Document:

EX-4.3

 EXHIBIT 4.3 

FORM OF 

SERIES [201  -    ] INDENTURE SUPPLEMENT 

Dated as of [            ], 20[    ] 

to 
 SECOND AMENDED AND
RESTATED MASTER INDENTURE 
 Dated as of September 23, 2016 

 
  

FIRST NATIONAL MASTER NOTE TRUST, 

Issuer, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

Indenture Trustee on behalf of the Noteholders 
  

 
  

FIRST NATIONAL MASTER NOTE TRUST 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  
		
	 CREATION OF THE
SERIES [201  -    ] NOTES
	  	 	1	  
	
	ARTICLE II	  
			
	 DEFINITIONS
	 		  	 	1	  
	
	ARTICLE III	  
	NOTEHOLDER SERVICING FEE	  
			
	 Section 3.01.
	 	 Servicing Compensation
	  	 	18	  
	
	ARTICLE IV	  
	RIGHTS OF NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  
			
	 Section 4.01.
	 	 Collections and Allocations
	  	 	18	  
	 Section 4.02.
	 	 Determination of Monthly Interest
	  	 	20	  
	 Section 4.03.
	 	 Determination of Monthly Principal
	  	 	22	  
	 Section 4.04.
	 	 Application of Available Finance Charge Collections and Available Principal
Collections
	  	 	22	  
	 Section 4.05.
	 	 Investor Charge-Offs
	  	 	25	  
	 Section 4.06.
	 	 Reallocated Principal Collections
	  	 	25	  
	 Section 4.07.
	 	 Excess Finance Charge Collections
	  	 	25	  
	 Section 4.08.
	 	 Excess Principal Collections
	  	 	26	  
	 Section 4.09.
	 	 Certain Series Accounts
	  	 	26	  
	 Section 4.10.
	 	 Reserve Account
	  	 	28	  
	 Section 4.11.
	 	 Spread Account
	  	 	29	  
	 Section 4.12.
	 	 Investment Instructions
	  	 	31	  
	 Section 4.13.
	 	 Accumulation Period
	  	 	31	  
	 Section 4.14.
	 	 Suspension of Accumulation Period
	  	 	32	  
	 Section 4.15.
	 	 Determination of LIBOR
	  	 	34	  
	 Section 4.16.
	 	 Interchange
	  	 	34	  
	 Section 4.17.
	 	 Foreign Accounts
	  	 	35	  
	 Section 4.18.
	 	 [Pre-Funding Account]
	  	 	35	  
	 Section 4.19.
	 	 Asset Representations Review Triggers
	  	 	36	  
	 Section 4.20.
	 	 Appointment of Asset Representations Reviewer
	  	 	40	  
	 Section 4.21.
	 	 Dispute Resolution
	  	 	40	  
	 Section 4.22.
	 	 Investor Communication
	  	 	46	  
	
	ARTICLE V	  
	DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS	  
			
	 Section 5.01.
	 	 Delivery and Payment for the
[201  -    ] Notes
	  	 	47	  
	 Section 5.02.
	 	 Distributions
	  	 	47	  
	 Section 5.03.
	 	 Reports and Statements to
Series [201  -    ] Noteholders
	  	 	48	  

							
	 Section 5.04.
	 	 [Annual Servicer’s Certificate.]
	  	 	49	  
	 Section 5.05.
	 	 [Annual Independent Accountants Servicing Report.]
	  	 	50	  
	
	ARTICLE VI	  
		
	
SERIES [201  -    ] PAY OUT
EVENTS
	  	 	50	  
	
	ARTICLE VII	  
	REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION	  
			
	 Section 7.01.
	 	 Optional Redemption of
Series [201  -    ] Notes; Final Distributions
	  	 	52	  
	 Section 7.02.
	 	 Series Termination
	  	 	53	  
	
	ARTICLE VIII	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 8.01.
	 	 Ratification of Indenture; Amendments
	  	 	53	  
	 Section 8.02.
	 	 Amendments to Asset Representations Review Agreement
	  	 	53	  
	 Section 8.03.
	 	 Form of Delivery of the Notes
	  	 	54	  
	 Section 8.04.
	 	 Counterparts
	  	 	54	  
	 Section 8.05.
	 	 Governing Law
	  	 	54	  
	 Section 8.06.
	 	 Limitation of Liability
	  	 	54	  
	 Section 8.07.
	 	 Rights of Indenture Trustee
	  	 	54	  
	 Section 8.08.
	 	 Additional Requirements for Registration of and Limitations on Transfer and Exchange of
Notes
	  	 	54	  
	 Section 8.09.
	 	 Notices to Rating Agencies and Indenture Trustee
	  	 	55	  
			
	 EXHIBIT A-1
	 	 FORM OF CLASS A NOTE
	  			
	 EXHIBIT A-2
	 	 FORM OF CLASS B NOTE
	  			
	 EXHIBIT A-3
	 	 FORM OF CLASS C NOTE
	  			
	 EXHIBIT B
	 	 FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO INDENTURE TRUSTEE
	  			
	 EXHIBIT C
	 	 FORM OF MONTHLY REPORT TO NOTEHOLDERS
	  			
	 EXHIBIT D
	 	 FORM OF MONTHLY SERVICER’S CERTIFICATE
	  			

  
 ii 

 FORM OF 

SERIES [201  -    ] INDENTURE SUPPLEMENT 

This SERIES [201  -    ] INDENTURE SUPPLEMENT, dated as of
[            ], 20[    ] (this “Indenture Supplement”), between FIRST NATIONAL MASTER NOTE TRUST, a statutory trust organized and existing
under the laws of the State of Delaware (herein, “Issuer” or the “Trust”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee, not in its individual capacity, but solely as indenture
trustee (herein, together with its successors in the trusts thereunder as provided in the Indenture referred to below, “Indenture Trustee”) under the Second Amended and Restated Master Indenture, dated as of September 23, 2016 (the
“Indenture”), between Issuer and Indenture Trustee. 
 Pursuant to Section 2.11 of the Indenture, Transferor may direct
Issuer to issue one or more Series of Notes. The Principal Terms of this Series are set forth in this Indenture Supplement to the Indenture. 

ARTICLE I 
 CREATION OF
THE SERIES [201  -    ] NOTES 
 There is hereby created and designated a Series of
Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “First National Master Note Trust, Series [201  -    ]” or the
“Series [201  -    ] Notes”. The Series [201  -    ] Notes shall be issued in three Classes, known as
the “Class A Asset Backed Notes, Series j201  -    ],” the “Class B Asset Backed Notes, Series [201  -    ],” and the
“Class C Asset Backed Notes, Series [201  -    ]”. The Series [201  -    ] Notes are secured by the Collateral up to the Collateral Amount
and any portion of the Collateral that may be available to the Series [201  -    ] Notes under the Indenture and this Indenture Supplement. 

[Series [201  -    ] shall be included in Group One and shall be a Principal Sharing Series.
Series [201  -    ] shall be an Excess Allocation Series with respect to Group One only. Series [201  -    ] shall not be subordinated to any other
Series. Series [201  -    ]-[    ] shall [not] be a Paired Series [with
Series [                    ]].] 

ARTICLE II 
 DEFINITIONS

 Whenever used in this Indenture Supplement, the following words and phrases shall have the following meanings, and the definitions of
such terms are applicable to the singular as well as the plural forms of such terms and the masculine as well as the feminine and neuter genders of such terms. 

“60+-Day Delinquency Rate” means, with respect to any Monthly Period, the delinquency rate calculated as the ratio (expressed
as a percentage) of the aggregate dollar amount of the 60+-Day Delinquent Receivables to the aggregate dollar amount of all Receivables, measured as of the end of such Monthly Period. 

 “60+-Day Delinquent Receivables” means, as of any date of determination, all
Receivables (other than repurchased Receivables and Receivables arising in Defaulted Accounts) that are 60 or more days Delinquent as of the last day of the Monthly Period immediately preceding such date of determination, as determined by Servicer
in accordance with its customary servicing practices. 
 “AAA” means the American Arbitration Association. 

“Accumulation Period” means, unless a Pay Out Event shall have occurred prior thereto, the period commencing at the opening
of business on the Controlled Accumulation Date and ending on the first to occur of (a) the commencement of the Rapid Amortization Period and (b) the Series Termination Date. 

“Accumulation Period Length” is defined in Section 4.13. 

“Accumulation Shortfall” means (a) for the first Distribution Date during the Accumulation Period, zero; and
(b) thereafter, for any Distribution Date during the Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous Distribution Date over the amount deposited into the Principal Accumulation Account pursuant to
subsection 4.04(c)(i) for the previous Distribution Date. 
 “Allocation Percentage” means, with respect to any
Monthly Period, the percentage equivalent of a fraction: 
 (a) the numerator of which shall be equal to: 

(i) for Principal Collections during the Revolving Period, and for Finance Charge Collections during the Revolving Period and
the Accumulation Period, and for Default Amounts at any time, the Collateral Amount at the end of the last day of the prior Monthly Period (or, in the case of the Monthly Period in which the Closing Date occurs, on the Closing Date); or 

(ii) for Finance Charge Collections during the Rapid Amortization Period and for Principal Collections during the Rapid
Amortization Period and the Accumulation Period, the Collateral Amount at the end of the last day of the Revolving Period, or, with respect to Finance Charge Collections, if later, at the end of the last day of the Accumulation Period; 

provided, however, that prior to the occurrence of a Pay Out Event Transferor may, by written notice to Indenture Trustee, Servicer and each
Rating Agency, reduce the numerator used for purposes of allocating Principal Collections and Finance Charge Collections to Series [201  -    ] at any time if (x) the Series Rating Agency
Condition shall have been satisfied with respect to such reduction and (y) Transferor shall have delivered to Indenture Trustee an Officer’s Certificate to the effect that, based on the facts known to such officer at that time, in the
reasonable belief of Transferor, such designation will 

  
 2 

 
not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out Event to occur with respect to
Series [201  -    ]; and provided, further, that Transferor may designate that the numerator for Finance Charge Collections during the Rapid Amortization Period will be the Collateral Amount at the
end of the last day of the prior Monthly Period by notice to Servicer and Indenture Trustee, if the Series Rating Agency Condition has been met; and 

(b) the denominator of which shall be the greater of (x) the Aggregate Principal Balance determined as of the close of
business on the last day of the prior Monthly Period and (y) the sum of the numerators used to calculate the allocation percentages for allocations with respect to Finance Charge Collections, Principal Collections or Default Amounts, as
applicable, for all outstanding Series on such date of determination; provided, that if one or more Reset Dates occur in a Monthly Period, the denominator of the Allocation Percentage for the portion of the Monthly Period falling on and after such
Reset Date and prior to any subsequent Reset Date will be recalculated for such period using amounts determined as of the close of business on the subject Reset Date. 

[”Annual Servicer Certificate” is defined in subsection 5.04(b).] 

“Asset Representations Review” means any review conducted by the Asset Representations Reviewer pursuant to Section 4.19
of this Indenture Supplement and the Asset Representations Review Agreement with respect to the Subject Receivables and the related Accounts for compliance with the Pool Asset Representations in order to determine, with respect to each Subject
Receivable and the related Account, whether the Pool Asset Representations were accurate in all material respects. 
 “Asset
Representations Review Agreement” means that certain Asset Representations Review Agreement, dated as of [Month] [Day], [Year] among Issuer, Transferor, Servicer and the Asset Representations Reviewer, as the same may be amended, amended
and restated, modified or supplemented from time to time. 
 “Asset Representations Reviewer means [Name of Asset
Representations Reviewer], a [Name of State] [limited liability company] [corporation], and its successors and any entity resulting from or surviving any consolidation or merger to which it or its successors may be a party, and any successor asset
representations reviewer appointed as provided in the Asset Representations Review Agreement. 
 “Asset Review Quorum”
means the Noteholders evidencing at least five percent (5%) of the Outstanding Amount of all Series of Notes Outstanding. 

“Available Finance Charge Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor
Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to Series [201  -    ] for such Monthly Period, plus (c) Principal Accumulation
Investment Earnings, if any, with respect to the related Transfer Date, plus (d) amounts on deposit in the [Pre-Funding Account,] Reserve Account and Spread Account deposited into the Finance Charge
Account on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to subsections 4.10(b) or (d) [and] 4.11(g) [and 4.18(a)]. 

  
 3 

 “Available Principal Collections” means, for any Monthly Period, an amount equal
to the sum of (a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.06 are required to be applied on
the related Distribution Date, plus (c) any Excess Principal Collections allocated to Series [201  -    ] for such Monthly Period, plus (d) the aggregate amount to be treated as Available
Principal Collections pursuant to subsections 4.04(a)(v) and (vi) for the related Distribution Date. 
 “Available Reserve
Account Amount” means, for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (including Investment Earnings to the extent retained in the Reserve Account pursuant to subsection 4.10(b) on such date
or any prior Transfer Date, and before giving effect to any deposit to or withdrawal from the Reserve Account made or to be made on such date) and (b) the Required Reserve Account Amount for such Transfer Date. 

“Available Spread Account Amount” means, for any Transfer Date, an amount equal to the lesser of (a) the amount on
deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account
Amount, in each case on such Transfer Date. 
 “Base Rate” means, for any Monthly Period, the annualized percentage
equivalent of a fraction, (a) the numerator of which is equal to the sum of (i) the Monthly Interest and (ii) the Noteholder Servicing Fee (calculated by assuming that Interchange allocated to
Series [201  -    ] equals or exceeds Servicer Interchange for such Monthly Period), each with respect to the related Distribution Date, and (b) the denominator of which is the Collateral Amount
plus amounts on deposit in the Principal Accumulation Account as of the first day of such Monthly Period. 
 “Class A Default
Interest” is defined in subsection 4.02(a). 
 “Class A Interest Shortfall” is defined in
subsection 4.02(a). 
 “Class A Monthly Interest Payment” is defined in subsection 4.02(a). 

“Class A Note Initial Principal Balance” means $[        ]. 

“Class A Note Interest Rate” means a per annum rate of [    ]% [in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period]. 
 “Class A Note Principal Balance”
means, on any date of determination, an amount equal to (a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class A Noteholders on or prior to such date. 

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

  
 4 

 “Class A Notes” means any one of the Notes executed by Issuer and
authenticated by or on behalf of Indenture Trustee, substantially in the form of Exhibit A-1. 

“Class A Required Amount” means, for any Distribution Date, an amount equal to the excess of the amounts described in
subsection 4.04(a)(i) over the Available Finance Charge Collections applied to pay such amount pursuant to subsection 4.04(a). 

“Class B Default Interest” is defined in subsection 4.02(b). 

“Class B Interest Shortfall” is defined in subsection 4.02(b). 

“Class B Monthly Interest Payment” is defined in subsection 4.02(b). 

“Class B Note Initial Principal Balance” means $[        ]. 

“Class B Note Interest Rate” means a per annum rate of [    ]% [in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period]. 
 “Class B Note Principal Balance”
means, on any date of determination, an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class B Noteholders on or prior to such date. 

[“Class B Note Purchase Agreement” means the certain Note Purchase Agreement, dated as of the date hereof, by and among the
Indenture Trustee, the Transferor, the Servicer and the Class B Noteholder (or Class B Noteholders) pursuant to which the Class B Noteholder (or Class B Noteholders) agreed to purchase the Class B Notes, such agreement as may be amended, amended and
restated, or otherwise modified.] 
 “Class B Noteholder” means any Person in whose name a Class B Note is
registered in the Note Register. 
 “Class B Notes” means any one of the Notes executed by Issuer and authenticated by
or on behalf of Indenture Trustee, substantially in the form of Exhibit A-2. 

“Class B Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount described in
subsection 4.04(a)(ii) over the Available Finance Charge Collections applied to pay such amount pursuant to subsection 4.04(a). 

“Class C Default Interest” is defined in subsection 4.02(c). 

“Class C Interest Shortfall” is defined in subsection 4.02(c). 

“Class C Monthly Interest Payment” is defined in subsection 4.02(c). 

“Class C Note Initial Principal Balance” means $[        ]. 

“Class C Note Interest Rate” means a per annum rate of [    ]% [in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period]. 

  
 5 

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

[“Class C Note Purchase Agreement” means the certain Note Purchase Agreement, dated as of the date hereof, by and among the
Indenture Trustee, the Transferor, the Servicer and the Class C Noteholder (or Class C Noteholders) pursuant to which the Class C Noteholder (or Class C Noteholders) agreed to purchase the Class C Notes, such agreement as may be amended, amended and
restated, or otherwise modified.] 
 “Class C Noteholder” means any Person in whose name a Class C Note is
registered in the Note Register. 
 “Class C Notes” means any one of the Notes executed by Issuer and authenticated by
or on behalf of Indenture Trustee, substantially in the form of Exhibit A-3. 

“Closing Date” means [            ],
201[  ]. 
 “Collateral Amount” means, as of any date of determination, an amount equal to the result of
(a) the Initial Collateral Amount, minus (b) the amount of principal previously paid to the Series [201  -    ] Noteholders (other than any principal payments made from funds on deposit in
the Spread Account), minus (c) the balance on deposit in the Principal Accumulation Account, minus (d) the excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated Principal
Collections over the reimbursements of such amounts pursuant to subsection 4.04(a)(vi) prior to such date. 
 “Controlled
Accumulation Amount” means, (a) for any Transfer Date with respect to the Accumulation Period an amount equal to
one-[                    ] of the Collateral Amount at the end of the Revolving Period; provided, however,
that if the Accumulation Period Length is determined to be less than [        ] months pursuant to Section 4.13 or 4.14, the Controlled Accumulation Amount shall be equal to (i) the
Initial Collateral Amount divided by (ii) the Accumulation Period Length; provided, further, that the Controlled Accumulation Amount for any Transfer Date shall not exceed the Note Principal Balance minus any amount already on deposit in the
Principal Accumulation Account on such Transfer Date. 
 “Controlled Accumulation Date” means
[                    ], or such later date as is determined in accordance with Sections 4.13 and 4.14. 

“Controlled Deposit Amount” means, for any Transfer Date with respect to the Accumulation Period, an amount equal to the sum
of the Controlled Accumulation Amount for such Transfer Date and any existing Accumulation Shortfall. 
 “Corporate Trust
Office” means, with respect to the Indenture Trustee, the principal office at which the Indenture shall be administered, which office at the date of execution of this Indenture Supplement is located at (i) for note transfer purposes,
U.S. Bank Corporate Trust, 111 Fillmore Ave. E, Mail Code: EP-MN-WS3D, St. Paul, Minnesota 55107, and (ii) for all other purposes, U.S. Bank National Association, 60 Livingston Avenue, Mail Code: EP-MN-WS3D, St. Paul, Minnesota, 55107,
Attention: U.S. Bank Structured Finance/FNBO Series [201  -    ] Notes. 

  
 6 

 “Covered Amount” means an amount, determined as of each Transfer Date for any
Interest Period, equal to the sum of (a) the product of (i) a fraction the numerator of which is the actual number of days in such Interest Period and the denominator of which is 360, times (ii) the Class A Note Interest
Rate in effect with respect to such Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account up to the Class A Note Principal Balance as of the Record Date preceding such Transfer Date,
plus (b) the product of (i) a fraction the numerator of which is [30] [the actual number of days in such Interest Period] and the denominator of which is 360, times (ii) the Class B Note Interest Rate in effect with
respect to such Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account in excess of the Class A Principal Balance as of the Record Date preceding such Transfer Date up to the Class B
Principal Balance as of the Record Date preceding such Transfer Date, plus (c) the product of (i) a fraction the numerator of which is [30] [the actual number of days in such Interest Period] and the denominator of which is 360,
times (ii) the Class C Note Interest Rate in effect with respect to such Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account in excess of the sum of the Class A
Principal Balance and the Class B Principal Balance as of the Record Date preceding such Transfer Date. 
 “Default
Amount” means, with respect to any Transfer Date, the aggregate amount of Principal Receivables (other than Ineligible Receivables) in Accounts which became Defaulted Accounts during the Related Monthly Period. 

“Default Interest” means, for any Distribution Date, an amount equal to the sum of Class A Default Interest,
Class B Default Interest and Class C Default Interest for such Distribution Date. 
 “Delinquency Trigger” means
each occurrence, as determined by Servicer, where the Three-Month Average 60+-Day Delinquency Rate equals or exceeds the then current Delinquency Trigger Rate.” 

“Delinquency Trigger Rate” means, initially, 9.00%, which percentage will be reviewed and may be adjusted from time to time
by Transferor pursuant to Section 4.19(b) of this Indenture Supplement. 
 [”Designated Maturity” means, for any LIBOR
Determination Date, one month; provided that LIBOR for the initial Interest Period will be determined by straight-line interpolation (based on the actual number of days in the initial Interest Period) between
two rates determined in accordance with the definition of LIBOR, one of which will be determined for a Designated Maturity of one month and the other of which will be determined for a Designated Maturity of two months.] 

“Dilution” means any downward adjustment made by Servicer in the amount of any Receivable (a) because of a rebate,
refund, unauthorized charge, fraudulent or counterfeit charge or billing error to an Obligor, (b) because such Receivable was created in respect of merchandise which was refused or returned by an Obligor, (c) because of a credit pursuant
to a debt 

  
 7 

 
cancellation or debt deferral program, if any, which is not recovered from Collections or from Insurance Proceeds or (d) for any other reason other than receiving Collections therefor or
charging off such amount as uncollectible. 
 “Distribution Account” is defined in subsection 4.09(a). 

“Distribution Date” means [            ] 15,
20[    ] and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next
succeeding Business Day. 
 “Excess Servicing Fee” means, for each Distribution Date following a Servicer Default and the
appointment of a Successor Servicer, an amount equal to one-twelfth of the product of the Collateral Amount as of the last day of the preceding Monthly Period and the excess of the market rate servicing fee
percentage determined by Indenture Trustee over the Series Servicing Fee Percentage plus, if the Indenture Trustee is the Successor Servicer, an amount equal to the amount of the reduction to the applicable Noteholder Servicing Fee pursuant to the
second proviso in Section 3.01 which is attributable to the fact that Interchange included in Finance Charge Collections for the Related Monthly Period and allocated to
Series [201  -    ] is less than Servicer Interchange for such Monthly Period. Indenture Trustee may determine the market rate servicing fee percentage by
soliciting three or more written bids from qualified successors servicers and averaging the rates offered in the bids. 
 “Expected
Principal Payment Date” means [            ], 20[    ]. 

“Finance Charge Account” is defined in Section 4.09(a). 

“Finance Charge Collections” means Collections of Finance Charge Receivables. 

“Finance Charge Shortfall” means, for any Distribution Date and the related Transfer Date, an amount equal to the excess, if
any, of (a) the full amount required to be deposited or distributed, without duplication, pursuant to subsections [4.04(a)(i) through (viii)] on such dates over (b) amounts available for such deposits and distributions from the
Available Finance Charge Collections for the Related Monthly Period (excluding any portion thereof attributable to Excess Finance Charge Collections) and the Spread Account. 

[”Foreign Account” means an Account, which as of July 31, 1995 (or, with respect to Additional Accounts, as of the
relevant Addition Date) was an Eligible Account, but subsequent to such date the Obligor of which has provided, as its most recent billing address, an address which is not located in the United States or its territories or possessions.] 

[”Funding Period” means the period commencing on the Closing Date and ending upon the first to occur of (x) the
commencement of the Rapid Amortization Period, (y) the date on which the Collateral Amount equals the Note Principal Balance and (z) [            ],
20[    ].] 
 “Group One” means
Series [201  -    ] and each other Series specified in the related Indenture Supplement to be included in Group One. 

“Initial Collateral Amount” means $[        ] [plus the aggregate amount paid
to the Holder of the Transferor Interest pursuant to Section 4.18(d)]. 

  
 8 

 [”Initial Pre-Funded Amount” means
$[        ].] 
 “Interest Period” means, for any Distribution Date, the
period from and including the Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

“Investment Earnings” means, for any Transfer Date (and the related Distribution Date), all interest and earnings on
Permitted Investments included in the applicable Series Account (net of losses and investment expenses) during the period commencing on and including the Transfer Date immediately preceding such Transfer Date and ending on but excluding such
Transfer Date. 
 “Investor Charge-Offs” is defined in Section 4.05. 

“Investor Default Amount” means, with respect to any Monthly Period, an amount equal to the product of (a) the Default
Amount for such Monthly Period and (b) the Allocation Percentage for Default Amounts for such Monthly Period. 
 “Investor
Finance Charge Collections” means, with respect to any Date of Processing, an amount equal to the product of (a) the Allocation Percentage for such Date of Processing and (b) Finance Charge Collections received on such date and,
with respect to any Monthly Period, the aggregate of such sums for each Date of Processing in such Monthly Period. 
 “Investor
Principal Collections” means, with respect to any Date of Processing, an amount equal to the product of (a) the Allocation Percentage for such day and (b) Principal Collections received on such Date of Processing and, with respect
to any Monthly Period, the aggregate of such sums for each Date of Processing in such Monthly Period. 
 [”LIBOR” means,
for any Interest Period, an interest rate per annum for such Interest Period determined by Indenture Trustee in accordance with the provisions of Section 4.15.] 

[”LIBOR Determination Date” means (i) [            ],
20[    ] for the period from and including the Closing Date through and including [            ], 20[    ] and (ii) the
second London Business Day prior to the commencement of [the second and] each subsequent Interest Period.] 
 [”London Business
Day” means any day on which dealings in deposits in United States dollars are transacted in the London interbank market.] 

“Monthly Interest” means, for any Distribution Date, the sum of the Class A Monthly Interest Payment, the Class B
Monthly Interest Payment, and the Class C Monthly Interest Payment for such Distribution Date. 
 “Monthly Period”
means the period from and including the first day of the calendar month preceding a related Distribution Date to and including the last day of such calendar month; [provided that the Monthly Period related to the
[        ] 15, 20[    ] Distribution Date means the period from and including the Closing Date to and including the last day of
[            ], 20[    ].] 

  
 9 

 “Monthly Principal” is defined in Section 4.03. 

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

(a) the lower of (i) the Class A Required Amount and (ii) the greater of (A)(x) the product of
(I) [    ]% and (II) the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date) and (B) zero; and 

(b) the lower of (i) the sum of the Class B Required Amount and the Servicing Fee Required Amount and (ii) the
greater of (A)(x) the product of (I) [    ]% and (II) the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect
to Investor Charge-Offs for the Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as determined pursuant to clause (a) above) and
(B) zero. 
 “Net Yield” means, with respect to any Monthly Period, Portfolio Yield with respect to such Monthly
Period minus the Base Rate with respect to such Monthly Period. 
 “Note Principal Balance” means, on any date of
determination, an amount equal to the sum of the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance. 

“Noteholder Servicing Fee” is defined in Section 3.01. 

[”Paired Series” means a Series that has been paired with
Series [201  -    ] (which Series may be prefunded or partially prefunded or may be a Variable Interest) such that a reduction of the Collateral Amount results
in (or permits) an increase of the collateral amount of the Paired Series.] 
 “Permitted Investments” is defined in Annex
A to the Indenture. 
 “Pool Asset Representations” means, collectively, (i) the representations and warranties made
by the Transferor relating to the Receivables under Section 2.04(a)(viii) and (ix) of the Transfer and Servicing Agreement and (ii) the representations and warranties made by the RPA Seller relating to the Receivables under
Section 4.02(a)(vii) and (viii) of the Receivables Purchase Agreement. 
 “Portfolio Yield” means, for any
Monthly Period, the annualized percentage equivalent of a fraction, (a) the numerator of which is equal to (i) the Available Finance Charge Collections (excluding any Excess Finance Charge Collections and any amounts withdrawn from the
[Spread Account,] [or] [Pre-Funding Account,] except that Excess Finance Charge Collections from other Series applied for the benefit of
Series [201  -    ] Notes may be included if the Rating Agency Condition is met), minus (ii) the Investor Default Amount and the Uncovered Dilution Amount
for such Monthly Period and (b) the denominator of which is the Collateral Amount plus amounts on deposit in the Principal Accumulation Account as of the first day of such Monthly Period. 

  
 10 

 [”Pre-Funded Amount” means, as of any
date of determination, the amount on deposit in the Pre-Funding Account (net of all Investment Earnings).] 

[”Pre-Funding Account” is defined in subsection 4.09(a).] 

“Principal Account” is defined in subsection 4.09(a). 

“Principal Accumulation Account” is defined in subsection 4.09(a). 

“Principal Accumulation Account Balance” means, for any date of determination, the principal amount, if any, on deposit in
the Principal Accumulation Account on such date of determination. 
 “Principal Accumulation Investment Earnings” means,
with respect to each Transfer Date, the Investment Earnings, if any, on funds in the Principal Accumulation Account. 
 “Principal
Collections” means Collections of Principal Receivables. 
 “Principal Shortfall” means (a) for any
Distribution Date (and related Transfer Date), with respect to the Revolving Period, zero, (b) for any Distribution Date (and related Transfer Date), with respect to the Accumulation Period, an amount equal to the excess, if any, of the
Controlled Deposit Amount with respect to such date over the amount of Available Principal Collections for the Related Monthly Period (excluding any portion thereof attributable to Excess Principal Collections) and (c) for any Distribution Date
(and related Transfer Date), with respect to the Rapid Amortization Period, an amount equal to the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for the Related Monthly
Period (excluding any portion thereof attributable to Excess Principal Collections). 
 “QIB” means a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act. 
 “Qualified Dispute Resolution
Professional” means an attorney or retired judge that is independent, impartial, knowledgeable and experienced with the laws of the State of New York, specializing in commercial litigation with at least 15 years of experience and whose name
is on a list of neutral parties maintained by the AAA. 
 “Qualified Maturity Agreement” means an agreement in which a
Qualified Maturity Agreement Institution agrees to make a deposit into the Principal Accumulation Account on or before the Expected Principal Payment Date in an amount equal to the initial Note Principal Balance (reduced by any amount on deposit in
the Principal Accumulation Account. Each Qualified Maturity Agreement must satisfy the Series Rating Agency Condition. 
 “Qualified
Maturity Agreement Institution” means a counterparty having short-term debt ratings of no less than
[”P-1/A-1+” by Moody’s and Standard & Poor’s, respectively, or long-term unsecured ratings of no
less than “Aa3” by Moody’s and “AA–” by Standard & Poor’s, or otherwise satisfies the Series Rating Agency Condition.] 

  
 11 

 “Quarterly Net Yield” means, for any Distribution Date, the average of the Net
Yields for each of the three preceding Monthly Periods, and, for purposes of the [            ], 20[    ] and
[            ], 20[    ] Distribution Dates, the Net Yields for [            ] and
[            ], 20[    ] shall be deemed to be [    ]% and [    ]%, respectively. 

“Rapid Amortization Period” means the period commencing on the date on which a Trust Pay Out Event or a
Series [201  -    ] Pay Out Event is deemed to occur and ending on the Series Termination Date. 

“Rating Agency” means, with respect to each outstanding Class of the Series
[201  ]-[    ] Notes and as of any date of determination, the rating agency or agencies, if any, selected by the Sponsor to rate such outstanding Class of the Series
[201  ]-[    ] Notes . 
 “Rating Agency Condition” means, with respect to any action
subject to such condition, 
 (a) when used in reference to all other Series of Notes, the notifications specified in the
definition of “Rating Agency Condition” in the indenture supplement with respect to such Series[; and] 
 (b) when
used with reference to the [Class A Notes] [and the Class B Notes] [, the Class B Notes and the Class C Notes], (i) that each Rating Agency shall have notified Issuer and Transferor in writing that the proposed action will not result in a
reduction or withdrawal of its rating[s] on the [Class A Notes] [and the Class B Notes] [, the Class B Notes and the Class C Notes] or (ii) if at such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not
provide such notifications for transactions of this type, then as to such Rating Agency or Rating Agencies, Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior to the
effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable[; and] 

[(c) when used in reference to [the Class B Notes and the Class C Notes] [the Class C Notes], [the Class B Noteholders and the
Class C Noteholders] [the Class C Noteholders] shall have consented to such action[; and] 
 [(d)] when used in reference to
the Series [201  ]-[    ] Notes, (i) with respect to [the Class A Notes] [and the Class B Notes], [, the Class B Notes and the Class C Notes], (A) that each Rating Agency shall have notified
Issuer and Transferor in writing that the proposed action will not result in a reduction or withdrawal of its rating[s] with respect to [the Class A Notes] [and the Class B Notes] [, the Class B Notes and the Class C Notes] or (B) if at
such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such
Rating Agency or Rating Agencies at least 10 Business Days prior to the effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is 

  
 12 

 
practical [and (ii) with respect to [the Class B Notes and the Class C Notes] [the Class C Notes], [the Class B Noteholders and Class C Noteholders] [the Class C Noteholders] have consented
in writing to such action. 
 [Neither the Class B Notes nor the Class C Notes will be rated on the Closing Date.] 

or 
 [The Class C Notes
will not be rated on the Closing Date.] 
 “Reallocated Principal Collections” means, for any Transfer Date, Investor
Principal Collections applied in accordance with Section 4.06 in an amount not to exceed the Monthly Principal Reallocation Amount for the Related Monthly Period. 

“Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and distributions otherwise to be
made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest previously due but not distributed to
the Series [201  -    ] Noteholders, plus (iii) the amount of Default Interest, if any, for the related Distribution Date and any Default Interest
previously due but not distributed to the Series [201  -    ] Noteholders on a prior Distribution Date. 

[”Reference Banks” means four major banks in the London interbank market selected by Servicer.] 

“Representing Party” has the meaning assigned to such term in Section 4.21(a)(i) or Section 4.21(a)(ii) of this
Indenture Supplement, as the context requires. 
 “Repurchase Request” means either a TSA Repurchase Request or an RPA
Repurchase Request pursuant to Section 4.21(a)(i) or (ii) of this Indenture Supplement, as the context requires. 

“Requesting Party” has the meaning assigned to such term in Section 4.21(a)(i) or Section 4.21(a)(ii) of this
Indenture Supplement, as the context requires. 
 “Required Reserve Account Amount” means, for any Transfer Date on or
after the Reserve Account Funding Date, an amount equal to (a) [    ]% of the Note Principal Balance or (b) any other amount designated by Transferor; provided, however, that if such designation is of a lesser
amount, Transferor shall (i) provide Servicer and Indenture Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to Indenture Trustee a certificate of an Authorized Officer to the effect that,
based on the facts known to such officer at such time, in the reasonable belief of Transferor, such designation will not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out Event to occur
with respect to Series [201  -    ]. 

“Required Retained Transferor Percentage” means, for purposes of Series [201  -    ], [    ]%. 
 “Required Spread Account
Amount” means, for any date of determination, (a) prior to the occurrence of a Pay Out Event, the product of (i) the Spread Account Percentage in effect on 

  
 13 

 
such date and (ii) the Initial Collateral Amount; provided that the Required Spread Account Amount shall not exceed the Class C Note Principal Balance minus the excess, if any, of the
Principal Accumulation Account Balance over the sum of the Class A Note Principal Balance and the Class B Note Principal Balance on such date of determination and (b) after the occurrence of a Pay Out Event, an amount equal to the
Class C Note Principal Balance on such date of determination. 
 “Reserve Account” is defined in
subsection 4.09(a). 
 “Reserve Account Funding Date” means the Transfer Date designated by Servicer which occurs not
later than the earliest of (a) the Transfer Date with respect to the Monthly Period which commences [    ] months prior to the commencement of the Accumulation Period (which commencement shall be subject to
postponement pursuant to Section 4.14); (b) the first Transfer Date for which the Quarterly Net Yield is less than [    ]%, but in such event the Reserve Account Funding Date shall not be required to occur
earlier than the Transfer Date with respect to the Monthly Period which commences [    ] months prior to the commencement of the Accumulation Period; (c) the first Transfer Date for which the Quarterly Net Yield
is less than [    ]%, but in such event the Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly Period which commences [    ]
months prior to the commencement of the Accumulation Period; and (d) the first Transfer Date for which the Quarterly Net Yield is less than [    ]%, but in such event the Reserve Account Funding Date shall not be
required to occur earlier than the Transfer Date with respect to the Monthly Period which commences [    ] months prior to the commencement of the Accumulation Period; provided, however, that subject to satisfaction of the
Rating Agency Condition, the Reserve Account Funding Date may be any date selected by Servicer; provided, further, that if a Qualified Maturity Agreement has been assigned to the Indenture Trustee in accordance with the provisions of
Section 4.14, the Reserve Account Funding Date shall be the Distribution Date immediately following the date on which a Qualified Maturity Agreement is terminated if (w) such Qualified Maturity Agreement is terminated because the provider
of such Qualified Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution, (x) such Qualified Maturity Agreement is terminated prior to the earlier of the [        ]
Expected Principal Payment Date and the commencement of the Rapid Amortization Period, (y) such Qualified Maturity Agreement is terminated after the later of the last day of the [        ],
200[  ] Monthly Period and, at the election of Transferor, the date to which the commencement of the Accumulation Period may be postponed pursuant to Section 4.13 (as determined on the date of such termination) and
(z) Transferor does not obtain a substitute Qualified Maturity Agreement. 
 “Reserve Account Surplus” means, as of
any Transfer Date following the Reserve Account Funding Date, the amount, if any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount. 

“Reserve Draw Amount” means, with respect to each Transfer Date relating to the Accumulation Period or the first Transfer
Date relating to the Rapid Amortization Period, the amount, if any, by which the Principal Accumulation Investment Earnings for such Transfer Date are less than the Covered Amount determined as of such Transfer Date. 

  
 14 

 “Reset Date” means: 

(a) each Addition Date, in each case relating to Additional Accounts; 

(b) each Removal Date on which Principal Receivables are removed from the Trust; 

(c) each date on which there is an increase in the outstanding balance of any Variable Interest; and 

(d) each date on which a new Series or Class of Notes is issued. 

“Reuters Screen LIBOR01 Page” means the display page currently so designated on the Thomson Reuters Service (or such page as
may replace that page in that service for the purpose of displaying comparable rates or prices). 
 “Review Notice” means
any written notice delivered by Indenture Trustee to Transferor, Servicer and all of the Noteholders of Outstanding Notes pursuant to Section 4.19(d)(iv) of this Indenture Supplement to the effect that the requisite percentage of Noteholders
casting a vote have directed that an Asset Representations Review be undertaken and specifying the Review Satisfaction Date relating to such direction. 

“Review Satisfaction Date” has the meaning assigned to such term in Section 4.19(d)(iv) of this Indenture Supplement.

 “Revolving Period” means the period beginning on the Closing Date and ending at the close of business on the day
immediately preceding the earlier of the day the Accumulation Period commences or the day the Rapid Amortization Period commences. 

“RPA Repurchase Request” has the meaning assigned to such term in Section 4.21(a)(ii) of this Indenture Supplement. 

“Rules” means the Commercial Arbitration Rules and Mediation Procedures in effect on the date any third-party mediation or
third-party arbitration, as applicable, is initiated by the Requesting Party pursuant to Section 4.21(b) of this Indenture Supplement. 

“Series [201  -    ]” means the
Series of Notes the terms of which are specified in this Indenture Supplement. 
 “Series [201  -    ] Final Maturity Date” means the [            ], 20[    ] Distribution Date.

 “Series [201  -    ] Note”
means a Class A Note, a Class B Note or a Class C Note. 
 “Series [201  -    ] Note Owner” means, with respect to any Series [201  -    ] Note which is a
Book-Entry Note, the Person who is the owner of such Book-Entry Note as reflected on the books of Clearing Agency, or on the Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect
Participant, in accordance with the rules of such Clearing Agency). 

  
 15 

“Series [201  -    ] Noteholder”
means a Class A Noteholder, a Class B Noteholder or a Class C Noteholder. 
 “Series Allocation Percentage”
means, with respect to any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the numerator used in determining the Allocation Percentage for Finance Charge Collections for that Monthly Period and the denominator of
which is the sum of the numerators used in determining the Allocation Percentage for Finance Charge Receivables for all outstanding Series for such Monthly Period; provided that if one or more Reset Dates occur in a Monthly Period, the Series
Allocation Percentage will be the percentage equivalent of a fraction, the numerator of which is an amount equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge Collections for
Series [201  -    ] for each day during that Monthly Period divided by the total number of days in such Monthly Period and the denominator of which is an amount
equal to the sum of the numerators used in determining the Allocation Percentages for Finance Charge Receivables for all outstanding Series for each day during such Monthly Period divided by the total number of days in such Monthly Period. 

“Series Rating Agency Condition” means,[(i)] when used in reference to the Class A Notes [and Class B Notes] [,Class B
Notes and Class C Notes] and any action subject to such condition, (a) that each Rating Agency shall have notified Issuer in writing that such action will not result in any reduction or withdrawal of the rating, if any, of any outstanding class
of the Series [201  ]-[    ] Notes which such Rating Agency has rated at Sponsor’s request or (b) if at such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not
provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior to the effective date of
such action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable; and 
 [(ii) when used in reference
to [the Class B Notes and the Class C Notes] [the Class C Notes], any action subject to such condition, the written consent of [the Class B Noteholders and the Class C Noteholders] [the Class C Noteholders] to such action.] 

[Neither the Class B Notes nor the Class C Notes will be rated on the Closing Date.] 

or 
 [The Class C Notes
will not be rated on the Closing Date.] 
 “Series Servicing Fee Percentage” means [2]% per annum. 

“Series Termination Date” means the earlier to occur of (a) the date on which the Note Principal Balance is paid in full
and (b) the Series [201  -    ] Final Maturity Date. 

“Servicer Interchange” means, with respect to any Monthly Period, an amount equal to
one-twelfth of the product of (a) [1.50]% and (b) the Collateral Amount as of the last day of the preceding Monthly Period; provided, however, that Servicer Interchange for the
[            ], 20[    ] Distribution Date shall be $[        ]. 

  
 16 

 “Servicing Fee Required Amount” means, for any Distribution Date, an amount
equal to the excess of the amount described in subsection 4.04(a)(iii) over (a) the Available Finance Charge Collections applied to pay such amount pursuant to subsection 4.04(a). 

“Spread Account” is defined in subsection 4.11(a). 

“Spread Account Deficiency” means the excess, if any, of the Required Spread Account Amount over the Available Spread Account
Amount. 
 “Spread Account Percentage” means, for any Distribution Date, the applicable percentage specified in the [Class
B][Class C] Note Purchase Agreement. 
 “Subject Receivables” means, with respect to an Asset Representations Review
conducted by the Asset Representations Reviewer pursuant to Section 4.19 of this Indenture Supplement and the Asset Representations Review Agreement, the 60+-Day Delinquent Receivables arising in the Accounts specified on an account schedule
prepared by Servicer and delivered to Asset Representations Reviewer for the purposes of an Asset Representations Review. For the avoidance of doubt, on the date that the conditions for an Asset Representations Review have been satisfied, any
Receivable that is repurchased or reassigned to Transferor pursuant to the Transfer and Servicing Agreement or the RPA Seller pursuant to the Receivables Purchase Agreement, as applicable, on and after such date will not be a Subject Receivable.

 “Three-Month Average 60+-Day Delinquency Rate” means, as of any date of determination, (a) the sum of the 60+-Day
Delinquency Rates for three Monthly Periods immediately preceding such date of determination, divided by (b) three (3). 
 “TSA
Repurchase Request” has the meaning assigned to such term in Section 4.21(a)(i) of this Indenture Supplement. 

“Uncovered Dilution Amount” means, for any Distribution Date, an amount equal to the product of (a) the Series
Allocation Percentage for the Related Monthly Period times (b) the aggregate Dilutions occurring during that Monthly Period as to which any deposit is required to be made to the Excess Funding Account pursuant to Section 3.09 of the
Transfer and Servicing Agreement but has not been made (either directly by the Transferor or from Principal Collections. 
 “United
States Arbitration Act” means the Federal Arbitration Act, 9 U.S.C. §1 et. seq. (2012). 
 “Verified Note
Owner” means a Series [201  -    ] Note Owner that has provided Indenture Trustee with (i) a written certification that it is the beneficial owner of a specified Outstanding Amount of
Series [201  -    ] Notes and (ii) a trade confirmation, an account statement, a letter from a broker dealer acceptable to Indenture Trustee or other
similar document acceptable to Indenture Trustee showing that such Series [201  -    ] Note Owner is a beneficial owner of such Outstanding Amount of
Series [201  -    ] Notes. 
 Each capitalized term
defined herein shall relate to the Series [201  -    ] Notes and no other Series of Notes issued by Issuer, unless the context otherwise requires. All
capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in Annex A to the Indenture. 

  
 17 

 The interpretive rules specified in Section 1.02 of the Indenture also apply to this
Indenture Supplement. If any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Indenture Supplement shall be controlling. 

ARTICLE III 
 NOTEHOLDER
SERVICING FEE 
 Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to
Series [201  -    ] for any Transfer Date (the “Noteholder Servicing Fee”) shall be equal to one-twelfth of
the product of (a) the Series Servicing Fee Percentage and (b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided, however, that with respect to the first Transfer Date, the Noteholder
Servicing Fee shall be equal to $[        ]; provided, further, that if FNBO or Indenture Trustee is Servicer, the Noteholder Servicing Fee shall be reduced by the amount, if any, by which the Servicer
Interchange for such Monthly Period exceeds the amount of Interchange included as Finance Charge Collections allocable to the Series [201  -    ] Notes with
respect to such Monthly Period pursuant to Section 4.16 of this Indenture Supplement. The remainder of the Servicing Fee shall be paid by the Holders of the Transferor Interest or the Noteholders of other Series (as provided in the related
Indenture Supplements) and in no event shall Issuer, Indenture Trustee or the Series [201  -    ] 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. 
 ARTICLE IV 

RIGHTS OF NOTEHOLDERS AND ALLOCATION 

AND APPLICATION OF COLLECTIONS 

Section 4.01. Collections and Allocations. 

(a) Finance Charge Collections, Principal Collections and Receivables in Defaulted Accounts shall be allocated and distributed
to Series [201  -    ] as set forth in this Article. 

(b) On each Date of Processing, Servicer shall allocate to the Series [201  -    ] Noteholders the following amounts as set forth below: 

(i) Allocations of Finance Charge Collections. An amount equal to the Investor Finance Charge Collections processed on
such Date of Processing shall be allocated to the Series [201  -    ] Noteholders and, first, deposited to the Finance Charge Account to the extent required by
Section 8.04 of the Indenture and subsection 4.01(c) below, and, second, paid to the Holder of the Transferor Interest. 

  
 18 

 (ii) Allocations of Principal Collections. 

(A) Allocations During the Revolving Period. 

(1) During the Revolving Period an amount equal to the product of the Investor Principal Collections processed on each Date of
Processing, shall be allocated to the Series [201  -    ] Noteholders and, first, if any other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, deposited to and retained in the Principal Account to the extent necessary for application as Excess Principal Collections for other Principal Sharing Series on the related Distribution Date, second, deposited to the
Excess Funding Account to the extent necessary so that (x) the Transferor Interest is not less than the Minimum Transferor Interest and (y) the sum of the Principal Receivables in the Trust plus the amount on deposit in the Excess Funding
Account equals or exceeds the Minimum Aggregate Principal Receivables and, third, paid to the Holder of the Transferor Interest. 

(2) With respect to each Monthly Period falling in the Revolving Period, to the extent that Investor Principal Collections
allocated to the Series [20    -    ] Noteholders pursuant to this subsection 4.01(b)(ii) are paid to Transferor, Transferor shall make an amount
equal to the Reallocated Principal Collections for the related Transfer Date available on that Transfer Date for application in accordance with Section 4.06. 

(B) Allocations During the Accumulation Period. During the Accumulation Period an amount equal to the Investor
Principal Collections processed on each Date of Processing shall be allocated to the Series [201  -    ] Noteholders and deposited into the Principal Account in
accordance with Section 8.04 of the Indenture and subsection 4.01(c). 
 (C) Allocations During the Rapid
Amortization Period. During the Rapid Amortization Period, an amount equal to the Investor Principal Collections processed on each Date of Processing shall be allocated to the
Series [201  -    ] Noteholders and deposited into the Principal Account until applied as provided herein; provided, however, that after the date on which an
amount of such Principal Collections equal to the Note Principal Balance has been deposited into the Principal Account, any Investor Principal Collections in excess of such amount shall be, first, if any other Principal Sharing Series is outstanding
and in its accumulation period or amortization period, deposited to and retained in the Principal Account for application, to the extent necessary, as Excess Principal Collections to other Principal Sharing Series on the related Distribution Date,
second, deposited in the Excess Funding Account to the extent necessary so that 

  
 19 

 
(x) the Transferor Interest is not less than the Minimum Transferor Interest and (y) the sum of the Principal Receivables in the Trust plus the amount on deposit in the Excess Funding
Account equals or exceeds the Minimum Aggregate Principal Receivables and, third, paid to the holders of the Transferor Interest. 

(c) During any period when Servicer is permitted by Section 8.04 of the Indenture to make a single monthly deposit to the
Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.01(a) and (b) with respect to any Monthly Period need not be deposited into the Collection Account or any Series Account prior to the related Transfer Date,
and, when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if FNBO is Servicer, Servicer, and (y) shall be deposited into the Finance Charge Account (in the case of Finance Charge
Collections) and the Principal Account (in the case of Collections of Principal Receivables (not including any Excess Principal Collections allocated to
Series [201  -    ] pursuant to Section 8.05 of the Indenture)). The exception to the daily deposit requirements provided by the second paragraph of
Section 8.04(a) of the Indenture shall not be available during any Monthly Period during the Rapid Amortization Period, or at any time that (A) the Transferor Interest is less than the Minimum Transferor Interest, (B) the Available
Spread Account Amount is less than the Required Spread Account Amount or (C) the sum of the Principal Receivables in the Trust plus the amount on deposit in the Excess Funding Account is less than the Minimum Aggregate Principal Receivables.
For purposes of the second paragraph of Section 8.04(a) of the Indenture, the amount of Principal Collections required to be deposited or distributed on or prior to the related Distribution Date during the Accumulation Period shall include an
amount equal to the Controlled Deposit Amount. 
 Notwithstanding the provisions of the second paragraph of
Section 8.04(a) of the Indenture, all Finance Charge Collections for each Monthly Period shall be deposited daily to the Finance Charge Account and retained therein until the delivery of the statement required by Section 5.03(b). On or
after delivery of such statement, Finance Charge Collections for the Related Monthly Period which are not required to be deposited or distributed pursuant to such statement may be withdrawn by Servicer. 

(d) On any date, Servicer may withdraw from the Collection Account or any Series Account any amounts inadvertently deposited in
such account that should have not been so deposited. 
 Section 4.02. Determination of Monthly Interest. 

(a) The amount of monthly interest (“Class A Monthly Interest Payment”) distributable from the Distribution
Account with respect to the Class A Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the
denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class A Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance). 

  
 20 

 On the Determination Date preceding each Distribution Date, Servicer shall
determine the excess, if any (the “Class A Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(a) as of the prior Distribution Date over (y) the amount actually transferred from the
Distribution Account for payment of such amount. If the Class A Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional
amount (“Class A Default Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times
(B) the Class A Note Interest Rate in effect with respect to the related Interest Period 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 Default 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 Payment”) distributable from the Distribution
Account with respect to the Class B Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the
denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance). 
 On
the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class B Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(b) as of the prior
Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such amount. If the Class B Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution
Date until such Class B Interest Shortfall is fully paid, an additional amount (“Class B Default Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the
related Interest Period] and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period 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 Default Interest shall be payable or distributed to the
Class B Noteholders only to the extent permitted by applicable law. 
 (c) The amount of monthly interest
(“Class C Monthly Interest Payment”) distributable from the Distribution Account with respect to the Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of
which is [30] [the actual number of days in the related Interest Period] the actual number of days in the related Interest Period and the denominator of which is 360, 

  
 21 

 
times (B) the Class C Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class C Note Principal Balance as of the close of business on the
last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class C Note Initial Principal Balance). 

On the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class C
Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(c) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such
amount. If the Class C Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class C Interest Shortfall is fully paid, an additional amount (“Class C Default
Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times (B) the Class C Note Interest Rate
in effect with respect to the related Interest Period and (ii) such Class C Interest Shortfall (or the portion thereof which has not been paid to the Class C Noteholders) shall be payable as provided herein with respect to the
Class C Notes. Notwithstanding anything to the contrary herein, Class C Default Interest shall be payable or distributed to the Class C Noteholders only to the extent permitted by applicable law. 

Section 4.03. Determination of Monthly Principal. The amount of monthly principal to be transferred from the Principal Account
with respect to the Notes on each Transfer Date (the “Monthly Principal”), beginning with the Transfer Date in the month following the month in which the Accumulation Period or, if earlier, the Rapid Amortization Period, begins, shall be
equal to the least of (i) the Available Principal Collections on deposit in the Principal Account with respect to such Transfer Date, (ii) for each Transfer Date with respect to the Accumulation Period, the Controlled Deposit Amount for
such Transfer Date, (iii) the Collateral Amount (after taking into account any adjustments to be made on such Distribution Date pursuant to Sections 4.05 and 4.06) prior to any deposit into the Principal Accumulation Account on such
Transfer Date, and (iv) the Note Principal Balance, minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date. 

Section 4.04. Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer
Date, Servicer shall instruct Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or
the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:

 (a) On each Transfer Date, an amount equal to the Available Finance Charge Collections for the Related Monthly Period will
be withdrawn from the Finance Charge Account and distributed or deposited by Indenture Trustee in the following priority: 

(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any Class A Interest
Shortfall, plus the amount of any Class A Default Interest for such Distribution Date, plus the amount of any 

  
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Class A Default Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited into the Distribution Account for distribution to the
Class A Noteholders; 
 (ii) an amount equal to Class B Monthly Interest Payment for such Distribution Date, plus
any Class B Interest Shortfall, plus the amount of any Class B Default Interest for such Distribution Date, plus the amount of any Class B Default Interest previously due but not distributed to Class B Noteholders on a prior
Distribution Date shall be deposited into the Distribution Account for distribution to the Class B Noteholders; 
 (iii)
an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Transfer Date, shall be distributed to Servicer; 

(iv) an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any Class C Interest
Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be
deposited into the Distribution Account for distribution to the Class C Noteholders; 
 (v) an amount equal to the
Investor Default Amount and any Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and deposited into the Principal Account for application pursuant to
this Section 4.04; 
 (vi) an amount equal to the sum of the aggregate amounts of Investor Charge-Offs and Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vi) shall be treated as a portion of Available Principal Collections for such
Distribution Date and deposited into the Principal Account for application pursuant to this Section 4.04; 
 (vii) on
each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in subsection 4.10(f), an amount up to the excess, if any, of the Required Reserve Account Amount
over the Available Reserve Account Amount shall be deposited into the Reserve Account; 
 (viii) an amount equal to the
excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount shall be deposited into the Spread Account; and 

(ix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date to be
applied in accordance with Section 4.07; [and] 

  
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 [(x) any other amount required to be paid or deposited under the terms of the
Class B Note Purchase Agreement shall be so paid or deposited;] 
 [(xi) any other amount required to be paid or deposited
under the terms of the Class C Note Purchase Agreement shall be so paid or deposited; and] 
 [(x)][(xii)] any remaining
amount to be paid to Transferor. 
 (b) On each Transfer Date with respect to the Revolving Period, an amount equal to the
Available Principal Collections for the Related Monthly Period shall be treated as Excess Principal Collections and applied in accordance with Section 4.08. 

(c) On each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, an amount equal to the
Available Principal Collections for the Related Monthly Period shall be withdrawn from the Principal Account and distributed or deposited in the following order of priority: 

(i) on each Transfer Date with respect to the Accumulation Period, an amount equal to the Monthly Principal for such Transfer
Date shall be deposited into the Principal Accumulation Account; 
 (ii) on each Transfer Date with respect to the Rapid
Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account for distribution to the Class A Noteholders until the Class A Note Principal Balance has been paid in
full; 
 (iii) on each Transfer Date with respect to the Rapid Amortization Period, after giving effect to clause (ii)
above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account for distribution to the Class B Noteholders until the Class B Note Principal Balance has been paid in full; 

(iv) on each Transfer Date with respect to the Rapid Amortization Period, after giving effect to clauses (ii) and
(iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account for distribution to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and

 (v) on each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, the balance of such
Available Principal Collections remaining after giving effect to clauses (i) through (iv) above shall be retained in the Principal Account to be treated as Excess Principal Collections and applied in accordance with Section 4.08. 

(d) On each Distribution Date, Indenture Trustee shall make distributions from the Distribution Account in accordance with
Section 5.02 as follows: (i) to the Class A Noteholders, the amount deposited into the Distribution Account pursuant to subsections 4.04(a)(i) and 4.04(c)(ii); (ii) to the Class B Noteholders, the amount

  
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deposited into the Distribution Account pursuant to subsections 4.04(a)(ii)[and (x)] and 4.04(c)(iii); and (iii) to the Class C Noteholders, the amount deposited into the
Distribution Account pursuant to subsections 4.04(a)(iv) [and (xi)] and 4.04(c)(iv). 
 (e) On the earlier to occur of
(i) the first Transfer Date during the Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, Indenture Trustee shall withdraw from the Principal Accumulation Account and deposit
into the Distribution Account amounts necessary to pay, first, to the Class A Noteholders, until paid in full, second, to the Class B Noteholders, until paid in full, and, third, to the Class C Noteholders, until paid in full, the
amounts deposited into the Principal Accumulation Account pursuant to subsections 4.04(c)(i). In accordance with Section 5.02, on the related Distribution Date, Indenture Trustee shall pay from the Distribution Account to the Class A
Noteholders, the Class B Noteholders and the Class C Noteholders, as applicable, the amounts deposited into the Distribution Account for the account of such Noteholders pursuant to this subsection 4.04(e). 

[INSERT INFORMATION FOR DISTRIBUTIONS FROM PRE-FUNDING ACCOUNT, IF USED.] 

Section 4.05. Investor Charge-Offs. On each Determination Date, Servicer shall calculate
the Investor Default Amount and any Uncovered Dilution Amount for the related Distribution Date. If, on any Distribution Date, the sum of the Investor Default Amount and any Uncovered Dilution Amount for such Distribution Date exceeds the amount of
Available Finance Charge Collections allocated with respect thereto pursuant to subsection 4.04(a)(v) with respect to such Distribution Date, the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such
reduction, an “Investor Charge-Off”). 
 Section 4.06. Reallocated Principal
Collections. On each Transfer Date, Servicer shall apply, or shall instruct Indenture Trustee in writing to apply, Investor Principal Collections with respect to such Transfer Date, in an amount not to exceed the Monthly Principal Reallocation
Amount for the Related Monthly Period, to fund any deficiency in amounts otherwise available for deposit and distribution pursuant to and in the priority set forth in subsections [4.04(a)(i), (ii) and (iii)], after giving effect to any
application of funds from the Spread Account pursuant to Section 4.11, any application of funds from the Reserve Account pursuant to Section 4.10 and after allocation and application of Excess Finance Charge Collections pursuant to
Section 4.07 to cover such payments. On each Transfer Date, the Collateral Amount shall be reduced by the amount of such Reallocated Principal Collections, if any, for such Transfer Date. 

Section 4.07. Excess Finance Charge Collections.  

(a) Excess Finance Charge Collections from all Excess Allocation Series in Group One will be allocated to cover any Finance
Charge Shortfall or finance charge shortfalls for other Excess Allocation Series in Group One pursuant to Section 8.06 of the Indenture except that, following a Servicer Default and the appointment of a Successor Servicer, Excess Finance Charge
Collections remaining after their application to cover Finance Charge Shortfalls and other finance charge shortfalls for Group One, shall be 

  
 25 

 
paid to the Successor Servicer to pay any unpaid Excess Servicing Fees or other unpaid excess servicing fees for all Excess Allocation Series in Group One prior to any distribution to the Holder
of the Transferor Interest. If the remaining Excess Finance Charge Collections do not exceed the aggregate amount of such unpaid fees, the remaining Excess Finance Charge Collections shall be allocated among the Group One Excess Allocation Series
pro rata based on the amount of unpaid excess servicing fees for each such Series. Excess Finance Charge Collections with respect to Group One shall be allocated to
Series [201  -    ] in accordance with this Section 4.07, without regard to whether the Rating Agency Condition has been met for purposes of the definition
of “Portfolio Yield.” On each Transfer Date, Indenture Trustee, at the written direction of the Servicer, shall deposit Excess Finance Charge Collections allocated to
Series [201  -    ] to the Finance Charge Account prior to the applications to be made pursuant to Section 4.04. 

(b) Any Excess Finance Charge Collections relating to the
Series [201  -    ] Notes remaining after the application thereof as specified in subsection 4.07(a) above, if any, [shall be applied, first, pursuant to
subsection 4.04(a)(x) and (xi) hereof and second, the remaining balance, if any, shall be paid to Transferor pursuant to subsection 4.04(a)(xii) hereof] [shall be paid to Transferor pursuant to subsection 4.04(a)(x) hereof]. 

Section 4.08. Excess Principal Collections. Excess Principal Collections from all Principal Sharing Series in Group One will be
allocated to cover any Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.05 of the Indenture. If (i) any Principal Shortfall remains after such allocation, (ii) any
Series in Group One is in an Amortization Period and (iii) the amount on deposit in the Excess Funding Account is greater than zero, amounts on deposit in the Excess Funding Account will be treated as Excess Principal Collections and allocated
to cover any remaining Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.03 of the Indenture. Indenture Trustee, at the written direction of the Servicer, shall deposit Excess
Principal Collections allocated to Series [201  -    ] to the Principal Accumulation Account or the Distribution Account, as applicable. 

Section 4.09. Certain Series Accounts. 

(a) Indenture Trustee shall establish and maintain with a Qualified Institution, which may be Indenture Trustee, in the name of
the Trust, on behalf of the Trust, for the benefit of the Noteholders, [    ] segregated trust accounts with such Qualified Institution (the “Finance Charge Account,” the “Principal Account,” the
“Principal Accumulation Account,” the “Distribution Account,” the “Spread Account,” the “Reserve Account” [and the “Pre-Funding Account”]), each bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Series [201  -    ] Noteholders. The Finance Charge Account, the
Principal Account, the Principal Accumulation Account, the Distribution Account, [the Pre-Funding Account,] the Reserve Account and the Spread Account are hereby designated as the Series Accounts for the
Series [201  -    ] Notes. Except as otherwise provided in Section 4.11, Indenture Trustee shall possess all right, title and interest in all funds on
deposit from time to time in each Series Account and in all proceeds thereof. Except as otherwise provided in Section 4.11, each Series 

  
 26 

 
Account shall be under the sole dominion and control of Indenture Trustee for the benefit of the
Series [201  -    ] Noteholders and shall be administered out of the Corporate Trust Office of the Indenture Trustee. If at any time the institution holding a
Series Account ceases to be a Qualified Institution, Transferor shall notify Indenture Trustee in writing, and Indenture Trustee upon being notified (or Servicer on its behalf) shall, within ten (10) Business Days, establish a new Series
Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Series Account. Indenture Trustee, at the written direction of Servicer, shall make withdrawals from and deposits
to each Series Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. Indenture Trustee at all times shall maintain accurate records reflecting each transaction in each Series Account, so long as such
accounts are established and maintained with Indenture Trustee. 
 (b) [Except as otherwise provided in Section 4.18,]
[F]unds on deposit in each Series Account from time to time shall be invested and reinvested at the written direction of Servicer by Indenture Trustee in Permitted Investments that will mature so that such funds will be available for withdrawal on
or prior to the following Transfer Date. The Indenture Trustee shall not be held liable for the performance of any Permitted Investments made in accordance with the terms hereof. 

On each Transfer Date with respect to the Accumulation Period and on the first Transfer Date with respect to the Rapid
Amortization Period, Indenture Trustee, acting at Servicer’s direction given on or before such Transfer Date, shall transfer from the Principal Accumulation Account to the Finance Charge Account the Principal Accumulation Investment Earnings on
deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in accordance with Section 4.04(a). 

Principal Accumulation Investment Earnings (including reinvested interest) shall not be considered part of the amounts on
deposit in the Principal Accumulation Account for purposes of this Indenture Supplement. 
 On each Distribution Date, all
Investment Earnings on funds on deposit in the Principal Account, the Finance Charge Account and the Distribution Account shall be deposited by Indenture Trustee in a separate deposit account with a Qualified Institution in the name of Servicer, or
a Person designated in writing by Servicer, which shall not constitute a part of the Trust, or shall otherwise be turned over by Indenture Trustee to Servicer. 

