Document:

Master Indenture

 Exhibit 10.5 

EXECUTION COPY 

MASTER INDENTURE 

between 

WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST II 

Issuer, 
 and

 U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 

Dated as of March 26, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE I            DEFINITIONS
	  	2
			
	 Section 1.1
	  	Definitions	  	2
	 Section 1.2
	  	Other Definitional Provisions	  	2
		
	 ARTICLE II            THE NOTES
	  	3
			
	 Section 2.1
	  	Form Generally	  	3
	 Section 2.2
	  	Denominations	  	4
	 Section 2.3
	  	Execution, Authentication and Delivery	  	4
	 Section 2.4
	  	Authenticating Agent	  	4
	 Section 2.5
	  	Registration of and Limitations on Transfer and Exchange of Notes	  	5
	 Section 2.6
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	8
	 Section 2.7
	  	Persons Deemed Owners	  	9
	 Section 2.8
	  	Appointment of Paying Agent	  	9
	 Section 2.9
	  	Access to List of Noteholders’ Names and Addresses	  	9
	 Section 2.10
	  	Cancellation	  	10
	 Section 2.11
	  	New Issuances	  	10
	 Section 2.12
	  	Book-Entry Notes	  	12
	 Section 2.13
	  	Notices to Clearing Agency or Foreign Clearing Agency	  	13
	 Section 2.14
	  	Definitive Notes	  	13
	 Section 2.15
	  	Global Note	  	13
	 Section 2.16
	  	Uncertificated Classes	  	14
		
	 ARTICLE III            REPRESENTATIONS AND COVENANTS OF
ISSUER
	  	14
			
	 Section 3.1
	  	Payment of Principal and Interest	  	14
	 Section 3.2
	  	Maintenance of Office or Agency	  	14
	 Section 3.3
	  	Money for Note Payments to Be Held in Trust	  	14
	 Section 3.4
	  	Existence	  	15
	 Section 3.5
	  	Protection of Collateral	  	16
	 Section 3.6
	  	Opinions as to Collateral	  	16
	 Section 3.7
	  	Performance of Obligations; Servicing of Receivables	  	16
	 Section 3.8
	  	Negative Covenants	  	17
	 Section 3.9
	  	Issuer May Consolidate, Etc., Only on Certain Terms	  	18
	 Section 3.10
	  	Successor Substituted	  	20
	 Section 3.11
	  	No Other Business	  	20
	 Section 3.12
	  	Investments	  	20
	 Section 3.13
	  	Capital Expenditures	  	20
	 Section 3.14
	  	Removal of Administrator	  	20
	 Section 3.15
	  	Notice of Events of Default	  	20
	 Section 3.16
	  	Further Instruments and Acts	  	20
	 Section 3.17
	  	Perfection Representations and Warranties	  	20
	 Section 3.18
	  	Annual Certificate	  	21
	 Section 3.19
	  	Restricted Payments	  	21

  

 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 ARTICLE IV            SATISFACTION AND
DISCHARGE
	  	21
			
	 Section 4.1
	  	Satisfaction and Discharge of this Indenture	  	21
	 Section 4.2
	  	Application of Issuer Money	  	22
		
	 ARTICLE V            EARLY AMORTIZATION EVENTS,
DEFAULTS AND REMEDIES
	  	23
			
	 Section 5.1
	  	Early Amortization Events	  	23
	 Section 5.2
	  	Events of Default	  	23
	 Section 5.3
	  	Acceleration of Maturity; Rescission and Annulment	  	24
	 Section 5.4
	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	25
	 Section 5.5
	  	Remedies; Priorities	  	27
	 Section 5.6
	  	Optional Preservation of the Collateral	  	29
	 Section 5.7
	  	Limitation on Suits	  	29
	 Section 5.8
	  	Unconditional Rights of Noteholders to Receive Principal and Interest	  	30
	 Section 5.9
	  	Restoration of Rights and Remedies	  	30
	 Section 5.10
	  	Rights and Remedies Cumulative	  	30
	 Section 5.11
	  	Delay or Omission Not Waiver	  	30
	 Section 5.12
	  	Rights of Noteholders to Direct Indenture Trustee	  	31
	 Section 5.13
	  	Waiver of Past Defaults	  	31
	 Section 5.14
	  	Undertaking for Costs	  	31
	 Section 5.15
	  	Waiver of Stay or Extension Laws	  	32
	 Section 5.16
	  	Sale of Receivables	  	32
	 Section 5.17
	  	Action on Notes	  	32
		
	 ARTICLE VI            INDENTURE
TRUSTEE
	  	32
			
	 Section 6.1
	  	Duties of Indenture Trustee	  	32
	 Section 6.2
	  	Notice of Early Amortization Event or Event of Default	  	34
	 Section 6.3
	  	Rights of Indenture Trustee	  	34
	 Section 6.4
	  	Not Responsible for Recitals or Issuance of Notes	  	36
	 Section 6.5
	  	Restrictions on Holding Notes	  	36
	 Section 6.6
	  	Money Held in Trust	  	36
	 Section 6.7
	  	[Reserved]	  	36
	 Section 6.8
	  	Replacement of Indenture Trustee	  	36
	 Section 6.9
	  	Successor Indenture Trustee by Merger	  	37
	 Section 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	38
	 Section 6.11
	  	Eligibility; Disqualification	  	39
	 Section 6.12
	  	Preferential Collection of Claims Against Obligor	  	39
	 Section 6.13
	  	Representations and Covenants of Indenture Trustee	  	39
	 Section 6.14
	  	Custody of the Collateral	  	40

  

 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 ARTICLE VII            NOTEHOLDERS’ LIST AND REPORTS
BY INDENTURE TRUSTEE AND ISSUER
	  	41
			
	 Section 7.1
	  	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	41
	 Section 7.2
	  	Preservation of Information; Communications to Noteholders	  	41
	 Section 7.3
	  	Reports by Issuer	  	41
	 Section 7.4
	  	Reports by Indenture Trustee	  	42
		
	 ARTICLE VIII            ALLOCATION AND APPLICATION
OF COLLECTIONS
	  	42
			
	 Section 8.1
	  	Collection of Money	  	42
	 Section 8.2
	  	Rights of Noteholders	  	43
	 Section 8.3
	  	Establishment of Collection Account and Excess Funding Account	  	43
	 Section 8.4
	  	Collections and Allocations	  	44
	 Section 8.5
	  	Shared Principal Collections	  	47
	 Section 8.6
	  	Shared Excess Finance Charge Collections	  	47
	 Section 8.7
	  	Release of Collateral; Eligible Loan Documents	  	48
	 Section 8.8
	  	Opinion of Counsel	  	48
		
	 ARTICLE IX            DISTRIBUTIONS AND REPORTS TO
NOTEHOLDERS
	  	49
		
	 ARTICLE X            SUPPLEMENTAL
INDENTURES
	  	49
			
	 Section 10.1
	  	Supplemental Indentures Without Consent of Noteholders	  	49
	 Section 10.2
	  	Supplemental Indentures with Consent of Noteholders	  	50
	 Section 10.3
	  	Indenture Supplement	  	51
	 Section 10.4
	  	Notification	  	51
	 Section 10.5
	  	Consent of Noteholders	  	51
	 Section 10.6
	  	Execution of Supplemental Indentures	  	51
	 Section 10.7
	  	Effect of Supplemental Indenture	  	52
	 Section 10.8
	  	Conformity With Trust Indenture Act	  	52
	 Section 10.9
	  	Reference in Notes to Supplemental Indentures	  	52
		
	 ARTICLE XI            TERMINATION
	  	52
			
	 Section 11.1
	  	Termination of Issuer	  	52
	 Section 11.2
	  	Optional Purchase	  	52
	 Section 11.3
	  	Final Payment with Respect to Any Series	  	52
	 Section 11.4
	  	Issuer’s Termination Rights	  	53
		
	 ARTICLE
XII            MISCELLANEOUS
	  	54
			
	 Section 12.1
	  	Compliance Certificates and Opinions etc	  	54
	 Section 12.2
	  	Form of Documents Delivered to Indenture Trustee	  	55
	 Section 12.3
	  	Acts of Noteholders	  	56
	 Section 12.4
	  	Notices, Etc. to Indenture Trustee and Issuer	  	57

  

 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 12.5
	  	Notices to Noteholders; Waiver	  	57
	 Section 12.6
	  	Alternate Payment and Notice Provisions	  	58
	 Section 12.7
	  	Conflict with Trust Indenture Act	  	58
	 Section 12.8
	  	Effect of Headings and Table of Contents	  	58
	 Section 12.9
	  	Successors and Assigns	  	58
	 Section 12.10
	  	Separability	  	58
	 Section 12.11
	  	Benefits of Indenture	  	58
	 Section 12.12
	  	Legal Holidays	  	58
	 Section 12.13
	  	GOVERNING LAW	  	58
	 Section 12.14
	  	Counterparts	  	59
	 Section 12.15
	  	Issuer Obligation	  	59
	 Section 12.16
	  	No Petition	  	59
	 Section 12.17
	  	Subordination	  	59
	 Section 12.18
	  	Limitation of Liability of Owner Trustee	  	60
			
	 Annex A
	  	Definitions	  	A-1
			
	 Schedule 1
	  	Annual Certificate	  	Sch-1

  

 -iv- 

 MASTER INDENTURE, dated as of March 26, 2010 (the “Indenture”),
between World Financial Network Credit Card Master Note Trust II, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), and U.S. Bank National Association, a national banking association, as indenture
trustee (the “Indenture Trustee”). This Indenture may be supplemented at any time and from time to time by an indenture supplement in accordance with Article X (an “Indenture Supplement,” and together with
this Indenture and any amendments, the “Agreement”). If a conflict exists between the terms and provisions of this Indenture and any Indenture Supplement, the terms and provisions of the Indenture Supplement shall be controlling
with respect to the related Series. 
 PRELIMINARY STATEMENT 

Issuer has duly authorized the execution and delivery of this Indenture to provide for an issue of its Notes as provided in this
Indenture. All covenants and agreements made by Issuer herein are for the benefit and security of the Noteholders. Issuer is entering into this Indenture, and Indenture Trustee is accepting the trusts created hereby, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged. 
 Simultaneously with the delivery of this
Indenture, Issuer is entering into a Transfer and Servicing Agreement with WFN Credit Company, LLC, as Transferor, and World Financial Network National Bank, as Servicer, pursuant to which (a) Transferor will convey to Issuer all of its right,
title and interest in, to and under (i) the Collateral Certificate, which Transferor will have received from Certificate Trust pursuant to the Collateral Series Supplement, and (ii) on and after the Certificate Trust Termination Date, the
Receivables arising in the Accounts from time to time, which Transferor will have received from the Bank pursuant to the Purchase Agreement and (b) Servicer will agree to service the Receivables and make collections thereon on behalf of the
Noteholders on and after the Certificate Trust Termination Date. 
 GRANTING CLAUSE 

Issuer hereby Grants to Indenture Trustee, for the benefit of the Holders of the Notes and the Enhancement Providers, all of
Issuer’s right, title and interest, whether now owned or hereafter acquired, in, to and under (a) the Collateral Certificate, (b) the Receivables, (c) Collections and Recoveries related to and all money, instruments, investment
property and other property distributed or distributable in respect of (together with all earnings, dividends, distributions, income, issues, and profits relating to) the Receivables; (d) the Collection Account, the Series Accounts, the Excess
Funding Account and all Permitted Investments and all money, investment property, instruments and other property on deposit from time to time in, credited to or related to the Collection Account, the Series Accounts and the Excess Funding Account
(including any subaccounts of any such account), and all interest, dividends, earnings, income and other distributions from time to time received, receivable or otherwise distributed or distributable thereto or in respect thereof (including any
accrued discount realized on liquidation of any investment purchased at a discount); (e) all rights, remedies, powers, privileges and claims of Issuer under or with respect to any Enhancement, the Transfer and Servicing Agreement (whether
arising pursuant to the terms of the related Enhancement Agreement or the Transfer and Servicing Agreement or otherwise available to Issuer at law or in equity) and the Trust Agreement, including the rights of Issuer to enforce such Enhancement
Agreement, the 

 
Transfer and Servicing Agreement or the Trust Agreement, and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to
such Enhancement Agreement, the Transfer and Servicing Agreement or the Trust Agreement to the same extent as Issuer could but for the assignment and security interest granted to Indenture Trustee for the benefit of the Noteholders and all property
transferred to the Issuer under each such agreement; (f) all derivative contracts between Issuer and a counterparty, as described in any Indenture Supplement and all proceeds thereof, (g) all Enhancements and all proceeds thereof;
(h) all accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas and other minerals; (i) all present and future
claims, demands, causes and choses in action in respect of any or all of the foregoing and (j) all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing (collectively, the
“Collateral”). 
 The Collateral shall secure the payment and performance of the obligations set forth in
Section 8.2. 
 LIMITED RECOURSE 

The obligation of Issuer to make payments of principal, interest and other amounts in respect of the Notes is limited by recourse only to
the Collateral. 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. 

Capitalized terms used herein are defined in Annex A. 

Section 1.2 Other Definitional Provisions. 

(a) All terms defined directly or by reference in this Indenture shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the context otherwise requires: (i) accounting terms not otherwise defined in this
Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them under GAAP; (ii) terms defined in Article 9 of the New York UCC and not otherwise defined in this
Indenture are used as defined in that Article; (iii) any reference to each Rating Agency shall only apply to any specific rating agency if such rating agency is then rating any outstanding Series; (iv) references to any amount as on
deposit or outstanding on any particular date means such amount at the close of business on such day; (v) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture (or the
certificate or other document in which they are used) as a whole and not to any particular provision of this Indenture (or such certificate or document); (vi) references to any Section, Schedule or Exhibit are references to Sections, Schedules
and Exhibits in or to this Indenture (or the certificate or other document in which the reference is made), and references to any paragraph, Section, clause or other subdivision within any Section or definition refer to such paragraph, Section,
clause or other subdivision of such Section or definition; (vii) the term 
  

 2 

 
“including” means “including without limitation”; (viii) references to any law or regulation refer to that law or regulation as amended from time to time and include any
successor law or regulation; (ix) references to any Person include that Person’s successors and assigns; and (x) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision
hereof. 
 (b) Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made
a part of this Indenture to the extent, and only at such times, as this Indenture is required to qualify under the TIA. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

“indenture security holder” means a Noteholder; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means Indenture Trustee; and 

“obligor” on the indenture securities means Issuer and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule have the meanings assigned to them by such definitions. 
 Any reference herein to a “beneficial
interest” in a security also shall mean, unless the context otherwise requires, a security entitlement with respect to such security, and any reference herein to a “beneficial owner” or “beneficial holder” of a security also
shall mean, unless the context otherwise requires, the holder of a security entitlement with respect to such security. 
 Any
reference herein to money or other property that is to be deposited in or is on deposit in a securities account shall also mean that such money or other property is to be credited to, or is credited to, such securities account. 

ARTICLE II 
 THE
NOTES 
 Section 2.1 Form Generally. Any Series or Class of Notes, together with the Indenture Trustee’s certificate
of authentication related thereto, may be issued in fully registered form (the “Registered Notes”) and shall be in substantially the form of an exhibit to the related Indenture Supplement with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture or such Indenture Supplement, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may, consistently
herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.
The terms of any Notes set forth in an exhibit to the related Indenture Supplement are part of the terms of this Indenture, as applicable. 
  

 3 

 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

Any Note that is a Subject Instrument shall be issued as a Definitive Note or in book-entry form, but not through DTC. 

Section 2.2 Denominations. Except as otherwise specified in the related Indenture Supplement and the Notes, each class of Notes of
each Series shall be issued in fully registered form in minimum amounts of $1,000 and in integral multiples of $1,000 in excess thereof (except that one Note of each Class may be issued in a different amount, so long as such amount exceeds the
applicable minimum denomination for such Class), and shall be issued upon initial issuance as one or more Notes in an aggregate original principal amount equal to the applicable Note Principal Balance for such Class or Series. 

Section 2.3 Execution, Authentication and Delivery. Each Note shall be executed by manual or facsimile signature on behalf of
Issuer by an Authorized Officer. 
 Notes bearing the manual or facsimile signature of an individual who was, at the time when
such signature was affixed, authorized to sign on behalf of Issuer shall not be rendered invalid, notwithstanding the fact that such individual ceased to be so authorized prior to the authentication and delivery of such Notes or does not hold such
office at the date of issuance of such Notes. 
 At any time and from time to time after the execution and delivery of this
Indenture, Issuer may deliver Notes executed by Issuer to Indenture Trustee for authentication and delivery, and Indenture Trustee shall authenticate at the written direction of Issuer and deliver such Notes as provided in this Indenture or the
related Indenture Supplement and not otherwise. Each Note shall be dated the date of its authentication. 
 No Note shall be
entitled to any benefit under this Indenture or the applicable Indenture Supplement or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein or in the
related Indenture Supplement executed by or on behalf of Indenture Trustee by the manual signature of a duly authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder. 
 Section 2.4 Authenticating Agent. 

(a) Indenture Trustee may appoint one or more authenticating agents with respect to the Notes which shall be authorized to act on behalf
of Indenture Trustee in authenticating the Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Notes. Whenever reference is made in this Indenture to the authentication of Notes by Indenture
Trustee or Indenture Trustee’s certificate of authentication, such reference shall be deemed to include authentication on behalf of Indenture Trustee by an authenticating agent and a certificate of authentication executed on behalf of Indenture
Trustee by an authenticating agent. Each authenticating agent must be reasonably acceptable to Issuer and Servicer. 
  

 4 

 (b) Any institution succeeding to the corporate agency business of an authenticating agent
shall continue to be an authenticating agent without the execution or filing of any power or any further act on the part of Indenture Trustee or such authenticating agent. 

(c) An authenticating agent may at any time resign by giving written notice of resignation to Indenture Trustee, Issuer and Servicer.
Indenture Trustee may at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and to Issuer and Servicer. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time an authenticating agent shall cease to be acceptable to Indenture Trustee, Issuer and Servicer, Indenture Trustee may promptly appoint a successor authenticating agent. Any successor authenticating agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an authenticating agent. No successor authenticating agent shall be appointed unless reasonably
acceptable to Issuer and Servicer. 
 (d) Servicer agrees to pay to each authenticating agent from time to time reasonable
compensation for its services under this Section 2.4. 
 (e) The provisions of Sections 6.1 and 6.4
shall be applicable to any authenticating agent. 
 (f) Pursuant to an appointment made under this Section 2.4, the
Notes may have endorsed thereon, in lieu of or in addition to Indenture Trustee’s certificate of authentication, an alternative certificate of authentication in substantially the following form: 

“This is one of the Notes described in the within-mentioned Agreement. 

 

			
	 
	
	 
	  
 as Authenticating Agent

for Indenture Trustee

		
	By:	 	 
	
	Authorized Signatory
		
	Dated:	 	__________________________________”

Section 2.5 Registration of and Limitations on Transfer and Exchange of Notes. Issuer shall cause to be kept at the office or
agency to be maintained by a transfer agent and registrar (the “Transfer Agent and Registrar”) a register (the “Note Register”) in which the Transfer Agent and Registrar shall provide for the registration of Notes
and the registration of 
  

 5 

 
transfers of Notes. Indenture Trustee initially shall be Transfer Agent and Registrar for the purpose of registering Notes and transfers of Notes as herein provided. The Transfer Agent and
Registrar shall be permitted to resign upon 30 days’ written notice to the Servicer and Issuer. Upon any resignation of any Transfer Agent and Registrar, Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Transfer Agent and Registrar. 
 If a Person other than Indenture Trustee is appointed by
Issuer as Transfer Agent and Registrar, Issuer will give Indenture Trustee prompt written notice of the appointment of a Transfer Agent and Registrar and any change in the location of Transfer Agent and Registrar and Note Register. Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of Transfer Agent and Registrar by an
officer thereof as to the names and addresses of the Noteholders and the principal amounts and numbers of such Notes. 
 Upon
surrender for registration of transfer of any Note at the office or agency of Transfer Agent and Registrar, to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are satisfied as determined by
the Administrator, Issuer shall execute, and upon receipt of such surrendered Note, Indenture Trustee shall authenticate and deliver to the Noteholder, in the name of the designated transferee or transferees, one or more new Notes (of the same
Series and Class) in any authorized denominations of like aggregate principal amount. 
 At the option of a Noteholder, Notes
may be exchanged for other Notes (of the same Series and Class) in any authorized denominations and of like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of Transfer Agent and Registrar. Whenever
any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are satisfied as determined by the Administrator, Issuer shall execute, and upon receipt of such surrendered Note, Indenture Trustee shall authenticate
and deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled to receive. 
 All Notes issued
upon any registration of transfer or exchange of Notes shall evidence the same obligations, evidence the same debt, and be entitled to the same rights and privileges under this Indenture, as the Notes surrendered upon such registration of transfer
or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be
accompanied by a written instrument of transfer in a form satisfactory to Indenture Trustee duly executed by, the Noteholder thereof or its attorney-in-fact duly authorized in writing, and by such other documents as Indenture Trustee may reasonably
require. 
 Any Note held by Transferor (or an Affiliate of Transferor disregarded as an entity separate from the Transferor for
federal income tax purposes) at any time after the date of its initial issuance may be transferred or exchanged to a Person other than the Transferor (or an Affiliate of Transferor disregarded as an entity separate from the Transferor for federal
income tax purposes) only upon the delivery to the Owner Trustee and Indenture Trustee of a Tax Opinion dated as of the date of such transfer or exchange, as the case may be, with respect to such transfer or exchange, and until such transfer or
exchange, any such Note shall be evidenced by Definitive Notes or in book-entry form, but not through DTC. 
  

 6 

 The registration of transfer of any Note shall be subject to the additional requirements, if
any, set forth in the related Indenture Supplement. 
 Unless otherwise provided in the related Indenture Supplement, no service
charge shall be made for any registration of transfer or exchange of Notes, but Issuer and Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of such Notes. 
 All Notes surrendered for registration of transfer and exchange shall be
canceled by Issuer and delivered to Indenture Trustee for subsequent destruction in accordance with Indenture Trustee’s standard procedures. Indenture Trustee shall destroy the Global Note upon its exchange in full for Definitive Notes in
accordance with Indenture Trustee’s standard procedures. 
 The preceding provisions of this Section 2.5
notwithstanding, Issuer shall not be required to make, and Transfer Agent and Registrar need not register, transfers or exchanges of Notes for a period of twenty (20) days preceding the due date for any payment with respect to the Note.

 Any reference in this Indenture to Transfer Agent and Registrar shall include any co-transfer agent and co-registrar unless
the context otherwise requires. Indenture Trustee will enter into any agency agreement reasonably acceptable to the Indenture Trustee with any co-transfer agent and co-registrar not a party to this Indenture, which will implement the provisions of
this Indenture that relate to such agent. 
 Notwithstanding anything to the contrary in this
Section 2.5, Transferor shall not execute, and (if given prior written notice by the Servicer of the inability of the Transferor to execute any Subject Instrument by operation of this paragraph) the Transfer Agent and
Registrar shall not register the transfer of, any Subject Instrument if (i) after giving effect to the execution or transfer of such Subject Instrument, there would be 95 or more Private Holders or (ii) the transferee is none of (a) a
United States Person, (b) a Person other than a United States Person who has provided Indenture Trustee and Transferor with Internal Revenue Service form W-8ECI, or (c) such other Person other than a United States Person with respect to
whom Indenture Trustee and Transferor have received appropriate withholding documentation and other assurances (which may include legal opinions) confirming that such transferee is not subject to U.S. federal income tax withholding in respect of
payments attributable to a Subject Instrument. No transfer, assignment or other conveyance of, or sale of a participation interest in, a Subject Instrument shall be permitted unless the Transfer Agent and Registrar is permitted to register the same
in accordance with the immediately preceding sentence. Additionally, no Subject Instrument, or portion thereof, shall be transferred on or through (i) an “established securities market” within the meaning of Section 7704(b)(1) of
the Code and any proposed, temporary or final treasury regulation thereunder, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations or
(ii) “secondary market” or “substantial equivalent thereof” within the meaning of Section 7704(b)(2) of the Code and any proposed, temporary or final treasury regulation

  

 7 

 
thereunder, including a market wherein interests in the Issuer or the Certificate Trust are regularly quoted by any Person making a market in such interests and a market wherein any Person
regularly makes available bid or offer quotes with respect to interests in the Issuer or the Certificate Trust and stands ready to effect buy or sell transactions at the quoted prices for itself or on behalf of others. Any attempted transfer,
assignment, conveyance, participation or subdivision in contravention of the preceding restrictions, as reasonably determined by the Transferor, shall be void ab initio and the purported transferor, seller or subdivider of such Subject Instrument
shall be treated as the Holder of such Subject Instrument for all purposes of this Agreement. 
 Section 2.6 Mutilated,
Destroyed, Lost or Stolen Notes. If (a) any mutilated Note is surrendered to the Transfer Agent and Registrar, or Transfer Agent and Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and
(b) in case of destruction, loss, or theft there is delivered to the Transfer Agent and Registrar and the Indenture Trustee such security or indemnity as may be required by them to hold Issuer, the Noteholders, Indenture Trustee and Transfer
Agent and Registrar harmless, then, in the absence of notice to Issuer, Transfer Agent and Registrar or Indenture Trustee that such Note has been acquired by a protected purchaser (as defined in Section 8-303 of the UCC as in effect in the
State of New York), Issuer shall execute, and Indenture Trustee shall authenticate and (unless the Transfer Agent and Registrar is different from the Indenture Trustee, in which case the Transfer Agent and Registrar shall) deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor (including the same date of issuance) and principal amount, bearing a number not contemporaneously outstanding; provided, however, that
if any such mutilated, destroyed, lost or stolen Note shall have become or within seven (7) days shall be due and payable, or shall have been selected or called for redemption, instead of issuing a replacement Note, Issuer may pay such Note
without surrender thereof, except that any mutilated Note shall be surrendered. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected purchaser
(as defined in Section 8-303 of the UCC as in effect in the State of New York) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, Issuer and Indenture Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected
purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by Issuer or Indenture Trustee in connection therewith. 

Upon the issuance of any replacement Note under this Section 2.6, Issuer may require the payment by the Holder of such Note
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of Indenture Trustee or Transfer Agent and Registrar) connected therewith.

 Every replacement Note issued pursuant to this Section 2.6 in replacement of any mutilated, destroyed, lost or
stolen Note shall constitute complete and indefeasible evidence of an obligation of the Issuer, as if originally issued, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  

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 The provisions of this Section 2.6 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.7 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, Issuer, Transferor,
Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee shall treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving distributions pursuant to the terms of the applicable
Indenture Supplement and for all other purposes whatsoever, whether or not such Note is overdue, and none of Issuer, Transferor, Indenture Trustee or any agent of Issuer, Transferor or Indenture Trustee shall be affected by any notice to the
contrary. 
 Section 2.8 Appointment of Paying Agent. 

(a) The Paying Agent shall make distributions to Noteholders from the appropriate account or accounts maintained for the benefit of
Noteholders as specified in any Indenture Supplement. Any Paying Agent shall have the revocable power to withdraw funds from such appropriate account or accounts for the purpose of making distributions referred to above and shall report such
withdrawals to the Indenture Trustee. The Paying Agent shall initially be the Indenture Trustee and any co-paying agent chosen by the Issuer and acceptable to the Indenture Trustee. Indenture Trustee shall be permitted to resign as Paying Agent upon
30 days’ written notice to the Servicer. In the event that the Indenture Trustee shall no longer be the Paying Agent, the Indenture Trustee shall appoint a successor to act as Paying Agent who shall be reasonably acceptable to the Issuer.
Issuer reserves the right at any time to vary or terminate the appointment of a Paying Agent for the Notes, and to appoint additional or other Paying Agents, provided that it will at all times maintain Indenture Trustee as a Paying Agent. The
provisions of Sections 6.1 and 6.4 shall apply to the Indenture Trustee also in its role as Paying Agent. 

Indenture Trustee will enter into any agency agreement reasonably acceptable to the Indenture Trustee with any co-paying agent not a
party to this Indenture, which will implement the provisions of this Indenture that relate to such agent. Any reference in this Indenture to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

Notice of all changes in the identity or specified office of a Paying Agent will be delivered promptly to the Noteholders by Indenture
Trustee. 
 (b) Indenture Trustee shall cause each Paying Agent (other than itself) to execute and deliver to Indenture Trustee
an instrument in which such Paying Agent shall agree with Indenture Trustee that such Paying Agent will hold all sums, if any, held by it for payment to the Noteholders in trust for the benefit of the Noteholders entitled thereto until such sums
shall be paid to such Noteholders and shall give the Indenture Trustee notice of any default by the Issuer in the making of any such payment and shall agree, and if Indenture Trustee is Paying Agent it hereby agrees, that it shall comply with all
requirements of the Code regarding the withholding by Indenture Trustee of payments in respect of federal income taxes due from the Note Owners. 
  

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 Section 2.9 Access to List of Noteholders’ Names and Addresses. 

(a) Issuer will furnish or cause to be furnished by the Transfer Agent and Registrar to Indenture Trustee, Servicer or Paying Agent,
within five (5) Business Days after receipt by Issuer of a written request therefor from Indenture Trustee, Servicer or Paying Agent, respectively, a list of the names and addresses of the Noteholders as of the most recent Record Date. Unless
otherwise provided in the related Indenture Supplement, the Holders of not less than 10% of the principal balance of the Outstanding Notes of any Series (the “Applicants”) may apply in writing to Indenture Trustee, and if such
application states that the Applicants desire to communicate with other Noteholders of any Series with respect to their rights under this Indenture or under the Notes and is accompanied by a copy of the communication which such Applicants propose to
transmit, then Indenture Trustee, after having been adequately indemnified by such Applicants for its costs and expenses, shall afford or shall cause Transfer Agent and Registrar to afford such Applicants access during normal business hours to the
most recent list of Noteholders held by Indenture Trustee and shall give Servicer notice that such request has been made, within five (5) Business Days after the receipt of such application. The Indenture Trustee shall keep in as current a form
as is reasonably practicable the most recent list available to it of Noteholders. 
 (b) Every Noteholder, by receiving and
holding a Note, agrees that none of Issuer, Indenture Trustee, Transfer Agent and Registrar and Servicer or any of their respective agents and employees shall be held accountable by reason of the disclosure of any such information as to the names
and addresses of the Noteholders hereunder, regardless of the sources from which such information was derived. 
 Section 2.10
Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than Indenture Trustee, be delivered to Indenture Trustee and shall be promptly canceled by it. Issuer
may at any time deliver to Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which Issuer may have acquired in any lawful manner whatsoever, and all Notes so delivered shall be promptly canceled by
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.10, except as expressly permitted by this Indenture. All canceled Notes held by Indenture Trustee shall be
disposed of by it in its customary manner unless Issuer shall direct Indenture Trustee in a timely manner that they be returned to Issuer. 

Section 2.11 New Issuances. 

(a) Pursuant to one or more Indenture Supplements, Transferor may from time to time direct the Owner Trustee, on behalf of Issuer, to
issue one or more new Series of Notes (a “New Issuance”). The Notes of all outstanding Series shall be equally and ratably entitled as provided herein to the benefits of this Indenture without preference, priority or distinction,
all in accordance with the terms and provisions of this Indenture and the applicable Indenture Supplement except, with respect to any Series or Class, as provided in the related Indenture Supplement. Interest on and principal of the Notes of each
outstanding Series shall be paid as specified in the Indenture Supplement relating to such outstanding Series. 
  

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 (b) On or before the Closing Date relating to any new Series of Notes, the parties hereto
will execute and deliver an Indenture Supplement which will specify the Principal Terms of such Series. The terms of such Indenture Supplement may modify or amend the terms of this Indenture solely as applied to such new Series. The obligation of
the Owner Trustee to execute, on behalf of Issuer, the Notes of any Series and of Indenture Trustee to authenticate such Notes (other than any Series issued pursuant to an Indenture Supplement dated as of the date hereof) and to execute and deliver
the related Indenture Supplement is subject to the satisfaction of the following conditions: 
 (i) on or before
the fifth day immediately preceding the related Closing Date Transferor shall have given the Owner Trustee, Indenture Trustee, Servicer and each Rating Agency notice (unless such notice requirement is otherwise waived) of such issuance and the
Closing Date; 
 (ii) Transferor shall have delivered to the Owner Trustee and Indenture Trustee any related
Indenture Supplement, in form satisfactory to the Owner Trustee and Indenture Trustee, executed by each party hereto (other than Indenture Trustee); 

(iii) Transferor shall have delivered to the Owner Trustee and Indenture Trustee any related Enhancement Agreement
executed by Transferor and the Enhancement Provider; 
 (iv) the Rating Agency Condition, if applicable, shall
have been satisfied with respect to such issuance; 
 (v) Transferor shall have delivered to the Indenture
Trustee an Officer’s Certificate, dated as of the Closing Date to the effect that Transferor reasonably believes such issuance will not, based on facts known to such officer at the time of such certification, cause an Adverse Effect to occur;

 (vi) Transferor shall have delivered to the Owner Trustee and Indenture Trustee (with a copy to each Rating
Agency) a Tax Opinion and an Opinion of Counsel as to the creation and perfection of the Indenture Trustee’s security interest in the Collateral Certificate (if such issuance occurs prior to the Certificate Trust Termination Date) and the
Receivables Trust Trustee’s security interest in the Receivables, in each case, dated the Closing Date with respect to such issuance; 

(vii) Transferor shall have delivered to the Owner Trustee and Indenture Trustee an Officer’s Certificate stating
that the Transferor Amount shall not be less than the Minimum Transferor Amount; and 
 (viii) unless the
Certificate Trust has terminated, all of the conditions set forth in Section 6.9(b) of the Pooling and Servicing Agreement have been met. 

(c) Upon satisfaction of the above conditions, pursuant to Section 2.3, the Owner Trustee, on behalf of Issuer, shall execute
and Indenture Trustee shall upon written direction of Issuer authenticate and deliver the Notes of such Series as provided in this Indenture and the applicable Indenture Supplement. 

 

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 (d) Issuer may direct Indenture Trustee in writing to deposit the net proceeds from any New
Issuance in the Collection Account. Issuer may also specify that on any Transfer Date the proceeds from the sale of any new Series may be withdrawn from the Collection Account and treated as Shared Principal Collections. 

Section 2.12 Book-Entry Notes. Unless otherwise provided in any related Indenture Supplement, the Notes, upon original issuance,
shall be issued in the form of typewritten or printed Notes representing the Book-Entry Notes to be delivered to the depository specified in such Indenture Supplement which shall be the Clearing Agency or Foreign Clearing Agency, by or on behalf of
such Series. 
 The Notes of each Series shall, unless otherwise provided in the related Indenture Supplement, initially be
registered in the Note Register in the name of the nominee of the Clearing Agency or Foreign Clearing Agency for such Book-Entry Notes and shall be delivered to Indenture Trustee or, pursuant to such Clearing Agency’s or Foreign Clearing
Agency’s instructions held by Indenture Trustee’s agent as custodian for the Clearing Agency or Foreign Clearing Agency. 

Unless and until Definitive Notes are issued under the limited circumstances described in Section 2.14, no Note Owner shall
be entitled to receive a Definitive Note representing such Note Owner’s interest in such Note. Unless and until Definitive Notes have been issued to the Note Owners pursuant to Section 2.14: 

(a) the provisions of this Section 2.12 shall be in full force and effect with respect to each such Series; 

(b) Indenture Trustee shall be entitled to deal with the Clearing Agency or Foreign Clearing Agency and the Clearing Agency Participants
for all purposes of this Indenture (including the payment of principal of and interest on the Notes of each such Series) as the authorized representatives of the Note Owners; 

(c) to the extent that the provisions of this Section 2.12 conflict with any other provisions of this Indenture, the
provisions of this Section 2.12 shall control with respect to each such Series; 
 (d) the rights of Note Owners of
each such Series shall be exercised only through the Clearing Agency or Foreign Clearing Agency and the applicable Clearing Agency Participants and shall be limited to those established by law and agreements between such Note Owners and the Clearing
Agency or Foreign Clearing Agency and/or the Clearing Agency Participants. Pursuant to the depository agreement applicable to a Series, unless and until Definitive Notes of such Series are issued pursuant to Section 2.14, the initial
Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal and interest on the Notes to such Clearing Agency Participants; and 

(e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of the Holders of Notes
representing a specified percentage of the Outstanding Amount, the Clearing Agency or Foreign Clearing Agency shall be deemed to represent such percentage only to the extent that they have received instructions to such effect from the Note Owners
and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to Indenture Trustee. 

