Document:

Exhibit 10.3

 

EMPLOYMENT AGREEMENT This Employment Agreement ("Agreement") is made as of the  d ol nd day of S mbe .r , 2021 (the "Effective Date"), by and among Brookline Bancorp, Inc., a Delaware corporation with its principal administrative office at 131 Clarendon Street, Boston, MA 02116 (the "Holding Company''), and Brookline Bank, a Massachusetts chartered trust company, and  Bank  Rhode  Island,  a  Rhode  Island financial  institution  (each,  a  "Bank" and,  collectively,  the  "Banks"), and  Carl  M.  Carlson  (the  "Executive"). Collectively the  Holding  Company and the Banks shall be referred to herein as the "Company," and either the Holding  Company or either of the Banks  may satisfy the Company's obligations under this  Agreement. WHEREAS, the  Company  desires  to  continue  to  employ  the  Executive  and  the  Executive  desires  to  continue  to  be  employed   by  the  Company  on  the  terms  and conditions contained  herein. NOW,  THEREFORE, in  consideration of  the  mutual  covenants  and  agreements  herein  contained and other good and valuable consideration, the receipt and sufficiency of which is  hereby acknowledged, the parties agree as follows: 1. Employment. (a) Term .  The  Company  shall  employ  the  Executive  and  the  Executive  shall  be  employed  by  the  Company pursuant  to  this Agreement commencing as  of  the  Effective  Date  and  continuing until such  employment is  terminated in  accordance  with  the  provisions hereof  (the  "Term"). The  Executive's  employment with  the  Company shall continue  to  be  "at will,"  meaning  that  the Executive's  employment may  be  terminated by  the  Company  or  the  Executive  at any time and for any reason subject to the terms of this Agreement. (b) Position and Duties. The Executive shall serve as the Chief Financial &  Strategy  Officer and  a  Co - President of  the  Holding  Company  and  Chief  Financial  &  Strategy  Officer  of  each Bank,  and shall  have  such  powers and  duties  as may  from  time to  time  be  prescribed by  the  Chief  Executive  Officer  of  the  Company  (the  "CEO") or  other  duly  authorized  executive.  The  Executive shall  devote  the  Executive's  full working time  and  efforts  to  the  business  and  affairs  of  the  Company.  Notwithstanding  the  foregoing,  the  Executive  may  serve  on  boards  of  directors  of  other  companies,   with  the  approval  of  the  Board  of  Directors  of  the  Holding Company (the "Board"), or engage in religious, charitable or other community activities  as  long  as  such  services  and  activities  do  not  interfere  with  the  Executive's performance  of  the  Executive's duties to the Company. 2. Com p ensation and Related Matters. (a) Base Sala ry . The Executive's initial base salary shall be paid at the rate of $525,000 per year. The Executive's base salary shall be subject to periodic review by the Board or  the  Compensation Committee  of  the  Board  (the  "Com p ensation  Committee"). The base  salary  in  effect  at  any  given  time  is  referred  to  herein  as  "Base  Salary." The Base  Salary  shall  be  payable in a manner that is consistent with the Company's usual payroll practices for  its  executive officers. 1

     

     

    

2 (b) Incentive  Com p ensation . The  Executive  shall  be  eligible  to receive  cash  incentive  compensation as  determined  by  the  Board or  the  Compensation   Committee  from  time  to  time.  As  of the  Effective Date,  the Executive's  target  annual  incentive compensation is  sixty  percent (60%) of the Executive's Base Salary. The target annual incentive compensation in effect  at any  given  time  is  referred  to  herein  as  the  "Tar g et  Bonus." The  actual  amount  of  the  Executive's  annual incentive  compensation, if  any,  shall  be  determined   in  the  sole  discretion  of  the  Board  or  the  Compensation Committee,  subject  to  the  terms  of  any  applicable incentive  compensation plan  that  may  be  in  effect  from  time  to time.  Except  as  otherwise  provided  herein,  as may  be  provided  by  the  Board  or  the  Compensation  Committee,  or  as may  otherwise be  set  forth  in the  applicable  incentive  compensation plan,  the  Executive  must  be  employed by  the  Company  on  the  date  such  incentive  compensation  is  paid  in  order  to  earn or  receive  any  annual  incentive compensation. (c) Ex p enses .  The  Executive  shall  be  entitled   to  receive  prompt  reimbursement for  all reasonable  expenses  incurred  by  the  Executive  during  the  Term  in  performing services hereunder, in accordance with the policies and procedures then  in effect and  established by the Company for its executive officers. The Company will reimburse the  Executive for membership fees and dues for one club membership in the Company's market area  to be used for business purposes including, but  not limited to, business meetings and business  development purposes. (d) Other Benefits . The Executive shall be eligible to participate in or receive benefits under the Company's employee benefit plans in effect from time to time, subject to the terms of such plans . (e) Paid Time Off . The Executive shall be entitled to take paid time off in accordance with the Company's applicable paid time off policy for executives, as may be in effect from time to time . (f) Equity. The Executive shall be eligible to receive equity awards as  determined  by  the  Board  or  the  Compensation Committee  from  time  to  time.  As  of  the  Effective  Date, the Executive's target annual equity award has a grant date fair value of fifty percent  (50%)  of the Executive's Base Salary (the "Tar g et Annual E q uit y Award"). The actual value of  the  Executive's  annual  equity  award,  if  any,  shall  be  determined   in  the  sole  discretion  of  the  Board or the Compensation Committee, subject to the terms of any applicable equity  compensation plan  that  may  be  in  effect  from time  to  time.  The  equity  awards  held  by  the  Executive  shall  continue  to  be  governed by  the  terms  and  conditions  of  the  Holding  Company's  applicable  equity  incentive plan(s)  and  the  applicable award agreement(s) governing  the  terms  of  such equity awards (collectively, the "E q uit y Documents"). (g) No  Com p ensation for Director Services . The Executive shall not be  entitled  to  receive fees  for  serving as  a  director  of  the  Company  or  any  of  its  affiliates  or  subsidiaries for  so long as he is an employee of the Company. 3. Termination. The Executive's  employment  hereunder  may  be  terminated without  any breach of this Agreement under the following circumstances:

     

     

    

3 (a) Death. The Executive's employment hereunder shall terminate upon death. (b) Disability. The  Company   may  terminate  the Executive's  employment   if  the Executive is disabled and unable to perform or expected to be unable to perform the  essential  functions of the Executive's then existing position or positions under this Agreement with or  without reasonable  accommodation for  a  period  of  180  days  (which need not  be  consecutive)  in  any 12 - month period. If any question shall arise as to whether during any period the Executive  is  disabled so as to  be unable to perform the essential functions of the Executive's then existing  position or positions with or without reasonable accommodation, the Executive may, and at the  request  of  the  Company  shall,  submit  to  the  Company  a certification in  reasonable detail by  a  physician selected by the  Company to whom the  Executive or the Executive's guardian has no  reasonable  objection  as to  whether  the  Executive  is  so disabled  or  how  long  such  disability is  expected to continue, and such certification shall for the purposes of this  Agreement be conclusive  of  the  issue.  The  Executive  shall  cooperate  with  any  reasonable  request  of  the  physician  in  connection   with  such  certification.  If  such  question  shall  arise  and  the  Executive  shall fail to submit such certification, the Company's determination of such issue shall be  binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the  Executive's rights, if any, under existing law including, without limitation, the Family and  Medical Leave Act of 1993, 29 U.S.C. † 2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. † 12101 et seq. (c) Termination by the  Company  for  Cause. The  Company  may  terminate  the  Executive's  employment hereunder for  Cause. For  purposes  of  this  Agreement,  "Cause" shall  mean any of the following: (i) conduct  by  the  Executive  constituting  a  material act  of  misconduct  in connection with the performance of the Executive's duties, including, without limitation, (A)  willful failure  or  refusal   to  perform material  responsibilities  that  have been  requested  by  the  CEO; (B)  dishonesty  to  the  CEO  with  respect to  any material matter;  or  (C)  misappropriation  of  funds or property of the Company or any of its subsidiaries or affiliates other than the occasional,  customary and de minimis use of Company property  for personal purposes; (ii) the commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) any misconduct by the Executive, regardless of whether or not in  the  course  of  the  Executive's  employment, that  would  reasonably be  expected  to  result  in  material  injury or reputational  harm  to  the  Company  or  any  of  its  subsidiaries  or  affiliates  if  the  Executive were to continue to be employed in the same position; (iv) continued failure  by the  Executive  to  use his  best  efforts  to  perform  his  duties  hereunder  (other  than  by  reason  of  the  Executive's  physical or  mental  illness,  incapacity  or  disability) which  has  continued  for  more  than  30  days following  written  notice  of  such failure to use best efforts from the CEO;

     

     

    

4 (v) a  material  breach  or  repeated  breaches  by  the  Executive  of  any  of  the  provisions  contained in  Section  8  of  this  Agreement  or  the  Restrictive Covenants  Agreement  (as defined below); (vi) a  material violation  by  the  Executive  of  any  of  the  Company's  written employment policies; or (vii) the Executive's failure to cooperate with a bona fide internal  investigation  or  an  investigation by  regulatory  or  law enforcement  authorities, after  being  instructed  by the  Company  to  cooperate,  or  the  willful  destruction  or  failure to  preserve  documents  or  other  materials  known  to  be  relevant  to  such investigation or  the  inducement  of  others  to  fail  to  cooperate  or  to  produce  documents or  other  materials  in  connection with  such  investigation. (d) Termination  b y  the  Com p an y  without  Cause. The  Company  may  terminate  the Executive's employment hereunder at any time without Cause. Any termination by the  Company of the Executive's employment under this  Agreement which does not constitute a  termination  for  Cause  under  Section  3(c)  and  does  not  result  from the  death  or  disability  of  the  Executive under  Section 3(a) or (b) shall  be deemed a termination without Cause. (e) Termination b y  the  Executive. The  Executive  may  terminate  employment  hereunder  at  any  time  for  any  reason,  including  but  not  limited  to,  Good  Reason.  For  purposes  of  this  Agreement,  "Good  Reason" shall  mean  that  the  Executive  has  completed  all  steps  of  the  Good Reason Process (hereinafter defined) following the occurrence of any of the following  events without the Executive's prior written consent (each, a "Good Reason Condition"): (i) a material diminution in the Executive's responsibilities, authority or duties; (ii) a material diminution in the Executive's Base  Salary, except for  across - the - board salary reductions  of  not  more than  ten  percent {10%) based  on the  Company's financial performance similarly affecting all or substantially all senior  management employees of the Company; (iii) a material change in the geographic location of the principal office  of  the  Company  to which  the  Executive  is  assigned,  such  that  there is an  increase  of  at  least thirty (30) miles of driving distance to such location from the Executive's principal  residence as of such change; (iv) a material breach of any of the provisions of this Agreement by the Company; (v) a change in the Company's reporting structure which results in the  Executive  reporting  to  any  person  or  group  other  than  (A)  the  CEO as  of  the  Effective  Date  of  this Agreement  (the  "Current  CEO") or  (B)  the  Board;provided,  however,  that  the  Board's  selection  or  appointment of an  acting  or  interim CEO  of  the  Company  for  a  period not to exceed six months following the date on which the Current CEO ceases to

     

     

    

5 serve shall not constitute a change in the Company's reporting structure for purposes  of  this clause. The "Good Reason Process" consists of the following steps: (i) the Executive  reasonably determines in good faith that a Good  Reason Condition has occurred; (ii) the  Executive notifies  the  Company  in  writing  of the  first  occurrence of the Good Reason Condition within 60 days of the first occurrence of such  condition; (iii) the Executive cooperates in good faith with the Company's efforts, for a period of not less than 30 days following such notice (the "Cure Period"), to remedy the Good Reason Condition ; (iv) notwithstanding suc h efforts, th e Good Reaso n Condition   continues to exist at the end of the Cure Period; and (v) the Executive terminates employment within 60 days after the end  of the Cure Period. If the Company cures the Good Reason  Condition during the Cure Period, Good Reason shall be  deemed not  to have occurred with respect to such Good Reason Condition. 4. Matters Related to Termination. (a) Notice of Termination. Except for termination as specified in Section 3(a),  any  termination  of  the  Executive's  employment by  the  Company  or  any  such  termination by  the  Executive  shall  be  communicated by written  Notice  of  Termination  to  the  other  party  hereto.  For  purposes of this  Agreement, a "Notice of Termination" shall mean a notice which shall indicate  the specific termination provision in this Agreement relied upon. (b) Date  of  Termination.  "Date  of  Termination" shall  mean:  (i) if the  Executive's  employment is  terminated  by  death,  the date  of  death;  (ii)  if  the  Executive's  employment is terminated on account of disability under Section 3(b) or by the Company for  Cause under  Section 3(c),  the date  on  which  Notice  of  Termination  is  given;  (iii) if  the  Executive's  employment   is  terminated by the  Company   without Cause  under  Section  3(d),  the  date  on  which  a  Notice  of  Termination   is  given  or  the date  otherwise  specified  by  the  Company  in  the  Notice  of  Termination;  (iv)  if  the  Executive's  employment is  terminated by  the  Executive  under  Section  3(e)  other  than  for Good  Reason,  14  days  after  the  date  on  which  a  Notice  of  Termination   is  given, and  (v)  if the Executive's  employment   is  terminated   by  the  Executive  under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the  end  of  the  Cure  Period.  Notwithstanding the  foregoing,  in  the  event  that  the  Executive  gives a  Notice  of  Termination  to  the  Company,  the  Company may  unilaterally accelerate  the  Date  of  Termination and such acceleration shall not result in a termination by the Company for purposes  of this Agreement.

     

     

    

6 (c) Accrued Obli g ations . If the Executive's employment with the Company is  terminated  for  any  reason,  the  Company  shall  pay  or  provide  to  the  Executive  (or  to  the  Executive's authorized representative or estate) (i) any Base Salary earned through the Date of  Termination and, if applicable, any accrued but  unused vacation through the Date of  Termination; (ii) unpaid  expense  reimbursements  (subject  to,  and  in  accordance  with,  Section  2(c) of  this  Agreement);  and  (iii)  any  vested benefits  the  Executive  may  have  under  any  employee  benefit  plan  of the  Company  through  the  Date of  Termination, which  vested  benefits  shall be paid and/or provided in accordance with the terms of such employee  benefit plans  (collectively, the "Accrued Obli g ations") . (d) Resi gn ation of All Other Positions. To the extent applicable, the Executive  shall  be  deemed  to have  resigned from  all  officer  and  board member  positions  that  the  Executive  holds  with  the  Company  or  any  of its  respective  subsidiaries   and affiliates  upon  the  termination  of  the  Executive's  employment  for  any  reason.  The  Executive  shall  execute  any  documents  in  reasonable form as may be requested to confirm or effectuate any such resignations. 5. Severance  Pa y  and  Benefits  U p on  Termination  b y  the Com p an y  without Cause  or  b y the Executive for Good Reason Outside the Chan g e in Control Period. If the  Executive's  employment is terminated by the Company  without Cause as provided in Section 3(d), or  the  Executive  terminates  employment for  Good  Reason  as  provided  in  Section  3(e), in  each  case  outside of  the  Change in  Control Period  (as  defined below),  then,  in  addition  to  the  Accrued  Obligations, and subject  to (i) the Executive signing a separation agreement and release in the  form attached hereto as Exhibit A (the "Se p aration A gr eement") , and (ii) the Separation  Agreement  becoming  irrevocable, all within  60  days  after  the  Date  of  Termination  (or  such  shorter  period  as  set  forth in  the  Separation  Agreement), which  shall  include  a  seven - day  revocation period: (a) the Company  shall  pay  the  Executive  a lump  sum payment  in  cash  in  an  amount  equal  to  two  times  the  sum of  (A)  the  Executive's  then - current  Base  Salary  (or,  in  the  case of  a  termination by  the  Executive  for the  Good  Reason Condition specified in Section  3(e)(ii),  the  Base  Salary in  effect  immediately  prior  to  the  occurrence  of  such  Good  Reason  Condition),  plus  (B)  the Executive's  Target  Bonus for  the  then - current year, plus (C) an  amount  equal  to  the  value  of  the Executive's  Target  Annual  Equity  Award  for  the  then - current year  (the  "Severance Amount"); (b) notwithstanding anythin g t o th e contrar y i n an y applicabl e equit y award,   option agreement or stock - based award agreement, all stock options and other stock - based  awards held  by the Executive shall immediately accelerate and become fully exercisable or  nonforfeitable  as  of  the  later  of  (i)  the  Executive's  Date  of  Termination  or  (ii)  the  effective  date  of  the  Separation  Agreement; provided that  in  order  to  effectuate  the  accelerated vesting  contemplated by  this  subsection,  the  forfeiture  of  the  unvested  portion  of  such  awards  that  would  otherwise be forfeited on the Date of Termination will be delayed until the earlier of (A) the  effective  date  of  the  Separation Agreement   (at which  time  acceleration  will  occur),  or  (B)  the  date  that  the  Separation  Agreement can  no  longer  become  fully  effective  (at  which  time  the  unvested portion of such awards will  be forfeited). Notwithstanding the foregoing, no additional  vesting  of  any  such  awards shall  occur  during the  period  between the  Date  of  Termination  and  the effective date of the acceleration. The Executive shall also be entitled to any other rights and

     

     

    

7 benefits with respect to equity awards, options and  stock - related awards, to the extent and upon  the terms  provided  in  the  employee  stock  option  or  incentive  plan  or  any  agreement  or  other  instrument attendant thereto pursuant to which such options or awards were granted; (c) subject  to the Executive's   copayment   of  premium amounts  at the  applicable active employees' rate and the Executive's proper election to receive benefits under  the  Consolidated Omnibus  Budget  Reconciliation  Act  of  1985,  as  amended  ("COBRA"), the  Company  shall  make  a  monthly  payment  equal  to  the  monthly  employer contribution that  the  Company  would  have  made  to  provide health insurance  to  the  Executive  if  the  Executive  had  remained  employed   by  the  Company until  the  earlier  of  (A)  the  24 - month   anniversary of  the  Date  of  Termination;  or  (B)  the  date  that  the  Executive  becomes  eligible  for  group  medical plan  benefits under any other employer's group medical plan.  The Company will make  such payments  directly  to  the  group health plan provider  or the  COBRA  provider  to the  maximum extent  possible;provided,  however,  that if  the  Company  determines  that it cannot  pay  such  amounts  directly  to the  group  health  plan provider  or the  COBRA  provider  (if  applicable)  for  any  reason,  as determined by the Company in its sole discretion, (including, without limitation, without  potentially violating applicable law (including, without limitation, Section 2716 of the Public  Health Service Act)), then the Company shall convert such payments to payroll payments  directly to the Executive for the time period specified above, and such payments to the Executive  shall be subject to tax - related deductions and withholdings and paid on the Company's regular  payroll dates;  and (d) the Company shall cause  to be continued, at  the Company's expense, life  insurance and disability coverage substantially identical to the coverage maintained by the  Company  for  the  Executive prior  to the Date  of  Termination  for  24  months following  the  Date  of  Termination; provided, however, that  in the event it is impossible or impracticable for the  Company to  continue such  coverage, including,  but  not limited  to,  by reason  of  operation  of  the  plans  or  applicable  law,  the  Company will  pay  the  Executive  a  lump  sum  equal  to  the  amount  the  Company  would  have  paid  for  such coverage  for the  24  month  period  following  the  Date  of  Termination based on the cost of such coverage  as of the Date of Termination. The  amounts  payable  under this Section  5,  to the  extent taxable,  shall  be  paid or  commence  to  be  paid,  as  applicable,  within  60  days  after  the  Date  of  Termination;  provided,  however,  that  if  the  60 - day period begins in one calendar year and ends in a second calendar year, such payments, to  the extent they qualify as "non - qualified deferred compensation" within the meaning of Section  409A of the Internal Revenue Code of 1986, as amended (the "Code"), shall begin to be paid in  the  second  calendar  year  by  the  last  day  of  such  60 - day  period;  provided,  further,  that  the  initial  payment  shall  include  a  catch - up  payment  to  cover  amounts  retroactive  to  the  day  immediately  following the  Date  of  Termination. Each  payment pursuant  to  this  Agreement  is  intended  to  constitute a separate payment for purposes of Treasury Regulation Section l.409A - 2(b)(2). 6. Severance Pa y and Benefits U p on Termination b y the Com p an y without Cause or  b y the Executive for  Good Reason within the Chan g e in Control Period. The provisions of this  Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if (i) the  Executive's  employment is  terminated either  (a)  by  the  Company  without Cause  as  provided  in  Section  3(d),  or  (b)  by  the  Executive  for Good  Reason  as  provided  in  Section  3(e),  and  (ii)  the  Date of Termination is on or within  12 months after the occurrence of the first event constituting

     

     

    