(c) Indenture Trustee shall hold such of the Permitted Investments of funds in any Series Account as consists of instruments,
deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of Minnesota. Indenture Trustee shall hold such of the Permitted Investments as constitutes investment property through a securities
intermediary, which securities intermediary shall agree with Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of Indenture Trustee, (b) such securities intermediary shall treat
Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account 

  
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shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by Indenture Trustee without the further consent of any other person
or entity, (e) such securities intermediary will not agree with any person or entity other than Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property
credited thereto shall not be subject to any lien, security interest or right of set-off in favor of such securities intermediary or anyone claiming through it (other than Indenture Trustee), and (g) such
agreement shall be governed by the laws of the State of New York. Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. Except
as permitted by this subsection 4.09(c), Indenture Trustee shall not hold Permitted Investments through an agent or nominee. 

(d) No Permitted Investment in any Series Account shall be disposed of prior to its maturity unless Servicer so directs and
either (i) such disposal will not result in a loss of all or part of the principal portion of such Permitted Investment or (ii) prior to the maturity of such Permitted Investment, a default occurs in the payment of principal, interest or
any other amount with respect to such Permitted Investment. 
 Section 4.10. Reserve Account. 

(a) Indenture Trustee, at the written direction of Servicer, shall (i) make withdrawals from the Reserve Account from time
to time in an amount up to the Available Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Transfer Date (from and after the Reserve Account Funding Date) prior to termination of the
Reserve Account, make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.04(a)(vii). 

(b) On each Transfer Date, all Investment Earnings accrued since the preceding Transfer Date on funds on deposit in the Reserve
Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited into the Finance Charge Account and included in
Available Finance Charge Collections for the Related Monthly Period. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture Supplement, Investment Earnings on such funds shall
be deemed not to be available or on deposit, except amounts retained pursuant to the preceding sentence. 
 (c) On or before
each Transfer Date with respect to the Accumulation Period and on or before the first Transfer Date with respect to the Rapid Amortization Period, Servicer shall calculate the Reserve Draw Amount; provided, however, that such amount will be reduced
to the extent that funds otherwise would be available for deposit in the Reserve Account under Section 4.04(a)(vii) with respect to such Transfer Date. 

(d) If for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve
Account Amount, shall be 

  
 28 

 
withdrawn from the Reserve Account on such Transfer Date by Indenture Trustee (acting in accordance with the written instructions of Servicer) and deposited into the Finance Charge Account for
application as Available Finance Charge Collections for the Related Monthly Period. 
 (e) If the Reserve Account Surplus on
any Transfer Date, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Transfer Date, is greater than zero, Indenture Trustee, acting in accordance with the written instructions of Servicer, shall
withdraw from the Reserve Account an amount equal to such Reserve Account Surplus and (i) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required Spread Account Amount,
and (ii) distribute any such amounts remaining after application pursuant to subsection 4.10(e)(i) to the Holder of the Transferor Interest. 

(f) Upon the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement,
(ii) the first Transfer Date relating to the Rapid Amortization Period and (iii) the Transfer Date immediately preceding the Expected Principal Payment Date, Indenture Trustee, acting in accordance with the written instructions of
Servicer, after the prior payment of all amounts owing to the Series [201  -    ] Noteholders that are payable from the Reserve Account as provided herein,
shall withdraw from the Reserve Account all amounts, if any, on deposit in the Reserve Account and (A) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required Spread
Account Amount, and (B) distribute any such amounts remaining after application pursuant to subsection 4.10(f)(A) to the Holder of the Transferor Interest. The Reserve Account shall thereafter be deemed to have terminated for purposes of
this Indenture Supplement. Funds on deposit in the Reserve Account at any time that the Accumulation Period is suspended pursuant to Section 4.14 shall remain on deposit until applied in accordance with subsection 4.10(d), (e) or (f).

 Section 4.11. Spread Account. 

(a) Indenture Trustee shall establish and maintain the Spread Account for the benefit of the Class C Noteholders and the
Holder of the Transferor Interest, with an account designation clearly indicating that the funds deposited therein are held for the benefit of the Class C Noteholders and the Holder of the Transferor Interest. The Spread Account shall be under
the sole dominion and control of Indenture Trustee for the benefit of the Class C Noteholders and the Holder of the Transferor Interest. Indenture Trustee, at the written direction of Servicer, shall (i) make withdrawals from the Spread
Account from time to time in an amount up to the Available Spread Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Transfer Date prior to termination of the Spread Account, make a deposit
into the Spread Account in the amount specified in, and otherwise in accordance with, subsection 4.11(f). The Issuer will [make no] deposit into the Spread Account on the Closing Date [an amount equal to the Required Spread Account Amount.]

  
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 (b) On each Transfer Date (but subject to subsections 4.11(c), 4.11(d),
4.11(e) and 4.11(f)), the Investment Earnings, if any, accrued since the preceding Transfer Date on funds on deposit in the Spread Account shall be paid to the Holder of the Transferor Interest by Indenture Trustee upon written direction of
Servicer. For purposes of determining the availability of funds or the balance in the Spread Account for any reason under this Indenture Supplement (subject to subsections 4.11(c), 4.11(d), 4.11(e) and 4.11(f)), all Investment Earnings shall be
deemed not to be available or on deposit; provided that after the maturity of the Series [201  -    ] Notes has been accelerated as a result of an Event of
Default, all Investment Earnings shall be added to the balance on deposit in the Spread Account and treated like the rest of the Available Spread Account Amount. 

(c) If, on any Transfer Date, the aggregate amount of Available Finance Charge Collections otherwise available for application
pursuant to subsection 4.04(a)(iv) is less than the aggregate amount required to be deposited into the Distribution Account pursuant to subsection 4.04(a)(iv), Indenture Trustee, at the written direction of Servicer, shall
(i) withdraw from the Spread Account the amount of such deficiency up to the Available Spread Account Amount and, if the Available Spread Account Amount is less than such deficiency, the Indenture Trustee shall also withdraw Investment Earnings
credited to the Spread Account in an amount so that the total amount withdrawn equals such deficiency, and (ii) deposit such amount into the Distribution Account for payment to the Class C Noteholders in respect of interest on the
Class C Notes pursuant to Section 5.02(c). 
 (d) On the Series [201  -    ] Final Maturity Date or, if sooner, the date on which the Class A Note Principal Balance and the Class B Note Principal Balance have been paid in full, after applying any
funds on deposit in the Spread Account as described in subsection 4.11(c), Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account an amount equal to the lesser of (i) the Class C Note Principal
Balance (after any payments to be made pursuant to subsection 4.04(c) on such date) and (ii) the Available Spread Account Amount and, if the amount so withdrawn is not sufficient to reduce the Class C Note Principal Balance to zero,
shall also withdraw Investment Earnings credited to the Spread Account up to the amount required to reduce the Class C Note Principal Balance to zero. Indenture Trustee, upon the written direction of Servicer, or Servicer, shall deposit such
amounts into the Distribution Account for distribution to the Class C Noteholders in accordance with subsection 5.02(c). 

(e) On the earlier to occur of (i) the Series
[201  -    ] Final Maturity Date and (ii) the day following the occurrence of an Event of Default with respect to Series [201  -    ] and acceleration of the maturity of the Series [201  -    ] Notes pursuant to
Section 5.03 of the Indenture, Servicer shall withdraw from the Spread Account an amount equal to the Available Spread Account Amount and Indenture Trustee or Servicer shall deposit such amounts into the Distribution Account for distribution to
the Class C Noteholders until the Class C Note Principal Balance is paid in full, [to the Class A Noteholders until the Class A Note Principal Balance is paid in full,] [and to the Class B Noteholders until the Class B
Note Principal Balance is paid in full,] [in that order of priority,] in accordance with Section 5.02, to fund any shortfalls in amounts owed to such Noteholders. 

  
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 (f) If on any Transfer Date, after giving effect to all withdrawals from the
Spread Account, the Available Spread Account Amount is less than the Required Spread Account Amount then in effect, Available Finance Charge Collections shall be deposited into the Spread Account pursuant to subsection 4.04(a)(viii) up to the
amount of the Spread Account Deficiency and, if such Available Finance Charge Collections are less than such Spread Account Deficiency, Investment Earnings on the Spread Account shall be held and not distributed pursuant to subsection 4.11(b)
until such Spread Account Deficiency is reduced to zero through subsequent deposits pursuant to subsection 4.04(a)(viii). 

(g) If, after giving effect to all deposits to and withdrawals from the Spread Account with respect to any Transfer Date, the
amount on deposit in the Spread Account exceeds the Required Spread Account Amount, Indenture Trustee acting in accordance with the instructions of Servicer, shall withdraw an amount equal to such excess and deposit it into the Finance Charge
Account for application as Available Finance Charge Collections. On the date on which the Class C Note Principal Balance has been paid in full, after making any payments to the Noteholders required pursuant to subsections 4.11(c),
(d) and (e), Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account all amounts then remaining in the Spread Account and pay such amounts to the Holder of the Transferor Interest. 

Section 4.12. Investment Instructions. Any investment instructions required to be given to Indenture Trustee pursuant to the terms
hereof must be given to Indenture Trustee no later than 11:00 a.m., New York City time, on the date such investment is to be made. In the event Indenture Trustee receives such investment instruction later than such time, Indenture Trustee
may, but shall have no obligation to, make such investment. In the event Indenture Trustee is unable to make an investment required in an investment instruction received by Indenture Trustee after 11:00 a.m., New York City time, on such
day, such investment shall be made by Indenture Trustee on the next succeeding Business Day. In no event shall Indenture Trustee be liable for any investment not made pursuant to investment instructions received after 11:00 a.m., New York
City time, on the day such investment is requested to be made. 
 Section 4.13. Accumulation Period. The Accumulation Period is
scheduled to commence at the beginning of business on [            ], 20[    ]; provided that if the Accumulation Period Length (determined as described
below) on any Determination Date on or after the [            ] Determination Date is less than [    ] months, the date on which the Accumulation
Period actually commences will be changed to the first Business Day of the month that is the number of whole months prior to the month in which the Expected Principal Payment Date occurs equal to the Accumulation Period Length (so that, as a result
of such election, the number of Monthly Periods in the Accumulation Period will equal the Accumulation Period Length); provided that (i) the length of the Accumulation Period will not be less than [    ] month[s],
(ii) such determination of the Accumulation Period Length shall be made on each Determination Date on and after the [            ] Determination Date but prior to the
commencement of the Accumulation Period, and any postponement of the Accumulation Period 

  
 31 

 
shall be subject to the subsequent lengthening of the Accumulation Period to the Accumulation Period Length determined on any subsequent Determination Date, but the Accumulation Period shall in
no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Indenture Supplement to the contrary, no postponement of the commencement of the Accumulation Period shall be made after a Pay
Out Event shall have occurred and be continuing with respect to any other Series. The “Accumulation Period Length” will mean a number of whole months such that the amount available for distribution of principal on the
Series [201  -    ] Notes on the Expected Principal Payment Date is expected to equal or exceed the sum of the Class A Note Principal Balance, the
Class B Note Principal Balance and the Class C Note Principal Balance, assuming for this purpose that (1) the payment rate with respect to Principal Collections remains constant at the lowest level of such payment rate during the
[    ] preceding Monthly Periods (or such lower payment rate as Servicer may select), (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the Excess Funding Account,
if any) remains constant at the level on such date of determination, (3) no Pay Out Event with respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such date of determination)
will be subsequently issued. Servicer shall calculate the Accumulation Period Length on each Determination Date on and after the [            ] Determination Date as necessary to
determine whether the Accumulation Period is postponed and to set the Reserve Account Funding Date. If the calculation results in a postponement, Servicer shall provide notice in writing to Indenture Trustee, Transferor, Issuer and each Rating
Agency. Any notice by Servicer confirming the postponement of the Accumulation Period pursuant to this Section 4.13 shall specify (i) the Accumulation Period Length, (ii) the commencement date of the Accumulation Period and
(iii) the Controlled Accumulation Amount with respect to each Monthly Period during the Accumulation Period. The method for determining the Accumulation Period Length may be changed if the Rating Agency Condition is met. 

Section 4.14. Suspension of Accumulation Period. 

(a) Servicer may elect to suspend the commencement of the Accumulation Period with prior written notice to the Rating Agencies,
at any time prior to the Distribution Date preceding the Expected Principal Payment Date. The commencement of the Accumulation Period shall be suspended upon delivery by Servicer to Indenture Trustee of (i) an Officer’s Certificate stating
that Servicer has elected to suspend the commencement of the Accumulation Period and that all conditions precedent to such suspension set forth in this Section 4.14 have been satisfied, (ii) a copy of an executed Qualified Maturity
Agreement and (iii) an Opinion of Counsel addressed to Indenture Trustee as to the due authorization, execution and delivery and the validity and enforceability of such Qualified Maturity Agreement. Issuer does hereby transfer, assign, set-over, and otherwise convey to Indenture Trustee for the benefit of the Series [201  -    ] Noteholders, without recourse,
all of its rights under any Qualified Maturity Agreement obtained in accordance with this Section 4.14 and all proceeds thereof. Such property shall constitute part of the Trust Estate and Collateral for all purposes of the Indenture. The
foregoing transfer, assignment, set-over and conveyance does not constitute and is not intended to result in a creation or an assumption by Indenture Trustee or any Noteholder of any obligation of Issuer or
any other Person in connection with a Qualified Maturity Agreement or under any agreement or instrument relating thereto. 

  
 32 

 Indenture Trustee hereby acknowledges its acceptance, to the extent validly
transferred, assigned, set-over or otherwise conveyed to Indenture Trustee, for the benefit of the Series [201  -    ]
Noteholders, of all of the rights previously held by Issuer under any Qualified Maturity Agreement obtained by Issuer and all proceeds thereof, and declares that it shall hold such rights upon the trust set forth herein and in the Indenture, and
subject to the terms hereof and thereof, for the benefit of the Series [20    -    ] Noteholders. 

(b) Each Qualified Maturity Agreement shall obligate the provider to deposit into the Principal Accumulation Account on or
before the Expected Principal Payment Date an amount equal to the initial Note Principal Balance (reduced by any amount on deposit in the Principal Accumulation Account); provided, however, that Issuer may instead elect to fund all or a portion of
such deposits with the proceeds of the issuance of a new Series or with the Available Principal Collections with respect to such Transfer Date. The amounts so deposited shall be applied on the Expected Principal Payment Date pursuant to
subsection 4.04(c) as if the commencement of the Accumulation Period had not been suspended. The Qualified Maturity Agreement may require that during the period when the Accumulation Period is suspended, upon the occurrence of certain events,
Available Principal Collections will be deposited into the Principal Accumulation Account. 
 (c) Each Qualified Maturity
Agreement shall terminate at the close of business on the Expected Principal Payment Date; provided, however, that Servicer may terminate a Qualified Maturity Agreement prior to such Distribution Date, with notice to each Rating Agency, if
(i) the Available Reserve Account Amount equals the Required Reserve Account Amount and (ii) one of the following events occurs: (A) Issuer obtains a substitute Qualified Maturity Agreement, (B) the provider of the Qualified
Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution and Issuer is unable to obtain a substitute Qualified Maturity Agreement, (C) a Pay Out Event occurs or (D) an event which may be declared to be a Pay Out
Event occurs, whether or not it is declared. In addition, if the available Reserve Account Amount equals the Required Reserve Account Amount, Servicer may terminate a Qualified Maturity Agreement prior to the later of (1) the date on which the
Accumulation Period was scheduled to begin, before giving effect to the suspension of the Accumulation Period, and (2) the date to which the commencement of the Accumulation Period is postponed pursuant to Section 4.13 (as determined on
the Determination Date preceding the date of such termination), in which case the commencement of the Accumulation Period shall be determined as if the commencement had not been postponed. In the event that the provider of a Qualified Maturity
Agreement ceases to qualify as a Qualified Maturity Agreement Institution, Servicer shall use its best efforts to obtain a substitute Qualified Maturity Agreement, unless a substitute Qualified Maturity Agreement is not required for any of the
reasons listed in this subsection (c). 
 (d) If a Qualified Maturity Agreement is terminated prior to the earlier of
the Expected Principal Payment Date and the commencement of the Rapid Amortization Period and Issuer does not obtain a substitute Qualified Maturity Agreement, the Accumulation Period shall commence on the latest of (i) the beginning of
business on 

  
 33 

 
[            ], 20[    ], (ii) the date to which the commencement of the Accumulation Period is
postponed pursuant to Section 4.l4 (as determined on the date of such termination) and (iii) the first day of the Monthly Period following the date of such termination. The Issuer shall notify the Rating Agencies if it intends to terminate
a Qualified Maturity Agreement prior to the Expected Principal Payment Date. 
 Section 4.15. Determination of LIBOR. 

(a) On each LIBOR Determination Date in respect of an Interest Period, Indenture Trustee shall determine LIBOR on the basis of
the rate for deposits in United States dollars for a period of the Designated Maturity which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If such rate does not appear on Reuters Screen LIBOR01 Page,
the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in
the London interbank market for a period of the Designated Maturity. Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are
provided, the rate for that Interest Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that Interest Period will be the arithmetic mean of the rates quoted by
major banks in New York City, selected by Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period of the Designated Maturity. 

(b) The Class A Note Interest Rate, Class B Note Interest Rate and Class C Note Interest Rate applicable to the
then current and the immediately preceding Interest Periods may be obtained by telephoning Indenture Trustee at its Corporate Trust Office at [(    )            ] or
such other telephone number as shall be designated by Indenture Trustee for such purpose by prior written notice by Indenture Trustee to each
Series [201  -    ] Noteholder from time to time. 

(c) On each LIBOR Determination Date, Indenture Trustee shall send to Servicer by facsimile transmission, notification of LIBOR
for the following Interest Period.] 
 Section 4.16. Interchange. On or prior to each Determination Date, Transferor shall cause
FNBO to notify Servicer of the amount of Interchange to be included as Finance Charge Collections allocable to the Series [201  -    ] Notes with respect to the
Related Monthly Period, which amount shall be equal to the product of: 
 (a) the total amount of Interchange paid or payable
to FNBO with respect to such Related Monthly Period; 
 (b) a fraction the numerator of which is the volume during the
Related Monthly Period of sales net of cash advances on the Accounts and the denominator of which is the amount of sales net of cash advances during the Related Monthly Period on all VISA and MasterCard accounts owned by FNBO; and 

  
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 (c) the Allocation Percentage for Finance Charge Collections with respect to such
Related Monthly Period. 
 On each Transfer Date, Transferor shall pay to Servicer, and Servicer shall deposit into the Finance Charge Account, in
immediately available funds, an amount equal to the Interchange to be so included as Finance Charge Collections allocable to the Series [201  -    ] Notes with
respect to the Related Monthly Period. Transferor hereby assigns, sets over, conveys, pledges and grants a security interest and lien to Indenture Trustee for the benefit of the
Series [201  -    ] Noteholders its security interest in Interchange and the proceeds of Interchange, as set forth in this Section 4.16. In connection with
the foregoing grant of a security interest, this Indenture Supplement shall constitute a security agreement under applicable law. To the extent that an Indenture Supplement for a related Series, other than Series [201  -    ], assigns, sets over, conveys, pledges or grants a security interest in Interchange allocable to the Trust, all Notes of any such Series (except that any Series may be subordinated
to the Series [201  -    ] Notes to the extent specified in any such Indenture Supplement) and the Series [201  -    ] Notes shall rank pari passu and be equally and ratably entitled in accordance with their respective allocation percentages for Finance Charge Collections as provided herein
to the benefits of such Interchange without preference or priority on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Indenture Supplement and other related Indenture
Supplements. 
 Section 4.17. Foreign Accounts. So long as any
Series [201  -    ] Notes are Outstanding, Receivables arising in Foreign Accounts shall constitute Eligible Receivables for all purposes except that, to the
extent that such Receivables exceed 1% (or any higher percentage as to which the Rating Agency Condition has been met) of the aggregate Principal Receivables as of the most recently ended Monthly Period, such Receivables may not be counted for
purposes of determining compliance with the tests for the Minimum Transferor Interest and the Minimum Aggregate Principal Receivables. 

Section 4.18. [Pre-Funding Account].  

(a) [Transferor shall on the Closing Date deposit into the Pre-Funding Account the Initial Pre-Funded Amount from the proceeds
of the sale of the Series [201  -    ] Notes. On each Transfer Date, Indenture Trustee, acting in accordance with written instructions from Servicer, shall withdraw
from the Pre-Funding Account and deposit into the Finance Charge Account all Investment Earnings on the Pre-Funded Amount with respect to the prior Monthly Period. Such Investment Earnings shall be deemed to be Finance Charge Collections allocated
to Series [201  -    ]. Investment Earnings on funds on deposit in the Pre-Funding Account shall not be considered part of the Pre-Funded Amount for purposes of this Indenture Supplement. 

(b) Funds on deposit in the Pre-Funding Account on the Closing Date and thereafter shall be invested in Permitted Investments
that will mature so that such funds will be available for withdrawal on or prior to the Business Day preceding the next increase in the Collateral Amount pursuant to subsection 4.18(d) or, if earlier, on the next succeeding Transfer Date. 

  
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 (c) If the Pre-Funded Amount exceeds zero at the end of the Funding Period, on
the first Distribution Date on or after the last day of the Funding Period, Servicer shall apply or shall cause Indenture Trustee to apply the Pre-Funded Amount to the payment by Indenture Trustee of principal on the Notes [on a pro rata basis based
on the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance.] 

(d) On each Distribution Date during the Funding Period, the Initial Collateral Amount shall increase to the extent that the
Transferor Interest will not be less than the Minimum Transferor Interest on such date (in each case after giving effect to all changes to occur on that date, including the change resulting from the operation of this Section 4.18); provided,
however, that the Initial Collateral Amount shall in no event exceed the Note Principal Balance. Upon any increase in the Initial Collateral Amount pursuant to this Section 4.18, Servicer shall instruct Indenture Trustee in writing to withdraw
from the Pre-Funding Account and pay to the Holder of the Transferor Interest no later than the next succeeding Business Day an amount equal to the amount of such increase in the Initial Collateral Amount.] 

Section 4.19. Asset Representations Review Triggers. 

(a) Delinquency Trigger. Transferor, on behalf of Issuer, shall provide written notice to Indenture Trustee and
disclose the occurrence of a Delinquency Trigger in the distribution report on Form 10-D relating to the Monthly Period in which the Delinquency Trigger occurred. 

(b) Adjustment of Delinquency Trigger Rate. Transferor shall review and may adjust the Delinquency Trigger Rate
upon the occurrence of any of the following events: 
 (i) the filing of a new registration statement with the Commission relating to any
Notes to be offered and sold from time to time by Issuer; or 
 (ii) a change in law or regulation (including any new or revised
interpretation of an existing law or regulation) that, in Transferor’s judgment, could reasonably be expected to have a material effect on the delinquency rate for Obligor payments on the Accounts or the manner by which delinquencies are
defined or determined; provided, however, that for so long as a Delinquency Trigger has occurred and is continuing, a review of the Delinquency Trigger Rate that would otherwise be required as specified above will be delayed until the date on which
Transferor shall, on behalf of Issuer, report in the applicable distribution report on Form 10-D that the Delinquency Trigger is no longer continuing. 

In case of a review of the Delinquency Trigger Rate undertaken upon the occurrence of an event described in subsection 4.19(b)(i) above,
Transferor may increase or decrease the Delinquency Trigger Rate by any amount it reasonably determines to be appropriate based upon the composition of the Receivables at the time of the review. For the

  
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avoidance of doubt and with respect to subsection 4.19(b)(i) above, the Delinquency Trigger Rate may be reviewed and adjusted upon the filing of a new shelf registration and not upon the filing
of a post-effective amendment to a prior shelf filing. In the case of a review undertaken upon the occurrence of an event described in subsection 4.19(b)(ii) above, Transferor may increase or decrease the Delinquency Trigger Rate by any amount it
reasonably determines to be appropriate as a result of the related change in law or regulation (including any new or revised interpretation of an existing law or regulation). 

(c) Disclosure of Adjusted Delinquency Trigger Rate on Form 10-D. Transferor shall, on behalf of Issuer, disclose
the Delinquency Trigger Rate, as adjusted, in the distribution report on Form 10-D for the Monthly Period in which such adjustment occurs, which report shall also include a description of how the adjusted Delinquency Trigger Rate was deemed to be
appropriate pursuant to Section 3.11(a)(iii) of the Transfer and Servicing Agreement. 
 (d)
Noteholder Action to Initiate an Asset Representations Review.  
 (i) Within 90 days following the
date upon which Transferor discloses, on behalf of Issuer, the occurrence of a Delinquency Trigger on a distribution report on Form 10-D, the Noteholders holding at least 5% of the Outstanding Amount of all Series of Notes Outstanding as of the date
of the Form 10-D filing, may submit a written petition to Indenture Trustee directing that a vote be taken on whether to initiate an Asset Representations Review. Such written petition shall specify the related Delinquency Trigger and Form 10-D
filing that gave rise to the Noteholders’ direction. For the avoidance of doubt, as long as a Delinquency Trigger has occurred and is continuing, a new 90-day petition period shall commence each month, beginning on the date on which Transferor
discloses in the related distribution report on Form 10-D that the Delinquency Trigger is continuing. 
 (ii) If the
requisite number of Noteholders submit a written petition to Indenture Trustee directing that a vote be taken in accordance with subsection 4.19(d)(i) above, Indenture Trustee shall (A) promptly provide written notice of such direction to all
Noteholders of Outstanding Notes at their addresses appearing in the Note Register and (B) conduct a solicitation of votes of all Noteholders of Outstanding Notes to initiate an Asset Representations Review, which solicitation of votes shall
remain open for a 90-day period which begins upon the date Indenture Trustee provided notice of the direction to the Noteholders. [With respect to Outstanding Notes that are Book-Entry Notes held through DTC, Indenture Trustee shall conduct the vote
pursuant to the voting guidelines promulgated by DTC relating to Notes registered in the name of its nominee, as described in clause (iii) of this subsection 4.19(d) below.][With respect to Outstanding Notes that are Book-Entry Notes held
through a Clearing Agency other than DTC or a Foreign Clearing Agency, Indenture Trustee shall conduct the vote pursuant to the voting guidelines promulgated by such Clearing Agency or Foreign Clearing Agency.] 

  
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 (iii) [With respect to Outstanding Notes which are Book-Entry Notes held through
DTC, DTC uses a proxy service for voting purposes. Once DTC is notified, it creates an electronic proxy. DTC transfers the right to vote with respect to the related securities via the proxy to the DTC participants that hold positions with respect to
the securities in question as of the record date. A DTC participant is responsible for informing the beneficial owner of any action that requires a vote. The beneficial owner instructs the DTC participant via a proxy card or voting instruction form
how to vote their interest, and the DTC participant then casts the vote in accordance with the instructions from the beneficial owner.][Reserved.]  

(iv) If a vote in which an Asset Review Quorum participates occurs within the 90-day period pursuant to subjection 4.19(d)(ii)
above and the Noteholders holding more than 50% of the Outstanding Amount of all Notes casting a vote direct that an Asset Representations Review be undertaken (the “Review Satisfaction Date”), then Indenture Trustee shall promptly provide
a Review Notice to Transferor, Servicer and all Noteholders of Outstanding Notes in the same manner described above. For the purpose of determining whether the requisite percentage of Noteholders have given any direction, notice or consent under
this Section 4.19: 
 (A) any Notes which Indenture Trustee knows are owned by Issuer, FNBO, Servicer, Transferor, any
other Holder of the Transferor Interest, the Asset Representations Reviewer or any of their respective Affiliates will be disregarded and deemed not to be Outstanding, 

(B) any Notes so owned that have been pledged in good faith will not be disregarded and may be regarded as Outstanding if the
pledgee establishes to Indenture Trustee’s satisfaction the pledgee’s right so to act with respect to such Notes and that the pledgee is the Issuer, FNBO, Servicer, Transferor, any other Holder of the Transferor Interest, the Asset
Representations Reviewer or an Affiliate of any of Issuer, FNBO, Servicer, Transferor, any other Holder of the Transferor Interest or the Asset Representations Reviewer; and 

(C) if any Noteholder who is not a record holder as reflected on the Note Register seeks to give a direction, notice or
consent, Indenture Trustee shall require such Noteholder to provide verification documents to confirm that it is a Verified Note Owner. 

(v) Upon receipt of a Review Notice from Indenture Trustee as specified in subsection 4.19(d)(iv) above, Servicer will promptly
provide a copy of the Review Notice to the Asset Representations Reviewer and an Asset Representations Review will commence in accordance with the terms of the Asset Representations Review Agreement. In addition, Transferor will include, in the
Issuer’s distribution report on Form 10-D relating to the Monthly Period in which a vote described in subsection 4.19(d)(ii) above has occurred, a description of the events which occurred during such Monthly Period that triggered the Asset
Representations Review pursuant to Section 3.11(a)(iv)(A) of the Transfer and Servicing Agreement. 

  
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 (e) Certain Restrictions Relating to Petitions, Votes and Asset
Representations Reviews. Notwithstanding any provisions of this Section 4.19 to the contrary, and subject to additional requirements and conditions set forth in this Section 4.19, for so long as a petition to direct that a vote be
taken, a vote itself, or an Asset Representations Review is underway in accordance with subsection 4.19(d)(i) above, subsection 4.19(d)(ii) above or the terms of the Asset Representations Review Agreement, respectively, the requisite number of
Noteholders may not initiate another petition, vote or Asset Representations Review unless and until such prior petition, vote or Asset Representations Review is completed. For the purposes of this subsection 4.19(e): 

(i) a petition will be considered completed only (A) if the petition does not result in a vote, (B) if a vote occurs,
such vote does not result in an Asset Representations Review or (C) if an Asset Representations Review occurs, at such time as Transferor, on behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting
forth the findings of its Asset Representations Review in a distribution report on Form 10-D in accordance with the terms of the Asset Representations Review Agreement; 

(ii) a vote will be considered completed only (A) if the vote does not result in an Asset Representations Review or
(B) if an Asset Representations Review occurs, at such time as Transferor, on behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting forth the findings of its Asset Representations Review in a
distribution report on Form 10-D in accordance with the terms of the Asset Representations Review Agreement; and 
 (iii) an
Asset Representations Review will be considered completed only at such time as Transferor, on behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting forth the findings of its Asset Representations
Review in a distribution report on Form 10-D in accordance with the terms of the Asset Representations Review Agreement. 

(f) Cooperation with Asset Representations Reviewer. Each of Indenture Trustee, Transferor, Servicer and Issuer
hereby agrees to cooperate with Asset Representations Reviewer in the event an Asset Representations Review is commenced pursuant to this Section 4.19 and the Asset Representations Review Agreement and shall provide Asset Representations
Reviewer with any documents or other information in its possession that is reasonably requested by Asset Representations Reviewer in connection with the Asset Representations Review. 

(g) Procedures following Completion of Asset Representations Review. Upon completion of an Asset Representations
Review undertaken in accordance with the 

  
 39 

 
terms of the Asset Representations Review Agreement, Transferor will review Asset Representations Reviewer’s findings and conclusions in its report relating to the Asset Representations
Review and make a determination whether any non-compliance with Pool Asset Representations identified in such report constitutes a breach of any contractual provision in the Transfer and Servicing Agreement or the Receivables Purchase Agreement, as
applicable. If Transferor determines that such breach has occurred, it will provide notice of such breach to Servicer, Indenture Trustee, Owner Trustee, RPA Seller, if applicable, and each Enhancement Provider, if any. 

(h) Resignation or Termination of Asset Representations Reviewer. If Asset Representations Reviewer gives notice
of its intent to resign or Servicer terminates the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the office of the Asset Representation Reviewer for any reason, (the
Asset Representations Reviewer in such event being referred to as the retiring Asset Representations Reviewer), Servicer shall engage and Issuer shall appoint a successor Asset Representations Reviewer in accordance with the provisions of the Asset
Representations Review Agreement. 
 (i) Expenses of Indenture Trustee; No Agency Relationship. Any expenses
incurred by Indenture Trustee in connection with a petition, a vote or an Asset Representations Review shall be subject to reimbursement pursuant to Section 6.07 of the Indenture. For the avoidance of doubt, nothing in this Indenture Supplement
should be construed to require Indenture Trustee to monitor the obligations or the actions of Asset Representations Reviewer or hold Indenture Trustee liable for the performance of Asset Representations Reviewer or the failure of Asset
Representations Reviewer to perform any obligation, duty or agreement in the manner or on the day required to be performed by Asset Representations Reviewer under the Asset Representations Review Agreement. 