 

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 Section 2.13 Notices to Clearing Agency or Foreign Clearing Agency. Whenever a notice
or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.14, Indenture Trustee shall give all such notices and
communications specified herein to be given to Noteholders to the Clearing Agency or Foreign Clearing Agency, as applicable, and shall have no obligation to the Note Owners. 

Section 2.14 Definitive Notes. If (i) (A) Transferor advises Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to discharge properly its responsibilities as Clearing Agency with respect to the Book-Entry Notes of a given Class or Series and (B) Indenture Trustee or Issuer is unable to locate and reach an
agreement on satisfactory terms with a qualified successor, or (ii) after the occurrence of an Event of Default, Note Owners of Notes evidencing more than
662/
3% of the principal balance of the Outstanding Notes (or such other percentage as specified in the related Indenture
Supplement) of such Class or Series, as applicable, advise Indenture Trustee and the applicable Clearing Agency through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system is no longer in the best
interests of the Note Owners of such Class or Series, the Indenture Trustee shall notify all Note Owners of such Class or Series of the occurrence of such event and of the availability of Definitive Notes to Note Owners of such Class or Series. Upon
surrender to Indenture Trustee of the Notes of such Class or Series, accompanied by registration instructions from the applicable Clearing Agency, Issuer shall execute and Indenture Trustee shall authenticate Definitive Notes of such Class or Series
and shall recognize the registered holders of such Definitive Notes as Noteholders under this Indenture. Neither Issuer nor Indenture Trustee shall be liable for any delay in delivery of such instructions, and Issuer and Indenture Trustee may
conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Notes of such Class or Series, all references herein to obligations imposed upon or to be performed by the applicable Clearing
Agency or Foreign Clearing Agency shall be deemed to be imposed upon and performed by Indenture Trustee, to the extent applicable with respect to such Definitive Notes, and Indenture Trustee shall recognize the registered holders of the Definitive
Notes of such Class or Series as Noteholders of such Class or Series hereunder. Definitive Notes will be transferable and exchangeable at the offices of Transfer Agent and Registrar. 

Section 2.15 Global Note. If specified in the related Indenture Supplement for any Series, Notes may be initially issued in the
form of a single temporary Global Note (the “Global Note”) in registered form, in the denomination of the initial principal amount and substantially in the form attached to the related Indenture Supplement. Unless otherwise
specified in the related Indenture Supplement, the provisions of this Section 2.15 shall apply to such Global Note. The Global Note will be executed by the Issuer and authenticated by Indenture Trustee upon the same conditions, in
substantially the same manner and with the same effect as the Definitive Notes. The Global Note may be exchanged in the manner described in the related Indenture Supplement for Registered Notes in definitive form. 

 

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 Section 2.16 Uncertificated Classes. Notwithstanding anything to the contrary
contained in this Article II or in Article XI, unless otherwise specified in any Indenture Supplement, any provisions contained in this Article II and in Article XI relating to the registration, form, execution,
authentication, delivery, presentation, cancellation and surrender of Notes shall not be applicable to any uncertificated Notes, provided, however, that, except as otherwise specifically provided in the Indenture Supplement, any such
uncertificated Notes shall be issued in “registered form” within the meaning of Code section 163(f)(1). 
 ARTICLE III

 REPRESENTATIONS AND COVENANTS OF ISSUER 

Section 3.1 Payment of Principal and Interest. 

(a) Issuer will duly and punctually pay principal and interest in accordance with the terms of the Notes as specified in the relevant
Indenture Supplement. 
 (b) The Noteholders of a Series as of the Record Date in respect of a Distribution Date shall be
entitled to the interest accrued and payable and principal payable on such Distribution Date as specified in the related Indenture Supplement. All payment obligations under a Note are discharged to the extent such payments are made to the Noteholder
of record. 
 Section 3.2 Maintenance of Office or Agency. Issuer will maintain an office or agency within St. Paul,
Minnesota and such other locations as may be set forth in an Indenture Supplement where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or
upon Issuer in respect of the Notes and this Indenture may be served. Issuer hereby initially appoints Indenture Trustee at its Corporate Trust Office to serve as its agent for the foregoing purposes. Issuer will give prompt written notice to
Indenture Trustee and the Noteholders of the location, and of any change in the location, of any such office or agency. If at any time Issuer shall fail to maintain any such office or agency or shall fail to furnish Indenture Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and Issuer hereby appoints Indenture Trustee at its Corporate Trust Office as its agent to receive all such presentations,
surrenders, notices and demands. 
 Section 3.3 Money for Note Payments to Be Held in Trust. As specified in
Section 8.3 herein and in the related Indenture Supplement, all payments of amounts due and payable with respect to the Notes which are to be made from amounts withdrawn from the Collection Account and the Excess Funding Account shall be
made on behalf of Issuer by Indenture Trustee, and no amounts so withdrawn from the Collection Account or the Excess Funding Account shall be paid over to or at the direction of Issuer except as provided in this Section 3.3 and in the
related Indenture Supplement. 
 Whenever Issuer shall have a Paying Agent in addition to Indenture Trustee, it will, on or
before the Business Day next preceding each Distribution Date, direct Indenture Trustee to deposit with such Paying Agent on or before such Distribution Date an aggregate sum sufficient to pay the amounts then becoming due, such sum to be
(i) held in trust for the benefit of Persons 
  

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entitled thereto and (ii) invested, pursuant to an Issuer Order, by Paying Agent in Permitted Investments in accordance with the terms of the related Indenture Supplement. For all
investments made by a Paying Agent under this Section 3.3, such Paying Agent shall be entitled to all of the rights and obligations of Indenture Trustee under the related Indenture Supplement, such rights and obligations being
incorporated in this paragraph by this reference. 
 Issuer will cause each Paying Agent other than Indenture Trustee to execute
and deliver to Indenture Trustee an instrument in which such Paying Agent shall agree with Indenture Trustee (and if Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.3, that such
Paying Agent, in acting as Paying Agent, is an express agent of Issuer and, further, that such Paying Agent will: 

(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give a Responsible Officer of Indenture Trustee written notice of any default by Issuer (or any other obligor upon
the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

(iii) at any time during the continuance of any such default, upon the written request of Indenture Trustee, forthwith pay
to Indenture Trustee all sums so held in trust by such Paying Agent; 
 (iv) immediately resign as a Paying Agent
and forthwith pay to Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of
any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such payment
by any Paying Agent to Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Section 3.4 Existence. Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of
the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the Collateral and each other related instrument or agreement. 
  

 15 

 Section 3.5 Protection of Collateral. Issuer will from time to time authorize,
prepare, or cause to be prepared, execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action
necessary or advisable to: 
 (a) grant more effectively all or any portion of the Collateral as security for the Notes;

 (b) maintain or preserve the lien (and the priority thereof) of this Indenture or to carry out more effectively the purposes
hereof; 
 (c) perfect, publish notice of, or protect the validity of any Grant made or to be made under this Indenture;

 (d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral securing the Notes and the rights therein of Indenture Trustee and the Noteholders
secured thereby against the claims of all Persons and parties. 
 Issuer hereby designates Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or other instrument required pursuant to this Section 3.5 and provided to it. The Issuer hereby irrevocably authorizes the Indenture Trustee to file any
financing statements and amendments thereto as may be required or advisable in order to perfect or to continue the perfection of the security interest in the Collateral, including, without limitation, financing statements that describe the
collateral as being of an equal, greater, or lesser scope, or with greater or lesser detail, than as set forth in the definition of “Collateral.” The Issuer also hereby ratifies its authorization for the Indenture Trustee to have filed in
any jurisdiction any like financing statements or amendments thereto if filed prior to the date of execution hereof. 
 Section
3.6 Opinions as to Collateral. Issuer shall cause to be delivered to Indenture Trustee the Opinions of Counsel described in Section 9.2(b) of the Transfer and Servicing Agreement, within the time frames described therein.

 Section 3.7 Performance of Obligations; Servicing of Receivables. 

(a) Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties
by a Person identified to Indenture Trustee in an Officer’s Certificate of Issuer shall be deemed to be action taken by Issuer. Initially, Issuer has contracted with Administrator to assist Issuer in performing its duties under this Indenture.

 (b) Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other
Transaction Documents and in the instruments and agreements relating to the Collateral, including but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this
Indenture and the Transfer and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 
  

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 (c) If Issuer shall have knowledge of the occurrence of a Servicer Default under the
Transfer and Servicing Agreement, Issuer shall cause Indenture Trustee to promptly notify the Rating Agencies thereof, and shall cause Indenture Trustee to specify in such notice the action, if any, being taken with respect to such default. If a
Servicer Default shall arise from the failure of Servicer to perform any of its duties or obligations under the Transfer and Servicing Agreement with respect to the Receivables, Issuer shall take all reasonable steps available to it to remedy such
failure. 
 (d) On and after the occurrence of a Servicer Default pursuant to Section 7.1 of the Transfer and
Servicing Agreement or a resignation of the Servicer pursuant to Section 5.5 of the Transfer and Servicing Agreement, the Indenture Trustee shall take such actions as are specified to be taken by it pursuant to Section 7.2 of
the Transfer and Servicing Agreement. 
 (e) Without derogating from the absolute nature of the assignment granted to the
Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, Issuer agrees that it will not amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of the Transaction Documents or the Collateral if the terms of the Transaction Documents or the Collateral, as applicable, would require the consent of the Indenture Trustee or the Noteholders unless the Issuer
shall have obtained the consent of the Indenture Trustee, if so required, or the consent of the Noteholders holding the required percentage of the Outstanding Amount entitled to consent thereto, in each case in accordance with the terms of the
applicable Transaction Documents and the Collateral. 
 Section 3.8 Negative Covenants. So long as any Notes are
Outstanding, Issuer will not: 
 (a) sell, transfer, exchange, or otherwise dispose of any part of the Collateral unless
directed to do so by Indenture Trustee, except as expressly permitted by the Transaction Documents; 
 (b) claim any credit on,
or make any deduction from, the principal and interest payable in respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by
reason of the payment of any taxes levied or assessed upon any part of the Collateral; 
 (c) incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness other than incurred under the Transaction Documents; 

(d) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted by the Transaction Documents,
(ii) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance 
  

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(other than Permitted Liens and liens arising under the Transaction Documents) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest
therein or the proceeds thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority security interest (other than with respect to a Permitted Lien and liens arising under the Transaction Documents) in the
Collateral; or 
 (e) voluntarily dissolve or liquidate in whole or in part. 

Section 3.9 Issuer May Consolidate, Etc., Only on Certain Terms. 

(a) Issuer shall not consolidate or merge with or into any other Person, unless: 

(1) the Person (if other than Issuer) formed by or surviving such consolidation or merger (the “Surviving
Person”) (i) is organized and existing under the laws of the United States of America or any state thereof or the District of Columbia, (ii) is not subject to regulation as an “investment company” under the Investment
Company Act and (iii) expressly assumes, by an indenture supplemental hereto, executed and delivered to Indenture Trustee, in a form satisfactory to Indenture Trustee, the obligation to make due and punctual payment of the principal of and
interest on all Notes and the performance of every covenant of this Indenture on the part of Issuer to be performed or observed; 

(2) immediately after giving effect to such transaction, no Event of Default or Early Amortization Event shall have
occurred and be continuing; 
 (3) Issuer shall have delivered to Indenture Trustee an Officer’s Certificate
stating that (i) such consolidation or merger and such supplemental indenture comply with this Section 3.9 and (ii) all conditions precedent provided for in this Section 3.9 relating to such transaction have been
complied with (including any filing required by the Exchange Act) and an Opinion of Counsel that such supplemental indenture is duly authorized, executed and delivered and is valid, binding and enforceable against the Surviving Person; 

(4) the Rating Agency Condition shall have been satisfied with respect to such transaction; 

(5) Issuer shall have received a Tax Opinion with respect to such consolidation or merger; and 

(6) any action that is necessary to maintain the lien and security interest created by this Indenture, including the
perfection thereof, shall have been taken, and Issuer shall have delivered to the Indenture Trustee an Opinion of Counsel with respect to the attachment and perfection of the Indenture Trustee’s security interest in the Collateral. 

For the avoidance of doubt, this Section 3.9 shall not apply to the transfer of the Receivables and other assets to Issuer on
Certificate Trust Termination Date. 
  

 18 

 (b) Issuer shall not convey or transfer any of its properties or assets, including those
included in the Collateral, substantially as an entirety to any Person, unless: 
 (1) the Person that acquires
by conveyance or transfer the properties and assets of Issuer the conveyance or transfer of which is hereby restricted (the “Acquiring Person”) (A) is a United States citizen or a Person organized and existing under the laws of
the United States of America or any state thereof, or the District of Columbia, (B) is not subject to regulation as an “investment company” under the Investment Company Act, (C) expressly assumes, by an indenture supplemental
hereto, executed and delivered to Indenture Trustee, in form satisfactory to Indenture Trustee, the obligation to make due and punctual payments of the principal of and interest on all Notes and the performance of every covenant of this Indenture on
the part of Issuer to be performed or observed, (D) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes,
(E) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and
(F) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act, if
any, in connection with the Notes; 
 (2) immediately after giving effect to such transaction, no Event of
Default or Early Amortization Event shall have occurred and be continuing; 
 (3) the Rating Agency Condition
shall have been satisfied with respect to such transaction; 
 (4) Issuer shall have received a Tax Opinion with
respect to such transaction; 
 (5) any action that is necessary to maintain the lien and security interest
created by this Indenture, including the perfection thereof, shall have been taken, and Issuer shall have delivered to the Indenture Trustee an Opinion of Counsel with respect to the creation and perfection of the Indenture Trustee’s security
interest in the Collateral; and 
 (6) Issuer shall have delivered to Indenture Trustee (A) an
Officer’s Certificate stating that (i) such conveyance or transfer and such supplemental indenture comply with this Section 3.9 and (ii) all conditions precedent herein provided for relating to such transaction have been
complied with (including any filing required by the Exchange Act) and (B) an Opinion of Counsel that such supplemental indenture is duly authorized, executed and delivered and is valid, binding and enforceable against the Acquiring Person.

  

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 (c) Prior to the Issuer making any change in its name, identity or structure which would
make any financing statement or continuation statement filed against it in connection herewith materially misleading within the meaning of Section 9-507 of the UCC, the Administrator, on behalf of the Issuer, shall give the Indenture Trustee
notice of any such change and shall authorize and file such financing statements or amendments as may be necessary to continue the perfection of the lien of this Indenture on the Trust Assets. 

Section 3.10 Successor Substituted. Upon any consolidation or merger, or any conveyance or transfer of the properties and assets
of Issuer substantially as an entirety in accordance with Section 3.9, the Surviving Person or the Acquiring Person, as the case may be, shall succeed to, and be substituted for, and may exercise every right and power of, Issuer under
this Indenture with the same effect as if such Person had been named as Issuer herein. In the event of any such conveyance or transfer, the Person named as Issuer in the first paragraph of this Indenture or any successor which shall theretofore have
become such in the manner prescribed in this Section 3.10 shall be released from its obligations under this Indenture as issued immediately upon the effectiveness of such conveyance or transfer, provided that Issuer shall not be released
from any obligations or liabilities to Indenture Trustee or the Noteholders arising prior to such effectiveness. 
 Section 3.11
No Other Business. Issuer shall not engage in any business other than the activities set forth in the Trust Agreement. 

Section 3.12 Investments. Except as contemplated by this Indenture or the Transfer and Servicing Agreement, Issuer shall not own,
purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.13 Capital Expenditures. Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty). 
 Section 3.14 Removal of Administrator. So long as any Notes are
outstanding, Issuer shall not remove Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal. 

Section 3.15 Notice of Events of Default. Issuer agrees to give a Responsible Officer of Indenture Trustee and the Rating Agencies
prompt written notice of each Event of Default hereunder, written notice of each default on the part of Servicer or Transferor of its obligations under the Transfer and Servicing Agreement or the Pooling and Servicing Agreement and each default on
the part of the Bank of its obligations under the Purchase Agreement, immediately after obtaining knowledge thereof. 
 Section
3.16 Further Instruments and Acts. Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 3.17 Perfection Representations and Warranties. The parties hereto agree that the Perfection Representations and
Warranties shall be a part of this Indenture for all purposes. 
  

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 Section 3.18 Annual Certificate. On or prior to May 30 of each calendar year,
the Issuer will deliver to the Indenture Trustee an Officer’s Certificate substantially in the form of Schedule 1 stating that (a) a review of the activities of the Issuer during the prior calendar year and of its performance under
this Agreement was made under the supervision of the officer signing such certificate and (b) to the best of such officer’s knowledge, based on such review, the Issuer has fully performed all its obligations under this Agreement throughout
such period, or, if there has been a default in the performance of any such obligation, specifying each such default known to such officer and the nature and status thereof. 

Section 3.19 Restricted Payments. Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in Issuer or otherwise with respect to any ownership or equity interest or security in or
of Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any purpose described in clauses (i) or (ii) of
this Section 3.19; provided, however, that Issuer may make, or cause to be made, (x) distributions as contemplated by, and to the extent funds are available for such purpose under, the Transaction Documents and
(y) payments to Indenture Trustee pursuant to this Agreement. Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with the Transaction Documents. 

ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of this Indenture. This Indenture shall cease to be of further effect with respect to the
Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Noteholders to receive payments of principal thereof and interest thereon,
(d) Sections 3.3, 3.7, 3.8, 3.10, 3.11 and 12.16, (e) the rights and immunities of Indenture Trustee hereunder and the obligations of Indenture Trustee under Section 4.2, and
(f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with Indenture Trustee and payable to all or any of them, and Indenture Trustee, on written demand of and at the expense of Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes when: 

(i) either 

(A) all Notes theretofore authenticated and delivered (other than (1) Notes which have been destroyed, lost or stolen
and which have been replaced, or paid as provided in Section 2.6, and (2) Notes for whose full payment Issuer has theretofore deposited money in trust, which money has thereafter been repaid to Issuer or discharged from such trust,
as provided in Section 3.3) have been delivered to Indenture Trustee for cancellation; or 
  

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 (B) all Notes not theretofore delivered to Indenture Trustee for
cancellation: 
 (1) have become due and payable; 

(2) will become due and payable at the Series Final Maturity Date for such Class or Series of Notes; or 

(3) are to be called for redemption within one year under arrangements satisfactory to Indenture Trustee for the giving of
notice of redemption by Indenture Trustee in the name, and at the expense, of Issuer; 
 (4) and Issuer, in the
case of (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the
date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to Indenture Trustee for cancellation when due at the Series Final Maturity Date
for such Class or Series of Notes or the Redemption Date (if Notes shall have been called for redemption pursuant to the related Indenture Supplement), as the case may be; 

(ii) Issuer has paid or caused to be paid all other sums payable hereunder by Issuer; and 

(iii) Issuer has delivered to Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by
the TIA or Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 12.1(a) and each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of Issuer to Indenture Trustee under Section 5.9 of the Transfer and Servicing Agreement and of Indenture Trustee to the Noteholders under Section 4.2 shall survive such satisfaction and
discharge. 
 Section 4.2 Application of Issuer Money. All monies deposited with Indenture Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the applicable Indenture Supplement, to make payments, either directly or through any Paying Agent to the
Noteholders and for the payment in respect of which such monies have been deposited with Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the
extent required herein or in the Transfer and Servicing Agreement or required by law. 
  

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 ARTICLE V 

EARLY AMORTIZATION EVENTS, DEFAULTS AND REMEDIES 

Section 5.1 Early Amortization Events. If any one of the following events (each, a “Trust Early Amortization
Event”) shall occur: 
 (a) the occurrence of an Insolvency Event relating to the Bank or Transferor; 

(b) the Bank shall become unable for any reason to Convey Receivables to Transferor pursuant to the Purchase Agreement, the Seller shall
become unable for any reason to Convey Receivables to the Certificate Trust under the Pooling and Servicing Agreement or Transferor shall become unable for any reason to Convey Receivables to Issuer pursuant to the Transfer and Servicing Agreement;
or 
 (c) the Receivables Trust, Transferor or Issuer shall become subject to regulation by the Commission as an
“investment company” within the meaning of the Investment Company Act; 
 then an Early Amortization Event with respect to all Series
of Notes shall occur without any notice or other action on the part of Indenture Trustee or the Noteholders immediately upon the occurrence of such event. 

Upon the occurrence of an Early Amortization Event, payment on the Notes of each Series will be made in accordance with the terms of the
related Indenture Supplement. 
 Section 5.2 Events of Default. Unless otherwise specified in the applicable Indenture
Supplement, “Event of Default,” wherever used herein, means with respect to any Series any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) default in the payment of the principal of any Note of that Series, if and to the extent not previously paid, when the same becomes
due and payable on its Series Final Maturity Date; or 
 (b) default in the payment of any interest on any Note of that Series
when the same becomes due and payable, and such default shall continue for a period of thirty-five (35) days; or 
 (c) the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of Issuer in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, conservator, liquidator, assignee, custodian, trustee, sequestrator or similar official for Issuer or ordering the winding-up or liquidation of Issuer’s affairs, and such decree or order shall remain unstayed and in
effect for a period of sixty (60) consecutive days; or 
  

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 (d) the commencement by Issuer of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by Issuer to the appointment of or the taking possession
by a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator or similar official of Issuer, or the making by Issuer of any general assignment for the benefit of creditors, or the failure by Issuer generally to pay, or the
admission in writing by Issuer of its inability to pay, its debts as such debts become due, or the taking of action by Issuer in furtherance of any of the foregoing; or 

(e) default in the observance or performance of any covenant or agreement of Issuer made in this Indenture made in respect of the Notes
of such Series (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section 5.2 specifically dealt with) (all of such covenants and agreements in the Indenture which are not
expressly stated to be for the benefit of a particular Series being deemed to be in respect of the Notes of all Series for this purpose) and, which failure has a material adverse effect on the Holders of Notes of the affected Series and such default
shall continue or not be cured for a period of sixty (60) days after there shall have been given, by registered or certified mail, return receipt requested to Issuer by Indenture Trustee or to Issuer and Indenture Trustee by the Holders of
Notes representing at least 25% of the principal balance of the Outstanding Notes of such Series, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder and continues to affect materially and adversely the interests of the Holders of Notes for such 60-day period; or 

(f) any additional events specified in the Indenture Supplement related to such Series. 

Issuer shall deliver to a Responsible Officer of Indenture Trustee, within five (5) days after the occurrence thereof, written
notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default, its status and what action Issuer is taking or proposes to take with respect thereto.

 Section 5.3 Acceleration of Maturity; Rescission and Annulment. If an Event of Default described in paragraph (a),
(b), (e) or (f) of Section 5.2 should occur and be continuing with respect to a Series, then and in every such case Indenture Trustee or the Holders of Notes representing more than 50% of the principal balance
of the Outstanding Notes of such Series may declare all the Notes of such Series to be immediately due and payable, by a notice in writing to Issuer (and to a Trustee Officer of Indenture Trustee if declared by Noteholders), and upon any such
declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

If an Event of Default described in paragraph (c) or (d) of Section 5.2 should occur and be
continuing, then the unpaid principal of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall automatically become due and payable. 

At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due
has been obtained by Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing more than 50% of the principal balance of the Outstanding Notes of such Series, by written notice to Issuer, a Responsible
Officer of Indenture Trustee and the Rating Agencies, may rescind and annul such declaration and its consequences; provided, that: 
  

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 (a) Issuer has paid or deposited with Indenture Trustee a sum sufficient to pay: 

(i) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon
such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
 (ii) all sums paid
or advanced by Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of Indenture Trustee and its agents and counsel; and 

(b) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or
impair any right consequent thereto. 
 Section 5.4 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee. 
 (a) Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same
becomes due and payable, and such default continues for a period of thirty-five (35) days following the date on which such interest became due and payable, or (ii) default is made in the payment of principal of any Note, if and to the
extent not previously paid, when the same becomes due and payable on the Series Final Maturity Date, Issuer will, upon demand of Indenture Trustee, pay to it, for the benefit of the Holders of the Notes of the affected Series, the whole amount then
due and payable on such Notes for principal and interest (together with interest on overdue and unpaid “Monthly Interest” as defined in, and to the extent specified in, the related Indenture Supplement), and in addition thereto will pay
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of Indenture Trustee and its agents and counsel. 

(b) In case Issuer shall fail forthwith to pay such amounts upon such demand, Indenture Trustee, in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against Issuer or other obligor upon such Notes and collect in the
manner provided by law out of the property of Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 

(c) If an Event of Default occurs and is continuing, Indenture Trustee may, as more particularly provided in Section 5.5, in
its discretion, proceed to protect and enforce its rights and the rights of the Noteholders of the affected Series, by such appropriate Proceedings as Indenture Trustee shall deem necessary to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in Indenture Trustee by this Indenture or by law.

  

 25 

 (d) In case there shall be pending, relative to Issuer or any other obligor upon the Notes
of the affected Series, or any Person having or claiming an ownership interest in the Collateral, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or in case a receiver, conservator, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator, custodian or other similar official shall have been appointed for or taken possession of Issuer or its property
or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to Issuer or other obligor upon the Notes of such Series, or to the creditors or property of Issuer or such other obligor, Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether Indenture Trustee shall have made any demand pursuant to the provisions of this
Section 5.4, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the
Notes of such Series and to file such other papers or documents as may be necessary or advisable in order to have the claims of Indenture Trustee (including any claim for reasonable compensation to Indenture Trustee and each predecessor Indenture
Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or
willful misconduct) and of the Noteholders of such Series allowed in such Proceedings; 
 (ii) unless prohibited
by applicable law and regulations, to vote on behalf of the Holders of Notes of such Series in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders of such Series and of Indenture Trustee on their behalf; and 

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of Indenture Trustee or the Holders of Notes of such Series allowed in any judicial Proceedings relative to Issuer, its creditors and its property; 

and any trustee, receiver, conservator, liquidator, custodian, assignee, sequestrator or other similar official in any such Proceeding is hereby
authorized by each of such Noteholders to make payments to Indenture Trustee, and, in the event that Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by Indenture Trustee and
each predecessor Indenture Trustee except as a result of negligence or willful misconduct. 
  

 26 

 (e) Nothing herein contained shall be deemed to authorize Indenture Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize Indenture Trustee to vote in respect of
the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the Holders
of the Notes of the affected Series as provided herein. 
 (g) In any Proceedings brought by Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to which Indenture Trustee shall be a party), Indenture Trustee shall be held to represent all the Holders of the Notes of the affected Series, and it shall not be necessary
to make any such Noteholder a party to any such Proceedings. 
 Section 5.5 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing with respect to any Series, and the Notes of such Series have been
accelerated pursuant to Section 5.3, Indenture Trustee may do one or more of the following (subject to Sections 5.6 and 12.16): 

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then
payable on the Notes of the affected Series or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from Issuer and any other obligor upon such Notes moneys adjudged due;

 (ii) take any other appropriate action to protect and enforce the rights and remedies of Indenture Trustee and
the Holders of the Notes of the affected Series; 
 (iii) cause the Receivables Trust to sell to a Permitted
Assignee Principal Receivables (or interests therein) in an amount equal to the Collateral Amount of the accelerated Series and the related Finance Charge Receivables in accordance with Section 5.16; 

 

 27 

 provided, however, that Indenture Trustee may not exercise the remedy
described in subparagraph (iii) above unless (A) (1) the Holders of Notes representing 100% of the principal balance of the Outstanding Notes of the affected Series consent in writing thereto, (2) Indenture Trustee determines
that any proceeds of such exercise distributable to the Noteholders of the affected Series are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest and is directed to exercise this remedy by
Holders of Notes representing more than 50% of the principal balance of the Outstanding Notes of such Series, or (3) Indenture Trustee determines that the Collateral may not continue to provide sufficient funds for the payment of principal of
and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and Indenture Trustee obtains the consent of the Holders of Notes representing at least
662/
3% of the principal balance of the Outstanding Notes of each Class of such Series and (B) Indenture Trustee has
been provided with an Opinion of Counsel to the effect that the exercise of such remedy complies with applicable federal and state securities laws. In determining such sufficiency or insufficiency with respect to clauses (A)(2) and (A)(3), Indenture
Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such
purpose. 
 The remedies provided in this Section 5.5(a) are the exclusive remedies provided to the Noteholders of a
Series with respect to the Collateral following an Event of Default that arises only with respect to such Series, and each of the Noteholders (by their acceptance of their respective interests in the Notes) or Indenture Trustee hereby expressly
waive any other remedy that might have been available under the applicable UCC. 
 (b) If Indenture Trustee collects any money
or property pursuant to this Article V following the acceleration of the Notes of the affected Series pursuant to Section 5.3 (so long as such a declaration shall not have been rescinded or annulled), it shall pay out the money or
property in the following order: 
  

			
	 FIRST: 
	    	to Indenture Trustee for amounts due pursuant to Section 5.9 of the Transfer and Servicing Agreement; and
		
	 SECOND:
	    	unless otherwise specified in the related Indenture Supplement, to the applicable Persons for distribution in accordance with the related Indenture Supplement with such amounts
being deemed to be Principal Collections and Finance Charge Collections in the same proportion as (x) the outstanding principal balance of the Notes bears to (y) the sum of the accrued and unpaid interest on the Notes and other fees and
expenses payable in connection therewith under the applicable Indenture Supplement, including the amounts payable under any Enhancements with respect to such Series.

(c) Indenture Trustee may, upon notification to Issuer, fix a record date and payment date for any payment to Noteholders of the affected
Series pursuant to this Section 5.5. At least fifteen (15) days before such record date, Indenture Trustee shall mail or send by facsimile, at the expense of Servicer, to each such Noteholder a notice that states the record date,
the payment date and the amount to be paid. 
  

 28 

 (d) In addition to the application of money or property referred to in
Section 5.5(b) for an accelerated Series, amounts then held in the Collection Account, Excess Funding Account or any Series Accounts for such Series and any amounts available under the Enhancement for such Series shall be used to make
payments to the Holders of the Notes of such Series and the Enhancement Provider for such Series in accordance with the terms of this Indenture, the related Indenture Supplement and the Enhancement for such Series. Following the sale of any
Principal Receivables and related Finance Charge Receivables pursuant to Section 5.5(a)(iii) (or interests therein) for a Series and the application of the proceeds of such sale to such Series and the application of the amounts then held
in the Collection Account, the Excess Funding Account and any Series Accounts for such Series as are allocated to such Series and any amounts available under the Enhancement for such Series, such Series shall no longer be entitled to any allocation
of Collections or other property constituting the Collateral under this Indenture. 
 Section 5.6 Optional Preservation of
the Collateral. If the Notes of any Series have been declared to be due and payable under Section 5.3 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, and Indenture Trustee
has not received directions from the Noteholders pursuant to Section 5.12, Indenture Trustee may, but need not, elect to maintain possession of the portion of the Collateral which secures such Notes and apply proceeds of the Collateral
to make payments on such Notes to the extent such proceeds are available therefor. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and
Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, Indenture Trustee may, but need not, obtain and
conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 

Section 5.7 Limitation on Suits. No Noteholder shall have any right to institute any proceedings, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a)
the Holders of Notes representing not less than 25% of the principal balance of the Outstanding Notes of each affected Series have made written request to Indenture Trustee to institute such Proceeding in its own name as indenture trustee;

 (b) such Noteholder or Noteholders has previously given written notice to Indenture Trustee of a continuing Event of Default;

 (c) such Noteholder or Noteholders has offered to Indenture Trustee indemnity satisfactory to it against the costs, expenses
and liabilities to be incurred in compliance with such request; 
 (d) Indenture Trustee for sixty (60) days after its
receipt of such request and offer of indemnity has failed to institute any such Proceeding; and 
 (e) no direction inconsistent
with such written request has been given to Indenture Trustee during such 60-day period by the Holders of Notes representing more than 50% of the principal balance of the Outstanding Notes of such Series; 

 

 29 

 it being understood and intended that no one or more Noteholders of the affected Series shall have any right
in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders of such Series or to obtain or to seek to obtain priority or preference over any other
Noteholders of such Series or to enforce any right under this Indenture, except in the manner herein provided. 
 In the event
Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two (2) or more groups of Noteholders of such affected Series, each representing no more than 50% of the principal balance of the Outstanding Notes of such
Series, Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 

Section 5.8 Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provision in this
Indenture, each Noteholder shall have the right which is absolute and unconditional to receive payment of the principal of and interest in respect of such Note as such principal and interest becomes due and payable and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder. 
 Section 5.9
Restoration of Rights and Remedies. If Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned, or has been determined
adversely to Indenture Trustee or to such Noteholder, then and in every such case Issuer, Indenture Trustee and such Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

Section 5.10 Rights and Remedies Cumulative. No right, remedy, power or privilege herein conferred upon or reserved to Indenture
Trustee or to the Noteholders is intended to be exclusive of any other right, remedy, power or privilege, and every right, remedy, power or privilege shall, to the extent permitted by law, be cumulative and in addition to every other right, remedy,
power or privilege given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or exercise of any right or remedy shall not preclude any other further assertion or the exercise of any other appropriate right or
remedy. 
 Section 5.11 Delay or Omission Not Waiver. No failure to exercise and no delay in exercising, on the part of
Indenture Trustee or of any Noteholder or other Person, any right or remedy occurring hereunder upon any Event of Default shall impair any such right or remedy or constitute a waiver thereof of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article V or by law to Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by Indenture Trustee or by the Noteholders, as the case may be.

  

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 Section 5.12 Rights of Noteholders to Direct Indenture Trustee. The Holders of Notes
representing more than 50% of the principal balance of the Outstanding Notes of any affected Series shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to Indenture Trustee with
respect to such Series or exercising any trust or power conferred on Indenture Trustee with respect to such Series; provided, however, that subject to Section 6.1 Indenture Trustee shall have the right to decline any such
direction if: 
 (a) Indenture Trustee, after being advised by counsel, determines that the action so directed is in conflict
with any rule of law or with this Indenture; 
 (b) Indenture Trustee in good faith shall, by a Responsible Officer of Indenture
Trustee, determine that the Proceedings so directed would be illegal or involve Indenture Trustee in personal liability or be unjustly prejudicial to the Noteholders not parties to such direction; or 

(c) Indenture Trustee reasonably believes it will not be adequately indemnified against the costs, expenses and liabilities which might
be incurred by it in complying with the action so directed. 
 Section 5.13 Waiver of Past Defaults. Prior to the
declaration of the acceleration of the maturity of the Notes of the affected Series as provided in Section 5.3, Holders of Notes representing more than 50% of the principal balance of the Outstanding Notes of such Series (or with respect
to any such Series with two or more Classes, of each Class), may, on behalf of all such Noteholders, waive in writing any past default, with written notice to Indenture Trustee, with respect to such Notes and its consequences, except a default:

 (a) in the payment of the principal or interest in respect of any Note of such Series, or 

(b) in respect of a covenant or provision hereof that under Section 10.2 cannot be modified or amended without the consent of
the Noteholder of each Outstanding Note affected. 
 Upon any such written waiver, such default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by its acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against Indenture Trustee for any action taken, suffered or omitted by it as Indenture
Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant (other than Indenture Trustee) in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by
Indenture Trustee, to any suit instituted by any Noteholder, or group of Noteholders (in compliance with Section 5.8), holding Notes representing more than 10% of the principal balance of the Outstanding Notes of the affected Series, or
to any suit instituted by any Noteholder for the enforcement of the payment of the principal or interest in respect of any Note on or after the Distribution Date on which any of such amounts was due (or, in the case of redemption, on or after the
applicable Redemption Date). 
  

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 Section 5.15 Waiver of Stay or Extension Laws. Issuer covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may adversely
affect the covenants or the performance of this Indenture; and Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.16 Sale of Receivables. 

(a) The method, manner, time, place and terms of any sale of Receivables (or interests therein) pursuant to Section 5.5(a)
shall be commercially reasonable. Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. Indenture Trustee hereby expressly waives its right to any amount fixed by law as
compensation for any sale. 
 (b) Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of Issuer in
connection with any sale of Receivables pursuant to Section 5.5(a). No purchaser or transferee at any such sale shall be bound to ascertain Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or
see to the application of any monies. 
 (c) In its exercise of the foreclosure remedy pursuant to Section 5.5(a),
Indenture Trustee shall solicit, or cause to be solicited, bids for the sale of Principal Receivables (or interests therein) in any amount equal to the Collateral Amount of the affected Series of Notes at the time of sale and the related Finance
Charge Receivables (or interests therein). Indenture Trustee shall sell, or cause to be sold, such Receivables (or interests therein) to the bidder who is a Permitted Assignee with the highest cash purchase offer. The proceeds of any such sale shall
be applied as specified in the applicable Indenture Supplement. 
 Section 5.17 Action on Notes. Indenture Trustee’s
right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by Indenture Trustee against Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of
the assets of Issuer. Any money or property collected by Indenture Trustee shall be applied as specified in the applicable Indenture Supplement. 