8 a Change in Control (such period, the "Chan g e in Control Period"). These provisions (other than  the  provisions applicable  after  the  Change  in  Control  Period  to  a  termination that  occurs  during  the Change in Control Period) shall terminate and be of no further force or effect after the  Change in Control Period. (a) If the  Executive's  employment is  terminated by  the  Company without  Cause as provided in Section 3(d) or the Executive terminates employment for Good Reason as  provided  in  Section  3(e)  and in  each  case  the  Date  of  Termination  occurs  during  the Change  in  Control  Period,  then,  in  addition  to the  Accrued  Obligations,  and  subject to the  signing of  a  general release of claims against the Company and all related persons and entities that shall not  release  the Executive's  rights  under this Agreement (the  "Release") by  the  Executive  and  the  Release  becoming  fully  effective,  all  within  the time frame set  forth  in  the  Release  but  in  no  event more than 60 days after the Date of Termination: (i) the  Company shall  pay  the  Executive  a lump  sum  payment  in  cash  in  an  amount equal  to  two  (2) times  the  sum  of  (A)  the  Executive's  then - current  Base  Salary  (or  the  Executive's  Base Salary  in  effect  immediately prior to  the  Change  in  Control, if  higher) plus  (B)  the  Executive's  Target Bonus  for  the  then - current year  (or  the  Executive's  Target  Bonus  in  effect  immediately prior  to the  Change  in  Control,  if higher)  plus (C) an amount equal to the value of the Executive's Target Annual Equity Award for  the then - current year (the "Chan g e in Control Pa ym ent"); (ii) subject to the Executive's copayment of premium amounts at the  applicable  active  employees' rate  and  the  Executive's  proper election  to  receive  benefits  under  the  Consolidated Omnibus  Budget  Reconciliation  Act  of 1985,  as  amended  ("COBRA"), the Company shall make a monthly payment equal to the monthly employer  contribution that  the  Company  would  have  made  to  provide  health  insurance  to the  Executive  if the Executive had remained employed by the Company until the earlier of (A) the 24 month anniversary of the Date of Termination; or (B) the date that the Executive becomes  eligible  for  group  medical  plan  benefits  under  any other  employer's  group  medical  plan.  The  Company  will  make  such  payments  directly  to  the  group  health  plan  provider or the COBRA provider to the maximum extent possible; provided,  however, that if the Company determines that it cannot pay such amounts directly to the  group  health  plan  provider  or  the  COBRA provider (if  applicable)  for  any  reason, as  determined by the Company in its sole discretion, (including, without limitation, without  potentially  violating  applicable  law  (including, without  limitation,  Section  2716  of  the  Public Health Service Act)), then the Company shall  convert such payments to payroll  payments directly  to  the  Executive  for  the  time  period  specified  above.  Such  payments  to  the  Executive  shall  be  subject  to  tax - related deductions  and  withholdings and paid  on the  Company's regular payroll dates; (iii) the  Company  shall  cause  to  be  continued,  at  the  Company's  expense, life insurance and disability coverage substantially identical to the coverage  maintained by the Company for the Executive prior to the Date of Termination for 24  months following the Date of Termination;

     

     

    

9 (iv) notwithstanding  anything to the  contrary in  any  applicable  equity  award, option agreement or stock - based award agreement, all stock options and other  stock - based awards held  by  the Executive  shall  immediately  accelerate  and  become  fully  exercisable or nonforfeitable as of the later of (i) the  Executive's Date  of Termination or (ii) the  effective  date of  the  Separation Agreement;  provided  that  in order  to  effectuate  the accelerated vesting contemplated by this subsection, the  forfeiture of the unvested portion of such awards that would otherwise be forfeited on the Date of Termination will  be delayed until the earlier of (A) the effective date of the Separation Agreement (at  which  time  acceleration will  occur),  or (B)  the  date  that  the  Separation Agreement can  no  longer  become  fully  effective  (at  which  time  the  unvested  portion of  such  awards  will  be  forfeited).  Notwithstanding  the  foregoing,  no  additional vesting of any  such awards  shall  occur during the period between the Date of Termination and the effective date of the  acceleration. The Executive  shall also be entitled to any other rights and benefits with  respect to equity awards, options and stock - related awards, to the extent and upon  the  terms provided in the employee stock option or incentive plan or any agreement or other  instrument attendant thereto pursuant to which such options or awards  were granted;  and (v) the  Company  shall  provide  the  Executive  with  outplacement  assistance in accordance with  the Company's policies and procedures in effect as of the  Date of Termination for a period of 12 months at no  charge. The amounts payable under this Section 6(a), to the extent taxable, shall be paid or commence to  be  paid within  60  days  after  the Date of  Termination;   provided,  however,  that if  the  60 - day  period begins in one calendar year and ends in a second calendar year, such payments to the  extent they qualify as "non - qualified deferred compensation" within the  meaning of Section  409A of the Code, shall be paid or commence to be paid in the second calendar year by the last  day of such 60 - day period. (b) Additional Limitation. (i) Anything in this Agreement to the contrary notwithstanding, in the  event that the amount of any compensation, payment or distribution by the Company to  or for the benefit of the  Executive, whether paid or payable or distributed or distributable  pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent  with Section 280G of the Code, and the applicable regulations thereunder (the  "Aggregate Payments"), would be subject to the excise tax imposed by Section 4999 of  the  Code,  then the  Aggregate  Payments  shall  be  reduced  (but not below  zero)  so  that  the  sum of all of the Aggregate Payments  shall be $1.00 less than the amount at which the  Executive  becomes  subject  to the excise tax  imposed  by  Section  4999  of  the  Code;  provided that such reduction shall only occur if it would result in the Executive receiving  a higher After Tax Amount (as defined below) than the Executive would receive if the  Aggregate  Payments  were  not  subject to  such  reduction.  In such  event, the  Aggregate  Payments shall be reduced in the following order, in each case, in reverse  chronological  order beginning with the Aggregate Payments that are to be paid the furthest in time from  consummation of the transaction that is subject to  Section 280G of the Code: (1) cash  payments not subject to Section 409A of the Code; (2) cash payments subject to Section  409A of the Code; (3) equity - based payments and acceleration; and (4) non - cash forms of

     

     

    

benefits;  provided that  in  the  case  of  all  the  foregoing  Aggregate  Payments  all  amounts  or  payments that are not subject to calculation under Treas. Reg. † 1.2800 - 1, Q&A - 24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. † 1.2800 - 1, Q&A - 24(b) or (c). (ii) For purposes  of  this Section 6(b),  the  "After Tax  Amount" means  the amount of the Aggregate Payments less all federal, state, and local income, excise and  employment taxes imposed on the Executive as a result of the Executive's receipt of the  Aggregate Payments. For purposes of determining the After Tax Amount, the Executive  shall be deemed   to  pay  federal  income  taxes  at  the  highest   marginal   rate  of  federal  income taxation  applicable  to  individuals for  the  calendar  year  in  which  the  determination  is to be made, and state and local income taxes at the highest marginal rates of individual  taxation in each applicable state and locality, net of the maximum reduction in federal  income taxes which could be obtained from deduction of such state and local taxes. (iii) The  determination as  to  whether  a  reduction in the  Aggregate  Payments  shall  be  made  pursuant  to  Section  6(b)(i)  shall  be  made by  a  nationally  recognized accounting firm selected by the Company, other  than the Company's external  auditor (the  "Accountin g Firm"), which  shall provide detailed supporting  calculations  both  to  the  Company  and  the  Executive within  15 business  days  of  the  Date of  Termination, if applicable, or at such earlier  time as is reasonably requested by the  Company  or  the  Executive.  Any  determination  by  the  Accounting  Firm  shall  be  binding  upon the Company and the Executive. (c) Definitions. For purposes of this Section 6, "Chan g e in Control" shall  be  deemed to have occurred upon the occurrence of any one of the following events: (i) any  "person,"  as  such  term  is  used  in  Sections  13(d)  and  14(d)  of  the  Securities  Exchange  Act  of  1934,  as  amended  (the  "Act") (other than  the  Holding  Company, any  of  its  subsidiaries, or  any  trustee,   fiduciary  or  other person  or  entity  holding securities under any employee benefit plan or trust of the Holding Company  or  any  of  its  subsidiaries),  together with  all  "affiliates"  and  "associates"  (as  such  terms  are  defined in Rule 12b - 2 under the Act) of such person, shall become the "beneficial owner"  (as  such term  is defined  in  Rule  13d - 3  under  the  Act), directly  or  indirectly,   of  securities  of  the  Holding  Company  representing 25 percent  or  more  of  the  combined  voting  power  of  the Holding  Company's  then  outstanding  securities  having the right  to  vote in an  election  of the  Board  ("Votin g  Securities") (in  such case  other  than  as  a  result  of an  acquisition of securities directly from the Holding Company); or (ii) the  consummation  of  (A)  any  consolidation  or  merger  of  the  Holding  Company  where the  stockholders of  the  Holding  Company, immediately  prior  to  the  consolidation  or  merger,  would  not, immediately after  the  consolidation  or  merger,  beneficially own  (as such term is defined in Rule 13d - 3  under the Act), directly  or  indirectly, shares representing  in  the  aggregate  more  than 50  percent  of  the  voting  shares  of  the Holding Company issuing cash or securities in the consolidation or merger (or of  its ultimate parent corporation, if any), or (B) any  sale or other transfer (in one

     

     

    

11 transaction  or  a  series  of  transactions  contemplated or  arranged  by  any  party  as  a  single  plan) of all or substantially all of the assets of the Holding Company and the Banks. Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have  occurred for  purposes  of  the  foregoing clause  (i) solely  as  the  result  of  an  acquisition  of  securities  by the  Holding  Company  that,  by  reducing  the  number  of  shares  of  Voting  Securities outstanding,  increases the proportionate number of shares of Voting Securities beneficially owned by any  person  to  25 percent  or  more of the  combined  voting power  of  all  then  outstanding  Voting  Securities; provided,  however,  that  if any  person  referred to  in  this  sentence  shall  thereafter  become  the  beneficial  owner  of any  additional  shares  of Voting  Securities (other than pursuant  to  a stock split, stock dividend, or similar transaction or  as a result of an acquisition of securities  directly from the Holding Company) and immediately thereafter beneficially owns 25 percent or  more of  the  combined voting power  of  all  then  outstanding  Voting  Securities,  then  a  "Change  in  Control" shall be deemed to  have occurred for purposes of the foregoing clause (a). 7. Section 409A. (a) Anything in this Agreement to the contrary notwithstanding, if at the time  of  the  Executive's separation  from  service within  the  meaning  of  Section  409A  of  the  Code,  the  Company determines that the Executive is a "specified employee" within the meaning of Section  409A(a)(2)(B)(i)  of  the  Code,  then  to  the  extent  any  payment  or  benefit  that  the  Executive  becomes entitled to under this Agreement or otherwise on account of the Executive's separation  from service would be considered deferred compensation otherwise subject to the 20 percent  additional tax  imposed  pursuant  to  Section  409A(a)  of  the  Code  as  a  result  of  the  application of  Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and  such benefit shall  not  be  provided  until  the  date  that is  the  earlier  of  (A) six  months  and  one  day  after the  Executive's  separation  from  service,  or  (B)  the  Executive's death.  If  any  such  delayed  cash  payment  is  otherwise  payable on  an  installment basis,  the first payment shall include  a  catch - up  payment covering amounts that would otherwise have been paid during the six - month period but  for the  application  of this  provision,  and  the  balance  of  the installments  shall  be  payable  in  accordance with their original schedule. (b) All in - kind benefits provided and expenses eligible for reimbursement  under  this  Agreement  shall  be  provided  by  the  Company  or  incurred  by  the  Executive  during  the  time  periods  set  forth in this Agreement. All  reimbursements  shall  be  paid  as  soon as  administratively practicable, but in no event shall any reimbursement be paid after the last day of  the  taxable  year  following  the  taxable  year  in  which  the  expense  was  incurred.  The  amount  of  in kind  benefits provided or reimbursable expenses incurred in one taxable year shall not affect the  in - kind benefits to be provided or the expenses eligible for reimbursement in any other taxable  year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such  right  to  reimbursement or  in - kind  benefits  is  not  subject  to  liquidation  or  exchange for  another  benefit. (c) To  the  extent that  any  payment  or  benefit  described  in this  Agreement  constitutes "non - qualified deferred compensation" under Section 409A of the  Code, and to the  extent that such payment or benefit is payable upon the Executive's termination of employment,  then such payments or  benefits shall be payable only upon the Executive's "separation from

     

     

    

12 service." The determination of whether and when a separation from service has occurred shall be  made in accordance with the presumptions set forth in Treasury Regulation Section l.409A - l(h). (d) The  parties  intend  that  this  Agreement will  be  administered in  accordance  with  Section  409A  of  the  Code.  To  the  extent  that  any  provision  of  this  Agreement  is ambiguous  as  to  its  compliance  with  Section 409A of  the  Code,  the  provision  shall  be  read  in  such  a  manner  so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant  to  this  Agreement or the  Restrictive  Covenants Agreement  is  intended  to  constitute  a  separate  payment  for  purposes of Treasury  Regulation  Section l.409A - 2(b)(2).  The  parties  agree  that  this  Agreement may be amended, as reasonably requested by either party, and as may be necessary to  fully comply with Section 409A of the Code and all related rules and regulations in order to  preserve the payments and benefits provided hereunder without additional cost to either party. (e) The  Company  makes  no  representation  or  warranty and  shall  have  no  liability to the Executive or any other person if any provisions of this  Agreement are determined  to constitute deferred compensation subject to Section 409A of the Code  but do not satisfy an  exemption from, or the conditions of, such Section. 8. Continuin g Obli g ations . (a) As  a  condition  of  continued  employment, the  Executive  is  required  to  enter  into  the Confidentiality,  Assignment, Nonsolicitation  and  Noncompetition  Agreement,  attached hereto as Exhibit B (the "Restrictive Covenants A gr eement") . The Executive  acknowledges and  agrees that  the  Executive  received  the  Restrictive  Covenants  Agreement with  this Agreement and at least ten business days before the Effective Date. For purposes of this  Agreement, the obligations in this Section 8 and those that arise in the Restrictive Covenants  Agreement and any other agreement relating to confidentiality, assignment of inventions, or  other restrictive covenants shall collectively be referred to as the "Continuin g Obli g ations." (b) Third - Part y  A gr eements and Ri gh ts . The Executive hereby confirms that  the  Executive  is  not  bound  by  the  terms  of  any  agreement  with  any  previous  employer  or  other  party which  restricts  in  any  way  the  Executive's  use  or  disclosure  of  information, other than  confidentiality  restrictions  (if any),  or the  Executive's  engagement in  any  business.  The  Executive represents  to  the Company that  the  Executive's  execution  of  this  Agreement,  the  Executive's  employment with the  Company and  the  performance  of  the Executive's  proposed  duties  for  the  Company  will  not violate  any obligations  the  Executive  may  have  to any such  previous employer or other party. In the Executive's work for the Company, the Executive will  not disclose  or  make  use  of  any  information  in  violation  of  any  agreements  with  or  rights  of  any  such previous employer or other party, and the Executive will not bring to the premises of the  Company  any  copies  or  other  tangible embodiments  of  non - public  information belonging  to  or  obtained from any such previous employment or other party. (c) Liti g ation and Re gu lato ry Coo p eration . During and after the Executive's  employment, to the extent permitted by law, the Executive shall cooperate with the Company in (i) the defense or prosecution of any claims or actions  now  in existence or which may be brought  in  the  future  against  or  on  behalf  of  the  Company  which  relate  to  events  or  occurrences  that  transpired while the Executive was employed by the Company, and (ii) the investigation,

     

     

    

13 whether internal or external, of any matters about which the Company believes the Executive  may have knowledge or information. The Executive's cooperation in connection with such  claims,  actions  or investigations shall  include,  but  not  be  limited to,  being  available to meet with  counsel  to  answer  questions  or  to  prepare  for  discovery  or  trial,  and  to  act  as  a  witness  on  behalf  of the Company, at mutually convenient times and locations, considering the Executive's  availability.   During and  after  the  Executive's  employment,  the  Executive  also  shall  cooperate  with the  Company  in  connection  with  any  investigation  or  review  of  any  federal, state  or  local  regulatory authority as any such investigation or review relates to events or occurrences that  transpired   while  the  Executive  was  employed  by  the  Company.  The  Company  shall reimburse  the  Executive  for  any  reasonable  out - of - pocket expenses  incurred  in  connection with  the  Executive's performance of obligations pursuant to this Section 8(c). (d) Relief. The Executive agrees that it would be difficult to measure any  damages  caused  to  the  Company which might result from any  breach  by  the  Executive  of  the  Continuing  Obligations, and  that  in  any  event  money  damages  would  be an  inadequate  remedy  for  any  such breach.  Accordingly,  the  Executive agrees  that  if the  Executive breaches,  or  proposes to  breach, any portion of the Continuing Obligations, the Company shall be entitled, in  addition  to all  other  remedies  that  it  may  have,  to  an  injunction  or  other appropriate  equitable  relief  to  restrain  any  such  breach without  showing  or  proving  any  actual  damage  to  the  Company. 9. Arbitration of Dis p utes . (a) Arbitration   Generall y .  Any  controversy  or  claim  arising  out  of  or relating  to this Agreement or the  breach thereof or otherwise arising out  of the Executive's employment  or the termination of that employment (including, without limitation, any claims of unlawful  employment discrimination  or  retaliation, whether based  on  race, religion,  national origin,  sex,  gender, age, disability, sexual orientation, or any other protected class under  applicable law,  including  without  limitation Massachusetts  General  Laws  Chapter  151B)  shall,  to the  fullest  extent permitted by law, be settled by arbitration in any forum and form agreed upon by the  parties  or, in  the  absence  of  such  an  agreement, under  the  auspices  of  JAMS  in  Boston,  Massachusetts in accordance with the JAMS Employment Arbitration Rules,  including, but not  limited to, the rules and procedures applicable to the selection of arbitrators. The Executive  understands   that  the  Executive   may  only  bring  such  claims  in  the Executive's  individual  capacity,  and  not  as  a  plaintiff  or  class  member  in  any purported  class  proceeding  or  any  purported representative proceeding. The Executive further understands that, by signing this  Agreement,  the  Company  and  the  Executive  are giving  up  any  right  they  may  have  to  a  jury  trial  on  all  claims  they  may  have  against  each  other.  Judgment  upon  the  award  rendered  by  the  arbitrator  may  be  entered  in  any court  having  jurisdiction thereof.  This  Section  9  shall  be  specifically enforceable. Notwithstanding the foregoing, this Section 9 shall not preclude either  party from  pursuing a  court  action  for  the  sole  purpose  of  obtaining a  temporary  restraining order  or  a  preliminary  injunction in  circumstances   in  which  such  relief  is  appropriate,  including  without  limitation relief  sought  under  the  Restrictive Covenants Agreement;  provided that  any  other relief shall  be pursued through an arbitration proceeding pursuant to this Section 9. (b) Arbitration Fees and Costs. The Executive shall be required to pay an  arbitration fee to initiate any arbitration equal  to what the Executive would be charged as a first

     

     

    

14 appearance  fee  in  court.  The  Company shall advance  the  remaining  fees  and costs  of  the  arbitrator. However, to the extent permissible under the law, and following the arbitrator's ruling  on the matter, the arbitrator may rule that the  arbitrator's fees and costs be distributed in an  alternative  manner.  Each  party shall  pay its  own  costs and  attorneys'   fees,  if any.  If,   however,  any party  prevails  on  a  statutory  claim  that  affords  the  prevailing  party  attorneys' fees  (including  pursuant  to  this  Agreement),  the  arbitrator   may  award  attorneys'   fees  to  the  prevailing  party  to  the extent permitted by law. 10. Consent to Jurisdiction. To the extent that any court action is permitted consistent  with or to enforce Section 9 of this Agreement, the parties hereby consent to the jurisdiction of  the  state  and  federal  courts  of  the  Commonwealth  of  Massachusetts.  Accordingly, with respect  to  any  such  court  action,  the  Executive  (a)  submits  to  the  exclusive  personal jurisdiction  of  such  courts; (b) consents to service of process; and (c) waives any  other requirement (whether  imposed  by  statute,  rule of  court,  or  otherwise)  with  respect  to  personal jurisdiction or  service  of  process. 11. Waiver  of J ury  Trial. Each  of the  Executive  and  the  Company irrevocably  and  unconditionally WAIVES  ALL  RIGHT  TO  TRIAL  BY JURY  IN  ANY  PROCEEDING  (WHETHER  BASED  ON  CONTRACT,  TORT  OR  OTHERWISE) ARISING  OUT  OF  OR  RELATING  TO  THIS AGREEMENT  OR THE EXECUTIVE'S  EMPLOYMENT BY  THE  COMPANY OR  ANY  AFFILIATE OF  THE  COMPANY,  INCLUDING  WITHOUT  LIMITATION THE EXECUTIVE'S OR THE COMPANY'S PERFORMANCE UNDER, OR  THE  ENFORCEMENT OF, THIS AGREEMENT. 12. Inte gr ation . This  Agreement constitutes  the  entire  agreement between  the  parties  with  respect  to the  subject  matter  hereof  and  supersedes  all  prior  agreements between  the  parties  concerning  such  subject  matter including,  but not  limited  to,  the  Change  in  Control Agreement  between the Holding Company and the Executive dated May 27, 2014. 13. Withholdin g;  Tax  Effect. All  payments  made  by  the Company  to  the  Executive  under  this  Agreement shall  be  net  of  any tax  or  other amounts  required to  be  withheld  by  the  Company under  applicable law. Nothing in this  Agreement shall be construed to require the  Company to make any  payments to compensate the  Executive  for  any adverse tax  effect  associated with any payments or benefits or for any deduction or withholding from any payment  or benefit. 14. Assi gnm ent    Successors and  Assi gn s .  Neither  the  Executive  nor  the  Company  may  make  any  assignment  of  this  Agreement  or  any interest  in  it, by  operation  of  law  or  otherwise, without the prior written consent of the other;  provided, however, that the Company  may assign its rights and obligations under this Agreement (including the Restrictive Covenants  Agreement)  without  the  Executive's  consent  to  any  affiliate   or  to  any  person  or  entity  with  whom  the  Company shall  hereafter effect  a  reorganization  or  consolidation,  into  which  the  Company merges or to  whom  it transfers all or substantially all of its properties or assets;  provided, further that if the Executive remains employed or becomes employed by the Company,  the  purchaser  or  any  of  their  affiliates  in  connection  with  any  such  transaction,   then  the  Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 or  pursuant to Section 6 of this  Agreement solely  as a result of such transaction. This  Agreement