Section 4.20. Appointment of Asset Representations Reviewer. Pursuant to the Asset Representations Review Agreement, Servicer has
engaged and Issuer has appointed [Name of Asset Representations Reviewer], [a [Name of State] [limited liability company] [corporation]], as the Asset Representations Reviewer to perform the obligations of the Asset Representations Reviewer set
forth therein and herein, respectively. Issuer hereby represents and warrants that the Asset Representations Reviewer (a) is not an Affiliate of FNBO, Transferor, Indenture Trustee or Owner Trustee and (b) has not been hired by FNBO to
perform any pre-closing due diligence work relating to the Receivables. 
 Section 4.21. Dispute Resolution. 

(a) Notice of the Requesting Party to Refer Matter to Third-Party Mediation or Third-Party Arbitration. 

(i) Repurchase Request Relating to the Transfer and Servicing Agreement. If any Receivable is subject to repurchase by
Transferor pursuant to Section 2.04 of the Transfer and Servicing Agreement and such repurchase is not resolved in accordance with the terms of the Transfer and Servicing Agreement, then Indenture Trustee (at the direction of any
Series [201  -    ] Noteholder or any 

  
 40 

 
Verified Note Owner), any Series [201  -    ] Noteholder or any Verified Note Owner (a “Requesting
Party”) may submit, to Transferor (a “Representing Party”), a written notice that the Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation and warranty (a “TSA “Repurchase
Request”) and if such TSA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such TSA Repurchase Request, then the
Requesting Party shall have the right to refer the matter, at its discretion, to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the dispute
resolution method selected by the Requesting Party. 
 (ii) Repurchase Request Relating to the Receivables Purchase
Agreement. If any Receivable is subject to repurchase by RPA Seller pursuant to Section 6.01 or Section 6.02 of the Receivables Purchase Agreement, as applicable, and such repurchase is not resolved in accordance with the terms of the
Receivables Purchase Agreement, then Transferor, Indenture Trustee (at the direction of any Series [201  -    ] Noteholder or any Verified Note Owner), any
Series [201  -    ] Noteholder or any Verified Note Owner (a “Requesting Party”) may submit to RPA Seller (a “Representing Party”), a
written notice that the Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation and warranty (a “RPA Repurchase Request”) and if such RPA Repurchase Request has not been fulfilled or
otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such RPA Repurchase Request, then the Requesting Party shall have the right to refer the matter, at its discretion,
to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the dispute resolution method selected by the Requesting Party. 

For the purposes of this Section 4.21, subsection 4.21(a)(iii), (iv), (v) and (vi), subsection 4.21(b), subsection 4.21(c) and
subsection 4.21(d) apply to subsection 4.21(a)(i) and subsection 4.21(a)(ii), as applicable. Hereafter, the defined term “Repurchase Request” refers to either a TSA Repurchase Request or a RPA Repurchase Request, as the context requires.

 (iii) At the end of the 180-day period described above, the Representing Party may provide notice informing the Requesting
Party of the status of its Repurchase Request or, in the absence of such notice, the Requesting Party may presume its Repurchase Request remains unresolved. 

(iv) The Requesting Party must provide written notice of its intention to refer the matter to either third-party mediation
(including non-binding arbitration) or third-party binding arbitration to the Representing Party within 30 calendar days following such 180th day. 

  
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 (v) Dispute resolution to resolve repurchase obligations will be available to the
Requesting Party regardless of whether the requisite percentage of Noteholders voted to direct an Asset Representations Review or whether the Delinquency Trigger has occurred. 

(vi) To the extent a Series [201  -    ]
Note Owner is a Requesting Party, the Series [201  -    ] Note Owner must be a Verified Note Owner. The Series
[201  -    ] Note Owner shall submit a copy of its Repurchase Request and the verification documentation specified in Article II of this Indenture Supplement under
the defined term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner has provided Indenture Trustee with evidence that it is a Verified Note Owner and shall provide such evidence to the
Issuer. 
 (b) Provisions Applicable to Third-Party Mediation. If the Requesting Party selects third-party
mediation as the resolution method, the following provisions apply: 
 (i) The mediation will be administered by the AAA
pursuant to the Rules. However, if any of the Rules are inconsistent with the procedures applicable to third-party mediation or third-party arbitration in this Section 4.21, the procedures in this Section 4.21 shall control. 

(ii) The mediator must be a Qualified Dispute Resolution Professional. Upon being supplied a list, by the AAA, of at least ten
potential mediators that are each Qualified Dispute Resolution Professionals, each of the Requesting Party and the Representing Party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential
mediators in order of preference. The AAA will select the mediator from the remaining potential mediators on the list, respecting the preference choices of the parties to the extent possible. 

(iii) Each of the Requesting Party and the Representing Party will use commercially reasonable efforts to begin the mediation
within 10 Business Days of the selection of the mediator and to conclude the mediation within 30 days of the start of the mediation. 

(iv) The fees and expenses of the mediation (including the fees of the mediator and reasonable attorneys’ fees of the
parties) will be allocated as mutually agreed by the Requesting Party and the Representing Party as part of the mediation. 

(v) A failure by the Requesting Party and the Representing Party to resolve the disputed matter through mediation shall not
preclude either party from seeking a resolution through the initiation of a judicial proceeding in a court of competent jurisdiction, subject to subsection 4.21(d) below. 

  
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 (c) Provisions Applicable to Third-Party Arbitration. If the
Requesting Party selects third-party arbitration as the resolution method, the following provisions will apply: 
 (i) The
arbitration will be held in accordance with the United States Arbitration Act, notwithstanding any choice of law provision in the Indenture, and under the auspices of the AAA and in accordance with the Rules. However, if any of the Rules are
inconsistent with the procedures applicable to third-party arbitration in this Section 4.21, the procedures in this Section 4.21 shall control. 

(ii) If the Repurchase Request involves the repurchase of an aggregate amount of Receivables of less than five percent
(5%) of the total Principal Receivables in the Trust as of the date of the Repurchase Request, a single arbitrator will be used. That arbitrator must be a Qualified Dispute Resolution Professional. Upon being supplied a list of at least ten
potential arbitrators that are each Qualified Dispute Resolution Professionals by the AAA, each of the Requesting Party and the Representing Party (as defined below) will have to the right to exercise two peremptory challenges within 14 days and to
rank the remaining potential arbitrators in order of preference. The AAA will select the arbitrator from the remaining potential arbitrators on the list, respecting the preference choices of the parties to the extent possible. 

(iii) If the Repurchase Request involves the repurchase of an aggregate amount of Receivables equal to or in excess of five
percent (5%) of the total Principal Receivables in the Trust as of the date of the Repurchase Request, a three-arbitrator panel will be used. The arbitral panel will consist of three Qualified Dispute Resolution Professionals, (a) one to
be appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of arbitration, (b) one to be appointed by the Representing Party within five Business Days of the Requesting
Party’s appointment of an arbitrator, and (c) the third arbitrator, who will preside over the arbitral panel, to be chosen by the two party-appointed arbitrators, within five Business Days of the Representing Party’s appointment of an
arbitrator. If any party fails to appoint an arbitrator or the two party-arbitrators fail to appoint a third within the relevant time periods, then the appointments will be made by the AAA pursuant to the Rules. 

(iv) Each arbitrator selected for any arbitration will abide by the Code of Ethics for Arbitrators in Commercial Disputes in
effect at the time the arbitration is initiated. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of
the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias, conflict of interest or other serious potential for conflict. 

  
 43 

 (v) The Requesting Party and Representing Party each agree that it is their
intention that after consulting with the parties, the arbitrator or arbitral panel, as applicable, will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the
proceeding and completing the arbitration within 30 days after the appointment of the arbitrator or arbitral panel, as applicable. The arbitrator or the arbitral panel, as applicable, will have the authority to schedule, hear and determine any and
all motions, including dispositive and discovery motions, in accordance with New York law then in effect (including prehearings and post hearing motions), and will do so on the motion of any party to the arbitration. Notwithstanding any other
discovery that may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be limited to the following discovery in the arbitration: 

(A) Consistent with the expedited nature of arbitration, the Requesting Party and the Representing Party will, upon the
written request of the other party, promptly provide the other with copies of documents relevant to the issues raised by any claim or counterclaim on which the producing party may rely in support of or opposition to the claim or defense. 

(B) At the request of a party, the arbitrator or the arbitral panel, as applicable, shall have the discretion to order
examination by deposition of witnesses to the extent the arbitrator or the arbitral panel deems such additional discovery relevant and appropriate. Depositions shall be limited to a maximum of three (3) per party and shall be held within thirty
(30) calendar days of the making of the request. Additional depositions may be scheduled only with the permission of the arbitrator or the arbitral panel, and for good cause shown. Each deposition shall be limited to a maximum of three
(3) hours duration. All objections are served for the arbitration hearing except for objections based on privilege and proprietary or confidential information. 

(C) Any dispute regarding discovery, or the relevance or scope thereof, shall be determined by the arbitrator or the arbitral
panel, which determination shall be conclusive. 
 (D) All discovery shall be completed within sixty (60) calendar days
following the appointment of the arbitrator or the arbitral panel, as applicable; provided, that the arbitrator or the arbitral panel, as applicable, will have the ability to grant the parties, or either of them, additional discovery to the extent
the arbitrator or the arbitral panel, as applicable, determines good cause is shown that such additional discovery is reasonable and necessary. 

(vi) The Requesting Party and the Representing Party each agree that it is their intention that the arbitrator or the arbitral
panel, as applicable, will resolve 

  
 44 

 
the dispute in accordance with the terms of the Transfer and Servicing Agreement or the Receivables Purchase Agreement, as applicable, and may not modify the Transfer and Servicing Agreement or
the Receivables Purchase Agreement, as applicable, in any way. The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive damages or consequential damages in any arbitration conducted. The Requesting Party and the
Representing Party each agree that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine and award the costs of the arbitration (including the fees of the arbitrator or the arbitral panel, as applicable, the
cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator or the arbitral panel, as applicable, in its reasonable discretion. For the avoidance of
doubt, in no event will Indenture Trustee (when acting as Requesting Party at the direction of Series [201  -    ] Noteholders) be liable in its individual capacity for such costs. The determination of the
arbitrator or the arbitral panel, as applicable, must be consistent with Sections 4.03 and 9.13 of the Transfer and Servicing Agreement or Sections 6.01 or 6.02, as applicable, of the Receivables Purchase Agreement, as the case may be, and will be
in writing and counterpart copies will be promptly delivered to the parties. The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the arbitral panel, as applicable, upon the motion
and at the expense of either party. Following that single reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered in and may be enforce in, any court of competent
jurisdiction, except in the case of fraud or corruption of the process. 
 (vii) By selecting third-party binding
arbitration, the Requesting Party is giving up the right to sue in court, including the right to trial by jury. 
 (viii) No
Person may bring a putative or certified class action to arbitration. 
 (d) Provisions Applicable to Third-Party
Mediations and Third-Party Arbitrations. The following provisions will apply to both third-party mediations and third party arbitrations: 

(i) Any mediation or arbitration will be held in New York, New York. 

(ii) Notwithstanding the dispute resolution provisions in this Section 4.21, the parties will have the right to seek a
temporary restraining order, a preliminary injunction or attachment order from a competent court of law, provided such relief would otherwise be available by law. 

(iii) The details and/or the existence of any unfulfilled Repurchase Request, any informal meetings, mediations or arbitration
proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase 

  
 45 

 
request, and any discovery undertaken in connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration
or litigation, or other proceeding; provided, however, that any discovery taken in connection with any arbitration will be admissible in that particular arbitration. Such information will be kept strictly confidential and will not be disclosed or
discussed with any third party (excluding a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with the related resolution procedure), except as otherwise 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. Any third party who receives confidential information (other than a
governmental regulatory body) must, at the conclusion of the proceedings, submit an affidavit that all such confidential information and any copies thereof were destroyed in a manner to protect such information from any subsequent disclosure. 

Section 4.22. Investor Communication.  

(a) Following receipt of a written request by either Issuer or Indenture Trustee during any Monthly Period (or
receipt of written notice from Transferor that Transferor has received such a written request) from a Series [201  -    ] Noteholder or a Series
[201  -    ] Note Owner (subject to the provisions of subsection 4.22(b)) seeking to communicate with other Noteholders or Note Owners regarding the exercising their contractual rights under the terms of
the Transaction Documents, either Issuer or Indenture Trustee shall provide a copy of the request to the other and Indenture Trustee shall notify Transferor of any such request received by Issuer or Indenture Trustee. Issuer shall cause Transferor
to include in the distribution report on Form 10-D relating to the Monthly Period in which the request was received: (a) the name of the Series [201  -    ] Noteholder or Series
[201  -    ] Note Owner, as applicable, delivering such request; (b) the date upon which the request was received; (c) a statement to the effect that Issuer, Indenture Trustee or Transferor, as
applicable, has in fact received such a request from a Series [201  -    ] Noteholder or a Series [201  -    ] Note
Owner, as applicable, and that such Series [201  -    ] Noteholder or Series [201  -    ] Note Owner, as applicable, is interested in communicating with other
Noteholders or Note Owners with regard to the possible exercise of rights under the Transaction Documents; and (d) a description of the method that other Noteholders or Note Owners may use to contact the requesting Series
[201  -    ] Noteholder or Series [201  -    ] Note Owner, as applicable. 

(b) If Issuer, Indenture Trustee or Transferor receives such request from a Series
[201  -    ] Note Owner, each of Issuer, Indenture Trustee and Transferor are entitled to verify that such Series [201  -    ] Note Owner is a Verified Note
Owner prior to Transferor’s inclusion of any request from such Series [201  -    ] Note Owner in any distribution report on Form 10-D. Such Series
[201  -    ] Note Owner shall submit the verification documents specified in Article II of this Indenture Supplement under the 

  
 46 

 
defined term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner has provided Indenture Trustee with evidence that it is a Verified
Note Owner and shall provide such evidence to the Issuer. All expenses relating to investor communication requests shall be paid by the Servicer from its own funds. 

ARTICLE V 
 DELIVERY OF
NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS 
 Section 5.01. Delivery and Payment for the [201  -    ] Notes. Issuer shall execute and issue, and Indenture Trustee shall authenticate, the
Series [201  -    ] Notes in accordance with Section 2.03 of the Indenture. Indenture Trustee shall deliver the Series [201  -    ] Notes to or upon the written order of Issuer when so authenticated. 

Section 5.02. Distributions. 

(a) On each Distribution Date, Indenture Trustee shall distribute to each Class A Noteholder of record on the related
Record Date (other than as provided in Section 11.02 of the Indenture) such Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and that
are payable to the Class A Noteholders pursuant to this Indenture Supplement. 
 (b) On each Distribution Date,
Indenture Trustee shall distribute to each Class B Noteholder of record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such Class B Noteholder’s pro rata share of the amounts on deposit in
the Distribution Account that are allocated and available on such Distribution Date and that are payable to the Class B Noteholders pursuant to this Indenture Supplement. 

(c) On each Distribution Date, Indenture Trustee shall distribute to each Class C Noteholder of record on the related
Record Date (other than as provided in Section 11.02 of the Indenture) such Class C Noteholder’s pro rata share of the amounts on deposit in the Distribution Account (including amounts withdrawn from the Spread Account at the times
and in the amounts specified in Section 4.11) that are allocated and available on such Distribution Date and that are payable to the Class C Noteholders pursuant to this Indenture Supplement. 

(d) The distributions to be made pursuant to this Section 5.02 are subject to the provisions of Sections 6.01 and
7.01 of the Transfer and Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this Indenture Supplement. 

(e) Except as provided in Section 11.02 of the Indenture with respect to a final distribution, distributions to
Series [201  -    ] Noteholders hereunder shall be made by (i) check mailed to each
Series [201  -    ] Noteholder (at such Noteholder’s address as it appears in the Note Register), except that for any Series [201  -    ] Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made by wire transfer of immediately available funds and (ii) without presentation
or surrender of any Series [201  -    ] Note or the making of any notation thereon. 

  
 47 

 Section 5.03. Reports and Statements to
Series [201  -    ] Noteholders. 
 (a) On each Distribution
Date, the Indenture Trustee shall forward to each Series [201  -    ] Noteholder a statement substantially in the form of Exhibit C prepared by Servicer. In addition, the Indenture Trustee shall make the
statement publicly available to the Series [201  -    ] Note Owners on its internet website. The Indenture Trustee’s website shall be initially located at http://www.usbank.com/abs or at such
other address as shall be specified by the Indenture Trustee to the Series [201  -    ] Noteholders, the parties to the Transaction Documents and the Issuer (who shall promptly notify the same to the
Rating Agencies, if any). Prior to obtaining access to the Indenture Trustee’s website, the Indenture Trustee may require each Series [201  -    ] Note Owner to register with the Indenture Trustee
using an electronic form available on the website. As part of the registration process, each Series [201  -    ] Note Owner may be required to accept such terms, conditions and disclaimers and provide such
certifications as the Indenture Trustee may, from time to time, require in accordance with its policies and procedures. The Indenture Trustee will make no representations or warranties as to the accuracy or completeness of information provided by it
that was based, in whole or in part, on information received from third parties, and will assume no responsibility for such information. The Indenture Trustee shall not be liable for the dissemination of information in accordance with the terms of
this Indenture Supplement. The Indenture Trustee will not be deemed to have knowledge of any information posted on its website solely by virtue of such posting. In addition, the Indenture Trustee may disclaim responsibility for any information for
which it is not the original source. Assistance in using the Indenture Trustee’s website may be obtained by calling its customer service desk at (866) 252-4360 and any Series [201  -    ]
Noteholder or Series [201  -    ] Note Owner with questions may direct them to the Indenture Trustee’s bondholder services group at (800) 934-6802. 

(b) Not later than the second Business Day preceding each Distribution Date, Servicer shall deliver to Owner Trustee, Indenture
Trustee, Paying Agent, any Enhancement Provider and each Rating Agency (i) a statement substantially in the form of Exhibit B prepared by Servicer and (ii) a certificate of an Authorized Officer substantially in the form of
Exhibit D; provided that Servicer may amend the form of Exhibit B from time to time, with the prior written consent of Indenture Trustee and provided further, that the information set forth in Section III of Exhibit B may be
provided once for all outstanding Series. 
 (c) A copy of each statement provided pursuant to paragraph (a) may be
obtained by any Series [201  -    ] Noteholder by a request in writing to Servicer. 

(d) On or before January 31 of each calendar year, beginning with January 31, [201  ], Indenture
Trustee shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series [201  -    ] Noteholder, a statement prepared by Servicer containing the
information which is required to be contained in the 

  
 48 

 
statement to Series [201  -    ] Noteholders, as set forth in paragraph (a) above, aggregated for such calendar year or the applicable
portion thereof during which such Person was a Series [201  -    ] Noteholder, together with other information as is required to be provided by an issuer of indebtedness under the Code. Such
obligation of Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by Servicer pursuant to any requirements of the Code as from time to time in effect. 

Section 5.04. [Annual Servicer’s Certificate.]  

[(a) For as long as Transferor is required to report under the Exchange Act and in order to comply with Item 1122(d) and
Item 1123 of Regulation AB, respectively, Servicer will provide the Servicing Criteria Compliance Report pursuant to Section 3.05(b) of the Transfer and Servicing Agreement and the Servicer Compliance Certificate pursuant to
Section 3.05 (a) of the Transfer and Servicing Agreement. To the extent Servicer is not obligated to provide the Servicing Criteria Compliance Report and the Servicer Compliance under the Transfer and Servicing Agreement, Servicer may, at
its option, continue to provide the Servicing Criteria Compliance Report and the Servicer Compliance Certificate, each, in the time and manner specified in Section 3.05 of the Transfer and Servicing Agreement or Servicer may provide, on an
annual basis, the certificate described in subsection 5.04(b). 
 (b) On or before March 31 of each calendar year,
Servicer will deliver to the Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency an Officer’s Certificate stating that (a) a review of the activities of Servicer during the
12-month period ending on December 31 of the prior calendar year, and of its performance under the Transfer and Servicing Agreement was made under the supervision of the officer signing such certificate,
(b) to the best of such officer’s knowledge based on such review, Servicer has fully performed all its obligations under the Transfer and Servicing Agreement throughout such period, or, if there has been a default in the performance of any
such obligation, specifying each such default known to such officer and the nature and status thereof, (c) during such period, for each outstanding Series, Servicer prepared the monthly items required by Section 3.04(b) of the Transfer and
Servicing Agreement and each other monthly report required by the applicable Indenture Supplement in accordance with Section 3.04(b) of the Transfer and Servicing Agreement and the applicable provisions of each such Indenture Supplement,
(d) the amounts included in such reports agree with the computer records of Servicer and (e) the calculated amounts included in such reports are mathematically correct and made in accordance with the applicable definitions in this the
Transfer and Servicing Agreement and the other applicable Transaction Documents (the “Annual Servicer Certificate.”) A copy of the Annual Servicer Certificate may be obtained by any Series
[201  -    ] Noteholder by a request in writing to Indenture Trustee addressed to the Corporate Trust Office. ] 

  
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 Section 5.05. [Annual Independent Accountants Servicing Report.] 

[(a) For as long as Transferor is required to report under the Exchange Act and in order to comply with Item 1123 of
Regulation AB, Servicer shall, pursuant to Section 3.06(a) of the Transfer and Servicing Agreement, provide to Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency, a copy of the attestation report specified in
Section 3.06(a) of the Transfer and Servicing Agreement. To the extent Servicer is not obligated to provide an attestation report under the Transfer and Servicing Agreement, Servicer may, at its option, continue to provide such attestation
report, in the time and manner specified in Section 3.06(a) of the Transfer and Servicing Agreement or Servicer may provide, on an annual basis, the accountants servicing report described in subsection 5.05(b). 

(b) On or before March 31 of each fiscal year, Servicer shall provide to Indenture Trustee, Owner Trustee, any Enhancement
Provider and each Rating Agency, a copy of the report required by 12 C.F.R. § 363.3(b) (or any comparable successor regulation) from a firm of nationally recognized independent certified public accountants (who may also render other
services to Servicer or Transferor) to the effect that, in accordance with attestation standards established by the American Institute of Certified Public Accountants, such firm has examined Servicer’s assertion that it maintained effective
internal accounting controls during the preceding calendar year, and that such firm is of the opinion that Servicer’s assertion is fairly stated in all material respects, based on the criteria established in “Internal
Control–Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. A copy of such report may be obtained by any Series [201  -    ] Noteholder by a
request in writing to Indenture Trustee addressed to the Corporate Trust Office. ] 
 ARTICLE VI 

SERIES [201  -    ] PAY OUT EVENTS 

If any one of the following events shall occur with respect to the Series [201  -    ] Notes:

 (a) failure on the part of Transferor (i) to make any payment or deposit required to be made by it by the terms of
the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five (5) Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to
observe or perform in any material respect any other of its covenants or agreements set forth in the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement, which failure has a material adverse effect on the
Series [201  -    ] Noteholders which continues unremedied for a period of sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to Transferor by Indenture Trustee, or to Transferor and Indenture Trustee by Holders of Series [201  -    ] Notes evidencing more than 25% of the Note Principal Balance and which
continues to materially and adversely affect the interest of the Series [201  -    ] Noteholders; 

  
 50 

 (b) any representation or warranty made by Transferor under the Transfer and
Servicing Agreement, or any supplement to either of them, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after
the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Transferor by Indenture Trustee, or to Transferor and Indenture Trustee by Holders of
Series [201  -    ] Notes evidencing more than 25% of the Note Principal Balance and as a result of which the interests of the Noteholders are materially and adversely affected and continue to be
materially and adversely affected for such period; provided, however, that a Series [201  -    ] Pay Out Event pursuant to this subsection (b) of Article VI shall not be deemed to have
occurred hereunder if Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing Agreement; 

(c) a failure by Transferor to convey Receivables arising under Additional Accounts to the Trust within
five (5) Business Days after the day on which it is required to convey such Receivables pursuant to subsection 2.06(a) of the Transfer and Servicing Agreement provided that such failure shall not give rise to a Pay Out Event if, prior
to the date on which such conveyance was required to be completed, Transferor causes a reduction in the invested amount of any Variable Interest to occur, so that, after giving effect to that reduction, the Transferor Interest is not less than the
Minimum Transferor Interest and the Aggregate Principal Receivables are not less than the Minimum Aggregate Principal Receivables; 

(d) any Servicer Default shall occur that would have a material adverse effect on the
Series [201  -    ] Noteholders; 
 (e) the Portfolio Yield averaged over
three consecutive Monthly Periods is less than the Base Rate averaged over such period; 
 (f) the Note Principal Balance
shall not be paid in full on the Expected Principal Payment Date; 
 (g) without limiting the foregoing, the occurrence of an
Event of Default with respect to Series [201  -    ] pursuant to Section 5.02 of the Indenture and acceleration of the maturity of the
Series [201  -    ] Notes pursuant to Section 5.03 of the Indenture; or 

(h) the occurrence of a Trust Pay Out Event as defined in the Indenture; 

then, in the case of any event described in subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs,
either Indenture Trustee or the holders of Series [201  -    ] Notes evidencing more than 50% of the aggregate unpaid principal amount of
Series [201  -    ] Notes by notice then given in writing to Transferor and Servicer (and to Indenture Trustee if given by the Series [201  -    ]
Noteholders) may declare that a “Series Pay Out Event” with respect to Series [201  -    ] (a “Series [201  -    ] Pay Out Event”)
has occurred as of the date of such notice, and, in the case of any event described in subsection (c), (e), (f), (g) or (h) a Series [201  -    ] Pay Out Event shall occur without any
notice or other action on the part of Indenture Trustee or the Series [201  -    ] Noteholders immediately upon the occurrence of such event. 

  
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 ARTICLE VII 

REDEMPTION; 
 FINAL
DISTRIBUTIONS; SERIES TERMINATION 
 Section 7.01. Optional Redemption of
Series [201  -    ] Notes; Final Distributions. 
 (a) On any day
occurring on or after the date on which the outstanding principal balance of the Series [201  -    ] Notes is reduced to 10% or less of the initial Note Principal Balance of the
Series [20    -    ] Notes, Servicer shall have the option to direct Transferor to redeem the Series [201  -    ] Notes, at a purchase price
equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. This option shall not
be exercisable if the purchase price (reduced by the amount on deposit in the Principal Accumulation Account available for distribution to Noteholders) exceeds the lesser of the estimated fair value, or the par value plus accrued interest, of a
portion of the Receivables in Eligible Accounts then designated to the Trust equal to the Collateral Amount. 
 (b) Servicer
shall give Indenture Trustee at least thirty (30) days’ prior written notice of the date on which Servicer intends to direct Transferor to make such optional redemption. Not later than 12:00 noon, New York City time, on such
day Transferor shall deposit into the Finance Charge Account and Principal Account, as applicable, in immediately available funds the excess of the Reassignment Amount over the amount, if any, on deposit in the Principal Accumulation Account. Such
redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Finance Charge Account and Principal Account in accordance with the foregoing, the Collateral Amount for
Series [201  -    ] shall be reduced to zero and the Series [201  -    ] Noteholders shall have no further security interest in the Receivables. The
Reassignment Amount shall be distributed as set forth in subsection 7.01(d). 
 (c) The amount to be paid by Transferor
with respect to Series [201  -    ] in connection with a reassignment of Receivables to Transferor pursuant to Section 2.04(e) of the Transfer and Servicing Agreement shall equal the Reassignment
Amount for the Distribution Date related to the Reassignment Date. 
 (d) With respect to (a) the Reassignment Amount
deposited into the Finance Charge Account and Principal Account pursuant to this Section 7.01 or (b) the proceeds of any sale of Receivables pursuant to Section 5.05(a)(iii) of the Indenture with respect to
Series [201  -    ], Indenture Trustee shall, in accordance with the written direction of Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make
distributions of the following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A
Note Principal Balance on such 

  
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Distribution Date will be distributed to the Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest Payment for such Distribution Date,
(B) any Class A Interest Shortfall for such Distribution Date and (C) the amount of Class A Default Interest, if any, for such Distribution Date and any Class A Default Interest previously due but not distributed to the
Class A Noteholders on any prior Distribution Date, will be distributed to the Class A Noteholders, (ii) (x) the Class B Note Principal Balance on such Distribution Date will be distributed to the Class B Noteholders
and (y) an amount equal to the sum of (A) Class B Monthly Interest Payment for such Distribution Date, (B) any Class B Interest Shortfall for such Distribution Date and (C) the amount of Class B Default Interest,
if any, for such Distribution Date and any Class B Default Interest previously due but not distributed to the Class B Noteholders on any prior Distribution Date, will be distributed to the Class B Noteholders, (iii) (x) the
Class C Note Principal Balance on such Distribution Date will be distributed to the Class C Noteholders and (y) an amount equal to the sum of (A) Class C Monthly Interest Payment for such Distribution Date, (B) any
Class C Interest Shortfall for such Distribution Date, (C) the amount of Class C Default Interest, if any, for such Distribution Date and any Class C Default Interest previously due but not distributed to the Class C
Noteholders on any prior Distribution Date will be distributed to the Class C Noteholders and (iv) any excess shall be released to Issuer. 

Section 7.02. Series Termination. On the Series [201  -    ] Final Maturity Date, the
unpaid principal amount of the Series [201  -    ] Notes shall be due and payable, and the right of the Series [201  -    ] Noteholders to receive
payments from Issuer will be limited solely to the right to receive payments pursuant to Section 5.05 of the Indenture. 
 ARTICLE
VIII 
 MISCELLANEOUS PROVISIONS 

Section 8.01. Ratification of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all
respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. This Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 10.01 or 10.02 of the Indenture. For purposes of the application of Section 10.02 to any amendment of this Indenture Supplement, the Series [201  -    ]
Noteholders shall be the only Noteholders whose vote shall be required. Notwithstanding the provisions of Section 10.02 of the Indenture and Section 9.01(b) of the Transfer and Servicing Agreement, this Indenture Supplement may be amended
to increase the Series Servicing Fee Percentage with the consent of the Holders of Notes representing more than 66 2⁄3% of the principal balance of each Class
of the Outstanding Series [201  -    ] Notes and upon compliance with the other provisions of such sections, as applicable, including satisfaction of the Series
Rating Agency Condition. 
 Section 8.02. Amendments to Asset Representations Review Agreement. The Indenture Trustee and each
Series [201  -    ] Noteholder, by its acceptance of a Series [201  -    ] Note, acknowledge that RPA Seller, Transferor, Servicer, Issuer and the
Asset Representations Reviewer may amend the Asset Representations Review Agreement, including the content of 

  
 53 

 
any exhibit or schedule to the Asset Representations Review Agreement, without the consent of the Indenture Trustee or any Holders of the
Series [201  -    ] Notes; provided that such amendment shall not, in the reasonable belief of Transferor, adversely affect in any material respect the interests of the
Series [201  -    ] Noteholders or Indenture Trustee (as evidenced by an Officer’s Certificate of Transferor delivered to Servicer and Indenture Trustee). 

Section 8.03. Form of Delivery of the Notes. [The Class A Notes, the Class B Notes and the Class C Notes shall be Book-Entry Notes and shall be delivered as Registered Notes to [U.S. Bank National Association], as agent for [DTC, Clearstream and Euroclear Bank S.A./N.V.], as provided in Sections 2.01, 2.03 and 2.12 of the
Indenture.] 
 or 
 The [Class A Notes]
[Class A Notes and Class B Notes] shall be Book-Entry Notes and shall be delivered to [U.S. Bank National Association], as agent for [DTC, Clearstream and Euroclear Bank S.A./N.V.], as provided in Sections 2.01, 2.03 and 2.12 of the Indenture.
The [Class B Notes and Class C Notes] [Class C Notes] shall be Definitive Notes and shall be registered in the Note Register in name of the initial purchaser or purchasers identified in the [applicable] Note Purchase Agreement.] 

Section 8.04. Counterparts. This Indenture Supplement may be executed in two or more counterparts, and by different parties on
separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 

Section 8.05. Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 8.06. Limitation of Liability. Notwithstanding any other provision herein or elsewhere, this Agreement has been executed
and delivered by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the
representations, warranties, or obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of Issuer, and for all purposes of this Agreement and each other document, Owner Trustee (as
such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

Section 8.07. Rights of Indenture Trustee. Indenture Trustee shall have herein the same rights, protections, indemnities and
immunities as specified in the Indenture. 
 Section 8.08. Additional Requirements for Registration of and Limitations on Transfer
and Exchange of Notes. [All transfers will be subject to the transfer restrictions set forth on the Notes.] 