ARTICLE VI 

INDENTURE TRUSTEE 

Section 6.1 Duties of Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing and a Responsible Officer shall have actual knowledge or written notice of such
Event of Default, Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. 
  

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 (b) Except during the continuance of an Event of Default: 

(i) Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and each Indenture Supplement, and no implied covenants or obligations shall be read into this Indenture or any Indenture Supplement against Indenture Trustee; and 

(ii) in the absence of bad faith or negligence on its part, Indenture Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed herein, upon certificates or opinions furnished to Indenture Trustee and conforming to the requirements of this Indenture; provided, however, Indenture Trustee, upon receipt
of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture or any Indenture
Supplement, shall examine them to determine whether they substantially conform to the requirements of this Indenture or any Indenture Supplement but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein. 
 (c) If an Early Amortization Event has occurred and is continuing and a Responsible Officer shall have actual
knowledge or written notice of such Early Amortization Event, Indenture Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (d) No provision of this Indenture
shall be construed to relieve Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this Section 6.1(d) shall not be construed to limit the effect of Section 6.1(a); 

(ii) Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless
it shall be proved that Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii)
Indenture Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the Indenture and/or the direction of the Holders of Notes or for exercising any trust or power conferred
upon Indenture Trustee, under this Indenture. Indenture Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of Servicer, Transferor or the Issuer in compliance with
the terms of this Indenture or any Indenture Supplement. 
 (e) No provision of this Indenture shall require Indenture Trustee
to expend or risk its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
  

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 (f) Every provision of this Indenture that in any way relates to Indenture Trustee,
including in its role as Transfer Agent and Registrar, is subject to this Section 6.1. 
 (g) Except as expressly
provided in this Indenture, Indenture Trustee shall have no power to vary the Collateral, including by (i) accepting any substitute payment obligation for a Receivable initially transferred to the Issuer under the Transfer and Servicing
Agreement, (ii) adding any other investment, obligation or security to the Issuer or (iii) withdrawing from Issuer any Receivable (except as otherwise provided in the Transfer and Servicing Agreement). 

(h) Indenture Trustee shall have no responsibility or liability for investment losses on Permitted Investments (other than Permitted
Investments on which the institution acting as Indenture Trustee is an obligor). Indenture Trustee shall have no obligation to invest and reinvest any cash held in the absence of timely and specific written investment direction from Issuer.
Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of Issuer to provide timely written investment direction. 

(i) Indenture Trustee shall notify each Rating Agency (i) of any change in any rating of the Notes by any other Rating Agency of
which a Responsible Officer of Indenture Trustee has actual knowledge, and (ii) promptly (and in any event within two Business Days) after the occurrence of any Event of Default or Early Amortization Event of which a Responsible Officer of
Indenture Trustee has actual knowledge. 
 (j) For all purposes under this Indenture, Indenture Trustee shall not be deemed to
have notice or knowledge of any Event of Default, Early Amortization Event or Servicer Default unless a Responsible Officer assigned to and working in the Corporate Trust Office of Indenture Trustee has actual knowledge thereof or has received
written notice thereof. For purposes of determining Indenture Trustee’s responsibility and liability hereunder, any reference to an Event of Default, Early Amortization Event or Servicer Default shall be construed to refer only to such event of
which Indenture Trustee is deemed to have notice as described in this Section 6.1(j). 
 Section 6.2 Notice of
Early Amortization Event or Event of Default. Upon the occurrence of any Early Amortization Event or Event of Default of which a Responsible Officer has actual knowledge or has received written notice thereof, Indenture Trustee shall transmit by
mail to all Noteholders as their names and addresses appear on the Note Register and the Rating Agencies, notice of such Early Amortization Event or Event of Default hereunder known to Indenture Trustee within thirty (30) days after it occurs
or within ten (10) Business Days after it receives such notice or obtains actual notice, if later. 
 Section 6.3 Rights
of Indenture Trustee. Except as otherwise provided in Section 6.1: 
 (a) Indenture Trustee may conclusively
rely upon, and shall fully be protected in acting or refraining from acting, in accordance with, any written assignment of Receivables in Additional Accounts, the Monthly Servicer Report, the annual Servicer’s Certificate, the monthly

  

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payment instructions, the Monthly Noteholder’s Statement, any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, note or other paper or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;
provided, that if the Bank is not the Servicer at the time the Indenture Trustee receives any such paper or document, the Indenture Trustee shall provide a copy of such document to Transferor; 

(b) whenever in the administration of this Indenture, the Indenture Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate
of Issuer. Issuer shall provide a copy of such Officer’s Certificate to the Noteholders at or prior to the time Indenture Trustee receives such Officer’s Certificate; 

(c) as a condition to the taking, suffering or omitting of any action by it hereunder, Indenture Trustee may consult with counsel of its
own selection, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in-good faith and in reliance thereon; 

(d) Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to honor the
request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction; provided, that the Indenture Trustee shall perform the routine administrative functions of the Indenture Trustee set forth in this Indenture and each Indenture Supplement without instruction
or indemnity; 
 (e) Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any
assignment of Receivables in Additional Accounts, the Monthly Servicer Report, the annual Servicer’s Certificate, the monthly payment instructions, the monthly Noteholder’s statement, any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, note or other paper or document, but Indenture Trustee at the written direction of one or more of the Noteholders and at the expense of the Noteholders, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of Issuer
and Servicer, personally or by agent or attorney and shall at the expense of the Servicer incur no liability of any kind by reason of such inquiry or investigation; 

(f) Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents, attorneys, custodians or nominees to the extent not prohibited herein or by any Indenture Supplement and Indenture Trustee shall not be responsible for any (i) misconduct or negligence on the part of any agent, attorney, custodians or
nominees (other than the employees of the Indenture Trustee) appointed with due care by it hereunder or (ii) the supervision of such agents, attorneys, custodians or nominees (other than the employees of the Indenture Trustee) after such
appointment with due care; 
  

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 (g) Indenture Trustee shall not be liable for any actions taken, suffered or omitted by it
in good faith and believed by it to be authorized or within the discretion or rights conferred upon Indenture Trustee by this Indenture; and 

(h) in the event that Indenture Trustee is also acting as Paying Agent and Transfer Agent and Registrar and the rights and protections
afforded to Indenture Trustee pursuant to this Article VI shall also be afforded to such Paying Agent and Transfer Agent and Registrar. 

Section 6.4 Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the
certificate of authentication of Indenture Trustee, shall be taken as the statements of Issuer, and Indenture Trustee assumes no responsibility for their correctness. Neither Indenture Trustee nor any of its agents makes any representation as to the
validity or sufficiency of this Indenture, the Notes, except the certificate of authentication of Indenture Trustee, or any related document. Indenture Trustee shall not be accountable for the use or application by Issuer of the proceeds from the
Notes. 
 Section 6.5 Restrictions on Holding Notes. Indenture Trustee shall not in its individual capacity, but may in a
fiduciary capacity, become the owner or pledgee of Notes and may otherwise deal with Issuer with the same rights it would have if it were not Indenture Trustee, Paying Agent, Transfer Agent and Registrar or such other agent. Any Paying Agent,
Transfer Agent and Registrar that is not also Indenture Trustee or any other agent of Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with Issuer with the same rights it would have if
it were not Paying Agent, Transfer Agent and Registrar or such other agent. 
 Section 6.6 Money Held in Trust. Money
held by Indenture Trustee in trust hereunder need not be segregated from other funds held by Indenture Trustee in trust hereunder except to the extent required herein or required by law. Indenture Trustee shall be under no liability for interest on
any money received by it hereunder except as otherwise agreed upon in writing by Indenture Trustee and Issuer. 
 Section 6.7
[Reserved]. 
 Section 6.8 Replacement of Indenture Trustee. No resignation or removal of Indenture
Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8. Indenture Trustee may resign at any time by giving
thirty (30) days written notice to Issuer and the Rating Agencies. The Holders of Notes representing more than
662/
3% of the Outstanding Amount may remove Indenture Trustee by so notifying Indenture Trustee in writing and may appoint
a successor Indenture Trustee. Administrator shall remove Indenture Trustee upon written notice if: 
 (a) Indenture Trustee
fails to comply with Section 6.11; 
 (b) Indenture Trustee is adjudged a bankrupt or insolvent; 

 

 36 

 (c) a receiver, conservator, liquidator, or similar official of Indenture Trustee or of its
property shall be appointed, or any public officer takes charge of Indenture Trustee or its property or its affairs for the purpose of rehabilitation, conservation or liquidation; or 

(d) Indenture Trustee otherwise becomes legally unable to act. 

If Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (Indenture Trustee in such event
being referred to herein as the retiring Indenture Trustee), Administrator shall promptly appoint a successor Indenture Trustee. 

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, Servicer and to
Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of Indenture Trustee under this Indenture. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee, subject to the payment of any and all
amounts then due and owing to Indenture Trustee. 
 If a successor Indenture Trustee does not take office within sixty
(60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, Issuer or any Holder of Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 If Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent
jurisdiction for the removal of Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Notwithstanding the
replacement of Indenture Trustee pursuant to this Section 6.8, Issuer’s obligations under Section 5.9 of the Transfer and Servicing Agreement shall continue for the benefit of the retiring Indenture Trustee. 

Administrator shall notify the Rating Agencies of any replacement of Indenture Trustee pursuant to this Section 6.8.

 Section 6.9 Successor Indenture Trustee by Merger. If Indenture Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided
that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. Indenture Trustee shall provide the Rating Agencies prior written notice of any such transaction. 

In case at the time such successor or successors by merger, conversion, consolidation or transfer to Indenture Trustee shall succeed to
the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to Indenture Trustee may adopt the certificate of authentication of any predecessor Indenture Trustee and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to Indenture Trustee may authenticate such Notes in the name of the successor to Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of Indenture Trustee shall have. 
  

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 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

 (a) Notwithstanding any other provisions of this Indenture or any Indenture Supplement, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part
thereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section 6.11, and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon Indenture Trustee
shall be conferred or imposed upon and exercised or performed by Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without Indenture
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of
Indenture Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder; 
 (iii) Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee; and 
 (iv) Indenture Trustee shall not be liable for any act or failure to act
on the part of any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to Indenture Trustee shall
be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this
Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with Indenture Trustee or separately, as
may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, Indenture Trustee. Every such
instrument shall be filed with Indenture Trustee. 
  

 38 

 (d) Any separate trustee or co-trustee may at any time constitute Indenture Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable
of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.11 Eligibility; Disqualification. Indenture Trustee shall at all times satisfy the requirements of TIA §310(a) and
be a corporation or national banking association organized and doing business under the laws of the United States of America or any state thereof and authorized under such laws to exercise corporate trust powers. Indenture Trustee shall have, in the
case of an entity that is subject to risk-based capital adequacy requirements, risk-based capital of at least $50,000,000 or, in the case of an entity that is not subject to risk-based capital adequacy requirements, a combined capital and surplus of
at least $50,000,000 as set forth in its most recent published annual report of condition and either its long-term unsecured debt shall be rated at least “Baa3” by Moody’s and “BBB-” by Standard & Poor’s or its
short-term debt shall be rated at least “P-2” by Moody’s and “A-2” by Standard & Poor’s. Indenture Trustee shall comply with TIA §310(b), including the optional provision permitted by the second sentence
of TIA §310(b)(9); provided, however, that there shall be excluded from the operation of TIA §310(b)(1) any indenture or indentures under which other securities of Issuer are outstanding if the requirements for such exclusion set forth in
TIA §310(b)(1) are met. 
 Section 6.12 Preferential Collection of Claims Against Obligor. Indenture Trustee shall
comply with TIA §311(a), excluding any creditor relationship listed in TIA §311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA §311(a). 

Section 6.13 Representations and Covenants of Indenture Trustee. Indenture Trustee represents, warrants and covenants that:

 (i) Indenture Trustee is a national banking association authorized to engage in the business of banking under
the laws of the United States of America; 
 (ii) Indenture Trustee has full power and authority to execute,
deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other Transaction Documents to which it is a party; and 

(iii) Each of this Indenture and the other Transaction Documents to which it is a party has been duly executed and
delivered by Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 

(iv) The Indenture Trustee hereby agrees not to disclose to any Person any of the account numbers or other cardholder
information contained in the computer files or microfiche or written lists delivered pursuant to Sections 2.1, 2.6 and 2.7 (“Account Information”) of the Transfer and Servicing Agreement except as is required in

  

 39 

 
connection with the performance of its duties hereunder or in enforcing the rights of the Holders or to a Successor Servicer appointed pursuant to the Transfer and Servicing Agreement or as
mandated pursuant to any Requirement of Law applicable to the Indenture Trustee. The Indenture Trustee agrees to take such measures as shall be reasonably requested by the Transferor to protect and maintain the security and confidentiality of such
information, and, in connection therewith, shall allow the Transferor to inspect the Indenture Trustee’s security and confidentiality arrangements from time to time during normal business hours. In the event that the Indenture Trustee is
required by law to disclose any Account Information, the Indenture Trustee shall provide the Transferor with prompt written notice, unless such notice is prohibited by law, of any such request or requirement so that the Transferor may request a
protective order or other appropriate remedy. The Indenture Trustee shall use its best efforts to provide the Transferor with written notice no later than five days prior to any disclosure pursuant to this clause (iv). 

Section 6.14 Custody of the Collateral. The Indenture Trustee shall hold the Collateral Certificate in the State of New York.
Indenture Trustee shall hold such of the Collateral as consists of instruments, negotiable documents, money, goods, or tangible chattel paper in the State of Minnesota. Indenture Trustee shall hold such of the Collateral (other than the Collateral
Certificate) as constitutes investment property through a securities intermediary, which securities intermediary shall agree with Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of
Indenture Trustee, (b) such securities intermediary shall treat Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities
account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by Indenture Trustee without the further consent of any other person or entity, (e) such securities
intermediary will not agree with any person or entity other than Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject
to any lien, security interest, or right of set-off in favor of such securities intermediary or anyone claiming through it (other than Indenture Trustee), (g) such agreement shall be governed by the laws of the State of New York, and
(h) the State of New York shall be the “securities intermediary’s jurisdiction” of such securities intermediary for purposes of the New York UCC. The Indenture Trustee shall hold such of the Collateral as constitutes a deposit
account at the Indenture Trustee or through a bank other than the Indenture Trustee, which bank shall agree in writing with the Indenture Trustee and the Issuer that (i) such bank shall comply with instructions originated by the Indenture
Trustee directing disposition of the funds in the deposit account without further consent of any other person or entity, (ii) such bank will not agree with any person or entity other than the Indenture Trustee to comply with instructions
originated by any person or entity other than the Indenture Trustee, (iii) such deposit account and the money on deposit therein shall not be subject to any lien, security interest, encumbrance, claim, or right of set-off in favor of such bank
or anyone claiming through it (other than the Indenture Trustee), (iv) such agreement shall be governed by the laws of the State of New York, and (v) the State of New York shall be the “bank’s jurisdiction” of such bank for
purposes of Article 9 of the New York UCC. Except as permitted by this Section 6.14, Indenture Trustee shall not hold any part of the Collateral through an agent or a nominee. 

 

 40 

 ARTICLE VII 

NOTEHOLDERS’ LIST AND REPORTS BY 

INDENTURE TRUSTEE AND ISSUER 

Section 7.1 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. Issuer will furnish or cause to be furnished
to Indenture Trustee (a) upon each transfer of a Note, a list, in such form as Indenture Trustee may reasonably require, of the names, addresses and taxpayer identification numbers of the Noteholders as they appear on the Note Register as of
such Record Date, and (b) at such other times, as Indenture Trustee may request in writing, within ten (10) days after receipt by Issuer of any such request, a list of similar form and content as of a date not more than ten (10) days
prior to the time such list is furnished; provided, however, that for so long as Indenture Trustee is Transfer Agent and Registrar, Indenture Trustee shall furnish to Issuer such list in the same manner prescribed in clause
(b) above. 
 Section 7.2 Preservation of Information; Communications to Noteholders. 

(a) Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to Indenture Trustee as provided in Section 7.1 and the names, addresses and taxpayer identification numbers of the Noteholders received by Indenture Trustee in its capacity as Transfer Agent
and Registrar. Indenture Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 

(b) Noteholders may communicate, pursuant to TIA §312(b), with other Noteholders with respect to their rights under this Indenture
or under the Notes. 
 (c) Issuer, Indenture Trustee and Transfer Agent and Registrar shall have the protection of TIA
§312(c). 
 Section 7.3 Reports by Issuer. 

(a) To the extent required by Requirements of Law, if applicable, Issuer shall: 

(i) file with Indenture Trustee, within fifteen (15) days after Issuer is required to file the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which Issuer may be required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with Indenture
Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by Issuer with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and 
  

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 (iii) supply to Indenture Trustee (and Indenture Trustee shall transmit by
mail to all Noteholders described in TIA §313(c)) such summaries of any information, documents and reports required to be filed by Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules
and regulations prescribed from time to time by the Commission. 
 (b) Unless Issuer otherwise determines, the fiscal year of
Issuer shall end on December 31 of each year. 
 (c) Delivery of such reports, information and documents to Indenture
Trustee is for informational purposes only and Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including Issuer’s
compliance with any of the covenants hereunder. 
 Section 7.4 Reports by Indenture Trustee. If required by TIA
§313(a), within sixty (60) days after each March 31 beginning with March 31, 2011, Indenture Trustee shall mail to each Noteholder as required by TIA §313(c) a brief report dated as of such date that complies with TIA
§313(a). Indenture Trustee also shall comply with TIA §313(b). 
 If required by a Requirement of Law, a copy of each
report at the time of its mailing to Noteholders shall be filed by Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. Issuer shall notify Indenture Trustee if and when the Notes are listed on any
stock exchange or delisted therefrom. 
 ARTICLE VIII 

ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 8.1 Collection of Money. Except as otherwise expressly provided herein and in the related Indenture Supplement, Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by Indenture Trustee pursuant
to this Indenture. Indenture Trustee shall hold all such money and property received by it in trust for the Noteholders and shall apply it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under the Transfer and Servicing Agreement or any other Transaction Document, Indenture Trustee may, and upon the written request of the Holders of Notes representing more than 50% of the principal balance
of the Outstanding Notes of the affected Series shall, subject to Sections 6.1(e) and 6.3(d), take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim an Early Amortization Event or a Default or Event of Default under this Indenture and to proceed thereafter as provided in Article V. 

 

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 Section 8.2 Rights of Noteholders. The Collateral shall secure Issuer’s
obligations to pay to the Holders of the Notes of each Series a portion of Collections allocable to the Noteholders of such Series pursuant to this Indenture and the related Indenture Supplement, funds and other property credited to the Collection
Account and the Excess Funding Account (or any subaccount thereof) allocable to the Noteholders of such Series pursuant to this Indenture and such Indenture Supplement, funds and other property credited to any related Series Account and funds
available pursuant to any related Enhancement, it being understood that, except as specifically set forth in the Indenture Supplement with respect thereto, the Notes of any Series or Class shall not be secured by any interest in any Series Account
or Enhancement in which a security interest has been granted for the benefit of any other Series or Class. 
 Section 8.3
Establishment of Collection Account and Excess Funding Account. 
 (a) Issuer, for the benefit of the Holders, shall
establish and maintain with a Qualified Depository Institution in the name of Receivables Trust Trustee two Eligible Deposit Accounts (the “Collection Account” and the “Excess Funding Account”), each bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Investors. Any Indenture Supplement may provide for additional accounts (“Series Accounts”), which may be subaccounts of the
Collection Account maintained for bookkeeping purposes, for the purpose of allocation and distribution of amounts allocated hereunder for the related Series. The Collection Account and the Excess Funding Account shall be treated as securities
accounts and shall be initially established with Receivables Trust Trustee, and shall be subject to Section 6.14. Receivables Trust Trustee shall possess all right, title and interest in all funds on deposit from time to time in the
Collection Account and the Excess Funding Account and in all proceeds thereof for the benefit of the Trust Investors. The Collection Account and the Excess Funding Account shall be under the sole dominion and control of Receivables Trust Trustee for
the benefit of the Trust Investors. Except as expressly provided in this Indenture, the Indenture Trustee agrees that it shall have no right of set-off or banker’s lien against, and no right to otherwise deduct from, any funds held in the
Collection Account or the Excess Funding Account for any amount owed to it by Servicer, Transferor, Issuer or any Trust Investors. If at any time the Collection Account or the Excess Funding Account ceases to be an Eligible Deposit Account, the
Indenture Trustee if it is Receivables Trust Trustee (or Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition is satisfied) establish a new Eligible
Deposit Account meeting the conditions specified above and transfer any cash or any investments from the affected account to such new account, and from the date such new account is established, it shall be the “Collection Account” or the
“Excess Funding Account,” as the case may be. The Servicer shall have the power to instruct the Indenture Trustee as Receivables Trust Trustee or such Qualified Depository Institution to withdraw funds from the Collection Account for the
purpose of carrying out its duties hereunder. 
 (b) Funds on deposit in the Collection Account and the Excess Funding Account
shall, at the direction of Servicer, be invested by Receivables Trust Trustee in Permitted Investments selected by Servicer, except that funds on deposit in either such account on any Determination Date need not be invested through the immediately
following Distribution Date. All such Permitted Investments shall be held by Receivables Trust Trustee for the benefit of the Trust Investors and shall be subject to Section 6.14. Investments of funds representing Collections collected
during any Due Period shall be invested in Permitted Investments that will mature so that all funds will be available for withdrawal on or prior to the next following Distribution Date. No Permitted Investment shall be disposed of prior to its
maturity unless 
  

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Servicer so directs and either (i) such disposal will not result in a loss of all or part of the principal portion of such Permitted Investment or (ii) prior to the maturity of such
Permitted Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Permitted Investment. On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses)
on funds on deposit in the Collection Account and the Excess Funding Account shall be treated as Collections of Finance Charge Receivables, except (x) as otherwise specified in any Indenture Supplement and (y) in the case of the Excess
Funding Account, to the extent the Transferor Amount would be less than the Minimum Transferor Amount after giving effect to such treatment. In no event shall Receivables Trust Trustee be liable for the selection of investments or for investment
losses incurred thereon. Receivables Trust Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any such investment prior to its stated maturity or the failure of the party directing such investment to
provide timely written investment direction. Receivables Trust Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction. 

(c) On each Business Day, the Servicer shall determine the amount by which the Transferor Amount exceeds the Minimum Transferor Amount on
such day and shall instruct the Receivables Trust Trustee to transfer such amount from the Excess Funding Account to the Collection Account and then to withdraw such amount from the Collection Account on such day and pay such amount to the
Transferor. On any Determination Date on which one or more Series is in an Amortization Period, Servicer shall determine the aggregate amounts of Principal Shortfalls, if any, with respect to each such Series that is a Principal Sharing Series
(after giving effect to the allocation and payment provisions in the Indenture Supplement with respect to each such Series and the allocations described in Section 8.5), and Servicer shall instruct the Receivables Trust Trustee to
transfer such amount from the Excess Funding Account to the Collection Account and then to withdraw such amount from the Collection Account, to the extent of funds on deposit in the Excess Funding Account, and allocate such amount among each such
Series as specified in each related Indenture Supplement. 
 Section 8.4 Collections and Allocations. From and after the
Certificate Trust Termination Date: 
 (a) The Transferor hereby agrees: (i) (A) to cause all Collections which may be
sent by Obligors to be delivered to the Administrative Servicer; and (B) to cause the Administrative Servicer to deposit all such Collections into the Collection Account within two Business Days of receipt by the Administrative Servicer; and
(ii) to cause Store Payments to be deposited into the Collection Account within two Business Days of receipt of such payments at a Store. 

Subject to the express terms of any Indenture Supplement, but notwithstanding anything else in this Indenture to the contrary, so long as
the Bank remains the Servicer and one of the following three conditions is true: (x) for so long as the Bank maintains a long-term debt rating of “A” or better by S&P, “Aa2” or better by Moody’s, and, if rated by
any other Rating Agency, the equivalent rating by that Rating Agency (or such other rating below “A”, “Aa2” or such equivalent rating, as the case may be, which is satisfactory to each Rating Agency, if any), (y) with
respect to Collections allocable to any Series, any other conditions specified in the related Indenture Supplement are satisfied or (z) the Servicer has provided to the Indenture 

 

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Trustee a letter of credit, surety bond, guaranty or other similar arrangement, which has not been previously cancelled, covering collection risk of the Servicer and in each case acceptable to
each Rating Agency (as evidenced by a letter from each Rating Agency to the effect that the Rating Agency Condition has been satisfied), the Servicer need not make the daily deposits of Collections into the Collection Account as provided in the
preceding paragraph, but may make a single deposit in the Collection Account in immediately available funds not later than 12:00 noon, New York City time, on the Business Day immediately preceding the related Distribution Date. Subject to the
express terms of any Indenture Supplement, but notwithstanding anything else in this Indenture to the contrary, with respect to any Monthly Period when the Servicer is required to make deposits of Collections pursuant to the first paragraph of this
subsection 8.4(a), (1) the Servicer will only be required to deposit Collections into the Collection Account up to the Target Amount (as defined in the applicable Indenture Supplement), and (2) if at any time prior to such
Distribution Date the amount of Collections deposited in the Collection Account exceeds such Target Amount, the Servicer will be permitted to withdraw the excess from the Collection Account for distribution to the Transferor or payments pursuant to
Section 3.2 of the Transfer and Servicing Agreement. Notwithstanding the foregoing, Collections of Allocated Interchange with respect to any Due Period shall be deposited into the Collection Account on the Distribution Date immediately
following the end of such Due Period. 
 The Servicer shall make commercially reasonable efforts to prevent funds other than
Collections from being deposited or credited to the Collection Account. The Transferor and Servicer agree to clearly and unambiguously identify each Account in its computer or other records to reflect that an interest in the Receivables arising in
such Account has been sold pursuant to this Indenture. 
 (b) Series Allocations. The Servicer shall allocate Collections
of Principal Receivables, Collections of Finance Charge Receivables, Series Dilution Amounts and Loss Amounts to each Note Series and to the Holder of the Transferor Interest, based on the Investor Percentage for each such Series and the Transferor
Percentage for the Transferor Interest, in accordance with this Section 8.4; provided that on any Distribution Date the Servicer may make technical adjustments in the methods for calculating the denominator used in such allocations
(other than allocations of principal for any Series or Certificate Series that is in an Amortization Period) to the extent that (i) different Series or Certificate Series contain minor differences in the way such denominators are calculated due
to differing “Reset Date” definitions, (ii) such differences create mathematical inconsistencies with respect to the reconcilement of the sum of the amounts, and (iii) such adjustments will not reduce the distributions to any
Holder on such Distribution Date or result in reduction in the Collateral Amount for such Series. Following such allocation, the Servicer shall cause the Receivables Trust Trustee to withdraw the required amounts from the Collection Account or the
Excess Funding Account to pay such amounts in accordance with this Section 8.4 and any Indenture Supplement. The Servicer shall make such deposits or payments on the date indicated therein by wire transfer or as otherwise provided in the
related Indenture Supplement with respect to any Series. 
 (c) Allocations for the Transferor Interest. Throughout the
existence of the Receivables Trust, unless otherwise stated in any Indenture Supplement, with respect to each Date of Processing the Servicer shall allocate to the Holder of the Transferor Interest an amount equal to the sum of (i) the product
of (A) the Transferor Percentage and (B) the aggregate 
  

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amount of Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, with respect to that Date of Processing, and (ii) any additional amounts allocated to
the Transferor Interest pursuant to any Indenture Supplement or Supplement (as defined in the Pooling and Servicing Agreement); provided, however, that the Servicer, at the option of the Transferor, may allocate all or a portion of
such amounts to maintain any cash collateralization requirement in connection with any Series from time to time; and provided, further, that, if the Transferor Amount (determined after giving effect to any transfer of Principal
Receivables to the Receivables Trust on such day) is less than the Minimum Transferor Amount, the Servicer shall not allocate to the Holder of the Transferor Interest any such amounts that would otherwise be allocated to the Holder of the Transferor
Interest, but shall instead deposit such funds to the Excess Funding Account. Unless otherwise stated in any Indenture Supplement, the Servicer need not deposit any amounts so allocated to the Transferor Interest pursuant to any Indenture Supplement
into the Collection Account and shall pay such amounts as collected to the Holder of the Transferor Interest; provided, however, the Servicer shall be entitled to deduct from such amounts and retain an amount equal to the unpaid
portion of any Transferor Monthly Servicing Fee then due and payable. 
 (d) Adjustments for Miscellaneous Credits and
Fraudulent Charges. With respect to each Due Period, the aggregate amount of Principal Receivables (i) which were created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has
asserted a counterclaim or defense, (ii) which were reduced by the Servicer by any rebate, refund, charge-back or adjustment (including Servicer errors) or (iii) which were created as a result of a fraudulent or counterfeit charge (with
respect to such Due Period, the “Dilution Amount”) will be allocated initially to the Transferor Interest, and the aggregate amount of Principal Receivables used to calculate the Transferor Amount will be reduced by an amount equal
to the Dilution Amount so allocated. 
 If any such reduction causes the Transferor Amount to be less than the Minimum
Transferor Amount, the Transferor shall be required to make a deposit in the Excess Funding Account in immediately available funds in an amount equal to such reduction on or prior to the tenth Business Day following the last Business Day of the Due
Period in which such reduction occurred; provided that no such deposit shall be required to be made to the extent that such deficiency has been eliminated (through the conveyance of Receivables in Additional Accounts, the deposit of
Collections to the Excess Funding Account or otherwise), so that the Transferor Amount is at least equal to the Minimum Transferor Amount on the date such deposit would otherwise be required to be made. If the Transferor shall fail to make a deposit
required pursuant to the preceding sentence, the portion of the Dilution Amount equal to the amount of the deposit not made (with respect to each Due Period, the “Series Dilution Amount”) will be allocated to each Series based upon
the Series Percentage for such Series. If available funds for any Series, including funds allocated to any Series on any Distribution Date as described in Subsection (b) above, are insufficient to cover the Series Dilution Amount for
such Series on such Distribution Date pursuant to the terms of the related Indenture Supplement, such Indenture Supplement may provide that the remaining Series Dilution Amount for such Series shall be reallocated to, and reduce, the Transferor
Amount (as calculated as of the last day of the related Due Period). 
 If so provided for any Series in the related Indenture
Supplement, any Series Dilution Amount remaining for such Series, after giving effect to any deposit and/or Conveyance by the Transferor described in the preceding paragraph shall be reallocated to such Series and shall reduce the Collateral Amount
of that Series to the extent provided in the related Indenture Supplement. 
  

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 Section 8.5 Shared Principal Collections. From and after the Certificate Trust
Termination Date, on each Business Day Shared Principal Collections may, at the option of Transferor, (i) be applied (or held in the Collection Account for later application) as principal with respect to any Variable Interest, or (ii) so
long as either no Series is in an Amortization Period or no Series that is in an Amortization Period will have a Principal Shortfall on the next Distribution Date after giving effect to such allocation and the other allocations to be made on the
next Distribution Date (assuming no Early Amortization Event occurs), be withdrawn from the Collection Account and paid to Transferor. On each Distribution Date, (a) Servicer shall allocate Shared Principal Collections not previously so applied
or paid to each applicable Principal Sharing Series in a Group, pro rata, in proportion to the Principal Shortfalls, if any, with respect to each such Series, and any remainder may, at the option of Transferor, be applied as principal with respect
to any Variable Interest and (b) Servicer shall withdraw from the Collection Account and pay to Transferor any amounts representing Shared Principal Collections remaining after the allocations and applications referred to in clause (a);
provided that, if, on any day the Transferor Amount (determined after giving effect to any transfer of Principal Receivables to the Receivables Trust on such day), is less than or equal to the Minimum Transferor Amount, Servicer shall not
distribute to Transferor any Shared Principal Collections that otherwise would be distributed to Transferor, but shall deposit such funds in the Excess Funding Account to the extent required so that the Transferor Amount equals the Minimum
Transferor Amount. 
 Section 8.6 Shared Excess Finance Charge Collections. From and after the Certificate Trust
Termination Date, on each Distribution Date, (i) for each Group, the Servicer shall allocate the aggregate amount of Shared Excess Finance Charge Collections for all outstanding Series in such Group to each Series in such Group, pro
rata, in proportion to the Finance Charge Shortfalls, if any, with respect to each such Series and (ii) the Servicer shall on the related Distribution Date withdraw (or shall instruct the Indenture Trustee to withdraw) from the
Collection Account and pay to the Holder of the Transferor Interest an amount equal to the excess, if any, of (x) the aggregate amount of Shared Excess Finance Charge Collections for all outstanding Series in a Group for such Distribution Date
over (y) the aggregate amount for all outstanding Series in such Group that the related Indenture Supplements specify are “Finance Charge Shortfalls” for such Distribution Date; provided, however, that the sharing
of Shared Excess Finance Charge Collections among Series in a Group will continue only until such time, if any, as the Transferor shall deliver to the Indenture Trustee an Officer’s Certificate to the effect that, in the reasonable belief of
the Transferor or its counsel, the continued sharing of Shared Excess Finance Charge Collections among Series in any Group would have adverse regulatory implications with respect to the Originator. Following the delivery by the Transferor of such an
Officer’s Certificate to the Indenture Trustee there will not be any further sharing of such Shared Excess Finance Charge Collections among Series in any Group. 

 

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 Section 8.7 Release of Collateral; Eligible Loan Documents. 

(a) Upon the written direction of Issuer, Indenture Trustee may, and when required by the provisions of this Indenture shall, execute
instruments to release property from the lien of this Indenture, or convey Indenture Trustee’s interest in the same, in a manner and under circumstances which are not inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by Indenture Trustee as provided in this Article VIII shall be bound to ascertain Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 (b) In order to facilitate the servicing of the Receivables by Servicer, Indenture Trustee upon Issuer Order shall authorize
Servicer to execute in the name and on behalf of Indenture Trustee instruments of satisfaction or cancellation, or of partial or full release or discharge, and other comparable instruments with respect to the Receivables (and Indenture Trustee shall
execute any such documents on written request of Servicer), subject to the obligations of Servicer under the Transfer and Servicing Agreement. 

(c) Indenture Trustee shall, at such time as there are no Notes outstanding, release and transfer, without recourse, all of the
Collateral that secured the Notes (other than any cash held for the payment of the Notes pursuant to Section 4.2). Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.7(c) only
upon receipt of an Issuer Order accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §314(c) and 314(d)(1) meeting the applicable requirements of
Section 12.1. 
 (d) Notwithstanding anything to the contrary in this Indenture, the Transfer and Servicing
Agreement and the Trust Agreement, immediately prior to the release of any portion of the Collateral or any funds on deposit in the Series Accounts pursuant to this Indenture, Indenture Trustee shall at the written request of Issuer remit to
Transferor for its own account any funds that, upon such release, would otherwise be remitted to Issuer. 
 Section 8.8
Opinion of Counsel. Indenture Trustee shall receive at least seven (7) days notice when requested by Issuer to take any action pursuant to Section 8.7(a), accompanied by copies of any instruments involved, and Indenture
Trustee shall also be provided with, as a condition to such action, an Opinion of Counsel stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Indenture Trustee and counsel rendering any such opinion may conclusively rely, without independent investigation, on the accuracy and validity of
any certificate or other instrument delivered to Indenture Trustee in connection with any such action. 
  

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 ARTICLE IX 

DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS 

Distributions shall be made to, and reports shall be provided to, Noteholders as set forth in the applicable Indenture Supplement. The
identity of the Noteholders with respect to distributions and reports shall be determined according to the immediately preceding Record Date. 

ARTICLE X 

SUPPLEMENTAL INDENTURES 

Section 10.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior notice to each Rating Agency with respect to the Notes of all Series
rated by such Rating Agency, Issuer and Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to Indenture Trustee, for any of the
following purposes: 
 (i) to correct or amplify the description of any property at any time subject to the lien
of this Indenture, or better to assure, convey and confirm unto Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

(ii) to evidence the succession, in compliance with Section 3.10, of another person to Issuer, and the
assumption by any such successor of the covenants of Issuer contained herein and in the Notes; 
 (iii) to add to
the covenants of Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon Issuer; 

(iv) to convey, transfer, assign, mortgage or pledge any property to or with Indenture Trustee; 

(v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be
inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided that the Transferor
deliver an Officer’s Certificate stating that such action shall not materially adversely affect the interests of the Holders of the Notes; 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor indenture trustee with respect
to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one indenture trustee, pursuant to the requirements of Article VI;

  

 49 

 (vii) to modify, eliminate or add to the provisions of this Indenture to
such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA; or

 (viii) to provide for the issuance of one or more new Series of Notes, in accordance with the provisions of
Section 2.11. 
 Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture
and to make any further appropriate agreements and stipulations that may be therein contained. 
 (b) Issuer and Indenture
Trustee, when authorized by an Issuer Order, may, also without the consent of any Noteholders of any Series then Outstanding but upon satisfaction of the Rating Agency Condition with respect to the Notes of all Series, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture;
provided, however that Transferor shall have delivered to the Owner Trustee and Indenture Trustee (i) an Officer’s Certificate, dated the date of any such action, stating that all requirements for such amendments contained in
the Agreement have been met and, based upon facts known at the time of such certification, Transferor reasonably believes that such action will not have an Adverse Effect and (ii) a Tax Opinion. 

