ending on the earlier of (a) the close of business on the day immediately preceding
the day the Controlled Accumulation Period commences and (b) the close of business on the day the Early Amortization Period commences.

“Rule 144A”
has the meaning specified in Section 8.07(b).

“Senior Class”
means, with respect to the Class B Notes, the Class A Notes.

“Series”
has the meaning specified in the Indenture and, when used with respect to the Series of Notes issued pursuant to this Indenture Supplement,
means Series 2022-1.

“Series 2022-1
Available Finance Charge Collections” means, with respect to any Monthly Period, an amount equal to the sum of (a) the Series
2022-1 Finance Charge Collections with respect to such Monthly Period, (b) Principal Funding Account Investment Proceeds, if any, with
respect to the related Payment Date and (c) amounts, if any, to be withdrawn from the Accumulation Reserve Account, which shall be deposited
into the Collection Account on the related Note Transfer Date to be treated as Series 2022-1 Available Finance Charge Collections pursuant
to Section 4.11(b) and (d).

“Series 2022-1
Available Principal Collections” means, with respect to any Monthly Period, an amount equal to (a) the Series 2022-1 Principal
Collections with respect to such Monthly Period, minus (b) Reallocated Principal Collections determined as of the related Payment
Date for such Monthly Period, plus (c) any Series 2022-1 Available Finance Charge Collections available with respect to such Monthly
Period to cover the Series 2022-1 Default Amount or to reimburse any reductions in the Allocation Amount from an allocation of Investor
Charge-Offs or from the application of Reallocated Principal Collections, plus (d) following an Event of Default and acceleration
of the Series 2022-1 Notes, Series 2022-1 Available Finance Charge Collections, if any, with respect to such Monthly Period, available
pursuant to Section 4.04(g).

“Series 2022-1
Default Amount” means, with respect to any Monthly Period, an amount equal to the Default Amount allocated to the Series 2022-1
Notes pursuant to Section 4.01(d).

“Series 2022-1
Finance Charge Collections” means, with respect to any Monthly Period, the Finance Charge Collections allocated to the Series
2022-1 Notes pursuant to Section 4.01(b).

“Series 2022-1
Floating Allocation Percentage” means, with respect to any date of determination in any Monthly Period, the percentage equivalent
(which percentage shall never

    	 	10	 

     

    

exceed 100%) of a fraction, (a) the numerator
of which is the Allocation Amount as of the beginning of the first day of such Monthly Period (or, (x) in the case of the first Monthly
Period, the Series 2022-1 Stated Principal Amount and (y) with respect to any Monthly Period in which there is an issuance of additional
Series 2022-1 Notes occurring in such Monthly Period, the Allocation Amount (after giving effect to any increase to the Allocation Amount
resulting from the issuance of the additional Series 2022-1 Notes) as of any date of determination on or after the date of such issuance
of additional Series 2022-1 Notes), and (b) the denominator of which is the greater of (i) the Pool Balance as of the beginning of the
first day of the calendar month in which such date of determination occurs as adjusted in accordance with the provisions below, or (ii)
the sum of the numerators used to calculate the Floating Allocation Percentages for all Series of Notes as of such date of determination.
With respect to any Monthly Period in which an Addition Date or a Removal Date occurs, the Series 2022-1 Floating Allocation Percentage
for the portion of the Monthly Period falling on and after such Addition Date or Removal Date, as applicable, and prior to any subsequent
Addition Date or Removal Date, as applicable, will be recalculated for such period using the Pool Balance as of the close of business
on the subject Addition Date or Removal Date.

“Series 2022-1
Monthly Interest” means, with respect to any Payment Date, (a) the Class A Monthly Interest, (b) any Class A Monthly Interest
previously due but not paid to the Class A Noteholders, (c) the Class B Monthly Interest, (d) any Class B Monthly Interest previously
due but not paid to the Class B Noteholders, (e) the amount of Additional Interest, if any, and (f) any Additional Interest previously
due but not paid to the Series 2022-1 Noteholders, in each case for such Payment Date.

“Series 2022-1
Monthly Principal” has the meaning specified in Section 4.03.

“Series 2022-1
Noteholders” means a Class A Noteholder or a Class B Noteholder.

“Series 2022-1
Note” means a Class A Note or a Class B Note.

“Series 2022-1
Portfolio Yield” means, for any Monthly Period (which, in the case of the first Monthly Period, shall be determined pursuant
to Section 2.01(e)), the annualized percentage equivalent of a fraction:

(a)       the numerator
of which is equal to the sum of:

(A)       the Series 2022-1
Available Finance Charge Collections with respect to such Monthly Period; minus

(B)       the Series 2022-1
Default Amount for such Monthly Period; and

(b)       the
denominator of which is the Allocation Amount as of the last day of the preceding Monthly Period.

“Series 2022-1
Principal Allocation Percentage” means, with respect to any date of determination in any Monthly Period, the percentage equivalent
(which percentage shall never exceed 100%) of a fraction, (a) the numerator of which is (i) during the Revolving Period, the Allocation
Amount as of the beginning of the first day of such Monthly Period (or, (x) in the

    	 	11	 

     

    

case of the first Monthly Period, the Series
2022-1 Stated Principal Amount and (y) with respect to any Monthly Period in which there is an issuance of additional Series 2022-1 Notes
occurring in such Monthly Period, the Allocation Amount (after giving effect to any increase to the Allocation Amount resulting from the
issuance of the additional Series 2022-1 Notes) as of any date of determination on or after the date of such issuance of additional Series
2022-1 Notes) and (ii) during the Controlled Accumulation Period or the Early Amortization Period, the Allocation Amount as of the close
of business on the date on which the Revolving Period shall have terminated, and (b) the denominator of which is the greater of (i) the
Pool Balance as of the beginning of the first day of the calendar month in which such date of determination occurs as adjusted in accordance
with the provisions below, or (ii) the sum of the numerators used to calculate the Principal Allocation Percentages for all Series of
Notes as of such date of determination. With respect to any Monthly Period in which an Addition Date or a Removal Date occurs, the Series
2022-1 Principal Allocation Percentage for the portion of the Monthly Period falling on and after such Addition Date or Removal Date,
as applicable, and prior to any subsequent Addition Date or Removal Date, as applicable, will be recalculated for such period using the
Pool Balance as of the close of business on the subject Addition Date or Removal Date.

“Series 2022-1
Principal Collections” means, with respect to any Monthly Period, the Principal Collections allocated to the Series 2022-1 Notes
pursuant to Section 4.01(c).

“Series 2022-1
Servicing Fee” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicing Fee with respect
to such Monthly Period and (b) the Series 2022-1 Floating Allocation Percentage.

“Series 2022-1
Stated Principal Amount” means $884,147,000.

“Series Available
Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
(a) with respect to Series 2022-1, the excess, if any, of (i) the aggregate amount targeted to be paid or applied pursuant to Sections
4.04(a) through (f) for such Monthly Period over (ii) the Series 2022-1 Available Finance Charge Collections with respect
to such Monthly Period and (b) with respect to any other Series, the amount set forth in the applicable Indenture Supplement for such
Monthly Period; provided, however, that the Issuer, when authorized by an Officer’s Certificate of the Transferor,
may amend or otherwise modify this definition of Series Available Finance Charge Collections Shortfall provided that the Note Rating Agency
Condition is satisfied.

“Series Available
Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
(a) with respect to Series 2022-1, the excess, if any, of (i) the lesser of the amounts determined pursuant to Sections 4.03(b)(ii)
and (iii), for such Monthly Period over (ii) the Series 2022-1 Available Principal Collections, less any amount released and used
to purchase Receivables under Section 4.01(f), with respect to such Monthly Period and (b) with respect to any other Series of
Notes, the amount set forth in the applicable Indenture Supplement for such Monthly Period; provided, however, that the
Issuer, when authorized by an Officer’s Certificate of the Transferor, may amend or otherwise modify this definition of Series Available
Principal Collections Shortfall provided that the Note Rating Agency Condition is satisfied.

    	 	12	 

     

    

“Servicing Agreement”
means the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013, among
Barclays Dryrock Funding LLC, as Transferor, the Servicer and the Indenture Trustee, as amended, restated, supplemented or otherwise modified
from time to time.

“Shared Excess
Available Finance Charge Collections” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
with respect to any Series of Notes in Shared Excess Available Finance Charge Collections Group One, the sum of (a) the amount of Series
2022-1 Available Finance Charge Collections with respect to such Monthly Period, available after application in accordance with Section
4.04(a) through (g) and (b) the Finance Charge Collections remaining after all required payments and deposits from all
other Series identified as belonging to Shared Excess Available Finance Charge Collections Group One which the applicable Indenture Supplements
for such Series specify are to be treated as “Shared Excess Available Finance Charge Collections” with respect to such Monthly
Period.

“Shared Excess
Available Finance Charge Collections Group One” means the Shared Excess Available Finance Charge Collections Group to which
Series 2022-1 has been designated for inclusion under Section 4.09(a).

“Shared Excess
Available Principal Collections” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
the sum of (a) with respect to Series 2022-1, the amount of Series 2022-1 Available Principal Collections specified to be treated as “Shared
Excess Available Principal Collections” pursuant to Sections 4.05(a) and 4.05(b)(iv) and (b) with respect to any other
Series included in Shared Excess Available Principal Collections Group One, the Principal Collections allocated to such other Series remaining
after all required payments and deposits, which the applicable Indenture Supplements for such Series specify are to be treated as “Shared
Excess Available Principal Collections” with respect to such Monthly Period.

“Shared Excess
Available Principal Collections Group One” means the Shared Excess Available Principal Collections Group to which Series 2022-1
has been designated for inclusion under Section 4.10(a).

“Sixty Day Delinquency
Rate” means, as determined as of the last day of the Monthly Period, the percentage equivalent of a fraction, the numerator
of which is an amount equal to the aggregate Dollar amount of Sixty Day Delinquent Assets and the denominator of which is equal to the
aggregate Dollar amount of all Receivables.

“Sixty Day Delinquency
Rate Percentage” means, (a) as determined as of the last day of the initial Monthly Period for the Series 2022-1 Notes, the
Sixty Day Delinquency Rate, (b) as determined as of the last day of the second Monthly Period for the Series 2022-1 Notes, the percentage
equivalent of a fraction, the numerator of which is the sum of the Sixty Day Delinquency Rates for the initial Monthly Period and the
second Monthly Period and the denominator of which is two (2), and (c) as determined as of the last day of any Monthly Period (other than
the initial Monthly Period or second Monthly Period) for the Series 2022-1 Notes, the percentage equivalent of a fraction, the numerator
of which is the sum of the Sixty Day Delinquency Rates for the Monthly Period in which such determination occurs and the two (2)

    	 	13	 

     

    

Monthly Periods immediately preceding such
Monthly Period and the denominator of which is three (3).

“Sixty Day Delinquent
Asset” means a Receivable (i) with respect to which three consecutive scheduled payments under the applicable Account Agreement
remain unpaid for three consecutive billing date cycles and (ii) that is not a Defaulted Receivable.

“Stated Principal
Amount” means, with respect to the Series 2022-1 Notes, the Series 2022-1 Stated Principal Amount and has, with respect to any
other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Subordinated Class”
means, with respect to the Class A Notes, the Class B Notes.

“Tax Retained Notes”
if any, means any Class A Notes while beneficially owned after the Closing Date by the issuer of such Notes for U.S. federal income tax
purposes, until such time as such Notes are the subject of an opinion pursuant to Section 8.11(a)(ii) of this Indenture Supplement.

“Transfer Agreement”
means the Amended and Restated Transfer Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013, and as
amended by the first amendment thereto, dated as of March 1, 2017, by and among Barclays Dryrock Funding LLC, as Transferor, the Issuer,
and the Indenture Trustee, as amended, restated, supplemented or otherwise modified from time to time.

“Transferor Amount
Measurement Date” means the Record Date. For the avoidance of doubt, the Transferor Amount Measurement Date is the seller’s
interest measurement date for purposes of Section 246.5(c)(4) of Regulation RR.

“UK Securitization
Regulation” means the provisions of Regulation (EU) 2017/2402 as it forms part of UK domestic law as "retained EU law"
by operation of the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019.

“UK Securitization
Rules” means the UK Securitization Regulation, together with (a) all applicable binding technical standards made under the UK
Securitization Regulation, (b) any EU regulatory technical standards or implementing technical standards relating to the EU Securitization
Regulation (including such regulatory technical standards or implementing technical standards which are applicable pursuant to any transitional
provisions of the EU Securitization Regulation) forming part of UK domestic law by operation of the EUWA, (c) relevant guidance, policy
statements or directions relating to the application of the UK Securitization Regulation (or any binding technical standards) published
by the Financial Conduct Authority and/or the Prudential Regulation Authority (or their successors), (d) any guidelines relating to the
application of the EU Securitization Regulation which are applicable in the UK, (e) any other transitional, saving or other provision
relevant to the UK Securitization Regulation by virtue of the operation of the EUWA and (f) any other applicable laws, acts, statutory
instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization Regulation, in each case, as
may be further amended, supplemented or replaced, from time to time.

    	 	14	 

     

    

 

 

Section
1.02        Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial.

(a)              
THIS INDENTURE SUPPLEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

(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 Indenture Supplement or
to any matter arising out of or relating to this Indenture Supplement; provided, that each party hereto acknowledges that any appeals
from those courts may have to be heard by a court located outside of the Borough of Manhattan in New York City; provided, further,
that nothing in this Indenture Supplement shall be deemed or operate to preclude the Indenture Trustee from bringing suit or taking other
legal action in any other jurisdiction to realize on the Receivables or any security for the obligations of the Issuer arising hereunder
or to enforce a judgment or other court order in favor of the Indenture Trustee. Each party hereto submits and consents in advance to
such jurisdiction in any action or suite 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, and that service so made shall be deemed completed upon the earlier
of such party’s actual receipt thereof or three (3) days after deposit in the United States mail, proper postage prepaid. Nothing
in this Section 1.02 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

(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 AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHTS 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, OR CONNECTION WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section
1.03        Counterparts;
Electronic Signature. This Indenture Supplement may be executed in two (2) or more counterparts (and by different parties on separate
counterparts), each

    	 	15	 

     

    

of which shall be deemed an original, and all
of which when taken together shall constitute one and the same instrument. Each of the parties agree that this Indenture Supplement and
any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures (including
pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider as specified in writing
to the Indenture Trustee) appearing on this Indenture Supplement or such other documents are the same as handwritten signatures for the
purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this
Indenture Supplement and such other documents may be made by facsimile, email or other electronic transmission.

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

[END OF ARTICLE I]

ARTICLE
II

THE NOTES

Section
2.01        Designation.

(a)              
There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “Barclays
Dryrock Issuance Trust, Series 2022-1” or the “Series 2022-1 Notes.” The Series 2022-1 Notes shall be issued in two
(2) Classes, the first of which shall be known as the “Class A Series 2022-1 Fixed Rate Asset Backed Notes” and the second
of which shall be known as the “Class B Series 2022-1 Fixed Rate Asset Backed Notes.” The Series 2022-1 Notes shall be due
and payable on the Legal Maturity Date.