  
 54 

 or 

[(a) All transfers will be subject to the transfer restrictions set forth in the Notes, as set forth as Exhibits A-1,
A-2 and A-3, as applicable. The [Class B Notes and Class C Notes] [Class C Notes] may be subject to additional transfer restrictions as set forth in the [applicable] Note Purchase Agreement. 

(b) The [Class B Notes and Class C Notes][Class C Notes] have not been, and will not be, registered under the Securities Act or
any state securities law. The [Class B Notes and the Class C Notes] [Class C Notes] will be offered and sold only to “accredited investors,” as defined in Rule 501 promulgated under the Securities Act, purchasing for their own accounts or
to an “accredited investor” purchasing for a single account (which is an institutional “accredited investor”) as to which the purchaser exercises sole investment discretion. No reoffer, resale, pledge or other transfer of any
[Class B Notes and Class C Notes] [Class C Notes] or any interest therein or participation thereof subsequent to the initial purchase from the Transferor will be made unless such resale or transfer is made pursuant to Rule 144A under the Securities
Act to a Person whom the seller of the [Class B Notes or Class C Notes] [Class C Notes] reasonably believes is a QIB purchasing for its own account or a QIB purchasing for the account of a QIB, whom the seller has informed, in each case, that the
reoffer, resale, pledge or other transfer is being made in reliance Rule 144A and Transferor delivers to Indenture Trustee a Certificate in the form of Exhibit E.] 

Section 8.09. Notices to Rating Agencies and Indenture Trustee. (a) Where this Indenture Supplement, the Indenture or any
other Transaction Agreement provides for notice to the Rating Agencies, such notice shall be sufficiently given to each Rating Agency (unless otherwise herein or therein expressly provided) if in writing and mailed by first class mail, postage
prepaid, or delivered by a national overnight courier service, or delivered by facsimile transmission to such mailing address or facsimile number as may be provided by such Rating Agency. 

(b) Where this Indenture Supplement, the Indenture or any other Transaction provides for notice to the Indenture Trustee, such
notice shall be sufficient for every purpose thereunder or hereunder if made, given, furnished or filed, in writing, by facsimile transmission, or by courier or overnight delivery to its Corporate Trust Office, or any other address or through other
means acceptable to Indenture Trustee previously furnished in writing in accordance with Section 12.04 of the Indenture. 
 [Remainder
of page intentionally left blank] 

  
 55 

 IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly executed and
delivered by their respective duly authorized officers on the day and year first above written. 
  

			
	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
		
	By	 	Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
		
	By	 	  

	Name	 	  

	Title	 	  

	
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By	 	  

	Name	 	  

	Title	 	  

  

			
	Acknowledged and Accepted:
	
	FIRST NATIONAL BANK OF OMAHA, as Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL FUNDING LLC, as Transferor
		
	By:	 	First National Funding Corporation,
		 	its Managing Member
		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT A-1 

FORM OF 
 CLASS A ASSET
BACKED NOTE, SERIES [201  -    ] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO 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 NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR
COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE
BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 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 FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY
OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 
 THE HOLDER OF THIS CLASS A NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER
(I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO
TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR A GOVERNMENTAL PLAN, NON U.S. PLAN OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE; OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CLASS A NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, NON U.S. PLAN OR CHURCH PLAN, A NON-EXEMPT VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW). 

			
	REGISTERED	  	                        $            
*
	No. R-                    	  	CUSIP NO.                    

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES [201  -    ]

 First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by the Second
Amended and Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions, the principal sum of
         DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the
[                    ] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid
principal amount of this Note at the Class A Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a
360-day year [of twelve 30-day months] [and the actual number of days elapsed.] Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to 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. 
 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 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 Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the
Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of
Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

 
  

	* 	Denominations of $[100,000] [1,000] and integral multiples of $1,000 in excess thereof. 

  
 A1-2 

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

 

			
	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
		
	By	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By	 	  

	Name	 	  

	Title	 	  

 Dated:             , 201[  ] 

  
 A1-3 

 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	 	  

  
 A1-4 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES [201  -    ]

 SUMMARY OF TERMS AND CONDITIONS 

This Class A Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust,
Series [201  -    ] (the “Series [201  -    ] Notes”), issued
under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as supplemented
by the Indenture Supplement dated as of [            ], 201[  ] (the “Indenture Supplement”), and representing the right to receive certain payments from
Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master 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 shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class B Notes and the Class C Notes will also be issued under the Indenture. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of Issuer allocated to the payment of this
Note for payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of Indenture Trustee 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 Indenture Trustee. 

THIS CLASS A NOTE REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE COLLATERAL UP TO THE COLLATERAL AMOUNT AND
ANY OTHER PORTION OF THE COLLATERAL THAT MAY BE AVAILABLE FOR YOUR SERIES OF NOTES UNDER THE INDENTURE. THIS CLASS A NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF
OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

THIS CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, 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. 

  
 A1-5 

 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:	 	

  
  

	**	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

  
 A1-6 

 EXHIBIT A-2 

FORM OF 
 CLASS B ASSET
BACKED NOTE, SERIES [201  -    ] 
 [UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO 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.] FOR USE IF CLASS B NOTE IS A BOOK-ENTRY NOTE.] 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS
PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.][FOR USE IF CLASS B NOTE IS ISSUED AS A DEFINITIVE NOTE AND
PRIVATELY-PLACED.] 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE
AGAINST FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR
ANY OF THE TRANSACTION DOCUMENTS. 
 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 FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS B NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT 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”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROVISIONS OF SECTION
406 OF ERISA OR SECTION 

 
4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR (V) A PERSON
INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 

  
 A2-2 

			
	REGISTERED	  	$            *
	No. R-                    	  	CUSIP NO.                     

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES [201  -    ]

 First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended
and Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to [Cede & Co., or registered
assigns][                    ], or its registered assigns], subject to the following provisions, the principal sum of
         DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the
[                    ] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid
principal amount of this Note at the Class B Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a
360-day year [of twelve 30-day months.] [and the actual number of days elapsed.] Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to 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. 
 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 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 Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the
Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of
Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

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. 
  
  

	*	Denominations of $[100,000] [1,000] and integral multiples of $1,000 in excess thereof. 

  
 A2-3 

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

 

			
	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
		
	By	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By	 	  

	Name	 	  

	Title	 	  

 Dated:             , 201[  ] 

  
 A2-4 

 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	 	  

  
 A2-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES [201  -    ]

 SUMMARY OF TERMS AND CONDITIONS 

This Class B Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust,
Series [201  -    ] (the “Series [201  -    ] Notes”), issued
under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as supplemented
by the Indenture Supplement dated as of [            ], 201[  ] (the “Indenture Supplement”), and representing the right to receive certain payments from
Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master 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 shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes and the Class C Notes will also be issued under the Indenture. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of Issuer allocated to the payment of this
Note for payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of Indenture Trustee 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 Indenture Trustee. 

THIS CLASS B NOTE REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE COLLATERAL UP TO THE COLLATERAL AMOUNT AND
ANY OTHER PORTION OF THE COLLATERAL THAT MAY BE AVAILABLE FOR YOUR SERIES OF NOTES UNDER THE INDENTURE. THIS CLASS B NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF
OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

THIS CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, 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. 

  
 A2-6 

 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:	 	

  
  

	**	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

  
 A2-7 

 EXHIBIT A-3 

FORM OF 
 CLASS C ASSET
BACKED NOTE, SERIES [201  -    ] 
 [UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO 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.][FOR USE IF CLASS C NOTE IS A BOOK-ENTRY NOTE.] 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS
PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.][FOR USE IF CLASS C NOTE IS ISSUED AS A DEFINITIVE NOTE AND
PRIVATELY-PLACED.] 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE
AGAINST FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR
ANY OF THE TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT 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”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROVISIONS OF SECTION
406 OF ERISA OR SECTION 

 
4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR (V) A PERSON
INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 

  
 A3-2 

			
	 REGISTERED
	  	$            *
	 No.
R-                    
	  	CUSIP NO.                     

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES [201  -    ]

 First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended
and Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to [Cede & Co., or registered
assigns][[                    ], or its registered assigns] , subject to the following provisions, the principal sum of
         DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the
[                    ] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid
principal amount of this Note at the Class C Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a
360-day year [of twelve 30-day months] [and the actual number of days elapsed.] Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to 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. 
 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 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 Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the
Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of
Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

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

	* 	Denominations of $[100,000][1,000] and integral multiples of $1,000 in excess thereof. 

  
 A3-3 

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

 

			
	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
		
	By	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By	 	  

	Name	 	  

	Title	 	  

 Dated:             , 201[  ] 

  
 A3-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By	 	  

		 	Authorized Signatory

 
			
		
	Dated	 	  

  
 A3-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES [201  -    ]

 SUMMARY OF TERMS AND CONDITIONS 

This Class C Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust,
Series [201  -    ] (the “Series [201  -    ] Notes”), issued
under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), as supplemented by
the Indenture Supplement dated as of [            ], 201[  ] (the “Indenture Supplement”), and representing the right to receive certain payments from
Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master 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 shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes and the Class B Notes will also be issued under the Indenture. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of Issuer allocated to the payment of this
Note for payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of Indenture Trustee 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 Indenture Trustee. 

THIS CLASS C NOTE REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE COLLATERAL UP TO THE COLLATERAL AMOUNT AND
ANY OTHER PORTION OF THE COLLATERAL THAT MAY BE AVAILABLE FOR YOUR SERIES OF NOTES UNDER THE INDENTURE. THIS CLASS C NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF
OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

THIS CLASS C NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, 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. 

  
 A3-6 

 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:

  
  

	** 	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

  
 A3-7 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO INDENTURE TRUSTEE 

FIRST NATIONAL MASTER NOTE TRUST 

SERIES [201  -    ] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer and First National
Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 A. Capitalized terms used in this
Certificate have their respective meanings set forth in the Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee
(“Indenture Trustee”), as supplemented by the Series [201  -    ] Indenture Supplement dated as of
[            ], 20[    ] between Issuer and Indenture Trustee (as amended and supplemented, the “Indenture Supplement”). 

B. FNBO is Servicer. 

C. The undersigned is an Authorized Officer of Servicer. 

I. INSTRUCTION TO MAKE [DEPOSITS AND] WITHDRAWALS ON THE TRANSFER DATE ON             ,
20    . 
 [From the aggregate Collections wired to the Indenture Trustee with respect to the Related Monthly
Period on the Transfer Date, the Indenture Trustee shall make deposits to the Series Accounts for Series [201  -    ] as follows: 

 

					
	 To the Finance Charge Account
	  	$	            	 
	 To the Principal Account
	  	$	            	  

 [TO BE USED IF SERVICER IS PERMITTED TO MAKE MONTHLY DEPOSITS PURSUANT TO THE TRANSFER AND SERVICING
AGREEMENT.] 
 Pursuant to Section 4.09, Servicer does hereby instruct Indenture Trustee to transfer from the Principal Accumulation
Account to the Finance Charge Account, the Principal Accumulation Investment Earnings on deposit in the Principal Accumulation Account, if any, [and the Investment Earnings on deposit in the Pre-Funding
Account] for application as Available Finance Charge Collections in the following amount[s] and to deposit Investment Earnings, if any, on the funds on deposit in the Principal Account, the Finance Charge Account and the Distribution Account to an
account designated by Servicer all on the Transfer Date specified above: 
  

					
	 Investment Earnings from Principal Accumulation Account to the Finance Charge Account
	  	$	            	 
		
	 [Investment Earnings from Pre-Funding Account to the
Finance Charge Account]
	  	$	            	  
		
	 Investment Earnings on Principal Account, Finance Charge Account and Distribution Account to the
order of Servicer
	  	$	            	  

 Pursuant to Section 4.10, Servicer does hereby instruct Indenture Trustee to withdraw funds
from the Reserve Account, and deposit such funds, all in accordance with Section 4.10, in the following amounts and on the Transfer Date specified above: 
  

					
	A.	  	Investment Earnings (to the extent not required for Required Reserve Account Amount) for deposit on the Transfer Date to Finance Charge Account pursuant to Section 4.10(b)	  	$            
			
	B.	  	On each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, the Reserve Draw Amount (reduced by amounts otherwise available under Section 4.04(a)(vii) for deposit to the Reserve Account on
such Transfer Date) for deposit into the Finance Charge Account pursuant to Section 4.10(d)	  	$            
			
	C.	  	Reserve Account Surplus, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to the Transfer Date, for deposit to the Spread Account to the extent required to meet Required Spread Account
Amount, pursuant to Section 4.10(e)	  	$            
			
	D.	  	Remaining Reserve Account Surplus, if any, for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(e)	  	$            

  
 B-2 

					
	E.	  	On (i) Transfer Date preceding Expected Principal Payment Date, (ii) first Transfer Date relating to Rapid Amortization Period or (iii) termination of the Trust pursuant to Article VII of the Trust Agreement,
after all payments set forth above, all remaining funds, for deposit to the Spread Account to the extent required to meet Required Spread Account Amount, pursuant to Section 4.10(f)	  	$            
			
	F.	  	After application pursuant to (E) above, all remaining funds for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(f)	  	$            

 Pursuant to Section 4.11, Servicer does hereby instruct Indenture Trustee to withdraw funds from the
Spread Account, and deposit such funds, all in accordance with Section 4.11, in the following amounts and on the Transfer Date specified above: 
  

					
	A.	  	On the earlier of the Series Termination Date and the day after acceleration of the Notes following an Event of Default, for deposit of the Available Spread Account Amount to the Distribution Account to pay principal, pursuant to
Section 4.11(e)	  	$            
			
	B.	  	On any Transfer Date, for deposit to the Distribution Account, pursuant to Section 4.11(c), to the extent required for the deposit to be made pursuant to subsection 4.04(a)(iv) (reduced by Available Finance Charge
Collections used for such deposit and using Investment Earnings on the Spread Account, if needed)	  	$            
			
	C.	  	When the Principal Balance of the Class A Notes and the Class B Notes has been paid in full, for deposit to the Distribution Account, pursuant to Section 4.11(d), to the extent required to reduce Class C Note
Principal Balance to zero, and using Investment Earnings on Spread Account, if needed	  	$            

  
 B-3 

					
	D.	  	On any Transfer Date, Investment Earning on the Spread Account, after application above, to the extent not required to maintain Required Spread Account Amount pursuant to subsection 4.11(f), for distribution to the Holder of
the Transferor Interest, pursuant to subsection 4.11(b)	  	$            
			
	E.	  	On any Transfer Date, after application above, excess over Required Spread Account Amount for deposit to the Finance Charge Account for application as Available Finance Charge Collections pursuant to subsection 4.11(g)	  	$            

 [INSERT INFORMATION FOR PRE-FUNDING ACCOUNT IF USED] 

Pursuant to Section 4.04, Servicer does hereby instruct Indenture Trustee (i) to make withdrawals from the Finance Charge Account on
the Transfer Date specified above, in an aggregate amount equal to the Available Finance Charge Collections, as set forth below and (ii) to apply the proceeds of such withdrawals in accordance with subsection 4.04(a): 

 

					
	A.	  	Pursuant to subsection 4.04(a)(i), for deposit to the Distribution Account:	  	
			
		  	Class A Monthly Interest Payment for the related Interest Period	  	$            
			
		  	Class A Interest Shortfall due to Class A Noteholders	  	$            
			
		  	Class A Default Interest for the related Distribution Date	  	$            
			
		  	Class A Default Interest previously due but not distributed to Class A Noteholders	  	$            
			
	B.	  	Pursuant to subsection 4.04(a)(ii), for deposit to the Distribution Account:	  	
			
		  	Class B Monthly Interest Payment for the related Interest Period	  	$            
			
		  	Class B Interest Shortfall due to Class B Noteholders	  	$            
			
		  	Class B Default Interest for the related Distribution Date	  	$            
			
		  	Class B Default Interest previously due but not distributed to Class B Noteholders	  	$            

  
 B-4 

					
	C.	  	Pursuant to subsection 4.04(a)(iii), for distribution to the Servicer:	  	
			
		  	Noteholder Servicing Fee for the related Distribution Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Distribution Date	  	$            
			
	D.	  	Pursuant to subsection 4.04(a)(iv), for deposit into the Distribution Account:	  	
			
		  	Class C Monthly Interest Payment for the preceding Interest Period	  	$            
			
		  	Class C Interest Shortfall due to Class C Noteholders	  	$            
			
		  	Class C Default Interest for the related Distribution Date	  	$            
			
		  	Class C Default Interest previously due but not distributed to Class C Noteholders	  	$            
			
	E.	  	Pursuant to subsection 4.04(a)(v), for deposit to the Principal Account:	  	
			
		  	Investor Default Amount to be treated as Available Principal Collections	  	$            
			
		  	Uncovered Dilution Amount for the related Distribution Date to be treated as Available Principal Collections	  	$            
			
	F.	  	Pursuant to subsection 4.04(a)(vi), for deposit to the Principal Account:	  	
			
		  	Investor Charge Offs and the amount of Reallocated Principal Collections not previously reimbursed to be treated as Available Principal Collections	  	$            
			
	G.	  	Pursuant to subsection 4.04(a)(vii):	  	
			
		  	Amount to be deposited into the Reserve Account (on and after Reserve Account Funding Date)	  	$            
			
	H.	  	Pursuant to subsection 4.04(a)(viii):	  	
			
		  	Amounts to be deposited into the Spread Account	  	$            

  
 B-5 

					
	I.	  	Pursuant to subsection 4.04(a)(ix):	  	
			
		  	The balance will constitute Excess Finance Charge Collections for the related Distribution Date (See III below)	  	$            

 Pursuant to Section 4.04(b) and (c), Servicer does hereby instruct Indenture Trustee (i) to make
withdrawals from the Principal Account on the Transfer Date specified above, in an aggregate amount equal to Available Principal Collections, as set forth below, and (ii) to apply the proceeds of such withdrawals in accordance with
Section 4.04(b) and (c): 
  

					
	A.	  	Pursuant to subsection 4.04(b):	  	
			
		  	During the Revolving Period, an amount equal to the Available Principal Collections (including amounts withdrawn from the Finance Charge Account pursuant to subsections 4.04(a)(v) and (vi) and excluding Reallocated Principal
Collections) to be treated as Excess Principal Collections and applied in accordance with Section 4.08 (See III below)	  	$            
			
	B.	  	Pursuant to subsection 4.04(c)(i):	  	
			
		  	On each Transfer Date with respect to the Accumulation Period, Monthly Principal for such Transfer Date to be deposited into the Principal Accumulation Account	  	$            
			
	C.	  	Pursuant to subsection 4.04(c)(ii):	  	
			
		  	On each Transfer Date with respect to the Rapid Amortization Period, Monthly Principal for such Transfer Date to be deposited to the Distribution Account for payment to the Class A Noteholders on the related Distribution
Date until an aggregate amount equal to the Class A Note Principal Balance has been so deposited	  	$            
			
	D.	  	Pursuant to subsection 4.04(c)(iii):	  	
			
		  	On each Transfer Date with respect to the Rapid Amortization Period, after giving effect to Clause (C) above, remaining Monthly Principal, if any, to be deposited to the Distribution Account for payment to the Class B
Noteholders on the related Distribution Date until an aggregate amount equal to the Class B Note Principal Balance has been so deposited	  	$            

  
 B-6 

					
	E.	  	Pursuant to subsection 4.04(c)(iv):	  	
			
		  	On each Transfer Date with respect to the Rapid Amortization Period, after giving effect to Clause (D) above, remaining Monthly Principal, if any, to be deposited to the Distribution Account for payment to the Class C
Noteholders, on the related Distribution Date until an aggregate amount equal to the Class C Note Principal Balance has been so deposited	  	$            
			
	F.	  	Pursuant to subsection 4.04(c)(v):	  	
			
		  	Available Principal Collections, if any, remaining after giving effect to Clauses (B) through (E) above, to be treated as Excess Principal Collections	  	$            

 Pursuant to Section 4.06, Servicer does hereby instruct Indenture Trustee (i) to make a withdrawal
from the Principal Account on the Transfer Date specified above, as set forth below and (ii) to apply the proceeds of such withdrawal in accordance with Section 4.06: 

 

							
		  	Reallocated Principal Collections, up to the amount required to fund any deficiency pursuant to and in the priority set forth in subsections 4.04(a)(i), (ii) and (iii) of the Indenture Supplement (after application of Excess
Finance Charge Collections from other Series and amounts available from the Reserve Account) to be deposited to the Distribution Account for payment to the Class A and Class B Noteholders or distributed to the Servicer as set forth
below	  	 	$            	  
			
		  	$             to Distribution Account	  			
		  	$             to Servicer	  			

  
 B-7 

 II. INSTRUCTIONS TO MAKE CERTAIN PAYMENTS ON THE DISTRIBUTION DATE ON
            , 20    . 
 Pursuant to
Section 5.02, Servicer does hereby instruct Indenture Trustee or Paying Agent, as the case may be, to pay in accordance with Section 5.02 from the Distribution Account or the Principal Accumulation Account, as applicable, on the
Distribution Date specified above, the following amounts: 
  

							
	A.	  	Pursuant to subsection 5.02(a):	  			
			
	(1)	  	Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay interest on the Class A Notes pursuant to the Indenture
Supplement	  	 	$            	  
			
	(2)	  	Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay principal of the Class A Notes pursuant to the Indenture
Supplement	  	 	$            	  
			
	B.	  	Pursuant to subsection 5.02(b):	  			
			
	(1)	  	Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay interest on the Class B Notes pursuant to the Indenture
Supplement	  	 	$            	  
			
	(2)	  	Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay principal of the Class B Notes pursuant to the Indenture
Supplement	  	 	$            	  
			
	C.	  	Pursuant to subsection 5.02(c):	  			
			
	(1)	  	Class C Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay interest on the Class C Notes pursuant to the Indenture
Supplement, including amounts withdrawn from the Spread Account	  	 	$            	  
			
	(2)	  	Class C Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay principal of the Class C Notes pursuant to the Indenture
Supplement	  	 	$            	  

  
 B-8 

 III. EXCESS AMOUNTS. 

Pursuant to Section 4.07 and Section 8.06 of the Indenture, Servicer does hereby instruct Indenture Trustee to apply Excess Finance
Charge Collections from all Series in Group One in the following amounts and priorities on the Transfer Date specified above: 
  

					
	A.	  	Aggregate Excess Finance Charge Collections, by Series:	  	
			
		  	Series [                    ]	  	$            
		  	Series [                    ]	  	$            
		  	Total	  	$            
			
	B.	  	Allocated to finance charge shortfalls:	  	
			
		  	Series [                    ]	  	$            
		  	Series [                    ]	  	$            
		  	Total	  	$            
			
	C.	  	Allocated to excess servicing fees:	  	
			
		  	Series [                    ]	  	$            
		  	Series [                    ]	  	$            
		  	Total	  	$            
			
	D.	  	Remainder distributed to Holder of Transferor Interest	  	$            

 Pursuant to Section 4.08 and Sections 8.03 and 8.05 of the Indenture, Servicer does hereby instruct
Indenture Trustee to apply Excess Principal Collections from all Principal Sharing Series in Group One and, if needed, amounts on deposit in the Excess Funding Account, in the following amounts and priorities on the related Distribution Date: 

 

					
	A.	  	Aggregate Excess Principal Collections, by Series:	  	
			
		  	Series [                    ]	  	$            
		  	Series [                    ]	  	$            
		  	Total	  	$            
			
	B.	  	Allocated to principal shortfalls and deposited to the related Series Account:	  	
			
		  	Series [                    ]	  	$            
		  	Series [                    ]	  	$            
		  	Total	  	$            

  
 B-9 

					
	C.	  	Allocated to variable funding series principal payments at Transferor’s direction:	  	
			
		  	Series [                    ]	  	$            
		  	Series [                    ]	  	$            
		  	Total	  	$            
			
	D.	  	Deposited to Excess Funding Account to maintain Minimum Transferor Interest and Minimum Aggregate Principal Receivables	  	$            
			
	E.	  	Remainder distributed to Holder of Transferor Interest	  	$            

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate this     
day of             , 20    . 
  

			
	FIRST NATIONAL BANK OF OMAHA,
	as Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

  
 B-10 

 EXHIBIT C 

FORM OF MONTHLY REPORT TO NOTEHOLDERS 

FIRST NATIONAL MASTER NOTE TRUST
SERIES [201  -    ] 
 MONTH ENDING:
[                    ] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to
the Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer and First
National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 (a) The rights of the Issuer under the
Transfer and Servicing Agreement have been assigned to U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), under the Second Amended and Restated Master Indenture, dated as of September 23, 2016 (the
“Indenture”), by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer, as supplemented by the Series [201  -    ]
Indenture Supplement, dated as of [            ], 201[  ], by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer (the
“Supplement”). Capitalized terms used in this report have their respective meanings set forth in the Supplement or Indenture, as applicable. References herein to certain sections and subsections are references to the respective sections
and subsections of the Supplement. This report is delivered pursuant to Section 5.03(a) of the Supplement. 
 (b) FNBO is the Servicer
under the Transfer and Servicing Agreement. 
 (c) The undersigned is a Servicing Officer. 

(d) With respect to this Certificate: 
  

			
	 The Monthly Period is:
	  	  

	 The Determination Date is:
	  	  

	 The Record Date is:
	  	  

	 The Transfer Date is:
	  	  

	 The Distribution Date is:
	  	  

	 The Controlled Accumulation Date is:
	  	  

	 The Interest Period begins:
	  	  

	 The Interest Period ends:
	  	  

	 Number of days in Interest Period:
	  	  

	 [Show by class if different]
	  	

 (e) To the knowledge of the undersigned, there are no Liens on any Receivables in the Trust except as
described below: 
 [If applicable, insert “None”.] 

(f) To the knowledge of the undersigned, no
Series [201  -    ] Pay Out Event and no Trust Pay Out Event has occurred except as described below: 

[If applicable, insert “None”.] 

 (g) As of the date hereof the Available Spread Account Amount equals the Required Spread Account
Amount and if the Reserve Account Funding Date has occurred, the Available Reserve Account Amount equals the Required Reserve Account Amount. 
  

	A.	INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES 

  

					
	 1.
	  	 Number of Accounts at Beginning of Monthly Period
	  	                    
		  	 Number of Accounts at End of Monthly Period
	  	                    
		  	 Average Account Balance at End of Monthly Period
	  	                    
			
	 2.
	  	 Principal Receivables
	  	                    
		  	 (a)    Beginning of Monthly Period
	  	                    
		  	 (b)    End of Monthly Period
	  	                    
		  	 (c)    Average Principal Receivables at End of Monthly Period
	  	
			
	 3.
	  	 Increase in Principal Receivables from Account Additions
	  	                    
		  	 Increase in Finance Charge Receivables from Account Additions
	  	                    
		  	 Increase in Total Receivables from Account Additions
	  	                    
			
	 4.
	  	 Decrease in Principal Receivables from Removed Accounts
	  	                    
		  	 Decrease in Finance Charge Receivables from Removed Accounts
	  	                    
		  	 Decrease in Total Receivables from Removed Accounts
	  	                    
			
	 5.
	  	 Delinquent Balances
	  	                    

  

									
	 Delinquency

Category
	  	Aggregate Account
Balance	 	  	Percentage of
Total Receivables	 
	 (a)    30 to 59 days
	  	$	            	  	  	 	    	% 
		  	  
	  
	 	  	  
	  
	 
	 (b)    60 to 89 days
	  	$	            	  	  	 	    	% 
		  	  
	  
	 	  	  
	  
	 
	 (c)    90 to 119 days
	  	$	            	  	  	 	    	% 
		  	  
	  
	 	  	  
	  
	 
	 (d)    120 to 149 days
	  	$	            	  	  	 	    	% 
		  	  
	  
	 	  	  
	  
	 
	 (e)    150 or more days
	  	$	            	  	  	 	    	% 
		  	  
	  
	 	  	  
	  
	 
	 Total:
	  	$	            	  	  	 	    	% 

  

	 	6.	Account Delinquency Experience 

  

																																	
	 	 	Ended [                    ]	 	 	Ended [                    ]	 	 	Ended [                    ]	 	 	Ended [                    ]	 
	 	 	Active
Accounts	 	 	% of Active
Accounts
Outstanding	 	 	Active
Accounts	 	 	% of Active
Accounts
Outstanding	 	 	Active
Accounts	 	 	% of Active
Accounts
Outstanding	 	 	Active
Accounts	 	 	% of Active
Accounts
Outstanding	 
									
	 Total Active Accounts*
	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 
									
	 Accounts Delinquent
	 				 				 				 				 				 				 				 			
	 30-59 days
	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 
	 60-89 days
	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 
	 90-119 days
	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 
	 120-149 days
	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 
	 150 or more days
	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 
		 				 	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 
	 Total
	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 	 				 	 	    	% 

  

	*	Active Accounts represent those accounts with a non-zero balance. 

  
 C-2 

	 	7.	Net Charge-Off Experience 

  

																	
	 	 	Ended [                    ]	 	 	Ended [                    ]	 	 	Ended [                    ]	 	 	Ended [                    ]	 
	 Average Receivables Outstanding
	 	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Total Gross Charge-Offs
	 	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
					
	 Gross Charge-Offs as a Percentage of Average Receivables Outstanding (annualized)
	 	 	    	% 	 	 	    	% 	 	 	    	% 	 	 	    	% 
					
	 Recoveries
	 	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Net Charge-Offs
	 	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Net Charge-Offs as a Percentage of Average Receivables Outstanding (annualized)
	 	 	    	% 	 	 	    	% 	 	 	    	% 	 	 	    	% 
	 Accounts Experiencing a Loss
	 				 				 				 			
	 Accounts Experiencing a Recovery
	 				 				 				 			
	 Average Net Loss of Accounts with a Loss
	 	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  

	 	8.	Three-Month Average 60+-Day Delinquency Rate 

  

									
	 Delinquency Trigger Rate for the Monthly Period
	  				 	 	    	% 
		  				 	  
	  
	 
	 Three-Month Average 60+-Day Delinquency Rate
	  				 	 	    	% 
		  				 	  
	  
	 
	 (a)
[                    ] Monthly Period:
	  	 	    	% 	 			
		  	  
	  
	 	 			
	 (b)
[                    ] Monthly Period:
	  	 	    	% 	 			
		  	  
	  
	 	 			
	 (c)
[                    ] Monthly Period:
	  	 	    	% 	 			
		  	  
	  
	 	 			
	 (Add (a) + (b) + (c), Divide by 3)
	  				 			

  

			
	Is the Three-Month Average 60+-Day Delinquency Rate greater than the Delinquency Trigger Rate? (If the answer is ‘Yes’, please describe.)	  	[Yes][No]

  

							
	 9.
	    	 Aggregate amount of Collections
	  	                    
				
		    	(a)	  	 Total Collections
	  	                    
		    	(b)	  	 Total Principal Collections
	  	                    
		    	(c)	  	 Total Finance Charge Collections
	  	                    
		    	(d)	  	 Aggregate Allocation Percentages for Outstanding Series
	  	                    
		    	(e)	  	 Aggregate Allocation Percentages of Principal Collections
	  	                    
		    	(f)	  	 Aggregate Allocation Percentages of Finance Charge Collections
	  	                    
			
	 10.
	    	Aggregate amount of Principal Receivables in Accounts which became Defaulted Accounts during the Monthly Period	  	                    
			
	 11.
	    	 Servicer Interchange
	  	                    
			
	 12.
	    	The aggregate amount of Finance Charge Collections for the Receivables Trust for the Monthly Period	  	
		    	(a)	  	 Interchange
	  	                    

  
 C-3 

							
		  	(b)	  	Recoveries	  	                    
		  	(c)	  	Finance Charges and Fees	  	                    
		  	(d)	  	Discount Receivables	  	                    
		  		  	Total	  	                    
			
	 13.
	  	Aggregate Uncovered Dilution Amount for the Monthly Period	  	                    
			
	 14.
	  	End of Monthly Period Trust Receivables	  	                    

  

	B.	OUTSTANDING SECURITIES INFORMATION (TRUST LEVEL) 

  

							
	 1.
	  	Outstanding principal balance of all securities secured by pool assets (sum of all Series)	  	
		  	(a)	  	At end of prior Distribution Date	  	                    
		  	(b)	  	Increase due to new securities issued	  	                    
		  	(c)	  	Decrease due to principal payments	  	                    
		  	(d)	  	Increases in variable securities	  	                    
		  	(e)	  	Decreases in variable securities	  	                    
		  	(f)	  	At end of Distribution Date	  	                    

  

	C.	INFORMATION REGARDING THE SERIES [201  -    ] NOTES 

 

									
	 1.
	  	 	Collateral Amount at the close of business on the prior Distribution Date	  	                    
		  	 	(a)	  	  	Reductions due to Investor Charge-Offs (including Uncovered Dilution Amounts) made on the Distribution Date	  	                    
		  	 	(b)	  	  	Reimbursements to be made on the Distribution Date from Available Finance Charge Collections	  	                    
		  	 	(c)	  	  	Collateral Amount at the close of business on the Distribution Date	  	                    
			
	 2.
	  	 	Note Principal Balance at the close of business on the prior Distribution Date	  	
		  	 	(a)	  	  	Class A Note Principal Balance	  	                    
		  	 	(b)	  	  	Class B Note Principal Balance	  	                    
		  	 	(c)	  	  	Class C Note Principal Balance	  	                    
		  				  	 Total Note Principal Balance
	  	                    
			
	 3.
	  	 	Series Allocation Percentages for the Monthly Period	  	
		  	 	(a)	  	  	Principal Collections	  	                    
		  	 	(b)	  	  	Finance Charge Collections	  	                    
		  	 	(c)	  	  	Default Amounts	  	                    
			
	 4.
	  	 	Investor Principal Collections processed during the Monthly Period and allocated to the Series	  	                    
			
	 5.
	  	 	Excess Principal Collections available from other Group One Series allocated to the Series	  	                    
			
	 6.
	  	 