Section 10.2 Supplemental Indentures with Consent of Noteholders. Issuer and Indenture Trustee, when
authorized by an Issuer Order, also may, upon satisfaction of the Rating Agency Condition and with the consent of the Holders of Notes representing more than
662/
3% of the principal balance of the Outstanding Notes of each adversely affected Series, by Act of such Holders
delivered to Issuer and Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of such Noteholders under this Indenture; provided, however that no such supplemental indenture shall, without the consent of the Holder of each outstanding Note affected thereby: 

(a) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest
rate specified thereon or the redemption price with respect thereto or the coin or currency in which, any Note or any interest thereon is payable; 

(b) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds
available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

(c) reduce the percentage of Outstanding Notes of a Series required to consent to any amendment or waiver to this Indenture or an
Indenture Supplement, or to consent to an exercise of remedies hereunder following an Event of Default; 
  

 50 

 (d) decrease the percentage of the Outstanding Notes required to amend the sections of this
Indenture which specify the applicable percentage of the Outstanding Notes of any Series necessary to amend the Indenture or any Transaction Documents which require such consent; or 

(e) modify or alter the provisions of this Indenture prohibiting the voting of Notes held by Issuer, any other Obligor on the Notes, the
Transferor, the Servicer or any Affiliate thereof. 
 Indenture Trustee may in its discretion determine whether or not any Notes
would be affected by any supplemental indenture, and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. Indenture Trustee shall not be liable for any
such determination made in good faith. 
 Satisfaction of the Rating Agency Condition shall not be required with respect to the
execution of any supplemental indenture pursuant to this Section 10.2 for which the consent of all of the affected Noteholders is required; provided that prior notice of any such supplemental indenture shall be given to each Rating
Agency. 
 Section 10.3 Indenture Supplement. Notwithstanding anything in this Article X to the contrary, the
Indenture Supplement with respect to any Series may specify that such Supplement may be amended on the terms and in accordance with the procedures provided in such Indenture Supplement. 

Section 10.4 Notification. Promptly after the execution by Issuer and Indenture Trustee of any supplemental indenture pursuant to
Section 10.2, Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates written notice setting forth in general terms the substance of such supplemental indenture. Any failure of
Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or effect the validity of any such supplemental indenture. 

Section 10.5 Consent of Noteholders. It shall not be necessary for the consent of Noteholders under this Article X to
approve the particular form of any proposed supplemental indenture or amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Noteholders shall be subject to such reasonable requirements as the Indenture Trustee may prescribe. 

Section 10.6 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article X or the modification thereby of the trusts created by this Indenture, Indenture Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture and stating that all requisite consents have been obtained or that no consents are required and stating that such supplemental indenture or modification
constitutes the legal, valid and binding obligation of Issuer in accordance with its terms. Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects Indenture Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise. 
  

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 Section 10.7 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture under this Article X, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes, and every Holder of Notes theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby. This Section 10.7 does not apply to Indenture Supplements. 

Section 10.8 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article X shall conform to the requirements of the TIA as then in effect if this Indenture shall then be qualified under the TIA. 

Section 10.9 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article X may, and if required by Indenture Trustee shall, bear a notation in form approved by Indenture Trustee as to any matter provided for in such supplemental indenture. If Issuer shall so
determine, new Notes so modified as to conform, in the opinion of Indenture Trustee and Issuer, to any such supplemental indenture may be prepared and executed by Issuer and authenticated and delivered by Indenture Trustee in exchange for the
outstanding Notes. 
 ARTICLE XI 

TERMINATION 

Section 11.1 Termination of Issuer. Issuer and the respective obligations and responsibilities of Indenture Trustee created hereby
(other than the obligation of Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate, except with respect to the duties described in Section 11.2(b), as provided in the Trust Agreement, but only after
all payments required to be made from Collections allocated for that purpose under this Indenture and the Indenture Supplement have been made with respect to each Series. 

Section 11.2 Optional Purchase. 

(a) If so provided in any Indenture Supplement, the Transferor may, but shall not be obligated to, cause a final distribution to be made
in respect of the related Series on a Distribution Date specified in such Indenture Supplement by depositing into the Collection Account or the applicable Series Account, not later than such Distribution Date, for application in accordance with
Section 11.3, the amount specified in such Indenture Supplement. 
 (b) The amount deposited pursuant to
Section 11.2(a) shall be paid on the related Distribution Date to the Noteholders of the related Series pursuant to Section 11.3. All Notes of a Series which are to be redeemed by the Issuer pursuant to
Section 11.2(a) shall be canceled by the Transfer Agent and Registrar and be disposed of in a manner satisfactory to the Indenture Trustee and the Transferor. 

Section 11.3 Final Payment with Respect to Any Series. 

(a) Written notice of any termination, specifying the Distribution Date upon which the Noteholders of any Series or Class may surrender
their Notes for payment of the final distribution with respect to such Series and cancellation, shall be given (subject to at least two 

 

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Business Days’ prior notice from the Servicer to the Indenture Trustee) by the Indenture Trustee to Noteholders of such Series or Class mailed not later than the fifth day of the month of
such final distribution (or in the manner provided by the Indenture Supplement relating to such Series) specifying (i) the Distribution Date (which shall be the Distribution Date in the month (x) in which a deposit is made pursuant to
subsection 2.4(f) of the Transfer and Servicing Agreement, Section 5.5 or 11.2(a) of this Indenture or such other section as may be specified in the related Indenture Supplement, or (y) in which the related Series
Termination Date occurs) upon which final payment of such Notes will be made upon presentation and surrender of such Notes at the office or offices therein designated, (ii) the amount of any such final payment and (iii) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of Notes at the office or offices therein specified. The Indenture Trustee shall give such notice to the Transfer Agent
and Registrar and the Paying Agent at the time such notice is given to such Noteholders. 
 (b) Notwithstanding the termination
of the Issuer pursuant to Section 11.1(a) or the occurrence of the Series Termination Date with respect to any Series, all funds then on deposit in the Collection Account, the Excess Funding Account or any Series Account applicable to
the related Series shall continue to be held in trust for the benefit of the Holders of the related Series, and the Paying Agent or the Indenture Trustee shall pay such funds to the Holders of the related Series upon surrender of their Notes. In the
event that all of the Holders of any Series shall not surrender their Notes for cancellation within six months after the date specified in the above-mentioned written notice, the Indenture Trustee shall give a second written notice to the remaining
Holders of such Series upon receipt of the appropriate records from the Transfer Agent and Registrar to surrender their Notes for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all
such Notes shall not have been surrendered for cancellation, Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes, and the cost
thereof shall be paid out of the funds in the Collection Account or any Series Account held for the benefit of such Noteholders. Subject to requirements of applicable law, the Indenture Trustee and the Paying Agent shall pay to the Holders of the
Transferor Interest upon written request any funds held by them for the payment of principal or interest which remains unclaimed for two (2) years. After payment to the Holders of the Transferor Interest, Holders entitled to the such funds may
seek recovery only from the Holders of the Transferor Interest as general creditors unless an applicable abandoned property law designates another Person. 

(c) All Notes surrendered for payment of the final distribution with respect to such Notes and cancellation shall be canceled by the
Transfer Agent and Registrar and be disposed of in a manner consistent with the certificate destruction policies of the Indenture Trustee. 

Section 11.4 Issuer’s Termination Rights. Upon the termination of Issuer pursuant to the terms of the Trust Agreement,
Indenture Trustee shall assign and convey to the Holders of the Transferor Interest or any of their designees, without recourse, representation or warranty, all right, title and interest of Issuer in the Receivables, whether then existing or
thereafter created, all Recoveries related thereto all monies due or to become due and all amounts received or receivable with respect thereto (including all moneys then held in the Collection Account or any Series Account) and all proceeds thereof,
except for amounts held by Indenture Trustee pursuant 
  

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to Section 11.2(b). Indenture Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be reasonably requested in writing
by the Holders of the Transferor Interest to vest in the Holders of the Transferor Interest or any of their designees all right, title and interest which Indenture Trustee had in the Collateral and such other property. 

ARTICLE XII 

MISCELLANEOUS 

Section 12.1 Compliance Certificates and Opinions etc. 

(a) Upon any application or request by Issuer to Indenture Trustee to take any action under any provision of this Indenture, Indenture
Trustee shall be entitled to request that Issuer furnish to Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public
accountants meeting the applicable requirements of this Section 12.1, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of
such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each
such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

 (b) (i) Prior to the deposit of any Collateral or other property or securities with Indenture Trustee that is to be made the
basis for the release of any property or securities subject to the lien of this Indenture, Issuer shall, in addition to any obligation imposed in Section 12.1(a) or elsewhere in this Indenture, furnish to Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such deposit) to Issuer of the Collateral or other property or securities to be so deposited.

  

 54 

 (ii) Whenever Issuer is required to furnish to Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, Issuer shall also deliver to Indenture Trustee (if required by the TIA) an Independent Certificate as to the
same matters, if the fair value of Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then current fiscal year of Issuer, as set forth in the
certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited if the fair value thereof
to Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 

(iii) Other than with respect to the release of any Defaulted Receivables and Receivables in Removed Accounts, whenever
any property or investment property is to be released from the lien of this Indenture, Issuer shall also furnish to Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the
fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of
the provisions hereof. 
 (iv) Whenever Issuer is required to furnish to Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, Issuer shall also furnish to Indenture Trustee (if required by the TIA) an Independent Certificate as to the same matters if
the fair value of the property or securities and of all other property, other than Defaulted Receivables and Receivables in Removed Accounts, or securities released from the lien of this Indenture since the commencement of the then current calendar
year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amounts of the Notes, but such certificate need not be furnished in the case of any release of property or
securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 

(v) Notwithstanding any other provision of this Section 12.1, Issuer may (A) collect, liquidate, sell or
otherwise dispose of Receivables as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Series Accounts as and to the extent permitted or required by the Transaction Documents. 

Section 12.2 Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

 

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 Any certificate or opinion of a Responsible Officer of Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters
upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of a Responsible Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of Servicer, a Transferor, Issuer or Administrator, stating that the information with respect to such factual matters is in the possession of Servicer, a Transferor, Issuer or Administrator, unless such
Responsible Officer or Counsel has actual knowledge that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two (2) or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever
in this Indenture, in connection with any application or certificate or report to Indenture Trustee, it is provided that Issuer shall deliver any document as a condition of the granting of such application, or as evidence of Issuer’s compliance
with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in
such case be conditions precedent to the right of Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect Indenture Trustee’s right to conclusively
rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

Section 12.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by their agents duly appointed in writing and satisfying any requisite percentages as to minimum
number or dollar value of outstanding principal amount represented by such Noteholders; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to Indenture Trustee,
and, where it is hereby expressly required, to Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of Indenture Trustee and Issuer, if made in the manner provided in this
Section 12.3. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner which Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note
Register. 
  

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 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action
by the Holder of any Notes shall bind the Holder (and any transferee thereof) of every Note issued upon the registration thereof in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by Indenture
Trustee or Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 12.4
Notices, Etc. to Indenture Trustee and Issuer. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by the Agreement to be made upon, given or furnished to, or
filed with: 
 (a) Indenture Trustee by any Noteholder or by Issuer shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to a Responsible Officer, by facsimile transmission, by email or by other means acceptable to Indenture Trustee to or with Indenture Trustee at its Corporate Trust Office; or 

(b) Issuer by Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed,
first-class postage prepaid, to Issuer addressed to it and received by it 100 White Clay Center, Newark, Delaware 19711, Attn: Corporate Trust Administration, or at any other address previously furnished in writing to Indenture Trustee by Issuer. A
copy of each notice to Issuer shall be sent in writing and mailed, first-class postage prepaid, to Administrator at 3100 Easton Square Place, #3108, Columbus, Ohio 43219, Attn.: President. 

Section 12.5 Notices to Noteholders; Waiver. Where the Indenture provides for notice to Noteholders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by registered or certified mail or first class postage prepaid or national overnight courier service to each Noteholder affected by such event, at its
address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice which is mailed in the manner herein provided shall conclusively be presumed
to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with Indenture Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of
regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner
of giving such notice as shall be satisfactory to Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
  

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 Where this Indenture provides for notice to any Rating Agency, failure to give such notice
shall not affect any other rights or obligations created hereunder and shall not under any circumstance constitute a Default or Event of Default. 

Section 12.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, Issuer, with the prior written consent of Indenture Trustee, may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by Indenture Trustee or any Paying Agent to such Holder, that is different
from the methods provided for in this Indenture for such payments or notices. Issuer will furnish to Indenture Trustee a copy of each such agreement and Indenture Trustee will cause payments to be made and notices to be given in accordance with such
agreements. 
 Section 12.7 Conflict with Trust Indenture Act. At any time when this Indenture is required to be
qualified under the TIA: 
 (a) If any provision hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this indenture by any of the provisions of the TIA, such required provision shall control. 
 (b) The
provisions of TIA §§310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not
physically contained herein. 
 Section 12.8 Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 12.9
Successors and Assigns. All covenants and agreements in this Indenture by Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 12.10 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, and the Noteholders, the Receivables Trust Trustee, Servicer and Transferor, any benefit. 

Section 12.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no
interest shall accrue for the period from and after any such nominal date. 
 Section 12.13 GOVERNING LAW. THIS INDENTURE
AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

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 Section 12.14 Counterparts. This Indenture may be executed in any number of
counterparts (and by different parties on separate counterparts), each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 12.15 Issuer Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of Issuer on
the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in Issuer, the Owner Trustee or Indenture
Trustee or of any successor or assign of Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. For all purposes of this Indenture, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement.

 Section 12.16 No Petition. Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a
Note, hereby covenant and agree that they will not at any time, notwithstanding any prior termination of this Indenture, institute against the Issuer, Transferor or Certificate Trust, or solicit or join or cooperate with or encourage any institution
against the Issuer, Transferor or Certificate Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the Transaction Documents. The foregoing shall not limit the rights of Indenture Trustee to file any claim in or otherwise take any action with respect to any insolvency proceeding that
was instituted against Issuer by any Person other than Indenture Trustee. 
 Section 12.17 Subordination. Issuer and each
Noteholder by accepting a Note acknowledge and agree that such Note represents indebtedness of Issuer and does not represent an interest in any assets (other than the Trust Estate) of Transferor (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Estate and proceeds thereof). In furtherance of and not in derogation of the foregoing, to the extent Transferor enters into other securitization transactions, Issuer as well as
each Noteholder by accepting a Note acknowledge and agree that it shall have no right, title or interest in or to any assets (or interest therein) (other than the Trust Estate) conveyed or purported to be conveyed by Transferor to another
securitization trust or other Person or Persons in connection therewith (whether by way of a sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”). To the extent that, notwithstanding the agreements and
provisions contained in the preceding sentences of this Section, Issuer or any Noteholder either (i) asserts an interest or 

 

 59 

 
claim to, or benefit from, Other Assets, whether asserted against or through Transferor or any other Person owned by Transferor, or (ii) is deemed to have any such interest, claim or benefit
in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any successor provision having
similar effect under the Bankruptcy Code), and whether deemed asserted against or through Transferor or any other Person owned by Transferor, then Issuer and each Noteholder by accepting a Note further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of Transferor which, under the terms of the relevant documents relating to the securitization of
such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of
distribution or application under applicable law, including insolvency laws, and whether asserted against Transferor or any other Person owned by Transferor), including, the payment of post-petition interest on such other obligations and
liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Noteholder further acknowledges and agrees that no adequate remedy at law exists for a breach
of this Section 12.17 and the terms of this Section 12.17 may be enforced by an action for specific performance. Nothing in this Section 12.17 shall in any way affect the Granting Clause of the Indenture.

 Section 12.18 Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary,
this instrument has been signed by BNY Mellon Trust of Delaware not in its individual capacity but solely in its capacity as Owner Trustee and in no event shall BNY Mellon Trust of Delaware in its individual capacity or any beneficial owner of
Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of Issuer hereunder, as to all of which recourse shall be had solely to the assets of Issuer. For all purposes of this Indenture, in the
performance of any duties or obligations hereunder, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

 

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 IN WITNESS WHEREOF, Issuer and Indenture Trustee have caused this Indenture to be duly
executed by their respective officers thereunto duly authorized, all as of the day and year first above written. 
  

			
	 WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST II,

as Issuer

	
	 By: BNY Mellon Trust of Delaware,

not in its individual capacity,
 but solely as
Owner Trustee

		
	By:	 	/s/ Kristine K. Gullo
	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

		
	By:	 	/s/ Tamara Schultz-Fugh
	Name:	 	Tamara Schultz-Fugh
	Title:	 	Vice President

 ANNEX A TO MASTER INDENTURE 

DEFINITIONS 

“Account” means (i) each revolving credit card account designated as an “Account” pursuant to (and as
defined in) the Pooling and Servicing Agreement on or prior to the Certificate Trust Termination Date, and (ii) each other revolving credit card account which is identified by account number or identification number in each computer file or
microfiche list delivered to the Indenture Trustee by the Servicer pursuant to Section 2.1 or 2.6 of the Transfer and Servicing Agreement, or which is an Additional Account. The term “Account” shall include each
Renumbered Account. The term “Account” shall be deemed to refer to an Additional Account only from and after the Addition Date with respect thereto, and the term “Account” shall be deemed to refer to any Removed Account only
prior to the Removal Date with respect thereto. 
 “Account Schedule” means a computer file or microfiche list
containing a true and complete list of Accounts, identified by account number and setting forth the Receivable balance as of a specified date. 

“Acquired Portfolio” shall mean (i) prior to the Certificate Trust Termination Date, an “Acquired
Portfolio” as defined in the Pooling and Servicing Agreement and (ii) on and after the Certificate Trust Termination Date, a portfolio of Accounts acquired by the Originator from any Person (or group of affiliated Persons) that is not an
Affiliate of the Bank. 
 “Acquiring Person” is defined in Section 3.9(b) of the Indenture.

 “Act” is defined in Section 12.3(a) of the Indenture. 

“Addition Cut Off Date” means, with respect to Additional Accounts designated for inclusion in the Receivables Trust,
the date specified in the related Assignment. 
 “Addition Date” means (a) as to any Supplemental Account,
the date on which the Receivables in such Accounts are conveyed to the Issuer pursuant to Section 2.6(b) or (c) of the Transfer and Servicing Agreement and (b) as to Automatic Additional Accounts, the date on which such
accounts are created or otherwise become Automatic Additional Accounts. 
 “Additional Account” means
(i) an Additional Account as defined in the Pooling and Servicing Agreement, and (ii) each revolving credit card account designated pursuant to Section 2.6 of the Transfer and Servicing Agreement to be included as an Account
pursuant to Section 2.6 of the Transfer and Servicing Agreement, including all Automatic Additional Accounts and all Supplemental Accounts. 

“Additional Assignment” is defined in the Purchase Agreement. 

“Adjusted Transferor Amount” means, at any time, the result (without duplication) of (i) the aggregate amount of
Principal Receivables in the Receivables Trust, plus (ii) the amounts allocated to the Excess Funding Account, plus (iii) amounts credited to the Collection Account or any Trust Account for payment of principal on the
Investor Certificates or Notes to the extent not subtracted in calculating the Aggregate Investor Interest, minus (iv) the Aggregate Investor 

 

 A-1 

 
Interest calculated assuming that the Investor Interest of any Certificate Series that enters into an early amortization period prior to the start of its scheduled Amortization Period equals the
Investor Interest for such series as of the start of such early amortization period and assuming that the Collateral Amount of any Series of Notes that enters into an early amortization period prior to the start of its scheduled Amortization Period
equals the Collateral Amount for such Series as of the start of such early amortization period. It is understood and agreed that the Adjusted Transferor Amount may be less than zero and expressed as a negative number. 

“Administration Agreement” means the Administration Agreement, dated as of March 26, 2010 between the Issuer and
the Administrator, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Administrative
Servicer” means, initially, ADS Alliance Data Systems, Inc., a Delaware corporation, and shall also include any other Person who succeeds to the functions performed by the Administrative Servicer, as provided in the Administrative Servicer
Agreement. 
 “Administrative Servicer Agreement” means the Service Agreement, between the Bank and the
Administrative Servicer, dated as of May 15, 2008, as such agreement may be amended, supplemented or otherwise modified from time to time. 

“Administrator” means the Bank, in its capacity as administrator, under the Administration Agreement, and any successor
in that capacity. 
 “Adverse Effect” means, with respect to any action, that such action will (a) result
in the occurrence of an Early Amortization Event or an Event of Default or (b) materially and adversely affect the amount or timing of distributions to be made to the Noteholders of any Series or Class pursuant to the Transaction Documents.

 “Affiliate” means, as to any specified Person, any other Person controlling or controlled by or under common
control with such specified Person. For this purpose, “control” means the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and
“controlling” and “controlled” have correlative meanings. 
 “Affiliated Brand” means any
brand name or trademark now owned or licensed or hereafter developed, licensed or acquired by Charming Shoppes, Inc. or its present or future Affiliates, which is used primarily for women’s apparel sales; it being understood and agreed that as
of the date hereof “Affiliated Brand” includes, but is not limited to, Fashion Bug, Fashion Bug Plus, Lane Bryant, Lane Bryant Outlet, Lane Bryant Woman, Lane Bryant Catalog, Cacique, Petite Sophisticate, Petite Sophisticate Outlet, Figure
Magazine, Catherines and Catherines Plus Sizes. 
 “Aggregate Investor Interest” means, as of any date of
determination, the aggregate of (i) the sum of the Collateral Amounts of all Series of Notes issued and outstanding on such date of determination, (ii) the sum of the Investor Interests of all Certificate Series issued and outstanding on
such date of determination and (iii) the sum of the Enhancement Invested Amounts, if any, for all outstanding Series on such date of determination. 
  

 A-2 

 “Aggregate Principal Receivables” means, as of any date of determination,
the aggregate amount of Principal Receivables as of such date. 
 “Allocated Interchange” means Interchange
arising out of transactions in each Account on or after the Addition Cut Off Date for such Account. 
 “Amortization
Period” means, as to any Series or any Class within a Series, any period specified in the related Indenture Supplement during which a share of principal collections is set aside to repay the outstanding principal amount of that Series
(excluding repayments of a Variable Interest during its revolving period). 
 “Applicants” is defined in
Section 2.9 of the Indenture. 
 “Approved Portfolio” means any Account owned by the Bank from time
to time and included in the Private Label Programs as of the Initial Closing Date, and each additional portfolio thereafter designated as an “Approved Portfolio” (as defined in the Pooling and Servicing Agreement) pursuant to
Section 2.6(f) of the Pooling and Servicing Agreement or designated as an “Approved Portfolio” pursuant to Section 2.6(g) of the Transfer and Servicing Agreement. 

“Approved Rating” means a rating of “P-1” by Moody’s and a rating of “A-1+” by S&P.

 “Assignment” is defined in Section 2.6(d)(ii) of the Transfer and Servicing Agreement.

 “Authorized Newspaper” means any newspaper or newspapers of general circulation in the Borough of Manhattan,
The City of New York printed in the English language (and, with respect to any Series or Class, if and so long as the Notes of such Series or Class are listed on the Luxembourg Stock Exchange and such exchange shall so require, in Luxembourg,
printed in any language satisfying the requirements of such exchange) and customarily published on each Business Day at such place, whether or not published on Saturdays, Sundays or holidays. 

“Authorized Officer” means: 

(a) with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters
relating to the Issuer and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by the Owner Trustee to the Indenture Trustee on the Initial Closing Date (as such list may be modified
or supplemented from time to time thereafter) and any Vice President or more senior officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and to be acted upon by the Administrator pursuant to
the Administration Agreement and who is identified on the list of Authorized Officers (containing the specimen signatures of such officers) delivered by the Administrator to the Indenture Trustee on the Initial Closing Date (as such list may be
modified or supplemented from time to time thereafter); 
 (b) with respect to the Transferor, any officer of the
Transferor who is authorized to act for the Transferor in matters relating to the Transferor and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by the Transferor to the
Indenture Trustee on the Initial Closing Date (as such list may be modified or supplemented from time to time thereafter); and 
  

 A-3 

 (c) with respect to the Servicer, any officer of the Servicer who is
authorized to act for the Servicer in matters relating to the Servicer and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by the Servicer to the Indenture Trustee on the Initial
Closing Date (as such list may be modified or supplemented from time to time thereafter). 
 “Automatic Addition
Suspension Date” is defined in Section 2.6(a) of the Transfer and Servicing Agreement. 

“Automatic Addition Termination Date” is defined in Section 2.6(a) of the Transfer and Servicing Agreement.

 “Automatic Additional Account” means each open end credit card account in any Approved Portfolio that is
established pursuant to a Cardholder Agreement coming into existence after (a) the Certificate Trust Termination Date (in the case of an Account that was designated as an Approved Portfolio prior to the Certificate Trust Termination Date) and
(b) the Addition Cut Off Date relating to the first Addition Date on which Receivables from Accounts in the applicable portfolio are transferred to the Issuer (in the case of an Account in any portfolio designated as an Approved Portfolio after
the Certificate Trust Termination Date) and, in either case, prior to the Automatic Addition Termination Date or an Automatic Addition Suspension Date, or subsequent to a Restart Date. In addition, Accounts in an Approved Portfolio that were in
existence, but were not Eligible Accounts, on (x) the Certificate Trust Termination Date (in the case of an Account in any portfolio that was designated as an Approved Portfolio prior to the Certificate Trust Termination Date) or (y) the
Addition Cut Off Date relating to the first Addition Date on which Receivables from Accounts in the applicable portfolio are transferred to the Issuer (in the case of an Account in any portfolio that was designated as an Approved Portfolio after the
Certificate Trust Termination Date) but which, in either case, become Eligible Accounts prior to the Automatic Addition Termination Date or an Automatic Addition Suspension Date, or subsequent to a Restart Date, shall also be “Automatic
Additional Accounts” and shall be deemed, for purposes of the definition of “Eligible Account” and Section 2.6(a) of the Transfer and Servicing Agreement, to have been created on the first day after the Certificate Trust
Termination Date or applicable Addition Cut Off Date on which they are Eligible Accounts. 
 “Bank” means World
Financial Network National Bank. 
 “Book-Entry Notes” means beneficial interests in the Notes, ownership and
transfers of which shall be made through book entries by a Clearing Agency or Foreign Clearing Agency as described in Section 2.12 of the Indenture. 

“Business Day” means any day other than (a) a Saturday or Sunday, (b) any other day on which national banking
associations or state banking institutions in New York, New York, Columbus, Ohio, St. Paul, Minnesota, or Wilmington, Delaware are authorized or obligated by law, executive order or governmental decree to be closed or (c) for purposes of any
particular Series, any other day specified in the related Indenture Supplement. 
  

 A-4 

 “Cardholder Agreement” means the agreement (and the related application)
for any Account, as such agreement may be amended, modified or otherwise changed from time to time in accordance with the terms hereof. 

“Cardholder Guidelines” means the Originator’s policies and procedures relating to the operation of its credit card
business in effect on the date hereof, including, without limitation the policies and procedures for determining the creditworthiness of potential and existing credit card customers, and relating to the maintenance of credit card accounts and
collection of credit card receivables, as such policies and procedures may be amended from time to time. 

“Cedel” means Cedel S.A. 

“Certificate of Trust” means the Certificate of Trust in the form attached to the Trust Agreement as Exhibit A, which
has been filed for the Issuer pursuant to Section 3810(a) of the Statutory Trust Statute. 
 “Certificate
Series” means any series of Investor Certificates issued under the Pooling and Servicing Agreement. 

“Certificate Series Supplement” means a Supplement as defined in the Pooling and Servicing Agreement. 

“Certificate Trust” means World Financial Network Credit Card Master Trust II formed under the Pooling and Servicing
Agreement. 
 “Certificate Trust Termination Date” means the date on which the Certificate Trust is terminated
and all of the Receivables held by the Certificate Trust are transferred to the Issuer. 
 “Certificate Trust
Trustee” means the trustee under the Pooling and Servicing Agreement. 
 “Class” means, with respect
to any Series, any one of the classes of Notes of that Series. 
 “Clearing Agency” means an organization
registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency
Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency or Foreign
Clearing Agency. 
 “Clearstream” means Clearstream Banking, société anonyme, a professional
depository incorporated under the laws of Luxembourg, and its successors. 
 “Closing Date” means, with respect
to any Series, the closing date specified in the related Indenture Supplement. 
 “Co-Branded
Program” means a program of the Originator to originate charges on a general purpose credit card, including without limitation a card under the
Visa®,
MasterCard®, American
Express® or
Discover® systems, which credit card may be co-branded with one or more Affiliated Brands as specified in the
Cardholder Guidelines. 
  

 A-5 

 “Code” means the Internal Revenue Code of 1986. 

“Collateral” is defined in the Granting Clause of the Indenture. 

“Collateral Amount” is defined, with respect to any Series, in the related Indenture Supplement. 

“Collateral Certificate” means the certificate, representing an undivided interest in the assets held in the Certificate
Trust, issued pursuant to the Pooling and Servicing Agreement and the Collateral Series Supplement to the Pooling and Servicing Agreement. 

“Collateral Series Supplement” means a supplement to the Pooling and Servicing Agreement, dated as of March 26,
2010, executed and delivered in connection with the original issuance of the Collateral Certificate pursuant to Section 6.1 of the Pooling and Servicing Agreement as the same may be amended, supplemented or otherwise modified from time
to time. 
 “Collection” means any payment by or on behalf of Obligors received by the Originator, Transferor,
Servicer or Receivables Trust Trustee in respect of the Receivables, in the form of cash, checks, wire transfers, electronic transfers, ATM transfers or other form of payment on any Receivables, including, without limitation, all Recoveries. The
term “Collection” shall include Allocated Interchange. The term “Collection” shall also include Debt Cancellation Proceeds, Insurance Proceeds and other amounts constituting Recoveries generally, but shall exclude Debt
Cancellation Proceeds, Insurance Proceeds and other amounts constituting Recoveries of Receivables to the extent the aggregate Debt Cancellation Proceeds, Insurance Proceeds and other Recoveries received in respect of Receivables during any Due
Period exceed the Loss Amount for such Due Period and any prior Due Periods; which excess shall be distributed to the Transferor on the Distribution Date related to such Due Period. A Collection processed on an Account in excess of the aggregate
amount of Receivables in such Account as of the date of receipt by the Originator, Transferor, Servicer or Trustee of such Collection shall be deemed to be a payment in respect of Principal Receivables to the extent of such excess. 

“Collection Account” means (i) prior to the Certificate Trust Termination Date, the account identified as such
pursuant to Section 4.2(a) of the Pooling and Servicing Agreement, and (ii) on and after the Certificate Trust Termination Date, the account identified as such pursuant to Section 8.3(a) of the Indenture. 

“Commission” means the Securities and Exchange Commission. 

“Convey” means to sell, transfer, reassign, assign, set over and otherwise convey. 

“Conveyance” means the act of Conveying property. 

 

 A-6 

 “Corporate Trust Office” means: 

(a) for the Indenture Trustee, the principal office at which at any particular time its corporate trust business shall be
administered, which office at date of the execution of the Indenture is located at 60 Livingston Avenue, EP-MN-WS3D, St. Paul, Minnesota 55107, Facsimile: (651) 495-8090, Attention: Structure Finance – World Financial Network 2010-1, or at
such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Transferor, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture
Trustee will notify the Noteholders and the Transferor); 
 (b) for the Owner Trustee, the principal office at
which at any particular time its corporate trust business shall be administered, which office at date of the execution of the Indenture is located at 100 White Clay Center, Newark, Delaware 19711, Attn: Corporate Trust Administration. 

“Date of Processing” means, as to any transaction, the Business Day on which the transaction is first recorded on
Servicer’s computer file of consumer revolving accounts (without regard to the effective date of such recordation). 

“DBRS” means DBRS, Inc. 

“Debt Cancellation Proceeds” means any amounts recovered by Servicer pursuant to any debt cancellation policy covering
any Obligor with respect to Receivables under such Obligor’s Account to the extent such amounts are used to make payments on such Account. 

“Debtor” means the party designated in the Specified Agreement as the “Debtor” for purposes of the Perfection
Representations and Warranties. 
 “Debtor Relief Laws” means Title 11 of the United States Code and all other
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments or similar debtor relief laws from time to time in effect affecting the rights of creditors (including
creditors of national banking associations generally), and general principles of equity (whether considered in a suit at law or in equity). 

“Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 “Defaulted Receivable” means, as to any date of determination, all Principal Receivables in any Account
which are charged off as uncollectible on that date in accordance with the Cardholder Guidelines and Servicer’s customary and usual servicing procedures for servicing open end credit card account receivables comparable to the Receivables. A
Principal Receivable in any Account shall become a Defaulted Receivable on the day on which such Principal Receivable is recorded as charged off in accordance with the Cardholder Guidelines. 

“Definitive Notes” means Notes in definitive, fully registered form. 

“Determination Date” means, unless otherwise specified in any Indenture Supplement with respect to the related Series,
the second Business Day preceding each Distribution Date. 
  

 A-7 

 “Dilution Amount” has the meaning set forth in (i) prior to the
Certificate Trust Termination Date, Section 4.3(d) of the Pooling and Servicing Agreement, and (ii) thereafter, Section 8.4(d) of the Indenture. 

“Distribution Date” means, with respect to any Series, the date specified in the related Indenture Supplement.

 “Dollars,” “$” or “U.S. $” means United States dollars. 

“DTC” means The Depository Trust Company. 

“Due Period” means as to each Distribution Date, the immediately preceding calendar month, unless otherwise defined in
any Indenture Supplement; provided, however, that unless otherwise specified in the related Indenture Supplement, the initial Due Period with respect to any Series will commence on the Closing Date with respect to such Series and shall
end on the last day of the calendar month preceding the first Distribution Date with respect to such Series. 
 “Early
Amortization Event” means, as to any Series, each event, if any, specified in the relevant Indenture Supplement as an Early Amortization Event for that Series or a Trust Early Amortization Event. 

“Eligible Account” means (a) with respect to “Accounts” designated pursuant to (and as defined in) the
Pooling and Servicing Agreement prior to the Certificate Trust Termination Date, Accounts which are “Eligible Accounts” under (and as defined in) the Pooling and Servicing Agreement and (b) each Account, as of the date of creation
thereof (in the case of an Automatic Additional Account) or the related Addition Cut Off Date (in the case of a Supplemental Account): 

(a) which is payable in United States dollars; 

(b) which has been originated in connection with the extension of credit through a Specified Program to an Obligor whose
application for the extension of credit was processed through the Originator or an Affiliate of the Originator or which has been acquired by the Originator from a third party and determined by the Originator to be in compliance with the Cardholder
Guidelines, including those relating to the extension of credit; provided that: 
 (i) an Account
originated in a Specified Program other than a Private Label Program or a Co-Branded Program shall be an Eligible Account only if at or prior to the designation of such Account to the Issuer the Rating Agency Condition has been satisfied with
respect to the inclusion of Accounts from such Specified Program; and 
 (ii) an Account originated in an
Acquired Portfolio shall be an Eligible Account only if at or prior to the designation of such Account to the Receivables Trust the Rating Agency Condition has been satisfied with respect to the inclusion of Accounts from such Acquired Portfolio.