     

     

    

15 shall  inure to  the  benefit  of  and  be  binding upon  the  Executive  and  the  Company, and each  of  the  Executive's and  the  Company's  respective successors,  executors,  administrators, heirs  and  permitted  assigns.  In  the  event of  the  Executive's death  after  the  Executive's  termination  of  employment  but prior  to  the  completion  by  the Company  of  all payments  due to  the  Executive  under this Agreement, the  Company shall continue such payments to the Executive's beneficiary  designated  in  writing  to  the  Company prior  to  the Executive's  death  (or  to the Executive's  estate,  if the Executive fails to make such designation). 15. Enforceabilit y .  If  any  portion  or  provision  of  this  Agreement  (including, without  limitation,  any  portion  or  provision  of  any section of this  Agreement) shall  to  any  extent  be  declared  illegal  or  unenforceable  by  a  court  of  competent jurisdiction,  then  the  remainder  of  this  Agreement,   or  the  application  of  such portion  or  provision  in  circumstances   other  than  those  as  to  which  it  is so  declared  illegal  or  unenforceable,  shall  not  be  affected  thereby, and  each portion  and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by  law. 16. Survival . The provisions of this Agreement shall survive the termination of this  Agreement and/or  the  termination  of  the  Executive's  employment to the  extent  necessary  to  effectuate the terms contained herein. 17. Waiver. No  waiver  of  any  provision  hereof  shall  be  effective  unless  made  in  writing and signed by the waiving party. The failure of any party to require the performance of  any  term  or  obligation  of  this  Agreement,  or the  waiver  by  any  party of  any breach  of  this  Agreement,  shall  not  prevent  any  subsequent  enforcement of  such  term  or  obligation  or  be  deemed a waiver of any subsequent breach. 18. Notices. Any notices, requests, demands and other communications provided for  by  this  Agreement  shall  be  sufficient  if  in  writing  and  delivered  in  person  or  sent  by  a  nationally  recognized overnight  courier  service  or  by  registered  or  certified  mail, postage  prepaid, return  receipt  requested,  to  the  Executive  at  the  last  address  the  Executive  has  filed  in  writing  with  the  Company or, in the case of the Company, at its main offices, attention of the Board. 19. Amendment. This Agreement may be amended or modified only by a written  instrument signed by the Executive and by a duly authorized representative of the Company. 20. Effect  on  Other  Plans  and  A gr eements . An  election  by  the  Executive  to  resign  for  Good Reason under the provisions of this Agreement shall not be deemed a voluntary  termination  of  employment  by  the  Executive  for  the  purpose  of  interpreting  the  provisions  of  any  of the Company's benefit plans, programs or policies. Nothing in this  Agreement shall be  construed to limit the rights of the Executive under the Company's benefit plans, programs or  policies except as otherwise provided herein, and except that the  Executive shall have no rights  to any severance benefits under any Company severance pay plan, offer letter or otherwise.  Except for the Restrictive Covenants Agreement, in the event that the Executive is party to an  agreement with the Company providing for payments or benefits under such plan or  agreement  and  under  this  Agreement,  the  terms  of  this  Agreement shall  govern  and  the  Executive  may  receive payment under this Agreement only and not both. Further, Section 5 and Section 6 of this

     

     

    

16 Agreement are  mutually exclusive and in no event shall the Executive be entitled to payments or  benefits pursuant to  both Section 5 and Section 6 of this Agreement. 21. Governin g  Law. This  is  a  Massachusetts contract  and  shall  be  construed   under  and be governed in all respects by the laws of the Commonwealth of Massachusetts without  giving effect to the conflict of laws principles thereof, and  in accordance with  any applicable  federal laws to which the  Banks may be subject as an FDIC - insured institution and a member  bank of the Federal Reserve System. With respect to any disputes concerning federal law, such  disputes  shall  be  determined  in  accordance  with  the  law  as  it  would be  interpreted and  applied  by  the  United States Court of Appeals for the First Circuit. 22. Counte rp arts . This Agreement may be executed in any number of counterparts,  with .pdf and facsimile signatures having the same effect as the original, each of which when so  executed and delivered shall be taken to be an original; but such  counterparts shall together  constitute one and the  same document. 23. Allocation of Obli g ations Between the Com p anies . The obligations of the  Company under this Agreement are intended to be the joint and several obligations of the  Holding Company and the Banks, and each shall, as between themselves, allocate  these  obligations  in a manner agreed upon by them. 24. Indemnification .  The  Company  shall  provide  the  Executive  (including  his  heirs,  executors and  administrators) with coverage under a standard directors' and  officers' liability  insurance policy at its expense, and shall indemnify the Executive (and his heirs, executors and  administrators) to the fullest extent permitted under federal law against all expenses and  liabilities  reasonably  incurred  by  him  in  connection  with or  arising  out of  any  action,  suit  or  proceeding in which he may be involved by reason of his having been a director or  officer of the  Company  (whether or not  he  continues to  be  a director  or officer  at  the  time of  incurring  such  expenses or liabilities), such expenses and liabilities to include, but  not  be limited to, judgments,  court costs and attorneys' fees and the cost of reasonable settlements (such settlements must be  approved by the Board). If such action, suit or proceeding is brought against the Executive in his  capacity as  an  officer or director of the Company, however, such indemnification shall not  extend to matters as to which the Executive is finally adjudged to be liable for willful misconduct  in the performance of his duties. 25. Legal Fees. The Company shall pay or reimburse the Executive for reasonable  legal fees and expenses incurred in the preparation of this Agreement, up to a maximum of $10,000.  Such  fees and  expenses must  be  incurred on  or  before  December  31,  2021 and  will  be  paid or reimbursed on or before March 15, 2022. 26. Clawback. The Executive agrees to be subject to any clawback policy adopted by  the Holding Company or  either Bank similarly affecting all or substantially all senior  management employees  and  acknowledges that,  to the  extent  provided  therein,  he  may  be  required to repay all or any portion of any incentive compensation previously paid to him on  account of inaccurate or erroneous financial data.

     

     

    

17 27. No  Miti g ation ;  No Offset. In  the  event  of  any  termination  of  the  Executive's  employment under  this  Agreement,  the  Executive  shall  be under  no  obligation  to seek  other  employment or to  mitigate  damages,  and  there  shall  be  no  offset  against amounts  due  to  the  Executive under this Agreement on account of any remuneration attributable to any subsequent  employment that the Executive may obtain. Any amount due under this Agreement are in the  nature of severance payments and are not in the nature of a penalty. [Remainder of Page Intentionally Left Blank]

     

     

    

IN  WITNESS  WHEREOF, the  parties  have  executed this  Agreement  effective  on  the  Effective Date. BROOKLINE BANCORP, INC. ;, By t - ' -- t --- - ------- r r ----- F - - ---- :::!, - --- Na1i're:'Paul . Title: Chairman and CEO BROOKLINE BANK Title: Director BAN K RHODE ISLAND Q, Title: Director E C ar l M. Carlson

     

     

    

Exhibit A SEPARATION AGREEMENT AND RELEASE This  Separation  Agreement and  Release  (the  "Se p aration A gr eement") is  entered  into  by  and among  Brookline  Bancorp,  Inc.,  a  Delaware  corporation with  its  principal administrative  office  at  131  Clarendon Street,  Boston,  MA 02116  (the  "Holding  Company"), and  Brookline  Bank,  a Massachusetts chartered trust company, and Bank Rhode Island, a Rhode Island  financial  institution (each,  a  "Bank" and,  collectively,  the  "Banks"), and  Carl  M.  Carlson  (the  "Executive") in  connection  with  the  "Employment Agreement"  by  and  among  the  Holding  Company,  the  Banks and the Executive dated September  22,  2021.  Collectively  the  Holding  Company  and  the  Banks  shall  be  referred  to  herein  as  the  "Company." This  is  the  Separation  Agreement referenced  in  the  Employment Agreement.  Terms  with initial  capitalization  that  are  not otherwise defined in this Separation Agreement have the meanings set forth in the  Employment Agreement.  The  consideration  for the  Executive's  agreement  to  this  Separation  Agreement consists  of the  payments  and benefits  pursuant  to  Section  5  or  6  of the  Employment  Agreement (as applicable), which are subject to the terms of the Employment Agreement. 1. Executive's Release of Claims. The Executive voluntarily releases and forever  discharges the Company, its affiliated and related entities, its and their respective predecessors,  successors and assigns, its and their respective employee benefit plans and fiduciaries of such  plans, and the current and former directors, officers, shareholders, employees, attorneys,  accountants and agents  of  each  of  the  foregoing  in  their  official and  personal capacities  (collectively referred to as the "Released Parties") generally from all claims, demands, debts,  damages  and  liabilities  of  every  name  and  nature,  known  or  unknown (collectively,  "Claims")  that,  as  of  the  date when  the  Executive  signs  this Separation  Agreement,  he  has,  ever  had,  now  claims  to  have  or ever claimed  to  have  had  against  any  or  all  of the  Released Parties.  This  general release of Claims includes, without implication of limitation, the release of all Claims: • • • • • • • • relating  to  the  Executive's  employment by  and  termination  of  employment with  the Company or any related entity; of wrongful discharge or violation of public policy;  of breach of contract; of  discrimination  or  retaliation under  federal,  state or  local  law  (including,  without  limitation, Claims  of age discrimination  or  retaliation  under  the  Age  Discrimination in  Employment Act,  the  Americans  with  Disabilities  Act,  and  Title VII  of the Civil Rights Act of 1964); under  any  other  federal  or  state  statute  or  constitution  or  local  ordinance;  of defamation or other  torts; for wages,  bonuses,  incentive  compensation, stock, stock options, vacation  pay  or  any other compensation or benefits, whether under the Massachusetts Wage Act, M.G.L. c. 149, †† 148 - 150C, or otherwise; and for damages or other  remedies of any sort, including, without limitation,  compensatory damages, punitive damages, injunctive relief and attorney's fees.

     

     

    

To the fullest extent permitted by law, the Executive agrees not to accept damages  of any  nature,  other equitable or legal remedies for his own benefit or attorney's fees or costs from any of the  Released Parties with respect to any Claim released by this Separation Agreement. 2. Limitations on Executive's Release of  Claims. Notwithstanding anything in  Section 1 of this Separation Agreement to the contrary: (a) Employment Agreement. Nothing  in  this Separation  Agreement shall  be  construed  to  limit  the  Executive's  rights under  the  Employment Agreement, including  without  limitation (i) the Accrued Obligations, as defined in Section 4(c) of the Employment Agreement, (ii) the severance pay and benefits pursuant to Section 5 or 6 of the Employment Agreement, whichever is applicable, subject to satisfying the requirements for execution and non - revocation  of  this Separation  Agreement,  as  set forth in  the  Employment Agreement,  or  (iii)  any  rights  to  indemnification to which the Executive is entitled, including but  not limited those described in  Section 24 of the Employment Agreement. (b) Equity. Nothing in this Separation Agreement is intended to affect the  Executive's rights  or obligations under the Equity Documents. The Equity Documents shall  continue  to  be  governed  by  their  terms,  except  as  may  otherwise  be  provided  in  the  Employment  Agreement. (c) Statuto ry  Benefit  Ri gh ts .  Nothing  in  this  Separation Agreement  is  intended to release or waive the Executive's right to elect continuation of group health plan  coverage under the law known as COBRA or unemployment insurance benefits. 3. On g oin g Obli g ations of the Executive. As a condition ofreceiving the payments  and  benefits  pursuant  to  Section  5  or  6  of the  Employment Agreement,  the  Executive  hereby  reaffirms that he remains subject to the Continuing Obligations. 4. Nondis p ara g ement. (a) The Executive shall not, directly or indirectly, make any statements that  disparage  or  deprecate  the  Company,   any  of  its business  practices,  any  of its  business  activities  or  any  of  its  officers,  directors  or  employees  (provided  that,  with  respect  to any  such  officer,  director  or  employee,  the Executive  actually  knows or  has  substantial reason  to  believe  that  such  person  is  an  officer,  director  or  employee  of  the  Company)  and  shall  not  assist  or  encourage  any  other person, firm or entity to do so. (b) The Company shall  direct its directors and executive officers not to  directly  or  indirectly,  disparage  or  deprecate  the  Executive,  any  of  his business  practices  or  any  of  his  business  activities.  In  addition,  the  Company  shall  not  in  any  authorized public  statement  of  the  Company  (a  "Com p an y  Statement") disparage  or  deprecate  the  Executive, any  of  his  business practices or any of his business activities. 5. Protected  Disclosures. Nothing in this  Separation Agreement  nor  any  direction  pursuant to this Separation Agreement shall be interpreted or applied to prohibit the Executive or  any  other person  from  making  any  good  faith  report  to  any  governmental agency or  other  governmental entity (a "Government A g enc y ") concerning any act or omission that the

     

     

    

 Executive or such  other person reasonably believes constitutes a possible violation of federal or  state  law  or  making  other  disclosures   that  are  protected  under  the  anti - retaliation  or  whistleblower  provisions  of  applicable federal  or state  law  or  regulation. In  addition,  nothing  contained  in  this  Separation Agreement limits  the  Executive's  or  any  other  person's  ability  to  communicate with any Government Agency or otherwise participate in any investigation or  proceeding  that  may be  conducted by  any Government  Agency, including   the  Executive's  ability  to  provide  documents  or other  information, without  notice  to the  Company,  nor does  anything  contained  in  this  Separation  Agreement apply  to  truthful  testimony  in  litigation  by  the  Executive  or  any  other person. If  the  Executive  files  any  charge  or  complaint  with  any  Government Agency  and if the Government Agency  pursues any claim on the Executive's behalf, or if any other third  party  pursues  any  claim  on  the  Executive's  behalf,  the  Executive  waives  any  right  to  monetary or  other individualized relief (either individually or as part of any collective or class action) to the  fullest extent permitted by law; provided, however, that nothing in this Separation Agreement  limits  any  right  the Executive  may  have to receive  a  whistleblower award  or  bounty for  information provided to the Securities and Exchange Commission. 6. Defend Trade Secrets Act of 2016. The Executive understands that pursuant to the  federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or  civilly  liable  under  any  federal  or  state  trade  secret  law  for  the  disclosure  of  a  trade  secret  that  (a) is  made (i) in confidence to a federal, state, or local government official, either directly or  indirectly,  or  to  an  attorney;  and  (ii)  solely for  the  purpose  of  reporting  or  investigating  a  suspected violation  of  law;  or  (b) is  made  in  a  complaint  or  other document filed in  a  lawsuit  or  other proceeding, if such filing is made under seal. 7. No Assignment. The Executive represents that he has not assigned to any other  person or entity any Claims against any Released Party. 8. Ri gh t  to  Consider   and  Revoke  Se p aration A gr eement. The  Executive  acknowledges that he has been given the opportunity to consider this Separation Agreement for a  period  of21  days  (the "Consideration  Period"). In  the  event  the Executive  executed  this  Separation  Agreement  before  the  end  of  the  Consideration Period,  he  acknowledges that  such  decision  was  entirely  voluntary  and  that  he  had  the  opportunity  to  consider this  Separation  Agreement  until  the  end  of  the  Consideration Period.  To  accept  this  Separation  Agreement, the  Executive shall deliver a signed Separation Agreement to the Company's then most senior  Human  Resources professional (the  "HR  Leader") before  the  end of  the  Consideration   Period.  For  a  period  of  seven  days  from  the  date  when the  Executive  executes  this  Separation Agreement  (the  "Revocation  Period"), he  shall  retain  the  right  to  revoke  this  Separation   Agreement   by  written  notice  that  is  received by  the HR  Leader  on  or  before  the  last  day  of the  Revocation  Period.  This  Separation  Agreement  shall  take  effect  only  if  it  is  executed within  the  Consideration  Period  as  set forth  above  and  if it  is  not  revoked  pursuant   to  the  preceding  sentence.   If  the  conditions   set  forth in  this  paragraph  are  satisfied, this  Separation  Agreement  shall  become  effective  and  enforceable  on  the  date  immediately  following  the  last  day  of  the  Revocation Period (the "Effective Date").

     

     

    

 9. Other Terms. (a) Le g al Re p resentation ; Review of S ep aration A gr eement. The Executive acknowledges that he has been advised to discuss all aspects of this Separation Agreement with  his  attorney,  that  he  has  carefully read  and  fully  understands  all  of the  provisions of  this  Separation Agreement and  that  he is  knowingly  and  voluntarily entering  into  this  Separation  Agreement. (b) Bindin g Nature of Se p aration A gr eement. This Separation Agreement  shall  be binding  upon  the  Executive and  upon  his  heirs,  administrators,  representatives  and  executors. (c) Modification of S ep aration A gr eement ; Waiver. This Separation  Agreement  may  be  amended  only  upon  a  written  agreement executed  by  the  Executive  and  the  Company.  No  waiver  of  any  provision  of  this  Separation  Agreement shall  be  effective  unless  made  in  writing  and  signed  by  the  waiving party.  The  failure  of  a  party  to  require the  performance of any term or obligation of this Separation Agreement, or the waiver by a party of  any breach  of  this Separation  Agreement,  shall  not prevent  any  subsequent enforcement of  such  term or obligation or be deemed a waiver of any subsequent breach. (d) Severabilit y . In the event that at any future time it is determined by a court  of  competent jurisdiction that  any covenant, clause,  provision  or  term  of  this  Separation  Agreement  is  illegal,  invalid  or  unenforceable,  the  remaining  provisions and  terms  of  this  Separation Agreement shall not be affected thereby and the illegal,  invalid or unenforceable term  or provision shall  be severed from the remainder of this Separation Agreement. In the event of  such severance,  the  remaining  covenants  shall  be  binding  and  enforceable;   provided,  however,  and  for  the  avoidance  of  doubt,  in  no  event shall  the  Company  be  required  to  provide  payments  or  benefits  to  the  Executive  pursuant  to  Section  5  or  6  of  the  Employment   Agreement  if  all  or  part  of Section 1 of this Separation Agreement is held to be invalid or unenforceable. (e) Governin g Law and Inte rp retation . This Separation Agreement shall be  deemed  to  be  made  and  entered into  in  the  Commonwealth  of  Massachusetts,  and  shall in all  respects  be  interpreted,  enforced and  governed  under  the  laws  of  the  Commonwealth  of  Massachusetts,  without  giving  effect  to  its  conflict  of  laws  provisions.  The  language  of all  parts  of  this  Separation  Agreement  shall  in  all  cases  be  construed as  a  whole,  according  to  its  fair  meaning, and not strictly for or against any of the parties. (f) Arbitration: Jurisdiction. Enforcement of  this Separation Agreement shall  be  subject  to  the  terms  of  Sections  9 ("Arbitration  of  Disputes")  and  10  ("Consent  to  Jurisdiction") of the Employment Agreement as if set  forth herein. (g) Remedies. If the Executive breaches any provision of this Separation  Agreement  or  any  of  the  Continuing Obligations, in  addition  to  all other  remedies  available  to  the Company at law,  in equity, and under contract, the Executive agrees that the Company may  cease  any  payments  or  benefits  otherwise  due  to the  Executive  or  for  the  Executive's  benefit  pursuant to Section 5 or 6 of the Employment Agreement.