(b)              
The Series 2022-1 Notes shall be secured by the Collateral. For the avoidance of doubt, the parties agree that the payment of principal
and interest on the Series 2022-1 Notes shall be primarily based on the performance of the Receivables and, except for interest rate or
currency mismatches between the Receivables and the Series 2022-1 Notes, shall not be contingent on market or credit events that are independent
of such financial assets.

(c)              
Series 2022-1 shall be a Shared Excess Available Finance Charge Collections Series and shall be included in Shared Excess Available
Finance Charge Collections Group One. Series 2022-1 shall be a Shared Excess Available Principal Collections Series and shall be included
in Shared Excess Available Principal Collections Group One. Other than as specified in this Section 2.01(c), Series 2022-1 shall
not be in any other Group.

(d)              
Series 2022-1 shall not be subordinated to any other Series of Notes.

(e)              
Notwithstanding any provision in the Indenture or in this Indenture Supplement to the contrary, the first Payment Date with respect
to Series 2022-1 shall be the June 2022 Payment Date, and the first Monthly Period shall begin on and include the Closing Date and end
on and include May 31, 2022.

    	 	16	 

     

    

 

 

Section
2.02        Issuance
of Series 2022-1 Notes. The Issuer may issue Notes of any Class of the Series 2022-1 Notes, so long as the conditions precedent set
forth in Section 4.10 of the Indenture are satisfied.

Section
2.03        Documentation.
This Indenture Supplement, together with the Transaction Documents, shall (a) define the contractual rights and responsibilities of the
parties, including, but not limited to, representations and warranties and ongoing disclosure requirements, and any measures to avoid
conflicts of interest; and (b) provide authority for the parties, including, but not limited to, BBD, the Servicer and the Series 2022-1
Noteholders to fulfill their respective duties and exercise their rights under the contracts and clearly distinguish between any multiple
roles performed by any party.

[END OF ARTICLE II]

ARTICLE
III

SERVICING COMPENSATION

Section
3.01        Servicing
Compensation. The share of the Servicing Fee allocable to the Series 2022-1 Noteholders with respect to any Payment Date shall equal
the Series 2022-1 Servicing Fee. The portion of the Servicing Fee that is not allocable to the Series 2022-1 Noteholders shall be paid
by the holders of the Transferor Interest or the Noteholders of other Series of Notes (as provided in the related Indenture Supplements),
and in no event shall the Issuer, the Owner Trustee, the Indenture Trustee or the Series 2022-1 Noteholders be liable for the share of
the Servicing Fee to be paid by the holders of the Transferor Interest or the Noteholders of any other Series of Notes.

[END OF ARTICLE III]

ARTICLE
IV

RIGHTS OF SERIES 2022-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

Section
4.01        Collections
and Allocations.

(a)              
Allocations. Finance Charge Collections, Principal Collections, the Default Amount and the Servicing Fee shall be allocated
pursuant to Article V of the Indenture and shall be allocated to Series 2022-1 and distributed as set forth in this Article IV.

(b)              
Allocations of Finance Charge Collections to the Series 2022-1 Notes. With respect to each date on which the Servicer deposits
Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer as set forth in the Daily Servicer’s
Certificate, shall allocate to the Series 2022-1 Noteholders and retain in the Collection Account for application as provided herein an
amount equal to the product of (i) the Series 2022-1 Floating Allocation Percentage and (ii) the amount of Finance Charge Collections
deposited into the Collection Account on such date.

    	 	17	 

     

    

(c)              
 Allocations of Principal Collections to the Series 2022-1 Notes. With respect to each date on which the Servicer deposits
Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer as set forth in the Daily Servicer’s
Certificate, shall allocate to the Series 2022-1 Noteholders an amount equal to the product of (i) the Series 2022-1 Principal Allocation
Percentage and (ii) the amount of Principal Collections deposited into the Collection Account on such date.

(d)              
Allocations of the Default Amount to the Series 2022-1 Notes. With respect to each day during a Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall allocate to the Series 2022-1 Notes an amount equal to the product of (i) the Series
2022-1 Floating Allocation Percentage for such day and (ii) the portion of the Default Amount attributable to Receivables that became
Defaulted Receivables on such day.

(e)              
Allocations of the Servicing Fee to the Series 2022-1 Notes. With respect to each Monthly Period, the Indenture Trustee,
at the direction of the Servicer, shall on or prior to the applicable Note Transfer Date allocate to the Series 2022-1 Notes an amount
equal to the product of (i) the average of the Series 2022-1 Floating Allocation Percentages for all days during such Monthly Period and
(ii) the Servicing Fee with respect to such Monthly Period.

(f)               
Release of Principal Collections to Purchase Receivables and Pay Optional Amortization Amounts. Principal Collections allocated
to the Series 2022-1 Notes as provided in Section 4.01(c) and on deposit in the Collection Account with respect to each Monthly
Period may, upon request made by the Servicer on behalf of the Transferor to the Indenture Trustee, on any date, subject to the restrictions
set forth below in this Section 4.01(f), be released from the Collection Account and (i) released to the Transferor free and clear
of the lien of the Indenture to be used solely for the purpose of purchasing Receivables or (ii) applied to pay Optional Amortization
Amounts for other Series. The release of Principal Collections under this Section 4.01(f) to make the payments described in clauses
(i) and (ii) of the preceding sentence, shall be subject to the following limitations: (1) no Principal Collections may be released if
an Early Amortization Event has occurred and is continuing for one or more Series of Notes in Shared Excess Available Principal Collections
Group One; (2) on each date of transfer only the excess of (a) the amount determined pursuant to Section 4.01(c), over (b) an amount
equal to the product of (i) the amount determined pursuant to Section 4.01(c), and (ii) a fraction, the numerator of which is the
Class B Stated Principal Amount and the denominator of which is the Series 2022-1 Stated Principal Amount, may be released; and (3) if
one or more Series of Notes in Shared Excess Available Principal Collections Group One is in an Amortization Period, no Principal Collections
for such Monthly Period may be released if the amount of Principal Collections remaining in the Collection Account for such Monthly Period
allocable to Shared Excess Available Principal Collections Group One would be less than the sum of the required principal deposits and
payments with respect to the Payment Date for the related Monthly Period for such Series of Notes in Shared Excess Available Principal
Collections Group One in an Amortization Period (excluding any Optional Amortization Amounts for such Series).

Section
4.02        Determination
of Series 2022-1 Monthly Interest.

(a)              
The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect
to the Class A Notes for any Payment Date shall be an

    	 	18	 

     

    

amount equal to the product of (i) (x) a fraction,
the numerator of which is thirty (30) and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for
the related Interest Period and (ii) the Outstanding Dollar Principal Amount of the Class A Notes as of the close of business on the Record
Date; provided, however, that for the first Payment Date, the Class A Monthly Interest shall equal $3,338,625.

On the Note Transfer Date
preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of
(i) the Class A Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained in the Collection Account
and allocated and available to pay such Class A Monthly Interest on such Payment Date. If the Class A Interest Shortfall with respect
to any Payment Date is greater than zero, on each subsequent Payment Date until such Class A Interest Shortfall is fully paid, an additional
amount (“Class A Additional Interest”) equal to the product of (i) (x) a fraction, the numerator of which is thirty
(30) and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for the related Interest Period plus
2% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Noteholders)
shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional
Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

(b)              
The amount of monthly interest (“Class B Monthly Interest”) distributable from the Collection Account with respect
to the Class B Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator of which is thirty
(30) and the denominator of which is 360, times (y) the Class B Note Interest Rate in effect for the related Interest Period and
(iii) the Outstanding Dollar Principal Amount of the Class B Notes as of the close of business on the Record Date.

On the Note Transfer Date
preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class B Interest Shortfall”), of
(i) the Class B Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained in the Collection Account
and allocated and available to pay such Class B Monthly Interest on such Payment Date. If the Class B Interest Shortfall with respect
to any Payment Date is greater than zero, on each subsequent Payment Date until such Class B Interest Shortfall is fully paid, an additional
amount (“Class B Additional Interest”) equal to the product of (i) (x) a fraction, the numerator of which is thirty
(30) and the denominator of which is 360, times (y) the Class B Note Interest Rate in effect for the related Interest Period plus
2% per annum and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Noteholders)
shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional
Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

Section
4.03        Determination
of Series 2022-1 Monthly Principal. The amount of monthly principal made available with respect to the Series 2022-1 Notes for any
Payment Date (the “Series 2022-1 Monthly Principal”), shall be equal to (a) during the Revolving Period, zero and (b)
beginning with the Payment Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early
Amortization Period, begins, shall be equal to the least of (i) the Series 2022-1 Available Principal Collections, less any amount

    	 	19	 

     

    

released and used to purchase Receivables under
Section 4.01(f), currently on deposit in the Collection Account with respect to such Payment Date, (ii) for each Payment Date with
respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date and (iii) the Allocation Amount for
such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant to Section 4.04, Section
4.07, and Section 4.08).

Section
4.04        Application
of Series 2022-1 Available Finance Charge Collections on Deposit in the Collection Account. On each Note Transfer Date the Servicer
shall, or shall instruct the Indenture Trustee in writing, to withdraw from the Collection Account and deposit into the Distribution Account
from the Series 2022-1 Available Finance Charge Collections with respect to the related Payment Date an amount equal to the amount determined
under Section 4.04(a). The Servicer shall apply, or shall instruct the Indenture Trustee in writing (which writing shall be substantially
in the form of Exhibit B-3), to apply on each Payment Date, (i) the Series 2022-1 Available Finance Charge Collections with respect
to the related Payment Date on deposit in the Collection Account and (ii) with respect to Section 4.04(a) the funds on deposit
in the Distribution Account, as applicable, in the following priority:

(a)              
an amount equal to Class A Monthly Interest for such Payment Date, plus the amount of any Class A Monthly Interest, or portion
thereof, previously due but not paid to Class A Noteholders on a prior Payment Date, plus the amount of any Class A Additional
Interest for such Payment Date, plus the amount of any Class A Additional Interest, or portion thereof, previously due but not
paid to Class A Noteholders on a prior Payment Date, shall be distributed to the Paying Agent for payment to Class A Noteholders on such
Payment Date;

(b)              
an amount equal to the Series 2022-1 Servicing Fee for such Payment Date, plus the amount of any Series 2022-1 Servicing
Fee, or portion thereof, previously due but not paid to the Servicer on a prior Payment Date, shall be distributed to the Servicer;

(c)              
an amount equal to Class B Monthly Interest for such Payment Date, plus the amount of any Class B Monthly Interest, or portion
thereof, previously due but not paid to Class B Noteholders on a prior Payment Date, plus the amount of any Class B Additional
Interest for such Payment Date, plus the amount of any Class B Additional Interest, or portion thereof, previously due but not
paid to Class B Noteholders on a prior Payment Date, shall be distributed to the Paying Agent for the payment to Class B Noteholders on
such Payment Date;

(d)              
an amount equal to the Series 2022-1 Default Amount for such Payment Date shall be treated as a portion of Series 2022-1 Available
Principal Collections for such Payment Date;

(e)              
an amount equal to the sum of the aggregate amount of Investor Charge- Offs and the amount of Reallocated Principal Collections
which have not previously been reimbursed shall be used to reimburse such amount pursuant to this Section 4.04(e) and treated as
Series 2022-1 Available Principal Collections for such Payment Date;

(f)               
on each Payment Date during the Accumulation Reserve Account Funding Period an amount equal to the excess, if any, of the Required
Accumulation Reserve Account

    	 	20	 

     

    

Amount over the Available Accumulation Reserve
Account Amount shall be deposited into the Accumulation Reserve Account;

(g)              
upon the occurrence of an Event of Default with respect to Series 2022-1 and acceleration of the maturity of the Series 2022-1
Notes pursuant to Section 7.02 of the Indenture, the balance, if any, up to the Outstanding Dollar Principal Amount, less the amount
of Series 2022-1 Available Principal Collections (less any amount released and used to purchase Receivables under Section 4.01(f))
currently on deposit in the Collection Account allocated to Series 2022-1 on such Payment Date (other than pursuant to this clause (g)),
shall be treated as Series 2022-1 Available Principal Collections for such Payment Date;

(h)              
the balance, if any, shall constitute a portion of Shared Excess Available Finance Charge Collections for such Payment Date and
shall be available for allocation to other Series in Shared Excess Available Finance Charge Collections Group One, to the extent needed;
and

(i)                
first, an amount equal to that needed to pay any other obligations of the Issuer under the Transaction Documents shall be applied
to pay such obligations, and the balance shall be paid to the holders of the Transferor Interest.

Section
4.05        Application
of Series 2022-1 Available Principal Collections.

(a)              
On or before each Payment Date with respect to the Revolving Period, an amount equal to Series 2022-1 Available Principal Collections
deposited in the Collection Account with respect to the related Monthly Period, less any amount released and used to purchase Receivables
under Section 4.01(f), shall be treated as Shared Excess Available Principal Collections with respect to such Monthly Period.

(b)              
With respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Series 2022-1 Available
Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), currently on deposit in
the Collection Account for the related Monthly Period, shall be distributed or deposited on the following dates and in the following order
of priority:

(i)                
during the Controlled Accumulation Period, and prior to the payment in full of the Class A Notes and the Class B Notes, an amount
equal to the Series 2022-1 Monthly Principal, for each Payment Date shall be deposited into the Principal Funding Account on such Payment
Date; provided, however, that with respect to the calendar month in which the Expected Final Payment Date occurs, such deposit
shall be made on the applicable Note Transfer Date;

(ii)             
during the Early Amortization Period, on each Note Transfer Date an amount equal to the lesser of (i) the Series 2022-1 Monthly
Principal, for the related Payment Date or (ii) the Class A Stated Principal Amount, shall be deposited into the Distribution Account
and on the related Payment Date distributed to the Paying Agent for payment to the Class A Noteholders on such Payment Date until the
Class A Stated Principal Amount has been paid in full;

    	 	21	 

     

    

(iii)           
 during the Early Amortization Period on each Payment Date, after giving effect to the deposit on the related Note Transfer Date
referred to in clause (ii) above, an amount equal to the Series 2022-1 Monthly Principal for such Payment Date remaining, if any, shall
be distributed to the Paying Agent for payment to the Class B Noteholders on such Payment Date until the Class B Stated Principal Amount
has been paid in full; and

(iv)            
on each Payment Date the balance of such Series 2022-1 Available Principal Collections after giving effect to the distributions
referred to in clauses (i)-(iii) above shall be treated as Shared Excess Available Principal Collections for the benefit of other Series
in the Shared Excess Available Principal Collections Group One.