  

 A-8 

 (c) which the Originator has not classified on its electronic records as
counterfeit, canceled or fraudulent, and with respect to which any card issued in connection therewith has not been stolen or lost; 

(d) the Obligor on which has provided, as its most recent billing address, an address which is located in the United
States, a U.S. Territory or a U.S. Military P.O. Box outside the United States; provided, that an Account, the Obligor on which has provided as its most recent billing address an address which is located in Canada or Mexico shall be an
Eligible Account, but only to the extent that the aggregate amount of Principal Receivables in all such Accounts shall be less than 1.0% of the aggregate Principal Receivables of all Accounts averaged as of the last day of the two most recent
consecutive Due Periods; and provided, further, that the Receivables of any such Account constituting any such excess over such 1.0% threshold shall not be treated as Receivables for purposes of calculating the Transferor Amount, the
Minimum Transferor Amount or the Investor Percentage of any Series; 
 (e) which has not been identified as an
account, the Obligor on which is the subject of a bankruptcy proceeding; provided, however, Eligible Accounts may include accounts as to which the Originator believes the related Obligor is bankrupt, so long as (1) the balance of all
receivables included in such accounts is reflected on the books and records of the Originator (and is treated for purposes of the Transaction Documents) as “zero” and (2) charging privileges with respect to all such accounts have been
canceled and are not reinstated; 
 (f) which the Originator has not charged off in its customary and usual
manner for charging off such Accounts; and 
 (g) with respect to which all filings, consents, licenses,
approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by the Originator in connection with the creation of the underlying Receivable in such Account or the
execution, delivery and performance by the Originator of the Cardholder Agreement pursuant to which such underlying Receivable was created, have been duly obtained, effected or given and are in full force and effect. 

“Eligible Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a
segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States or any one of the states thereof, or the District of Columbia (or any domestic branch of a foreign bank), and
acting as a trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each of Moody’s, S&P and, if rated by Fitch, Fitch in one of its generic credit rating
categories that signifies investment grade. 
 “Eligible Institution” means (a) a depository institution
(which may be the Owner Trustee or the Indenture Trustee or an affiliate thereof) organized under the laws of the United States or any one of the states thereof (i) that has either (A) a long-term unsecured debt rating of “A2” or
better by Moody’s or (B) a certificate of deposit rating of “P-1” by Moody’s, (ii) that has either 

 

 A-9 

 
(A) a long-term unsecured debt rating of “A” by S&P or (B) a certificate of deposit rating of at least “A-1+” by S&P, (iii) that, if rated by Fitch, has
either (A) a long-term unsecured debt rating of “A” by Fitch or (B) a certificate of deposit rating of at least “F-1+” by Fitch and (iv) with deposit insurance provided by FDIC or (b) any other institution
that is acceptable to each Rating Agency, Servicer and Indenture Trustee. 
 “Eligible Receivable” means each
Receivable which satisfies each of the following conditions: 
 (a) which has arisen under an Eligible Account;

 (b) which was created in compliance, in all material respects, with all Requirements of Law applicable to the
Originator and pursuant to a Cardholder Agreement that complies in all material respects with all Requirements of Law applicable to the Originator; 

(c) as to which, at the time of and at all times after the creation of such Receivable, the Originator, the Transferor or
the Receivables Trust had good and marketable title thereto, free and clear of all Liens arising under or through the Originator, the Transferor or any of their Affiliates; 

(d) which, at the time of its transfer to the Receivables Trust, is not subject to any right of rescission, setoff,
counterclaim or any other defense of the Obligor (including the defense of usury), other than defenses arising out of Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit
at law or equity) or as to which Servicer makes an adjustment pursuant to Section 8.4(d); 
 (e)
which is the legal, valid and binding payment obligation of the Obligor thereon, enforceable against such Obligor in accordance with its terms, subject to Debtor Relief Laws; and 

(f) which constitutes an “account” or a “general intangible” under Article 9 of the UCC as then
in effect in any applicable jurisdiction. 
 “Eligible Servicer” shall mean the Indenture Trustee, a
wholly-owned subsidiary of the Indenture Trustee, or an entity which, at the time of its appointment as Servicer, (a) is servicing or has an Affiliate that is servicing a portfolio of revolving credit card accounts or other revolving credit
accounts, (b) is legally qualified and has the capacity to service the Accounts, (c) is qualified (or licensed) to use the software that the Servicer is then currently using to service the Accounts or obtains the right to use, or has its
own, software which is adequate to perform its duties under the Transfer and Servicing Agreement, (d) has, in the reasonable judgment of the Indenture Trustee, the ability to professionally and competently service a portfolio of similar
accounts in accordance with customary standards of skill and care and (e) has a net worth of at least $50,000,000 as of the end of its most recent fiscal quarter. 
  

 A-10 

 “Enhancement” means the rights and benefits provided to the Noteholders of
any Series or Class pursuant to any letter of credit, surety bond, cash collateral account, guaranty collateral invested amount, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement, interest rate swap
agreement, interest rate cap agreement or other similar arrangement, as designated in the applicable Indenture Supplement. The subordination of any Class to another Class, or a cross support feature which requires collections on Receivables
allocated to one Series to be paid as principal and/or interest with respect to another Series shall be deemed to be an Enhancement for the Class or Series benefiting from the subordination or cross support feature. 

“Enhancement Agreement” means any agreement, instrument or document governing any Enhancement or pursuant to which any
Enhancement is issued or outstanding. 
 “Enhancement Invested Amount” shall have the meaning, if applicable
with respect to any Series, specified in the related Indenture Supplement. 
 “Enhancement Provider” means the
Person or Persons, if any, providing any Enhancement, other than the Noteholders of any Class which is subordinated to another Class, designated as such in the related Indenture Supplement. 

“Euroclear” means the Euroclear system operated by the Euroclear Operator. 

“Euroclear Operator” means Euroclear Bank S.A./N.V. 

“Event of Default” is defined in Section 5.2 of the Indenture. 

“Excess Allocation Series” means a Series that, pursuant to the Indenture Supplement therefor, is entitled to receive
certain excess Collections of Finance Charge Receivables, as more specifically set forth in such Indenture Supplement. If so specified in the Indenture Supplement for a Group of Series, such Series may be Excess Allocation Series only for the Series
in such Group. 
 “Excess Funding Account” means (i) prior to the Certificate Trust Termination Date, the
account identified as such in Section 4.3(e) of the Pooling and Servicing Agreement, and (ii) on and after the Certificate Trust Termination Date, the account designated as such in Section 8.3 of the Indenture.

 “Exchange Act” means the Securities Exchange Act of 1934. 

“Expenses” is defined in Section 7.2 of the Trust Agreement. 

“FDIA” means the Federal Deposit Insurance Act, 12 U.S.C. § 1811 et seq., as supplemented, amended or
otherwise modified from time to time. 
 “FDIC” means the Federal Deposit Insurance Corporation or a successor
thereto. 
 “Finance Charge Receivables” means (i) all amounts billed to the Obligors on any Account in
the ordinary course of the Originator’s business in respect of (a) periodic rate finance charges, (b) late payment fees, (c) annual fees, if any, with respect to Accounts (excluding any membership fees payable with respect to any
special program credit cards which fees shall not be 
  

 A-11 

 
deemed to be Finance Charge Receivables but shall be deemed to be Principal Receivables), (d) returned check charges, and (e) any other fees with respect to the Accounts designated by
the Transferor by notice to the Receivables Trust Trustee at any time and from time to time to be included as Finance Charge Receivables and (ii) all amounts paid to the Originator in respect of Allocated Interchange. 

“Finance Charge Shortfalls” is defined, as to any Series, in the related Indenture Supplement. 

“Fitch” means Fitch, Inc. 

“Foreign Clearing Agency” means Clearstream and the Euroclear Operator. 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time.

 “Global Note” is defined in Section 2.15 of the Indenture. 

“Governmental Authority” means the United States of America, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Grant” means to mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create and
grant a lien upon and a security interest in, create a right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options
(but none of the obligations) of the Granting party thereunder, including if available the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other
moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise and generally to do and
receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Group” means, with respect to any Series, the group of Series, if any, in which the related Indenture Supplement
specifies such Series is to be included. 
 “Holder” means a Noteholder or a Person in whose name the
Transferor Amount is registered. 
 “Indemnified Parties” is defined in Section 7.2 of the Trust
Agreement. 
 “Indenture” means the Master Indenture, dated as of March 26, 2010, between the Issuer and
the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
  

 A-12 

 “Indenture Supplement” means, with respect to any Series, a supplement to
this Indenture, executed and delivered in connection with the original issuance of the Notes of such Series pursuant to Section 2.11 of the Indenture, and an amendment to this Indenture executed pursuant to Sections 10.1 or
10.2 of the Indenture, and, in either case, including all amendments thereof and supplements thereto. 

“Indenture Trustee” means U.S. Bank National Association, in its capacity as trustee under this Indenture, its
successors in interest and any successor indenture trustee under this Indenture. 
 “Independent” means, when
used with respect to any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Transferor and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial
interest or any material indirect financial interest in the Issuer, any such other obligor, the Transferor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Transferor or any
Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 

“Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the
circumstances described in, and otherwise complying with, the applicable requirements of Section 12.1 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuer Order, and such opinion or certificate shall
state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof. 

“Indirect Participant” means other Persons such as securities brokers and dealers, banks and trust companies that clear
or maintain a custodial relationship with a participant of DTC, either directly or indirectly. 
 “Ineligible
Receivables” is defined (i) prior to the Certificate Trust Termination Date, in Section 2.4(d)(iii) of the Pooling and Servicing Agreement, and (ii) on and after the Certificate Trust Termination Date, in
Section 2.4(e)(iii) of the Transfer and Servicing Agreement. 
 “Initial Closing Date” means
March 26, 2010. 
 “Initial Collateral Amount” with respect to any Series, shall have the meaning
specified in the related Indenture Supplement. 
 “Insolvency Event” means, with respect to any Person, such
Person shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to all or substantially all of its property, or a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Person; or such Person shall admit in writing its inability to pay its debts generally as they become due, commence or have commenced
against it (unless dismissed within thirty (30) days) as a debtor a proceeding under any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations.

  

 A-13 

 “Insurance Proceeds” means any amounts recovered by Servicer pursuant to
any credit life, credit disability or unemployment insurance policies covering any Obligor with respect to Receivables under such Obligor’s Account to the extent such amounts are used to make payments on such Account. 

“Interchange” means interchange fees payable to the Originator in its capacity as credit card issuer. 

“Interest Period” means, with respect to any Series or Certificate Series, the period over which interest on which the
related Notes or Certificates are calculated for payment on the applicable Distribution Date. 
 “Investment Company
Act” means the Investment Company Act of 1940. 
 “Investor Certificate” is defined in the Pooling and
Servicing Agreement. 
 “Investor Certificateholder” is defined in the Pooling and Servicing Agreement.

 “Investor Interest” with respect to any Certificate Series shall have the meaning specified in the related
supplement to the Pooling and Servicing Agreement. 
 “Investor Percentage” with respect to Collections of
Principal Receivables, Collections of Finance Charge Receivables, Series Dilution Amounts or Loss Amounts for any Series, shall have the meaning specified in the related Indenture Supplement. 

“Investor/Purchaser Percentage” is defined in the Pooling and Servicing Agreement. 

“Issuer” means World Financial Network Credit Card Master Note Trust II, which is established by the Trust Agreement.

 “Issuer Order” and “Issuer Request” means a written order or request signed in the name of
the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Late Fees” means
the fees specified in the Cardholder Agreement applicable to each Account for late fees with respect to such Account. 

“Lien” means any mortgage, deed of trust, pledge, security interest, hypothecation, assignment, participation or equity
interest, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement,
excluding any lien or filing pursuant to the Indenture; provided that the Conveyance of a Receivables Purchase Interest or Undivided Trust Interest pursuant to (and each as defined in) the Pooling and Servicing Agreement, any assignment or transfer
pursuant to Section 8.2 of the Pooling and Servicing Agreement, Section 3.4 of the Trust Agreement, Section 5.2 of the Transfer and Servicing Agreement or Section 7.2 of the Transfer and Servicing
Agreement and any encumbrance or other arrangement pursuant to a Transaction Document shall not constitute a Lien. 
  

 A-14 

 “Loss Amount” for any Due Period means an amount (which shall not be less
than zero) equal to (a) the principal balance of any Account, or any portion thereof, that has been written off or, consistent with the Cardholder Guidelines, should have been written off the Originator’s books as uncollectible during such
Due Period, minus (b) the amount of Recoveries received in such Due Period with respect to Receivables previously charged off as uncollectible or as otherwise defined in the applicable Indenture Supplement. 

“Majority Holders” means the Holders of Notes evidencing more than 50% of the Outstanding Amount. 

“Minimum Seller Interest” is defined in the Pooling and Servicing Agreement. 

“Minimum Transferor Amount” means the greatest of (i) the highest amount specified as the Minimum Seller Interest
in any Certificate Series, (ii) the highest amount specified as the Minimum Transferor Amount in any outstanding Series, and (iii) zero. 

“Monthly Period” means the period from and including the first day of a calendar month to and including the last day of
a calendar month. 
 “Monthly Servicing Fee” is defined in Section 3.2 of the Transfer and
Servicing Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“New Issuance” is defined in Section 2.11(a) of the Indenture. 

“Note” means one of the Notes issued by the Issuer pursuant to the Indenture and an Indenture Supplement, substantially
in the form attached to the related Indenture Supplement. 
 “Note Interest Rate” means, as of any particular
date of determination and with respect to any Series or Class, the interest rate as of such date specified therefor in the related Indenture Supplement. 

“Note Owner” means, with respect to a Book-Entry Note, the Person who is the owner of such Book-Entry Note, as reflected
on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect Participant, in accordance with the rules of such Clearing Agency).

 “Note Principal Balance” means, as of any particular date of determination and with respect to any Series or
Class, the amount specified in the related Indenture Supplement. 
 “Note Register” is defined in
Section 2.5 of the Indenture. 
 “Note Trust” means World Financial Network Credit Card Master Note
Trust II, which is established by the Trust Agreement. 
  

 A-15 

 “Noteholder” means the Person in whose name a Note is registered on the
Note Register and, if applicable, the holder of any Global Note, or such other Person deemed to be a “Noteholder” or “Holder” in any related Indenture Supplement. 

“Notes” means all Series of Notes issued by the Issuer pursuant to the Indenture and the applicable Indenture
Supplements. 
 “Obligor” means, with respect to any Account, the Person or Persons obligated to make payments
with respect to such Account, including any guarantor thereof. 
 “Officer’s Certificate” means a
certificate delivered to the Indenture Trustee or Owner Trustee signed by a Vice President or the Treasurer or any Assistant Treasurer of Originator, Transferor or Servicer, or more senior officer, as the case may be, on behalf of Originator,
Transferor or Servicer, as applicable. 
 “Opinion of Counsel” means a written opinion of counsel, who may be
counsel for, or an employee of, the Person providing the opinion, and who shall be reasonably acceptable to the Indenture Trustee, and in the case of an opinion to be delivered to the Originator, Transferor, any Enhancement Provider reasonably
acceptable to the Originator, Transferor or such Enhancement Provider. 
 “Original Trust Agreement” is defined
in the Recitals to the Trust Agreement. 
 “Originator” means (i) the Bank, (ii) any Affiliate of the
Bank as the transferee from the Bank or as the originator of an Account; provided, that the Rating Agency Condition shall have been satisfied with respect to the designation of such Affiliate as Originator and a Tax Opinion shall have been delivered
to the Indenture Trustee with respect to such designation, or (iii) any other originator of Accounts which is designated from time to time by the Transferor, subject to the satisfaction of the Rating Agency Condition. 

“Other Assets” is defined in Section 12.17 of the Indenture. 

“Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this
Indenture except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for
cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the
Indenture); and 
 (iii) Notes in exchange for or in lieu of other Notes which have been authenticated and
delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a protected purchaser; 
  

 A-16 

 provided that in determining whether the Holders of Notes representing the requisite Outstanding Notes have
given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, any successor to the Issuer as obligor upon the Notes, the Transferor, the Servicer or any Affiliate of any of the foregoing Persons
shall be disregarded and deemed not to be Outstanding, provided that the Indenture Trustee shall not be liable to any Person for treating any Note so owned as Outstanding unless a Responsible Officer of the Indenture Trustee actually knows
such Note to be so owned. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and
also establishes that the pledgee is not the Issuer, any other obligor upon the Notes, the Transferor, the Servicer or any Affiliate of any of the foregoing Persons. In making any such determination, the Indenture Trustee may conclusively rely on
the representations of the pledgee and shall not be required to undertake any independent investigation. 
 “Outstanding
Amount” means, with respect to all or any portion of the Notes or Certificates, the aggregate principal amount of all Notes or such Notes Outstanding or all Certificates or such Certificates outstanding at the date of determination, as the
context shall require. 
 “Owner Trustee” means BNY Mellon Trust of Delaware, not in its individual capacity
but solely in its capacity as owner trustee under the Trust Agreement, its successors in interest and any successor owner trustee under the Trust Agreement. 

“Paired Series” means a Series that, in its Indenture Supplement, is designated as the “Paired Series” for
another Series; provided that no Series shall be designated as a Paired Series unless the Rating Agency Condition is satisfied with respect to such designation. 

“Paying Agent” means any paying agent appointed pursuant to Section 2.8 of the Indenture and shall initially
be the Indenture Trustee; provided that if the Indenture Supplement for a Series so provides, a separate or additional Paying Agent may be appointed with respect to such Series. 

“Perfection Representations and Warranties” means the representations and warranties set forth below: 

(1) General. The Specified Agreement creates a valid and continuing security interest (as defined in the applicable
UCC) in the Collateral Certificate, the Receivables and the proceeds thereof in favor of the Secured Party, which, (a) in the case of the Collateral Certificate and existing Receivables and the proceeds thereof, is enforceable upon execution of
the Specified Agreement against creditors of and purchasers from Debtor, or with respect to then existing Receivables in Additional Accounts, as of the applicable Addition Date, and which will be enforceable with respect to Receivables hereafter and
thereafter created and the proceeds thereof upon such creation, in each case as such enforceability may be limited by applicable Debtor Relief Laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law
or in equity) and (b) in the case of Receivables hereafter created, upon the creation thereof, will be prior to all other Liens (other than Liens permitted pursuant to clause 3 below). 

 

 A-17 

 (2) General. The Collateral Certificate constitutes a “general
intangible”, “certificated security” or an “instrument,” and Receivables constitute “accounts”, within the meaning of UCC Section 8-102 or 9-102, as applicable. 

(3) Creation. Debtor owns and has good and marketable title to, or has a valid security interest in, the Collateral
Certificate and, immediately prior to the conveyance of the Receivables pursuant to the Specified Agreement, Receivables free and clear of any Lien, claim or encumbrance of any Person; provided that nothing in this clause 3 shall prevent or
be deemed to prohibit Debtor from suffering to exist upon the Collateral Certificate or any of the Receivables any Liens for any taxes if such taxes shall not at the time be due and payable or if Transferor or the Bank, as applicable, shall
currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto. 

(4) Perfection. Debtor has caused or will have caused, within ten days of the Initial Closing Date, the filing of
all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Secured Party under the Specified Agreement in the Collateral Certificate
and the Receivables arising in the Initial Accounts and Automatic Additional Accounts included in the Identified Portfolio, and (if any additional filing is so necessary) within 10 days of the applicable Addition Date, in the case of such
Receivables arising in any Account designated as an Additional Account. 
 (5) Priority. Other than the
security interest granted to the Secured Party pursuant to the Specified Agreement, Debtor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral Certificate or the Receivables. Debtor has not
authorized the filing of and is not aware of any financing statements against Debtor that include a description of collateral covering the Collateral Certificate or the Receivables other than any financing statement (i) relating to the security
interest granted to Secured Party under the Specified Agreement, (ii) that has been terminated, or (iii) that has been granted pursuant to the terms of the Transaction Documents. 

(6) Pledge of Collateral Certificate. There are no consents or approvals required by the terms of the Collateral
Certificate for the pledge of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture. 

(7) Physical Certificate. There is only one executed original of the Collateral Certificate and such original has
been delivered to the Indenture Trustee. The Collateral Certificate is registered in the name of the Indenture Trustee, upon original issue or registration of transfer by the Issuer. The Collateral Certificate does not have any marks or notations
upon it indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
  

 A-18 

 “Permitted Assignee” means any Person who, if it were the holder of an
interest in the Certificate Trust (or following the termination of the Certificate Trust, the Issuer) would not cause there to be 95 or more Private Holders. 

“Permitted Investments” means unless otherwise provided in the Indenture Supplement with respect to any Series, any of
the following: 
 (a) direct obligations of, and obligations fully guaranteed by, the United States of America or
any agency or instrumentality of the United States of America; 
 (b) (i) demand and time deposits in,
certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by, any depository institution or trust company (including the Indenture Trustee or any agent of the Indenture Trustee, acting in their respective commercial
capacities) incorporated under the laws of the United States of America, any state thereof or the District of Columbia or any foreign depository institution with a branch or agency licensed under the laws of the United States of America or any
state, subject to supervision and examination by Federal and/or state banking authorities and having an Approved Rating at the time of such investment or contractual commitment providing for such investment or otherwise approved in writing by each
Rating Agency or (ii) any other demand or time deposit or certificate of deposit which is fully insured by the Federal Deposit Insurance Corporation; 

(c) repurchase obligations with respect to (i) any security described in clause (a) above or (ii) any other
security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) described in clause (b)(i) above; 

(d) short-term debt securities bearing interest or sold at a discount issued by any corporation incorporated under the
laws of the United States of America or any state thereof, the short-term unsecured obligations of which have an Approved Rating at the time of such investment; provided, however, that securities issued by any particular corporation will not be
Permitted Investments to the extent that investment therein will cause the then outstanding principal amount of securities issued by such corporation and held as part of the corpus of the Issuer to exceed 10% of amounts held in the Collection
Account; 
 (e) commercial paper having an Approved Rating at the time of such investment or pledge as security;

 (f) a money market fund or a qualified investment fund rated “AAAm” or “AAAm-G” by
Standard & Poor’s and in the highest long-term rating category of Moody’s (including funds for which the Indenture Trustee or any of its Affiliates is investment manager or advisor); or 

 

 A-19 

 (g) any other investments approved in writing by each Rating Agency;
provided, that such investments shall be made only so long as making such investments will not require the Issuer to register as an investment company under the Investment Company Act of 1940; and provided, further, such
investment would not cause the Issuer to fail to be a QSPE. 
 Permitted Investments may be purchased by or through the Indenture Trustee and
its Affiliates. 
 “Permitted Lien” shall be any of (i) any Lien for municipal and other local taxes if
such taxes shall not at the time be due and payable or if the Transferor, the Originator or the Issuer, as applicable, shall currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books
adequate reserves with respect thereto or (ii) any Lien of the Receivables Trust Trustee pursuant to the Certificate Trust. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature. 
 “Pool
Index File” means the file on the Originator’s computer system that identifies revolving credit card accounts of the Originator, which file is designated by the Originator as its “Pool Index File.” 

“Pooling and Servicing Agreement” means the Second Amended and Restated Pooling and Servicing Agreement, dated as of
November 25, 1997, as amended as of July 22, 1999, May 8, 2001, August 5, 2004, March 18, 2005, October 17, 2007, October 30, 2009 and March 11, 2010, among WFN Credit Company, LLC, as
Seller, World Financial Network National Bank, as Servicer, and U.S. Bank National Association, successor to Wachovia Bank, National Association, as Trustee, as the same may be amended or modified from time to time; provided that, on and after the
Certificate Trust Termination Date, references in this Indenture or any Indenture Supplement to the Pooling and Servicing Agreement shall be deemed to be a reference to the Pooling and Servicing Agreement as in effect immediately prior to such date.

 “Principal Receivables” means (a) all amounts (other than amounts which represent Finance Charge
Receivables) billed to the Obligor on any Account, including without limitation amounts billed in respect of purchases of merchandise or services or credit insurance premiums and (b) all other fees (other than Finance Charge Receivables) billed
to Obligors on the Accounts. In calculating the aggregate amount of Principal Receivables on any day, the amount of Principal Receivables shall be reduced by the aggregate amount of credit balances in the Accounts on such day. Any Receivables that
the Transferor is unable to transfer to the Receivables Trust as provided in Sections 2.1 and 2.6 of the Pooling and Servicing Agreement or Sections 2.1 and 2.6 of the Transfer Servicing Agreement shall not be
included in calculating the aggregate amount of Principal Receivables. 
 “Principal Sharing Series” means a
Series that, pursuant to the Indenture Supplement therefor, is entitled to receive Shared Principal Collections. 

“Principal Shortfalls” is defined, as to any Series, in the related Indenture Supplement. 

 

 A-20 

 “Principal Terms” means, with respect to any Series, (a) the name or
designation; (b) the initial principal amount (or method for calculating such amount) and the Collateral Amount; (c) the Note Interest Rate for each Class of Notes of such Series (or method for the determination thereof); (d) the
payment date or dates and the date or dates from which interest shall accrue; (e) the method for allocating Collections to Holders of such Series; (f) the designation of any Series Accounts and the terms governing the operation of any such
Series Accounts; (g) the Series Servicing Fee Percentage; (h) the terms of any form of Enhancement with respect thereto; (i) the terms on which the Notes of such Series may be exchanged for Notes of another Series, repurchased by the
Transferor or remarketed to other investors; (j) the Series Final Maturity Date; (k) the number of Classes of Notes of such Series and, if more than one Class, the rights and priorities of each such Class; (l) the extent to which the
Notes of such Series will be issuable in temporary or permanent global form (and, in such case, the depositary for such global note or notes, the terms and conditions, if any, upon which such global note or notes may be exchanged, in whole or in
part, for Definitive Notes, and the manner in which any interest payable on a temporary or global note will be paid); (m) the priority of such Series with respect to any other Series; (n) whether such Series will be part of a Group;
(o) whether such Series will be a Principal Sharing Series; (p) whether such Series will be an Excess Allocation Series; (q) the Distribution Date; (r) the legal final maturity date on which the rights of the Noteholders of such
Series to receive payments from the Issuer will terminate, which shall not be later than the Scheduled Trust Termination Date; and (s) whether such Series will or may act as a paired series with another existing Series and the Series, with
which it will be paired, if applicable. 
 “Private Holder” means each holder of a right to receive interest or
principal in respect of any direct or indirect interest in the Issuer or the Certificate Trust, including any financial instrument or contract the value of which is determined in whole or part by reference to the Issuer or the Certificate Trust
(including the assets of the Issuer or the Certificate Trust, income of the Issuer or the Certificate Trust or distributions made by the Issuer or the Certificate Trust), excluding any interest in the Issuer or the Certificate Trust represented by
any Series, Class of Notes or any other interests as to which the Transferor has received an Opinion of Counsel to the effect that such Series, Class or other interest will be treated as debt or otherwise not as an equity interest in the Issuer, the
Certificate Trust or the Receivables for Federal income tax purposes (unless such interest is convertible or exchangeable into an interest in the Issuer or the Certificate Trust or the income of the Issuer or the Certificate Trust or such interest
provides for payment of equivalent value). Notwithstanding the immediately preceding sentence, “Private Holder” shall also include any other Person that the Transferor determines is, may be, or may become a “partner” within the
meaning of Section 1.7704-1(h)(1)(ii) of the U.S. Treasury Regulations (including by reason of Section 1.7704-1(h)(3)) or any successor provision of law. Any Person holding more than one interest in the Issuer or the Certificate Trust,
each of which separately would cause such Person to be a Private Holder, shall be treated as a single Private Holder. Each holder of an interest in a Private Holder which is a partnership, S corporation, grantor trust or disregarded entity under the
Code shall be treated as a Private Holder unless excepted with the consent of the Transferor (which consent shall be based on an Opinion of Counsel generally to the effect that the action taken pursuant to the consent will not cause the Issuer or
the Certificate Trust to become a publicly traded partnership treated as a corporation for Federal income tax purposes). 
  

 A-21 

 “Private Label Program” means the Originator’s program of originating
private label credit card receivables primarily from sales at stores, catalogs and/or e-commerce websites associated with one or more Affiliated Brands, as specified in the Cardholder Guidelines. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“Purchase Agreement” means the Purchase and Sale Agreement dated as of November 25, 1997 and amended as of
July 22, 1999, November 9, 2000, May 8, 2001 and October 30, 2009 between the Seller and the Bank, as amended or otherwise modified from time to time. 

“QSPE” means a “qualifying SPE” within the meaning of the Statement of Financial Accounting Standards
No. 140, as amended, modified, supplemented or replaced from time to time. 
 “Qualified Depository
Institution” means the Indenture Trustee or a depository institution or trust company organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or the domestic branch of a foreign
depository institution) with depository insurance provided by FDIC, the short term deposits of which have an Approved Rating. 

“Rating Agency” means, as to each Series or Certificate Series, the rating agency or agencies, if any, specified in the
related Indenture Supplement or Supplement (as defined in the Pooling and Servicing Agreement) as having rated any Notes or Investor Certificates of such Series or Certificate Series. 

“Rating Agency Condition” means, with respect to any action, that each Rating Agency, if any, shall have notified
Transferor, Servicer and the Indenture Trustee in writing that such action will not result in a reduction or withdrawal of the rating, if any, of any outstanding Series, Certificate Series or Class thereof with respect to which it is a Rating
Agency. 
 “Reassignment” is defined in Section 2.7(a) of the Transfer and Servicing Agreement.

 “Receivables” means Principal Receivables and Finance Charge Receivables; provided, that upon the
reassignment by the Receivables Trust Trustee to the Transferor of Receivables pursuant to Section 2.4 of the Pooling and Servicing Agreement or Section 2.4 of the Transfer and Servicing Agreement or upon the removal of
Receivables from the Receivables Trust pursuant to Section 2.7 of the Pooling and Servicing Agreement or Section 2.7 of the Transfer and Servicing Agreement, such Conveyed Receivables, as of the date of such reassignment or
removal, shall no longer be treated as Receivables. A Receivable shall be deemed to have been created at the end of the day on the Date of Processing of such Receivable. Receivables which become Defaulted Receivables shall not be shown on the
Servicer’s Records as amounts payable (and shall cease to be included as Receivables) on the day on which they become Defaulted Receivables. 

“Receivables Trust” means (a) prior to the Certificate Trust Termination Date, the Certificate Trust and
(b) on and after the Certificate Trust Termination Date, the Issuer. 
  

 A-22 

 “Receivables Trust Trustee” means (a) prior to the Certificate Trust
Termination Date, the Certificate Trust Trustee and (b) after the Certificate Trust Termination Date, the Indenture Trustee. 

“Record Date” means, with respect to any Distribution Date, the last calendar day of the calendar month immediately
preceding such Distribution Date unless otherwise specified for a Series in the related Indenture Supplement. 

“Recoveries” means all amounts received (net of out of pocket costs of collection) with respect to Receivables
previously charged off as uncollectible and all Debt Cancellation Proceeds and Insurance Proceeds. 
 “Redemption
Date” means, with respect to any Series, the date or dates specified in the related Indenture Supplement. 

“Registered Notes” is defined in Section 2.1 of the Indenture. 

“Removal Date” means, as applicable, (i) the date on which an Account becomes a Removed Account under the Pooling
and Servicing Agreement, or (ii) the date designated as such pursuant to Section 2.7(a) of the Transfer and Servicing Agreement. 

“Removal Notice Date” is defined in Section 2.7(a) of the Transfer and Servicing Agreement. 

“Removed Accounts” means, as applicable, (i) an Account that is removed from the Certificate Trust pursuant to
Section 2.7 of the Pooling and Servicing Agreement, or (ii) an Account that is removed from the Issuer pursuant to Section 2.7(a) of the Transfer and Servicing Agreement. 

“Renumbered Account” means an Account with respect to which a new credit account number has been issued by the Servicer
or the Originator under circumstances resulting from a lost or stolen credit card, from the transfer from one group to another group, from the transfer from one Obligor to another Obligor or from the addition of any Obligor and not requiring
standard application and credit evaluation procedures under the Cardholder Guidelines, and which in any such case can be traced or identified by reference to or by way of the computer files or microfiche or written lists delivered to the Issuer
pursuant to Section 2.1, 2.6 or 2.7 of the Pooling and Servicing Agreement or Section 2.1, 2.6 or 2.7 of the Transfer and Servicing Agreement as an Account which has been renumbered.

 “Required Addition Event” means, as of any Business Day, either (i) the Transferor Amount is less than
the Minimum Transferor Amount or (ii) the Adjusted Transferor Amount is less than zero. 
 “Requirements of
Law” means any law, treaty, rule or regulation, or determination of an arbitrator of, the United States of America, any state or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, whether federal, state or local (including any usury law, the Federal Truth-in-Lending Act and Regulation Z of the Board of Governors of the Federal Reserve System), and, when used with
respect to any Person, the certificate of incorporation and by-laws or other charter or other governing documents of such Person. 
  

 A-23 

 “Responsible Officer” means, with respect to the Issuer, the Chairman or
any Vice Chairman of the Board of Directors or Trustees of the Administrator; the Chairman or Vice Chairman of the Executive or Standing Committee of the Board of Directors or Trustees of the Administrator; and the President, any Executive Vice
President, Senior Vice President, Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, the Cashier, any Assistant or Deputy Cashier, the Controller and any Assistant Controller
or any other officer of the Administrator customarily performing functions similar to those performed by any of the above-designated officers. With respect to the Indenture Trustee, the term “Responsible Officer” means any officer assigned
to the Corporate Trust Office, including any vice president, assistant vice president, trust officer, or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers
and, in each case, having direct responsibility for the administration of the applicable Transaction Documents, and also, with respect to a particular matter, any other officer, to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. With respect to the Owner Trustee, the term “Responsible Officer” means any officer within the Corporate Trust Office of the Owner Trustee with direct responsibility for the
administration of the Receivables Trust or Issuer, as applicable, or any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. The term “Responsible Officer”,
when used herein with respect to any Person other than the Issuer, the Indenture Trustee or the Owner Trustee, means an officer or employee of such Person corresponding to any officer or employee described in the preceding sentence. 

“Restart Date” is defined in Section 2.6(a) of the Transfer and Servicing Agreement. 

“Rule 144A” means Rule 144A under the Securities Act, as such Rule may be amended from time to time. 

“S&P” or “Standard & Poor’s” means Standard & Poor’s Ratings Service, a
division of the McGraw Hill Companies, Inc. 
 “Secured Account Program” means a credit card program of the
Originator under which the Obligors are required to maintain a security deposit against amounts charged, as specified in the Cardholder Guidelines. 

“Secured Party” means the party designated in the Specified Agreement as the “Secured Party” for purposes of
the Perfection Representations and Warranties. 
 “Securities Act” means the Securities Act of 1933.

 “Seller” means WFN Credit Company, LLC, a Delaware limited liability company, as Seller under the Pooling
and Servicing Agreement. 
 “Series” means any series of Notes, which may include within any such Series a
Class or Classes of Notes subordinate to another such Class or Classes of Notes. 
  

 A-24 

 “Series Account” means any deposit, trust, escrow or similar account
maintained for the benefit of the Noteholders of any Series or Class, as specified in any Indenture Supplement. 

“Series Dilution Amount” means (i) prior to the Certificate Trust Termination Date, the Series Dilution Amount as
defined in Section 4.3(d) of the Pooling and Servicing Agreement, and (ii) thereafter, the Series Dilution Amount as defined in Section 8.4(d) of the Indenture. 

“Series Final Maturity Date” means, with respect to any Series, the final maturity date for such Series specified in the
related Indenture Supplement. 
 “Series Percentage” means, for any Series with respect to any Due Period, the
percentage equivalent of a fraction, the numerator of which is the Series Investor Interest (as defined for each Series in the relevant Indenture Supplement for such Series) for such Series as of the last day of the immediately preceding Due Period
and the denominator of which is the sum of the Series Investor Interests for all outstanding Series, in each case as of the last day of the immediately preceding Due Period. 

“Series Servicing Fee Percentage” is defined, as to any Series, in the related Indenture Supplement. 

“Series Termination Date” means, with respect to any Series, the termination date for such Series specified in the
related Indenture Supplement. 
 “Servicer” means World Financial Network National Bank, in its capacity as
Servicer pursuant to the Transfer and Servicing Agreement, and, after any Servicer Termination Notice, the Successor Servicer. 

“Servicer Default” is defined in Section 7.1 of the Transfer and Servicing Agreement. 

“Servicer Termination Notice” is defined in Section 7.1 of the Transfer and Servicing Agreement. 

“Servicing Officer” means any officer of Servicer involved in, or responsible for, the administration and servicing of
the Receivables whose name appears on a list of servicing officers furnished to Indenture Trustee by Servicer, as such list may from time to time be amended. 

“Shared Excess Finance Charge Collections” means (i) prior to the Certificate Trust Termination Date, the Shared
Excess Finance Charge Collections as defined in Section 4.3(g) of the Pooling and Servicing Agreement, and (ii) on and after the Certificate Trust Termination Date, all amounts that any Indenture Supplement designates as
“Shared Excess Finance Charge Collections.” 
 “Shared Principal Collections” means (i) prior to
the Certificate Trust Termination Date, “Shared Principal Collections” as defined in the Pooling and Servicing Agreement and (ii) on and after the Certificate Trust Termination Date, all amounts that any Indenture Supplement
designates as “Shared Principal Collections.” 
  