     

     

    

(h) Entire  A gr eement :  Absence  of  Reliance. This  Separation  Agreement  constitutes the entire agreement between the Executive and the Company and supersedes any  previous  agreements or  understandings  between the  Executive  and  the  Company, except  the  Equity  Documents, the  Continuing  Obligations, and  any  other  obligations specifically  preserved  in  this  Separation Agreement.  The  Executive  acknowledges   that  he  is  not  relying  on  any  promises or representations by the Company or the agents, representatives or attorneys of any of  the entities within the definition of Company regarding any subject matter addressed in this  Separation Agreement. (i) Counte rp arts : Co p ies . This Separation Agreement may be executed in separate counterparts, each of which when so executed and delivered shall be taken to be an original . Such counterparts shall together constitute one and the same document . PDF copies shall be equally valid as originals . [Signature Page Follows]

     

     

    

IN WITNESS WHEREOF, the parties have executed this Separation Agreement, to be  effective on the Effective Date. BROOKLINE BANCORP, INC. B y: Name:  Paul  A.  Perrault  Title: Chairman and CEO BROOKLINE BANK B y : Name:  Paul  A.  Perrault  Title: Director BAN K RHODE ISLAND By: Name:  Paul  A.  Perrault  Title: Director Date: EXECUTIVE Carl M. Carlson Date:

     

     

    

 1 ExhibitB Restrictive Covenants Agreement Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement In  consideration  and  as  a  condition  of  my  continued employment  by  Brookline Bancorp,  Inc. (the "Holding Company"), Brookline Bank, and Bank Rhode Island (the "Banks" and,  together with the Holding Company and their respective subsidiaries and other affiliates and  their respective successors and assigns, the "Company"), and in  exchange for, among other  things,  benefits to  be  provided  by  the  Company  under  the  terms of  a  new  employment  agreement, which  I  acknowledge and  agree  is  fair  and  reasonable  consideration which  is  independent from  the  continuation  of  my  employment,  I  enter  into  this  Confidentiality,  Assignment,  Nonsolicitation  and  Noncompetition  Agreement  (this  "Agreement") and agree  as  follows: 1. Proprietary  Information. I  agree  that  all  information,   whether  or  not  in  writing,  concerning the Company's business, technology, business relationships or financial affairs that  the  Company has  not  released  to  the  general  public  (collectively,  "Proprietary  Information") and  all  tangible  embodiments thereof  are  and will  be  the  exclusive property  of the  Company.  By  way  of illustration, Proprietary Information may include information or material that  has not been  made generally available to the public, such as: (a) corporate information, including plans,  strategies, methods, policies, resolutions, negotiations or litigation; (b) marketing information,  including strategies, methods, customer or business partner identities or other information about  customers, business partners, prospect identities or other information about prospects, or market  analyses or projections; (c) financial information, including cost and performance data,  debt  arrangements, equity  structure, investors and  holdings, purchasing and sales data and price lists; (d) operational information, including plans, specifications, manuals, forms, templates, software,  strategies, designs, methods, procedures, data, reports, discoveries, inventions, improvements,  concepts, ideas, know - how and trade secrets, and other Developments (as defined below); and (e) personnel ieformation, including personnel lists, reporting or organizational structure, resumes,  personnel  data, performance  evaluations and  termination  arrangements  or  documents.  Proprietary Information also includes information received in confidence by the Company from  its customers, suppliers, business partners or other third parties. 2. Recognition of  Company's  Rights. I  will  not,  at any  time,  without  the  Company's  prior  written permission, either  during  or  after  my  employment,  disclose  any  Proprietary Information  to  anyone  outside  of  the  Company,  or  use  or  permit  to  be  used  any  Proprietary  Information  for  any purpose  other  than  the  performance  of  my  duties  as  an  employee  of  the  Company.  I  will  cooperate  with  the  Company  and  use  my  reasonable  best  efforts  to  prevent  the  unauthorized  disclosure of all  Proprietary Information. I will deliver to the Company all  copies and other  tangible embodiments of Proprietary Information in my possession or control upon  the earlier of  a request by the Company or termination of my employment. 3. Rights of Others. I understand that the Company is now and may hereafter be subject to  nondisclosure or  confidentiality  agreements with  third  persons  that  require  the  Company  to  protect or refrain from use or disclosure of proprietary information. I agree to be bound by the

     

     

    

2 terms of such agreements in the event I have access to such proprietary information. I understand  that  the  Company  strictly prohibits  me  from  using  or  disclosing  confidential or  proprietary  information belonging to any other person or entity (including any employer or former  employer),  in  connection  with  my  employment. In  addition,  I  agree not  to  bring any  confidential  information belonging to any other person or entity onto Company premises or into Company  workspaces. 4. Commitment to Company; Avoidance of  Conflict of Interest. While  an employee of the  Company, I  will  devote  my  full - time  efforts  to the  Company's  business  and I  will not,  directly  or  indirectly,  engage  in  any  other  business  activity,  except  as  expressly  authorized in  writing  and  in  advance by a duly authorized representative of the Company. I will advise an authorized officer  of  the Company  or  his  or her  designee  at  such time  as  any  activity  of  either  the  Company or  another  business  presents  me  with  a  conflict  of  interest  or the appearance  of  a  conflict  of  interest  as  an  employee  of  the  Company.  I  will  take  whatever action  is  reasonably  requested  ofme  by  the  Company to resolve  any conflict or appearance of conflict which it finds to exist. 5. Documents and Other Materials. I  will keep and maintain adequate and current records of  all  Proprietary  Information  and  Company - related  developments  developed by  me  during  my  employment,  which  records  will  be  available  to  and remain  the  sole  property  of  the  Company  at  all times. All files,  letters,  notes, memoranda,   reports,  records, data,  sketches,   drawings,   notebooks,  layouts,   charts,  quotations  and  proposals,  or  other written,  photographic   or  other  tangible  material containing Proprietary Information, whether created by me or others, which come into  my  custody  or  possession,  are  the  exclusive  property  of  the  Company  to  be  used  by me  only  in  the  performance  ofmy  duties  for  the  Company.  Any property  situated  on  the Company's  premises and owned by the Company, including without limitation computers, disks and other  storage media, filing cabinets or other work areas, is subject to inspection by the Company at any  time  with  or  without  notice.  In  the  event  of  the  termination  of  my  employment  for  any reason,  I  will deliver to the Company all Company property and equipment in my possession, custody or  control, including all files, letters, notes, memoranda, reports, records, data, sketches, drawings,  notebooks, layouts, charts, quotations and proposals, or other written, photographic or other  tangible material containing Proprietary Information, and other materials of any nature pertaining  to the  Proprietary  Information  of  the  Company  and to  my  work,  and  will  not  take  or  keep  in  my  possession any of the foregoing or any copies. 6. Nonsolicitation and Noncompetition. In order to protect the Company's Proprietary Information and goodwill, during my employment  and  for  a  period  of:  (i)  one  year following  the  date  of  the  cessation  ofmy  employment  with  the  Company  (the  "Last  Date  of  Employment") or  such  shorter  period  as  the  Company  designates  in  writing  to  me  in  connection with the  ending  of  my  employment relationship;  or  (ii) two  years  following the Last Date of Employment if I breach my fiduciary duty to the Company or if I  have  unlawfully taken,  physically  or electronically, property  belonging  to  the  Company  (in  either  case the "Restricted Period"):

     

     

    

 3 (a) I  shall  not, directly  or  indirectly,  in  any  manner,  other  than  for the  benefit  of  the  Company,  solicit  or  transact  any  business  with  any  of the  customers  of  the  Company.  For  purposes  of  this  Agreement, customers  shall  include (i)  then current  customers  to  which  the  Company provided products or services during the 12 months prior  to the Applicable Date (the  "One  Year  Lookback") and  (ii) customer  prospects  that  the  Company  solicited  during  the  One  Year  Lookback and  with which  I  had  significant contact  or  about which I learned confidential  information in  the  course  of  my  employment.  The  "A pp licable  Date" means  (i)  as  applied to  my  activities  after  my  employment ends,  the  Last  Date  of  Employment  and  (ii)  as  applied  to  my  activities during my employment, the date of such activities. (b) I  shall not,  directly  or  indirectly, in  any  manner, solicit,  entice  or  attempt  to  persuade  any  employee  or  consultant  of  the  Company  to  leave  the  Company  for  any  reason or  otherwise participate in or facilitate the hire, directly or through another entity, of any person  who is then employed or engaged by the Company. (c) I  shall not,  directly  or  indirectly, whether  as  owner,  partner,  shareholder,  director,  manager, consultant, agent, employee, co - venturer or otherwise, anywhere in the geographic  areas in which, at any time during the two years  that immediately preceded the Applicable Date  (the  "Two  Year  Lookback"), I  provided  services  or  had  a  material  presence  or  influence, provide  any  of  the  types  of  services  that  I  provided  to  the  Company during  the  Two  Year  Lookback,  in  connection  with  any  business that  is,  in  whole  or  in  part,  engaged  in,  or  actively  preparing  to  be  engaged  in,  the  Business.  For  purposes of  this  Agreement:  "Business" shall  mean,  as  of the  Applicable  Date,  the  business  of  the  Company  as  previously  or  currently  conducted, or  as  planned  to  be  conducted in the  future,  including,  without  limitation,  the  performance  of  any  services related to  the foregoing.  Notwithstanding  the  foregoing, I  shall  not  be  subject  to  the  restrictions  of  this  Section  6(c)  after  my  employment with  the Company  ends  (nor  entitled  to  the  Noncompetition  Consideration set  forth below)  if  the  Company terminates  my  employment  without  Cause pursuant  to  Section  3(d)  ofmy  Employment Agreement  with  the  Company,  the  Company  lays  me  off,  or  ifl terminate  my  employment with  the  Company subject  to  the  Good  Reason provisions  of  Section  3(e)  of  my  Employment Agreement  with   the  Company.   For  its  part,  the  Company agrees  to  provide  the  Noncompetition  Consideration  to  me  during  the  period  of  my  post - employment  obligations under  this  Section  6(c);  provided,   however,  that  the  Company  may  waive  its  rights  under  this  Section  6(c)  pursuant  to  Section  15  below  and in such  event,  the Company  shall  not  be  obligated  to  provide  the  Noncompetition Consideration.  The  "Noncom p etition  Consideration" consists  of  payments  to  me  for  the  post - employment  portion  of  the  Restricted  Period  (but  for  not  more  than  12  months  following  the  end  of  my  employment)  at  the  rate  of  fifty  percent  (50%) of  the  highest  annualized  base  salary paid  to  me  by  the  Company  within  the  Two - Year Lookback. I  acknowledge that  this  covenant is  necessary  because  the  Company's legitimate business interests cannot be adequately protected solely by the other  covenants  in  this  Agreement.  I  further  acknowledge and  agree that  any  payments  I  receive  pursuant  to  this  Section  6(c)  shall  reduce  (and  shall  not  be  in  addition  to)  any  severance  or  separation pay that I am otherwise entitled to receive from the Company pursuant to an  agreement, plan or otherwise. 7. Prior A gr eements . I hereby represent that, except as I have fully disclosed previously in  writing  to the  Company,  I  am  not  bound  by the terms  of  any  agreement  with  any  previous  or  current employer or other party to refrain from using or disclosing any trade secret or

     

     

    

4 confidential or  proprietary  information  in the  course  of my  employment  with  the  Company  or  to  refrain from competing,  directly  or  indirectly,  with the  business  of  such  employer  or  any  other  party.  I  further represent  that  my  performance  of  all  the  terms  of  this Agreement as  an  employee  of the Company does not  and will not breach any agreement to keep in confidence proprietary  information,  knowledge  or  data  acquired  by  me  in  confidence  or in  trust  prior  to  my  employment  with  the  Company.  I  will  not  disclose  to  the  Company  or  induce  the  Company  to use  any  confidential or proprietary information or material belonging to any previous employer or others. 8. Remedies U p on Breach. I understand that the restrictions contained in this Agreement are  necessary  for the  protection  of the  business  and  goodwill of  the  Company  and I  consider  them  to  be  reasonable  for  such  purpose.  Any breach  of  this  Agreement  is  likely  to  cause  the  Company  substantial and irrevocable damage and therefore, in the event of such breach, the Company, in  addition  to such  other remedies which  may be  available,  will  be  entitled  to  specific  performance  and other injunctive relief, without the posting of a bond. I further acknowledge that  a court may  render  an  award  extending  the  Restricted  Period  as  one  of  the  remedies  in  the  event of  my  violation  of  this  Agreement.  In  the  event  oflitigation  involving  a  claim  of  breach  of  this  Agreement,  the  prevailing party  with  respect  to such  claim shall  be  entitled to  recover  his  or  its  reasonable attorney's fees and costs with respect to such  claim from the non - prevailing party. 9. Use of Voice , Ima g e and Likeness. I give the Company permission to use any and all of  my  voice,  image  and likeness, with  or  without  using  my  name,  in  connection  with  the  products  and/or  services  of the  Company,  for  the  purposes  of  advertising  and  promoting  such  products  and/or services and/or the Company, and/or for other purposes deemed appropriate by the  Company in its reasonable discretion, except to the extent prohibited by law. 10. No  Employment Obligation. I  understand  that  this  Agreement  does  not  create  an  obligation on the Company or any other  person to continue my employment. I acknowledge that,  unless  otherwise  agreed in  a  formal  written  employment agreement  signed  on  behalf  of  the  Company  by  an  authorized officer,  my  employment  with the  Company  is  at  will and  therefore  may be terminated by the Company or me at any time and for any reason, with or without cause. 11. Survival and Assi gnm ent b y the Com p an y . I  understand that my obligations under this  Agreement will continue in accordance with its express terms regardless of any changes in my  title, position,  duties,  salary,  compensation or  benefits  or  other  terms and  conditions of  employment. I  further  understand that  my  obligations under this  Agreement  will  continue  following the termination of my employment regardless  of the manner of such  termination and  will  be  binding  upon  my  heirs, executors  and  administrators.  The  Company will  have the  right  to  assign  this  Agreement to  its  affiliates,  successors and  assigns.  I  expressly  consent  to be  bound  by  the  provisions  of  this  Agreement  for  the  benefit  of the  Company or  any  parent,  subsidiary  or  affiliate  to  whose  employ  I  may  be  transferred without  the  necessity that  this  Agreement  be  re signed at the time of such transfer. 12. Notice  of  Resi gn ation .  If I  elect  to  resign  from  my  employment  with  the  Company,  I  agree  to  provide  the  Company  with  written notification  of my  resignation  at  least  two  (2)  weeks  prior to my intended resignation date. Such notice shall include  information in reasonable detail  about my post - employment job duties and other  business activities, including the name and  address of any subsequent employer and/or person or entity with whom or which  I intend to

     

     

    

5 engage in business activities during the Restricted Period and the nature of my job duties and  other  business  activities.  The  Company  may  elect  to  waive  all  or  part  of the  two  (2)  week  notice  period in its sole discretion, and such waiver shall not result in a termination by the Company for  purposes of this Agreement or any other agreement I may have with the Company. 13. Post - Employment Notifications. During the Restricted Period, I will notify the Company  of any change in my address and of each subsequent employment or business activity. 14. Disclosures During  Restricted  Period. I  will  provide a  copy  of  this  Agreement to  any  person  or  entity  with  whom  I  may  enter  into  a  business  relationship,  whether  as  an  employee,  consultant, partner, coventurer or otherwise, prior  to entering into such business relationship  during the Restricted Period. 15. Waiver; Reduction of Restricted Period by Company. The Company and I acknowledge  and  agree  that  the  Company  may  unilaterally  waive  my  post - employment  noncompetition  obligations under Section 6(c), and in the event that such a  waiver occurs before the obligation to  pay  Noncompetition  Consideration  takes effect,  the  Company is  not required  to pay  me  the  Noncompetition  Consideration  or  any  other  post - employment  payments  under  this  Agreement.  No waiver of any ofmy obligations under this Agreement shall be effective unless made in  writing  by  the  Company.  The  failure  of the  Company to  require  my  performance  of  any term  or  obligation  of  this  Agreement,   or  the  waiver  of  any  breach  of  this Agreement,   shall not prevent  the Company's subsequent enforcement of such term or obligation or be deemed a waiver of any  subsequent breach.  Notwithstanding  anything to  the  contrary  in  Section  6,  the  Company  may  reduce  the  length  of the  Restricted  Period  by  providing  written  notice  to  me  of  such  reduction  in  connection with the ending of my employment relationship. 16. Severability. In  case  any provisions  (or portions thereof) contained in this Agreement  shall,  for  any  reason,  be  held  invalid,  illegal  or  unenforceable  in  any  respect,  such  invalidity,  illegality  or  unenforceability  shall  not  affect  the  other  provisions  of  this Agreement, and  this  Agreement shall  be  construed   as  if such invalid, illegal  or  unenforceable   provision  had  never  been  contained herein.  If,  moreover,  any  one or  more  of  the  provisions contained  in  this  Agreement  shall  for  any  reason  be  held  to  be  excessively  broad  as  to  duration, geographical  scope,  activity  or  subject,  it  shall  be  construed  by limiting  and  reducing  it,  so as to  be  enforceable  to the extent compatible with the applicable law as it shall then appear. 17. Choice  of  Law  and  Jurisdiction. This  Agreement will  be  deemed  to  be  made  and  entered  into  in the  Commonwealth of  Massachusetts,  and  will  in  all respects  be  interpreted,  enforced and  governed  under  the laws  of  the  Commonwealth of  Massachusetts.  I  hereby  consent  to  the  exclusive jurisdiction   of the  state  and federal  courts  situated within Massachusetts  for  purposes  of  enforcing  this  Agreement  or  for  any  other lawsuit  relating  to  or  arising  under  this  Agreement,  and  I  hereby  waive  any  objection  that  I  might  have  to  personal  jurisdiction  or  venue  in those  courts, provided, however, the Company and I agree that all civil actions relating to Section 6(c)  of  this  Agreement  shall  be  brought  in the  county  of  Suffolk  and that  the  superior  court  or  the  business litigation session of the superior court shall have exclusive jurisdiction. 18. Independence  of  Obligations. My  obligations  under  this  Agreement  are  independent of  any obligation, contractual or otherwise, the Company has to me. The Company's breach of any

     

     

    

6 such obligation shall not be a defense against the enforcement of this Agreement or otherwise  limit my obligations under this Agreement. 19. Protected Disclosures. I  understand that nothing contained in this Agreement limits my  ability  to  communicate  with any  federal,  state  or  local  governmental agency  or  commission,  including  to provide  documents  or  other  information,  without  notice  to  the  Company. I also  understand that  nothing  in  this  Agreement limits  my  ability to  share  compensation information  concerning myself or others, except that this does not permit me to disclose compensation  information  concerning others  that I  obtain  because  my  job  responsibilities require  or  allow  access to such information. 20. Defend Trade Secrets Act of 2016. I understand that pursuant to the federal Defend Trade  Secrets  Act  of  2016,  I  shall  not  be  held criminally  or  civilly  liable under any  federal  or  state trade  secret  law  for  the  disclosure  of  a  trade  secret  that  (a)  is made  (i)  in  confidence  to  a  federal,  state,  or  local  government official,  either  directly  or  indirectly,  or  to  an attorney;  and  (ii)  solely  for the  purpose  of  reporting  or  investigating   a  suspected   violation  of  law;  or  (b)  is  made  in  a  complaint  or other document filed in a lawsuit or other  proceeding, if such filing is made under seal. 21. Other  Agreements; Amendment. This  Agreement   supplements   and does  not  supersede  any other confidentiality, assignment of inventions or restrictive covenant agreement between the  Company  and  me.  To  the  extent  that this  Agreement addresses  other  subject  matters,  this  Agreement supersedes  any  other  agreements  between  the  Company  and  me  with  respect  to  such  subject matters.  This  Agreement  may  be  amended   only  in  a  written   agreement   executed   by a  duly authorized officer  of the Company and me. [Remainder of Page Intentionally Left Blank]

     

     

    

I UNDERSTAND THAT THIS  AGREEMENT AFFECTS IMPORTANT RIGHTS. BY  SIGNING BELOW, I CERTIFY THAT (I) I WAS PROVIDED WITH THIS AGREEMENT  AT LEAST TEN (10)  BUSINESS DAYS  BEFORE THE EFFECTIVE DATE OF THIS  AGREEMENT AND (II) I HAVE BEEN ADVISED BY THE COMPANY THAT I HAVE  THE RIGHT TO CONSULT WITH COUNSEL PRIOR TO SIGNING THIS  AGREEMENT. I  ACKNOWLEDGE   AND  AGREE  THAT  THE  TERMS  OF  THIS  AGREEMENT  WILL APPLY  TO  MY  ENTIRE  SERVICE  RELATIONSHIP WITH  THE  COMPANY,  INCLUDING WITHOUT LIMITATION ANY PERIOD OF SERVICE PRIOR TO THE DATE  OF MY  SIGNATURE BELOW. IN WITNESS WHEREOF, the undersigned has executed this Agreement as a sealed  instrument and  it shall become effective upon the later of (i) the full execution by both parties; or (ii) ten (10)  buess days after the Company provided me with notice of this Agreement. Date : - - , 1 9 - - / - i - - - - 2 , , 1 / . z - . - o - - z - I COMPANY BROOKLINE BANCORP, INC. err , u u . ._.. -- Title: Chariman and  CEO