(c)              
On the earlier to occur of the Note Transfer Date relating to (i) the first Payment Date with respect to the Early Amortization
Period and (ii) the Expected Final Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall
withdraw from the amounts deposited into the Principal Funding Account pursuant to Section 4.05(b)(i) and deposit into the Distribution
Account an amount equal to the lesser of the amount in the Principal Funding Account and the Class A Stated Principal Amount, and the
Indenture Trustee, acting in accordance with instructions from the Servicer, shall distribute such funds to the Paying Agent for payment
to the Class A Noteholders on the related Payment Date. On the earlier to occur of (i) the first Payment Date with respect to the Early
Amortization Period and (ii) the Expected Final Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer,
shall withdraw from the remaining amounts, if any, in the Principal Funding Account an amount equal to the lesser of such remaining amount
and the Class B Stated Principal Amount, and the Indenture Trustee, acting in accordance with instructions from the Servicer, shall distribute
such funds to the Paying Agent for payment to the Class B Noteholders on such Payment Date.

Section
4.06        Principal
Funding Account; Controlled Accumulation Period.

(a)              
(i) The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Principal Funding Account”),
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Series 2022-1 Noteholders in accordance with Section 5.02(c) of the Indenture.

(ii)             
If a securities intermediary has been appointed, funds on deposit in the Principal Funding Account shall be invested by the Indenture
Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Series 2022-1 Noteholders; provided, that with respect
to each Payment Date, all interest and other investment income (net of losses and investment expenses) (“Principal Funding Account
Investment Proceeds”) on funds on deposit therein shall be applied as set forth in Section 4.06(a)(iii) below; and provided,
further, that funds on deposit in the Principal Funding Account shall be invested in Eligible Investments that shall mature so
that such funds shall be available at the opening of business on the Note Transfer Date preceding the following Payment Date. Unless the
Servicer directs otherwise, funds deposited in the Principal Funding Account on a Note Transfer Date upon the maturity of any Eligible
Investments are not required to be invested. No such Eligible Investment shall be disposed of prior to its maturity; provided,
however, that the Indenture

    	 	22	 

     

    

Trustee shall sell, liquidate or dispose of
any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest
or any other amount with respect to such Eligible Investment; provided further, however, that the Servicer shall deliver
prompt written notice to the Indenture Trustee of any such default; and provided further, that, subject to Section 8.01 of the
Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in such Principal Funding Account
resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure
to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity, in accordance with their terms.

(iii)           
On each Note Transfer Date with respect to the Controlled Accumulation Period, the Servicer shall direct the Indenture Trustee
in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account Investment
Proceeds, if any, then on deposit in the Principal Funding Account and such Principal Funding Account Investment Proceeds, if any, shall
be treated as a portion of Series 2022-1 Available Finance Charge Collections.

(iv)            
Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall not be considered to
be principal amounts on deposit therein for purposes of this Indenture Supplement.

(b)              
(i) The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the
Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the exclusive control of the Indenture
Trustee for the benefit of the Series 2022-1 Noteholders. If, at any time (i) the Principal Funding Account ceases to be an Eligible Deposit
Account, the Indenture Trustee (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer
period upon satisfaction of the Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business Days) establish
a new Principal Funding Account meeting the conditions specified in Section 4.06(a)(i) above as an Eligible Deposit Account and
shall transfer any funds or other property to such new Principal Funding Account or (ii) the Issuer determines for any reason that the
Principal Funding Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee,
the Issuer shall establish or cause to be established a new Principal Funding Account that is an Eligible Deposit Account and shall transfer
any funds or other property from such Principal Funding Account to such new Principal Funding account. From the date each such new Principal
Funding Account is established, it shall be the “Principal Funding Account.”

(ii)             
Pursuant to the authority granted to the Servicer in Section 3.1 of the Servicing Agreement, the Servicer shall have the power
to instruct the Indenture Trustee to make withdrawals and payments from the Principal Funding Account for the purposes of carrying out
the Servicer’s or Indenture Trustee’s duties hereunder.

(c)              
The Controlled Accumulation Period is scheduled to commence the first Business Day of the month that is twelve (12) calendar months
prior to the Expected Final Payment Date; provided, however, that if the Controlled Accumulation Period Length (determined
as described below) is less than twelve (12) months, then the date on which the

    	 	23	 

     

    

Controlled Accumulation Period actually commences
will be the first Business Day of the month that is the number of whole months prior to the Expected Final Payment Date at least equal
to the Controlled Accumulation Period Length. On or before the second Business Day immediately preceding the first Business Day of the
month that is twelve (12) months prior to the Expected Final Payment Date, the Servicer shall determine the “Controlled Accumulation
Period Length,” which shall equal the number of months not less than the number of whole calendar months reasonably expected
by the Servicer to be necessary to accumulate from Series 2022-1 Available Principal Collections and Shared Excess Available Principal
Collections expected to be available to Series 2022-1 from other Shared Excess Available Principal Collections Series during the Controlled
Accumulation Period an amount equal to the Series 2022-1 Stated Principal Amount; provided, however, that the Controlled
Accumulation Period Length shall not be determined to be less than one month.

Section
4.07        Investor
Charge-Offs. On or prior to each Note Transfer Date, the Servicer shall calculate the Series 2022-1 Default Amount, if any, for the
related Payment Date. If, for any Payment Date, the Series 2022-1 Default Amount for the related Monthly Period exceeds the amount available
therefor pursuant to Section 4.04(d) with respect to such Monthly Period, the Allocation Amount will be reduced by the amount of
such excess, but not by more than the Series 2022-1 Default Amount for such Payment Date (such reduction, an “Investor Charge-Off”).

Section
4.08        Reallocated
Principal Collections. On each Payment Date, the Servicer shall apply, to the extent permitted herein, or shall instruct the Indenture
Trustee in writing to apply Reallocated Principal Collections with respect to such Payment Date, in an amount equal to the lesser of (a)
the Series 2022-1 Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), for the related
Monthly Period or (b) the Monthly Subordination Amount for such Payment Date in accordance with the priority set forth in Sections
4.04(a) and (b). On each Payment Date, the Allocation Amount shall be reduced by the amount of Reallocated Principal Collections
for such Payment Date.

Section
4.09        Shared
Excess Available Finance Charge Collections.

(a)              
Series 2022-1 shall be included in Shared Excess Available Finance Charge Collections Group One for the purpose of sharing Shared
Excess Available Finance Charge Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Finance Charge Collections
with respect to any Monthly Period shall be shared within Shared Excess Available Finance Charge Collections Group One to cover the applicable
Series Available Finance Charge Collections Shortfalls for such Monthly Period, if any, and applied on the Note Transfer Date in the immediately
succeeding Monthly Period for each Shared Excess Available Finance Charge Collections Group Series with a Series Available Finance Charge
Collections Shortfall for such Monthly Period. Shared Excess Available Finance Charge Collections allocable to Series 2022-1 with respect
to each Monthly Period shall mean an amount equal to the Series Available Finance Charge Collections Shortfall, if any, with respect to
Series 2022-1 for such Monthly Period; provided, however, that if the aggregate amount of Shared Excess Available Finance
Charge Collections for all Series in

    	 	24	 

     

    

Shared Excess Available Finance Charge Collections
Group One for each Monthly Period is less than the Aggregate Series Available Finance Charge Collections Shortfall for such Monthly Period,
then Shared Excess Available Finance Charge Collections allocable to Series 2022-1 with respect to such Monthly Period shall equal the
product of (i) Shared Excess Available Finance Charge Collections for all Series in Shared Excess Available Finance Charge Collections
Group One for such Monthly Period and (ii) a fraction, the numerator of which is the Series Available Finance Charge Collections Shortfall
with respect to Series 2022-1 for such Monthly Period and the denominator of which is the Aggregate Series Available Finance Charge Collections
Shortfall for such Monthly Period.

(c)              
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Finance Charge Collections
Group One, any Shared Excess Available Finance Charge Collections for each Series in Shared Excess Available Finance Charge Collections
Group One for any Monthly Period which shall remain after application pursuant to clause (b) above shall be paid to the holders of the
Transferor Interest. Shared Excess Available Finance Charge Collections will not be available for application by other Series of Notes
that are not included in Shared Excess Available Finance Charge Collections Group One.

Section
4.10        Shared
Excess Available Principal Collections.

(a)              
Series 2022-1 shall be included in Shared Excess Available Principal Collections Group One for the purpose of sharing Shared Excess
Available Principal Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Principal Collections
with respect to any Monthly Period shall be shared within Shared Excess Available Principal Collections Group One to cover the applicable
Series Available Principal Collections Shortfalls for such Monthly Period, if any, for each Shared Excess Available Principal Collections
Series with a Series Available Principal Collections Shortfall for such Monthly Period, and such Shared Excess Available Principal Collections
allocable to Series 2022-1 shall be distributed or deposited on the dates and in the order of priority provided for under Sections
4.05(b)(i)-(iii). Shared Excess Available Principal Collections allocable to Series 2022-1 with respect to each Monthly Period shall
mean an amount equal to the Series Available Principal Collections Shortfall, if any, with respect to Series 2022-1 for such Monthly Period;
provided, however, that if the aggregate amount of Shared Excess Available Principal Collections for all Series in Shared
Excess Available Principal Collections Group One for each Monthly Period is less than the Aggregate Series Available Principal Collections
Shortfall for such Monthly Period, then Shared Excess Available Principal Collections allocable to Series 2022-1 with respect to such
Monthly Period shall equal the product of (i) Shared Excess Available Principal Collections for all Series in Shared Excess Available
Principal Collections Group One for such Monthly Period and (ii) a fraction, the numerator of which is the Series Available Principal
Collections Shortfall with respect to Series 2022-1 for such Monthly Period and the denominator of which is the Aggregate Series Available
Principal Collections Shortfall for such Monthly Period.

(c)              
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Principal Collections Group
One, any Shared Excess

    	 	25	 

     

    

Available Principal Collections for each Series
in Shared Excess Available Principal Collections Group One for any Monthly Period which shall remain after application pursuant to clause
(b) above shall be paid to the holders of the Transferor Interest. Shared Excess Available Principal Collections will not be available
for application by other Series of Notes that are not included in Shared Excess Available Principal Collections Group One.

Section
4.11        Accumulation
Reserve Account.

(a)              
The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”)
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Series 2022-1 Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all
right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds
thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series
2022-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall
notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner
Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon
satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above
as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer
determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written
notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible
Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation Reserve
Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.”
The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to
time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement,
and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account
in the amount specified in, and otherwise in accordance with, Section 4.04(f).

(b)              
If a securities intermediary has been appointed, funds on deposit in the Accumulation Reserve Account, on any Note Transfer Date,
after giving effect to any withdrawals from the Accumulation Reserve Account on such Note Transfer Date, shall be invested by the Indenture
Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer; provided, that
the funds are invested in investments that shall mature so that such funds shall be available for withdrawal on or prior to the following
Note Transfer Date. Absent such direction, funds in the Accumulation Reserve Account shall remain uninvested. No such Eligible Investment
shall be disposed of prior to its maturity; provided, however, that the Indenture Trustee shall sell, liquidate or dispose
of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest
or any other amount with respect to such Eligible Investment; provided further, however, that the Servicer shall deliver
prompt written notice to the Indenture Trustee of

    	 	26	 

     

    

any such default; and provided further,
that, subject to Section 8.01 of the Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency
in such Accumulation Reserve Account resulting from any loss on any Eligible Investment included therein; provided further, however,
that the foregoing proviso will not limit any amounts payable by U.S. Bank National Association on any such Eligible Investments issued
by U.S. Bank National Association, in its commercial capacity, in accordance with their terms. On each Note Transfer Date, all interest
and earnings (net of losses and investment expenses) accrued since the preceding Note Transfer Date on funds on deposit in the Accumulation
Reserve Account shall be retained in the Accumulation Reserve Account (to the extent that the Available Accumulation Reserve Account Amount
is less than the Required Accumulation Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account for
application in accordance with Section 4.04. For purposes of determining the availability of funds or the balance in the Accumulation
Reserve Account for any reason under this Indenture Supplement, except as otherwise provided in the preceding sentence, investment earnings,
if any, on such funds shall be deemed not to be available or on deposit.

(c)              
On the Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation Period and (ii) the first
Payment Date of the Early Amortization Period, the Servicer shall calculate the “Accumulation Reserve Draw Amount”
which shall be equal to the excess, if any, of the Covered Amount with respect to such Payment Date over the Principal Funding Account
Investment Proceeds with respect to such Payment Date.

(d)              
In the event that for any Payment Date the Accumulation Reserve Draw Amount is greater than zero, the Accumulation Reserve Draw
Amount, up to the Available Accumulation Reserve Account Amount, shall be (i) withdrawn from the Accumulation Reserve Account on the Note
Transfer Date on which such Accumulation Reserve Draw Amount is calculated by the Indenture Trustee (acting in accordance with the instructions
of the Servicer) and (ii) deposited into the Collection Account for application as Series 2022-1 Available Finance Charge Collections
for such Payment Date.

(e)              
In the event that the Accumulation Reserve Account Surplus on any Payment Date, after giving effect to all deposits to and withdrawals
from the Accumulation Reserve Account with respect to such Payment Date, is greater than zero, the Indenture Trustee (acting in accordance
with the instructions of the Servicer) shall withdraw from the Accumulation Reserve Account, and pay to the Owner Trustee for distribution
in accordance with the Trust Agreement an amount equal to such Accumulation Reserve Account Surplus.

(f)               
Upon the earliest to occur of (i) the day on which the Allocation Amount is reduced to zero, (ii) the occurrence of an Event of
Default with respect to the Series 2022-1 Notes and acceleration of such Series 2022-1 Notes pursuant to Section 7.02 of the Indenture,
the first Payment Date with respect to the Early Amortization Period, (iv) the Expected Final Payment Date, and (v) the termination of
the Trust pursuant to the Trust Agreement, the Indenture Trustee (acting in accordance with the instructions of the Servicer) after the
prior payment of all amounts owing to the Series 2022-1 Noteholders which are payable from the Accumulation Reserve Account as provided
herein, shall withdraw from the Accumulation Reserve Account and pay to the holders of the Transferor Interest all amounts, if any, on
deposit

    	 	27	 

     

    

in the Accumulation Reserve Account and the
Accumulation Reserve Account shall be deemed to have terminated for purposes of this Indenture Supplement.

(g)              
Notwithstanding the foregoing, following an Event of Default with respect to the Series 2022-1 Notes and acceleration of such Series
2022-1 Notes, any Accumulation Reserve Account Surplus or other amounts on deposit in the Accumulation Reserve Account shall be applied
toward payment of any amounts owing with respect to the Series 2022-1 Notes before such amounts are paid to the holders of the Transferor
Interest.

Section
4.12        Investment
Instructions. Any investment instructions given to the Indenture Trustee pursuant to the terms hereof must be given to the Indenture
Trustee no later than 1:00 P.M. (New York City time) on the date such investment is to be made. In the event the Indenture Trustee receives
such investment instruction later than such time, the Indenture Trustee may, but shall have no obligation to, make such investment. In
the event the Indenture Trustee is unable to make an investment required in an investment instruction received by the Indenture Trustee
after 1:00 P.M. (New York City time) on such day, such investment shall be made by the Indenture Trustee on the next succeeding Business
Day. In no event shall the Indenture Trustee be liable for any investment not made pursuant to investment instructions received after
1:00 P.M. (New York City time) on the day such investment is requested to be made.