 A-25 

 “Specified Agreement” means the Transfer and Servicing Agreement and any
other agreement specified in a Transaction Document as the “Specified Agreement” for purposes of the Perfection Representations and Warranties. 

“Specified Program” means (i) the Private Label Program, (ii) the Co-Branded Program, (iii) the
Secured Account Program, (iv) the Unaffiliated Retailer Program, or (v) any other credit card origination program initiated by the Originator. 

“Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et
seq. 
 “Store” means a retail location of any Affiliate of the Originator. 

“Store Account” means a deposit account established by a Store for the purpose of collecting Store Payments. 

“Store Payment” means any payment by an Obligor on account of a Receivable made by means of cash or check delivered in
person by such Obligor to an employee at any Store. 
 “Subject Instrument” means any Note or Investor
Certificate with respect to which the Transferor shall not have received an Opinion of Counsel to the effect that such Note or Investor Certificate will be treated as debt for Federal income tax purposes. 

“Successor Servicer” is defined in Section 7.2(a) of the Transfer and Servicing Agreement. 

“Supplemental Account” means an Additional Account, other than an Automatic Additional Account. 

“Supplemental Interest” is defined in Section 3.4 of the Trust Agreement. 

“Surviving Person” is defined in Section 3.9(a) of the Indenture. 

“Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for Federal income tax
purposes, (a) such action will not adversely affect the tax characterization as debt of Investor Certificates or Notes of any outstanding Series or Class with respect to which an Opinion of Counsel was delivered at the time of their issuance
that such Investor Certificates or Notes would be characterized as debt, (b) following such action that neither the Certificate Trust nor the Issuer will be classified as an association (or publicly traded partnership) taxable as a corporation
and (c) such action will not cause or constitute an event in which gain or loss would be recognized by any Investor Certificateholder or Noteholder. 

“Transaction Documents” means the Indenture, each Indenture Supplement, the Transfer and Servicing Agreement, the
Purchase Agreement, the Trust Agreement, the Administration Agreement, each Assignment, each Additional Assignment and, until the Certificate Trust Termination Date, the Pooling and Servicing Agreement and the Collateral Series Supplement, and any
other documents related to this transaction. 
  

 A-26 

 “Transfer Agent and Registrar” is defined in Section 2.5 of the
Indenture. 
 “Transfer Agreement” means (a) prior to the Certificate Trust Termination Date, the Pooling
and Servicing Agreement and (b) after the Certificate Trust Termination Date, the Transfer and Servicing Agreement. 

“Transfer and Servicing Agreement” means the Transfer and Servicing Agreement, dated as of March 26, 2010, between
the Transferor, the Servicer and the Issuer as the same may be amended, supplemented or otherwise modified from time to time. 

“Transferor” means WFN Credit Company, LLC, a Delaware limited liability company, and additional Transferors, if any,
designated by the initial Transferor, subject to the satisfaction of the Rating Agency Condition. 
 “Transferor
Amount” means, at any time, the result (without duplication) of (i) the aggregate amount of Principal Receivables in the Receivables Trust, plus (ii) the amounts allocated to the Excess Funding Account, plus
(iii) amounts credited to the Collection Account or any Trust Account for payment of principal on the Investor Certificates or Notes to the extent not subtracted in calculating the Aggregate Investor Interest, minus (iv) the
Aggregate Investor Interest. It is understood and agreed that the Transferor Amount may be less than zero and expressed as a negative number. 

“Transferor Interest” means the interest of the Transferor or its assigns in the Issuer and the Receivables, which
entitles the Transferor or its assigns to receive the various amounts specified in the Transaction Documents to be paid to the Holder(s) of the Transferor Interest. 

“Transferor Percentage” means, on any date of determination, when used with respect to Finance Charge Receivables and
Principal Receivables, a percentage equal to (i) 100% minus (ii) the aggregate Investor Percentages for all Series with respect to such categories of Receivables, minus (iii) the Investor/Purchaser Percentages for all
Certificate Series with respect to such categories of Receivables. 
 “Trust” means the Note Trust. 

“Trust Account” means any Series Account, the Collection Account or Excess Funding Account. 

“Trust Agreement” means the Amended and Restated Trust Agreement relating to the Trust, dated as of March 26, 2010,
between the Transferor and the Owner Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 

“Trust Early Amortization Event” is defined, with respect to each Series, in Section 5.1 of the Indenture.

 “Trust Estate” means the portion of the Collateral transferred by the Transferor to the Issuer, including
the property and rights assigned to the Issuer pursuant to Section 2.5 of the Trust Agreement and Section 2.1 of the Transfer and Servicing Agreement. 

 

 A-27 

 “Trust Indenture Act” or “TIA” means the Trust Indenture
Act of 1939. 
 “Trust Investors” mean Holders, holders of Investor Certificates, and any other Person
designated as a “Trust Investor” in an Indenture Supplement. 
 “Trust Termination Date” is defined
in Section 8.1 of the Trust Agreement. 
 “UCC” means the Uniform Commercial Code, as in effect in
the applicable jurisdiction. 
 “Unaffiliated Retailer Program” means a credit card program of the Originator
to allow holders of any Private Label credit card associated with one or more of its Affiliated Brands to use the card at certain unaffiliated retail locations, as specified in the Cardholder Guidelines. 

“U.S. Person” or “United States Person” means a Person described in Code section 7701(a)(30), including
a Person which is for United States federal income tax purposes a citizen or resident of the United States, a corporation, partnership or other entity (other than a disregarded entity owned by a Person other than a United States Person described in
Code section 7701(a)(30)) created or organized in or under the laws of the United States, or an estate or trust the income of which is subject to United States Federal income taxation regardless of its source. 

“United States” means the United States of America (including the States and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction. 
 “Variable Interest” means any Note that is
designated as a variable funding note in the related Indenture Supplement. 
  

 A-28 

  

 Sch-1Series 2010-1 Indenture Supplement

 Exhibit 10.6 

EXECUTION COPY 

WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST II 

Issuer 
 and

 U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
  

 
 SERIES 2010-1
INDENTURE SUPPLEMENT 
 Dated as of March 26, 2010 

to  

MASTER INDENTURE 

Dated as of March 26, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	SECTION 1.	  	Designation	  	1
			
	SECTION 2.	  	Definitions	  	1
			
	SECTION 3.	  	Servicing Compensation	  	15
			
	SECTION 4.	  	Delivery and Payment for the Series 2010-1 Notes	  	16
			
	SECTION 5.	  	Depository; Form of Delivery of Series 2010-1 Notes	  	16
			
	SECTION 6.	  	Rights of Series 2010-1 Noteholders and Allocation and Application of Collections	  	16
			
	SECTION 7.	  	Distributions and Reports to Noteholders	  	28
			
	SECTION 8.	  	Series 2010-1 Early Amortization Events	  	30
			
	SECTION 9.	  	Series 2010-1 Termination	  	32
			
	SECTION 10.	  	Ratification of Indenture; Amendments	  	32
			
	SECTION 11.	  	Counterparts	  	32
			
	SECTION 12.	  	No Petition	  	33
			
	SECTION 13.	  	Forms of Series 2010-1 Notes	  	33
			
	SECTION 14.	  	Transfer Restrictions	  	34
			
	SECTION 15.	  	Perfection Representations and Warranties of the Issuer	  	39
			
	SECTION 16.	  	Governing Law	  	40
			
	SECTION 17.	  	Limitation of Liability of Owner Trustee	  	40
			
	SECTION 18.	  	Deemed Consent	  	40

 EXHIBITS 

 

			
	 EXHIBIT A-1
	  	Form of Rule 144A Global Note
	 EXHIBIT A-2
	  	Form of Temporary Regulation S Global Note
	 EXHIBIT A-3
	  	Form of Permanent Regulation S Global Note
	 EXHIBIT A-4
	  	Form of Definitive Note
	 EXHIBIT B
	  	Form of Monthly Payment Instructions and Notification to Trustee
	 EXHIBIT C
	  	Form of Monthly Noteholders’ Statement
	 EXHIBIT D-1
	  	Form of Regulation S Book-Entry Note to Restricted Book-Entry Note Transfer Certificate
	 EXHIBIT D-2
	  	Form of Restricted Book-Entry Note to Regulation S Book-Entry Note Transfer Certificate
	 EXHIBIT E
	  	Form of Non-U.S. Beneficial Ownership Certification by Euroclear or Clearstream Banking Société Anonyme

 

 i 

 This SERIES 2010-1 INDENTURE SUPPLEMENT, dated as of March 26, 2010 (this
“Indenture Supplement”), is between WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST II, a statutory trust organized and existing under the laws of the State of Delaware (the “Issuer” or the “Note
Trust”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Indenture Trustee (the “Indenture Trustee”) under the Master Indenture dated as of March 26, 2010 (the “Indenture” and,
together with this Indenture Supplement, the “Agreement”) between the Issuer and the Indenture Trustee. 

Pursuant to Section 2.11 of the Indenture, the Transferor may direct the Issuer to issue one or more Series of Notes. The
Principal Terms of this Series are set forth in this Indenture Supplement. 
 SECTION 1. Designation. 

(a) There is hereby created a Series of Notes to be issued in five classes pursuant to the Indenture and this Indenture Supplement and to
be known together as the Series 2010-1 Notes. The five classes shall be designated the Class A Asset Backed Notes, Series 2010-1 (the “Class A Notes”), the Class M Asset Backed Notes, Series 2010-1 (the “Class M
Notes”), the Class B Asset Backed Notes, Series 2010-1 (the “Class B Notes”), the Class C Asset Backed Notes, Series 2010-1 (the “Class C Notes”) and the Class D Asset Backed Notes, Series 2010-1 (the
“Class D Notes”). 
 (b) The Class D Notes shall be subordinate to the Class A Notes, the Class M Notes,
the Class B Notes and the Class C Notes. The Class C Notes shall be subordinate to the Class A Notes, the Class M Notes and the Class B Notes. The Class B Notes shall be subordinate to the Class A Notes and the Class M Notes. The Class M
Notes shall be subordinate to the Class A Notes. 
 (c) Series 2010-1 shall be included in Group One. 

(d) The Series 2010-1 Notes shall be due and payable on the Series 2010-1 Final Maturity Date. 

SECTION 2. Definitions. In the event that any term or provision contained herein shall conflict with or be inconsistent with any
provision contained in the Indenture, the terms and provisions of this Indenture Supplement shall govern with respect to this Series. All Article or Section references herein shall mean Articles or Sections of the Indenture, except as otherwise
provided herein. All capitalized terms not otherwise defined herein are defined in the Indenture. Each capitalized term defined herein shall relate only to the Series 2010-1 Notes and no other Series issued by the Issuer. 

“Amortization Period” shall mean, with respect to Series 2010-1, the Controlled Amortization Period or the Early
Amortization Period. 
 “Applicable Assignor” shall mean the Transferor, the “Seller” under the
Pooling and Servicing Agreement or the Originator. 

 “Available Finance Charge Collections” shall mean, for any Due Period, an
amount equal to the sum of: 
  

	 	(a)	the Investor Finance Charge Collections for such Due Period, and 

  

	 	(b)	the Excess Finance Charge Collections allocated to Series 2010-1 for such Due Period. 

“Available Principal Collections” shall mean, for any Due Period, an amount equal to the sum of: 

 

	 	(a)	with respect to any Distribution Date, the Investor Principal Collections for such Due Period, minus the amount of Reallocated Principal Collections with respect
to such Due Period, 

  

	 	(b)	any Shared Principal Collections with respect to other Series in Group One that are allocated to Series 2010-1 in accordance with Section 6.8 for such
Distribution Date, and 

  

	 	(c)	the aggregate amounts to be treated as Available Principal Collections pursuant to Sections 6.4(a)(vi) and 6.4(a)(vii) for such Distribution Date.

 “Average Principal Balance” shall mean, for any Due Period in which one or more Reset Dates
occur, the weighted average of the Principal Receivables on the first day of each Subperiod in such Due Period, it being understood that such average will be weighted according to a fraction, the numerator of which is the number of days during the
relevant Subperiod and the denominator of which is the number of days in such Due Period. 
 “Base Rate” shall
mean, for any Due Period, the annualized percentage equivalent of a fraction (calculated on the basis of a 360 day year), the numerator of which is equal to the sum of (i) the Monthly Interest and (ii) the Noteholder Servicing Fee, each
with respect to the related Distribution Date, and the denominator of which is the Principal Balance as of the last day of the preceding Due Period (or with respect to the initial Due Period, the outstanding principal amount of the Series 2010-1
Notes on the Closing Date). 
 “Benefit Plan Investor” shall mean a “benefit plan investor” as
defined in Section 3(42) of ERISA, including, without limitation, (i) an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, (ii) a “plan” as defined in
Section 4975 of Code, which is subject to Section 4975 of the Code and (iii) an entity deemed to hold “plan assets” (within the meaning of 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) by reason of
investment by an employee benefit plan or plan in such entity. 
 “Certificate Series” shall mean a Series
under (and as defined in) the Pooling and Servicing Agreement, other than any Series represented by the Collateral Certificate. 

“Class” shall mean any of the Class A Notes, the Class M Notes, the Class B Notes, the Class C Notes or the Class D
Notes. 
  

 2 

 “Class A Additional Interest” shall have the meaning specified in
Section 6.2(a). 
 “Class A Deficiency Amount” shall have the meaning specified in
Section 6.2(a). 
 “Class A Expected Final Payment Date” shall mean the November 2012 Distribution
Date. 
 “Class A Initial Principal Balance” shall mean $[_]. 

“Class A Monthly Interest” shall have the meaning specified in Section 6.2(a). 

“Class A Note Rate” shall mean, with respect to any Interest Period, a fixed per annum rate equal to [_]%. 

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

 “Class A Notes” shall have the meaning specified in Section 1(a). 

“Class A Principal Balance” shall mean, on any date of determination, an amount equal to (a) the Class A
Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class A Noteholders prior to such date. 

“Class A/Servicing Fee Required Amount” shall mean, for any Distribution Date, an amount equal to the excess of
(i) the sum of the amounts described in Sections 6.4(a)(i) and (ii) over (ii) Available Finance Charge Collections applied to pay such amount pursuant to Section 6.4(a). 

“Class B Additional Interest” shall have the meaning specified in Section 6.2(c). 

“Class B Deficiency Amount” shall have the meaning specified in Section 6.2(c). 

“Class B Expected Final Payment Date” shall mean the January 2013 Distribution Date. 

“Class B Initial Principal Balance” shall mean $[_]. 

“Class B Monthly Interest” shall have the meaning specified in Section 6.2(c). 

“Class B Note Rate” shall mean, with respect to any Interest Period, a fixed per annum rate equal to [_]%. 

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

 “Class B Notes” shall have the meaning specified in Section 1(a). 

“Class B Principal Balance” shall mean, on any date of determination, an amount equal to (a) the Class B Initial
Principal Balance, minus (b) the aggregate amount of principal payments made to Class B Noteholders prior to such date. 
  

 3 

 “Class B Required Amount” shall mean, for any Distribution Date, an amount
equal to the excess of the amount described in Section 6.4(a)(iv) over the Available Finance Charge Collections applied to pay such amount pursuant to Section 6.4(a). 

“Class C Additional Interest” shall have the meaning specified in Section 6.2(d). 

“Class C Deficiency Amount” shall have the meaning specified in Section 6.2(d). 

“Class C Expected Final Payment Date” shall mean the February 2013 Distribution Date. 

“Class C Initial Principal Balance” shall mean $[_]. 

“Class C Monthly Interest” shall have the meaning specified in Section 6.2(d). 

“Class C Note Rate” shall mean, with respect to any Interest Period, a fixed per annum rate equal to [_]%. 

“Class C Noteholder” shall mean each Person in whose name a Class C Note is registered in the Note Register.

 “Class C Notes” shall have the meaning specified in Section 1(a). 

“Class C Principal Balance” shall mean, on any date of determination, an amount equal to (a) the Class C Initial
Principal Balance, minus (b) the aggregate amount of principal payments made to Class C Noteholders prior to such date. 

“Class C Required Amount” shall mean, for any Distribution Date, an amount equal to the excess of the amount described
in Section 6.4(a)(v) over the sum of the Available Finance Charge Collections applied to pay such amount pursuant to Section 6.4(a) and any amount withdrawn from the Spread Account to pay such amount. 

“Class D Deficiency Amount” shall have the meaning specified in Section 6.2(e). 

“Class D Expected Final Payment Date” shall mean the March 2013 Distribution Date. 

“Class D Initial Principal Balance” shall mean $[_]. 

“Class D Monthly Interest” shall have the meaning specified in Section 6.2(e). 

“Class D Note Rate” shall mean, with respect to any Interest Period, a fixed per annum rate equal to [_]%. 

“Class D Noteholder” shall mean each Person in whose name a Class D Note is registered in the Note Register.

 “Class D Notes” shall have the meaning specified in Section 1(a). 

 

 4 

 “Class D Principal Balance” shall mean, on any date of determination, an
amount equal to (a) the Class D Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class D Noteholders prior to such date. 

“Class M Additional Interest” shall have the meaning specified in Section 6.2(b). 

“Class M Deficiency Amount” shall have the meaning specified in Section 6.2(b). 

“Class M Expected Final Payment Date” shall mean the December 2012 Distribution Date. 

“Class M Initial Principal Balance” shall mean $[_]. 

“Class M Monthly Interest” shall have the meaning specified in Section 6.2(b). 

“Class M Note Rate” shall mean, with respect to any Interest Period, a fixed per annum rate equal to [_]%. 

“Class M Noteholder” shall mean each Person in whose name a Class M Note is registered in the Note Register.

 “Class M Notes” shall have the meaning specified in Section 1(a). 

“Class M Principal Balance” shall mean, on any date of determination, an amount equal to (a) the Class M Initial
Principal Balance, minus (b) the aggregate amount of principal payments made to Class M Noteholders prior to such date. 

“Class M Required Amount” shall mean, for any Distribution Date, an amount equal to the excess of the amount described
in Section 6.4(a)(iii) over the Available Finance Charge Collections applied to pay such amount pursuant to Section 6.4(a). 

“Closing Date” shall mean March 26, 2010. 

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

“Collateral Amount” shall mean, as of any date of determination, an amount equal to the result of (a) $[_],
minus (b) the amount of principal previously paid to the Series 2010-1 Noteholders (other than any principal payments made from funds on deposit in the Spread Account), minus (c) the excess, if any, of the aggregate amount of
Investor Charge-Offs and Reallocated Principal Collections over the reimbursements of such amounts pursuant to Section 6.4(a)(vii) prior to such date; provided, that, the Collateral Amount will not be less than zero.

 “Controlled Amortization Amount” shall mean, for any Due Period related to the Controlled Amortization
Period, (a) if the Class A Notes shall not have been paid in full on or before the Distribution Date in such Due Period, $[_]; provided, however, that such amount shall be adjusted downward to reflect any reduction to the
Principal Balance as a result of any cancellation of Series 2010-1 Notes pursuant to Section 6.9 so that such amount shall be equal to [_]% of the outstanding principal amount of the Class A Notes as of the last day of the Due

  

 5 

 
Period prior to the commencement of the Controlled Amortization Period; (b) on any Distribution Date on and after the Class M Expected Final Payment Date, an amount equal to the outstanding
principal amount of the Class M Notes; (c) on any Distribution Date on and after the Class B Expected Final Payment Date, an amount equal to the outstanding principal amount of the Class B Notes; (d) on any Distribution Date on and after
the Class C Expected Final Payment Date, an amount equal to the outstanding principal amount of the Class C Notes; and (e) on any Distribution Date on and after the Class D Expected Final Payment Date, an amount equal to the outstanding
principal amount of the Class D Notes. 
 “Controlled Amortization Period” shall mean, unless an Early
Amortization Event shall have occurred prior thereto, the period commencing on March 1, 2012, and ending upon the first to occur of (a) the payment in full of the Series 2010-1 Notes, (b) the commencement of the Early Amortization
Period and (c) the Series 2010-1 Termination Date. 
 “Controlled Amortization Shortfall” shall mean
(i) with respect to the first Due Period related to the Controlled Amortization Period, zero, and (ii) with respect to each other Due Period during the Controlled Amortization Period, the excess, if any, of the Controlled Payment Amount
for the previous Due Period over the amount of Available Principal Collections distributed as payment of such Controlled Payment Amount on the Distribution Date related to such previous Due Period. 

“Controlled Payment Amount” shall mean, for any Due Period, the sum of (a) the Controlled Amortization Amount and
(b) the sum of any existing Controlled Amortization Shortfall for any previous Due Periods in the Controlled Amortization Period. 

“Controlling Noteholders” shall mean Holders of more than 50% of the Outstanding Amount of the Series 2010-1 Notes;
provided that, at any time that 100% of the Series 2010-1 Notes are owned by the Issuer, the Transferor, the Servicer or any Affiliate of the foregoing Persons, then the “Controlling Noteholders” shall mean the Holders of greater
than 50% of the Principal Balance. 
 “Cumulative Principal Shortfall” shall mean the sum of the Principal
Shortfalls (as such term is defined in each of the related Indenture Supplements or Certificate Series Supplement) for each Series or Certificate Series in Group One that are Principal Sharing Series. 

“Depository” shall mean The Depository Trust Company, as initial Depository, or any successor Clearing Agency appointed
by the Transferor. 
 “Distribution Date” shall mean May 17, 2010 and the fifteenth day of each calendar
month thereafter, or if such fifteenth day is not a Business Day, the next succeeding Business Day, to and including the Series 2010-1 Termination Date. 

“Distribution Ledger Balance” shall mean the portion of the balance in the Collection Account identified by the Servicer
to the Receivables Trust Trustee for bookkeeping purposes with respect to Series 2010-1 as the “Series 2010-1 Distribution Ledger Balance.” 

“Early Amortization Event” shall mean a Trust Early Amortization Event or a Series 2010-1 Early Amortization Event.

  

 6 

 “Early Amortization Period” shall mean 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 2010-1 is deemed to have occurred, and ending on the Series 2010-1 Termination Date. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

“Excess Spread Percentage” shall mean, for any Due Period, a percentage equal to the Portfolio Yield for such Due
Period, minus the Base Rate for such Due Period. 
 “Finance Charge Collections” shall mean Collections
of Finance Charge Receivables. 
 “Finance Charge Ledger Balance” shall mean the portion of the balance in the
Collection Account identified by the Servicer to the Receivables Trust Trustee for bookkeeping purposes with respect to Series 2010-1 as the “Series 2010-1 Finance Charge Ledger Balance.” 

“Finance Charge Shortfall” shall have the meaning specified in Section 6.7(b). 

“Fixed Allocation Percentage” shall mean, with respect to any Due Period (including any day within such Due Period)
occurring on or after the Fixed Principal Allocation Date, the percentage equivalent of a fraction: 
  

	 	(a)	the numerator of which is the Collateral Amount as of the close of business on the last day of the Revolving Period; provided, that if Series 2010-1 is paired
with a Paired Series and an Early Amortization Event occurs with respect to such Paired Series, the Transferor shall, by written notice delivered to the Indenture Trustee, the Servicer and the Rating Agencies, reduce the numerator to an amount equal
to the Collateral Amount as of the last day of the revolving period for such Paired Series; provided that each of the Rating Agencies confirms in writing, concurrently with the issuance of such Paired Series, that such change would not result
in a reduction or withdrawal by such Rating Agency of its rating for the Series 2010-1 Notes; and 

  

	 	(b)	the denominator of which is the greater of (i) the sum of (A) the Aggregate Principal Receivables at the end of the day on the last day of the prior Due
Period (or, with respect to the first Due Period ending after the Closing Date, at the end of the day on the Closing Date) plus (B) the amount on deposit in the Excess Funding Account as of the close of business of the last day of the
prior Due Period (or, with respect to the first Due Period ending after the Closing Date, at the end of the day on the Closing Date), and (ii) the sum of the numerators used to calculate the investor allocation percentages for such Due Period
with respect to Principal Receivables for all Series and Certificate Series (other than the Collateral Certificate) outstanding; 

  

 7 

 provided, that with respect to any Due Period in which one or more Reset Dates occur: 

(x) the denominator determined pursuant to subclause (b)(i)(A) shall be (1) the aggregate amount of Principal Receivables as of the
close of business on the later of the last day of the preceding Due Period or the preceding Reset Date, for the period from and including the first day of the current Due Period or preceding Reset Date, as applicable, to but excluding such Reset
Date and (2) the aggregate amount of Principal Receivables as of the close of business on such Reset Date, for the period from and including such Reset Date to the earlier of the last day of such Due Period (in which case such period shall
include such day) or the next succeeding Reset Date (in which case such period shall not include such succeeding Reset Date); and provided further that with respect to any Due Period in which a Reset Date occurs, if the Servicer need
not make daily deposits of Collections into the Collection Account, the amount in subclause (b)(i)(A) shall be the Average Principal Balance; and 

(y) the denominator determined pursuant to subclause (b)(ii) shall be (1) the sum of the numerators used to calculate the investor
allocation percentages for allocations with respect to Principal Receivables for all such Series and Certificate Series as of the close of business on the later of the last day of the preceding Due Period or the preceding Reset Date, for the period
from and including the first day of the current Due Period or preceding Reset Date, as applicable, to but excluding such Reset Date and (2) the sum of the numerators used to calculate the investor allocation percentages for allocations with
respect to Principal Receivables for all such Series and Certificate Series as of the close of business on such Reset Date, for the period from and including such Reset Date to the earlier of the last day of such Due Period (in which case such
period shall include such day) or the next succeeding Reset Date (in which case such period shall not include such succeeding Reset Date). 

“Fixed Principal Allocation Date” shall mean the earlier of (a) the date on which an Early Amortization Period with
respect to Series 2010-1 commences, and (b) the date of commencement of the Controlled Amortization Period. 

“Floating Allocation Percentage” shall mean, with respect to any Due Period (including any day within such Due Period),
the percentage equivalent of a fraction: 
  

	 	(a)	the numerator of which is the Collateral Amount at the end of the day on the last day of the preceding Due Period (or with respect to the first Due Period ending after
the Closing Date, the Collateral Amount at the end of the day on the Closing Date), and 

  

	 	(b)	the denominator of which is the greater of (1) the sum of (A) the Aggregate Principal Receivables at the end of the day on the last day of the prior Due
Period (or with respect to the first Due Period ending after the Closing Date, at the end of the day on the Closing Date) plus (B) the amount on deposit in the Excess Funding Account as of the close of business of the last day of the
preceding Due Period (or with respect to the first Due Period ending after the Closing Date, at the end of the day on the Closing Date), and (2) the sum of the numerators used to calculate the investor allocation percentages for such Due Period
with respect to Finance Charge Receivables, Series Dilution Amounts or Loss Amounts, as applicable, for all Series and Certificate Series outstanding; 

 

 8 

 provided that with respect to any Due Period in which one or more Reset Dates occur: 

(x) the numerator determined pursuant to subclause (a) shall be (1) the Collateral Amount at the end of the day on the later of
(A) the last day of the preceding Due Period (or with respect to the first Due Period ending after the Closing Date, the Collateral Amount at the end of the day on the Closing Date) or (B) the preceding Reset Date, for the period from and
including the first day of the current Due Period or preceding Reset Date, as applicable, to but excluding such Reset Date and (2) the Collateral Amount at the end of the day on such Reset Date, for the period from and including such Reset Date
to the earlier of the last day of such Due Period (in which case such period shall include such day) or the next succeeding Reset Date (in which case such period shall not include such succeeding Reset Date); 

(y) the denominator determined pursuant to subclause (b)(1)(A) shall be (1) the aggregate amount of Principal Receivables as of the
close of business on the later of the last day of the preceding Due Period or the preceding Reset Date, for the period from and including the first day of the current Due Period or preceding Reset Date, as applicable, to but excluding such Reset
Date and (2) the aggregate amount of Principal Receivables as of the close of business on such Reset Date, for the period from and including such Reset Date to the earlier of the last day of such Due Period (in which case such period shall
include such day) or the next succeeding Reset Date (in which case such period shall not include such succeeding Reset Date); provided that with respect to any Due Period in which a Reset Date occurs, if the Servicer need not make daily
deposits of Collections into the Collection Account, the amount in subclause (b)(1)(A) shall be the Average Principal Balance; and 

(z) the denominator determined pursuant to subclause (b)(2) shall be (1) the sum of the numerators used to calculate the investor
allocation percentages for allocations with respect to Finance Charge Receivables, Loss Amounts or Principal Receivables, as applicable, for all outstanding Series and Certificate Series as of the close of business on the later of the last day of
the preceding Due Period or the preceding Reset Date, for the period from and including the first day of the current Due Period or preceding Reset Date, as applicable, to but excluding such Reset Date and (2) the sum of the numerators used to
calculate the investor allocation percentages for allocations with respect to Finance Charge Receivables, Series Dilution Amounts, Loss Amounts or Principal Receivables, as applicable, for all such Series and Certificate Series as of the close of
business on such Reset Date, for the period from and including such Reset Date to the earlier of the last day of such Due Period (in which case such period shall include such day) or the next succeeding Reset Date (in which case such period shall
not include such succeeding Reset Date). 
  

 9 

 “Group One” shall mean Series 2010-1 and each other Certificate Series
(other than the Series represented by the Collateral Certificate) and each other Series specified in the related Indenture Supplement to be included in Group One. 

“Initial Principal Balance” shall mean the sum of the Class A Initial Principal Balance, the Class M Initial
Principal Balance, the Class B Initial Principal Balance, the Class C Initial Principal Balance and the Class D Initial Principal Balance. 

“Initial Purchaser” shall mean Barclays Capital Inc., as initial purchaser of the Class A Notes, the Class M Notes,
the Class B Notes and the Class C Notes. 
 “Interest Period” shall mean, with respect to any Distribution
Date, the period from and including the previous Distribution Date through the day preceding such Distribution Date, except that the initial Interest Period shall be the period from and including the Closing Date through the day preceding the
initial Distribution Date. 
 “Investor Charge-Offs” shall have the meaning set forth in
Section 6.5. 
 “Investor Finance Charge Collections” shall mean, for any Due Period, an amount
equal to the aggregate amount of Finance Charge Collections (including Recoveries treated as Finance Charge Collections) retained in or allocated to the Finance Charge Ledger Balance for Series 2010-1 pursuant to Section 6.1(b)(i) for
such Due Period. 
 “Investor Loss Amount” shall mean, with respect to any Distribution Date, an amount equal
to the product of (a) the aggregate of the Loss Amounts for the related Due Period and (b) the Floating Allocation Percentage for such Due Period. 

“Investor Percentage” for Series 2010-1 shall mean, with respect to Collections of Principal Receivables, the Principal
Allocation Percentage, and with respect to Collections of Finance Charge Receivables, Series Dilution Amounts or Loss Amounts, the Floating Allocation Percentage. 

“Investor Principal Collections” shall mean, for any Due Period, an amount equal to the aggregate amount of Collections
on Principal Receivables allocated to the Principal Ledger Amount for Series 2010-1 pursuant to Section 6.1(b)(ii) for such Due Period. 

“Investor Uncovered Dilution Amount” shall mean, with respect to any Distribution Date, an amount equal to the product
of (a) the Investor Percentage for the related Due Period (determined on a weighted average basis, if a Reset Date occurs during such Due Period) and (b) any Series Dilution Amount remaining after giving effect to any addition of Accounts
and other actions taken pursuant to Sections 2.6 and 4.3(d) of the Pooling and Servicing Agreement and Section 2.6 of the Transfer and Servicing Agreement and Section 8.4(d) of the Indenture; provided
that, if the Transferor Amount is greater than zero on the immediately preceding Determination Date, the Series Dilution Amount used to calculate the Investor Uncovered Dilution Amount for such Due Period shall be reduced by the Transferor Amount.

 “Minimum Transferor Amount” for Series 2010-1 shall mean zero. 

 

 10 

 “Monthly Interest” shall mean, with respect to any Distribution Date, the
sum of (a) the Class A Monthly Interest, the Class A Additional Interest, if any, and the unpaid Class A Deficiency Amount, if any; (b) the Class M Monthly Interest, the Class M Additional Interest, if any, and the unpaid
Class M Deficiency Amount, if any; (c) the Class B Monthly Interest, the Class B Additional Interest, if any, and the unpaid Class B Deficiency Amount, if any; (d) the Class C Monthly Interest, the Class C Additional Interest, if any, and
the unpaid Class C Deficiency Amount, if any; and (e) the Class D Monthly Interest and unpaid Class D Deficiency Amount, each with respect to such Distribution Date. 

“Monthly Principal” shall have the meaning specified in Section 6.3. 

“Monthly Principal Reallocation Amount” shall mean, for any Due Period, an amount equal to the sum of: 

 

	 	(a)	the lower of (i) the Class A/Servicing Fee Required Amount, and (ii) the greater of (A)(x) $[_] minus (y) the sum of (I) the amount of unreimbursed
Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Due Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date) plus (II) the amount of any Class M Notes, Class B Notes, Class C
Notes and Class D Notes retired pursuant to Section 6.9 and (B) zero; 

  

	 	(b)	the lower of (i) the Class M Required Amount, and (ii) the greater of (A)(x) $[_] minus (y) the sum of (I) the amount of unreimbursed Investor
Charge-Offs (after giving effect to Investor Charge-Offs for the related Due Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as required in clause (a) above) plus (II) the amount of Class B
Notes, Class C Notes and Class D Notes retired pursuant to Section 6.9 and (B) zero; 

  

	 	(c)	the lower of (i) the Class B Required Amount, and (ii) the greater of (A)(x) $[_] minus (y) the sum of (I) the amount of unreimbursed Investor
Charge-Offs (after giving effect to Investor Charge-Offs for the related Due Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as required in clauses (a) and (b) above) plus
(II) the amount of Class C Notes and Class D Notes retired pursuant to Section 6.9 and (B) zero; and 

  

	 	(d)	the lower of (i) the Class C Required Amount, and (ii) the greater of (A)(x) $[_] minus (y) the sum of (I) the amount of unreimbursed Investor
Charge-Offs (after giving effect to Investor Charge-Offs for the related Due Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as required in clauses (a), (b) and (c) above) plus (II) the
amount of any Class D Notes retired pursuant to Section 6.9 and (B) zero. 

 “Noteholder
Servicing Fee” shall have the meaning specified in Section 3. 
 “Other Plan Investor”
shall mean any governmental, church or non-U.S. pension plan or account that is subject to any Similar Law. 

“Percentage Allocation” shall have the meaning specified in Section 6.1(b)(ii)(y). 

 

 11 

 “Portfolio Yield” shall mean, for any Due Period, the annualized percentage
equivalent of a fraction (calculated on the basis of a 365/366 day year, as applicable), (i) the numerator of which is equal to (x) the Available Finance Charge Collections other than Excess Finance Charge Collections included therein,
minus (y) the Investor Loss Amount and the Investor Uncovered Dilution Amount for such Due Period and (ii) the denominator of which is the Principal Balance as of the last day of the preceding Due Period (or with respect to the
initial Due Period, the outstanding principal amount of the Series 2010-1 Notes on the Closing Date). 
 “Principal
Allocation Percentage” shall mean, (a) with respect to any Due Period (including any day within such Due Period) occurring prior to the Fixed Principal Allocation Date, the Floating Allocation Percentage for such Due Period, and
(b) with respect to any Due Period (including any day within such Due Period) occurring on or after the Fixed Principal Allocation Date, the Fixed Allocation Percentage for such Due Period. 

“Principal Balance” shall mean, as of any date of determination, the sum of the Class A Principal Balance, the
Class M Principal Balance, the Class B Principal Balance, the Class C Principal Balance, and the Class D Principal Balance. 

“Principal Collections” shall mean Collections of Principal Receivables. 

“Principal Ledger Balance” shall mean the portion of the balance in the Collection Account identified by the Servicer to
the Receivables Trust Trustee for bookkeeping purposes with respect to Series 2010-1 as the “Series 2010-1 Principal Ledger Balance.” 

“Principal Sharing Series” shall mean, for purposes of Series 2010-1, any Certificate Series outstanding under the
Pooling and Servicing Agreement and any outstanding Series in Group One. 
 “Principal Shortfall” shall mean,
as the context requires, either of the following: (a) on any Distribution Date with respect to the Controlled Amortization Period, the amount by which the Controlled Payment Amount for the prior Due Period exceeds the amount of Available
Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections); and (b) on any Distribution Date with respect to the Early Amortization Period, the amount by which the Principal
Balance exceeds the Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections). 