 	Aggregate amounts treated as Available Principal Collections pursuant to subsections
4.04(a)(v) and (vi)	  	                    

  
 C-4 

							
	 7.
	  	Reallocated Principal Collections (up to the Monthly Principal Reallocation Amount) applied pursuant to Section 4.06	  	                    
			
	 8.
	  	AVAILABLE PRINCIPAL COLLECTIONS (4+5+6-7)	  	                    
			
	 9.
	  	Principal Accumulation Investment Earnings [and Investment Earnings on Pre-Funding Account]	  	                    
			
	 10.
	  	Investor Finance Charge Collections (including Interchange and Recoveries) processed during the Monthly Period	  	                    
			
	 11.
	  	Excess Finance Charge Collections from Group One allocated to the Series	  	                    
			
	 12.
	  	Reserve Account withdrawals pursuant to Section 4.10(b) or (d)	  	                    
			
	 13.
	  	Excess amounts from Spread Account treated as Available Finance Charge Collections pursuant to Section 4.11(g)	  	                    
			
	 14.
	  	AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12+13)	  	                    
			
	 15.
	  	Available Finance Charge Collections were allocated in the following priority:	  	
				
		  	(a)	  	to Class A Noteholders,	  	
		  		  	 Class A Monthly Interest
	  	                    
		  		  	 Class A Interest Shortfall
	  	                    
		  		  	 Class A Default Amount
	  	                    
		  		  	 Class A Default Amount previously due but not distributed
	  	                    
		  		  	 Total
	  	                    
				
		  	(b)	  	to Class B Noteholders,	  	
		  		  	 Class B Monthly Interest
	  	                    
		  		  	 Class B Interest Shortfall
	  	                    
		  		  	 Class B Default Amount
	  	                    
		  		  	 Class B Default Amount previously due but not distributed
	  	                    
		  		  	 Total
	  	                    
				
		  	(c)	  	to Servicer, the Noteholder Servicing Fee	  	
		  		  	 (after adjustment for Servicer Interchange shortfall, if any)
	  	                    

  
 C-5 

									
		  	(d)	  	to Class C Noteholders,	  	
		  		  		  	Class C Monthly Interest	  	                    
		  		  		  	Class C Interest Shortfall	  	                    
		  		  		  	Class C Default Amount	  	                    
		  		  		  	Class C Default Amount previously due but not distributed	  	                    
		  		  		  	Total	  	                    
				
		  	(e)	  	Investor Default Amount and Uncovered Dilution Amount were included in Available Principal Collections	  	                    
				
		  	(f)	  	Investor Charge-Offs and Reallocated Principal Collections not previously reimbursed were included in Available Principal Collections	  	                    
				
		  	(g)	  	to Reserve Account, excess of Required Reserve Account Amount over the Available Reserve Account Amount	  	                    
				
		  	(h)	  	to Spread Account, excess of Required Spread Account Amount over Available Spread Account Amount	  	                    
				
		  	(i)	  	balance constitutes Excess Finance Charge Collections	  	                    
			
	16.	  	Available Principal Charge Collections were allocated in the following priority:	  	
				
		  	(a)	  	during Revolving Period, treated as Excess Principal Collections	  	                    
				
		  	(b)	  	with respect to Accumulation Period,	  	
		  		  	(i)	  	Monthly Principal deposited to Principal Accumulation Account	  	                    
		  		  	(ii)	  	balance treated as Excess Principal Collections	  	                    
				
		  	(c)	  	with respect to Rapid Amortization Period,	  	
		  		  	(i)	  	Monthly Principal to Class A Noteholders up to Class A Note Principal Balance	  	                    
		  		  	(ii)	  	Monthly Principal to Class B Noteholders up to Class B Note Principal Balance	  	                    
		  		  	(iii)	  	Monthly Principal to Class C Noteholders up to Class C Note Principal Balance	  	                    
		  		  	(iv)	  	balance treated as Excess Principal Collections	  	                    

  
 C-6 

									
	17.	  	Excess funds were allocated in the following order of priority:	  	
				
		  	(a)	  	Excess Finance Charge Collections,	  	
		  		  	(i)	  	to other Excess Allocation Series in Group One, for finance charge shortfalls	  	                    
		  		  	(ii)	  	to the Successor Servicer, for unpaid excess servicing fees	  	                    
		  		  		  	 For this Series
	  	                    
		  		  		  	 For other Series
	  	                    
		  		  	(iii)	  	the balance to Holder of Transferor Interest	  	                    
				
		  	(b)	  	Excess Principal Collections,	  	
		  		  	(i)	  	to other Excess Allocation Series in Group One, for principal shortfalls	  	                    
		  		  	(ii)	  	applied as principal for variable funding Certificates or Notes in Group One	  	                    
		  		  	(iii)	  	the balance to Holder of Transferor Interest	  	                    
			
	18.	  	Principal Receivables in Accounts which became Defaulted Accounts during the Monthly Period which were allocated to the Series	  	                    
		  	(a)	  	Default Amount	  	
		  	(b)	  	Allocation Percentage (C.3.(c) above)
		  	(c)	  	Total Investor Default Amount (axb)	  	                    
			
	19.	  	Uncovered Dilution Amount allocated to the Series for the Monthly Period	  	
		  	(a)	  	Dilutions not covered by Transferor	  	
		  	(b)	  	Allocation Percentage (C.3(c) above)	  	
		  	(c)	  	Total Uncovered Dilution Amount (axb)	  	                    
			
	20.	  	Investor Charge-Offs (including any Uncovered Dilution Amount not covered by Transferor) for the Monthly Period	  	                    
			
	21.	  	Ratings of the Class A Notes	  	
		  	Moody’s	  	                    
		  	S&P	  	                    
		  	Fitch	  	                    
			
	22.	  	Ratings of the Class B Notes	  	
		  	Moody’s	  	                    
		  	S&P	  	                    
		  	Fitch	  	                    
			
	23.	  	Ratings of the Class C Notes	  	
		  	Moody’s	  	                    
		  	S&P	  	                    
		  	Fitch	  	                    

  
 C-7 

							
	24.	  	Note Interest Rate for the Monthly Period	  	
		  	(a)	  	Class A Note Interest Rate	  	
		  	(b)	  	Class B Note Interest Rate	  	                    
		  	(c)	  	Class C Note Interest Rate	  	                    
			
	25.	  	Ending Note Principal Balance on the Distribution Date, after taking into account distributions on the Notes:	  	
		  	(a)	  	Class A Note Principal Balance	  	                    
		  	(b)	  	Class B Note Principal Balance	  	                    
		  	(c)	  	Class C Note Principal Balance	  	                    
		  	Total Note Principal Balance	  	                    

  

	D.	QUARTERLY NET YIELD 

  

																									
	 	  	[                    ]
Monthly Period	 	 	[                    ]
Monthly Period	 	 	[                    ]
Monthly Period	 
	 Yield
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
	 Less Investor Default Amt (18c)
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
	 Less Uncovered Dilution Amt (19c)
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
		  	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 	 			
	 (a) Portfolio Yield
	  				 	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 
							
	 Monthly Interest
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
	 Plus Noteholder Servicing Fee
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
		  	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 	 			
	 (b) Base Rate
	  				 	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 
		  				 	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 
	 (a)–(b) = Net Yield Percentage
	  				 	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 
							
	 Quarterly Net Yield for Distribution Date [    ]%
	  				 				 				 				 				 			

  

	E.	INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT 

  

							
	1.	  	Opening Principal Accumulation Account Balance on the Distribution Date	  	                    
			
	2.	  	Controlled Deposit Amount to be deposited to the Principal Accumulation Account on the Distribution Date	  	
		  	(a)	  	Controlled Accumulation Amount	  	                    
		  	(b)	  	Accumulation Shortfall	  	                    
		  	(c)	  	Controlled Deposit Amount (a+b)	  	                    
			
	3.	  	Amounts withdrawn from the Principal Accumulation Account for distribution to Noteholders on the Distribution Date	  	
		  	(a)	  	Distribution in reduction of the Class A Notes	  	                    
		  	(b)	  	Distribution in reduction of the Class B Notes	  	                    
		  	(c)	  	Distribution in reduction of the Class C Notes	  	                    
			
	4.	  	Principal Accumulation Account ending balance after deposit/withdrawal on the Distribution Date	  	                    

  
 C-8 

	F.	INFORMATION REGARDING THE SPREAD ACCOUNT 

  

					
	1.	  	Opening Available Spread Account Amount on the Distribution Date	  	                    
			
	2.	  	Aggregate amount required to be withdrawn pursuant to Section 4.11(c) for distribution to Class C Noteholders pursuant to Section 4.04(a)(iv)	  	                    
			
	3.	  	Aggregate amount required to be withdrawn pursuant to Section 4.11(d) or Section 4.11(e) for distribution in reduction of the Class C Note Principal Balance	  	                    
			
	4.	  	Spread Account Percentage for the Distribution Date	  	                    
			
	5.	  	Closing Required Spread Account Amount for the Distribution Date	  	                    
			
	6.	  	Amount on deposit in Spread Account after required withdrawals on the Distribution Date (1-(2+3))	  	                    
			
	7.	  	Spread Account Deficiency, if any (5 minus 6)	  	                    
			
	8.	  	Amounts deposited pursuant to Section 4.04(a)(viii) and Section 4.10(e)	  	                    
			
	9.	  	Remaining Spread Account Deficiency, if any (7 minus 8)	  	                    
			
	10.	  	Spread Account Surplus, if any (6 minus 5), included in Available Finance Charge Collections	  	                    

  

	G.	INFORMATION REGARDING THE RESERVE ACCOUNT 

  

							
	1.	  	Reserve Account Funding Date	  	                    
			
	2.	  	Opening Available Reserve Account Amount on the Distribution Date	  	                    
			
	3.	  	Aggregate amount required to be withdrawn pursuant to Section 4.10(d) for inclusion in Available Finance Charge Collections:	  	
		  	(a)	  	Covered Amount	  	                    
		  	(b)	  	Principal Accumulation Investment Earnings	  	                    
		  	(c)	  	Reserve Draw Amount (a MINUS b)	  	                    
			
	4.	  	Required Reserve Account Amount	  	                    
			
	5.	  	Reserve Account Surplus (4-(2-3))	  	                    

  
 C-9 

	H.	INFORMATION REGARDING ACCUMULATION PERIOD 

  

					
	1.	  	Accumulation Period Length (months)	  	                    
			
	2.	  	 Controlled Accumulation Amount
 (as
recalculated, if Accumulation Period Length is shortened pursuant to Section 4.13)
	  	                    

  

	[I.	ADD INFORMATION REGARDING PRE-FUNDING ACCOUNT, IF USED] 

  
 C-10 

 IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the
     day of             , 20    . 
  

			
	FIRST NATIONAL BANK OF OMAHA,
	Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

  
 C-11 

 ATTACHMENT 1 

TO 
 FORM OF MONTHLY
REPORT TO NOTEHOLDERS 
 SERVICER’S CERTIFICATE 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), by and between FNBO, as Servicer, First National Funding LLC, as transferor (“Transferor”) and
First National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
  

							
	1.	  	The Transferor Interest is less than Minimum Transferor Interest	  	[Yes][No]
				
		  	(a)	  	Transferor Interest as of the Determination Date	  	                    
		  	(b)	  	Minimum Transferor Interest as of the Determination Date	  	                    
			
	2.	  	The Aggregate Principal Receivables is less than the Minimum Aggregate Principal Receivables	  	[Yes][No]
				
		  	(a)	  	Aggregate Principal Receivables as of the Determination Date	  	                    
		  	(b)	  	Minimum Aggregate Principal Receivables as of the Determination Date	  	                    
			
	3.	  	[As of the end of the Related Monthly Period, the Seller’s interest, plus the funds on deposit in the Excess Funding Account, is not less than 5% of the Adjusted Outstanding ABS Investor Interests.	  	[Yes][No]
				
		  		  	((e) is not £ (i))	  	
				
		  	(a)	  	the Aggregate Principal Receivables as of the end of the Related Monthly Period	  	$            
				
		  	(b)	  	the aggregate outstanding principal balance of all Series of Notes Outstanding under the Indenture as of the end of the Related Monthly Period	  	$            
				
		  	(c)	  	the Seller’s interest, as of the end of the Related Monthly Period	  	$            
				
		  		  	(a) –(b) = (c)	  	
				
		  	(d)	  	the amount of funds on deposit in the Excess Funding Account as of the end of the Related Monthly Period	  	$            
				
		  	(e)	  	the sum of (c) and (d)	  	$            
				
		  	(f)	  	the aggregate unpaid principal balance of all Series of Notes Outstanding under the Indenture that are not held by FNBO or	  	
				
		  	(g)	  	the aggregate amount of principal collections on deposit in the Principal or Principal Accumulation Accounts, as applicable, for all Series of Notes specified in 3(f) above as of the end of the Related Monthly Period	  	$            

  
 C-12 

							
		  	(h)	  	the Adjusted Outstanding ABS Investor Interests as of the end of the Related Monthly Period	  	$            
				
		  		  	(f) – (g) = (h)	  	
				
		  	(i)	  	5% of the Adjusted Outstanding ABS Investors Interest as of the end of the Related Monthly Period	  	$            
				
		  		  	(h) × 0.05 = (i) ]	  	

 [For use upon effectiveness of Risk Retention Rules.] 

 

					
	4.	  	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments? (If the answer is ‘Yes’, please describe.)	  	[Yes][No]
			
	5.	  	Are there any material breaches of representations and warranties relating to the pool assets or material breaches of covenants under the Transaction Documents? (If the answer is ‘Yes’, please describe.)	  	[Yes][No]
			
	6.	  	Are there any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets? (If
the answer is ‘Yes’, please describe.)	  	[Yes][No]
			
	7.	  	Are there any material changes to the pool assets? (If the answer is ‘Yes’, please describe.)	  	[Yes][No]

  
 C-13 

 IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the
     day of             , 20    . 
  

			
	FIRST NATIONAL BANK OF OMAHA,
	Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

  
 C-14 

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

FIRST NATIONAL BANK OF OMAHA 

FIRST NATIONAL MASTER NOTE TRUST,
SERIES [201  -    ] 
 The undersigned, a duly
authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing
Agreement”), among First National Funding LLC, as transferor (“Transferor”), FNBO, as Servicer and First National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 

1. Capitalized terms used in this Certificate have their respective meanings set forth in the Transfer and Servicing Agreement or the Second
Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), as supplemented by the
Series [201  -    ] Indenture Supplement, dated as of [            ],
201[  ], between Issuer and Indenture Trustee (as amended and supplemented, the “Indenture Supplement”) and together with the Master Indenture, the “Indenture”), as applicable. 

2. FNBO is, as of the date hereof, Servicer under the Transfer and Servicing Agreement. 

3. The undersigned is an Authorized Officer of Servicer. 

4. This Certificate relates to the Distribution Date occurring on
            , 20    . 
 5. As of the date
hereof, to the best knowledge of the undersigned, Servicer has performed in all material respects all of its obligations under the Transfer and Servicing Agreement and the Indenture through the Monthly Period preceding such Distribution Date [or, if
there has been a default in the performance of any such obligation, set forth in detail the (i) nature of such default, (ii) the action taken by Servicer, if any, to remedy such default and (iii) the current status of each such
default]; if applicable, insert “None”. 
 6. As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event
occurred on or prior to such Distribution Date. 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this
     day of             , 20    . 
  

			
	FIRST NATIONAL BANK OF OMAHA,
	as Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

  
 D-2EX-4.4

 EXHIBIT 4.4 
  

 
  

SECOND AMENDED AND RESTATED 

TRANSFER AND SERVICING AGREEMENT 

Dated as of September 23, 2016 
  

 
 FIRST
NATIONAL FUNDING LLC, 
 Transferor, 

FIRST NATIONAL BANK OF OMAHA, 

Servicer, 
 and 

FIRST NATIONAL MASTER NOTE TRUST, 

Issuer 
  

 
  

FIRST NATIONAL MASTER NOTE TRUST 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I

DEFINITIONS
	   
   

			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
	 Section 1.02.
	 	 Other Definitional Provisions
	  	 	3	  
	
	ARTICLE II	  
	CONVEYANCE OF RECEIVABLES	  
			
	 Section 2.01.
	 	 Conveyance of Receivables
	  	 	4	  
	 Section 2.02.
	 	 Acceptance by Issuer
	  	 	6	  
	 Section 2.03.
	 	 Representations and Warranties of Transferor Relating to Transferor
	  	 	7	  
	 Section 2.04.
	 	 Representations and Warranties of Transferor Relating to Transaction Documents and the
Receivables
	  	 	9	  
	 Section 2.05.
	 	 Covenants of Transferor
	  	 	14	  
	 Section 2.06.
	 	 Addition of Accounts
	  	 	19	  
	 Section 2.07.
	 	 Removal of Accounts
	  	 	22	  
	 Section 2.08.
	 	 Discount Option Receivables
	  	 	23	  
	 Section 2.09.
	 	 Dispute Resolution
	  	 	24	  
	
	ARTICLE III	  
	ADMINISTRATION AND SERVICING OF RECEIVABLES	  
			
	 Section 3.01.
	 	 Acceptance of Appointment and Other Matters Relating to Servicer
	  	 	29	  
	 Section 3.02.
	 	 Servicing Compensation
	  	 	31	  
	 Section 3.03.
	 	 Representations, Warranties and Covenants of Servicer
	  	 	32	  
	 Section 3.04.
	 	 Reports and Records for Indenture Trustee
	  	 	36	  
	 Section 3.05.
	 	 Annual Servicer’s Certificates
	  	 	36	  
	 Section 3.06.
	 	 Annual Independent Accountants’ Servicing Report
	  	 	37	  
	 Section 3.07.
	 	 Tax Treatment
	  	 	38	  
	 Section 3.08.
	 	 Notices to Transferor
	  	 	38	  
	 Section 3.09.
	 	 Adjustments
	  	 	38	  
	 Section 3.10.
	 	 Transfer of Receivables in Defaulted Accounts
	  	 	39	  
	 Section 3.11.
	 	 Reports to the Commission
	  	 	39	  
	
	ARTICLE IV	  
	OTHER MATTERS RELATING TO TRANSFEROR	  
			
	 Section 4.01.
	 	 Liability of Transferor
	  	 	43	  
	 Section 4.02.
	 	 Merger or Consolidation of, or Assumption of the Obligations of, Transferor
	  	 	43	  
	 Section 4.03.
	 	 Limitation on Liability of Transferor
	  	 	44	  
	 Section 4.04.
	 	 Transferor Indemnification
	  	 	44	  

							
	ARTICLE V	  
	OTHER MATTERS RELATING TO SERVICER	  
			
	 Section 5.01.
	 	 Liability of Servicer
	  	 	46	  
	 Section 5.02.
	 	 Merger or Consolidation of, or Assumption of the Obligations of, Servicer
	  	 	47	  
	 Section 5.03.
	 	 Limitation on Liability of Servicer and Others
	  	 	47	  
	 Section 5.04.
	 	 Servicer Indemnification
	  	 	48	  
	 Section 5.05.
	 	 Servicer Not To Resign
	  	 	50	  
	 Section 5.06.
	 	 Access to Certain Documentation and Information Regarding the Receivables
	  	 	50	  
	 Section 5.07.
	 	 Delegation of Duties
	  	 	50	  
	 Section 5.08.
	 	 Examination of Records
	  	 	50	  
	
	ARTICLE VI	  
	INSOLVENCY EVENTS	  
			
	 Section 6.01.
	 	 Rights upon the Occurrence of an Insolvency Event
	  	 	51	  
	
	ARTICLE VII	  
	SERVICER DEFAULTS	  
			
	 Section 7.01.
	 	 Servicer Defaults
	  	 	51	  
	 Section 7.02.
	 	 Indenture Trustee to Act; Appointment of Successor
	  	 	53	  
	 Section 7.03.
	 	 Notification to Noteholders
	  	 	55	  
	
	ARTICLE VIII	  
	TERMINATION	  
			
	 Section 8.01.
	 	 Termination of Agreement
	  	 	55	  
	
	ARTICLE IX	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 9.01.
	 	 Amendment; Waiver of Past Defaults
	  	 	55	  
	 Section 9.02.
	 	 Protection of Right, Title and Interest to Issuer
	  	 	57	  
	 Section 9.03.
	 	 GOVERNING LAW
	  	 	58	  
	 Section 9.04.
	 	 Notices; Payments
	  	 	58	  
	 Section 9.05.
	 	 Severability of Provisions
	  	 	59	  
	 Section 9.06.
	 	 Further Assurances
	  	 	59	  
	 Section 9.07.
	 	 No Waiver; Cumulative Remedies
	  	 	59	  
	 Section 9.08.
	 	 Counterparts
	  	 	59	  
	 Section 9.09.
	 	 Third-party Beneficiaries
	  	 	59	  
	 Section 9.10.
	 	 Actions by Noteholders
	  	 	59	  
	 Section 9.11.
	 	 Rule 144A Information
	  	 	59	  
	 Section 9.12.
	 	 Merger and Integration
	  	 	60	  
	 Section 9.13.
	 	 No Bankruptcy Petition
	  	 	60	  
	 Section 9.14.
	 	 Rights of Indenture Trustee
	  	 	60	  

  
 ii 

							
	 Section 9.15.
	 	 Rights of Owner Trustee
	  	 	60	  
	 Section 9.16.
	 	 Assignment
	  	 	60	  
	 Section 9.17.
	 	 Headings
	  	 	60	  
	
	ARTICLE X	  
	COMPLIANCE WITH REGULATION AB	  
			
	 Section 10.01.
	 	 Intent of Parties; Reasonableness
	  	 	61	  
	 Section 10.02.
	 	 Additional Representations and Warranties of Servicer
	  	 	61	  
	 Section 10.03.
	 	 Information to be Provided by Servicer
	  	 	61	  
			
	 EXHIBIT A
	 	 PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL WITH RESPECT TO AMENDMENTS
	  			
	 EXHIBIT B
	 	 FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS
	  			
	 EXHIBIT C-1
	 	 FORM OF SERVICER COMPLIANCE CERTIFICATE PURSUANT TO ITEM 1123 OF REGULATION AB UNDER THE
SECURITIES EXCHANGE ACT OF 1934
	  			
	 EXHIBIT C-2
	 	 FORM OF REPORT ON COMPLIANCE WITH SERVICING CRITERIA PURSUANT TO ITEM 1122 OF REGULATION AB
UNDER THE SECURITIES EXCHANGE ACT OF 1934
	  			
	 EXHIBIT D
	 	 FORM 10-D, FORM 10-K AND FORM 8-K REPORTING RESPONSIBILITY
	  			
	 EXHIBIT E
	 	 ADDITIONAL DISCLOSURE NOTIFICATION
	  			
	 EXHIBIT F
	 	 PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL WITH RESPECT TO ADDITION OF ACCOUNTS
	  			
	 EXHIBIT G
	 	 PROVISIONS TO BE INCLUDED IN ANNUAL OPINION OF COUNSEL
	  			
	 EXHIBIT H
	 	 FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS
	  			
			
	 SCHEDULE 1
	 	 ACCOUNT SCHEDULE—COMPUTER FILE OR TAPE, HARD COPY, COMPACT DISC OR OTHER TANGIBLE
MEDIUM—DELIVERED SEPARATELY
	  			
			
	 SCHEDULE 2
	 	 SERVICING CRITERIA
	  			

  
 iii 

 This SECOND AMENDED AND RESTATED TRANSFER AND SERVICING AGREEMENT (this
“Agreement”), dated as of September 23, 2016, among FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as Transferor, FIRST NATIONAL BANK OF OMAHA, a national banking association, as Servicer, and FIRST
NATIONAL MASTER NOTE TRUST, a statutory trust organized under the laws of the State of Delaware, as Issuer, amends and restates, in its entirety, the First Amended and Restated Transfer and Servicing Agreement, dated as of December 20, 2012
(the “Existing TSA”). This Agreement constitutes an amendment of the Existing TSA pursuant to Section 9.01(a) of the Existing TSA. 

PRELIMINARY STATEMENTS 
 A. The
Certificate Trust was terminated on the Certificate Trust Termination Date and all of the right, title and interest in and to the Trust Assets held by each of Transferor and Certificate Trust Trustee, respectively, were transferred to the Issuer
pursuant to the terms and conditions of the Assignment and Termination Agreement and the Collateral Series Supplement. 
 B. Each of the
Pooling and Servicing Agreement and the Collateral Series Supplement was terminated on the Certificate Trust Termination Date. 
 C. On the
Certificate Trust Termination Date, the Collateral Certificate was tendered by Indenture Trustee to the Transfer Agent and Registrar for cancellation and evidence of the cancellation of the Collateral Certificate was provided by the Transfer Agent
and Registrar to Transferor. 
 D. The Receivables are being serviced pursuant to Article III of this Agreement. 

E. The parties desire to amend and restate, in its entirety, the Existing TSA. 

In consideration of the mutual agreements contained herein, each party agrees as follows for the benefit of the other parties, the Noteholders
and any Enhancement Provider to the extent provided herein, in the Indenture and in any Indenture Supplement. 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. Capitalized terms used herein and not otherwise defined herein are defined in Annex A to
Indenture. 
 “60+-Day Delinquency Rate” means, with respect to any Monthly Period, the delinquency rate calculated as the
ratio (expressed as a percentage) of the aggregate dollar amount of the 60+-Day Delinquent Receivables to the aggregate dollar amount of all Receivables, measured as of the end of such Monthly Period. 

“60+-Day Delinquent Receivables” means, as of any date of determination, all Receivables (other than repurchased Receivables
and Receivables arising in Defaulted Accounts) that are 60 or more days Delinquent as of the last day of the Monthly Period immediately preceding such date of determination, as determined by Servicer in accordance with its customary servicing
practices. 

 “AAA” means the American Arbitration Association. 

“Asset Representations Review” means any review conducted by the Asset Representations Reviewer pursuant to Section 4.19
of any related Indenture Supplement and the Asset Representations Review Agreement with respect to the Subject Receivables and the related Accounts for compliance with the Pool Asset Representations in order to determine, with respect to each
Subject Receivable and the related Account, whether the Pool Asset Representations were accurate in all material respects. 
 “Asset
Representations Review Agreement” means that certain Asset Representations Review Agreement, among Issuer, Transferor, Servicer and the Asset Representations Reviewer, as the same may be amended, amended and restated, modified or
supplemented from time to time. 
 “Asset Representations Reviewer” shall have the meaning assigned to such term in the
Asset Representations Review Agreement. 
 “Delinquency Trigger” means each occurrence, as determined by Servicer, where
the Three-Month Average 60+-Day Delinquency Rate equals or exceeds the then current Delinquency Trigger Rate.” 
 “Delinquency
Trigger Rate” shall mean, initially, 9.00%, which percentage will be reviewed and may be adjusted from time to time by Transferor pursuant to Section 4.19(b) of any related Indenture Supplement. 

“Pool Asset Representations” means, collectively, (i) the representations and warranties made by the Transferor relating
to the Receivables under Section 2.04(a)(viii) and (ix) of this Agreement and (ii) the representations and warranties made by the RPA Seller relating to the Receivables under Section 4.02(a)(vii) and (viii) of the
Receivables Purchase Agreement. 
 “Qualified Dispute Resolution Professional” means an attorney or retired judge that is
independent, impartial, knowledgeable and experienced with the laws of the State of New York, specializing in commercial litigation with at least 15 years of experience and whose name is on a list of neutral parties maintained by the AAA. 

“Representing Party” shall have the meaning assigned to such term in Section 2.09(a) of this Agreement. 

“Requesting Party” shall have the meaning assigned to such term in Section 2.09(a) of this Agreement. 

“Rules” means the Commercial Arbitration Rules and Mediation Procedures in effect on the date any third-party mediation or
third-party arbitration, as applicable, is initiated by the Requesting Party pursuant to Section 2.09 of this Agreement. 

  
 2 

 “Subject Receivables” means, with respect to an Asset Representations Review
conducted by the Asset Representations Reviewer pursuant to Section 4.19 of the related Indenture Supplement or Indenture Supplements and the Asset Representations Review Agreement, the 60+-Day Delinquent Receivables arising in the Accounts
specified on an account schedule prepared by Servicer and delivered to Asset Representations Reviewer for the purposes of an Asset Representations Review. For the avoidance of doubt, on the date that the conditions for an Asset Representations
Review have been satisfied, any Receivable that is repurchased or reassigned to Transferor pursuant to the Transfer and Servicing Agreement or the RPA Seller pursuant to the Receivables Purchase Agreement, as applicable, on and after such date will
not be a Subject Receivable. 
 “Three-Month Average 60+-Day Delinquency Rate” means, as of any date of determination,
(a) the sum of the 60+-Day Delinquency Rates for three Monthly Periods immediately preceding such date of determination, divided by (b) three (3). 

“TSA Repurchase Request” shall have the meaning assigned to such term in Section 2.09(a) of this Agreement. 

“United States Arbitration Act” means the Federal Arbitration Act, 9 U.S.C. §1 et. seq. (2012). 

“Verified Note Owner” shall, with respect to any Series, have the meaning assigned to such term, if any, in the related
Indenture Supplement. 
 Section 1.02. Other Definitional Provisions. All terms defined directly or by reference in this
Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context
otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP; (b) terms
defined in Article 9 of the UCC as in effect in the State of Nebraska and not otherwise defined in this Agreement are used as defined in that Article; (c) any reference to each Rating Agency shall only apply to any specific rating agency
if such rating agency is then rating any outstanding Series; (d) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (e) the words “hereof,”
“herein” and “hereunder” and words of similar import refer to this Agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of this Agreement (or such certificate or
document); (f) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Agreement (or the certificate or other document in which the reference is made), and references to any paragraph,
Section, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (g) the term “including” means “including without
limitation;” (h) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (i) references to any Person include that Person’s successors and
assigns; and (j) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

  
 3 

 ARTICLE II 

CONVEYANCE OF RECEIVABLES 

Section 2.01. Conveyance of Receivables. 