Section
4.13        [RESERVED].

Section
4.14        Sale
of Collateral for Series 2022-1 Notes That are Accelerated or Reach Legal Maturity.

(a)              
If the Series 2022-1 Notes have been accelerated pursuant to Section 7.02 of the Indenture following an Event of Default, the Indenture
Trustee may, subject to the conditions specified in Section 4.14(b), and at the direction of the Holders of more than 662⁄3%
of the Outstanding Dollar Principal Amount of the Series 2022-1 Notes will, subject to the conditions specified in Section 4.14(b),
sell Principal Receivables (or interests therein) in an amount (as determined by the Issuer and provided to the Indenture Trustee) not
to exceed the Allocation Amount as of the close of business on the day preceding such sale, plus any related Finance Charge Receivables.

(b)              
Such a sale will be permitted only if at least one of the following conditions is met:

(i)                
the Holders of more than 90% of the aggregate Outstanding Dollar Principal Amount of the Series 2022-1 Notes consent; or

(ii)             
the net proceeds of such sale (plus amounts on deposit in the Issuer Accounts) would be sufficient to pay all amounts due
on the Series 2022-1 Notes; or

(iii)           
the Indenture Trustee in consultation with the Servicer determines that the funds to be allocated to the Series 2022-1 Notes, including
(1) Series 2022-1 Available Finance Charge Collections and Series 2022-1 Available Principal Collections and (2) amounts on deposit in
the Issuer Accounts, may not be sufficient on an ongoing basis to make all

    	 	28	 

     

    

payments on the Series 2022-1 Notes as such
payments would have become due if such obligations had not been declared due and payable, and Series 2022-1 Noteholders evidencing more
than 662⁄3% of the aggregate Outstanding Dollar Principal Amount of the Series 2022-1 Notes consent to the sale; provided,
that the Issuer will provide the Indenture Trustee with the information reasonably requested by the Indenture Trustee to make such determination.

(c)              
If the Allocation Amount is greater than zero on the Legal Maturity Date (after giving effect to any allocations, deposits and
payments otherwise to be made on that Legal Maturity Date), the Indenture Trustee shall, no later than the Legal Maturity Date, sell or
cause to be sold Principal Receivables (or interests therein) in an amount not to exceed the Allocation Amount as of the close of business
on the day preceding such sale, plus any related Finance Charge Receivables.

(d)              
Upon the occurrence of such sale, the Allocation Amount shall be automatically reduced to zero and Principal Collections and Finance
Charge Collections shall no longer be allocated to the Series 2022-1 Notes.

(e)              
Sale proceeds received with respect to the Series 2022-1 Notes pursuant to clause (a) or (c) above will be applied as specified
in Section 7.06 of the Indenture, and amounts available for application pursuant to clause (b) of Section 7.06 should be allocated and
paid in the following priority:

first, to the
Class A Noteholders, until the Class A Stated Principal Amount and all current and past due Class A Monthly Interest and Class A Additional
Interest has been paid in full; and

second, to the
Class B Noteholders, until the Class B Stated Principal Amount and all current and past due Class B Monthly Interest and Class B Additional
Interest has been paid in full.

 

    	 	29	 

     

    

 

Section
4.15        Distribution
Account. The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Distribution Account”),
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Class A Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right,
title and interest in all funds and property from time to time credited to the Distribution Account and in all proceeds thereof. The
Distribution Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Class A Noteholders. If, at
any time the Distribution Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within thirty (30) Business Days
(or such longer period upon satisfaction of the Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business
Days) establish a new Distribution Account meeting the conditions specified above as an Eligible Deposit Account and shall transfer any
funds or other property to such new Distribution Account. Pursuant to the authority granted to the Servicer in Section 3.1 of the Servicing
Agreement, the Servicer shall have the power to instruct the Indenture Trustee to make withdrawals and payments from the Distribution
Account for the purposes of carrying out the Servicer’s or Indenture Trustee’s duties hereunder. For the avoidance of doubt,
funds on deposit in the Distribution Account shall not be invested.

Section
4.16        Delinquency
Trigger Percentage. As of the Closing Date, the Delinquency Trigger Percentage is 9.00%. If due to the introduction or any change
in or in the interpretation of any law or regulations or the imposition of any guideline or request from any central bank or other Governmental
Authority, in each case after the date hereof, the Delinquency Trigger Percentage (in the reasonable good faith judgment of the Servicer)
should be re-determined, the Servicer shall submit to the Indenture Trustee an Officer’s Certificate setting forth in reasonable
detail the basis for the re-determination and the revised Delinquency Trigger Percentage. In the absence of manifest error, and following
the delivery of such Officer’s Certificate to the Indenture Trustee, the revised Delinquency Trigger Percentage shall be effective
as of the date such revised Delinquency Trigger Percentage is reported in the Monthly Noteholders’ Statement.

Section
4.17        Asset
Review.

(a)              
Upon the occurrence of a Delinquency Trigger Event any Noteholder, including any Note Owner, of an Outstanding Note shall have
the right with respect to such Delinquency Trigger Event to initiate a vote to determine whether or not to direct the Asset Representations
Reviewer to undertake a review of Sixty Day Delinquent Assets to determine whether or not such Sixty Day Delinquent Assets complied with
the ARR Representations and Warranties (the “ARR Review”). Upon disclosure of the occurrence of a Delinquency Trigger
Event in the Monthly Noteholders’ Statement relating to the Monthly Period when the Delinquency Trigger Event occurred, Noteholders
shall have 90 days from the date of such disclosure to determine whether or not to initiate a vote. In order to initiate a vote, during
such 90 day period Noteholders must send written notification to the Indenture Trustee indicating that in light of the occurrence of a
Delinquency Trigger Event (such Delinquency Trigger Event to be specified in such written notification) they are in favor of initiating
a vote with respect to such specified Delinquency Trigger Event to determine whether or not to direct the Asset Representations Reviewer
to undertake an ARR Review. The Indenture Trustee shall record the written notifications received from Noteholders during such 90 day
period as they relate to each identified Delinquency Trigger Event. Prior, however, to recording any written notification

    	 	30	 

     

    

received during such 90 day period, the Indenture
Trustee must receive verification from any Note Owner that it is in fact a Holder of a beneficial interest in an Outstanding Note. Such
verification shall be in the form of (x) a written certification from such Note Owner and (y) one other form of documentation such as
a trade confirmation, account statement, a letter from a broker or dealer, or other similar document. The Indenture Trustee may also set
a record date for purposes of determining the identity of Noteholders in accordance with the Trust Indenture Act Section 316(c). If at
any time during such 90 day period Noteholders holding no less than 5% of the aggregate Adjusted Outstanding Dollar Principal Amount of
all Outstanding Notes (determined as of the date the Delinquency Trigger Event occurred) are recorded by the Indenture Trustee with respect
to a specified Delinquency Trigger Event as being in favor of initiating a vote to determine whether or not to direct the Asset Representations
Reviewer to undertake an ARR Review, then promptly after the date of recordation of such 5% with respect to such Delinquency Trigger Event
a vote shall be initiated and undertaken pursuant to standard vote solicitation procedures of the Indenture Trustee which may include
the use of a vote solicitation/tabulation agent and the voting guidelines promulgated by the DTC relating to notes registered in the name
of Cede & Co. If initiated, the Issuer shall include in its Securities Exchange Act Form 10-D filing related to the Monthly Period
in which such vote was initiated (a) the date such vote was initiated, (b) the timeline for submitting a vote, and (c) a statement to
the effect that Noteholders can exercise their right to vote, by proxy or otherwise, in accordance with, as applicable, the applicable
DTC voting guidelines and procedures. BBD, in its individual capacity, shall pay all costs, expenses and liabilities incurred by the Indenture
Trustee, the Transferor and the Issuer in connection with the voting process. The vote as to whether or not to undertake an ARR Review
shall be completed within 150 days of disclosure in the Monthly Noteholders’ Statement of the occurrence of a Delinquency Trigger
Event. If at the end of such 150 day period Noteholders holding more than 50% of the aggregate Adjusted Outstanding Dollar Principal Amount
of Noteholders casting a vote, cast such vote in favor of an ARR Review, then the Asset Representations Reviewer (upon receipt of notification
from the Servicer) shall undertake an ARR Review. The Sixty Day Delinquent Assets reviewed shall be those reported in and relating to
the Monthly Noteholders’ Statement for the Monthly Period in which the conditions for an ARR Review were satisfied. The Servicer
shall provide the Asset Representations Reviewer with notice of a vote in favor of an ARR Review and access to copies of any underlying
documents related to performing the ARR Review, as set forth in the Asset Representations Reviewer Agreement. If Noteholders holding more
than 50% of the aggregate Adjusted Outstanding Dollar Principal Amount of Noteholders casting a vote, cast such vote in favor of an ARR
Review, then the Issuer shall include in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such voting
concluded a statement to the effect that a vote was conducted and that as a result of such vote an ARR Review shall be undertaken by the
Asset Representations Reviewer relating to the specified Delinquency Trigger Event. If Noteholders holding less than 50% of the aggregate
Adjusted Outstanding Dollar Principal Amount of the Noteholders casting a vote, cast such vote in favor of an ARR Review, then the Issuer
shall include in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such voting concluded a statement
to the effect that a vote was conducted and that as a result of such vote no ARR Review shall be undertaken by the Asset Representations
Reviewer relating to the specified Delinquency Trigger Event.

(b)              
Upon completion of the ARR Review, the Asset Representations Reviewer shall deliver a report to the Indenture Trustee, with a copy
to BBD, setting forth its

    	 	31	 

     

    

findings and conclusions. Such report shall
not determine whether noncompliance with the ARR Representations and Warranties constitutes a breach of any contractual provision under
the Transaction Documents, and the Asset Representations Reviewer will not determine the reason for the delinquency of any Receivable,
the creditworthiness of any Obligor, the overall quality of any Receivable or the compliance by the Servicer with its covenants with respect
to servicing of the Receivables. The Form 10-D filed with respect to the Monthly Period in which the report is delivered shall include
a summary of the findings and conclusions. Not later than sixty days after receipt of the full report from the Asset Representations Reviewer,
BBD, in its individual capacity, shall determine whether any instance of noncompliance with the ARR Representations and Warranties constitutes
a breach of any contractual provision under the Transaction Documents and whether or not to direct a reassignment of any of the Receivables
subject to the ARR Review.

Section
4.18        Governing
Law For Hague Securities Convention. Pursuant to Section 8- 110(e)(1) of the relevant UCC for purposes of the relevant UCC and the
Hague Securities Convention, the local law of the jurisdiction of the Securities Intermediary is the law of the State of New York. Further,
the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention and the “securities
intermediary’s jurisdiction” as defined in the relevant UCC shall be the State of New York.

[END OF ARTICLE IV]

ARTICLE
V

EARLY AMORTIZATION OF THE NOTES

Section
5.01        Early
Amortization Events. In addition to the events identified as Early Amortization Events in Article XII of the Indenture, the occurrence
of any of the following events (each, an “Early Amortization Event”) shall result in an early amortization event for
the Series 2022-1 Notes:

(a)              
if the Quarterly Excess Spread Percentage is less than the Required Excess Spread Percentage; or

(b)              
a failure by Transferor under the Transfer Agreement to convey Receivables in Additional Accounts within five Business Days after
the day on which it is required to convey such Receivables pursuant to Section 2.11(a) of the Transfer Agreement or, if applicable, Section
2.15(c) of the Transfer Agreement; or

(c)              
if any Servicer Default occurs which would have a material adverse effect on the Series 2022-1 Noteholders; or

(d)              
the failure to pay the Notes in full on the Expected Final Payment Date; or

(e)              
the occurrence of an Event of Default and acceleration of the Series 2022-1 Notes pursuant to Article VII of the Indenture; or

    	 	32	 

     

    

(f)               
 (i) failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Transfer Agreement
on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or (ii) failure
of the Transferor duly to observe or perform in any material respect any of its covenants or agreements set forth in the Transfer Agreement,
which failure has a material adverse effect on the Series 2022-1 Noteholders and which continues unremedied for a period of sixty days
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by
the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series 2022-1 Notes; or

(g)              
any representation or warranty made by Transferor in the Transfer Agreement or any information contained in an account schedule
required to be delivered by it pursuant to the Transfer Agreement shall prove to have been incorrect in any material respect when made
or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the
Transferor and the Indenture Trustee by any Noteholder of the Series 2022-1 Notes and as a result of which the interests of the Series
2022-1 Noteholders are materially and adversely affected for such period; provided, however, that an Early Amortization
Event pursuant to this Section 5.01(g) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment
of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Transfer
Agreement.

In the case of any event
described in Sections 5.01(a), (b), (d), or (e), an Early Amortization Event shall occur without any notice
or other action on the part of the Indenture Trustee or the Noteholders immediately upon the occurrence of such event. In the case of
any event described in Sections 5.01(c), (f) or (g), after the applicable grace period, if any, set forth in such
subparagraphs, either the Indenture Trustee or the holders of Series 2022-1 Notes evidencing more than 50% of the aggregate unpaid principal
amount of Series 2022-1 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2022-1
Noteholders) may declare that an Early Amortization Event has occurred with respect to the Series 2022-1 Notes as of the date of such
notice.

Section
5.02        Early
Redemption Event. If Principal Receivables having an aggregate principal balance in an amount equal to or greater than 30% of the
Pool Balance are designated for reassignment to the Transferor pursuant to Section 2.12(d) of the Transfer Agreement, and the Servicer
determines that the Transferor Amount would be less than the Required Transferor Amount after giving effect to such reassignment, and
giving effect to any scheduled payments on the Notes and any Account Additions that are scheduled to occur on or prior to the Removal
Date, then an “Early Redemption Event” will be deemed to have occurred with respect to the Series 2022-1 Notes on the related
Removal Date. If an Early Redemption Event occurs under this Section 5.02, the Issuer will apply all funds received from the Transferor
in connection with such reassignment on the first Payment Date following the Monthly Period in which such Early Redemption Event occurred
to redeem Series 2022-1 Notes and Notes of each other Series subject to early redemption pursuant to a provision similar to this Section
5.02, on a pro rata basis among each such Series and within each such Series on a pro rata basis between each

    	 	33	 

     

    

Class of Notes of such Series, based on the
respective Stated Principal Amounts of each such Series and each such Class of Notes subject to early redemption.

[END OF ARTICLE V]

ARTICLE
VI

LEGAL MATURITY; FINAL PAYMENTS

Section
6.01        Legal
Maturity. The Series 2022-1 Notes shall be considered to be paid in full, the Holders of such Series 2022-1 Notes shall have no further
right or claim, and the Issuer shall have no further obligation or liability with respect to such Series 2022-1 Notes on the earliest
to occur of (i) the date on which the Outstanding Dollar Principal Amount with respect to Series 2022-1, and all Monthly Interest on such
Series 2022-1 Notes, is paid in full, (ii) the date on which Collateral is sold and the proceeds in respect thereof applied in accordance
with Section 7.08 of the Indenture and Section 4.14, and (iii) the Legal Maturity Date, in each case after giving effect
to all deposits, allocations, reimbursements, reallocations, sales of Collateral and payments to be made in connection therewith.