“QIB” shall mean a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 “Quarterly Excess Spread Percentage” shall mean (a) with respect to the May 2010 Distribution Date, the
Excess Spread Percentage for the Due Period relating to such Distribution Date, (b) with respect to the June 2010 Distribution Date, the percentage equivalent of a fraction, the numerator of which is the sum of (i) the Excess Spread
Percentage for the Due Period relating to the May 2010 Distribution Date and (ii) the Excess Spread Percentage for the Due Period relating to the June 2010 Distribution Date and the denominator of which is two, and (c) with respect to the
July 2010 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction, the numerator of which is the sum of the Excess Spread Percentages determined with respect to the Due Periods relating to such Distribution
Date and the immediately preceding two Distribution Dates and the denominator of which is three. 
  

 12 

 “Rating Agency” shall mean Standard & Poor’s and DBRS.

 “Reallocated Principal Collections” shall mean, for any Distribution Date, the Investor Principal
Collections applied in accordance with Section 6.6 in an amount not to exceed the Monthly Principal Reallocation Amount for the related Due Period. 

“Reassignment Amount” shall mean, for any Transfer Date, after giving effect to any deposits and distributions otherwise
to be made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest previously due but not
distributed to the Series 2010-1 Noteholders; plus (iii) any amounts then due to the Indenture Trustee with respect to Series 2010-1. 

“Redemption Date” shall have the meaning specified in Section 9(b)(ii). 

“Regulation S Book-Entry Note” shall have the meaning specified in Section 13(b)(ii). 

“Regulation S Permanent Book-Entry Note” shall have the meaning specified in Section 13(b)(ii). 

“Regulation S Temporary Book-Entry Note” shall have the meaning specified in Section 13(b)(ii). 

“Required Addition Event” means a “Required Addition Event” (as defined in the Pooling and Servicing
Agreement), an “Additional Required Addition Event” (as defined in the Collateral Series Supplement) or a Required Addition Event under the Transfer and Servicing Agreement. 

“Required Spread Account Amount” shall mean, for the April 2010 Distribution Date, zero, and for any Distribution Date
thereafter, the lesser of (x) the Class C Principal Balance and (y) the product of (i) the Spread Account Percentage times (ii) prior to the end of the Revolving Period, the Collateral Amount as of such Distribution Date,
and on any date after the end of the Revolving Period, the Collateral Amount as of the close of business on the last day of the Revolving Period. 

“Reset Date” means: 
  

	 	(a)	each Addition Date (other than any Addition Date for any Automatic Additional Accounts) and each “Addition Date” (as such term is defined in the Pooling and
Servicing Agreement); 

  

	 	(b)	each Removal Date and each “Removal Date” (as such term is defined in the Pooling and Servicing Agreement); and 

 

 13 

	 	(c)	each date on which a new Series or Class of Notes is issued and each date on which a new “Series” or “Class” (each as defined in the Pooling and
Servicing Agreement) of Investor Certificates is issued by the Certificate Trust. 

 “Restricted
Book-Entry Note” shall have the meaning specified in Section 13(b)(i). 
 “Revolving
Period” shall mean the period from and including the Closing Date to, but not including, the Fixed Principal Allocation Date. 

“Series 2010-1” shall mean the Series of Notes, the terms of which are specified in this Indenture Supplement.

 “Series 2010-1 Early Amortization Event” shall have the meaning specified in Section 8.1.

 “Series 2010-1 Final Maturity Date” shall mean the September 2017 Distribution Date. 

“Series 2010-1 Noteholder” shall mean the Holder of record of any Series 2010-1 Note. 

“Series 2010-1 Notes” shall mean the Class A Notes, the Class M Notes, the Class B Notes, the Class C Notes
and the Class D Notes. 
 “Series 2010-1 Termination Date” shall mean the earliest to occur of (a) the
Distribution Date on which the Series 2010-1 Notes are paid in full, (b) the Series 2010-1 Final Maturity Date or (c) the date on which the Collateral Amount is reduced to zero. 

“Series Account” shall mean, (a) with respect to Series 2010-1, the Spread Account and (b) with respect to any
other Series, the “Series Accounts” for such Series as specified in the Indenture and the applicable Indenture Supplement for such Series. 

“Series Servicing Fee Percentage” shall mean 2.0%. 

“Similar Law” shall mean any federal, state, local, non-U.S. or other laws or regulations that are substantially similar
to the fiduciary responsibility and prohibited transaction provisions of ERISA or the Code. 
 “Spread Account”
shall mean the account designated as such, established and owned by the Issuer and maintained in accordance with Section 6.11. 

“Spread Account Amount” shall mean with respect to any date, the amount on deposit in the Spread Account on such date
(excluding Investment Earnings credited to the Spread Account). 
 “Spread Account Percentage” shall mean, for
any Distribution Date, (i) % if the Quarterly Excess Spread Percentage on such Distribution Date is greater than or equal to %, (ii) % if the Quarterly Excess Spread Percentage on such Distribution Date is less than % and greater than or
equal to %, (iii) % if the Quarterly Excess Spread Percentage on such Distribution Date is less than % and greater than or equal %, and (iv) % if the Quarterly Excess Spread Percentage on such Distribution Date is less than %;
provided, that 
  

	 	(a)	if the Spread Account Percentage for a Distribution Date is greater than %, then the Spread Account Percentage shall not decrease to a lower percentage until the first
subsequent Distribution Date on which the arithmetic mean of the Quarterly Excess Spread Percentages for such subsequent Distribution Date and for the two Distribution Dates immediately prior to such subsequent Distribution Date is greater than or
equal to the lowest Quarterly Excess Spread Percentage associated with a lower Spread Account Percentage; 

  

 14 

	 	(b)	if the Spread Account Percentage for a Distribution Date is equal to %, then the Spread Account Percentage shall not decrease to a lower percentage until the first
subsequent Distribution Date on which the arithmetic mean of the Quarterly Excess Spread Percentages for such subsequent Distribution Date and for the Distribution Date immediately prior to such subsequent Distribution Date is greater than or equal
to the lowest Quarterly Excess Spread Percentage associated with a lower Spread Account Percentage; 

  

	 	(c)	in no event will the Spread Account Percentage decrease by more than one of the levels specified above between any two consecutive Distribution Dates; and

  

	 	(d)	if an Early Amortization Event is deemed to occur, the Spread Account Percentage shall be %. 

“Subject Instrument” shall mean any Note or Investor Certificate with respect to which the Transferor shall not have
received an Opinion of Counsel to the effect that such Note or Investor Certificate will be treated as debt for Federal income tax purposes. 

“Subperiod” shall mean, with respect to a Due Period in which one or more Reset Dates occur (the “Subject Due
Period”), any of the following: 
 (i) the period from and including the last day of the prior Due
Period to but excluding the first Reset Date in the Subject Due Period, 
 (ii) the period from and including the
last Reset Date in the Subject Due Period to and including the last day of the Subject Due Period, and 
 (iii)
the period, if any, from and including one Reset Date in the Subject Due Period to but excluding the next Reset Date. 

“Target Amount” shall have the meaning specified in Section 6.1(b)(i). 

SECTION 3. Servicing Compensation. The share of the Monthly Servicing Fee allocable to Series 2010-1 (the “Noteholder
Servicing Fee”) with respect to any Due Period shall be equal to one-twelfth of the product of (i) the Series Servicing Fee Percentage times (ii)

 

 15 

 
(a) the Collateral Amount as of the last day of such Due Period minus (b) the product of (1) the amount, if any, on deposit in the Excess Funding Account as of the last day of
such Due Period times (2) the Principal Allocation Percentage for such Due Period; provided, however, that with respect to the initial Due Period ending after the Closing Date, the Noteholder Servicing Fee shall be adjusted
based on the ratio of the number of days in the initial Due Period to 30; provided, further, that if a Successor Servicer that is not an Affiliate of the Transferor is appointed, the Noteholder Servicing Fee shall be such amount as may
be agreed upon in writing between such Successor Servicer and the Indenture Trustee, so long as the Indenture Trustee shall have received written confirmation from each Rating Agency then rating any Class of Series 2010-1 Notes that such change
would not result in a reduction or withdrawal by such Rating Agency of its rating of any Class of the Series 2010-1 Notes. 

Except as specifically provided above, the remainder of the Monthly Servicing Fee shall be paid by the cash flows from the Issuer
allocated to the Transferor or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall the Issuer, the Indenture Trustee or the Series 2010-1 Noteholders be liable therefor. 

SECTION 4. Delivery and Payment for the Series 2010-1 Notes. The Issuer shall execute and deliver the Series 2010-1 Notes to the
Indenture Trustee for authentication and the Indenture Trustee shall deliver the Series 2010-1 Notes when authenticated in accordance with Section 2.3 of the Indenture. 

SECTION 5. Depository; Form of Delivery of Series 2010-1 Notes. 

(a) The Class A Notes, the Class M Notes, the Class B Notes and the Class C Notes shall be delivered as Book-Entry Notes as provided
in Section 2.12 of the Indenture. The Class D Notes shall be delivered as Definitive Notes as provided in Section 2.14 of the Indenture. 

(b) The Depository for Series 2010-1 shall be The Depository Trust Company, and the Class A Notes, the Class M Notes, the
Class B Notes and the Class C Notes shall be initially registered in the name of Cede & Co., its nominee. 

SECTION 6. Rights of Series 2010-1 Noteholders and Allocation and Application of Collections. 

SECTION 6.1 Collections and Allocations. 

(a) Allocations. Collections on Finance Charge Receivables, Collections on Principal Receivables, and Loss Amounts and Series
Dilution Amounts allocated to Series 2010-1 pursuant to Article VIII of the Indenture shall be allocated and distributed as set forth in this Article. 
  

 16 

 (b) Allocations to the Series 2010-1 Noteholders. The Servicer shall on the Date of
Processing, allocate to the Series 2010-1 Noteholders the following amounts as set forth below: 
 (i)
Allocations of Finance Charge Collections. With respect to each Date of Processing, the Servicer shall allocate to the Series 2010-1 Noteholders an amount equal to the product of (A) the Investor Percentage and (B) the aggregate
Collections of Finance Charge Receivables processed on such Date of Processing and shall credit such amount to the Finance Charge Ledger Balance, provided that, with respect to each Due Period falling in the Revolving Period or the Controlled
Amortization Period, Collections of Finance Charge Receivables shall be credited to the Finance Charge Ledger Balance only until such time as the aggregate amount so credited equals the sum (the “Target Amount”) of (I) the
Monthly Interest for the related Distribution Date, (II) reimbursements of Reallocated Principal Collections for the related Due Period, (III) the Class A Deficiency Amount, the Class M Deficiency Amount, the Class B Deficiency Amount, the
Class C Deficiency Amount and the Class D Deficiency Amount for the related Due Period, (IV) any amounts required to be deposited in the Spread Account on such Distribution Date, (V) 150% of the Investor Charge-Offs for the prior Due Period,
and (VI) if the Bank is not the Servicer, the Noteholder Servicing Fee for such Due Period (and if the Bank is the Servicer, then amounts that otherwise would have been transferred to the Finance Charge Ledger Balance pursuant to this clause
(B) shall instead be returned to the Bank as payment of the Noteholder Servicing Fee); provided further, that, notwithstanding the preceding proviso, if on any Business Day the Servicer determines that the Target Amount for a
Due Period exceeds the Target Amount for that Due Period as previously calculated by the Servicer, then (x) the Servicer shall (on the same Business Day) inform Transferor of such determination, and (y) within two Business Days of
receiving such notice Transferor shall allocate to the Finance Charge Ledger Balance funds in an amount equal to the amount of Collections of Finance Charge Receivables allocated to the Noteholders for that Due Period but not allocated to the
Finance Charge Ledger Balance due to the operation of the preceding proviso (but not in excess of the amount required so that the aggregate amount deposited for the subject Due Period equals the Target Amount); and provided further,
that if on any Distribution Date the Transferor Amount is less than the Minimum Transferor Amount after giving effect to all transfers and deposits on that Distribution Date, Transferor shall, on that Distribution Date, allocate to the Principal
Ledger Balance funds in an amount equal to the amounts of Available Finance Charge Collections that are required to be treated as Available Principal Collections pursuant to Sections 6.4(a)(vi) and (vii) but are not available from
funds in the Finance Charge Ledger Balance as a result of the operation of the second preceding proviso. 
 With respect to any
Due Period when Collections of Finance Charge Receivables credited to the Finance Charge Ledger Balance are limited to deposits up to the Target Amount in accordance with this Section 6.1(b)(i), notwithstanding such limitation:
(1) “Reallocated Principal Collections” for the related Distribution Date shall be calculated as if the full amount of Finance Charge Collections allocated to the Noteholders during that Due Period had been allocated to the
Finance Charge Ledger Balance and applied on such Distribution Date in accordance with Section 6.4(a); and (2) Collections of Finance Charge Receivables released to Transferor pursuant to this Section 6.1(b)(i) shall be
deemed, for purposes of all calculations under this Indenture Supplement, to have been credited to the Finance Charge Ledger Balance and applied to the items specified in Section 6.4(a) to which such amounts would have been

  

 17 

 
applied (and in the priority in which they would have been applied) had such amounts been available in the Finance Charge Ledger Balance on such Distribution Date. 

(ii) Allocations of Principal Collections. With respect to each Date of Processing, the Servicer shall allocate to
the Series 2010-1 Noteholders an amount equal to the product of (1) the Investor Percentage times (2) the aggregate amount of Collections of Principal Receivables processed on such Date of Processing (the product for any such date
is hereinafter referred to as a “Percentage Allocation”) and such amount shall be applied as follows: (I) first, if there shall not have been credited to the Finance Charge Ledger Balance an amount equal to the sum of the
Class A Monthly Interest, the Class M Monthly Interest, the Class B Monthly Interest, the Class C Monthly Interest and, if the Bank is not the Servicer, the Noteholder Servicing Fee for such Due Period (the amount of any such shortfall in the
Finance Charge Ledger Balance being hereinafter referred to as the “Potential Shortfall”), credited to the Finance Charge Ledger Balance in an amount equal to the lesser of (x) the amount of the Potential Shortfall and
(y) 35.5% of the Percentage Allocation, for application as necessary as Reallocated Principal Collections in respect of such amounts on the following Distribution Date, (II) second, for any Due Period during an Amortization Period, credited to
the Principal Ledger Balance for payment of Monthly Principal on the following Distribution Date until the amount credited to the Principal Ledger Balance for such purpose equals (x) during the Controlled Amortization Period, the Controlled
Amortization Amount for the related Distribution Date and (y) during an Early Amortization Period, the Principal Balance, (III) third, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period,
credited to the Principal Ledger Balance for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Distribution Date, (IV) fourth, deposited in the Excess Funding Account to the extent
necessary so that the Transferor Amount is not less than the Minimum Transferor Amount and (V) fifth, paid to the Holders of the Transferor Interest; provided that if on any day the amount credited to the Finance Charge Ledger Balance in
respect of Reallocated Principal Collections exceeds the Potential Shortfall, such excess amount shall be released from the Finance Charge Ledger Balance and applied pursuant to the preceding clauses (II) through (V) so that the amount credited
to the Finance Charge Ledger Balance in respect of Reallocated Principal Collections equals the Potential Shortfall. 
 (c) To
the extent that Collections of Principal Receivables allocated to the Series 2010-1 Noteholders pursuant to this subsection are paid to Transferor, Transferor shall make an amount equal to the Reallocated Principal Collections for the related
Distribution Date available on that Distribution Date for application in accordance with Section 6.6; provided, however, that if Transferor fails to make such funds available, then an amount of Collections on Principal
Receivables equal to that deficiency shall be treated as Reallocated Principal Collections for application in accordance with Section 6.6 prior to any other application of the amounts credited to the Principal Ledger Balance. 

 

 18 

 (d) During any period when Servicer is permitted by Section 4.3 of the Pooling
and Servicing Agreement or Section 8.4 of the Indenture to make a single monthly deposit to the Collection Account, amounts allocated to the Series 2010-1 Noteholders pursuant to Sections 6.1(a) and (b) with respect to
any Due Period need not be deposited into the Collection Account or any Series Account prior to the related Distribution Date, and, when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if the
Bank is Servicer, the Servicer, and (y) shall be credited to the Finance Charge Ledger Balance (in the case of Collections of Finance Charge Receivables) and the Principal Ledger Balance (in the case of Collections of Principal Receivables (not
including any Shared Principal Collections allocated to Series 2010-1 pursuant to Section 4.3(f) of the Pooling and Servicing Agreement or Section 8.5 of the Indenture)). 

(e) On any date, the Servicer may withdraw from the Collection Account or any Series Account any amounts inadvertently deposited in such
account that should have not been deposited pursuant to this Section 6.1. 
 SECTION 6.2 Determination of Monthly
Interest. 
 (a) The amount of monthly interest distributable in respect of the Class A Notes on each Distribution Date
shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (or, in the case of the first Interest Period, 49) and the denominator of which is 360, (ii) the Class A Note Rate in effect with respect to the
related Interest Period, and (iii) the Class A Principal Balance, determined as of the Record Date preceding such Distribution Date (the “Class A Monthly Interest”); provided, that in addition to the Class A
Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is 30 and the denominator of which is 360,
(B) the sum of the Class A Note Rate in effect with respect to the related Interest Period and 1.0% per annum, and (C) any Class A Deficiency Amount from the prior Distribution Date, as defined below, or the portion thereof
which has not theretofore been paid to Class A Noteholders (the “Class A Additional Interest”), shall also be distributable in respect of the Class A Notes. The “Class A Deficiency Amount” for any
Distribution Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this Section 6.2(a) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to the
Class A Noteholders in respect of such amounts on all prior Distribution Dates. 
 (b) The amount of monthly interest
distributable in respect of the Class M Notes on each Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (or, in the case of the first Interest Period, 49) and the denominator of which is
360, (ii) the Class M Note Rate in effect with respect to the related Interest Period, and (iii) the Class M Principal Balance, determined as of the Record Date preceding such Distribution Date (the “Class M Monthly
Interest”); provided, that in addition to the Class M Monthly Interest an amount equal to the amount of any unpaid Class M Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the
numerator of which is 30 and the denominator of which is 360, (B) the sum of the Class M Note Rate in effect with respect to the related Interest Period and 1.0% per annum, and (C) any Class M Deficiency Amount from the prior
Distribution Date, as defined below, or the portion thereof which has not theretofore been paid to Class M Noteholders (the “Class M Additional Interest”), shall also be 

 

 19 

 
distributable in respect of the Class M Notes. The “Class M Deficiency Amount” for any Distribution Date shall be equal to the excess, if any, of the aggregate amount accrued
pursuant to this Section 6.2(b) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to the Class M Noteholders in respect of such amounts on all prior Distribution Dates. 

(c) The amount of monthly interest distributable in respect of the Class B Notes on each Distribution Date shall be an amount equal to
the product of (i) a fraction, the numerator of which is 30 (or, in the case of the first Interest Period, 49) and the denominator of which is 360, (ii) the Class B Note Rate in effect with respect to the related Interest Period, and
(iii) the Class B Principal Balance, determined as of the Record Date preceding such Distribution Date (the “Class B Monthly Interest”); provided, that in addition to the Class B Monthly Interest an amount equal to the
amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is 30 and the denominator of which is 360, (B) the sum of the Class B Note Rate in effect with
respect to the related Interest Period, and 1.0% per annum, and (C) any Class B Deficiency Amount from the prior Distribution Date, as defined below, or the portion thereof which has not theretofore been paid to Class B Noteholders (the
“Class B Additional Interest”), shall also be distributable in respect of the Class B Notes. The “Class B Deficiency Amount” for any Distribution Date shall be equal to the excess, if any, of the aggregate amount
accrued pursuant to this Section 6.2(c) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to the Class B Noteholders in respect of such amounts on all prior Distribution Dates.

 (d) The amount of monthly interest distributable in respect of the Class C Notes on each Distribution Date shall be an amount
equal to the product of (i) a fraction, the numerator of which is 30 (or, in the case of the first Interest Period, 49) and the denominator of which is 360, (ii) the Class C Note Rate in effect with respect to the related Interest Period,
and (iii) the Class C Principal Balance, determined as of the Record Date preceding such Distribution Date (the “Class C Monthly Interest”); provided, that in addition to the Class C Monthly Interest an amount equal to
the amount of any unpaid Class C Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is 30 and the denominator of which is 360, (B) the sum of the Class C Note Rate in effect
with respect to the related Interest Period, and 1.0% per annum, and (C) any Class C Deficiency Amount from the prior Distribution Date, as defined below, or the portion thereof which has not theretofore been paid to Class C Noteholders
(the “Class C Additional Interest”), shall also be distributable in respect of the Class C Notes. The “Class C Deficiency Amount” for any Distribution Date shall be equal to the excess, if any, of the aggregate
amount accrued pursuant to this Section 6.2(d) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to the Class C Noteholders in respect of such amounts on all prior Distribution
Dates. 
 (e) The amount of monthly interest distributable in respect of the Class D Notes on each Distribution Date shall be an
amount equal to the product of (i) a fraction, the numerator of which is 30 (or, in the case of the first Interest Period, 49) and the denominator of which is 360, (ii) the Class D Note Rate in effect with respect to the related Interest
Period, and (iii) the Class D Principal Balance, determined as of the Record Date preceding such Distribution Date (the “Class D Monthly Interest”); provided, that in addition to the Class D Monthly Interest an amount
equal to any unpaid Class D Deficiency Amounts, as defined below, shall also be 
  

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distributed to the Class D Noteholders. The “Class D Deficiency Amount” for any Distribution Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant
to this Section 6.2(e) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to the Class D Noteholders in respect of such amounts on all prior Distribution Dates. 

SECTION 6.3 Determination of Monthly Principal. The amount of monthly principal to be transferred from the Principal Ledger
Balance with respect to the Series 2010-1 Notes on each Distribution Date (the “Monthly Principal”), beginning with the Distribution Date in the month following the month in which the Controlled Amortization Period or, if earlier,
the Early Amortization Period, begins, shall be equal to the least of (i) the Available Principal Collections with respect to such Distribution Date, (ii) for each Distribution Date with respect to the Controlled Amortization Period, the
Controlled Payment Amount for such Distribution Date, and (iii) the Collateral Amount (after taking into account any adjustments to be made on such Distribution Date pursuant to Sections 6.5 and 6.6) prior to any payment of
principal on such Distribution Date. 
 SECTION 6.4 Monthly Payments. On or before each Distribution Date, the Servicer
shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto and may be delivered electronically) to withdraw, and the Indenture Trustee, acting in accordance with such instructions,
shall withdraw on such Distribution Date, to the extent of available funds, the amounts required to be withdrawn from the Collection Account (including the Finance Charge Ledger Balance and the Principal Ledger Balance) as follows: 

(a) an amount equal to the Available Finance Charge Collections for the related Due Period shall be distributed on each Distribution Date
in the following priority: 
 (i) an amount equal to the Class A Monthly Interest for such Distribution
Date, plus the amount of any Class A Deficiency Amount for such Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date, shall be credited to the Distribution Ledger Balance for
distribution to the Class A Noteholders on a pro rata basis in accordance with Section 7.1(a); 

(ii) an amount equal to the Noteholder Servicing Fee for such Distribution Date plus the amount of any Noteholder
Servicing Fee due but not paid to the Servicer on any prior Distribution Date shall be distributed to the Servicer; 

(iii) an amount equal to the Class M Monthly Interest for such Distribution Date, plus the amount of any Class M
Deficiency Amount for such Distribution Date, plus the amount of any Class M Additional Interest for such Distribution Date, shall be credited to the Distribution Ledger Balance for distribution to the Class M Noteholders on a pro rata basis
in accordance with Section 7.1(b); 
  

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 (iv) an amount equal to the Class B Monthly Interest for such Distribution
Date, plus the amount of any Class B Deficiency Amount for such Distribution Date, plus the amount of any Class B Additional Interest for such Distribution Date, shall be credited to the Distribution Ledger Balance for distribution to
the Class B Noteholders on a pro rata basis in accordance with Section 7.1(c); 
 (v) an amount
equal to the Class C Monthly Interest for such Distribution Date, plus the amount of any Class C Deficiency Amount for such Distribution Date, plus the amount of any Class C Additional Interest for such Distribution Date, shall be
credited to the Distribution Ledger Balance for distribution to the Class C Noteholders on a pro rata basis in accordance with Section 7.1(d); 

(vi) an amount equal to the Investor Loss Amount and any Investor Uncovered Dilution Amount for such Distribution Date
shall be treated as a portion of Available Principal Collections for such Distribution Date and, during an Amortization Period, credited to the Principal Ledger Balance; 

(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal
Collections which have not been reimbursed pursuant to this clause (vii) on prior Distribution Dates shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Amortization Period,
credited to the Principal Ledger Balance; 
 (viii) an amount equal to the Class D Monthly Interest for such
Distribution Date, plus the amount of any Class D Deficiency Amount for such Distribution Date shall be credited to the Distribution Ledger Balance for distribution to the Class D Noteholders on a pro rata basis in accordance with
Section 7.1(e); 
 (ix) an amount up to the excess, if any, of the Required Spread Account Amount
(determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date) over the Spread Account Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to
be made with respect to such Distribution Date) shall be deposited in the Spread Account; 
 (x) any amounts
designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor’s instructions; and 

(xi) the balance, if any, will constitute a portion of Shared Excess Finance Charge Collections for such Distribution Date
and will be available for allocation to other Series or Certificate Series in Group One and, to the extent not required to be applied as Shared Excess Finance Charge Collections with respect to any Series or Certificate Series in Group One, shall be
distributed to the Holders of the Transferor Interest or any other Person then entitled to such amounts. 
 (b) During the
Revolving Period, an amount equal to the Available Principal Collections for the related Due Period shall be treated as Shared Principal Collections and applied to the Series and Certificate Series in Group One that are Principal Sharing Series
other than this Series 2010-1 and as provided in Section 4.3(f) of the Pooling and Servicing Agreement and Section 8.5 of the Indenture. 
  

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 (c) During the Controlled Amortization Period or the Early Amortization Period (beginning
with the Distribution Date and on each subsequent Distribution Date in the month following the month in which the Controlled Amortization Period or the Early Amortization Period begins), an amount equal to the Available Principal Collections for the
related Due Period shall be distributed on each Distribution Date in the following priority: 
 (i) an amount
equal to the Monthly Principal for such Distribution Date shall be credited to the Distribution Ledger Balance for distribution to the Class A Noteholders in accordance with Section 7.1(a) until the Class A Principal Balance
has been paid in full; 
 (ii) after giving effect to the distribution referred to in clause
(i) above, an amount equal to the Monthly Principal remaining, if any, shall be credited to the Distribution Ledger Balance for distribution to the Class M Noteholders in accordance with Section 7.1(b) until the Class M
Principal Balance has been paid in full; 
 (iii) after giving effect to the distribution referred to in
clauses (i) and (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be credited to the Distribution Ledger Balance for distribution to the Class B Noteholders in accordance with
Section 7.1(c) until the Class B Principal Balance has been paid in full; 
 (iv) after giving effect
to the distributions referred to in clauses (i), (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be credited to the Distribution Ledger Balance for distribution to the Class C
Noteholders in accordance with Section 7.1(d) until the Class C Principal Balance has been paid in full; 

(v) after giving effect to the distributions referred to in clauses (i), (ii), (iii) and
(iv) above, an amount equal to the Monthly Principal remaining, if any, shall be credited to the Distribution Ledger Balance for distribution to the Class D Noteholders in accordance with Section 7.1(e) until the Class D
Principal Balance has been paid in full; and 
 (vi) an amount equal to Available Principal Collections remaining
after the applications specified in clauses (i), (ii), (iii), (iv) and (v) above shall be treated as Shared Principal Collections and applied to Series and Certificate Series in Group One which are
Principal Sharing Series other than this Series 2010-1 and as provided in Section 4.3(f) of the Pooling and Servicing Agreement and Section 8.5 of the Indenture. 

SECTION 6.5 Investor Charge-Offs. On or before each Distribution Date, the Servicer shall calculate the Investor Loss Amount and
any Investor Uncovered Dilution Amount for the related Distribution Date. If, on any Distribution Date, the sum of the Investor Loss Amount and the Investor Uncovered Dilution Amount for such Distribution Date exceeds the sum of the amounts
allocated with respect thereto pursuant to Section 6.4(a)(vi) for such Distribution Date, the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction, an “Investor
Charge-Off”). 
  

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 If the Collateral Amount has been reduced by an Investor Charge-Off, it will be reimbursed
on any Distribution Date (but not by an amount in excess of the aggregate Investor Charge-Offs) by the amount of Available Finance Charge Collections allocated and available to be treated as a portion of Available Principal Collections pursuant to
Section 6.4(a)(vii). 
 SECTION 6.6 Reallocated Principal Collections. On or before each Distribution Date,
the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto and may be delivered electronically) to apply Reallocated Principal Collections with respect to such
Distribution Date to fund any deficiency in the amounts payable under in clauses 6.4(a)(i) through (v) after giving effect to the application of Available Finance Charge Collections to fund such payments. Such Reallocated
Principal Collections shall be applied pursuant to and in the priority set forth in clauses 6.4(a)(i) through (v). The amount of such Reallocated Principal Collections shall be allocated to the Distribution Ledger Balance. On each
Distribution Date, the Collateral Amount shall be reduced by the amount of Reallocated Principal Collections for such Distribution Date. 

SECTION 6.7 Shared Excess Finance Charge Collections. 

(a) The balance of any Available Finance Charge Collections on deposit in the Collection Account after giving effect to Sections
6.4(a)(i) through (x) will constitute a portion of Shared Excess Finance Charge Collections and will be available for Allocation to other Series and Certificate Series in Group One as described in Section 4.3(g) of the
Pooling and Servicing Agreement and Section 8.6 of the Indenture. 
 (b) Series 2010-1 shall be included in Group
One. Subject to Section 4.3(g) of the Pooling and Servicing Agreement and Section 8.6 of the Indenture, Shared Excess Finance Charge Collections with respect to the Series and Certificate Series in Group One for any
Distribution Date will be allocated to Series 2010-1 in an amount equal to the product of (x) the aggregate amount of Shared Excess Finance Charge Collections with respect to all Series and Certificate Series in Group One for such Distribution
Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2010-1 for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for all Series and Certificate Series
in Group One for such Distribution Date. The “Finance Charge Shortfall” for Series 2010-1 for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant
to Sections 6.4(a)(i) through (x) on such Distribution Date over (b) the Available Finance Charge Collections for such Distribution Date (excluding any portion thereof attributable to Excess Finance Charge Collections).

 SECTION 6.8 Shared Principal Collections. Subject to Section 4.3(f) of the Pooling and Servicing Agreement
and Section 8.5 of the Indenture, Shared Principal Collections for any Distribution Date will be allocated to Series 2010-1 in an amount equal to the product of (x) the aggregate amount of Shared Principal Collections with respect
to all Series and Certificate Series in Group One that are Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Principal Shortfall for Series 2010-1 for such Distribution Date and the
denominator of which is the Cumulative Principal Shortfall for such Distribution Date. 
  

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 SECTION 6.9 Purchase and Cancellation of Notes. The Transferor may on any
Distribution Date during the Revolving Period or the Controlled Amortization Period, upon five Business Days’ prior written notice to the Indenture Trustee, purchase Series 2010-1 Notes on the secondary market and request the Indenture Trustee
to cancel such Series 2010-1 Notes purchased by the Transferor on such Distribution Date. In such case, the Class A, Class M, Class B, Class C and/or Class D Principal Balance, as applicable, will be reduced by the portion thereof represented
by such cancelled Notes; provided that after giving effect to any cancellation (A) the Class M Principal Balance shall not be less than 9.75% of the Principal Balance (calculated after giving effect to such cancellation), (B) the
Class B Principal Balance shall not be less than 6.50% of the Principal Balance (calculated after giving effect to such cancellation), (C) the Class C Principal Balance shall not be less than 11.50% of the Principal Balance (calculated after
giving affect to such cancellation), and (D) the Class D Principal Balance shall not be less than 7.75% of the Principal Balance (calculated after giving effect to such cancellations). No Series 2010-1 Noteholder shall be required to sell its
Notes to the Transferor pursuant to this Section 6.9. 
 SECTION 6.10 Paired Series. Any other Series in
Group One may be designated (subject to satisfaction of the Rating Agency Condition) as a Paired Series for Series 2010-1. Such Paired Series either shall be prefunded with an initial deposit to a prefunding account in an amount up to the initial
principal amount of such Paired Series and primarily from the sale of such Paired Series or shall have a variable principal amount. Any such prefunding account shall be held for the benefit of such Paired Series and not for the benefit of the
Series 2010-1 Noteholders. As funds in the Collection Account are allocated for distribution as Available Principal Collections during the Early Amortization Period or Controlled Amortization Period, either (i) in the case of a prefunded
Paired Series, an equal amount of funds in any prefunding account for such Paired Series shall be released and distributed pursuant to the terms of such Paired Series or (ii) in the case of a Paired Series having a variable principal amount, an
interest in such variable Paired Series in an equal or lesser amount may be sold by the Issuer and the proceeds thereof will be distributed pursuant to the terms of such Paired Series, and, in either case, the Collateral Amount of such Paired Series
will increase by up to a corresponding amount. Upon payment in full of the Collateral Amount, assuming that there have been no unreimbursed Loss Amounts with respect to any related Paired Series, the aggregate amount of such Paired Series shall have
been increased by an amount up to an aggregate amount equal to the Collateral Amount paid to the Series 2010-1 Noteholders (or such other amount as the holders of such Paired Series shall agree). 

SECTION 6.11 Spread Account. 

(a) The Servicer, for the benefit of the Class C Noteholders, shall establish and maintain in the name of the Indenture Trustee, on
behalf of the Issuer, a segregated trust account with a Qualified Depository Institution bearing a designation clearly indicating that the funds deposited therein are held in the name of the Indenture Trustee for the benefit of the Class C
Noteholders (the “Spread Account”), subject to the rights of the Transferor set forth herein. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Spread Account and in
all proceeds thereof. The Spread Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Class C Noteholders, subject to the rights of the Transferor set forth herein. Except as expressly provided in
this Indenture Supplement, the Servicer agrees that it shall have no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds held in the Spread 

 

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Account for any amount owed to it by the Indenture Trustee, the Issuer or any Series 2010-1 Noteholder. If, at any time, the Indenture Trustee is advised in writing by the Servicer that the
institution holding the Spread Account ceases to be a Qualified Depository Institution, the Indenture Trustee upon receiving such notice by the Servicer (or the Servicer on its behalf) shall promptly (but in any event within 10 Business Days)
establish a new Spread Account with a Qualified Depository Institution meeting the conditions specified above, transfer any cash or any investments to such new Spread Account and from the date such new Spread Account is established, it shall be the
“Spread Account.” 
 (b) Funds on deposit in the Spread Account shall at the direction of the Servicer be
invested by the Indenture Trustee in Permitted Investments selected by the Servicer. All such Permitted Investments shall be held by the Indenture Trustee for the benefit of the Class C Noteholders, subject to the rights of the Transferor set forth
herein. The Indenture Trustee shall maintain for the benefit of the Series 2010-1 Noteholders possession of the negotiable instruments or securities, if any, evidencing such Permitted Investments. Funds on deposit in the Spread Account on any date
(after giving effect to any withdrawals from the Spread Account on such date) will be invested in Permitted Investments that will mature one Business Day prior to the Distribution Date following such date so that funds will be available for
withdrawal on such Distribution Date. On each Determination Date, the Servicer (subject to Section 6.11(d)) shall instruct the Indenture Trustee to withdraw on the related Distribution Date from the Spread Account all Investment Earnings
and pay such amount to the Transferor. 
 (c) If, after giving effect to all deposits to and withdrawals from the Spread Account
with respect to any Distribution Date, the Spread Account Amount shall exceed the Required Spread Account Amount, the Indenture Trustee, acting in accordance with the instructions of the Servicer, shall withdraw an amount equal to such excess from
the Spread Account, and pay such amount to the Transferor. 
 (d) The Indenture Trustee, acting in accordance with the
instructions of the Servicer, shall from time to time deposit in the Spread Account funds otherwise required to be deposited in the Spread Account pursuant to Section 6.4(a)(ix). If, on any Distribution Date, the amount of Available
Finance Charge Collections available for distribution pursuant to Section 6.4(a)(v) is less than the aggregate amount required to be distributed pursuant to Section 6.4(a)(v), the Servicer shall direct the holder of the
Spread Account to withdraw the amount of such deficiency, up to the Spread Account Amount and, if the Spread Account Amount is less than such deficiency, Investment Earnings credited to the Spread Account, from the Spread Account and credit such
amount to the Distribution Ledger Balance for distribution to the Class C Noteholders. 
 (e) Unless an Early Amortization Event
occurs, on the Class C Expected Final Payment Date, after applying any funds on deposit in the Spread Account as described in Section 6.11(d), the Indenture Trustee at the written direction of the Servicer shall withdraw from the Spread
Account an amount equal to the lesser of (i) the Class C Principal Balance (after any payments to be made pursuant to Section 6.4(c) on such date) and (ii) the Available Spread Account Amount and, if the Available Spread
Account Amount is not sufficient to reduce the Class C Note Principal Balance to zero, Investment Earnings credited to the Spread Account up to the amount required to reduce the Class C Note Principal Balance to zero, and the Indenture
Trustee upon the written direction of the Servicer or the Servicer shall deposit such amounts into the Collection Account for distribution to the Class C Noteholders in accordance with Section 7.1(d). 