 

 BROOKLINE BANK a N a c m ; e : : P ; ? au l £ A. J _ :::: ) Title: Director BANK RHODE ISLAND gr. Title: Director Date : q / o i o . 1 . - / ;2 ..or9.. I IExhibit 4.1

 

BARCLAYS DRYROCK ISSUANCE TRUST

as Issuer and

 

 

 

U.S. BANK NATIONAL ASSOCIATION

as Indenture Trustee and as Securities Intermediary

 

 

SERIES 2021-1 INDENTURE SUPPLEMENT

 

 

dated as of September 22, 2021

 

 

to

 

 

INDENTURE

    	 

    	 

    

TABLE OF CONTENTS

	 	 	 	Page
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	Section 1.01	Definitions	1
	 	Section 1.02	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	15
	 	Section 1.03	Counterparts; Electronic Signature	15
	 	Section 1.04	Ratification of Indenture	16
	ARTICLE II THE NOTES	16
	 	Section 2.01	Designation.	16
	 	Section 2.02	Issuance of Series 2021-1 Notes	17
	 	Section 2.03	Documentation	17
	ARTICLE III SERVICING COMPENSATION	17
	 	Section 3.01	Servicing Compensation	17
	ARTICLE IV RIGHTS OF SERIES 2021-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	17
	 	Section 4.01	Collections and Allocations.	17
	 	Section 4.02	Determination of Series 2021-1 Monthly Interest.	18
	 	Section 4.03	Determination of Series 2021-1 Monthly Principal	19
	 	Section 4.04	Application of Series 2021-1 Available Finance Charge Collections on Deposit in the Collection Account	20
	 	Section 4.05	Application of Series 2021-1 Available Principal Collections.	21
	 	Section 4.06	Principal Funding Account; Controlled Accumulation Period.	22
	 	Section 4.07	Investor Charge-Offs	24
	 	Section 4.08	Reallocated Principal Collections	24
	 	Section 4.09 	Shared Excess Available Finance Charge Collections.	24
	 	Section 4.10 	Shared Excess Available Principal Collections.	25
	 	Section 4.11	Accumulation Reserve Account.	26
	 	Section 4.12	Investment Instructions	28
	 	Section 4.13	[RESERVED].	28
	 	Section 4.14	Sale of Collateral for Series 2021-1 Notes That are Accelerated or Reach Legal Maturity.	28
	 	Section 4.15	Distribution Account	30
	 	Section 4.16	Delinquency Trigger Percentage	30
	 	Section 4.17	Asset Review.	30

    	 	i	 

     

    

 

TABLE OF CONTENTS

(continued)

	 	 	 	Page
	 	Section 4.18	Governing Law For Hague Securities Convention	32
	ARTICLE V EARLY AMORTIZATION OF THE NOTES	32
	 	Section 5.01	Early Amortization Events	32
	 	Section 5.02	Early Redemption Event	33
	ARTICLE VI LEGAL MATURITY; FINAL PAYMENTS	34
	 	Section 6.01	Legal Maturity	34
	ARTICLE VII DELIVERY OF SERIES 2021-1 NOTES; DISTRIBUTIONS AND REPORTS TO SERIES 2021-1 NOTEHOLDERS	34
	 	Section 7.01	Form of Delivery for the Series 2021-1 Notes; Depository; Denominations.	34
	 	Section 7.02	Delivery and Payment for the Series 2021-1 Notes	35
	 	Section 7.03	Distributions.	35
	 	Section 7.04	Reports and Statements to Series 2021-1 Noteholders.	36
	 	Section 7.05	Restrictions on Transfer of the Class B Notes	37
	ARTICLE VIII MISCELLANEOUS PROVISIONS	38
	 	Section 8.01	Non-petition Covenant	38
	 	Section 8.02	Actions by the Issuer	38
	 	Section 8.03	Limitations on Liability	38
	 	Section 8.04	FATCA Matters	39
	 	Section 8.05	[RESERVED].	39
	 	Section 8.06	Amendments	39
	 	Section 8.07	Class B Notes.	39
	 	Section 8.08	Appointment of Asset Representations Reviewer	40
	 	Section 8.09	Dispute Resolution.	40
	 	Section 8.10	Investor Communication	41
	 	Section 8.11	Tax Retained Notes.	41
	 	Section 8.12	Credit Risk Retention	42
	ARTICLE IX INSOLVENCY PROCEEDING WITH RESPECT TO BBD	43
	 	Section 9.01	Actions Upon Repudiation.	43
	 	Section 9.02	Notice.	44
	 	Section 9.03	Reservation of Rights	45

 

 

    	 	ii	 

     

    

 

TABLE OF CONTENTS

(continued)

 

 

	 	Page
	EXHIBITS	 
	 	 
	EXHIBIT A-1	FORM OF CLASS A NOTE
	EXHIBIT A-2	FORM OF CLASS B NOTE
	EXHIBIT B-1	FORM OF MONTHLY NOTEHOLDERS’ STATEMENT
	EXHIBIT B-2 	FORM OF ANNUAL PAYMENT INFORMATION
	EXHIBIT B-3 	FORM OF DAILY SERVICER’S STATEMENT
	EXHIBIT C 	FORM OF MONTHLY SERVICER’S CERTIFICATE

    	 	iii	 

     

    

SERIES 2021-1 INDENTURE
SUPPLEMENT, dated as of September 22, 2021 (this “Indenture Supplement”), by and between BARCLAYS DRYROCK ISSUANCE
TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), having its principal office
at Rodney Square North, 1100 North Market St., Wilmington, DE 19890, and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
in its capacity as Indenture Trustee (the “Indenture Trustee”) and as Securities Intermediary.

Pursuant to this Indenture
Supplement, the Issuer shall create a new Series of Notes and shall specify the principal terms thereof. The Issuer has tendered the notice
of issuance required by Section 4.10(a)(i) of the Indenture and this Indenture Supplement is being entered into by and between the Issuer
and the Indenture Trustee as required by Section 4.10(a)(viii) of the Indenture to provide for the issuance, authentication and delivery
of each of the Class A Notes, Series 2021-1 and the Class B Notes, Series 2021-1.

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

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

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

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

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

(3)                 
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United
States of America at the date of such computation;

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

(5)                 
in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision
contained in the Indenture, the Transfer

    	 

    	 

    

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

(6)                 
each capitalized term defined herein shall relate only to the Series 2021-1 Notes and no other Series of Notes issued by
the Issuer; and

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

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

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

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

 

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

    	 	2	 

     

    

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

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

“Adjusted Outstanding
Dollar Principal Amount” means, as of any date of determination, the Outstanding Dollar Principal Amount of the Series 2021-1
Notes on such date of determination, less any funds then on deposit with respect to principal in the Supplemental Issuer Accounts for
the benefit of such Series 2021-1 Notes on such date of determination.

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

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

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

“Allocation Amount”
means, as of the Closing Date, the Series 2021-1 Stated Principal Amount and on any date of determination thereafter, the sum of, without
duplication, (a) the Allocation Amount determined as of the later of the Closing Date or the date of determination immediately prior to
the then current date of determination, plus (b) the amount of all increases in the Series 2021-1 Stated Principal Amount resulting
from the issuance of additional Series 2021-1 Notes since the prior date of determination, plus (c) all reimbursements, as provided
in Section 4.04(e) or otherwise, of reductions in the Allocation Amount due to Investor Charge- Offs or Reallocated Principal Collections
since the prior date of determination, minus (d) the amount of the reduction in the Allocation Amount due to Investor Charge-Offs
since the prior date of determination, determined as set forth in Section 4.07, minus (e) the amount of the reduction in
the Allocation Amount due to the application of Reallocated Principal Collections since the prior date of determination, determined as
set forth in Section 4.08, minus (f) the amount deposited into the Principal Funding Account or (without duplication) deposited
into the Distribution Account pursuant to Section 4.05(c) or paid to the Series 2021-1 Noteholders (in each case, after giving
effect to any deposits, allocations, reallocations or withdrawals to be made on that day) since the prior date of determination; provided,
however, that (1) the Allocation Amount may never be less than zero, (2) the Allocation Amount may never be greater than the Adjusted
Outstanding Dollar Principal Amount and (3) if there is a sale of Collateral in accordance with Section 4.14, the Allocation Amount
will be reduced to zero upon such sale.

    	 	3	 

     

    

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

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

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

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

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

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

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

“Available Principal
Collections” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Available Principal Collections and has, with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

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

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

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

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

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

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

    	 	4	 

     

    

“Class A Note Interest
Rate” means, for any Interest Period with respect to the Class A Notes, a per annum rate equal to 0.63%.

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

“Class A Stated
Principal Amount” means $1,000,000,000.

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

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

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

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

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

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

“Class B Stated
Principal Amount” means $219,513,000.

“Closing Date”
means September 22, 2021.

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

“Controlled Accumulation
Amount” means $101,626,083.34; provided, however, that if the Servicer elects to postpone the commencement of the
Controlled Accumulation Period in accordance with Section 4.06(c), it shall be an amount equal to the Outstanding Dollar Principal
Amount of such Series of Notes as of the first day of the Controlled Accumulation Period divided by the Controlled Accumulation Period
Length.

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period beginning on the first Business
Day of the September 2023 Monthly Period or such later date as is determined in accordance with Section 4.06(c) and ending on the
earlier to occur of (a) the commencement of the Early Amortization Period and (b) the payment in full of the Series 2021-1 Stated Principal
Amount of, and any Monthly Interest due on, the Series 2021-1 Notes.

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

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

    	 	5	 

     

    

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

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

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

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

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

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

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

    	 	6	 

     

    

“Early Amortization
Event” means, with respect to the Series 2021-1 Notes, the events specified in Section 5.01 hereof and Article XII of
the Indenture.

“Early Amortization
Period” means the period commencing at the close of business on the Business Day immediately preceding the day on which an Early
Amortization Event with respect to Series 2021-1 is deemed to have occurred, and ending on the first to occur of (a) the payment in full
of the Series 2021-1 Stated Principal Amount of, and any Series 2021-1 Monthly Interest due on, the Series 2021-1 Notes, (b) the date
on which Collateral is sold pursuant to Section 4.14, and (c) the Legal Maturity Date.

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

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

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

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

“Excess Spread
Percentage” means, with respect to each Payment Date, as determined on the second preceding Business Day, an amount equal to
the Series 2021-1 Portfolio Yield with respect to the related Monthly Period minus the Base Rate with respect to such Payment Date.

“Expected Final
Payment Date” means the September 2024 Payment Date.

“FATCA”
has the meaning specified in Section 8.04.

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

“Floating Allocation
Percentage” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Floating Allocation Percentage and has, with respect
to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

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

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

    	 	7	 

     

    

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

“Indenture Supplement”
has (a) with respect to Series 2021-1, the meaning specified in the preamble hereto and (b) with respect to any other Series of Notes,
the meaning specified in the Indenture.

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

“Initial Payment
Date” means November 15, 2021.

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

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

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

“Legal Maturity
Date” means the July 2027 Payment Date.

“Monthly Interest”
means the Series 2021-1 Monthly Interest.

“Monthly Subordination
Amount” means, with respect to any Payment Date, an amount (which shall never be less than zero) equal to the lesser of (i)
the excess of the amounts distributable pursuant to Section 4.04(a) and Section 4.04(b) over the Series 2021-1 Available
Finance Charge Collections and Shared Excess Available Finance Charge Collections available to make such distribution pursuant to Section
4.04(a) and Section 4.04(b), and (ii) (1) the Class B Stated Principal Amount minus (2) the amount of unreimbursed Investor
Charge-offs (after giving effect to Investor Charge-offs as of the current Payment Date) and unreimbursed Reallocated Principal Collections
(as of the previous Payment Date).

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

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

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

“Payment Date”
means (i) with respect to Series 2021-1, the Initial Payment Date and the 15th day of each calendar month thereafter, or, if such 15th
day is not a Business Day, the next

    	 	8	 

     

    

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

“Principal Allocation
Percentage” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Principal Allocation Percentage and has, with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

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

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

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

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

“Quarterly Excess
Spread Percentage” means (a) with respect to the November 2021 Payment Date, the Excess Spread Percentage with respect to the
immediately preceding Monthly Period, (b) with respect to the December 2021 Payment Date, the percentage equivalent of a fraction, the
numerator of which is the sum of the Excess Spread Percentages for the immediately preceding two (2) Monthly Periods and the denominator
of which is two (2) and (c) with respect to the January 2022 Payment Date and each Payment Date thereafter, the percentage equivalent
of a fraction, the numerator of which is the sum of the Excess Spread Percentages for the immediately preceding three (3) Monthly Periods
and the denominator of which is three (3).

“Reallocated Principal
Collections” means, with respect to any Payment Date, Series 2021-1 Principal Collections applied in accordance with Section
4.08.

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

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

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

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

“Required Accumulation
Reserve Account Amount” means, with respect to any Payment Date during the Accumulation Reserve Account Funding Period, an amount
equal to (a) 0.50% of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes as of the Record Date for such Payment Date or
(b) any other amount designated by the Transferor; provided, that if the amount is less than that determined under clause (a),
the Note Rating Agency Condition shall have been satisfied with respect to such designation and written evidence of the satisfaction of

    	 	9	 

     

    

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

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

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

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

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

“Series”
has the meaning specified in the Indenture and, when used with respect to the Series of Notes issued pursuant to this Indenture Supplement,
means Series 2021-1.

“Series 2021-1
Available Finance Charge Collections” means, with respect to any Monthly Period, an amount equal to the sum of (a) the Series
2021-1 Finance Charge Collections with respect to such Monthly Period, (b) Principal Funding Account Investment Proceeds, if any, with
respect to the related Payment Date and (c) amounts, if any, to be withdrawn from the Accumulation Reserve Account, which shall be deposited
into the Collection Account on the related Note Transfer Date to be treated as Series 2021-1 Available Finance Charge Collections pursuant
to Section 4.11(b) and (d).

“Series 2021-1
Available Principal Collections” means, with respect to any Monthly Period, an amount equal to (a) the Series 2021-1 Principal
Collections with respect to such Monthly Period, minus (b) Reallocated Principal Collections determined as of the related Payment
Date for such Monthly Period, plus (c) any Series 2021-1 Available Finance Charge Collections available with respect to such Monthly
Period to cover the Series 2021-1 Default Amount or to reimburse any reductions in the Allocation Amount from an allocation of Investor
Charge-Offs or from the application of Reallocated Principal Collections, plus (d) following an Event of Default and acceleration
of the Series 2021-1 Notes, Series 2021-1 Available Finance Charge Collections, if any, with respect to such Monthly Period, available
pursuant to Section 4.04(g).

“Series 2021-1
Default Amount” means, with respect to any Monthly Period, an amount equal to the Default Amount allocated to the Series 2021-1
Notes pursuant to Section 4.01(d).

“Series 2021-1
Finance Charge Collections” means, with respect to any Monthly Period, the Finance Charge Collections allocated to the Series
2021-1 Notes pursuant to Section 4.01(b).

“Series 2021-1
Floating Allocation Percentage” means, with respect to any date of determination in any Monthly Period, the percentage equivalent
(which percentage shall never

    	 	10	 

     

    

exceed 100%) of a fraction, (a) the numerator
of which is the Allocation Amount as of the beginning of the first day of such Monthly Period (or, (x) in the case of the first Monthly
Period, the Series 2021-1 Stated Principal Amount and (y) with respect to any Monthly Period in which there is an issuance of additional
Series 2021-1 Notes occurring in such Monthly Period, the Allocation Amount (after giving effect to any increase to the Allocation Amount
resulting from the issuance of the additional Series 2021-1 Notes) as of any date of determination on or after the date of such issuance
of additional Series 2021-1 Notes), and (b) the denominator of which is the greater of (i) the Pool Balance as of the beginning of the
first day of the calendar month in which such date of determination occurs as adjusted in accordance with the provisions below, or (ii)
the sum of the numerators used to calculate the Floating Allocation Percentages for all Series of Notes as of such date of determination.
With respect to any Monthly Period in which an Addition Date or a Removal Date occurs, the Series 2021-1 Floating Allocation Percentage
for the portion of the Monthly Period falling on and after such Addition Date or Removal Date, as applicable, and prior to any subsequent
Addition Date or Removal Date, as applicable, will be recalculated for such period using the Pool Balance as of the close of business
on the subject Addition Date or Removal Date.

“Series 2021-1
Monthly Interest” means, with respect to any Payment Date, (a) the Class A Monthly Interest, (b) any Class A Monthly Interest
previously due but not paid to the Class A Noteholders, (c) the Class B Monthly Interest, (d) any Class B Monthly Interest previously
due but not paid to the Class B Noteholders, (e) the amount of Additional Interest, if any, and (f) any Additional Interest previously
due but not paid to the Series 2021-1 Noteholders, in each case for such Payment Date.

“Series 2021-1
Monthly Principal” has the meaning specified in Section 4.03.

“Series 2021-1
Noteholders” means a Class A Noteholder or a Class B Noteholder.

“Series 2021-1
Note” means a Class A Note or a Class B Note.

“Series 2021-1
Portfolio Yield” means, for any Monthly Period (which, in the case of the first Monthly Period, shall be determined pursuant
to Section 2.01(e)), the annualized percentage equivalent of a fraction:

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

(A)       the Series 2021-1
Available Finance Charge Collections with respect to such Monthly Period; minus

(B)       the Series 2021-1
Default Amount for such Monthly Period; and

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

“Series 2021-1
Principal Allocation Percentage” means, with respect to any date of determination in any Monthly Period, the percentage equivalent
(which percentage shall never exceed 100%) of a fraction, (a) the numerator of which is (i) during the Revolving Period, the Allocation
Amount as of the beginning of the first day of such Monthly Period (or, (x) in the

    	 	11	 

     

    

case of the first Monthly Period, the Series
2021-1 Stated Principal Amount and (y) with respect to any Monthly Period in which there is an issuance of additional Series 2021-1 Notes
occurring in such Monthly Period, the Allocation Amount (after giving effect to any increase to the Allocation Amount resulting from the
issuance of the additional Series 2021-1 Notes) as of any date of determination on or after the date of such issuance of additional Series
2021-1 Notes) and (ii) during the Controlled Accumulation Period or the Early Amortization Period, the Allocation Amount as of the close
of business on the date on which the Revolving Period shall have terminated, and (b) the denominator of which is the greater of (i) the
Pool Balance as of the beginning of the first day of the calendar month in which such date of determination occurs as adjusted in accordance
with the provisions below, or (ii) the sum of the numerators used to calculate the Principal Allocation Percentages for all Series of
Notes as of such date of determination. With respect to any Monthly Period in which an Addition Date or a Removal Date occurs, the Series
2021-1 Principal Allocation Percentage for the portion of the Monthly Period falling on and after such Addition Date or Removal Date,
as applicable, and prior to any subsequent Addition Date or Removal Date, as applicable, will be recalculated for such period using the
Pool Balance as of the close of business on the subject Addition Date or Removal Date.

“Series 2021-1
Principal Collections” means, with respect to any Monthly Period, the Principal Collections allocated to the Series 2021-1 Notes
pursuant to Section 4.01(c).

“Series 2021-1
Servicing Fee” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicing Fee with respect
to such Monthly Period and (b) the Series 2021-1 Floating Allocation Percentage.

“Series 2021-1
Stated Principal Amount” means $1,219,513,000.

“Series Available
Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
(a) with respect to Series 2021-1, the excess, if any, of (i) the aggregate amount targeted to be paid or applied pursuant to Sections
4.04(a) through (f) for such Monthly Period over (ii) the Series 2021-1 Available Finance Charge Collections with respect
to such Monthly Period and (b) with respect to any other Series, the amount set forth in the applicable Indenture Supplement for such
Monthly Period; provided, however, that the Issuer, when authorized by an Officer’s Certificate of the Transferor,
may amend or otherwise modify this definition of Series Available Finance Charge Collections Shortfall provided that the Note Rating Agency
Condition is satisfied.

“Series Available
Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
(a) with respect to Series 2021-1, the excess, if any, of (i) the lesser of the amounts determined pursuant to Sections 4.03(b)(ii)
and (iii), for such Monthly Period over (ii) the Series 2021-1 Available Principal Collections, less any amount released and used
to purchase Receivables under Section 4.01(f), with respect to such Monthly Period and (b) with respect to any other Series of
Notes, the amount set forth in the applicable Indenture Supplement for such Monthly Period; provided, however, that the
Issuer, when authorized by an Officer’s Certificate of the Transferor, may amend or otherwise modify this definition of Series Available
Principal Collections Shortfall provided that the Note Rating Agency Condition is satisfied.