[END OF ARTICLE VI]

ARTICLE
VII

DELIVERY OF SERIES 2022-1 NOTES; DISTRIBUTIONS AND REPORTS TO SERIES 2022-1 NOTEHOLDERS

Section
7.01        Form
of Delivery for the Series 2022-1 Notes; Depository; Denominations.

(a)              
The Class A Notes shall be delivered in the form of global Registered Notes as provided in Section 3.02 of the Indenture.

(b)              
The Class B Notes shall be delivered in the form of definitive Notes as provided in Section 3.02 of the Indenture.

(c)              
The Depository for the Class A Notes shall be The Depository Trust Company, and the Class A Notes shall initially be registered
in the name of Cede & Co., its nominee.

(d)              
The Series 2022-1 Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000.

    	 	34	 

     

    

 

Section
7.02        Delivery
and Payment for the Series 2022-1 Notes. The Issuer shall execute and deliver the Series 2022-1 Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Series 2022-1 Notes when authenticated, each in accordance with Section 4.03
of the Indenture.

Section
7.03        Distributions.

(a)              
On each Payment Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section
7.04(b) hereof, to each Class A Noteholder of record on the related Record Date such Class A Noteholder’s pro rata share
of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class A Notes pursuant
to this Indenture Supplement.

(b)              
On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall
distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class A Noteholder of
record on the related Record Date such Class A Noteholder’s pro rata share of the amounts on deposit in the Principal Funding
Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of the Class A Notes
pursuant to this Indenture Supplement.

(c)              
On each Payment Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section
7.04(b) hereof, to each Class B Noteholder of record on the related Record Date such Class B Noteholder’s pro rata share
of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class B Notes pursuant
to this Indenture Supplement.

(d)              
On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall
distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class B Noteholder of
record on the related Record Date such Class B Noteholder’s pro rata share of the amounts on deposit in the Principal Funding
Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of the Class B Notes
pursuant to this Indenture Supplement.

(e)              
The distributions to be made pursuant to this Section 7.03 are subject to the provisions of Sections 2.7 and Section 4.1
of the Transfer Agreement and Section 6.1 of the Servicing Agreement.

(f)               
Except as provided in Section 13.08 of the Indenture with respect to a final distribution, distributions to Series 2022-1 Noteholders
hereunder shall be made by check mailed to each Series 2022-1 Noteholder at such Series 2022-1 Noteholder’s address appearing in
the Note Register without presentation or surrender of any Series 2022-1 Note or the making of any notation thereon; provided,
however, that with respect to the Class A Notes registered in the name of a clearing agency, such distributions shall be made to
such clearing agency in immediately available funds and with respect to the Holder of any Class B Note if such Holder shall have provided
written wire transfer instructions to the Indenture Trustee not less than five

    	 	35	 

     

    

Business Days prior to the Payment Date, then
the Indenture Trustee shall make distributions to such Holder by wire transfer of immediately available funds.

Section
7.04        Reports
and Statements to Series 2022-1 Noteholders.

(a)              
On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, shall forward to each Series 2022-1 Noteholder a statement
substantially in the form of Exhibit B-1 (or otherwise containing substantially comparable information) prepared by the Servicer
and delivered to the Paying Agent, which shall (amongst other things) set forth the Transferor Percentage as of the Transferor Amount
Measurement Date and the amount of seller’s interest maintained by the Transferor as of the Transferor Amount Measurement Date calculated
in accordance with Regulation RR.

(b)              
On or prior to the second Business Day preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee, the Paying
Agent, the Transferor, each Note Rating Agency and the Owner Trustee (i) a statement substantially in the form of Exhibit B-3 (or
otherwise containing substantially comparable information) prepared by the Servicer and (ii) a certificate of a Servicing Officer substantially
in the form of Exhibit C (or otherwise containing substantially comparable information).

(c)              
On or before the date that is forty-five (45) days after each calendar quarter, beginning with the third quarter of 2022, the Servicer
shall provide to the Paying Agent, and the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series 2022-1 Noteholder:

(i)                
information with respect to the credit performance of the Series 2022-1 Notes and the Receivables, including periodic and cumulative
Receivables performance data, delinquency and modification data for the Receivables, substitutions and removals of the Receivables, servicer
advances, if applicable, as well as losses that were allocated to the Series 2022-1 Notes, if applicable, the remaining balance of the
Receivables, and the percentage of each Class of Series 2022-1 Notes in relation to the Series 2022-1 Notes as a whole; and

(ii)             
a statement regarding any changes to the information that was disclosed in connection with the issuance of the Series 2022-1 Notes
regarding the nature and amount of compensation paid to BBD, each Note Rating Agency (if applicable), any third-party advisor, any mortgage
or other broker, and the Servicer, the extent to which any risk of loss on the Receivables is retained by any of them, and the amount
and nature of any deferred compensation or similar arrangements.

(d)              
At the time of delivery of any periodic distribution report and in any event at least once per calendar quarter, while the Series
2022-1 Notes are outstanding, the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series 2022-1 Noteholder copies
of the Credit Risk and Performance Disclosure.

(e)              
A copy of each statement or certificate provided pursuant to Section 7.04(a), (b) or (c) above may be obtained
by any Series 2022-1 Noteholder or any Note Owner thereof by a request in writing to the Servicer.

    	 	36	 

     

    

(f)               
 On or before January 31 of each calendar year, beginning with calendar year 2022, the Paying Agent, on behalf of the Indenture
Trustee, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2022-1
Noteholder, a statement substantially in the form of Exhibit B-2 to this Indenture Supplement prepared by the Servicer for such
calendar year or the applicable portion thereof during which such Person was a Series 2022-1 Noteholder, together with other information
as is required to be provided by an issuer of indebtedness under the Code. Such obligation of the Servicer shall be deemed to have been
satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of
the Code as from time to time in effect.

Section
7.05        Restrictions
on Transfer of the Class B Notes. The Class B Notes (i) shall be subject to the transfer restrictions set forth in Section 8.07
of this Indenture Supplement, (ii) shall bear the legend set forth in Section 4.05(j) of the Indenture and be subject to the terms and
transfer restrictions provided in such Section 4.05(j) and (iii) shall bear the following legend and be subject to the transfer restrictions
provided therein:

THIS CLASS B NOTE (OR ANY INTEREST HEREIN)
MAY NOT BE PURCHASED WITH THE ASSETS OF, AND BY ITS ACQUISITION OF THIS CLASS B NOTE (OR ANY INTEREST THEREIN), EACH HOLDER (AND ITS FIDUCIARY,
IF APPLICABLE) SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE OF ACQUISITION OF THIS CLASS B NOTE (OR ANY INTEREST HEREIN)
AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS B NOTE (OR ANY INTEREST HEREIN) THAT IT IS NOT (I) AN “EMPLOYEE BENEFIT PLAN”
AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT
TO THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”), (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON
OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR (IV) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT
TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. NO CLASS B NOTE HOLDER WILL BE PERMITTED
TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE THE FOREGOING REPRESENTATIONS
AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF ANY INTEREST IN CLASS B NOTES MAY OCCUR EXCEPT IN COMPLIANCE WITH THE
TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

[END OF ARTICLE VII]

    	 	37	 

     

    

 

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

Section
8.01        Non-petition
Covenant. To the fullest extent permitted by applicable law, the Indenture Trustee, by entering into this Indenture Supplement, agrees
that it will not at any time, acquiesce, petition or otherwise invoke or cause the Issuer or the Transferor to invoke the process of any
Governmental Authority for the purpose of commencing or sustaining a case against the Issuer or the Transferor under any Debtor Relief
Law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official for the Issuer
or the Transferor or any substantial part of its property or ordering the winding-up or liquidation of the affairs of the Issuer or the
Transferor.

Section
8.02        Actions
by the Issuer. Subject to the Servicing Agreement, all action to be taken by the Issuer under this Indenture Supplement shall be taken
by the Administrator or the Owner Trustee on behalf of the Issuer and all notices to be given or received by the Issuer under this Indenture
Supplement shall be given or received by the Administrator or the Owner Trustee, on behalf of the Issuer.

Section
8.03        Limitations
on Liability.

(a)              
It is expressly understood and agreed by the parties hereto that (i) this Indenture Supplement is executed and delivered by the
Owner Trustee, not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and
authority conferred and vested in it, (ii) 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, (iii) nothing herein contained shall 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 the Indenture and by any Person claiming by, through or under them and (iv) under no circumstances
shall 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 Indenture Supplement or
any related documents.

(b)              
None of the Indenture Trustee, the Owner Trustee, the Servicer, the Administrator, the Beneficiary or any other beneficiary of
the Issuer or any of their respective officers, directors, employees, members, incorporators or agents shall have any liability with respect
to this Indenture Supplement, and any recourse may be had solely to the Collateral.

(c)              
In no event shall the Indenture Trustee have any responsibility to monitor compliance with Regulation RR or any other rules or
regulations regarding risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable
to any Series 2022-1 Noteholder or any other party for a violation of such rules and regulations now or hereinafter in effect.

    	 	38	 

     

    

 

Section
8.04        FATCA
Matters. Each Series 2022-1 Noteholder or Note Owner, by the purchase of such Series 2022-1 Note or its acceptance of a beneficial
interest therein, acknowledges that interest on the Series 2022-1 Notes will be treated as United States source interest, and, as such,
United States withholding tax may apply. Each Series 2022-1 Noteholder or Note Owner further agrees, upon request, to provide any certifications
that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to satisfy
the foregoing requirements or provide requested documentation, payments to it under the Series 2022-1 Notes may be subject to United
States withholding tax (without any corresponding gross- up). Without limiting the foregoing, if a payment made under this Indenture
Supplement or the Indenture would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment
were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall
deliver to the Issuer, with a copy to the Indenture Trustee, at the time or times prescribed by the Code and at such time or times reasonably
requested by the Issuer or the Indenture Trustee, such documentation prescribed by the Code (including as prescribed by Code Section
1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Issuer or the Indenture Trustee to comply with their
respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA,
or to determine the amount to deduct and withhold from such payment. For these purposes, “FATCA” means (a) Sections 1471
to 1474 of the Code or any associated regulations or other official guidance; (b) any treaty, law, regulation or other official guidance
enacted in any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in
either case) facilitates the implementation of paragraph (a) above; or (c) any agreement pursuant to the implementation of paragraphs
(a) or (b) above with the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction,
and including any amendments made to FATCA after the date of this Indenture Supplement.

Section
8.05        [RESERVED].

Section
8.06        Amendments.
Except as expressly set forth in Article X of the Indenture, this Indenture Supplement may not be amended, restated, supplemented or modified.

Section
8.07        Class
B Notes.

(a)              
Notwithstanding anything to the contrary in this Indenture Supplement, no interest in the Class B Notes may be directly or indirectly
sold, transferred, assigned, exchanged, participated or otherwise conveyed, pledged, hypothecated or rehypothecated or made the subject
of a security interest (each such transaction for purposes of this Section 8.07, a “Transfer”) except to a Person
who is a “United States person” for United Stated federal income tax purposes and only upon the prior delivery of an Issuer
Tax Opinion to the Indenture Trustee with respect to such Transfer, and any Transfer in violation of these requirements shall be null
and void ab initio.

(b)              
If not transferred in compliance with the registration provisions of the Securities Act, then no interest in the Class B Notes
may be offered, sold or transferred, except (i) pursuant to Rule 144A under the Securities Act (“Rule 144A”) to a person
the Noteholder reasonably believes is a “qualified institutional buyer” (a “QIB”) in a transaction meeting
the

    	 	39	 

     

    

requirements of Rule 144A, purchasing for its
own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in reliance on Rule
144A, or (ii) in an offshore transaction meeting the requirements of Rule 903 or 904 of Regulation S under the Securities Act to a person
it reasonably believes is an accredited investor as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) of Regulation D
under the Securities Act and any entity in which all of the equity owners come within such paragraphs (an “IAI”) or
a QIB, purchasing for its own account or for the account of another IAI or a QIB.

Section
8.08        Appointment
of Asset Representations Reviewer. Pursuant to the Asset Representations Reviewer Agreement, BBD, in its individual capacity, has
engaged and the Issuer has appointed Clayton Fixed Income Services LLC, a Delaware limited liability company, as the Asset Representations
Reviewer to perform the obligations of the Asset Representations Reviewer as set forth therein and herein, respectively. The Issuer hereby
represents and warrants that the Asset Representations Reviewer (i) is not, and, for so long as the Series 2022-1 Notes are outstanding,
will not be, an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association or Wilmington Trust,
National Association, nor an Affiliate of an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association
or Wilmington Trust, National Association, and (ii) has not been hired by Barclays Bank Delaware to perform pre-closing due diligence
work relating to the Receivables.

Section
8.09        Dispute
Resolution.

(a)              
If a Person (including any Holder of a beneficial interest in an Outstanding Note) requests a repurchase (the “Requesting
Party”) of any Receivable pursuant to their rights under a Transaction Document due to an alleged breach of a representation
and warranty, and the repurchase request has not been fulfilled or otherwise resolved within 180 days of the receipt of such repurchase
request by the party obligated for the repurchase (the “Repurchase Party”), then the Requesting Party shall have the
right, through the DTC communication procedures or otherwise, to refer the matter, at its discretion, to either mediation or third-party
arbitration, and the Repurchase Party hereby agrees to the selected resolution method.

(b)              
If the Requesting Party selects mediation as the resolution method, the mediation will be administered by a nationally recognized
mediation association mutually agreed upon by the Repurchase Party and the Requesting Party, and the fees and expenses of the mediation
will be allocated as mutually agreed upon by the Repurchase Party and the Requesting Party as part of the mediation. If the Requesting
Party selects arbitration as the resolution method, the arbitration will be administered by a nationally recognized arbitration association
mutually agreed upon by the Repurchase Party and the Requesting Party. In its final determination, the arbitrator will allocate the costs
and expenses of the arbitration.

(c)              
Any mediation or arbitration will be held in New York, New York, and no Person may bring a putative or certified class action to
arbitration. Unless otherwise publicly available, the details and/or existence of any unfulfilled repurchase request, any informal meetings,
mediations or arbitration proceedings conducted under this Section 8.09, including all offers, promises, conduct and statements,
whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase request, and
any discovery taken in connection with any arbitration, will be confidential, privileged and inadmissible for any

    	 	40	 

     

    

purpose, including impeachment, in any mediation,
arbitration or litigation, or other proceeding (including any proceeding under this Section 8.09). Such information will be kept
strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts, accountants
and other agents and representatives, as reasonably required in connection with any resolution procedure under this Section 8.09),
except as otherwise publicly available as required by law, regulatory requirement or court order. If any party to a resolution procedure
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential
information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with the
opportunity to object to the production of its confidential information.

(d)              
A Requesting Party may not initiate a mediation or arbitration as described above with respect to a Receivable that is, or has
been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting Party) but
will have the right to join an existing mediation or arbitration with respect to that receivable if the mediation or arbitration has not
yet concluded.