(a) Transferor does hereby transfer, assign, set over and otherwise convey to Issuer, without recourse except as provided
herein, all its right, title and interest in, to and under (A) the Receivables existing at the opening of business on the Certificate Trust Termination Date, and thereafter created from time to time until the termination of Issuer, all
Collections and Recoveries allocable to Issuer as provided herein and the right to any Enhancement with respect to any Series, in each case together with all monies due or to become due and all amounts received or receivable with respect thereto and
all proceeds thereof and Insurance Proceeds relating thereto and (B) without limiting the generality of the foregoing or the following, all of Transferor’s rights, remedies, powers and privileges under the Receivables Purchase Agreement
and (C) all proceeds of any of the foregoing. Such property, together with all monies and other property credited to the Collection Account, the Series Accounts and the Excess Funding Account (including any subaccounts of any such account) and
the rights of Issuer under this Agreement and the Trust Agreement shall constitute the assets of Issuer (the “Trust Assets”). The foregoing does not constitute and is not intended to result in the creation or assumption by Issuer, Owner
Trustee, Indenture Trustee or any Noteholder of any obligation of any Credit Card Originator, Servicer, Transferor or any other Person in connection with the Accounts or the Receivables or under any agreement or instrument relating thereto,
including any obligation to Obligors, clearance systems or insurers. 
 (b) Transferor agrees to record and file, at its own
expense, financing statements (and continuation statements when applicable) with respect to the Receivables conveyed by Transferor existing on the Certificate Trust Termination Date and thereafter created meeting the requirements of applicable state
law in such manner and in such jurisdictions as are necessary to perfect, and maintain the perfection of, the transfer and assignment of its interest in such Receivables to Issuer, and to deliver a file stamped copy of each such financing statement
or other evidence of such filing (which may, for purposes of this Section 2.01 consist of telephone confirmation of such filing promptly followed by delivery to Owner Trustee of a file-stamped copy) to
Owner Trustee as soon as practicable after the Certificate Trust Termination Date, and (if any additional filing is so necessary) as soon as practicable after the applicable Addition Date, in the case of Receivables arising in any Additional
Accounts. Owner Trustee shall be under no obligation whatsoever to file such financing or continuation statements or to make any other filing under the UCC in connection with such transfer and assignment. 

(c) Transferor further agrees, at its own expense, (i) on or prior to (w) the Certificate Trust Termination Date,
(x) the applicable Addition Date, in the case of Additional Accounts and (y) the applicable Removal Date, in the case of Removed Accounts, to indicate in the appropriate computer files that Receivables created (or reassigned, in the case
of Removed Accounts) in connection with the Accounts owned by FNBO have been conveyed to Issuer pursuant to this Agreement (or conveyed to 

  
 4 

 
Transferor or its designee in accordance with Section 2.07, in the case of Removed Accounts) by including in such computer files the code identifying each such Account (or, in the case of
Removed Accounts, either by including a code identifying the Removed Accounts or by deleting the code identifying such Account) and (ii) on and prior to the Certificate Trust Termination Date, to deliver to Issuer an initial account schedule,
specifying for each such Account, as of the most recent calendar month end, its account number and, the aggregate amount outstanding in such Account and the aggregate amount of Principal Receivables outstanding in such Account (the “Account
Schedule”). Such Account Schedule, as supplemented from time to time to reflect Additional Accounts and Removed Accounts, shall be in the form of a computer file or tape, hard copy, compact disc or other tangible medium that is acceptable to
Transferor and Issuer and shall be marked as Schedule 1 to this Agreement and is hereby incorporated into and made a part of this Agreement. Once the code referenced in clause (i) of this paragraph has been included with respect to any
Account, Transferor further agrees not to alter such code during the remaining term of this Agreement unless and until (A) such Account becomes a Removed Account, or (B) Transferor shall have delivered to Issuer at least 30 days’
prior written notice of its intention to do so and has taken such action as is necessary or advisable to cause the interest of Issuer in the Receivables and the other Trust Assets to continue to be perfected with the priority required by this
Agreement. 
 (d) The parties intend that the transfer made herein shall be deemed to be a sale, but if, and to the extent
that, such transfer is not deemed to be a sale, Transferor shall be deemed to have granted, and does hereby so grant, to Issuer, effective on the Certificate Trust Termination Date, a first priority perfected security interest in all of
Transferor’s right, title and interest, whether owned on the Certificate Trust Termination Date or thereafter acquired, in, to and under the Receivables and the other Trust Assets conveyed by Transferor, and all money, accounts, general
intangibles, chattel paper, instruments, documents, goods, investment property, deposit accounts, certificates of deposit, letters of credit and advices of credit consisting of, arising from or related to the Trust Assets, to secure
Transferor’s obligations hereunder, and that this Agreement shall constitute a security agreement under applicable law. 

(e) On or prior to each Determination Date, Transferor shall cause FNBO to notify Servicer of the amount of Interchange to be
included as Collections of Finance Charge Receivables allocable to the Accounts with respect to the Related Monthly Period, which amount shall be equal to the product of: 

(i) the total amount of Interchange paid or payable to FNBO with respect to such Related Monthly Period; and 

(ii) a fraction the numerator of which is the volume during the Related Monthly Period of sales net of cash advances on the
Accounts and the denominator of which is the amount of sales net of cash advances during the Related Monthly Period on all VISA and MasterCard accounts owned by FNBO. 

  
 5 

 On each Transfer Date, Transferor shall pay to Servicer, or cause FNBO to pay to Servicer, and Servicer shall
deposit into the Collection Account for each outstanding Series, in immediately available funds, each Series pro rata share of such Interchange, as specified in the applicable Indenture Supplement. 

Section 2.02. Acceptance by Issuer. 

(a) Issuer hereby acknowledges its acceptance of all right, title and interest to the property, now existing and hereafter
created, conveyed to Issuer pursuant to Section 2.01. Owner Trustee shall maintain a copy of Schedule 1, as delivered to it from time to time, at its Corporate Trust Office and the Indenture Trustee shall maintain a copy of Schedule 1, as
delivered to it from time to time, at its Corporate Trust Office. 
 (b) Owner Trustee hereby agrees not to disclose to any
Person any of the account numbers or other information contained in the Account Schedule marked as Schedule 1 and delivered to Owner Trustee or Issuer, from time to time, except (i) to a Successor Servicer or as required by a Requirement
of Law applicable to Owner Trustee, (ii) in connection with the performance of Owner Trustee’s or Issuer’s duties hereunder, (iii) to Indenture Trustee in connection with its duties in enforcing the rights of Noteholders or
(iv) to bona fide creditors of Servicer or Transferor for the limited purpose of enabling any such creditor to identify Receivables or Accounts subject to this Agreement or the Receivables Purchase Agreement. Owner Trustee agrees (i) to
take such measures as shall be reasonably requested by Transferor to protect and maintain the security and confidentiality of such information and, in connection therewith, shall allow Transferor or its duly authorized representatives to inspect
Owner Trustee’s security and confidentiality arrangements as they specifically relate to the administration of Issuer from time to time during normal business hours upon prior written notice and (ii) not to use any Account Schedule
information to compete, directly or indirectly, with Transferor or FNBO. Owner Trustee shall promptly notify Transferor of any request received by Owner Trustee to disclose information of the type described in this Section 2.02(b), which notice
shall in any event be provided no later than five (5) Business Days prior to disclosure of any such information unless Owner Trustee is compelled pursuant to a Requirement of Law to disclose such information prior to the date that is five
(5) Business Days after the giving of such notice. 
 (c) Indenture Trustee hereby agrees not to disclose to any Person
any of the account numbers or other information contained in the Account Schedule marked as Schedule 1 and delivered to Indenture Trustee, from time to time, except (i) to a Successor Servicer or as required by a Requirement of Law
applicable to Indenture Trustee, (ii) in connection with the performance of Indenture Trustee’s duties hereunder or any other Transaction Document to which it is a party, including its duties in enforcing the rights of Noteholders, or
(iii) to bona fide creditors of Servicer or Transferor for the limited purpose of enabling any such creditor to identify Receivables or Accounts subject to this Agreement or the Receivables Purchase Agreement. Indenture Trustee agrees
(i) to take such measures as shall be reasonably requested by Transferor to protect and maintain the security and confidentiality of such information and, in connection therewith, shall allow Transferor or its duly authorized representatives to
inspect 

  
 6 

 
Indenture Trustee’s security and confidentiality arrangements as they specifically relate to Issuer from time to time during normal business hours upon prior written notice and (ii) not
to use any Account Schedule information to compete, directly or indirectly, with Transferor or FNBO. Indenture Trustee shall promptly notify Transferor of any request received by Indenture Trustee to disclose information of the type described in
this Section 2.02(c), which notice shall in any event be provided no later than five (5) Business Days prior to disclosure of any such information unless Indenture Trustee is compelled pursuant to a Requirement of Law to disclose such
information prior to the date that is five (5) Business Days after the giving of such notice. 
 Section 2.03. Representations
and Warranties of Transferor Relating to Transferor. Transferor hereby represents and warrants to Issuer as of each Closing Date and the Certificate Trust Termination Date and, with respect to Additional Accounts, the related Addition Date that:

 (a) Organization and Good Standing. Transferor is a limited liability company validly existing in good
standing under the laws of the State of Nebraska, and has full power, authority and legal right to own its properties and conduct its business as presently owned and conducted, to execute, deliver and perform its obligations under each Transaction
Document to which it is a party. 
 (b) Due Qualification. Transferor is duly qualified to do business and is
in good standing (or is exempt from such requirements) in any state required in order to conduct business, and has obtained all necessary licenses and approvals with respect to Transferor required under federal and Nebraska law; provided, however,
that no representation or warranty is made with respect to any qualifications, licenses or approvals which Indenture Trustee would have to obtain to do business in any state in which Indenture Trustee seeks to enforce any Receivable. 

(c) Due Authorization. The execution, delivery and performance by Transferor of this Agreement and each other
Transaction Document to which Transferor is a party and the consummation by Transferor of the transactions provided for in this Agreement and each such other Transaction Document have been duly authorized by Transferor by all necessary limited
liability company action on its part. 
 (d) No Conflicts. The execution and delivery of this Agreement and
each other Transaction Document to which Transferor is a party, the performance of the transactions contemplated by this Agreement and each such Transaction Document and the fulfillment of the terms hereof and thereof, will not conflict with, result
in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which
Transferor is a party or by which it or any of its properties are bound. 
 (e) No Violation. The execution and
delivery of this Agreement and each other Transaction Document to which Transferor is a party, the performance of the transactions contemplated by this Agreement and each such Transaction Document and the fulfillment of the terms hereof and thereof,
will not conflict with or violate in any material way any Requirements of Law applicable to Transferor or FNBO. 

  
 7 

 (f) No Proceedings. There are no proceedings or investigations
pending or, to the best knowledge of Transferor, threatened against Transferor, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (i) asserting the invalidity of the Notes or any other
Transaction Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by the Notes or any other Transaction Documents, (iii) seeking any determination or ruling that, in the
reasonable judgment of Transferor, would materially and adversely affect the performance by Transferor of its obligations under any Transaction Document, (iv) seeking any determination or ruling that would materially and adversely affect the
validity or enforceability of the Notes or any other Transaction Document or (v) seeking to affect adversely the income tax attributes of Issuer under the federal or any applicable state income or franchise tax systems. 

(g) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or of
any governmental body or official required in connection with the execution and delivery by Transferor of this Agreement and each other Transaction Document to which Transferor is a party, the performance by Transferor of the transactions
contemplated by this Agreement and each such other Transaction Document, and the fulfillment of the terms hereof and thereof, have been obtained; provided, however, that no representation or warranty is made as to state securities or blue sky laws
regarding the distribution of the Notes. 
 (h) Insolvency. No Insolvency Event with respect to Transferor has
occurred. Transferor did not (i) execute the Transaction Documents, (ii) grant to Issuer the security interests described in Section 2.01, (iii) cause, permit, or suffer the perfection or attachment of such a security interest,
(iv) otherwise effectuate or consummate any transfer to Issuer pursuant to any Transaction Document or (v) acquire its interest in Issuer, in each case: (A) in contemplation of insolvency; (B) with a view to preferring one
creditor over another or to preventing the application of its assets in the manner required by applicable law or regulations; (C) after committing an act of insolvency; or (D) with any intent to hinder, delay, or defraud itself or its
creditors. 
 The representations and warranties set forth in this Section 2.03 shall survive the transfer and assignment by Transferor of the
respective Receivables and other Trust Assets to Issuer and the pledge thereof to Indenture Trustee pursuant to the Indenture. Upon discovery by Transferor, Servicer, a Responsible Officer of Owner Trustee or the Indenture Trustee of a breach of any
of the representations and warranties set forth in this Section 2.03, the party discovering such breach shall give prompt written notice to the others and each Enhancement Provider, if any, entitled thereto pursuant to the relevant Indenture
Supplement. Transferor agrees to cooperate with Servicer, Owner Trustee and Indenture Trustee in Transferor’s efforts to cure any such breach. For purposes of the representations and warranties set forth in this Section 2.03, each
reference to an Indenture Supplement shall be deemed to refer only to those Indenture Supplements in effect as of the date of the relevant representation or warranty. 

  
 8 

 Section 2.04. Representations and Warranties of Transferor Relating to Transaction
Documents and the Receivables. 
 (a) Representations and Warranties. Transferor represents and
warrants to Issuer as of each Closing Date, the Certificate Trust Termination Date and, with respect to Additional Accounts, the related Addition Date that: 

(i) Enforceability. Each Transaction Document to which Transferor is a party constitutes and, in the case of Additional
Accounts, the related Assignment, when executed and delivered on behalf of Transferor, will constitute, a legal, valid and binding obligation of Transferor, enforceable against Transferor in accordance with its terms, except as such enforceability
may be limited by applicable Debtor Relief Laws now or hereafter in effect and by general principles of equity (whether considered in a suit at law or in equity). 

(ii) Accurate Account Schedule. As of the Certificate Trust Termination Date, as of each Addition Date with respect to
Additional Accounts, and as of the applicable Removal Date with respect to Removed Accounts, the Account Schedule delivered pursuant to this Agreement, as supplemented to such date, is an accurate and complete listing in all material respects of all
the Accounts as of each such date (or, with respect to the Account Schedule delivered on the Certificate Trust Termination Date, as of the then most recent month end) and the information contained therein with respect to the identity of such
Accounts and the Receivables existing thereunder is true and correct in all material respects as of such specified date. 

(iii) No Liens. (A) On and after the Certificate Trust Termination Date, Transferor is the legal and beneficial
owner of all right, title and interest in each Receivable and Transferor has the full right, power and authority to transfer such Receivables to Issuer pursuant to this Agreement, and (B) each Receivable conveyed to Issuer by Transferor
pursuant to this Agreement has been conveyed to Issuer free and clear of any Lien (other than Liens permitted under Section 2.05(b)) and in compliance, in all material respects, with all Requirements of Law applicable to Transferor and/or FNBO.

 (iv) Consents. All approvals, licenses, authorizations, consents, orders or other actions of any Person or
registrations or declarations with any Governmental Authority required to be obtained, effected or given by Transferor or FNBO in connection with the conveyance of the Receivables to Issuer pursuant to this Agreement have been duly obtained,
effected or given and are in full force and effect. 
 (v) Reserved. 

(vi) Perfection. This Agreement or, in the case of Additional Accounts, the related Assignment, constitutes either a
valid sale, transfer and assignment to Issuer of all right, title and interest of Transferor in the Receivables 

  
 9 

 
and other Trust Assets conveyed to Issuer by Transferor hereunder or thereunder or a grant of a security interest in such property to Issuer, which, (A) with respect to Receivables existing
on the Certificate Trust Termination Date and the proceeds thereof, is enforceable upon the Certificate Trust Termination Date or (B) with respect to the then existing Receivables in Additional Accounts added after the Certificate Trust
Termination Date, as of the applicable Addition Date, and which will be enforceable with respect to such Receivables thereafter created and the proceeds thereof upon such creation, in each case except as such enforceability may be limited by
applicable Debtor Relief Laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law or in equity). All actions necessary under the applicable UCC in any jurisdiction to be taken to give Issuer a first
priority perfected security interest in such property and proceeds, except for Liens permitted under Section 2.05(b), have been taken. 

(vii) Accounts. Except as otherwise expressly provided in this Agreement or any other Transaction Document, neither
Transferor nor any other Person has any claim to or interest in the Collection Account, the Excess Funding Account, any Series Account or any Enhancement. 

(viii) Eligible Accounts. With respect to Additional Accounts added after the Certificate Trust Termination Date, each
such Account is classified as an Eligible Account as of the relevant Addition Date and no selection procedures adverse to the Noteholders have been employed in selecting the Accounts from among the Eligible Accounts. 

(ix) Eligible Receivables. On the date each Additional Account added after the Certificate Trust Termination Date
becomes an Account, each Receivable contained in such Additional Account is an Eligible Receivable. As of the date of the creation of any new Receivable in an Account, such Receivable is an Eligible Receivable. 

(x) Subsequent Receivables. On each day after the Certificate Trust Termination Date on which any new Receivable is
created, Transferor represents and warrants to Issuer that the representations and warranties made in Section 2.04(a)(i), (iii), (iv), (vi) and (ix) are true and correct with respect to each such Receivable as of such day of creation.

 (xi) Additional Perfection Representations and Warranties. Debtor hereby makes the Perfection Representations and
Warranties to Secured Party. For purposes of this Section 2.04(a)(xi): Debtor shall mean Transferor, Secured Party shall mean Issuer, and Specified Agreement shall mean this Transfer and Servicing Agreement. The rights and remedies with respect
to any breach of the Perfection Representations and Warranties made under this Section 2.04(a)(xi) shall be continuing and shall survive any termination of the Specified Agreement. Secured Party shall not waive a breach of any Perfection
Representation and Warranty. In order to evidence the interests of Debtor and Secured Party under 

  
 10 

 
the Specified Agreement, the Debtor and Servicer shall, from time to time take such action, and execute and deliver such instruments (including, without limitation, such actions or filings as are
requested by the Secured Party and financing statements under the UCC as enacted and then in effect in any other jurisdiction in which the Debtor is organized, has its principal place of business or maintains any books, records, files or other
information concerning the Receivables) in order to maintain and perfect, as a first priority interest, the Secured Party’s security interest in the Receivables. Debtor hereby authorizes Servicer and Indenture Trustee to file financing
statements under the UCC without Debtor’s signature where allowed by applicable law. 
 (b) As of the Certificate Trust
Termination Date, Transferor agrees that (i) all representations and warranties made by it in its capacity as Transferor under the Pooling and Servicing Agreement with respect to any Account or Receivable pursuant to Section 2.04 of the
Pooling and Servicing Agreement and (ii) all of the covenants made by it under Section 2.05 of the Pooling and Servicing Agreement, in each case, shall be deemed for all purposes (including the reassignment obligations under
Section 2.04(d)) to have been made by Transferor to Issuer pursuant to this Agreement as of the day when each was made or deemed made, as if this Agreement had been in effect on that day. 

(c) Notice of Breach. The representations and warranties of Transferor made pursuant to this Section 2.04
shall survive the transfer and assignment by Transferor of the Receivables to Issuer and the pledge thereof to Indenture Trustee pursuant to the Indenture and the Certificate Trust Termination Date. Upon discovery by Transferor, Servicer, a
Responsible Officer of Owner Trustee or the Indenture Trustee of a breach of any of the representations and warranties by Transferor made pursuant to this Section 2.04, the party discovering such breach shall give prompt written notice to the
others and to each Enhancement Provider, if any, entitled thereto pursuant to the relevant Indenture Supplement. Transferor agrees to cooperate with Servicer, Owner Trustee and Indenture Trustee in the Transferor’s efforts to cure any such
breach. For purposes of the representations and warranties made pursuant to this Section 2.04, each reference to an Indenture Supplement shall be deemed to refer only to those Indenture Supplements in effect as of the date of the relevant
representations or warranties. 
 (d) Transfer of Ineligible Receivables. 

(i) Automatic Removal. In the event of a breach with respect to a Receivable of any representations and warranties set
forth in subsection 2.04(a)(iii)(B), or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (d) of the definition of Eligible Receivable, and any of the
following three conditions is met: (A) as a result of such breach or event such Receivable is charged off as uncollectible or Issuer’s rights in, to or under such Receivable or its proceeds are impaired or the proceeds of such Receivable
are not available for any reason to Issuer free and clear of any Lien, except Liens permitted under subsection 2.05(b); (B) the Lien upon the subject Receivable (1) arises in favor of the United States of America or any State or
any agency or instrumentality thereof and involves taxes 

  
 11 

 
or liens arising under Title IV of ERISA or (2) has been consented to by Transferor or the applicable Credit Card Originator; or (C) the unsecured
short-term debt rating of FNBO is not at least “P-1” by Moody’s and the Lien upon the subject Receivable ranks prior to the Lien created pursuant to this
Agreement, then, upon the earlier to occur of the discovery of such breach or event by Transferor or Servicer or receipt by Transferor of written notice of such breach or event pursuant to subsection 2.04(c) above, Receivables of the Account
containing such ineligible Receivable shall be automatically reassigned to Transferor on the terms and conditions set forth in subsection 2.04(d)(iii). 

(ii) Removal After Cure Period. In the event of a breach of any of the representations and warranties set forth in
subsection 2.04(a) other than a breach or event as set forth in subsection 2.04(d)(i) above, and as a result of such breach the related Account becomes a Defaulted Account or Issuer’s rights in, to or under the Receivable or its
proceeds are impaired or the proceeds of such Receivable are not available for any reason to Issuer free and clear of any Lien, except Liens permitted under subsection 2.05(b), then upon the expiration of 60 days from the earlier to occur
of the discovery of any such event by either Transferor or Servicer, or receipt by Transferor of written notice of any such event pursuant to subsection 2.04(c) above, the Receivables of the Account containing such ineligible Receivable shall be
reassigned to Transferor on the terms and conditions set forth in subsection 2.04(d)(iii); provided, however, that no such removal shall be required to be made if, on any day within such applicable period, such representations and warranties
with respect to such Receivable shall then be true and correct in all material respects as if such Receivable had been created on such day. 

(iii) Procedures for Reassignment. When the provisions of subsection 2.04(d)(i) or (ii) above require reassignment
of a Receivable, Transferor shall accept reassignment of such Receivable (an “Ineligible Receivable”) by directing Servicer to deduct the principal balance of each such Ineligible Receivable from the Aggregate Principal Receivables in the
Trust and to decrease Transferor Interest by such amount. On and after the date of such reassignment, each Ineligible Receivable shall be assigned a principal balance of zero for the purpose of determining the Principal Receivables on any day. In
the event that the exclusion of an Ineligible Receivable from the calculation of the Aggregate Principal Receivables would cause Transferor Interest to be reduced below the Minimum Transferor Interest, or would cause the Aggregate Principal
Receivables to be less than the Minimum Aggregate Principal Receivables, or would otherwise not be permitted by law, Transferor shall immediately, but in no event later than 10 Business Days after such event, make a deposit in the Excess
Funding Account in immediately available funds prior to the next succeeding Transfer Date in an amount sufficient to cure any such shortfall. The portion of such deposit allocated to the Notes of each Series shall be distributed to the Noteholders
of each Series in the manner specified in Article IV of the Indenture, if applicable, on the Distribution Date relating to the Monthly Period in which such deposit is made. Upon the reassignment to Transferor of an Ineligible

  
 12 

 
Receivable, Issuer shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Transferor, without recourse, representation or warranty, all the
right, title and interest of Issuer in and to such Ineligible Receivable, all moneys due or to become due with respect thereto and all proceeds thereof and Insurance Proceeds relating thereto and Interchange (if any) allocated to such Ineligible
Receivable pursuant to any Indenture Supplement. Such reassigned Ineligible Receivable shall be treated by Issuer as collected in full as of the date on which it was transferred. Issuer and Indenture Trustee shall execute such documents and
instruments of transfer or assignment and take other actions as shall reasonably be requested by Transferor to evidence the conveyance of such Ineligible Receivable pursuant to this subsection 2.04(d)(iii). The obligation of Transferor set
forth in this subsection 2.04(d)(iii), or the automatic reassignment of such Receivable from Issuer, as the case may be, shall constitute the sole remedy respecting any breach of the representations and warranties set forth in the above-referenced subsections with respect to such Receivable available to Issuer or Indenture Trustee on behalf of Noteholders. 

(iv) Proceeds Held by Servicer. For the purposes of subsections 2.04(d)(i) and (ii) above, proceeds of a
Receivable shall not be deemed to be impaired hereunder solely because such proceeds are held by Servicer (if Servicer is FNBO or Transferor) for more than the applicable period under Section 9-315 of the
UCC. 
 (e) Reassignment of Trust Portfolio. In the event of a breach of any of the representations and
warranties set forth in subsections 2.03(a), (b) or (c) or subsection 2.04(a)(i), (vi) or (vii) which has a material adverse effect on the Receivables or the availability of the proceeds of the Receivables to Issuer,
then Indenture Trustee or the Majority Holders, by notice then given in writing to Transferor (and to Indenture Trustee and Servicer, if given by the Majority Holders), may direct Transferor to accept reassignment of an amount of Principal
Receivables (as specified below) within 60 days of such notice (or within such longer period as may be specified in such notice), and Transferor shall be obligated to accept reassignment of such Principal Receivables on a Transfer Date
specified by Transferor (as to such Transfer Date, the “Reassignment Date”) occurring within such applicable period on the terms and conditions set forth below; provided, however, that no such reassignment shall be required to be made if,
at any time during such applicable period, each such representation and warranty shall then be true and correct in all material respects. Transferor shall deposit in next-day funds on the Reassignment Date an
amount equal to the reassignment deposit amount for such Receivables in the Collection Account or the applicable Series Account, as provided in the related Indenture Supplement, for distribution to the Noteholders pursuant to this Indenture and the
applicable Indenture Supplement. The reassignment deposit amount with respect to each Series for such reassignment, unless otherwise stated in the related Indenture Supplement, shall be equal to (i) the aggregate outstanding Note Principal
Balance of such Series at the end of the day on the last day of the Monthly Period preceding the Reassignment Date, less the amount, if any, previously allocated for payment of principal, or paid as principal to such Noteholders on the related
Distribution 

  
 13 

 
Date in the Monthly Period in which the Reassignment Date occurs, plus (ii) an amount equal to all interest accrued but unpaid on the Notes of such Series at the applicable Note Interest
Rate through such last day, less the amount, if any, previously allocated for payment of interest or paid as interest to the Noteholders of such Series on the related Distribution Date in the Monthly Period in which the Reassignment Date occurs (the
“Portfolio Reassignment Price”). Payment of the reassignment deposit amount with respect to each Series, and all other amounts in the Collection Account or the applicable Series Account in respect of the preceding Monthly Period shall be
considered a prepayment in full of the Receivables. On the Reassignment Date on which such amount has been deposited in full into the Collection Account or the applicable Series Account, the Receivables and all moneys due or to become due with
respect thereto and all proceeds of the Receivables and Insurance Proceeds relating thereto and Interchange (if any) allocated to the Receivables pursuant to any Indenture Supplement shall be released to Transferor after payment of all amounts
otherwise due hereunder on or prior to such dates and Issuer and Indenture Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be prepared by and as are
reasonably requested by Transferor to vest in Transferor, or its designee or assignee, all right, title and interest of Issuer and Indenture Trustee in and to the Receivables, all moneys due or to become due with respect thereto and all proceeds of
the Receivables and Insurance Proceeds relating thereto and Interchange (if any) allocated to the Receivables pursuant to any Indenture Supplement. If Indenture Trustee or the Majority Holders give notice directing Transferor to accept reassignment
as provided above, the obligation of Transferor to accept reassignment of the Receivables and pay the reassignment deposit amount pursuant to this subsection 2.04(e) shall constitute the sole remedy respecting a breach of the representations
and warranties contained in subsections 2.03(a), (b) or (c) or subsections 2.04(a)(i), (vi) or (vii) available to the Noteholders, Issuer or Indenture Trustee. 

Section 2.05. Covenants of Transferor. Transferor hereby covenants that: 

(a) Receivables To Be Accounts. Transferor will take no action to cause any Receivable to be evidenced by any
instrument (as defined in the UCC). Each Receivable shall be payable pursuant to a contract which does not create a Lien on any goods purchased thereunder. Transferor will take no action to cause any Receivable to be anything other than an
“account” (as defined in the UCC). 
 (b) Security Interests. Except for the conveyances hereunder
and under the other Transaction Documents, Transferor will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Receivable, whether now existing or hereafter created, or any
interest therein; Transferor will immediately notify Issuer, Indenture Trustee and each Enhancement Provider entitled to such notice pursuant to the relevant Indenture Supplement of the existence of any Lien on any Receivable; and Transferor shall
defend the right, title and interest of Issuer and Indenture Trustee in, to and under the Receivables, whether now existing or hereafter created, against all claims of third parties; provided, however, that nothing in this subsection 2.05(b)
shall prevent or be deemed to prohibit Transferor from suffering to exist upon any of the Receivables any Liens for taxes if such taxes shall not at the time 

  
 14 

 
be due and payable or if Transferor shall currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with
respect thereto; and, provided further, that nothing in this subsection 2.05(b) shall be deemed to prohibit the transfer of Transferor Interest in accordance with this Agreement and the Trust Agreement. 

(c) Credit Card Agreements and Account Guidelines. Transferor shall enforce the covenant in the Receivables
Purchase Agreement requiring FNBO to comply with and perform its obligations under the Credit Card Agreements relating to the Accounts and the Credit Card Guidelines and all applicable rules and regulations of VISA USA, Inc. and MasterCard
International Incorporated, except insofar as any failure to comply or perform would not materially and adversely affect the rights and interests of Issuer, Indenture Trustee or the Noteholders under any Transaction Documents or the Notes. Except as
expressly provided in any Indenture Supplement, Transferor may permit FNBO to change the terms and conditions of the Credit Card Agreements or the Credit Card Guidelines in any respect (including, without limitation, the reduction of the required
minimum monthly payment, the calculation of the amount, or the timing, of charge-offs and the Periodic Finance Charges and other fees to be assessed thereon) only if such change (i) would not, in the
reasonable belief of Transferor, cause a Pay Out Event to occur, and (ii) is made applicable to a substantial portion of the comparable segment of the revolving credit card accounts owned and serviced by FNBO which have characteristics the same
as, or substantially similar to, the Accounts that are the subject of such change, except as otherwise restricted by an endorsement, sponsorship, or other agreement between FNBO and an unrelated third party or by the terms of the Credit Card
Agreements; provided, however, with respect to FNBO, that clause (ii) shall be deemed to be satisfied at any time that Transferor Interest exceeds 14% of the Aggregate Principal Receivables; and provided, further, that for purposes of
FNBO’s debt deferral and debt cancellation program, the requirements of subsection 2.05(c)(ii) shall be deemed to be satisfied if the opportunity to initiate the change is made available to a substantial portion of the comparable segment
of the revolving credit card accounts owned and serviced by FNBO which have characteristics the same as, or substantially similar to, the Accounts to which such opportunity is made available. 

(d) Account Allocations. In the event that Transferor is unable for any reason to transfer Receivables to Issuer
in accordance with the provisions of this Agreement (including, without limitation, by reason of the application of the provisions of Section 6.01 or an order by any federal governmental agency having regulatory authority over Transferor or
FNBO or any court of competent jurisdiction that Transferor not transfer any additional Principal Receivables to Issuer) then, in any such event, (i) Transferor agrees to allocate and pay to Issuer, after the date of such inability, all
Collections with respect to Principal Receivables, all Discount Option Receivables Collections, and all amounts which would have constituted Collections with respect to Principal Receivables and Discount Option Receivables Collections but for
Transferor’s inability to transfer such Receivables (up to an aggregate amount equal to the amount of Principal Receivables and Discount Option Receivables in the Trust on such date); (ii) Transferor agrees to have such amounts applied as
Collections in accordance with Article VIII of the Indenture; and (iii) for only so long as all Collections and all amounts 

  
 15 

 
which would have constituted Collections are allocated and applied in accordance with clauses (i) and (ii) above, Principal Receivables and Discount Option Receivables (and all amounts
which would have constituted Principal Receivables or Discount Option Receivables, as the case may be, but for Transferor’s inability to transfer Receivables to Issuer) that are written off as uncollectible in accordance with this Agreement
shall continue to be allocated in accordance with Article VIII of the Indenture, and all amounts that would have constituted Principal Receivables or Discount Option Receivables, as the case may be, but for Transferor’s inability to
transfer Receivables to Issuer shall be deemed to be Principal Receivables or Discount Option Receivables, as the case may be, for the purpose of calculating the applicable Allocation Percentage with respect to any Series. If Transferor is unable
pursuant to any Requirement of Law to allocate Collections as described above, Transferor agrees that it shall in any such event allocate, after the occurrence of such event, payments on each Account with respect to the principal balance of such
Account first to the oldest principal balance of such Account and to have such payments applied as Collections in accordance with Article VIII of the Indenture. The parties hereto agree that Finance Charge Receivables, whenever created, accrued
in respect of Principal Receivables that have been conveyed to Issuer, or that would have been conveyed to Issuer but for the above described inability to transfer such Receivables, shall continue to be owned by Issuer notwithstanding any cessation
of the transfer of additional Principal Receivables and Discount Option Receivables to Issuer and Collections with respect thereto shall continue to be allocated and paid in accordance with Article VIII of the Indenture. 