    	 	12	 

     

    

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

“Shared Excess
Available Finance Charge Collections” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
with respect to any Series of Notes in Shared Excess Available Finance Charge Collections Group One, the sum of (a) the amount of Series
2021-1 Available Finance Charge Collections with respect to such Monthly Period, available after application in accordance with Section
4.04(a) through (g) and (b) the Finance Charge Collections remaining after all required payments and deposits from all
other Series identified as belonging to Shared Excess Available Finance Charge Collections Group One which the applicable Indenture Supplements
for such Series specify are to be treated as “Shared Excess Available Finance Charge Collections” with respect to such Monthly
Period.

“Shared Excess
Available Finance Charge Collections Group One” means the Shared Excess Available Finance Charge Collections Group to which
Series 2021-1 has been designated for inclusion under Section 4.09(a).

“Shared Excess
Available Principal Collections” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
the sum of (a) with respect to Series 2021-1, the amount of Series 2021-1 Available Principal Collections specified to be treated as “Shared
Excess Available Principal Collections” pursuant to Sections 4.05(a) and 4.05(b)(iv) and (b) with respect to any other
Series included in Shared Excess Available Principal Collections Group One, the Principal Collections allocated to such other Series remaining
after all required payments and deposits, which the applicable Indenture Supplements for such Series specify are to be treated as “Shared
Excess Available Principal Collections” with respect to such Monthly Period.

“Shared Excess
Available Principal Collections Group One” means the Shared Excess Available Principal Collections Group to which Series 2021-1
has been designated for inclusion under Section 4.10(a).

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

“Sixty Day Delinquency
Rate Percentage” means, (a) as determined as of the last day of the initial Monthly Period for the Series 2021-1 Notes, the
Sixty Day Delinquency Rate, (b) as determined as of the last day of the second Monthly Period for the Series 2021-1 Notes, the percentage
equivalent of a fraction, the numerator of which is the sum of the Sixty Day Delinquency Rates for the initial Monthly Period and the
second Monthly Period and the denominator of which is two (2), and (c) as determined as of the last day of any Monthly Period (other than
the initial Monthly Period or second Monthly Period) for the Series 2021-1 Notes, the percentage equivalent of a fraction, the numerator
of which is the sum of the Sixty Day Delinquency Rates for the Monthly Period in which such determination occurs and the two (2)

    	 	13	 

     

    

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

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

“Stated Principal
Amount” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Stated Principal Amount and has, with respect to any
other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

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

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

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

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

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

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

    	 	14	 

     

    

 

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

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

(b)              
Each party hereto hereby consents and agrees that the state or federal courts located in the Borough of Manhattan in New York City
shall have exclusive jurisdiction to hear and determine any claims or disputes between them pertaining to this Indenture Supplement or
to any matter arising out of or relating to this Indenture Supplement; provided, that each party hereto acknowledges that any appeals
from those courts may have to be heard by a court located outside of the Borough of Manhattan in New York City; provided, further,
that nothing in this Indenture Supplement shall be deemed or operate to preclude the Indenture Trustee from bringing suit or taking other
legal action in any other jurisdiction to realize on the Receivables or any security for the obligations of the Issuer arising hereunder
or to enforce a judgment or other court order in favor of the Indenture Trustee. Each party hereto submits and consents in advance to
such jurisdiction in any action or suite commenced in any such court, and each party hereto hereby waives any objection that such party
may have based upon lack of personal jurisdiction, improper venue or forum non conveniens and hereby consents to the granting of such
legal or equitable relief as is deemed appropriate by such court. Each party hereto hereby waives personal service of the summons, complaint
and other process issued in any such action or suit and agrees that service of such summons, complaint, and other process may be made
by registered or certified mail addressed to such party at its address, and that service so made shall be deemed completed upon the earlier
of such party’s actual receipt thereof or three (3) days after deposit in the United States mail, proper postage prepaid. Nothing
in this Section 1.02 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

(c)              
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE
THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF
THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT
TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, OR CONNECTION WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section
1.03        Counterparts;
Electronic Signature. This Indenture Supplement may be executed in two (2) or more counterparts (and by different parties on
separate counterparts), each of which shall be deemed an original, and all of which when taken together shall constitute one and the
same instrument. Each of the parties agree that this Indenture Supplement and any other documents to be delivered in connection herewith may be
electronically signed, that any digital

    	 	15	 

     

    

or electronic signatures (including pdf, facsimile
or electronically imaged signatures provided by DocuSign or any other digital signature provider as specified in writing to the Indenture
Trustee) appearing on this Indenture Supplement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Indenture Supplement and such other documents
may be made by facsimile, email or other electronic transmission.

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

[END OF ARTICLE I]

ARTICLE
II

THE NOTES

Section
2.01        Designation.

(a)              
There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “Barclays
Dryrock Issuance Trust, Series 2021-1” or the “Series 2021-1 Notes.” The Series 2021-1 Notes shall be issued in two
(2) Classes, the first of which shall be known as the “Class A Series 2021-1 Fixed Rate Asset Backed Notes” and the second
of which shall be known as the “Class B Series 2021-1 Fixed Rate Asset Backed Notes.” The Series 2021-1 Notes shall be due
and payable on the Legal Maturity Date.

(b)              
The Series 2021-1 Notes shall be secured by the Collateral. For the avoidance of doubt, the parties agree that the payment of principal
and interest on the Series 2021-1 Notes shall be primarily based on the performance of the Receivables and, except for interest rate or
currency mismatches between the Receivables and the Series 2021-1 Notes, shall not be contingent on market or credit events that are independent
of such financial assets.

(c)              
Series 2021-1 shall be a Shared Excess Available Finance Charge Collections Series and shall be included in Shared Excess Available
Finance Charge Collections Group One. Series 2021-1 shall be a Shared Excess Available Principal Collections Series and shall be included
in Shared Excess Available Principal Collections Group One. Other than as specified in this Section 2.01(c), Series 2021-1 shall
not be in any other Group.

(d)              
Series 2021-1 shall not be subordinated to any other Series of Notes.

(e)              
Notwithstanding any provision in the Indenture or in this Indenture Supplement to the contrary, the first Payment Date with respect
to Series 2021-1 shall be the November 2021 Payment Date, and the first Monthly Period shall begin on and include the Closing Date and
end on and include October 31, 2021.

    	 	16	 

     

    

 

Section
2.02        Issuance
of Series 2021-1 Notes. The Issuer may issue Notes of any Class of the Series 2021-1 Notes, so long as the conditions precedent set
forth in Section 4.10 of the Indenture are satisfied.

Section
2.03        Documentation.
This Indenture Supplement, together with the Transaction Documents, shall (a) define the contractual rights and responsibilities of the
parties, including, but not limited to, representations and warranties and ongoing disclosure requirements, and any measures to avoid
conflicts of interest; and (b) provide authority for the parties, including, but not limited to, BBD, the Servicer and the Series 2021-1
Noteholders to fulfill their respective duties and exercise their rights under the contracts and clearly distinguish between any multiple
roles performed by any party.

[END OF ARTICLE II]

ARTICLE
III

SERVICING COMPENSATION

Section
3.01        Servicing
Compensation. The share of the Servicing Fee allocable to the Series 2021-1 Noteholders with respect to any Payment Date shall equal
the Series 2021-1 Servicing Fee. The portion of the Servicing Fee that is not allocable to the Series 2021-1 Noteholders shall be paid
by the holders of the Transferor Interest or the Noteholders of other Series of Notes (as provided in the related Indenture Supplements),
and in no event shall the Issuer, the Owner Trustee, the Indenture Trustee or the Series 2021-1 Noteholders be liable for the share of
the Servicing Fee to be paid by the holders of the Transferor Interest or the Noteholders of any other Series of Notes.

[END OF ARTICLE III]

ARTICLE
IV

RIGHTS OF SERIES 2021-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

Section
4.01        Collections
and Allocations.

(a)              
Allocations. Finance Charge Collections, Principal Collections, the Default Amount and the Servicing Fee shall be allocated
pursuant to Article V of the Indenture and shall be allocated to Series 2021-1 and distributed as set forth in this Article IV.

(b)              
Allocations of Finance Charge Collections to the Series 2021-1 Notes. With respect to each date on which the Servicer deposits
Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer as set forth in the Daily Servicer’s
Certificate, shall allocate to the Series 2021-1 Noteholders and retain in the Collection Account for application as provided herein an
amount equal to the product of (i) the Series 2021-1 Floating Allocation Percentage and (ii) the amount of Finance Charge Collections
deposited into the Collection Account on such date.

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(c)              
 Allocations of Principal Collections to the Series 2021-1 Notes. With respect to each date on which the Servicer deposits
Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer as set forth in the Daily Servicer’s
Certificate, shall allocate to the Series 2021-1 Noteholders an amount equal to the product of (i) the Series 2021-1 Principal Allocation
Percentage and (ii) the amount of Principal Collections deposited into the Collection Account on such date.

(d)              
Allocations of the Default Amount to the Series 2021-1 Notes. With respect to each day during a Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall allocate to the Series 2021-1 Notes an amount equal to the product of (i) the Series
2021-1 Floating Allocation Percentage for such day and (ii) the portion of the Default Amount attributable to Receivables that became
Defaulted Receivables on such day.

(e)              
Allocations of the Servicing Fee to the Series 2021-1 Notes. With respect to each Monthly Period, the Indenture Trustee,
at the direction of the Servicer, shall on or prior to the applicable Note Transfer Date allocate to the Series 2021-1 Notes an amount
equal to the product of (i) the average of the Series 2021-1 Floating Allocation Percentages for all days during such Monthly Period and
(ii) the Servicing Fee with respect to such Monthly Period.

(f)               
Release of Principal Collections to Purchase Receivables and Pay Optional Amortization Amounts. Principal Collections allocated
to the Series 2021-1 Notes as provided in Section 4.01(c) and on deposit in the Collection Account with respect to each Monthly
Period may, upon request made by the Servicer on behalf of the Transferor to the Indenture Trustee, on any date, subject to the restrictions
set forth below in this Section 4.01(f), be released from the Collection Account and (i) released to the Transferor free and clear
of the lien of the Indenture to be used solely for the purpose of purchasing Receivables or (ii) applied to pay Optional Amortization
Amounts for other Series. The release of Principal Collections under this Section 4.01(f) to make the payments described in clauses
(i) and (ii) of the preceding sentence, shall be subject to the following limitations: (1) no Principal Collections may be released if
an Early Amortization Event has occurred and is continuing for one or more Series of Notes in Shared Excess Available Principal Collections
Group One; (2) on each date of transfer only the excess of (a) the amount determined pursuant to Section 4.01(c), over (b) an amount
equal to the product of (i) the amount determined pursuant to Section 4.01(c), and (ii) a fraction, the numerator of which is the
Class B Stated Principal Amount and the denominator of which is the Series 2021-1 Stated Principal Amount, may be released; and (3) if
one or more Series of Notes in Shared Excess Available Principal Collections Group One is in an Amortization Period, no Principal Collections
for such Monthly Period may be released if the amount of Principal Collections remaining in the Collection Account for such Monthly Period
allocable to Shared Excess Available Principal Collections Group One would be less than the sum of the required principal deposits and
payments with respect to the Payment Date for the related Monthly Period for such Series of Notes in Shared Excess Available Principal
Collections Group One in an Amortization Period (excluding any Optional Amortization Amounts for such Series).

Section
4.02        Determination
of Series 2021-1 Monthly Interest.

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

    	 	18	 

     

    

amount equal to the product of (i) (x) a fraction,
the numerator of which is thirty (30) and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for
the related Interest Period and (ii) the Outstanding Dollar Principal Amount of the Class A Notes as of the close of business on the Record
Date; provided, however, that for the first Payment Date, the Class A Monthly Interest shall equal $927,500.

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

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

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

Section
4.03        Determination
of Series 2021-1 Monthly Principal. The amount of monthly principal made available with respect to the Series 2021-1 Notes for any
Payment Date (the “Series 2021-1 Monthly Principal”), shall be equal to (a) during the Revolving Period, zero and (b)
beginning with the Payment Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early
Amortization Period, begins, shall be equal to the least of (i) the Series 2021-1 Available Principal Collections, less any amount

    	 	19	 

     

    

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

Section
4.04        Application
of Series 2021-1 Available Finance Charge Collections on Deposit in the Collection Account. On each Note Transfer Date the Servicer
shall, or shall instruct the Indenture Trustee in writing, to withdraw from the Collection Account and deposit into the Distribution Account
from the Series 2021-1 Available Finance Charge Collections with respect to the related Payment Date an amount equal to the amount determined
under Section 4.04(a). The Servicer shall apply, or shall instruct the Indenture Trustee in writing (which writing shall be substantially
in the form of Exhibit B-3), to apply on each Payment Date, (i) the Series 2021-1 Available Finance Charge Collections with respect
to the related Payment Date on deposit in the Collection Account and (ii) with respect to Section 4.04(a) the funds on deposit
in the Distribution Account, as applicable, in the following priority:

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

(b)              
an amount equal to the Series 2021-1 Servicing Fee for such Payment Date, plus the amount of any Series 2021-1 Servicing
Fee, or portion thereof, previously due but not paid to the Servicer on a prior Payment Date, shall be distributed to the Servicer;

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

(d)              
an amount equal to the Series 2021-1 Default Amount for such Payment Date shall be treated as a portion of Series 2021-1 Available
Principal Collections for such Payment Date;

(e)              
an amount equal to the sum of the aggregate amount of Investor Charge- Offs and the amount of Reallocated Principal Collections
which have not previously been reimbursed shall be used to reimburse such amount pursuant to this Section 4.04(e) and treated as
Series 2021-1 Available Principal Collections for such Payment Date;

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

    	 	20	 

     

    

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

(g)              
upon the occurrence of an Event of Default with respect to Series 2021-1 and acceleration of the maturity of the Series 2021-1
Notes pursuant to Section 7.02 of the Indenture, the balance, if any, up to the Outstanding Dollar Principal Amount, less the amount
of Series 2021-1 Available Principal Collections (less any amount released and used to purchase Receivables under Section 4.01(f))
currently on deposit in the Collection Account allocated to Series 2021-1 on such Payment Date (other than pursuant to this clause (g)),
shall be treated as Series 2021-1 Available Principal Collections for such Payment Date;

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

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

Section
4.05        Application
of Series 2021-1 Available Principal Collections.

(a)              
On or before each Payment Date with respect to the Revolving Period, an amount equal to Series 2021-1 Available Principal Collections
deposited in the Collection Account with respect to the related Monthly Period, less any amount released and used to purchase Receivables
under Section 4.01(f), shall be treated as Shared Excess Available Principal Collections with respect to such Monthly Period.

(b)              
With respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Series 2021-1 Available
Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), currently on deposit in
the Collection Account for the related Monthly Period, shall be distributed or deposited on the following dates and in the following order
of priority:

(i)                
during the Controlled Accumulation Period, and prior to the payment in full of the Class A Notes and the Class B Notes, an amount
equal to the Series 2021-1 Monthly Principal, for each Payment Date shall be deposited into the Principal Funding Account on such Payment
Date; provided, however, that with respect to the calendar month in which the Expected Final Payment Date occurs, such deposit
shall be made on the applicable Note Transfer Date;

(ii)             
during the Early Amortization Period, on each Note Transfer Date an amount equal to the lesser of (i) the Series 2021-1 Monthly
Principal, for the related Payment Date or (ii) the Class A Stated Principal Amount, shall be deposited into the Distribution Account
and on the related Payment Date distributed to the Paying Agent for payment to the Class A Noteholders on such Payment Date until the
Class A Stated Principal Amount has been paid in full;

    	 	21	 

     

    

(iii)           
 during the Early Amortization Period on each Payment Date, after giving effect to the deposit on the related Note Transfer Date
referred to in clause (ii) above, an amount equal to the Series 2021-1 Monthly Principal for such Payment Date remaining, if any, shall
be distributed to the Paying Agent for payment to the Class B Noteholders on such Payment Date until the Class B Stated Principal Amount
has been paid in full; and

(iv)            
on each Payment Date the balance of such Series 2021-1 Available Principal Collections after giving effect to the distributions
referred to in clauses (i)-(iii) above shall be treated as Shared Excess Available Principal Collections for the benefit of other Series
in the Shared Excess Available Principal Collections Group One.

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

Section
4.06        Principal
Funding Account; Controlled Accumulation Period.

(a)              
(i) The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Principal Funding Account”),
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Series 2021-1 Noteholders in accordance with Section 5.02(c) of the Indenture.

(ii)             
If a securities intermediary has been appointed, funds on deposit in the Principal Funding Account shall be invested by the Indenture
Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Series 2021-1 Noteholders; provided, that with respect
to each Payment Date, all interest and other investment income (net of losses and investment expenses) (“Principal Funding Account
Investment Proceeds”) on funds on deposit therein shall be applied as set forth in Section 4.06(a)(iii) below; and provided,
further, that funds on deposit in the Principal Funding Account shall be invested in Eligible Investments that shall mature so
that such funds shall be available at the opening of business on the Note Transfer Date preceding the following Payment Date. Unless the
Servicer directs otherwise, funds deposited in the Principal Funding Account on a Note Transfer Date upon the maturity of any Eligible
Investments are not required to be invested. No such Eligible Investment shall be disposed of prior to its maturity; provided,
however, that the Indenture

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

(iii)           
On each Note Transfer Date with respect to the Controlled Accumulation Period, the Servicer shall direct the Indenture Trustee
in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account Investment
Proceeds, if any, then on deposit in the Principal Funding Account and such Principal Funding Account Investment Proceeds, if any, shall
be treated as a portion of Series 2021-1 Available Finance Charge Collections.

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

(b)              
(i) The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the
Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the exclusive control of the Indenture
Trustee for the benefit of the Series 2021-1 Noteholders. If, at any time (i) the Principal Funding Account ceases to be an Eligible Deposit
Account, the Indenture Trustee (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer
period upon satisfaction of the Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business Days) establish
a new Principal Funding Account meeting the conditions specified in Section 4.06(a)(i) above as an Eligible Deposit Account and
shall transfer any funds or other property to such new Principal Funding Account or (ii) the Issuer determines for any reason that the
Principal Funding Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee,
the Issuer shall establish or cause to be established a new Principal Funding Account that is an Eligible Deposit Account and shall transfer
any funds or other property from such Principal Funding Account to such new Principal Funding account. From the date each such new Principal
Funding Account is established, it shall be the “Principal Funding Account.”

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

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

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Controlled Accumulation Period actually commences
will be the first Business Day of the month that is the number of whole months prior to the Expected Final Payment Date at least equal
to the Controlled Accumulation Period Length. On or before the second Business Day immediately preceding the first Business Day of the
month that is twelve (12) months prior to the Expected Final Payment Date, the Servicer shall determine the “Controlled Accumulation
Period Length,” which shall equal the number of months not less than the number of whole calendar months reasonably expected
by the Servicer to be necessary to accumulate from Series 2021-1 Available Principal Collections and Shared Excess Available Principal
Collections expected to be available to Series 2021-1 from other Shared Excess Available Principal Collections Series during the Controlled
Accumulation Period an amount equal to the Series 2021-1 Stated Principal Amount; provided, however, that the Controlled
Accumulation Period Length shall not be determined to be less than one month.

Section
4.07        Investor
Charge-Offs. On or prior to each Note Transfer Date, the Servicer shall calculate the Series 2021-1 Default Amount, if any, for the
related Payment Date. If, for any Payment Date, the Series 2021-1 Default Amount for the related Monthly Period exceeds the amount available
therefor pursuant to Section 4.04(d) with respect to such Monthly Period, the Allocation Amount will be reduced by the amount of
such excess, but not by more than the Series 2021-1 Default Amount for such Payment Date (such reduction, an “Investor Charge-Off”).

Section
4.08        Reallocated
Principal Collections. On each Payment Date, the Servicer shall apply, to the extent permitted herein, or shall instruct the Indenture
Trustee in writing to apply Reallocated Principal Collections with respect to such Payment Date, in an amount equal to the lesser of (a)
the Series 2021-1 Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), for the related
Monthly Period or (b) the Monthly Subordination Amount for such Payment Date in accordance with the priority set forth in Sections
4.04(a) and (b). On each Payment Date, the Allocation Amount shall be reduced by the amount of Reallocated Principal Collections
for such Payment Date.

Section
4.09        Shared
Excess Available Finance Charge Collections.