(e)              
For the avoidance of doubt, to the fullest extent permitted by applicable law, no Series 2022-1 Noteholder will have any right
to cause the Indenture Trustee to be a Requesting Party under this Section 8.09, unless such Series 2022-1 Noteholder has offered
to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request.

Section
8.10        Investor
Communication. Following receipt of a written request during any Monthly Period from a Series 2022-1 Noteholder seeking to communicate
with other Noteholders regarding exercising their contractual rights under the terms of the Transaction Documents, the Issuer shall include
or shall cause the Transferor to include, in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such
written request was received: (i) the name of the Series 2022-1 Noteholder delivering such request, (ii) the date the request was received,
(iii) a statement to the effect that the Issuer has in fact received such request from a Series 2022-1 Noteholder and that such Series
2022-1 Noteholder is interested in communicating with other Noteholders with regard to the possible exercise of rights under the Transaction
Documents, and (iv) a description of the method that other Noteholders may use to contact the requesting Series 2022-1 Noteholder. Prior,
however, to including the items set forth in clauses (i)-(iv) above in a Securities Exchange Act Form 10-D filing, the Issuer shall have
the right to request from the Series 2022-1 Noteholder delivering the written request verification that such Series 2022-1 Noteholder
is in fact a Holder of a beneficial interest in a Series 2022-1 Note. Such verification may be in the form of (x) a written certification
from such Series 2022-1 Noteholder that it is a Holder of beneficial interest in a Series 2022-1 Note, and (y) one other form of documentation
such as a trade confirmation, an account statement, a letter from the broker or dealer, or other similar document. The Transferor will
be responsible for any expenses in connection with the filing of its Securities and Exchange Act Form 10-D.

Section
8.11        Tax
Retained Notes.

(a)              
Notwithstanding anything to the contrary in this Indenture Supplement, no interest in any Tax Retained Notes may be directly or
indirectly sold, transferred, assigned,

    	 	41	 

     

    

exchanged, participated or otherwise conveyed,
pledged, hypothecated or rehypothecated or made the subject of a security interest (each such transaction for purposes of this Section
8.11, a “Transfer”) unless prior to and in connection with such Transfer either (i) an Issuer Tax Opinion is delivered
to the Indenture Trustee with respect to such Transfer (excluding any Tax Retained Notes from such Issuer Tax Opinion to the extent they
are otherwise included in the definition of Issuer Tax Opinion in the Indenture) or (ii) an Opinion of Counsel is delivered to the Indenture
Trustee to the effect that such Notes will be debt for United States federal income tax purposes.

(b)              
With respect to any Transfer for which no Opinion of Counsel is provided pursuant to sub-clause (ii) of the preceding clause (a),
the transfer of such Notes must be to a Person who is a “United States person” for United Stated federal income tax purposes
unless otherwise provided in a written opinion of nationally recognized tax counsel. If there are other Notes of the same Class as such
transferred Notes which are not Tax Retained Notes prior to such transfer, such transfer will not be effective unless (i) the Tax Retained
Notes are part of the same issue (as described in United States Treasury Regulation section 1.1275-2(k)) as the other Notes from the same
Class, (ii) neither the Tax Retained Notes nor such other Notes from the same Class will be treated as issued with original issue discount
for United States federal income tax purposes or (iii) the Tax Retained Notes and such other Notes from the same Class can be tracked
in a manner that will allow each holder of any such Note to identify the information described in United States Treasury Regulation section
1.1275-3(b)(1)(i) with respect to each such Note.

(c)              
Any Transfer in violation of these requirements shall be null and void ab initio.

Section
8.12        Credit
Risk Retention.

(a)              
The Transferor shall maintain, as of each Transferor Amount Measurement Date, a seller’s interest in the Issuer (in the form
of the Transferor Interest) calculated in accordance with Regulation RR that will equal not less than five percent of the aggregate unpaid
principal balance of all Series of Notes, other than any Notes that are and, at all times, will be held by BBD or one or more wholly-owned
affiliates of BBD. The Transferor may not sell or otherwise transfer any interest or assets that it is required to hold pursuant to Regulation
RR unless such sale or transfer is to a wholly-owned affiliate of BBD. For purposes of this section, a wholly-owned affiliate of BBD will
include any person, other than the Issuer, that directly or indirectly, wholly controls (i.e., owns 100% of the equity in such person),
is wholly controlled by, or is wholly under common control with, BBD.

(b)              
BBD covenants and agrees, with reference to the EU Securitization Regulation and the UK Securitization Regulation, in each case
as in effect and applicable on the Closing Date, that it will: (i) as “originator” for the purposes of the EU Securitization
Regulation and the UK Securitization Regulation, retain, on an ongoing basis for as long as any Series 2022-1 Notes remain outstanding,
a material net economic interest which is not less than 5% of the nominal value of the securitized exposures, in the form of an originator’s
interest as provided in option (b) of Article 6(3) of each of the EU Securitization Regulation and the UK Securitization Regulation, by
holding all of the membership interests in the Transferor, which in turn will retain on an ongoing basis for as long as any Series 2022-1
Notes remain outstanding all or part of the

    	 	42	 

     

    

Transferor Interest (the “Retained
Interest”); (ii) not change the retention option or method of calculating the Retained Interest, except in accordance with the
EU Securitization Rules and the UK Securitization Rules; and (iii) not (and will not permit any of its affiliates to) subject the Retained
Interest to any credit risk mitigation or any other hedge, or sell, transfer or otherwise surrender all or part of the rights, benefits
or obligations arising from the Retained Interest, except in accordance with the EU Securitization Rules and the UK Securitization Rules.

(c)              
Each of the parties hereto agrees and, as evidenced by its acceptance of any benefits hereunder, each Series 2022-1 Noteholder
agrees, in no event shall the Indenture Trustee have any responsibility to monitor compliance with, calculate, provide or otherwise make
available information or documents required by Regulation RR, the EU Securitization Rules, the UK Securitization Rules or any other rules
regarding risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series
2022-1 Noteholder or any other party for a violation of such rules or regulations now or hereinafter in effect.

[END OF ARTICLE VIII]

ARTICLE
IX

INSOLVENCY PROCEEDING WITH RESPECT TO BBD

Section
9.01        Actions
Upon Repudiation.

(a)              
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for BBD exercises
its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such
capacity will pay damages in cash as provided in such paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly,
and in any event no more than one Business Day thereafter, so notify the Indenture Trustee.

(b)              
Upon receipt of the notice specified in Section 9.01(a), the Indenture Trustee shall determine the date (the “Applicable
Distribution Date”) for making a distribution to the Series 2022-1 Noteholders of such damages, which date shall be the earlier
of (i) the next Payment Date on which such damages could be distributed and (ii) the earliest practicable date by which the Indenture
Trustee could declare a special distribution date, in each case subject to all applicable provisions of the Indenture, applicable law
and the procedures of any applicable clearing agency. The Indenture Trustee is authorized and instructed to retain possession and control
of the Accumulation Reserve Account and the Collection Account and all amounts on deposit therein.

(c)              
When the Applicable Distribution Date is determined, the Servicer, shall promptly compute the amount of interest to be paid on
each Class of Notes on the Applicable Distribution Date, which interest (unless such Applicable Distribution Date is a Payment Date) shall
be the amount accruing up to the Applicable Distribution Date and which shall be computed by pro rating the amount that would otherwise
be payable on the next succeeding Payment Date on the basis of (i) the number of days elapsed from such preceding Payment Date

    	 	43	 

     

    

divided by (ii) thirty (30). The Servicer shall
notify the Indenture Trustee of the applicable amounts of principal and interest to be paid on each Class of Notes not later than the
Business Day following the day on which the Applicable Distribution Date is determined.

(d)              
If the Applicable Distribution Date is a special distribution date, the Indenture Trustee shall (i) declare such special distribution
date (the record date for which shall be the close of business on the day immediately preceding such special distribution date), (ii)
declare a special distribution to the Series 2022-1 Noteholders consisting of unpaid interest on each Series 2022-1 Note and the outstanding
principal balance of each Series 2022-1 Note and (iii) deliver notice to the Series 2022-1 Noteholders of such special distribution date
and special distribution.

(e)              
Following payment by the FDIC of such damages:

(i)                
Such damages shall be deposited into the Principal Funding Account;

(ii)             
The Servicer shall promptly, and no later than one Business Day after such damages have been paid by the FDIC, (A) compute the
amount, if any, required to be withdrawn from available funds in the Accumulation Reserve Account (and, if necessary, the Collection Account)
and transferred to the Principal Funding Account so that the amount on deposit in the Principal Funding Account shall equal the aggregate
amount to be distributed as specified in Section 9.01(c), and (B) promptly inform the Indenture Trustee of such computation; and

(iii)           
On the Applicable Distribution Date, the Indenture Trustee shall, based on the computations in Section 9.01(c), first,
withdraw from monies on deposit in the Accumulation Reserve Account and, if necessary, the Collection Account the amount so computed and
cause such amount to be deposited into the Principal Funding Account and, second, cause all amounts deposited into the Principal
Funding Account pursuant to this Section 9.01 to be applied in accordance with Section 7.06 of the Indenture and amounts available
for application pursuant to clause (b) of Section 7.06 of the Indenture shall be allocated and paid as provided in Section 4.14(e).

(f)               
Any funds remaining in the Collection Account and the Accumulation Reserve Account shall be distributed on the following Payment
Date (or on such Applicable Distribution Date, if it is not a Payment Date), such distributions to be made in accordance with the applicable
provisions of the Transaction Documents, with the Servicer to adjust the amounts of such distributions in its records to take into account
the amounts distributed on the Applicable Distribution Date.

Section
9.02        Notice.

(a)              
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides a written
notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver
such notice to each of the Servicer, the Transferor, the Trust and the Indenture Trustee.

    	 	44	 

     

    

(b)              
 If the FDIC (i) is appointed as a conservator or receiver of BBD and (ii) is in monetary default hereunder or under the other
Transaction Documents, the Indenture Trustee shall, at the direction of the Majority Holders of all Outstanding Notes, the Servicer or
a Series 2022-1 Noteholder, be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder
and under the other Transaction Documents.

Section
9.03        Reservation
of Rights. Neither the inclusion of this Article IX in this Indenture Supplement nor the compliance by any Person with, or
the acknowledgement by any Person of, this Article’s provisions constitutes an agreement or acknowledgment by any Person that, in
the case of an insolvency proceeding with respect to BBD, a receiver or conservator will have any rights with respect to the Trust Assets.

[END OF ARTICLE IX]

    	 	45	 

     

    

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

	 	BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
	 	 	 
	 	By:	/s/ Rachel Simpson

	 	 	
        Name: Rachel Simpson

        Title: Vice President

         

         

	 	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and not in its individual capacity
	 	 	 
	 	By	/s/ Mirtza J. Escobar
	 	 	Name:  Mirtza J. Escobar

Title: Vice President
	 	
         

         

        U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary
        and not in its individual capacity

	 	 	 
	 	By: 	/s/ Mirtza J. Escobar
	 	 	Name:  Mirtza J. Escobar

Title: Vice President

 

 

[Signature Page to Indenture Supplement]

    	 

    	 

    

 

	ACKNOWLEDGED AND AGREED TO BY:
	 	 
	
        BARCLAYS BANK DELAWARE,

        for itself, as Servicer and as a Repurchase Party

	 	 
	By: 	/s/ Danielle Manley
	 	
        Name: Danielle Manley

        Title: Treasurer

         

         

	
        BARCLAYS DRYROCK FUNDING LLC,

        as Transferor and as a Repurchase Party,

	 	 
	By: 	/s/ Danielle Manley
	 	
        Name: Danielle Manley

        Title: President and Chief Executive Officer

 

 

 

 

 

 

[Signature Page to Indenture Supplement]

 

    	 

    	 

    

EXHIBIT A-1

FORM OF

CLASS A SERIES 2022-1 FIXED RATE ASSET BACKED NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) – ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS CLASS A NOTE BY ITS ACCEPTANCE
HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST
THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS
UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

BY ITS ACQUISITION OF THIS CLASS A NOTE (OR
ANY INTEREST THEREIN), EACH HOLDER (AND ITS FIDUCIARY, IF APPLICABLE) SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE
OF ACQUISITION OF THIS CLASS A NOTE (OR ANY INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS A NOTE (OR ANY INTEREST HEREIN)
THAT either (A) such Holder is not acquiring this Class A Note (or interest herein) with the assets
of AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON
OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (each of the foregoing, a “Benefit Plan”) OR
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO section 406 OF ERISA OR SECTION
4975 OF THE CODE (“SIMILAR LAW”) or (B)(1) the Class A Notes are rated at least “BBB-” or its equivalent by a
nationally recognized statistical rating organization at the time of PURCHASE OR TRANSFER

    	 	A-1-1	 

     

    

and
(2) the acquisition, holding and disposition of this Class A Note (or interest herein) will not give rise to a non-exempt prohibited
transaction under section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. NO CLASS A NOTE HOLDER WILL
BE PERMITTED TO TRANSFER THIS CLASS A NOTE TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE THE FOREGOING
REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH.

    	 	A-1-2	 

     

    

 

 

	 	INITIAL DOLLAR PRINCIPAL AMOUNT
	REGISTERED	$[__________]1
	No. R-1	CUSIP NO. [●]

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS A SERIES 2022-1 FIXED RATE ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
the Second Amended and Restated Trust Agreement, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of
July 6, 2015, for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions,
a principal sum of $[__________] payable on the April 2025 Payment Date (the “Expected Final Payment Date”) in accordance
with the Indenture, except as otherwise provided below; provided, however, that the principal amount of this Note shall be due
and payable on the February 2028 Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The Issuer
will pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Payment Date until the principal
amount of this Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the most recent Payment
Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing
Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30 day months.
Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal balance of this Note.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face
of this Note.

Unless the certificate of
authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled
to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

 

 

1
Denominations of $100,000 and increments of $1,000 in excess thereof.

    	 	A-1-3	 

     

    

 

IN WITNESS WHEREOF, the
Issuer has caused this Class A Note to be duly executed.

		BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under
    the Trust Agreement
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

        Title:

         

         

 

 

 

 

Dated: April 21, 2022

    	 	A-1-4	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class
A Notes described in the within-mentioned Indenture.

		U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	
        Authorized Signatory 

         

 

 

Dated: April 21, 2022

    	 	A-1-5	 

     

    

 

BARCLAYS DRYROCK ISSUANCE TRUST

CLASS A SERIES 2022-1 FIXED RATE ASSET BACKED
NOTE

[Reverse of Class A Note]

This Class A Note is one
of a duly authorized issue of the Notes of the Issuer, designated as its Barclays Dryrock Issuance Trust, Series 2022-1 (the “Series
2022-1 Notes”), issued under an Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment
thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes
any successor Indenture Trustee under the Indenture), as supplemented by the Series 2022-1 Indenture Supplement, dated as of April 21,
2022 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement. The
Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event of any
conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

The Series 2022-1 Notes
also include the Class B Notes issued under the Indenture simultaneously with the Class A Notes.