 

 26 

 (f) Upon an Early Amortization Event, the amount, if any, remaining on deposit in the Spread
Account after making the payments described in Section 6.11(d), shall be applied to pay principal on the Class C Notes on the earlier of the Series 2010-1 Final Maturity Date and the first Distribution Date on which the Class A
Note Principal Balance, the Class M Note Principal Balance and the Class B Note Principal Balance have been paid in full 

(g) On any day following the occurrence of an Event of Default with respect to Series 2010-1 and acceleration of the maturity of the
Series 2010-1 Notes pursuant to Section 5.3 of the Indenture, the Indenture Trustee shall withdraw from the Spread Account an amount equal to the Available Spread Account Amount and deposit such amount into the Distribution Account
for distribution to the Class C Noteholders, the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, in that order of priority, in accordance with Section 7.1, to fund any shortfalls in amounts
owed to such Noteholders. 
 SECTION 6.12 Permitted Investments. In selecting Permitted Investments for the funds on
deposit in the Spread Account, the Servicer shall make such selection after consultation with the Indenture Trustee and with a view to ensuring that an amount equal to the sum of (i) Monthly Interest due on each Distribution Date, and
(ii) during the Amortization Period, the amount of principal to be paid on the Series 2010-1 Notes on such Distribution Date will be held by the Indenture Trustee in uninvested funds on the Business Day immediately prior to such Distribution
Date. 
 SECTION 6.13 Transferor’s or Servicer’s Failure to Make a Deposit or Payment. If the Servicer or
Transferor fails to make, or give instructions to make, any payment or deposit required to be made or given by the Servicer or Transferor, respectively, at the time specified in the Agreement (including applicable grace periods), the Indenture
Trustee shall make such payment or deposit from the applicable account without instruction from the Servicer or Transferor. The Indenture Trustee shall be required to make any such payment, deposit or withdrawal hereunder only to the extent that the
Indenture Trustee has sufficient information to allow it to determine the amount thereof; provided, however, that the Indenture Trustee shall in all cases be deemed to have sufficient information to determine the amount of interest
payable to the Series 2010-1 Noteholders on each Distribution Date. The Servicer shall, upon request of the Indenture Trustee, promptly provide the Indenture Trustee with all information necessary to allow the Indenture Trustee to make such payment,
deposit or withdrawal. Such funds or the proceeds of such withdrawal shall be applied by the Indenture Trustee in the manner in which such payment or deposit should have been made by Transferor or the Servicer, as the case may be. 

 

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 SECTION 7. Distributions and Reports to Noteholders. 

SECTION 7.1 Distributions. 

(a) On each Distribution Date, the Indenture Trustee shall distribute (in accordance with the certificate delivered by the Servicer to
the Indenture Trustee pursuant to Article V of the Pooling and Servicing Agreement or Section 3.4(b) of the Transfer and Servicing Agreement, as applicable) to each Class A Noteholder of record on the immediately preceding
Record Date (other than as provided in Section 11.3 of the Indenture respecting a final distribution) such Class A Noteholder’s pro rata share (based on the aggregate outstanding Principal Balance of the Series
2010-1 Notes represented by Class A Notes held by such Class A Noteholder) of amounts allocated to the Distribution Ledger Balance, the Finance Charge Ledger Balance and the Principal Ledger Balance as are payable to the Class A
Noteholders pursuant to Section 6.4 by check mailed to each Class A Noteholder (at such Class A Noteholder’s address as it appears in the Note Register), except that with respect to Class A Notes registered in the
name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds. 
 (b) On each
Distribution Date, the Indenture Trustee shall distribute (in accordance with the certificate delivered by the Servicer to the Indenture Trustee pursuant to Article V of the Pooling and Servicing Agreement or Section 3.4(b) of the
Transfer and Servicing Agreement, as applicable) to each Class M Noteholder of record on the immediately preceding Record Date (other than as provided in Section 11.3 of the Indenture respecting a final distribution) such Class M
Noteholder’s pro rata share (based on the aggregate outstanding Principal Balance of the Series 2010-1 Notes represented by Class M Notes held by such Class M Noteholder) of amounts allocated to the Distribution Ledger Balance,
the Finance Charge Ledger Balance and the Principal Ledger Balance as are payable to the Class M Noteholders pursuant to Section 6.4 by check mailed to each Class M Noteholder (at such Class M Noteholder’s address as it appears in
the Note Register), except that with respect to Class M Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds. 

(c) On each Distribution Date, the Indenture Trustee shall distribute (in accordance with the certificate delivered by the Servicer to
the Indenture Trustee pursuant to Article V of the Pooling and Servicing Agreement or Section 3.4(b) of the Transfer and Servicing Agreement, as applicable) to each Class B Noteholder of record on the immediately preceding Record
Date (other than as provided in Section 11.3 of the Indenture respecting a final distribution) such Class B Noteholder’s pro rata share (based on the aggregate outstanding Principal Balance of the Series 2010-1 Notes represented by
Class B Notes held by such Class B Noteholder) of amounts allocated to the Distribution Ledger Balance, the Finance Charge Ledger Balance and the Principal Ledger Balance as are payable to the Class B Noteholders pursuant to
Section 6.4 by check mailed to each Class B Noteholder (at such Class B Noteholder’s address as it appears in the Note Register), except that with respect to Class B Notes registered in the name of the nominee of a Clearing Agency,
such distribution shall be made in immediately available funds. 
 (d) On each Distribution Date, the Indenture Trustee shall
distribute (in accordance with the certificate delivered by the Servicer to the Indenture Trustee pursuant to Article V of the Pooling and Servicing Agreement or Section 3.4(b) of the Transfer and Servicing Agreement, as
applicable) to each Class C Noteholder of record on the immediately preceding Record Date (other than as provided in Section 11.3 of the Indenture respecting a final 

 

 28 

 
distribution) such Class C Noteholder’s pro rata share (based on the aggregate outstanding Principal Balance of the Series 2010-1 Notes represented by Class C Notes held by such Class C
Noteholder) of amounts allocated to the Distribution Ledger Balance, the Finance Charge Ledger Balance and the Principal Ledger Balance as are payable to the Class C Noteholders pursuant to Sections 6.4 and 6.11 by check mailed to each
Class C Noteholder (at such Class C Noteholder’s address as it appears in the Note Register), except that with respect to Class C Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately
available funds. 
 (e) On each Distribution Date, the Indenture Trustee shall distribute (in accordance with the certificate
delivered by the Servicer to the Indenture Trustee pursuant to Article V of the Pooling and Servicing Agreement or Section 3.4(b) of the Transfer and Servicing Agreement, as applicable) to each Class D Noteholder of record on the
immediately preceding Record Date (other than as provided in Section 11.3 of the Indenture respecting a final distribution) such Class D Noteholder’s pro rata share (based on the aggregate outstanding Principal Balance of the Series
2010-1 Notes represented by Class D Notes held by such Class D Noteholder) of amounts allocated to the Distribution Ledger Balance, the Finance Charge Ledger Balance and the Principal Ledger Balance as are payable to the Class D Noteholders
pursuant to Section 6.4 by check mailed to each Class D Noteholder (at such Class D Noteholder’s address as it appears in the Note Register). 

SECTION 7.2 Monthly Noteholders’ Statement. 

(a) On or before each Distribution Date, the Paying Agent shall make available to each Series 2010-1 Noteholder and each Rating Agency a
statement substantially in the form of Exhibit C to this Supplement prepared by the Servicer, appropriately completed. 

(b) On or before January 31 of each calendar year, beginning with calendar year 2011, the Indenture Trustee shall make available to
each Person who at any time during the preceding calendar year was a Series 2010-1 Noteholder, a statement prepared by the Servicer containing the information required to be contained in the regular monthly statement to Series 2010-1 Noteholders,
aggregated for such calendar year or the applicable portion thereof during which such Person was a Series 2010-1 Noteholder, together with such other customary information (consistent with the treatment of the Class A Notes, the Class M Notes,
the Class B Notes and the Class C Notes as debt) as the Servicer deems necessary or desirable to enable the Series 2010-1 Noteholders to prepare their tax returns. The Servicer will provide such information to the Indenture Trustee as soon as
possible after January 1 of each calendar year. Such obligations of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Indenture Trustee pursuant to any
requirements of the Code as from time to time in effect. 
 (c) Each statement to be made available pursuant to this
Section 7.2 may be made available electronically. 
  

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 SECTION 8. Series 2010-1 Early Amortization Events. 

SECTION 8.1 Series 2010-1 Early Amortization Events. If any one of the following events shall occur with respect to the Series
2010-1 Notes: 
 (a) failure on the part of the Applicable Assignor to make any payment, deposit, allocation or credit to a
ledger balance of the Collection Account required by the terms of the Indenture, this Indenture Supplement, the Pooling and Servicing Agreement, the Purchase Agreement, the Collateral Series Supplement or the Transfer and Servicing Agreement on or
before the date occurring five (5) Business Days after the date such payment, deposit, allocation or credit is required to be made herein; 

(b) failure on the part of an Applicable Assignor to duly observe or perform in any material respect any of its covenants or agreements
set forth in the Indenture, this Indenture Supplement, Collateral Series Supplement, the Pooling and Servicing Agreement, the Transfer and Servicing Agreement or the Purchase Agreement, which failure has a material adverse effect on the Noteholders
of any Class of the Series 2010-1 Notes and which continues unremedied for a period of sixty (60) 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 the Controlling Noteholders, and continues to affect materially and adversely the interests of such Class for such period; 

(c) any representation or warranty made by an Applicable Assignor in the Indenture, this Indenture Supplement, the Pooling and Servicing
Agreement, the Collateral Series Supplement, the Transfer and Servicing Agreement or the Purchase Agreement, or any information contained in a computer file or microfiche or written list required to be delivered by the Transferor pursuant to
Section 2.1, 2.6 or 2.7 of the Transfer and Servicing Agreement or Section 2.1, 2.6 or 2.7 of the Pooling and Servicing Agreement or by the Originator pursuant to Section 1.1,
2.4(e) or 2.5 of the Purchase Agreement, (i) 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 (60) 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 the Controlling Noteholders, and
(ii) as a result of which the interests of the Noteholders of any Class of the Series 2010-1 Notes are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that
a Series 2010-1 Early Amortization Event pursuant to this Section 8.1(c) 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 and Servicing Agreement or the Pooling and Servicing Agreement; 

(d) the average Portfolio Yield for any three consecutive Due Periods is reduced to a rate which is less than the average Base Rate for
such period; 
 (e) an Applicable Assignor shall fail to convey Receivables arising under Additional Accounts to the Receivables
Trust, as required by Section 2.6(a) of the Pooling and Servicing Agreement, Section 8 of the Collateral Series Supplement or Section 2.6(b) of the 

 

 30 

 
Transfer and Servicing Agreement, provided that such failure shall not give rise to an Early Amortization Event if, prior to the date on which such conveyance was required to be completed,
Transferor causes a reduction in the invested amount of any Variable Interest or variable interest Certificate Series to occur, so that, after giving effect to that reduction, a Required Addition Event shall no longer exist; 

(f) any Servicer Default or “Servicer Default” under the Pooling and Servicing Agreement shall occur which has a material
adverse effect on the Class A Noteholders, the Class M Noteholders, the Class B Noteholders, the Class C Noteholders or the Class D Noteholders; 

(g) the Class A Principal Balance shall not be paid in full on the Class A Expected Final Payment Date, the Class M Principal
Balance shall not be paid in full on the Class M Expected Final Payment Date, the Class B Principal Balance shall not be paid in full on the Class B Expected Final Payment Date or the Class C Principal Balance shall not be paid in full on the Class
C Expected Final Payment Date; 
 (h) without limiting the foregoing, the occurrence of an Event of Default with respect to
Series 2010-1 and acceleration of the maturity of the Series 2010-1 Notes pursuant to Section 5.3 of the Indenture; 

(i) the occurrence of an Early Amortization Event (as defined in the Pooling and Servicing Agreement) specified in
Section 9.1 of the Pooling and Servicing Agreement; or 
 (j) the occurrence of an Insolvency Event relating to
Charming Shoppes, Inc.; 
 then, (x) in the case of any event described in subparagraph (a), (b), (c) or
(f) after the applicable grace period set forth in such subparagraphs, either the Indenture Trustee or the Controlling Noteholders by notice then given in writing to the Transferor and the Servicer (and to the Indenture Trustee if given by the
Noteholders) may declare that an early amortization event (a “Series 2010-1 Early Amortization Event”) has occurred as of the date of such notice, (y) in the case of any event described in subparagraphs (d), (e), (g),
(h) or (i), a Series 2010-1 Early Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Series 2010-1 Noteholders immediately upon the occurrence of such event, and (z) in the case of
the event described in subparagraph (j), the Controlling Noteholders by notice then given in writing to the Transferor, the Servicer and the Indenture Trustee, may declare that a Series 2010-1 Early Amortization Event has occurred as of the date of
such notice; provided that, if no such notice is given within 15 days of such event and if such event shall not have been waived by the Controlling Noteholders within 15 days of such event, a Series 2010-1 Early Amortization Event will be
deemed to have occurred. 
 SECTION 8.2 Notice of Early Amortization Events. The Issuer agrees that upon the occurrence
of an Early Amortization Event it shall notify all Series 2010-1 Noteholders of such event and will provide the Indenture Trustee with the material details of such event to be included in the periodic reports to be distributed to the
Series 2010-1 Noteholders pursuant to Section 7.2(a). 
  

 31 

 SECTION 9. Series 2010-1 Termination. (a) On the Series 2010-1 Final Maturity
Date, the Principal Balance of the Series 2010-1 Notes shall be due and payable, and the rights of the Series 2010-1 Noteholders to receive payments from the Issuer shall be limited solely to the right to receive payments pursuant to
Section 5.5 of the Indenture. 
 (b) Optional Redemption of Series 2010-1 Notes. 

(i) On any day occurring on or after the date on which the outstanding principal balance of the Series 2010-1 Notes is
reduced to 5% or less of the Initial Principal Balance of the Series 2010-1 Notes, the Servicer shall have the option to redeem the Series 2010-1 Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment
Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 

(ii) Servicer shall give the Indenture Trustee at least thirty (30) days prior written notice of the date on which
Servicer intends to exercise such optional redemption (such date, the “Redemption Date”). Not later than 12:00 noon, New York City time, on such day Servicer shall deposit into the Collection Account in immediately available funds
the excess of the Reassignment Amount over the amount, if any, allocated to the Distribution Ledger Balance. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Account in
accordance with the foregoing, the Collateral Amount for Series 2010-1 shall be reduced to zero and the Series 2010-1 Noteholders shall have no further security interest in the Receivables. The Reassignment Amount shall be distributed as set forth
in Section 6.4. 
 (iii) The amount to be paid by the Transferor with respect to Series 2010-1 in
connection with a reassignment of Receivables to Transferor pursuant to Section 2.7(c) of the Transfer and Servicing Agreement shall equal the Reassignment Amount for the Distribution Date of such repurchase. 

SECTION 10. Ratification of Indenture; Amendments. 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. This Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 10.1 or 10.2 of the Indenture. For purposes of the application of Section 10.2 to any amendment of this Indenture Supplement, the Series 2010-1 Noteholders shall be the only
Noteholders whose vote shall be required. 
 The Servicer shall provide notice to the Rating Agencies of the waiver of any Early Amortization
Event with respect to Series 2010-1. 
 SECTION 11. Counterparts. This Indenture Supplement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

 

 32 

 SECTION 12. No Petition. The Issuer and the Indenture Trustee, by entering into this
Indenture Supplement, and each Series 2010-1 Noteholder, by accepting a Series 2010-1 Note, hereby covenant and agree that they will not at any time, notwithstanding any prior termination of this Indenture Supplement, institute against the Issuer,
the Certificate Trust or the Transferor, or solicit or join or cooperate with or encourage any institution against the Issuer, the Certificate Trust or the Transferor of any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligation relating to the Series 2010-1 Notes, this Indenture Supplement or any of the other Transaction Documents; provided,
however, that this Section 12 shall not operate to preclude any remedy described in Article V of the Indenture. 

SECTION 13. Forms of Series 2010-1 Notes. 

(a) Form of Notes. The form of each of the Class A Notes, the Class M Notes, the Class B Notes, the Class C Notes and the
Class D Notes, including the Certificate of Authentication, shall be substantially as set forth in Exhibits A-1, A-2, A-3 and A-4 hereto. 

(b) Book-Entry Notes. 

(i) The Class A Notes, the Class M Notes, the Class B Notes and the Class C Notes that are not sold in offshore
transactions in reliance on Regulation S under the Securities Act shall be offered and sold in reliance on the exemption from registration under Rule 144A (except for any sale directly from the Issuer) and shall be issued initially in the form of
one or more permanent global certificates in definitive, fully registered form without interest coupons with the applicable legends set forth in Exhibit A hereto, added to the form of such Notes (each, a “Restricted Book-Entry
Note”), which shall be registered in the name of the nominee of the Depository and deposited with the Indenture Trustee, as custodian for the Depository. The aggregate principal amount of the Restricted Book-Entry Notes may from time to
time be increased or decreased by adjustments made on the records of the Indenture Trustee or the Depository or its nominee, as the case may be, as hereinafter provided. 

(ii) The Class A Notes, the Class M Notes, the Class B Notes and the Class C Notes offered and sold in offshore
transactions in reliance on Regulation S under the Securities Act shall be issued initially, and during the “40 day distribution compliance period” described below shall remain, in the form of temporary global certificates, without
interest coupons (the “Regulation S Temporary Book-Entry Notes”), to be held by the Depository and registered in the name of a nominee of the Depository or its custodian for the respective accounts of Euroclear and Clearstream duly
executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided. The “40 day distribution compliance period” shall be terminated upon the later of (i) the end of the distribution compliance period (as defined
in Rule 902 of the Securities Act) and (ii) receipt by the Indenture Trustee of a written certificate from the Depository, together with copies of certificates substantially in the form of Exhibit E from Euroclear or Clearstream,
certifying that the beneficial owner of such Regulation S Temporary Book-Entry Note is a non-U.S. person. Following the termination of the 40 day distribution compliance period, beneficial interests in the Regulation S Temporary Book-Entry Notes

  

 33 

 
may be exchanged for beneficial interests in permanent Book-Entry Notes (the “Regulation S Permanent Book-Entry Notes”; and together with the Regulation S Temporary Book-Entry
Note, the “Regulation S Book-Entry Notes”), which will be duly executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided and which will be deposited with the Indenture Trustee, as custodian for the
Depository, and registered in the name of the Depository or a nominee thereof. Upon any exchange of a portion of a Regulation S Temporary Book-Entry Note for a comparable portion of a Regulation S Permanent Book-Entry Note, the Indenture Trustee
shall endorse on the schedules affixed to each of such Regulation S Book-Entry Note (or on continuations of such schedules affixed to each of such Regulation S Book-Entry Note and made parts thereof) appropriate notations evidencing the date of
transfer and (x) with respect to the Regulation S Temporary Book-Entry Note, a decrease in the principal amount thereof equal to the amount covered by the applicable certification and (y) with respect to the Regulation S Permanent
Book-Entry Note, an increase in the principal amount thereof equal to the principal amount of the decrease in the Regulation S Temporary Book-Entry Note. 

(c) Definitive Series 2010-1 Notes. (i) The Class D Notes shall be issued in the form of Definitive Notes with the applicable
legends set forth in Exhibit A-4 hereto, which shall be registered in the name of the Holder or a nominee thereof, duly executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided. Except as provided in
Section 2.14 of the Indenture, owners of beneficial interests in the Book-Entry Notes shall not be entitled to receive Definitive Notes. 

SECTION 14. Transfer Restrictions. 

(a) No Series 2010-1 Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or
transfer is exempt from the registration requirements of the Securities Act and is exempt from the registration requirements under applicable state securities laws. 

No Class A Note, Class M Note, Class B Note or Class C Note may be offered, sold or delivered within the United States or to, or for
the benefit of, U.S. Persons as defined in Regulation S except to (i) the Transferor or (ii) QIBs purchasing for their own account or for the accounts of one or more QIBs, for which the purchaser is acting as fiduciary or agent in
accordance with Rule 144A under the Securities Act. The Class A Notes, the Class M Notes, the Class B Notes and the Class C Notes may also be sold or resold, as the case may be, in offshore transactions to non-U.S. Persons in reliance on
Regulation S under the Securities Act. 
 No Class D Note may be offered, sold or delivered to, or for the benefit of, any
Person except U.S. Persons (as defined in Section 7701(a)(30) of the Code) within the United States that are (i) the Transferor or (ii) QIBs purchasing for their own account or for the accounts of one or more QIBs, for which
the purchaser is acting as a fiduciary or agent in accordance with Rule 144A under the Securities Act. 
  

 34 

 No Class D Note may be offered, sold or delivered to, or for the benefit of (i) a
Benefit Plan Investor or (ii) an Other Plan Investor if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, Similar Law. 

None of the Issuer, the Indenture Trustee, the Transferor, the Originator, the Servicer or any other Person will register the Series
2010-1 Notes under the Securities Act or any applicable securities laws. 
 (b) Notwithstanding any provision to the contrary
herein, so long as a Book-Entry Note remains outstanding and is held by or on behalf of the Depository, transfers of a Book-Entry Note, in whole or in part, shall only be made in accordance with this Section 14(b) and
Section 2.12 of the Indenture. 
 (i) Subject to clauses (ii) and (iii) of this
Section 14(b), transfers of a Book-Entry Note shall be limited to transfers of such Book-Entry Note in whole, but not in part, to a nominee of the Depository or to a successor of the Depository or such successor’s nominee.

 (ii) Regulation S Book-Entry Note to Restricted Book-Entry Note. If a holder of a beneficial interest
in a Regulation S Book-Entry Note wishes to transfer all or a part of its interest in such Regulation S Book-Entry Note to a Person who wishes to take delivery thereof in the form of a Restricted Book-Entry Note, such holder may, subject to the
terms hereof and the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository exchange or cause the exchange of such interest for an equivalent beneficial interest in a Restricted Book-Entry Note of the same Class.
Upon receipt by the Transfer Agent and Registrar, of (A) instructions from Euroclear, Clearstream or the Depository, as the case may be, directing the Indenture Trustee, as Transfer Agent and Registrar, to cause such Restricted Book-Entry Note
to be increased by an amount equal to such beneficial interest in such Regulation S Book-Entry Note but not less than the minimum denomination applicable to the related Class of Series 2010-1 Notes, and (B) a certificate substantially in the
form of Exhibit D-1 hereto given by the prospective transferee of such beneficial interest and stating, among other things, that such transferee acquiring such interest in a Restricted Book-Entry Note is a QIB, is obtaining such beneficial
interest in a transaction pursuant to Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction, then Euroclear, Clearstream or the Indenture Trustee, as Transfer
Agent and Registrar, as the case may be, will instruct the Depository to reduce such Regulation S Book-Entry Note by the aggregate principal amount of the interest in such Regulation S Book-Entry Note to be transferred, increase the Restricted
Book-Entry Note specified in such instructions by an amount equal to such reduction in such principal amount of the Regulation S Book-Entry Note and make the corresponding adjustments to the applicable participants’ accounts. 

(iii) Restricted Book-Entry Note to Regulation S Book-Entry Note. If a holder of a beneficial interest in a
Restricted Book-Entry Note wishes to transfer all or a part of its interest in such Restricted Book-Entry Note to a Person who wishes to take delivery thereof in the form of a Regulation S Book-Entry Note, such holder may, subject to the

  

 35 

 
terms hereof and the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository exchange or cause the exchange of such interest for an equivalent beneficial interest
in a Regulation S Book-Entry Note of the same Class. Upon receipt by the Indenture Trustee, as Transfer Agent and Registrar, of (A) instructions from Euroclear, Clearstream or the Depository, as the case may be, directing the Indenture
Trustee, as Transfer Agent and Registrar, to cause such Regulation S Book-Entry Note to be increased by an amount equal to the beneficial interest in such Restricted Book-Entry Note but not less than the minimum denomination applicable to the
related Class of Series 2010-1 Notes to be exchanged, and (B) a certificate substantially in the form of Exhibit D-2 hereto given by the prospective transferee of such beneficial interest and stating, among other things, that such
transferee acquiring such interest in a Regulation S Book-Entry Note is a non-U.S. Person located outside the United States and such transfer is being made pursuant to Rule 903 or 904 under Regulation S of the Securities Act, then Euroclear,
Clearstream or the Indenture Trustee, as Transfer Agent and Registrar, as the case may be, will instruct the Depository to reduce such Restricted Book-Entry Note by the aggregate principal amount of the interest in such Restricted Book-Entry Note to
be transferred, increase the Regulation S Book-Entry Note specified in such instructions by an aggregate principal amount equal to such reduction in the principal amount of the Restricted Book-Entry Note and make the corresponding adjustments to the
applicable participants’ accounts. 
 (iv) Other Exchanges. In the event that a Class A Note, a
Class M Note, a Class B Note or a Class C Note initially represented by a Book-Entry Note is exchanged for one or more Definitive Notes pursuant to Section 2.14 of the Indenture, the related Class A Noteholder, Class M Noteholder,
Class B Noteholder or Class C Noteholder, as the case may be, shall be required to deliver a representation letter with respect to the matters described in Section 14(c). Such Definitive Notes may be exchanged for one another only upon
delivery of a representation letter with respect to the matters described in Section 14(c) and in accordance with such procedures as are substantially consistent with the provisions above (including certification requirements intended to
insure that such transfers comply with Rule 144A or are to non-U.S. Persons, or otherwise comply with Regulation S under the Securities Act, as the case may be) and as may be from time to time adopted by the Issuer and the Indenture Trustee.

 (c) Each beneficial owner of Restricted Book-Entry Notes or Regulation S Book-Entry Notes will be deemed to represent
and agree as follows (terms used in this paragraph that are defined in Rule 144A or Regulation S under the Securities Act are used herein as defined therein): 

(i) The owner either (A)(1) is a QIB, (2) is aware that the sale of the Class A Notes, Class M Notes,
Class B Notes or Class C Notes, as applicable, to it (other than the initial sale by the Issuer) is being made in reliance on the exemption from registration provided by Rule 144A under the Securities Act and (3) is acquiring the
Class A Notes, Class M Notes, Class B Notes or Class C Notes, as applicable, for its own account or for one or more accounts, each of which is a QIB, and as to each of which the owner exercises sole investment discretion, and in a
principal amount of not less than $100,000 for the purchaser or for each such account, as the case may be, or (B) (1) is not a U.S. 

 

 36 

 
Person (as defined under Regulation S of the Securities Act) and (2) is purchasing the Class A Notes, Class M Notes, Class B Notes or Class C Notes, as applicable, pursuant to Rule
903 or 904 of Regulation S of the Securities Act. The owner has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Class A Notes, Class M Notes,
Class B Notes or Class C Notes, as applicable, and the owner and any accounts for which it is acting are each able to bear the economic risk of the owner’s or its investment. The owner understands that in the event that at any time the
Issuer or the Indenture Trustee determines that such purchaser was in breach, at the time given, of any of the representations or agreements set forth in this clause (i), upon direction from the Issuer, the Indenture Trustee shall consider the
acquisition of the related Class A Notes, Class M Notes, Class B Notes or Class C Notes, as applicable, void and require that the related Class A Notes, Class M Notes, Class B Notes or Class C Notes, as applicable, be transferred
to a Person designated by the Issuer. 
 (ii) The owner understands that the Class A Notes, Class M Notes,
Class B Notes or Class C Notes, as applicable, are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Class A Notes, Class M Notes, Class B Notes or
Class C Notes, as applicable, have not been and will not be registered under the Securities Act, and, if in the future the owner decides to offer, resell, pledge or otherwise transfer the Class A Notes, Class M Notes, Class B Notes or
Class C Notes, as applicable, such Class A Notes, Class M Notes, Class B Notes or Class C Notes, as applicable, may be offered, resold, pledged or otherwise transferred only to (A) to the Transferor or the Issuer, (B) inside the
United States to a QIB in accordance with Rule 144A under the Securities Act, or (C) outside the United States to non-U.S. persons in a transaction complying with Rule 903 or 904 of Regulation S under the Securities Act, and in accordance with
the Indenture and this Indenture Supplement and the applicable legends on such Series 2010-1 Notes set forth in Exhibits A-1, A-2 and A-3 hereto, as applicable. The owner acknowledges that no representation is made by the
Issuer, the Indenture Trustee, the Transferor or the Initial Purchaser, as the case may be, as to the availability of any exemption under the Securities Act or any State securities laws for resale of the Series 2010-1 Notes. 

(iii) The owner is not purchasing the Class A Notes, Class M Notes, Class B Notes or Class C Notes, as
applicable, with a view to the resale, distribution or other disposition thereof in violation of the Securities Act. The owner understands that an investment in the Series 2010-1 Notes involves certain risks, including the risk of loss of all or a
substantial part of its investment under certain circumstances. 
 (iv) In connection with the purchase of the
Series 2010-1 Notes: (A) none of the Issuer, the Initial Purchaser or the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the owner; and (B) the owner is not relying (for purposes of making any investment
decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Originator, the Transferor, the Servicer, the Issuer, the Initial Purchaser, the Indenture Trustee or the Trustee or any of their Affiliates other
than in a current offering memorandum for such Series 2010-1 Notes. 
  

 37 

 (v) The owner understands and agrees that any purported transfer of the
Series 2010-1 Notes to an owner that does not comply with the requirements of this clause (v) shall be null and void ab initio. The owner understands that in the event that at any time the Indenture Trustee has determined, or the Issuer
notifies the Indenture Trustee that the Issuer has determined, that such purchaser was in breach, at the time given, of any of the representations or agreements set forth in clause (i) above, then the Indenture Trustee shall consider the
acquisition of the related Series 2010-1 Notes void and require that the related Series 2010-1 Notes be transferred to a Person designated by the Issuer. 

(vi) The owner understands that the Class A Notes, the Class M Notes, the Class B Notes and the Class C Notes bear
the applicable legend set forth in Exhibits A-1, A-2 and A-3 hereto. 
 (vii) Either
(a) the owner is not a Benefit Plan Investor or an Other Plan Investor, and no part of the assets to be used by the owner to acquire or hold the Class A Notes, Class M Notes, Class B Notes or Class C Notes (or a beneficial interest
therein) constitutes the assets of any such Benefit Plan Investor or Other Plan Investor, or (b) its acquisition, holding and/or disposition of the Class A Notes, Class M Notes, Class B Notes or Class C Notes (or a beneficial interest
therein) does not and will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a non-exempt violation of any Similar Law. Each transferee of a Class A Note, Class M Note, Class B Note or Class C
Note will be deemed to make the foregoing representations and warranties. 
 (viii) If such owner is acquiring
the Class A Notes, the Class M Notes, the Class B Notes or the Class C Notes in an “offshore transaction” (as defined in Regulation S), it acknowledges that such Series 2010-1 Notes will initially be represented by the Regulation S
Temporary Book-Entry Notes and that transfers thereof or any interest or participation therein are restricted as described herein. It understands that the Temporary Regulation S Book-Entry Note will bear a legend to the following effect unless the
Transferor determines otherwise, consistent with applicable law: 
 “THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR
PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE SERIES
2010-1 INDENTURE SUPPLEMENT. NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE SERIES 2010-1
INDENTURE SUPPLEMENT.” 
  

 38 

 (ix) If such owner is acquiring the Class A Notes, the Class M Notes,
the Class B Notes or the Class C Notes in an “offshore transaction” (as defined in Regulation S), the owner is aware that the sale of such Series 2010-1 Notes to it is being made in reliance on the exemption from registration provided by
Regulation S and understands that the Series 2010-1 Notes offered in reliance on Regulation S under the Securities Act will be represented by one or more Regulation S Book-Entry Notes and will bear the appropriate legends set forth in Exhibits
A-2 or A-3, as applicable. The Series 2010-1 Notes so represented may not at any time be held by or on behalf of U.S. Persons as defined in Regulation S. Each of the owner and the related Holder is not, and will not be, a U.S. Person as
defined in Regulation S. Before any interest in a Regulation S Book-Entry Note may be offered, resold, pledged or otherwise transferred to a Person who takes delivery in the form of a Restricted Book-Entry Note, the transferor and the
prospective transferee will be required to provide the Indenture Trustee with a written certification substantially in the form of Exhibit D-1 hereto as to compliance with the transfer restrictions. 

(x) The purchaser acknowledges that the Originator, the Servicer, the Transferor, the Issuer and others will rely on the
truth and accuracy of the foregoing acknowledgements, representations and agreements, and agrees that if any of the foregoing acknowledgements, representations and agreements deemed to have been made by it are no longer accurate, it will promptly
notify the Servicer, the Transferor and the Issuer. 
 (d) Any purported transfer of a Series 2010-1 Note not in accordance with
the Indenture and this Section 14 shall be null and void and shall not be given effect for any purpose hereunder. 

(e) If the Indenture Trustee determines or is notified by the Issuer, the Transferor or the Servicer that (i) a transfer or
attempted or purported transfer of any interest in any Series 2010-1 Note was not consummated in compliance with the provisions of this Section 14 on the basis of an incorrect form or certification from the transferee or purported
transferee, (ii) a transferee failed to deliver to the Indenture Trustee any form or certificate required to be delivered hereunder, (iii) the holder of any interest in a Series 2010-1 Note is in breach of any representation or agreement
set forth in any certificate or any deemed representation or agreement of such holder or (iv) such transfer would have the effect of causing the assets of the Issuer to be deemed to be “plan assets” (within the meaning of 29 C.F.R.
2510.3-101, as amended by Section 3(42) of ERISA), the Indenture Trustee will not register such attempted or purported transfer and if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no
rights in the purported transferee (such purported transferee, a “Disqualified Transferee”). 
 SECTION 15.
Perfection Representations and Warranties of the Issuer. This Indenture Supplement shall constitute a Specified Agreement, the Issuer shall constitute a Debtor and the Indenture Trustee shall constitute a Secured Party for purposes of the
Perfection Representations and Warranties set forth in Section 3.17. 
  

 39 

 SECTION 16. Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 17. Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, this instrument
has been signed by BNY Mellon Trust of Delaware not in its individual capacity but solely in its capacity as Owner Trustee and in no event shall BNY Mellon Trust of Delaware in its individual capacity or any beneficial owner of Issuer have any
liability for the representations, warranties, covenants, agreements or other obligations of Issuer hereunder, as to all of which recourse shall be had solely to the assets of Issuer. For all purposes of this Indenture Supplement, in the performance
of any duties or obligations hereunder, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

SECTION 18. Deemed Consent. Each Series 2010-1 Noteholder, by accepting a Series 2010-1 Note, will be deemed to have consented to
any changes to the Issuer or the Transferor or any of the Transaction Documents that are necessary (i) to re-establish and maintain sale accounting in the event the accounting standards should change and sale accounting treatment is possible or
(ii) in order to comply with the FDIC rule or any similar federal regulation with respect to transfers of receivables. No changes may be made to the Issuer or the Transferor or any of the Transaction Documents that would have required your
consent if not for the preceding sentence unless the Rating Agency Condition is satisfied. 
  

 40 

 IN WITNESS WHEREOF, the Transferor, the Servicer and the Indenture Trustee have caused this
Indenture Supplement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	 WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST II,

    Issuer

		
	By:	 	BNY Mellon Trust of Delaware, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	/s/ Kristine K. Gullo
		 	Name: Kristine K. Gullo
		 	Title: Vice President

  

			
	U.S. BANK NATIONAL ASSOCIATION,     Indenture Trustee
		
	By:	 	/s/ Tamara Schultz-Fugh
		 	Name: Tamara Schultz-Fugh
		 	Title: Vice President

  

 S-1 

  

 Exhibit E - 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]