(a)              
Series 2021-1 shall be included in Shared Excess Available Finance Charge Collections Group One for the purpose of sharing Shared
Excess Available Finance Charge Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Finance Charge Collections
with respect to any Monthly Period shall be shared within Shared Excess Available Finance Charge Collections Group One to cover the applicable
Series Available Finance Charge Collections Shortfalls for such Monthly Period, if any, and applied on the Note Transfer Date in the immediately
succeeding Monthly Period for each Shared Excess Available Finance Charge Collections Group Series with a Series Available Finance Charge
Collections Shortfall for such Monthly Period. Shared Excess Available Finance Charge Collections allocable to Series 2021-1 with respect
to each Monthly Period shall mean an amount equal to the Series Available Finance Charge Collections Shortfall, if any, with respect to
Series 2021-1 for such Monthly Period; provided, however, that if the aggregate amount of Shared Excess Available Finance
Charge Collections for all Series in

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Shared Excess Available Finance Charge Collections
Group One for each Monthly Period is less than the Aggregate Series Available Finance Charge Collections Shortfall for such Monthly Period,
then Shared Excess Available Finance Charge Collections allocable to Series 2021-1 with respect to such Monthly Period shall equal the
product of (i) Shared Excess Available Finance Charge Collections for all Series in Shared Excess Available Finance Charge Collections
Group One for such Monthly Period and (ii) a fraction, the numerator of which is the Series Available Finance Charge Collections Shortfall
with respect to Series 2021-1 for such Monthly Period and the denominator of which is the Aggregate Series Available Finance Charge Collections
Shortfall for such Monthly Period.

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

Section
4.10        Shared
Excess Available Principal Collections.

(a)              
Series 2021-1 shall be included in Shared Excess Available Principal Collections Group One for the purpose of sharing Shared Excess
Available Principal Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Principal Collections
with respect to any Monthly Period shall be shared within Shared Excess Available Principal Collections Group One to cover the applicable
Series Available Principal Collections Shortfalls for such Monthly Period, if any, for each Shared Excess Available Principal Collections
Series with a Series Available Principal Collections Shortfall for such Monthly Period, and such Shared Excess Available Principal Collections
allocable to Series 2021-1 shall be distributed or deposited on the dates and in the order of priority provided for under Sections
4.05(b)(i)-(iii). Shared Excess Available Principal Collections allocable to Series 2021-1 with respect to each Monthly Period shall
mean an amount equal to the Series Available Principal Collections Shortfall, if any, with respect to Series 2021-1 for such Monthly Period;
provided, however, that if the aggregate amount of Shared Excess Available Principal Collections for all Series in Shared
Excess Available Principal Collections Group One for each Monthly Period is less than the Aggregate Series Available Principal Collections
Shortfall for such Monthly Period, then Shared Excess Available Principal Collections allocable to Series 2021-1 with respect to such
Monthly Period shall equal the product of (i) Shared Excess Available Principal Collections for all Series in Shared Excess Available
Principal Collections Group One for such Monthly Period and (ii) a fraction, the numerator of which is the Series Available Principal
Collections Shortfall with respect to Series 2021-1 for such Monthly Period and the denominator of which is the Aggregate Series Available
Principal Collections Shortfall for such Monthly Period.

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

    	 	25	 

     

    

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

Section
4.11        Accumulation
Reserve Account.

(a)              
The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”)
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Series 2021-1 Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all
right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds
thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series
2021-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall
notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner
Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon
satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above
as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer
determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written
notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible
Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation Reserve
Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.”
The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to
time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement,
and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account
in the amount specified in, and otherwise in accordance with, Section 4.04(f).

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

    	 	26	 

     

    

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

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

(d)              
In the event that for any Payment Date the Accumulation Reserve Draw Amount is greater than zero, the Accumulation Reserve Draw
Amount, up to the Available Accumulation Reserve Account Amount, shall be (i) withdrawn from the Accumulation Reserve Account on the Note
Transfer Date on which such Accumulation Reserve Draw Amount is calculated by the Indenture Trustee (acting in accordance with the instructions
of the Servicer) and (ii) deposited into the Collection Account for application as Series 2021-1 Available Finance Charge Collections
for such Payment Date.

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

(f)               
Upon the earliest to occur of (i) the day on which the Allocation Amount is reduced to zero, (ii) the occurrence of an Event of
Default with respect to the Series 2021-1 Notes and acceleration of such Series 2021-1 Notes pursuant to Section 7.02 of the Indenture,
the first Payment Date with respect to the Early Amortization Period, (iv) the Expected Final Payment Date, and (v) the termination of
the Trust pursuant to the Trust Agreement, the Indenture Trustee (acting in accordance with the instructions of the Servicer) after the
prior payment of all amounts owing to the Series 2021-1 Noteholders which are payable from the Accumulation Reserve Account as provided
herein, shall withdraw from the Accumulation Reserve Account and pay to the holders of the Transferor Interest all amounts, if any, on
deposit

    	 	27	 

     

    

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

(g)              
Notwithstanding the foregoing, following an Event of Default with respect to the Series 2021-1 Notes and acceleration of such Series
2021-1 Notes, any Accumulation Reserve Account Surplus or other amounts on deposit in the Accumulation Reserve Account shall be applied
toward payment of any amounts owing with respect to the Series 2021-1 Notes before such amounts are paid to the holders of the Transferor
Interest.

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

Section
4.13        [RESERVED].

Section
4.14        Sale
of Collateral for Series 2021-1 Notes That are Accelerated or Reach Legal Maturity.

(a)              
If the Series 2021-1 Notes have been accelerated pursuant to Section 7.02 of the Indenture following an Event of Default, the Indenture
Trustee may, subject to the conditions specified in Section 4.14(b), and at the direction of the Holders of more than 662⁄3%
of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes will, subject to the conditions specified in Section 4.14(b),
sell Principal Receivables (or interests therein) in an amount (as determined by the Issuer and provided to the Indenture Trustee) not
to exceed the Allocation Amount as of the close of business on the day preceding such sale, plus any related Finance Charge Receivables.

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

(i)                
the Holders of more than 90% of the aggregate Outstanding Dollar Principal Amount of the Series 2021-1 Notes consent; or

(ii)             
the net proceeds of such sale (plus amounts on deposit in the Issuer Accounts) would be sufficient to pay all amounts due
on the Series 2021-1 Notes; or

(iii)           
the Indenture Trustee in consultation with the Servicer determines that the funds to be allocated to the Series 2021-1 Notes, including
(1) Series 2021-1 Available Finance Charge Collections and Series 2021-1 Available Principal Collections and (2) amounts on deposit in
the Issuer Accounts, may not be sufficient on an ongoing basis to make all

    	 	28	 

     

    

payments on the Series 2021-1 Notes as such
payments would have become due if such obligations had not been declared due and payable, and Series 2021-1 Noteholders evidencing more
than 662⁄3% of the aggregate Outstanding Dollar Principal Amount of the Series 2021-1 Notes consent to the sale; provided,
that the Issuer will provide the Indenture Trustee with the information reasonably requested by the Indenture Trustee to make such determination.

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

(d)              
Upon the occurrence of such sale, the Allocation Amount shall be automatically reduced to zero and Principal Collections and Finance
Charge Collections shall no longer be allocated to the Series 2021-1 Notes.

(e)              
Sale proceeds received with respect to the Series 2021-1 Notes pursuant to clause (a) or (c) above will be applied as specified
in Section 7.06 of the Indenture, and amounts available for application pursuant to clause (b) of Section 7.06 should be allocated and
paid in the following priority:

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

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

    	 	29	 

     

    

 

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

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

Section
4.17        Asset
Review.

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

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

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

    	 	31	 

     

    

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

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

[END OF ARTICLE IV]

ARTICLE
V

EARLY AMORTIZATION OF THE NOTES

Section
5.01        Early
Amortization Events. In addition to the events identified as Early Amortization Events in Article XII of the Indenture, the occurrence
of any of the following events (each, an “Early Amortization Event”) shall result in an early amortization event for
the Series 2021-1 Notes:

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

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

(c)              
if any Servicer Default occurs which would have a material adverse effect on the Series 2021-1 Noteholders; or

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

(e)              
the occurrence of an Event of Default and acceleration of the Series 2021-1 Notes pursuant to Article VII of the Indenture; or

    	 	32	 

     

    

(f)               
 (i) failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Transfer Agreement
on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or (ii) failure
of the Transferor duly to observe or perform in any material respect any of its covenants or agreements set forth in the Transfer Agreement,
which failure has a material adverse effect on the Series 2021-1 Noteholders and which continues unremedied for a period of sixty days
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by
the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series 2021-1 Notes; or

(g)              
any representation or warranty made by Transferor in the Transfer Agreement or any information contained in an account schedule
required to be delivered by it pursuant to the Transfer Agreement shall prove to have been incorrect in any material respect when made
or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the
Transferor and the Indenture Trustee by any Noteholder of the Series 2021-1 Notes and as a result of which the interests of the Series
2021-1 Noteholders are materially and adversely affected for such period; provided, however, that an Early Amortization
Event pursuant to this Section 5.01(g) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment
of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Transfer
Agreement.

In the case of any event
described in Sections 5.01(a), (b), (d), or (e), an Early Amortization Event shall occur without any notice
or other action on the part of the Indenture Trustee or the Noteholders immediately upon the occurrence of such event. In the case of
any event described in Sections 5.01(c), (f) or (g), after the applicable grace period, if any, set forth in such
subparagraphs, either the Indenture Trustee or the holders of Series 2021-1 Notes evidencing more than 50% of the aggregate unpaid principal
amount of Series 2021-1 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2021-1
Noteholders) may declare that an Early Amortization Event has occurred with respect to the Series 2021-1 Notes as of the date of such
notice.

Section
5.02        Early
Redemption Event. If Principal Receivables having an aggregate principal balance in an amount equal to or greater than 30% of the
Pool Balance are designated for reassignment to the Transferor pursuant to Section 2.12(d) of the Transfer Agreement, and the Servicer
determines that the Transferor Amount would be less than the Required Transferor Amount after giving effect to such reassignment, and
giving effect to any scheduled payments on the Notes and any Account Additions that are scheduled to occur on or prior to the Removal
Date, then an “Early Redemption Event” will be deemed to have occurred with respect to the Series 2021-1 Notes on the related
Removal Date. If an Early Redemption Event occurs under this Section 5.02, the Issuer will apply all funds received from the Transferor
in connection with such reassignment on the first Payment Date following the Monthly Period in which such Early Redemption Event occurred
to redeem Series 2021-1 Notes and Notes of each other Series subject to early redemption pursuant to a provision similar to this Section
5.02, on a pro rata basis among each such Series and within each such Series on a pro rata basis between each

    	 	33	 

     

    

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

[END OF ARTICLE V]

ARTICLE
VI

LEGAL MATURITY; FINAL PAYMENTS

Section
6.01        Legal
Maturity. The Series 2021-1 Notes shall be considered to be paid in full, the Holders of such Series 2021-1 Notes shall have no further
right or claim, and the Issuer shall have no further obligation or liability with respect to such Series 2021-1 Notes on the earliest
to occur of (i) the date on which the Outstanding Dollar Principal Amount with respect to Series 2021-1, and all Monthly Interest on such
Series 2021-1 Notes, is paid in full, (ii) the date on which Collateral is sold and the proceeds in respect thereof applied in accordance
with Section 7.08 of the Indenture and Section 4.14, and (iii) the Legal Maturity Date, in each case after giving effect
to all deposits, allocations, reimbursements, reallocations, sales of Collateral and payments to be made in connection therewith.

[END OF ARTICLE VI]

ARTICLE
VII

DELIVERY OF SERIES 2021-1 NOTES; DISTRIBUTIONS AND REPORTS TO SERIES 2021-1 NOTEHOLDERS

Section
7.01        Form
of Delivery for the Series 2021-1 Notes; Depository; Denominations.

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

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

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

(d)              
The Series 2021-1 Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000.

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Section
7.02        Delivery
and Payment for the Series 2021-1 Notes. The Issuer shall execute and deliver the Series 2021-1 Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Series 2021-1 Notes when authenticated, each in accordance with Section 4.03
of the Indenture.

Section
7.03        Distributions.

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

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

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

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

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

(f)               
Except as provided in Section 13.08 of the Indenture with respect to a final distribution, distributions to Series 2021-1 Noteholders
hereunder shall be made by check mailed to each Series 2021-1 Noteholder at such Series 2021-1 Noteholder’s address appearing in
the Note Register without presentation or surrender of any Series 2021-1 Note or the making of any notation thereon; provided,
however, that with respect to the Class A Notes registered in the name of a clearing agency, such distributions shall be made to
such clearing agency in immediately available funds and with respect to the Holder of any Class B Note if such Holder shall have provided
written wire transfer instructions to the Indenture Trustee not less than five

    	 	35	 

     

    

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

Section
7.04        Reports
and Statements to Series 2021-1 Noteholders.

(a)              
On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, shall forward to each Series 2021-1 Noteholder a statement
substantially in the form of Exhibit B-1 (or otherwise containing substantially comparable information) prepared by the Servicer
and delivered to the Paying Agent, which shall (amongst other things) set forth the Transferor Percentage as of the Transferor Amount
Measurement Date and the amount of seller’s interest maintained by the Transferor as of the Transferor Amount Measurement Date calculated
in accordance with Regulation RR.

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

(c)              
On or before the date that is forty-five (45) days after each calendar quarter, beginning with the third quarter of 2021, the
Servicer shall provide to the Paying Agent, and the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series 2021-1
Noteholder:

(i)                
information with respect to the credit performance of the Series 2021-1 Notes and the Receivables, including periodic and cumulative
Receivables performance data, delinquency and modification data for the Receivables, substitutions and removals of the Receivables, servicer
advances, if applicable, as well as losses that were allocated to the Series 2021-1 Notes, if applicable, the remaining balance of the
Receivables, and the percentage of each Class of Series 2021-1 Notes in relation to the Series 2021-1 Notes as a whole; and

(ii)             
a statement regarding any changes to the information that was disclosed in connection with the issuance of the Series 2021-1 Notes
regarding the nature and amount of compensation paid to BBD, each Note Rating Agency (if applicable), any third-party advisor, any mortgage
or other broker, and the Servicer, the extent to which any risk of loss on the Receivables is retained by any of them, and the amount
and nature of any deferred compensation or similar arrangements.

(d)              
At the time of delivery of any periodic distribution report and in any event at least once per calendar quarter, while the Series
2021-1 Notes are outstanding, the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series 2021-1 Noteholder copies
of the Credit Risk and Performance Disclosure.

(e)              
A copy of each statement or certificate provided pursuant to Section 7.04(a), (b) or (c) above may be obtained
by any Series 2021-1 Noteholder or any Note Owner thereof by a request in writing to the Servicer.

    	 	36	 

     

    

(f)               
 On or before January 31 of each calendar year, beginning with calendar year 2021, the Paying Agent, on behalf of the Indenture
Trustee, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2021-1
Noteholder, a statement substantially in the form of Exhibit B-2 to this Indenture Supplement prepared by the Servicer for such
calendar year or the applicable portion thereof during which such Person was a Series 2021-1 Noteholder, together with other information
as is required to be provided by an issuer of indebtedness under the Code. Such obligation of the Servicer shall be deemed to have been
satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of
the Code as from time to time in effect.

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

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

[END OF ARTICLE VII]

    	 	37	 

     

    

 

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

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

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

Section
8.03        Limitations
on Liability.

(a)              
It is expressly understood and agreed by the parties hereto that (i) this Indenture Supplement is executed and delivered by the
Owner Trustee, not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and
authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer
is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the
purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee,
individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties to the Indenture and by any Person claiming by, through or under them and (iv) under no circumstances
shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach
or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture Supplement or
any related documents.

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

(c)              
In no event shall the Indenture Trustee have any responsibility to monitor compliance with Regulation RR or any other rules or
regulations regarding risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable
to any Series 2021-1 Noteholder or any other party for a violation of such rules and regulations now or hereinafter in effect.

    	 	38	 

     

    

 

Section
8.04        FATCA
Matters. Each Series 2021-1 Noteholder or Note Owner, by the purchase of such Series 2021-1 Note or its acceptance of a beneficial
interest therein, acknowledges that interest on the Series 2021-1 Notes will be treated as United States source interest, and, as such,
United States withholding tax may apply. Each Series 2021-1 Noteholder or Note Owner further agrees, upon request, to provide any certifications
that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to satisfy
the foregoing requirements or provide requested documentation, payments to it under the Series 2021-1 Notes may be subject to United
States withholding tax (without any corresponding gross- up). Without limiting the foregoing, if a payment made under this Indenture
Supplement or the Indenture would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment
were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall
deliver to the Issuer, with a copy to the Indenture Trustee, at the time or times prescribed by the Code and at such time or times reasonably
requested by the Issuer or the Indenture Trustee, such documentation prescribed by the Code (including as prescribed by Code Section
1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Issuer or the Indenture Trustee to comply with their
respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA,
or to determine the amount to deduct and withhold from such payment. For these purposes, “FATCA” means (a) Sections 1471
to 1474 of the Code or any associated regulations or other official guidance; (b) any treaty, law, regulation or other official guidance
enacted in any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in
either case) facilitates the implementation of paragraph (a) above; or (c) any agreement pursuant to the implementation of paragraphs
(a) or (b) above with the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction,
and including any amendments made to FATCA after the date of this Indenture Supplement.

Section
8.05        [RESERVED].

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

Section
8.07        Class
B Notes.

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

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

    	 	39	 

     

    

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

Section
8.08        Appointment
of Asset Representations Reviewer. Pursuant to the Asset Representations Reviewer Agreement, BBD, in its individual capacity, has
engaged and the Issuer has appointed Clayton Fixed Income Services LLC, a Delaware limited liability company, as the Asset Representations
Reviewer to perform the obligations of the Asset Representations Reviewer as set forth therein and herein, respectively. The Issuer hereby
represents and warrants that the Asset Representations Reviewer (i) is not, and, for so long as the Series 2021-1 Notes are outstanding,
will not be, an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association or Wilmington Trust,
National Association, nor an Affiliate of an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association
or Wilmington Trust, National Association, and (ii) has not been hired by Barclays Bank Delaware to perform pre-closing due diligence
work relating to the Receivables.

Section
8.09        Dispute
Resolution.

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

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

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

    	 	40	 

     

    

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

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

(e)              
For the avoidance of doubt, to the fullest extent permitted by applicable law, no Series 2021-1 Noteholder will have any right
to cause the Indenture Trustee to be a Requesting Party under this Section 8.09, unless such Series 2021-1 Noteholder has offered
to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request.

Section
8.10        Investor
Communication. Following receipt of a written request during any Monthly Period from a Series 2021-1 Noteholder seeking to communicate
with other Noteholders regarding exercising their contractual rights under the terms of the Transaction Documents, the Issuer shall include
or shall cause the Transferor to include, in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such
written request was received: (i) the name of the Series 2021-1 Noteholder delivering such request, (ii) the date the request was received,
(iii) a statement to the effect that the Issuer has in fact received such request from a Series 2021-1 Noteholder and that such Series
2021-1 Noteholder is interested in communicating with other Noteholders with regard to the possible exercise of rights under the Transaction
Documents, and (iv) a description of the method that other Noteholders may use to contact the requesting Series 2021-1 Noteholder. Prior,
however, to including the items set forth in clauses (i)-(iv) above in a Securities Exchange Act Form 10-D filing, the Issuer shall have
the right to request from the Series 2021-1 Noteholder delivering the written request verification that such Series 2021-1 Noteholder
is in fact a Holder of a beneficial interest in a Series 2021-1 Note. Such verification may be in the form of (x) a written certification
from such Series 2021-1 Noteholder that it is a Holder of beneficial interest in a Series 2021-1 Note, and (y) one other form of documentation
such as a trade confirmation, an account statement, a letter from the broker or dealer, or other similar document. The Transferor will
be responsible for any expenses in connection with the filing of its Securities and Exchange Act Form 10-D.

Section
8.11        Tax
Retained Notes.

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

    	 	41	 

     

    

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

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

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

Section
8.12        Credit
Risk Retention.

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

(b)              
BBD covenants and agrees, with reference to the EU Securitization Regulation and the UK Securitization Regulation, in each case
as in effect and applicable on the Closing Date, that it will: (i) as “originator” for the purposes of the EU Securitization
Regulation and the UK Securitization Regulation, retain, on an ongoing basis for as long as any Series 2021-1 Notes remain outstanding,
a material net economic interest which is not less than 5% of the nominal value of the securitized exposures, in the form of an originator’s
interest as provided in option (b) of Article 6(3) of each of the EU Securitization Regulation and the UK Securitization Regulation, by
holding all of the membership interests in the Transferor, which in turn will retain on an ongoing basis for as long as any Series 2021-1
Notes remain outstanding all or part of the

    	 	42	 

     

    

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

(c)              
Each of the parties hereto agrees and, as evidenced by its acceptance of any benefits hereunder, each Series 2021-1 Noteholder
agrees, in no event shall the Indenture Trustee have any responsibility to monitor compliance with, calculate, provide or otherwise make
available information or documents required by Regulation RR, the EU Securitization Rules, the UK Securitization Rules or any other rules
regarding risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series
2021-1 Noteholder or any other party for a violation of such rules or regulations now or hereinafter in effect.

[END OF ARTICLE VIII]

ARTICLE
IX

INSOLVENCY PROCEEDING WITH RESPECT TO BBD

Section
9.01        Actions
Upon Repudiation.