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance with the
Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable under this Note
or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits, obligations
and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

The Expected Final Payment
Date is the April 2025 Payment Date, but principal with respect to the Class A Notes may be paid earlier or later under certain circumstances
described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit
the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not available on subsequent
Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the
Notes will occur later than the Expected Final Payment Date. Payments of principal of the Notes shall be payable in accordance with the
provisions of the Indenture.

Subject to the terms and
conditions of the Indenture, the Transferor may, from time to time, direct the Owner Trustee, on behalf of the Trust, to issue one or
more new Series of notes or additional notes of any Series.

    	 	A-1-6	 

     

    

On each Payment Date, the
Paying Agent shall distribute to each Class A Noteholder of record on the related Record Date (except for the final distribution in respect
of this Class A Note) such Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated
and available on such Payment Date to pay interest and principal on the Class A Notes pursuant to the Indenture Supplement. Except as
provided in the Indenture with respect to a final distribution, distributions to Series 2022-1 Noteholders shall be made (i) by check
mailed to each Series 2022-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect
to any Series 2022-1 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the Indenture
Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds and (ii) without presentation
or surrender of any Series 2022-1 Note or the making of any notation thereon. Final payment of this Class A Note will be made only upon
presentation and surrender of this Class A Note at the office or agency specified in the notice of final distribution delivered by the
Indenture Trustee to the Series 2022-1 Noteholders in accordance with the Indenture.

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2022-1 Notes is reduced to less than 10% of its highest
Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the Series 2022-1 Notes
at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2022-1 Notes, plus accrued, unpaid and additional
interest or principal accreted and unpaid on such Notes to but excluding the date of redemption; provided, however, that
in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal Amount of the Series 2022-1 Notes is still
outstanding.

This Class A Note does
not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware, or any Affiliate of any of them and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law.

Except as otherwise provided
in the Indenture Supplement, the Class A Notes are issuable only in minimum denominations of $100,000 and $1,000 increments in excess
thereof. The transfer of this Class A Note shall be registered in the Note Register upon surrender of this Class A Note for registration
of transfer at the office or agency of the Issuer in a Place of Payment, accompanied by a written instrument of transfer, in a form satisfactory
to the Issuer and the Note Registrar, duly executed by the Class A Noteholder or such Class A Noteholder’s attorney, and duly authorized
in writing with such signature guaranteed, and thereupon one or more new Class A Notes in any authorized denominations of like aggregate
Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms will be issued to the designated transferee
or transferees.

    	 	A-1-7	 

     

    

As provided in the Indenture
and subject to certain limitations therein set forth, Class A Notes are exchangeable for new Class A Notes in any authorized denominations
and of like aggregate Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of
such Notes to be exchanged at the office or agency of the Issuer in a Place of Payment. No service charge may be imposed for any such
exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith.

The Issuer, the Transferor,
the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee shall treat the person in whose name this Class
A Note is registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent
of the Issuer, the Transferor or the Indenture Trustee shall be affected by notice to the contrary.

THIS CLASS A NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION
LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

    	 	A-1-8	 

     

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee ______________________________

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto

__________________________

(name and address of assignee)

 

the within certificate and all rights thereunder,
and hereby irrevocably constitutes and appoints ________________, attorney, to transfer said certificate on the books kept for registration
thereof, with full power of substitution in the premises.

 

	Dated: __________________________	____________________________
	 	Signature Guaranteed:
	 	 
	 	____________________________

 

    	 	A-1-9	 

     

    

EXHIBIT A-2

FORM OF

CLASS B SERIES 2022-1 FIXED RATE ASSET BACKED NOTE

THIS CLASS B NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS CLASS B NOTE NOR ANY PORTION
HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES
ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION
PROVISIONS. THE TRANSFER OF THIS CLASS B NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR JOIN IN
INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS,
OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

THE HOLDER OF THIS CLASS
B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS INDEBTEDNESS
OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED
BY, INCOME AT ANY TIME DURING WHICH THE CLASS B NOTES ARE DEEMED TO BE ISSUED AND OUTSTANDING FOR SUCH PURPOSES.

THIS CLASS B NOTE (OR ANY
INTEREST HEREIN) MAY NOT BE PURCHASED WITH THE ASSETS OF, AND BY ITS ACQUISITION OF THIS CLASS B NOTE (OR ANY INTEREST THEREIN), EACH
HOLDER (AND ITS FIDUCIARY, IF APPLICABLE) SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE OF ACQUISITION OF THIS CLASS
B NOTE (OR ANY INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS B NOTE (OR ANY INTEREST HEREIN) THAT IT IS NOT (I) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR (IV) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT
IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. NO CLASS B NOTE HOLDER
WILL BE PERMITTED TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH

    	 	A-2-1	 

     

    

PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE
THE FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF ANY INTEREST IN CLASS B NOTES MAY OCCUR
EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

 

    	 	A-2-2	 

     

    

 

 

	 	INITIAL DOLLAR PRINCIPAL AMOUNT
	REGISTERED	$[●]
	No. R-1	 

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS B SERIES 2022-1 FIXED RATE ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
the Second Amended and Restated Trust Agreement, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of
July 6, 2015, for value received, hereby promises to pay to Barclays Dryrock Funding LLC, subject to the following provisions, the principal
sum of $[__________] payable on the April 2025 Payment Date (the “Expected Final Payment Date”) in accordance with
the Indenture, except as otherwise provided below; provided, however, that the amount of this Note shall be due and payable on
the February 2028 Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The Issuer will pay interest
on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Payment Date until the principal amount of this
Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which
interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date to but
excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30 day months. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof.

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal balance of this Note.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face
of this Note.

Unless the certificate of
authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled
to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

THIS CLASS B NOTE IS
SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

    	 	A-2-3	 

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this Class B Note to be duly executed.

 

		BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under
    the Trust Agreement
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

        Title:

         

         

 

 

Dated: April 21, 2022

    	 	A-2-4	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class B Notes described in the within-mentioned Indenture.

 

		U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	
        Authorized Signatory 

         

 

 

Dated: April 21, 2022

    	 	A-2-5	 

     

    

 

BARCLAYS DRYROCK ISSUANCE TRUST

CLASS B SERIES 2022-1 FIXED RATE ASSET BACKED
NOTE

[Reverse of Class B Note]

This Class B Note is one
of a duly authorized issue of the Notes of the Issuer, designated as its Barclays Dryrock Issuance Trust, Series 2022-1 (the “Series
2022-1 Notes”), issued under an Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment
thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes
any successor Indenture Trustee under the Indenture), as supplemented by the Series 2022-1 Indenture Supplement dated as of April 21,
2022 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement. The
Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event of any
conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

The Series 2022-1 Notes
also include the Class A Notes issued under the Indenture simultaneously with the Class B Notes. The Class B Notes are subordinate to
the Class A Notes.

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance with the
Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable under the Note
or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits, obligations
and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

The Expected Final Payment
Date is the April 2025 Payment Date, but principal with respect to the Class B Notes may be paid earlier or later under certain circumstances
described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit
the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not available on subsequent
Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the
Notes will occur later than the Expected Final Payment Date. Payments of principal of the Notes shall be payable in accordance with the
provisions of the Indenture.

Subject to the terms and
conditions of the Indenture, the Transferor may, from time to time, direct the Owner Trustee, on behalf of the Trust, to issue one or
more new Series of notes or additional notes of any Series.

    	 	A-2-6	 

     

    

On each Payment Date, the
Paying Agent shall distribute to each Class B Noteholder of record on the related Record Date (except for the final distribution in respect
of this Class B Note) such Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated
and available on such Payment Date to pay interest and principal on the Class B Notes pursuant to the Indenture Supplement. Except as
provided in the Indenture with respect to a final distribution, distributions to Series 2022-1 Noteholders shall be made by (i) check
mailed to each Series 2022-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect
to any Series 2022-1 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the Indenture
Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds to the Class B Noteholder and
(ii) without presentation or surrender of any Series 2022-1 Note or the making of any notation thereon. Final payment of this Class B
Note will be made only upon presentation and surrender of this Class B Note at the office or agency specified in the notice of final distribution
delivered by the Indenture Trustee to the Series 2022-1 Noteholders in accordance with the Indenture.

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2022-1 Notes is reduced to less than 10% of its highest
Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the Series 2022-1 Notes
at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2022-1 Notes, plus accrued, unpaid and additional
interest or principal accreted and unpaid on such Notes to but excluding the date of redemption; provided, however, that
in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal Amount of the Series 2022-1 Notes is still
outstanding.

This Class B Note does
not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware or any Affiliate of any of them and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law.

Except as otherwise provided
in the Indenture Supplement, the Class B Notes are issuable only in minimum denominations of $100,000 and $1,000 increments in excess
thereof. The transfer of this Class B Note shall be registered in the Note Register upon surrender of this Class B Note for registration
of transfer at the office or agency of the Issuer in a Place of Payment, accompanied by a written instrument of transfer, in a form satisfactory
to the Issuer and the Note Registrar, duly executed by the Class B Noteholder or such Class B Noteholder’s attorney, and duly authorized
in writing with such signature guaranteed, and thereupon one or more new Class B Notes in any authorized denominations of like aggregate
Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms will be issued to the designated transferee
or transferees.

    	 	A-2-7	 

     

    

As provided in the Indenture
and subject to certain limitations therein set forth, Class B Notes are exchangeable for new Class B Notes in any authorized denominations
and of like aggregate Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of
such Notes to be exchanged at the office or agency of the Issuer in a Place of Payment. No service charge may be imposed for any such
exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith.

The Issuer, the Transferor,
the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee shall treat the person in whose name this Class
B Note is registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent
of the Issuer, the Transferor or the Indenture Trustee shall be affected by notice to the contrary.

THIS CLASS B NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION
LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

    	 	A-2-8	 

     

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee ______________________________

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto

____________________________________

(name and address of assignee)

 

the within certificate and
all rights thereunder, and hereby irrevocably constitutes and appoints ___________________________, attorney, to transfer said certificate
on the books kept for registration thereof, with full power of substitution in the premises.

	Dated: 	_________________________	_________________________
	 	 	Signature Guaranteed:
	 	 	 
	 	 	_________________________

    	 	A-2-9	 

     

    

EXHIBIT B-1

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2022-1

MONTHLY PERIOD ENDING [___] 20[___]

Pursuant to (i) the Amended
and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015 and as further
amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”), between Barclays Dryrock Issuance
Trust, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement, dated as of April 21, 2022 (the “Indenture Supplement”),
between the Issuer and the Indenture Trustee, and (ii) the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended
and restated as of December 17, 2013 (the “Servicing Agreement”), among Barclays Dryrock Funding LLC, as transferor
(the “Transferor”), Barclays Bank Delaware, as servicer (in such capacity, the “Servicer”) and administrator,
the Issuer and the Indenture Trustee, the Servicer is required to prepare certain information each month regarding current payments to
the Series 2022-1 Noteholders and the performance of the Issuer during the previous monthly period. The information prepared with respect
to the Payment Date of [___], 20[__] is set forth below. Certain terms used in this Monthly Noteholders’ Statement have their respective
meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

	
    A)       Information
regarding payments in respect of the Class A Notes 
	 
	 	 
	
    (1)       The
total amount of the payment in respect of the Class A Notes 
	$__________
	 	 
	
    (2)       The
amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest 
	$__________
	 	 
	
    (3)       The
amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest previously due but not distributed on a
prior Payment Date 
	$__________
	 	 
	
    (4)       The
amount of the payment set forth in line item (1) above in respect of Class A Additional Interest and the amount of Class A Additional
Interest previously due but not distributed on a prior Payment Date 
	$__________
	 	 
	
    (5)       The
amount of the payment set forth in line item (1) above in respect of principal of the Class A Notes 
	$__________

 

 

 

 

 

    	 	B-1-1	 

     

    

 

	
    B)       Information
regarding payments in respect of the Class B Notes 
	 
	 	 
	
    (1)       The
total amount of the payment in respect of the Class B Notes 
	$__________
	 	 
	
    (2)       The
amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest 
	$__________
	 	 
	
    (3)       The
amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest previously due but not distributed on a
prior Payment Date 
	$__________
	 	 
	
    (4)       The
amount of the payment set forth in line item (1) above in respect of Class B Additional Interest and the amount of Class B Additional
Interest previously due but not distributed on a prior Payment Date 
	$__________
	 	 
	
    (5)       The
amount of the payment set forth in line item (1) above in respect of principal of the Class B Notes 
	$__________

 

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

 

    	 	B-1-2	 

     

    

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST SERIES 2022-1

MONTHLY PERIOD ENDING [•] [•] 20[•]

 

	Record date	[•][•], 20[•]
	Payment date	[•][•], 20[•]
	Monthly period beginning	[•][•], 20[•]
	Monthly period ending	[•][•], 20[•]
	Previous payment date	[•][•], 20[•]
	Interest period beginning	[•][•], 20[•]
	Interest period ending	[•][•], 20[•]
	Days in monthly period	[•]
	Days in interest period	[•]

 

	TRUST RECEIVABLES INFORMATION	 
	Beginning of monthly period principal receivables balance	$[•]
	Beginning of monthly period non-principal receivables balance	$[•]
	Beginning of monthly period total receivables balance	$[•]
	Addition of principal receivables balance	$[•]
	Addition of non-principal receivables balance	$[•]
	Removal of principal receivables balance	$[•]
	Removal of non-principal receivables balance	$[•]
	End of monthly period principal receivables balance	$[•]
	End of monthly period non-principal receivables balance	$[•]
	End of monthly period total receivables balance	$[•]

 

	TRUST COLLECTIONS INFORMATION	 
	Finance charge collections	$[•]
	Fees	$[•]
	Recoveries	$[•]
	Investment earnings on Issuer Accounts	$[•]
	Total finance charge collections	$[•]
	Principal collections	$[•]
	*Total payment rate	[•]%
	 	 
	(*Total payment rate does not include investment earnings)	 

 

    	 	B-1-3	 

     

    

 

 

	TRUST DEFAULT INFORMATION
	Default amount	 	$[•]
	Gross loss rate	 	[•]%
	Delinquency Data	Percentage	Total receivables
	1-30 days delinquent	[•]%	$[•]
	31-60 days delinquent	[•]%	$[•]
	61-90 days delinquent	[•]%	$[•]
	91-120 days delinquent	[•]%	$[•]
	121-150 days delinquent	[•]%	$[•]
	151-180 days delinquent	[•]%	$[•]
	181 and greater days delinquent	[•]%	$[•]
	Sixty Day Delinquent Assets	[•]%	$[•]

 

	TRANSFEROR INFORMATION	 
	Transferor Percentage as of the Transferor Amount Measurement Date	[•]%
	Minimum Transferor Amount Percentage in Calendar Month	[•]%
	Required Transferor Amount Percentage	[•]%

 

	SELLERS INTEREST	 
	Seller’s Interest as of the Transferor Amount Measurement Date	[•]%
	Required Seller’s Interest	[•]%

 

	ISSUER ACCOUNT INFORMATION	 
	Barclays Dryrock Issuance Trust Collection Account balance as of the end of monthly period	$[•]
	Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period	$[•]

 

	BARCLAYS DRYROCK ISSUANCE TRUST
	Series Name	2022-1
	Expected Final Payment Date	April 15, 2025
	Scheduled start of accumulation period	April 1, 2024
	Series 2022-1 Stated Principal Amount	$[•]
	Series 2022-1 Allocation Amount	$[•]
	Series 2022-1 Floating Allocation Percentage	[•]%
	Series 2022-1 Principal Allocation Percentage	[•]%

 

	ALLOCATION AMOUNT
	Beginning of monthly period	$[•]
	Increase/Decrease in Unreimbursed Investor Charge-Offs	
     

    $[•]

	Increase/Decrease in Reallocated Principal Collections	
     

    $[•]

	Principal Payments	$[•]

    	 	B-1-4	 

     

    

 

	End of monthly period	$[•]

 

	ALLOCATION PERCENTAGES
	Series 2022-1 Floating Allocation Percentage Numerator	 
	Numerator as of beginning of monthly period	$[•]
	Number of days at balance	[•]
	Numerator (after issuance of additional Series 2022-1 Notes, if applicable)	$[•]
	Number of days at balance	[•]
	Series 2022-1 Principal Allocation Percentage Numerator	
      

	Numerator as of beginning of monthly period	$[•]
	Number of days at balance	[•]
	Numerator (after issuance of additional Series 2022-1 Notes, if applicable)	$[•]
	Number of days at balance	[•]
	Allocation Percentage Denominators	 
	Pool Balance as of beginning of monthly period	
     $[•]

	Number of days at balance	[•]
	Pool Balance after issuance of additional Series 2022-1 Notes (if applicable)	
     

    $[•]

	Number of days at balance	[•]
	Sum of Floating Allocation Percentage Numerators for all outstanding Series	
     

    $[•]

	Sum of Principal Allocation Percentage Numerators for all outstanding Series	
     

    $[•]

 

	Class Details	Margin	Total Interest Rate	Stated Principal Amount
	Class A	[•]%	[•]%	$[•]
	Class B	[•]%	[•]%	$[•]

 

    	 	B-1-5	 

     

    

 

 

	ALLOCATION OF SERIES 2022-1 AVAILABLE FINANCE CHARGE COLLECTIONS
	1) Series 2022-1 Available Finance Charge Collections	$[•]
	2) Class A Notes	 
	a) Class A Monthly Interest	$[•]
	b) Class A Monthly Interest previously due but not paid	$[•]
	c) Class A Additional Interest and Class A Additional Interest previously due but not paid	$[•]
	3) Series 2022-1 Servicing Fee paid to Servicer	$[•]
	4) Series 2022-1 Servicing Fee, previously due but not paid	$[•]
	5) Class B Notes	 
	a) Class B Monthly Interest	$[•]
	b) Class B Monthly Interest previously due but not paid	$[•]
	c) Class B Additional Interest and Class B Additional Interest previously due but not paid	$[•]
	6) Series 2022-1 Default Amount treated as Series 2022-1 Available Principal Collections	$[•]
	7) Unreimbursed Investor Charge-Offs and Reallocated Principal Collections treated as Series 2022-1 Available principal Collections	$[•]
	8) Accumulation Reserve Account funding	$[•]
	9) In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2022-1 Available Principal Collections	$[•]
	10) Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections (Group One)	$[•]
	11) Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents	$[•]
	12) Holder of the Transferor Interest	$[•]

 

	APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2022-1
	1) Shared Excess Available Finance Charge Collections allocated to Series 2022-1	$[•]
	2)Series 2022-1 Available Finance Charge Collections Shortfall	$[•]
	3) Class A Monthly Interest and Class A Additional Interest and any past due amounts	$[•]
	4) Unpaid Servicing Fee	$[•]
	5) Class B Monthly Interest and Class B Additional Interest and any past due amounts	$[•]
	6) Default Amount treated as Available Principal Collections	$[•]
	7) Unreimbursed Investor charge-offs and Reallocated Principal Collections treated as Series 2022-1 Available Principal Collections	$[•]
	8) Accumulation Reserve Account	$[•]
	9) Holder of the Transferor Interest	$[•]

 

    	 	B-1-6	 

     

    

 

	APPLICATION OF SERIES 2022-1 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
	1) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group One)	$[•]

 

	APPLICATION OF SERIES 2022-1 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD
	1) Principal Funding Account	$[•]
	2) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available principal Collections (Group One)	$[•]

 

	APPLICATION OF SERIES 2022-1 PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD
	1) Paid to the Class A Noteholders	$[•]
	2) Paid to the Class B Noteholders	$[•]
	3) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group One)	$[•]

 

	APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2022-1
	1) Shared Excess Available Principal Collections allocated to Series 2022-1	$[•]
	2)Series 2022-1 Available Principal Collections Shortfall	$[•]
	3) During the Controlled Accumulation Period:	 
	3a) Amount deposited in the Principal Funding Account	$[•]
	4) During the Early Amortization Period:	 
	4a) Paid to the Class A Noteholders	$[•]
	4b) Paid to the Class B Noteholders	$[•]
	5) Holder of the Transferor Interest	$[•]

 

	SERIES 2022-1 ACCOUNT INFORMATION
	Accumulation Reserve Account balance	$[•]
	Principal Funding Account balance	$[•]

 

	SERIES 2022-1 PERFORMANCE DATA
	Portfolio Yield	 
	Current Monthly Period	[•]%
	Prior Monthly Period	[•]%
	Second Prior Monthly Period	[•]%
	Base Rate	 
	Current Payment Date	[•]%
	Prior Payment Date	[•]%
	Second Prior Payment Date	[•]%
	Excess Spread Percentage	 
	Current Monthly Period	[•]%
	Prior Monthly Period	[•]%

    	 	B-1-7	 

     

    

 

	Second Prior Monthly Period	[•]%
	Quarterly Excess Spread Percentage	[•]%
	Required Excess Spread Percentage	[•]%
	Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage?	[Yes/No]
	Delinquency Trigger Percentage	[•]%
	Is the Sixty Day Delinquency Rate Percentage equal to or greater than the Delinquency Trigger Percentage?	[Yes/No]

 

To the knowledge of the undersigned, no Early Amortization Event
or Early Redemption Event has occurred.

Capitalized terms used in this Monthly Servicer Statement have their
respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-1-8	 

     

    

EXHIBIT B-2

 

FORM OF ANNUAL PAYMENT INFORMATION

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2022-1

 

FOR THE YEAR ENDED DECEMBER 31, 20[•]

 

The undersigned, a duly
authorized representative of Barclays Bank Delaware (“BBD”), as servicer (in such capacity, the “Servicer”)
pursuant to (i) the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the “Servicing Agreement”),
among Barclays Dryrock Funding LLC, as transferor (the “Transferor”), the Servicer, BBD, as administrator, Barclays
Dryrock Issuance Trust, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”), and (ii) the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto,
dated as of July 6, 2015, and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and the Indenture Trustee, as supplemented by the Series 2022-1 Indenture Supplement, dated as of April 21, 2022 (the
“Indenture Supplement”), between the Issuer and the Indenture Trustee, does hereby certify as follows:

Capitalized terms used in
this Certificate have their respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

Pursuant to Section 7.03
of the Indenture Supplement, the Servicer instructed the Indenture Trustee to pay in accordance with Section 7.03 from amounts in the
Collection Account and allocated to Series 2022-1 or the Principal Funding Account, as applicable, the following aggregate amounts during
the year ended December 31, 20[•]:

 

	A)	Pursuant to subsection 7.03(a):	 
	 	Interest distributed to Class A Noteholders	$________
	B)	Pursuant to subsection 7.03(b):	 
	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class A Noteholders	$________
	C)	Pursuant to subsection 7.03(c):	 
	 	Interest distributed to Class B Noteholders	$________
	D)	Pursuant to subsection 7.03(d):	 
	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class B Noteholders	$________

    	 	B-2-1	 

     

    

IN WITNESS WHEREOF, the
undersigned has duly executed this Certificate this [•] day of [•], 20[•].

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-2-2	 

     

    

EXHIBIT B-3

 

FORM OF DAILY SERVICER’S STATEMENT

 

[•][•], 20[•]

 

TO:     Barclays Dryrock Funding LLC, as Transferor

U.S. Bank National Association, as Indenture Trustee
and Paying Agent

Wilmington Trust, National Association, as Owner Trustee

[_], as a Note Rating Agency

 

Dear Sirs,

 

In accordance with the terms
of the Servicing Agreement, the Indenture and the Series 2022-1 Indenture Supplement

 

	1.	We hereby notify you that, as of the beginning of the day on [•][•], 20[•], the following accounts had cash balances set out below:

 

	 	Collection Account	164142000	$[•]
	 	Excess Funding Account (EFA)	164142001	$[•]

 

	2.	The movements of each Account on [•][•], 20[•] are as follows:	 
	 	 	 	 
	 	i.	Collection Account	 
	 	 	 	 
	 	 	Daily Transfers	 
	 	 	Collections	$[•]
	 	 	Investment proceeds on Collection Account	$[•]
	 	 	Transferor portion of finance charge collections to Barclays 	 
	 	 	Dryrock Funding LLC	$[•]
	 	 	Transferor portion of principal collection to Barclays 	 
	 	 	Dryrock Funding LLC	$[•]
	 	 	Transferor portion of principal collections to EFA	$[•]
	 	 	 	 
	 	 	Monthly Transfers	 
	 	 	Class A Monthly Interest	$[•]
	 	 	Servicing Fee	$[•]
	 	 	Transferor portion of Servicing Fee prefunding excess	$[•]
	 	 	Class B Monthly Interest	$[•]
	 	 	Series Default Amount	$[•]
	 	 	Series Additional Amount	$[•]
	 	 	Event of Default	$[•]
	 	 	Excess Spread to Transferor	$[•]
	 	 	All other Trust Obligations	$[•]
	 	 	Deposit from the EFA (Excess EFA balance in accumulation 	 
	 	 	period, treated as principal Investment earning on the EFA)	$[•]

 

 

 

 

    	 	B-3-1	 

     

    

 

	 	 	Closing cash balance	$[•]

 

	 	ii.	Excess Funding Account (EFA)	$[•]
	 	 	 	 
	 	 	Opening cash balance	$[•]
	 	 	Transferor portion of principal collections received from	$[•]
	 	 	Collection Account	 
	 	 	Excess EFA balance to Barclays Dryrock Funding LLC	$[•]
	 	 	Excess EFA balance to Collection Account	$[•]
	 	 	Withdrawal of investment earnings to Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	iii.	Principal Funding Account (PFA)	 
	 	 	 	 
	 	 	Principal Funding Account (PFA) Series 2022-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Accumulation deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Principal Payments to Indenture Trustee	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	 	Principal Funding Account (PFA) Series 2022-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Accumulation deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Principal Payments to Indenture Trustee	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	iv.	Accumulation Reserve Account	 
	 	 	 	 
	 	 	
    Accumulation Reserve Account Series 2022-1

    Opening Cash Balance
	$[•]
	 	 	Deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Accumulation Reserve Draw Amount to Collection Account	$[•]
	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock	$[•]
	 	 	Funding LLC	 

 

 

	 	 	 

    	 	B-3-2	 

     

    

 

	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	 	Accumulation Reserve Account Series 2022-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Accumulation Reserve Draw Amount to Collection Account	$[•]
	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock Funding LLC	 
	 	 	 	 
	 	 	Closing cash balance	$[•]

 

3.       We hereby advise you to make
the following transfers:

 

	From	Amount	To
	
    Collection Account

    164142000
	$[•]	Barclays Dryrock Funding LLC [Account #]
	
    Collection Account

    164142000
	$[•]	
    Excess Funding Account

    164412001

	
    Collection Account

    164142000
	$[•]	Barclays Dryrock Funding LLC [Account #]
	
    Collection Account

    164142000
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Barclays Bank Delaware

    [Account #]

	
    Collection Account

    164142000
	$[•]	
    Principal Funding Series 2022-1

    277066001

	
    Principal Funding Series 2022-1

    277066001
	$[•]	
    Collection Account

    164142000

	
    Principal Funding Series 2022-1

    277066001
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Principal Funding Series 2022-1

    277066001

	
    Principal Funding Series 2022-1

    277066001
	$[•]	
    Collection Account

    164142000

	
    Principal Funding Series 2022-1

    277066001
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Accumulation Reserve Series 2022-1

    277066000

	
    Accumulation Reserve Series 2022-1

    277066000
	$[•]	
    Collection Account

    164142000

	
    Accumulation Reserve Series 2022-1

    277066000
	$[•]	
    Owner Trustee

    (to be distributed to Barclays

    Dryrock Funding LLC)

     

    	 	B-3-3	 

     

    

 

	
    Collection Account

    164142000
	$[•]	
    Accumulation Reserve Series 2022-1

    277066000

	
    Accumulation Reserve Series 2022-1

    277066000
	$[•]	
    Collection Account

    164142000

	
    Accumulation Reserve Series 2022-1

    277066000
	$[•]	
    Owner Trustee

    (to be distributed to Barclays Dryrock Funding LLC)

 

IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Certificate this [•] day of [•], [•].

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-3-4	 

     

    

EXHIBIT C

FORM OF MONTHLY SERVICER’S CERTIFICATE

BARCLAYS BANK DELAWARE

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2022-1

The undersigned, a duly
authorized representative of Barclays Bank Delaware (“BBD”), as servicer (in such capacity, the “Servicer”),
pursuant to the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the “Agreement”), among Barclays
Dryrock Funding LLC, as transferor, the Servicer, BBD, as administrator, Barclays Dryrock Issuance Trust (the “Trust”),
as issuer, and U.S. Bank National Association, as indenture trustee (in such capacity, the “Indenture Trustee”), does
hereby certify that:

1.       Capitalized
terms used in this Certificate have their respective meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment,
dated as of September 21, 2018 (the “Master Indenture”), between the Trust and the Indenture Trustee, as supplemented
by the Series 2022-1 Indenture Supplement, dated as of April 21, 2022, between the Trust and the Indenture Trustee (the “Indenture
Supplement” and together with the Master Indenture, the “Indenture”), as applicable.

2.       BBD
is, as of the date hereof, the Servicer under the Agreement.

3.       The
undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate
to the Indenture Trustee.

4.       This
Certificate relates to the Payment Date occurring on [___________, 20___].

5.       As
of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects its obligations under
the Agreement and the Indenture through the Monthly Period preceding such Payment Date and no material default in the performance of such
obligations has occurred or is continuing except as set forth in paragraph 6 below.

6.       The
following is a description of each material default in the performance of the Servicer’s obligations under the provisions of the
Agreement known to me to have been made by the Servicer through the Monthly Period preceding such Payment Date, which sets forth in detail
(i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current
status of each such default: [If applicable, insert “None.”]

    	 	C-1	 

     

    

IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Certificate this [•] day of [•], [•].

 

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

 

    	 	C-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]