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

(b)              
Upon receipt of the notice specified in Section 9.01(a), the Indenture Trustee shall determine the date (the “Applicable
Distribution Date”) for making a distribution to the Series 2021-1 Noteholders of such damages, which date shall be the earlier
of (i) the next Payment Date on which such damages could be distributed and (ii) the earliest practicable date by which the Indenture
Trustee could declare a special distribution date, in each case subject to all applicable provisions of the Indenture, applicable law
and the procedures of any applicable clearing agency. The Indenture Trustee is authorized and instructed to retain possession and control
of the Accumulation Reserve Account and the Collection Account and all amounts on deposit therein.

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

    	 	43	 

     

    

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

(d)              
If the Applicable Distribution Date is a special distribution date, the Indenture Trustee shall (i) declare such special distribution
date (the record date for which shall be the close of business on the day immediately preceding such special distribution date), (ii)
declare a special distribution to the Series 2021-1 Noteholders consisting of unpaid interest on each Series 2021-1 Note and the outstanding
principal balance of each Series 2021-1 Note and (iii) deliver notice to the Series 2021-1 Noteholders of such special distribution date
and special distribution.

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

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

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

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

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

Section
9.02        Notice.

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

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(b)              
 If the FDIC (i) is appointed as a conservator or receiver of BBD and (ii) is in monetary default hereunder or under the other
Transaction Documents, the Indenture Trustee shall, at the direction of the Majority Holders of all Outstanding Notes, the Servicer or
a Series 2021-1 Noteholder, be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder
and under the other Transaction Documents.

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

[END OF ARTICLE IX]

    	 	45	 

     

    

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

	 	BARCLAYS DRYROCK ISSUANCE TRUST,

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

	 	 	
        Name: Rachel Simpson

        Title: Vice President

         

         

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

Title: Vice President
	 	
         

         

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

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

Title: Vice President

 

 

 

[Signature Page to Indenture Supplement]

    	 

    	 

    

 

	ACKNOWLEDGED AND AGREED TO BY:
	 	 
	
        BARCLAYS BANK DELAWARE,

        for itself, as Servicer and as a Repurchase Party

	 	 
	By: 	 /s/ Danielle Manley                                
	 	
        Name: Danielle Manley

        Title: Treasurer

         

         

	
        BARCLAYS DRYROCK FUNDING LLC,

        as Transferor and as a Repurchase Party,

	 	 
	By: 	/s/ Danielle Manley
                           
        
	 	
        Name: Danielle Manley

        Title: President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Indenture Supplement]

 

    	 

    	 

    

EXHIBIT A-1

FORM OF

CLASS A SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

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

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

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

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

    	 	A-1-1	 

     

    

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

    	 	A-1-2	 

     

    

 

 

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

 

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS A SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
the Second Amended and Restated Trust Agreement, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of
July 6, 2015, for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions,
a principal sum of $[__________] payable on the September 2024 Payment Date (the “Expected Final Payment Date”) in
accordance with the Indenture, except as otherwise provided below; provided, however, that the principal amount of this Note shall
be due and payable on the July 2027 Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The
Issuer will pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Payment Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the
Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30 day
months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

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

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

 

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

    	 	A-1-3	 

     

    

 

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

 

		BARCLAYS DRYROCK ISSUANCE TRUST,

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

        Title:

         

         

 

 

 

Dated: September 22, 2021

    	 	A-1-4	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

		U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	
        Authorized Signatory 

         

 

 

Dated: September 22, 2021

    	 	A-1-5	 

     

    

 

BARCLAYS DRYROCK ISSUANCE TRUST

CLASS A SERIES 2021-1 FIXED RATE ASSET BACKED
NOTE

[Reverse of Class A Note]

This Class A Note is one
of a duly authorized issue of the Notes of the Issuer, designated as its Barclays Dryrock Issuance Trust, Series 2021-1 (the “Series
2021-1 Notes”), issued under an Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment
thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes
any successor Indenture Trustee under the Indenture), as supplemented by the Series 2021-1 Indenture Supplement, dated as of September
22, 2021 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.
The term “Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event of any
conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

The Series 2021-1 Notes
also include the Class B Notes issued under the Indenture simultaneously with the Class A Notes.

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

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

The Expected Final Payment
Date is the September 2024 Payment Date, but principal with respect to the Class A Notes may be paid earlier or later under certain circumstances
described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit
the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not available on subsequent
Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the
Notes will occur later than the Expected Final Payment Date. Payments of principal of the Notes shall be payable in accordance with the
provisions of the Indenture.

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

    	 	A-1-6	 

     

    

On each Payment Date, the
Paying Agent shall distribute to each Class A Noteholder of record on the related Record Date (except for the final distribution in respect
of this Class A Note) such Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated
and available on such Payment Date to pay interest and principal on the Class A Notes pursuant to the Indenture Supplement. Except as
provided in the Indenture with respect to a final distribution, distributions to Series 2021-1 Noteholders shall be made (i) by check
mailed to each Series 2021-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect
to any Series 2021-1 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the Indenture
Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds and (ii) without presentation
or surrender of any Series 2021-1 Note or the making of any notation thereon. Final payment of this Class A Note will be made only upon
presentation and surrender of this Class A Note at the office or agency specified in the notice of final distribution delivered by the
Indenture Trustee to the Series 2021-1 Noteholders in accordance with the Indenture.

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2021-1 Notes is reduced to less than 10% of its highest
Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the Series 2021-1 Notes
at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes, plus accrued, unpaid and additional
interest or principal accreted and unpaid on such Notes to but excluding the date of redemption; provided, however, that
in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal Amount of the Series 2021-1 Notes is still
outstanding.

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

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

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

    	 	A-1-7	 

     

    

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

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

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

    	 	A-1-8	 

     

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee ______________________________

 

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

 __________________________

(name and address of assignee)

 

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

 

	Dated: __________________________	____________________________
	 	Signature Guaranteed:
	 	 
	 	____________________________

 

 

 

    	 	A-1-9	 

     

    

EXHIBIT A-2

FORM OF

CLASS B SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

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

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

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

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

    	 	A-2-1	 

     

    

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

 

    	 	A-2-2	 

     

    

 

 

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

 

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS B SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
the Second Amended and Restated Trust Agreement, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of
July 6, 2015, for value received, hereby promises to pay to Barclays Dryrock Funding LLC, subject to the following provisions, the principal
sum of $[ ] payable on the September 2024 Payment Date (the “Expected Final Payment Date”) in accordance with
the Indenture, except as otherwise provided below; provided, however, that the amount of this Note shall be due and payable on
the July 2027 Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The Issuer will pay interest
on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Payment Date until the principal amount of this
Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which
interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date to but
excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30 day months. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

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

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

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

    	 	A-2-3	 

     

    

 

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

 

		BARCLAYS DRYROCK ISSUANCE TRUST,

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

        Title:

         

         

 

 

Dated: September 22, 2021

    	 	A-2-4	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

		U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	
        Authorized Signatory 

         

 

 

Dated: September 22, 2021

    	 	A-2-5	 

     

    

 

BARCLAYS DRYROCK ISSUANCE TRUST

CLASS B SERIES 2021-1 FIXED RATE ASSET BACKED
NOTE

[Reverse of Class B Note]

This Class B Note is one
of a duly authorized issue of the Notes of the Issuer, designated as its Barclays Dryrock Issuance Trust, Series 2021-1 (the “Series
2021-1 Notes”), issued under an Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment
thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes
any successor Indenture Trustee under the Indenture), as supplemented by the Series 2021-1 Indenture Supplement dated as of September
22, 2021 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.
The term “Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event of any
conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

The Series 2021-1 Notes
also include the Class A Notes issued under the Indenture simultaneously with the Class B Notes. The Class B Notes are subordinate to
the Class A Notes.

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

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

The Expected Final Payment
Date is the September 2024 Payment Date, but principal with respect to the Class B Notes may be paid earlier or later under certain circumstances
described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit
the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not available on subsequent
Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the
Notes will occur later than the Expected Final Payment Date. Payments of principal of the Notes shall be payable in accordance with the
provisions of the Indenture.

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

    	 	A-2-6	 

     

    

On each Payment Date, the
Paying Agent shall distribute to each Class B Noteholder of record on the related Record Date (except for the final distribution in respect
of this Class B Note) such Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated
and available on such Payment Date to pay interest and principal on the Class B Notes pursuant to the Indenture Supplement. Except as
provided in the Indenture with respect to a final distribution, distributions to Series 2021-1 Noteholders shall be made by (i) check
mailed to each Series 2021-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect
to any Series 2021-1 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the Indenture
Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds to the Class B Noteholder and
(ii) without presentation or surrender of any Series 2021-1 Note or the making of any notation thereon. Final payment of this Class B
Note will be made only upon presentation and surrender of this Class B Note at the office or agency specified in the notice of final distribution
delivered by the Indenture Trustee to the Series 2021-1 Noteholders in accordance with the Indenture.

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2021-1 Notes is reduced to less than 10% of its highest
Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the Series 2021-1 Notes
at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes, plus accrued, unpaid and additional
interest or principal accreted and unpaid on such Notes to but excluding the date of redemption; provided, however, that
in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal Amount of the Series 2021-1 Notes is still
outstanding.

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

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

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

    	 	A-2-7	 

     

    

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

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

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

    	 	A-2-8	 

     

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee ______________________________

 

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

____________________________________

(name and address of assignee)

 

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

	Dated: 	_________________________	_________________________
	 	 	Signature Guaranteed:
	 	 	 
	 	 	_________________________

    	 	A-2-9	 

     

    

EXHIBIT B-1

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2021-1

MONTHLY PERIOD ENDING [___] 20[___]

Pursuant to (i) the Amended
and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015 and as further
amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”), between Barclays Dryrock Issuance
Trust, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement, dated as of September 22, 2021 (the “Indenture Supplement”),
between the Issuer and the Indenture Trustee, and (ii) the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended
and restated as of December 17, 2013 (the “Servicing Agreement”), among Barclays Dryrock Funding LLC, as transferor
(the “Transferor”), Barclays Bank Delaware, as servicer (in such capacity, the “Servicer”) and administrator,
the Issuer and the Indenture Trustee, the Servicer is required to prepare certain information each month regarding current payments to
the Series 2021-1 Noteholders and the performance of the Issuer during the previous monthly period. The information prepared with respect
to the Payment Date of [___], 20[__] is set forth below. Certain terms used in this Monthly Noteholders’ Statement have their respective
meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

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

 

 

 

 

    	 	B-1-1	 

     

    

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

 

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

 

    	 	B-1-2	 

     

    

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST SERIES 2021-1

MONTHLY PERIOD ENDING [•] [•] 20[•]

 

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

 

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

 

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

 

    	 	B-1-3	 

     

    

 

 

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

 

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

 

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

 

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

 

	BARCLAYS DRYROCK ISSUANCE TRUST
	Series Name	2021-1
	Expected Final Payment Date	September 16, 2024
	Scheduled start of accumulation period	September 1, 2023
	Series 2021-1 Stated Principal Amount	$[•]
	Series 2021-1 Allocation Amount	$[•]
	Series 2021-1 Floating Allocation Percentage	[•]%
	Series 2021-1 Principal Allocation Percentage	[•]%

 

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

	Increase/Decrease in Reallocated Principal Collections	
     $[•]

	Principal Payments	$[•]

    	 	B-1-4	 

     

    

 

	End of monthly period	$[•]

 

	ALLOCATION PERCENTAGES
	Series 2021-1 Floating Allocation Percentage Numerator	 
	Numerator as of beginning of monthly period	$[•]
	Number of days at balance	[•]
	Numerator (after issuance of additional Series 2021-1 Notes, if applicable)	$[•]
	Number of days at balance	[•]
	Series 2021-1 Principal Allocation Percentage Numerator	
      

	Numerator as of beginning of monthly period	$[•]
	Number of days at balance	[•]
	Numerator (after issuance of additional Series 2021-1 Notes, if applicable)	$[•]
	Number of days at balance	[•]
	Allocation Percentage Denominators	 
	Pool Balance as of beginning of monthly period	
     $[•]

	Number of days at balance	[•]
	Pool Balance after issuance of additional Series 2021-1 Notes (if applicable)	
     

    $[•]

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

    $[•]

	Sum of Principal Allocation Percentage Numerators for all outstanding Series	
     

    $[•]

 

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

 

    	 	B-1-5	 

     

    

 

 

	ALLOCATION OF SERIES 2021-1 AVAILABLE FINANCE CHARGE COLLECTIONS
	1) Series 2021-1 Available Finance Charge Collections	$[•]
	2) Class A Notes	 
	a) Class A Monthly Interest	$[•]
	b) Class A Monthly Interest previously due but not paid	$[•]
	c) Class A Additional Interest and Class A Additional Interest previously due but not paid	$[•]
	3) Series 2021-1 Servicing Fee paid to Servicer	$[•]
	4) Series 2021-1 Servicing Fee, previously due but not paid	$[•]
	5) Class B Notes	 
	a) Class B Monthly Interest	$[•]
	b) Class B Monthly Interest previously due but not paid	$[•]
	c) Class B Additional Interest and Class B Additional Interest previously due but not paid	$[•]
	6) Series 2021-1 Default Amount treated as Series 2021-1 Available Principal Collections	$[•]
	7) Unreimbursed Investor Charge-Offs and Reallocated Principal Collections treated as Series 2021-1 Available principal Collections	$[•]
	8) Accumulation Reserve Account funding	$[•]
	9) In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2021-1 Available Principal Collections	$[•]
	10) Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections (Group One)	$[•]
	11) Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents	$[•]
	12) Holder of the Transferor Interest	$[•]

 

	APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2021-1
	1) Shared Excess Available Finance Charge Collections allocated to Series 2021-1	$[•]
	2)Series 2021-1 Available Finance Charge Collections Shortfall	$[•]
	3) Class A Monthly Interest and Class A Additional Interest and any past due amounts	$[•]
	4) Unpaid Servicing Fee	$[•]
	5) Class B Monthly Interest and Class B Additional Interest and any past due amounts	$[•]
	6) Default Amount treated as Available Principal Collections	$[•]
	7) Unreimbursed Investor charge-offs and Reallocated Principal Collections treated as Series 2021-1 Available Principal Collections	$[•]
	8) Accumulation Reserve Account	$[•]
	9) Holder of the Transferor Interest	$[•]

 

    	 	B-1-6	 

     

    

 

	APPLICATION OF SERIES 2021-1 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
	1) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group One)	$[•]

 

	APPLICATION OF SERIES 2021-1 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD
	1) Principal Funding Account	$[•]
	2) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available principal Collections (Group One)	$[•]

 

	APPLICATION OF SERIES 2021-1 PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD
	1) Paid to the Class A Noteholders	$[•]
	2) Paid to the Class B Noteholders	$[•]
	3) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group One)	$[•]

 

	APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2021-1
	1) Shared Excess Available Principal Collections allocated to Series 2021-1	$[•]
	2)Series 2021-1 Available Principal Collections Shortfall	$[•]
	3) During the Controlled Accumulation Period:	 
	3a) Amount deposited in the Principal Funding Account	$[•]
	4) During the Early Amortization Period:	 
	4a) Paid to the Class A Noteholders	$[•]
	4b) Paid to the Class B Noteholders	$[•]
	5) Holder of the Transferor Interest	$[•]

 

	SERIES 2021-1 ACCOUNT INFORMATION
	Accumulation Reserve Account balance	$[•]
	Principal Funding Account balance	$[•]

 

	SERIES 2021-1 PERFORMANCE DATA
	Portfolio Yield	 
	Current Monthly Period	[•]%
	Prior Monthly Period	[•]%
	Second Prior Monthly Period	[•]%
	Base Rate	 
	Current Payment Date	[•]%
	Prior Payment Date	[•]%
	Second Prior Payment Date	[•]%
	Excess Spread Percentage	 
	Current Monthly Period	[•]%
	Prior Monthly Period	[•]%

    	 	B-1-7	 

     

    

 

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

 

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

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

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-1-8	 

     

    

EXHIBIT B-2

 

FORM OF ANNUAL PAYMENT INFORMATION

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2021-1

 

FOR THE YEAR ENDED DECEMBER 31, 20[•]

 

The undersigned, a duly
authorized representative of Barclays Bank Delaware (“BBD”), as servicer (in such capacity, the “Servicer”)
pursuant to (i) the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the “Servicing Agreement”),
among Barclays Dryrock Funding LLC, as transferor (the “Transferor”), the Servicer, BBD, as administrator, Barclays
Dryrock Issuance Trust, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”), and (ii) the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto,
dated as of July 6, 2015, and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and the Indenture Trustee, as supplemented by the Series 2021-1 Indenture Supplement, dated as of September 22,
2021 (the “Indenture Supplement”), between the Issuer and the Indenture Trustee, does hereby certify as follows:

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

Pursuant to Section 7.03
of the Indenture Supplement, the Servicer instructed the Indenture Trustee to pay in accordance with Section 7.03 from amounts in the
Collection Account and allocated to Series 2021-1 or the Principal Funding Account, as applicable, the following aggregate amounts during
the year ended December 31, 20[•]:

 

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

    	 	B-2-1	 

     

    

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

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-2-2	 

     

    

EXHIBIT B-3

 

FORM OF DAILY SERVICER’S STATEMENT

 

[•][•], 20[•]

 

	TO:	
    Barclays Dryrock Funding LLC, as Transferor

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

    Wilmington Trust, National Association, as Owner Trustee

    [_], as a Note Rating Agency

 

 

Dear Sirs,

 

In accordance with the terms
of the Servicing Agreement, the Indenture and the Series 2021-1 Indenture Supplement

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

 

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

 

2.       The movements of each Account
on [•][•], 20[•] are as follows:

 

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

 

 

 

    	 	B-3-1	 

     

    

 

	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	ii.	Excess Funding Account (EFA)	$[•]
	 	 	 	 
	 	 	Opening cash balance	$[•]
	 	 	Transferor portion of principal collections received from	$[•]
	 	 	Collection Account	 
	 	 	Excess EFA balance to Barclays Dryrock Funding LLC	$[•]
	 	 	Excess EFA balance to Collection Account	$[•]
	 	 	Withdrawal of investment earnings to Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	iii.	Principal Funding Account (PFA)	 
	 	 	 	 
	 	 	Principal Funding Account (PFA) Series 2021-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Accumulation deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Principal Payments to Indenture Trustee	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	 	Principal Funding Account (PFA) Series 2021-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Accumulation deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Principal Payments to Indenture Trustee	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	iv.	Accumulation Reserve Account	 
	 	 	 	 
	 	 	
    Accumulation Reserve Account Series 2021-1

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

 

 

 

    	 	B-3-2	 

     

    

	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	 	Accumulation Reserve Account Series 2021-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Accumulation Reserve Draw Amount to Collection Account	$[•]
	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock Funding LLC	 
	 	 	 	 
	 	 	Closing cash balance	$[•]

 

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

 

	From	Amount	To
	
    Collection Account

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

    164142000
	$[•]	
    Excess Funding Account

    164412001

	
    Collection Account

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

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

    164142000
	$[•]	
    Barclays Bank Delaware

    [Account #]

	
    Collection Account

    164142000
	$[•]	
    Principal Funding Series 2021-1

    241391001

	
    Principal Funding Series 2021-1

    241391001
	$[•]	
    Collection Account

    164142000

	
    Principal Funding Series 2021-1

    241391001
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Principal Funding Series 2021-1

    241391001

	
    Principal Funding Series 2021-1

    241391001
	$[•]	
    Collection Account

    164142000

	
    Principal Funding Series 2021-1

    241391001
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Accumulation Reserve Series 2021-1

    241391000

	
    Accumulation Reserve Series 2021-1

     241391000
	$[•]	
    Collection Account

    164142000

	
    Accumulation Reserve Series 2021-1

    241391000
	$[•]	
    Owner Trustee

    (to be distributed to Barclays

    Dryrock Funding LLC)

     

    	 	B-3-3	 

     

    

 

	
    Collection Account

    164142000
	$[•]	
    Accumulation Reserve Series 2021-1

    241391000

	
    Accumulation Reserve Series 2021-1

    241391000
	$[•]	
    Collection Account

    164142000

	
    Accumulation Reserve Series 2021-1

    241391000
	$[•]	
    Owner Trustee

    (to be distributed to Barclays Dryrock Funding LLC)

 

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

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-3-4	 

     

    

EXHIBIT C

FORM OF MONTHLY SERVICER’S CERTIFICATE

BARCLAYS BANK DELAWARE

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2021-1

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

1.       Capitalized
terms used in this Certificate have their respective meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment,
dated as of September 21, 2018 (the “Master Indenture”), between the Trust and the Indenture Trustee, as supplemented
by the Series 2021-1 Indenture Supplement, dated as of September 22, 2021, between the Trust and the Indenture Trustee (the “Indenture
Supplement” and together with the Master Indenture, the “Indenture”), as applicable.

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

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

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

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

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

    	 	C-1	 

     

    

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

 

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

 

 

    	 	C-2

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