(e) Delivery of Collections. Transferor agrees to pay to Servicer all payments received by Transferor in respect
of the Receivables as soon as practicable after receipt thereof by Transferor but, in any event, no later than two Business Days after the Date of Processing. 

(f) Conveyance of Accounts. Transferor covenants and agrees that, except as provided in Section 2.05(b), it
will not convey, assign, exchange or otherwise transfer the Accounts to any Person prior to the termination of this Agreement pursuant to Article VIII; provided, however, that Transferor shall not be prohibited hereby from conveying, assigning,
exchanging or otherwise transferring the Accounts in connection with a transaction complying with the provisions of Section 4.02. 

(g) Receivables Purchase Agreement. Transferor, in its capacity as purchaser of Receivables from RPA Seller under
the Receivables Purchase Agreement, shall enforce the covenants and agreements of RPA Seller as set forth in the Receivables Purchase Agreement, including its agreement to designate Additional Accounts as and when required in order for Transferor to
fulfill its undertakings in Section 2.06. Transferor shall not amend, waive or otherwise modify the Receivables Purchase Agreement except in accordance with its terms. 

(h) Official Records. The resolutions of the Board of Directors of Transferor’s Managing Member approving
each of the Transaction Documents and all documents relating thereto are and shall be continuously reflected in the minutes of the Board of Directors of Transferor’s Managing Member and in the official records of

  
 16 

 
Transferor. Each of the Transaction Documents and all documents relating thereto are and shall, continuously from the time of their respective execution by Transferor, be official records of
Transferor. 
 (i) Transferor Interest. Except as otherwise permitted in Section 3.04 of the Trust
Agreement and Section 4.02 of this Agreement, Transferor agrees not to transfer, assign, exchange or otherwise convey or pledge, hypothecate or otherwise grant a security interest in Transferor Interest (or any interest therein) or any
Supplemental Interest (or any interest therein) and any such attempted transfer, assignment, exchange, conveyance, pledge, hypothecation or grant shall be void. 

(j) Periodic Finance Charges and Other Fees. Transferor hereby agrees that, except as otherwise required by any
Requirement of Law, or as is deemed by FNBO to be necessary in order for it to maintain its credit card business, based upon a good faith assessment by FNBO of the nature of the competition in the credit card business, it shall not at any time
permit FNBO to reduce the Periodic Finance Charges assessed on any Receivable or other fees on any Account if, as a result of such reduction, Transferor’s reasonable expectation of the Portfolio Yield for any Series as of such date would be
less than the then Base Rate for that Series. 
 (k) Covenants Regarding Operations. Transferor shall: 

(i) Not incur, assume or guarantee any indebtedness other than Transferor’s obligations with respect to or contemplated by
the Transaction Documents. 
 (ii) Not engage in any business or activity other than as permitted in its articles of
organization. 
 (iii) Not consolidate or merge with or into any other entity or convey or transfer its properties and assets
substantially as an entirety to any entity, except as specifically permitted by the Transaction Documents. 
 (iv) Not
dissolve or liquidate, in whole or in part. 
 (v) Not commingle its funds or assets with those of any other individual or
entity. 
 (vi) Not hold itself out as being liable for the debts of any other party and not pay from its assets any
obligations or indebtedness of any other individual or entity. 
 (vii) Pay from its assets all obligations and indebtedness
of any kind incurred by Transferor. 
 (viii) Not form, or cause to be formed, any subsidiaries. 

  
 17 

 (ix) Not file any voluntary petition or consent to the filing of any petition in
or institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law on behalf of itself without the prior unanimous written consent of all of its
members, including the Independent Member (as defined in its Operating Agreement). 
 (x) Not permit its managing member to
withdraw. 
 (xi) At all times have at least one managing member which shall have each of the characteristics of the
Independent Member as set forth on Appendix A to its Operating Agreement. 
 (xii) Act solely in its name and through its
duly authorized agents in the conduct of its business, and shall conduct its business so as not to mislead others as to the identity of the entity with which they are concerned. 

(xiii) Transact business with any Affiliate, if at all, on an arm’s length basis and pursuant to enforceable agreements.
To the extent that the Transferor and any of its members or affiliates have offices in contiguous space, there shall be fair and appropriate allocation of overhead costs (including rent) among them, and each such entity shall bear its fair share of
such expenses. For purposes of this covenant and the definition of the term “Affiliate”, the term “control” means the possession, directly or indirectly, of the power to direct or the cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 (xiv) Maintain separate
records and books of account and financial statements and shall not commingle its records and books of account with the records and books of account of any entity. The Transferor shall use separate stationery, invoices and checks. 

(xv) Make no asset distributions, including, without limitation, any distribution of dividends, except to the extent of cash on
hand in excess of that needed to cover the expected cash needs of Transferor. 
 (xvi) Observe all organizational formalities
in its relations with its members. 
 (xvii) Notwithstanding any other provisions of this Agreement, not terminate, dissolve
or liquidate while owing any amount under the Transaction Documents despite the occurrence of any event which might terminate the continued membership of a member in Transferor, including the following: 

(A) a member: 

(1) makes an assignment for the benefit of creditors; 

  
 18 

 (2) files a voluntary petition in bankruptcy; 

(3) is adjudged bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency
proceeding; 
 (4) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any statute, law or regulation; 
 (5) files an answer or other pleading
admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature; 

(6) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the member or of all or any
substantial part of its properties; or 
 (B) 120 days after the commencement of any proceeding against the member seeking
reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without the member’s
consent or acquiescence of a trustee, receiver or liquidator of the member or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not
vacated. 
 (l) Sale Treatment. Transferor agrees to treat the conveyance hereunder of the Receivables and the
proceeds thereof as a sale for accounting purposes, to the extent such treatment would be consistent with GAAP. 
 (m)
Amendment of the Organizational Documents. Transferor shall not amend in any material respect its certificate of formation or its limited liability company agreement without providing the Rating Agencies with notice no later than the
fifth Business Day prior to such amendment (unless the right to such notice is waived by the Rating Agency) and satisfying the Rating Agency Condition. 

Section 2.06. Addition of Accounts. 

(a) If, (i) during any Monthly Period, the Transferor Interest averaged over that period is less than the Minimum
Transferor Interest (calculated using the Average Principal Receivables for such Monthly Period as the Aggregate Principal Receivables on the date of determination), Transferor shall designate additional eligible MasterCard or VISA accounts
(“Additional Accounts”) to be included as Accounts in a sufficient amount such that the average of Transferor Interest as a percentage of the Average Principal Receivables for such Monthly Period, computed by assuming that the amount

  
 19 

 
of the Average Principal Receivables of such Additional Accounts shall be deemed to be outstanding in the Trust during each day of such Monthly Period, is at least equal to the Minimum Transferor
Interest, or (ii) on any Record Date the Aggregate Principal Receivables is less than the Minimum Aggregate Principal Receivables, Transferor shall designate Additional Accounts to be included as Accounts in a sufficient amount such that the
Aggregate Principal Receivables will be equal to or greater than the Minimum Aggregate Principal Receivables. Receivables from such Additional Accounts shall be transferred to Issuer on or before the tenth Business Day following such Monthly Period;
provided, however, that to the extent Transferor designates Additional Accounts with Principal Receivables substantially in excess of the amount of Principal Receivables required under this subsection 2.06(a), such excess shall be deemed to be
optional Additional Accounts under subsection 2.06(b) below and will be permitted to be so designated solely to the extent permitted by subsection 2.06(b). 

(b) In addition to its obligation under subsection 2.06(a), Transferor may, but shall not be obligated to, designate from
time to time certain Additional Accounts (the “Automatic Additional Accounts”) to be included as Accounts, provided that Transferor shall not make more than one such designation in any one Monthly Period; and provided, further, that such
Automatic Additional Accounts shall not exceed the Maximum Addition Amount or include Financial Institutions Accounts unless Transferor shall have received the notice from the Rating Agencies required by subsection 2.06(c)(vii) below. 

(c) Transferor agrees that any such transfer of Receivables from Additional Accounts under subsection 2.06(a) or
(b) shall satisfy the following conditions (to the extent provided below): 
 (i) on or before the fifth Business Day
prior to the Addition Date with respect to additions pursuant to subsection 2.06(a) and on or before the tenth Business Day prior to the Addition Date with respect to additions pursuant to subsection 2.06(b) (the “Notice Date”),
Transferor shall give Issuer, Indenture Trustee, each Rating Agency and Servicer written notice that such Additional Accounts will be included, which notice shall specify the approximate aggregate amount of the Receivables to be transferred; 

(ii) on or before the Addition Date, Transferor shall have delivered to Indenture Trustee, a written assignment (including an
acceptance by Issuer) in substantially the form of Exhibit B (the “Assignment”) and Transferor shall direct Servicer to indicate in its computer files (and to cause FNBO to indicate in its computer files) that the Receivables created
in connection with the Additional Accounts have been transferred to Issuer and, within five Business Days thereafter, Servicer shall have delivered to Issuer, with a copy delivered to Indenture Trustee, a true and complete list of all Additional
Accounts, identified by account number and the aggregate amount of Receivables in such Additional Accounts, as of the Addition Date, which list may take the form of a computer file or tape, hard copy, compact disc or other tangible medium that is
acceptable to Servicer, Issuer and Indenture Trustee, and which list shall be, as of the date of such Assignment, incorporated into and made a part of such Assignment and this Agreement, and shall be subject to the confidentiality obligations under
Section 2.02(c) hereof; 

  
 20 

 (iii) Transferor shall represent and warrant that (A) each Additional
Account is, as of the Addition Date, an Eligible Account, and each Receivable in such Additional Account, is, as of the Addition Date, an Eligible Receivable, (B) no selection procedures believed by Transferor to be materially adverse to the
interests of the Noteholders were utilized in selecting the Additional Accounts from the available Eligible Accounts (or, in the case of Financial Institutions Accounts, from the available Financial Institutions Accounts constituting Eligible
Accounts) and (C) as of the Addition Date, Transferor is not insolvent; 
 (iv) Transferor shall represent and warrant
that, as of the Addition Date, the Assignment constitutes either (A) a valid transfer and assignment to Issuer of all right, title and interest of Transferor in and to the Receivables then existing and thereafter created in the Additional
Accounts, and all proceeds (as defined in the UCC) of such Receivables and Insurance Proceeds relating thereto and such Receivables and all proceeds thereof and Insurance Proceeds relating thereto will be held by Issuer free and clear of any Lien,
except for (1) Liens permitted under subsection 2.05(b), (2) the interest of the Holder of Transferor Interest and (3) Servicer’s right, if any, to receive interest accruing on, and investment earnings in respect of, the
Finance Charge Account, the Collection Account, the Principal Account, or any Series Account as provided in the Indenture and any related Indenture Supplement or (B) a grant of a first priority perfected security interest (as defined in the
UCC) in such property to Issuer, which is enforceable with respect to then existing Receivables of the Additional Accounts, the proceeds (as defined in the UCC) thereof and Insurance Proceeds relating thereto upon the conveyance of such Receivables
to Issuer, and which will be enforceable with respect to the Receivables thereafter created in respect of Additional Accounts conveyed on such Addition Date, the proceeds (as defined in the UCC) thereof and Insurance Proceeds relating thereto upon
such creation; 
 (v) Transferor shall deliver an Officer’s Certificate substantially in the form of Schedule 2 to
Exhibit B to Issuer and Indenture Trustee (with a copy thereof to each Rating Agency); it being understood that Issuer and Indenture Trustee may conclusively rely on such Officer’s Certificate, shall have no duty to make inquiries with
regard to the matters set forth therein and shall incur no liability in so relying; 
 (vi) Transferor shall deliver an
Opinion of Counsel with respect to the Receivables in the Additional Accounts to Issuer and Indenture Trustee (with a copy to any of the Rating Agencies which shall have requested in writing such copies) substantially in the form of Exhibit F;
and 
 (vii) with respect to Financial Institutions Accounts or Accounts in excess of the Maximum Addition Amount, Transferor
shall have received notice from each Rating Agency that the inclusion of such accounts as Additional Accounts pursuant to subsection 2.06(b) will not result in the reduction or withdrawal of its then existing rating of any Series of Notes then
issued and outstanding. 

  
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 Section 2.07. Removal of Accounts. 

(a) Subject to the conditions set forth below, Transferor shall have the right to designate Receivables from Accounts to be
reassigned to it or its designee (“Removed Accounts”). On or before the fifth Business Day (the “Removal Notice Date”) prior to the date upon which the designated Removed Accounts will be reassigned by Issuer to Transferor (the
“Removal Date”), Transferor shall give Issuer, Indenture Trustee and Servicer written notice that the Receivables from such Removed Accounts are to be reassigned to Transferor. 

(b) Transferor shall be permitted to designate and require reassignment to it of the Receivables from Removed Accounts only
upon satisfaction of the following conditions: 
 (i) the removal of any Receivables of any Removed Accounts on any Removal
Date shall not, in the reasonable belief of Transferor, (A) cause a Pay Out Event to occur; provided, however, that for the purposes of this subsection 2.07(b)(i), the Receivables of each Removed Account shall be considered to have been
removed as of the Removal Date, (B) cause the Transferor Interest as a percentage of the Aggregate Principal Receivables to be less than the Minimum Transferor Interest on such Removal Date, (C) result in the failure to make any payment
specified in the related Indenture Supplement with respect to any Series, or (D) cause the Aggregate Principal Receivables to be less than the Minimum Aggregate Principal Receivables on such Removal Date; 

(ii) on or prior to the Removal Date, Transferor shall have delivered to Issuer and Indenture Trustee for execution a written
assignment in substantially the form of Exhibit H (the “Reassignment”) and, within five Business Days thereafter, Transferor shall have delivered to Issuer a true and complete list of all Removed Accounts, identified by account number
and the aggregate amount of Receivables in such Removed Accounts, as of the Removal Date, which list may take the form of a computer file or tape, hard copy, compact disc or other tangible medium that is acceptable to Transferor and Issuer, and
which list shall, as of the Removal Date, modify and amend and be made a part of this Agreement; 
 (iii) Transferor shall
represent and warrant as of each Removal Date that (x)(i) Accounts (or administratively convenient groups of Accounts, such as billing cycles) were chosen for removal randomly or otherwise not on a basis intended to select particular accounts
or groups of accounts for any reason other than administrative convenience and (ii) no selection procedure was used by Transferor which is materially adverse to the interests of the Noteholders or (y) Accounts are subject to an Involuntary
Removal (it being understood that in the case of an Involuntary Removal, Transferor will not be deemed to have engaged in any selection procedure which is materially adverse to the interests of the Noteholders); 

  
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 (iv) (A) other than with respect to an Involuntary Removal, on or before the
tenth Business Day prior to the Removal Date, each Rating Agency shall have received notice of such proposed removal of the Receivables of such Accounts and Transferor shall have received notice prior to the Removal Date from such Rating Agency that
such proposed removal will not result in a downgrade or a withdrawal of its then current rating on any outstanding Series and (B) with respect to an Involuntary Removal, Transferor shall use reasonable efforts to satisfy the Rating Agency
Condition; 
 (v) other than with respect to an Involuntary Removal, on any Removal Notice Date, the amount of the Principal
Receivables of the Removed Accounts to be reassigned to Transferor on the related Removal Date shall not equal or exceed 5% of the Aggregate Principal Receivables on such Removal Date, provided that if any Series has been paid in full, the Principal
Receivables in such Removed Accounts may equal the Initial Collateral Amount of such Series; and 
 (vi) Transferor shall
have delivered to Issuer and Indenture Trustee an Officer’s Certificate confirming the items set forth in clauses (i) through (v) above. Issuer and Indenture Trustee may conclusively rely on such Officer’s Certificate, shall have
no duty to make inquiries with regard to the matters set forth therein and shall incur no liability in so relying. 
 Upon
satisfaction of the above conditions, Issuer and Indenture Trustee shall execute and deliver the Reassignment to Transferor, and the Receivables from the Removed Accounts shall, without further action, be deemed to be transferred, assigned and
conveyed to Transferor or its designee, effective as of the Removal Date, without recourse. 
 (c) Subject to the conditions
set forth above, Transferor may from time to time designate as Removed Accounts any Accounts designated for purchase by a third party due to third-party cancellation or an expiration, without renewal, of an affinity, private-label, co-branding,
agent bank or other similar arrangement. Any repurchase of the Receivables in Removed Accounts pursuant to Section 2.07 shall be effected in the manner and at the price determined in accordance with Section 2.04(d)(iii), as if the
Receivables being purchased were Ineligible Receivables. Amounts deposited in the Excess Funding Account in connection therewith and allocated to the Notes shall be distributed to the Noteholders of each Series in the manner specified in Article
VIII of the Indenture and each Indenture Supplement. 
 Section 2.08. Discount Option Receivables. 

(a) Transferor shall have the option to designate a percentage (the “Discount Percentage”) of the Principal
Receivables in all or certain of the Accounts created on and 

  
 23 

 
after such date of designation to be treated as Finance Charge Receivables (“Discount Option Receivables”) in accordance with the provisions of this Section 2.08. The Discount
Percentage shall not apply to Finance Charges, or any other fees and charges (other than Insurance Proceeds) or to Receivables in or recoveries of Defaulted Accounts. The Discount Percentage may be fixed or variable and shall not exceed 4%. 

(b) Discount Option Receivables shall be considered Finance Charge Receivables for all purposes hereunder, including for the
purposes of allocating Collections pursuant to the Indenture. 
 (c) Transferor shall have the option to increase the
Discount Percentage to a percentage not greater than 4%, to reduce the Discount Percentage, to apply the Discount Percentage to Principal Receivables created in Accounts not previously subject to the Discount Percentage and to cease to apply the
Discount Percentage to Principal Receivables created in Accounts previously subject to the Discount Percentage; provided, however, that Transferor shall not change any existing Discount Option Receivables into Principal Receivables and Transferor
shall not increase the Discount Percentage during any Rapid Amortization Period (as defined in any Indenture Supplement) or if such increase would cause the Transferor Interest to be less than the Minimum Transferor Interest or would cause the
Aggregate Principal Receivables in the Trust to be less than the Minimum Aggregate Principal Receivables. 
 (d) Transferor
shall provide to Servicer, Issuer, Indenture Trustee and each Rating Agency 30 days’ prior written notice of any designation, increase or reduction of the Discount Percentage, and such designation, increase or reduction shall become
effective on the date specified in such notice if such designation, increase or reduction in the reasonable belief of Transferor, as set forth by Transferor in an Officer’s Certificate delivered to the Indenture Trustee, would not cause a Pay
Out Event, or an event which, with notice or the lapse of time or both, would constitute a Pay Out Event, to occur; provided, however, that the Rating Agency Condition shall have been satisfied. 

Section 2.09. Dispute Resolution. 

(a) Notice of the Requesting Party to Refer Matter to Third-Party Mediation or Third-Party Arbitration. 

(i) If any Receivable is subject to repurchase by Transferor pursuant to Section 2.04 of this Agreement and such
repurchase is not resolved in accordance with the terms of this Agreement, then Indenture Trustee (at the direction of any Noteholder or any Verified Note Owner), any Noteholder or any Verified Note Owner (a “Requesting Party”), may submit
to Transferor (the “Representing Party”), a written notice that the Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation or warranty (a “TSA Repurchase Request”) and if such
TSA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such TSA Repurchase Request, then the Requesting Party will have
the right to refer the 

  
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matter, at its discretion, to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the dispute
resolution method selected by the Requesting Party. 
 (ii) At the end of the 180-day period described herein, the
Representing Party may provide notice informing the Requesting Party of the status of its TSA Repurchase Request or, in the absence of such notice, the Requesting Party may presume its TSA Repurchase Request remains unresolved. 

(iii) The Requesting Party must provide written notice of its intention to refer the matter to either third-party mediation
(including non-binding arbitration) or third-party binding arbitration to the Representing Party within 30 calendar days following such 180th day. 

(iv) Dispute resolution to resolve repurchase obligations will be available to the Requesting Party regardless of whether the
requisite percentage of Noteholders voted to direct an Asset Representations Review or whether the Delinquency Trigger has occurred. 

(v) To the extent a Note Owner wishes to exercise rights under Section 2.09, such Note Owner must be a Verified Note
Owner. The Note Owner shall submit a copy of its TSA Repurchase Request and verification documents to Indenture Trustee. The Indenture Trustee shall confirm that the Note Owner has provided the Indenture Trustee with evidence that it is a Verified
Note Owner and shall provide such evidence to the Issuer. 
 (b) Provisions Applicable to Third-Party
Mediation. If the Requesting Party selects third-party mediation as the resolution method, the following provisions apply: 

(i) The mediation will be administered by the AAA pursuant to its Rules in effect at the time the mediation is initiated.
However, if any of the Rules are inconsistent with any of the procedures relating to third-party mediation or arbitration in this Section 2.09, the procedures in this Section 2.09 shall control. 

(ii) The mediator must be a Qualified Dispute Resolution Professional. Upon being supplied a list, by the AAA, of at least ten
potential mediators that are each Qualified Dispute Resolution Professionals, each of the Requesting Party and the Representing Party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential
mediators in order of preference. The AAA will select the mediator from the remaining potential mediators on the list, respecting the preference choices of the parties to the extent possible. 

(iii) Each of the Requesting Party and the Representing Party will use commercially reasonable efforts to begin the mediation
within 10 Business Days of the selection of the mediator and to conclude the mediation within 30 days of the start of the mediation. 

  
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 (iv) The fees and expenses of the mediation (including the fees of the mediator
and reasonable attorneys’ fees of the parties) will be allocated as mutually agreed by the Requesting Party and the Representing Party as part of the mediation. 

(v) A failure by the Requesting Party and the Representing Party to resolve the disputed matter through mediation shall not
preclude either party from seeking a resolution through the initiation of a judicial proceeding in a court of competent jurisdiction, subject to subsection 2.09(d) below. 

(c) Provisions Applicable to Third-Party Arbitration. If the Requesting Party selects third-party arbitration as
the resolution method, the following provisions will apply: 
 (i) The arbitration will be held in accordance with the United
States Arbitration Act, notwithstanding any choice of law provision in the Indenture, and under the auspices of the AAA and in accordance with the Rules. However, if any of the Rules are inconsistent with the procedures applicable to third-party
arbitration under this Section 2.09, the procedures in this Section 2.09 shall control. 
 (ii) If the TSA
Repurchase Request specified in subsection 2.09(a) above involves the repurchase of an aggregate amount of Receivables of less than five percent (5%) of the total Principal Receivables in the Trust as of the date of the TSA Repurchase Request,
a single arbitrator will be used. That arbitrator must be a Qualified Dispute Resolution Professional. Upon being supplied a list of at least ten potential arbitrators that are each Qualified Dispute Resolution Professionals by the AAA, each of the
Requesting Party and the Representing Party (as defined below) will have to the right to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The AAA will select the arbitrator
from the remaining potential arbitrators on the list, respecting the preference choices of the parties to the extent possible. 

(iii) If the TSA Repurchase Request specified in subsection 2.09(a) above involves the repurchase of an aggregate amount of
Receivables equal to or in excess of five percent (5%) of the total Principal Receivables in the Trust as of the date of the TSA Repurchase Request, a three-arbitrator panel will be used. The arbitral panel will consist of three Qualified
Dispute Resolution Professionals, (a) one to be appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of arbitration, (b) one to be appointed by the Representing Party
within five Business Days of the Requesting Party’s appointment of an arbitrator, and (c) the third arbitrator, who will preside over the arbitral panel, to be chosen by the two party-appointed arbitrators, within five Business Days of the
Representing Party’s appointment of an arbitrator. If any party fails to appoint an arbitrator or the two party-arbitrators fail to appoint a third within the relevant time periods, then the appointments will be made by the AAA pursuant to the
Rules. 

  
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 (iv) Each arbitrator selected for any arbitration will abide by the Code of
Ethics for Arbitrators in Commercial Disputes in effect at the time the arbitration is initiated. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict
of interest or likely to preclude completion of the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

 (v) The Requesting Party and Representing Party each agree that it is their intention that after consulting with the
parties, the arbitrator or arbitral panel, as applicable, will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the proceeding and completing the arbitration within
30 days after the appointment of the arbitrator or arbitral panel, as applicable. The arbitrator or the arbitral panel, as applicable, will have the authority to schedule, hear and determine any and all motions, including dispositive and discovery
motions, in accordance with New York law then in effect (including prehearings and post hearing motions), and will do so on the motion of any party to the arbitration. Notwithstanding any other discovery that may be available under the Rules, unless
otherwise agreed by the parties, each party to the arbitration will be limited to the following discovery in the arbitration: 

(A) Consistent with the expedited nature of arbitration, the Requesting Party and the Representing Party will, upon the
written request of the other party, promptly provide the other with copies of documents relevant to the issues raised by any claim or counterclaim on which the producing party may rely in support of or opposition to the claim or defense. 

(B) At the request of a party, the arbitrator or the arbitral panel, as applicable, shall have the discretion to order
examination by deposition of witnesses to the extent the arbitrator or the arbitral panel deems such additional discovery relevant and appropriate. Depositions shall be limited to a maximum of three (3) per party and shall be held within thirty
(30) calendar days of the making of the request. Additional depositions may be scheduled only with the permission of the arbitrator or the arbitral panel, and for good cause shown. Each deposition shall be limited to a maximum of three
(3) hours duration. All objections are served for the arbitration hearing except for objections based on privilege and proprietary or confidential information. 

  
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 (C) Any dispute regarding discovery, or the relevance or scope thereof, shall be
determined by the arbitrator or the arbitral panel, which determination shall be conclusive. 
 (D) All discovery shall be
completed within sixty (60) calendar days following the appointment of the arbitrator or the arbitral panel, as applicable; provided, that the arbitrator or the arbitral panel, as applicable, will have the ability to grant the parties, or
either of them, additional discovery to the extent the arbitrator or the arbitral panel, as applicable, determines good cause is shown that such additional discovery is reasonable and necessary. 

(vi) The Requesting Party and the Representing Party each agree that it is their intention that the arbitrator or the arbitral
panel, as applicable, will resolve the dispute in accordance with the terms of this Agreement and may not modify this Agreement in any way. The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive damages or
consequential damages in any arbitration conducted. The Requesting Party and the Representing Party each agree that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine and award the costs of the
arbitration (including the fees of the arbitrator or the arbitral panel, as applicable, the cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’ fees to the parties as determined by the
arbitrator or the arbitral panel, as applicable, in its reasonable discretion. For the avoidance of doubt, in no event will Indenture Trustee (when acting as the Requesting Party at the direction of any Noteholders) be liable in its individual
capacity for any such costs. The determination of the arbitrator or the arbitral panel, as applicable, must be consistent with Sections 4.03 and 9.13 of this Agreement and will be in writing and counterpart copies will be promptly delivered to the
parties. The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the arbitral panel, as applicable, upon the motion and at the expense of either party. Following that single
reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered in and may be enforce in, any court of competent jurisdiction, except in the case of fraud or corruption
of the process. 
 (vii) By selecting third-party binding arbitration, the Requesting Party is giving up the right to sue in
court, including the right to trial by jury. 
 (viii) No Person may bring a putative or certified class action to
arbitration. 
 (d) Provisions Applicable to Third-Party Mediations and Third-Party Arbitrations. The following
provisions will apply to both third-party mediations and third-party arbitrations: 
 (i) Any mediation or arbitration will
be held in New York, New York. 

  
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 (ii) Notwithstanding the dispute resolution provisions in this Section 2.09,
the parties will have the right to seek a temporary restraining order, a preliminary injunction or attachment order from a competent court of law, provided such relief would otherwise be available by law. 

(iii) The details and/or the existence of any unfulfilled TSA Repurchase Request, any informal meetings, mediations or
arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled TSA Repurchase Request, and any discovery undertaken in
connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding; provided, however, that any discovery taken in connection
with any arbitration will be admissible in that particular arbitration. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts, accountants and
other agents and representatives, as reasonably required in connection with the related resolution procedure), except as otherwise 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. Any third party who receives confidential information (other than a governmental regulatory body) must, at the conclusion of the proceedings, submit an affidavit that all such
confidential information and any copies thereof were destroyed in a manner to protect such information from any subsequent disclosure. 

ARTICLE III 

ADMINISTRATION AND SERVICING OF RECEIVABLES 

Section 3.01. Acceptance of Appointment and Other Matters Relating to Servicer. 

(a) FNBO agrees to act as Servicer under this Agreement. The Noteholders of each Series by their acceptance of the related
Notes consent to FNBO acting as Servicer. 
 (b) Servicer shall service and administer the Receivables and shall collect
payments due under the Receivables and shall charge off Receivables as uncollectible, in accordance with its customary and usual servicing procedures for servicing credit card receivables comparable to the Receivables and, subject to
subsection (d) below, in accordance with the Credit Card Guidelines and shall have full power and authority acting alone or through any party properly designated by it hereunder, to do any and all things in connection with such servicing and
administration which it may deem necessary or desirable. Without limiting the generality of the foregoing and subject to Section 7.01, Servicer is hereby authorized and empowered (i) to make withdrawals from the

  
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Collection Account, the Excess Funding Account or any Series Account to the extent and as set forth in this Agreement, the Indenture or any Indenture Supplement, (ii) unless such power and
authority is revoked on account of the occurrence of a Servicer Default pursuant to Section 7.01, to instruct Indenture Trustee to make withdrawals and payments, from the Collection Account, the Excess Funding Account and any Series Account, in
accordance with such instructions as set forth in this Agreement, the Indenture or any Indenture Supplement, (iii) unless such power and authority is revoked on account of the occurrence of a Servicer Default pursuant to Section 7.01, to
instruct Indenture Trustee in writing, as set forth in this Agreement, the Indenture or any Indenture Supplement, (iv) to take any actions required or permitted under any Enhancement, (v) to execute and deliver, on behalf of Issuer for the
benefit of the Noteholders, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and, after the delinquency of any Receivable and
to the extent permitted under and in compliance with applicable law and regulations, to commence enforcement proceedings with respect to such Receivables and (vi) to make any filings, reports, notices, applications, registrations with, and to
seek any consents or authorizations from, the Commission and any state securities authority on behalf of Issuer as may be necessary or advisable to comply with any federal or state securities or reporting requirements. Indenture Trustee agrees that
it shall promptly follow the written instructions of Servicer to withdraw funds from the Collection Account, the Excess Funding Account or any Series Account and to take any action required under any Enhancement at such time as required under this
Agreement, the Indenture or any Indenture Supplement. Each of Owner Trustee and Indenture Trustee shall execute at Servicer’s written request such documents prepared by Transferor and acceptable to Owner Trustee or Indenture Trustee (as
applicable) as may be necessary or appropriate to enable Servicer to carry out its servicing and administrative duties hereunder. 

Owner Trustee shall furnish Servicer with any powers of attorney and other documents from Owner Trustee and Indenture Trustee
necessary or appropriate to enable Servicer to carry out its servicing and administrative duties hereunder. 
 (c) In the
event that Transferor is unable for any reason to transfer Receivables to Issuer in accordance with the provisions of this Agreement (including by reason of the application of the provisions of Section 6.01 or the order of any federal
governmental agency having regulatory authority over Transferor or any court of competent jurisdiction that Transferor not transfer any additional Principal Receivables to Issuer) then, in any such event, Servicer agrees to allocate in accordance
with the provisions of Section 2.05(d). 
 (d) Servicer shall comply with and perform its servicing obligations with
respect to the Accounts and Receivables in accordance with the Credit Card Agreements relating to the Accounts and the Credit Card Guidelines and all applicable rules and regulations of VISA USA, Inc. and MasterCard International Incorporated,
except insofar as any failure to so comply or perform would not materially and adversely affect Issuer, Indenture Trustee or the Noteholders. 

  
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 (e) Servicer shall not be obligated to use separate servicing procedures,
offices, employees or accounts for servicing the Receivables from the procedures, offices, employees and accounts used by Servicer in connection with servicing other credit card receivables. 

(f) Servicer shall maintain fidelity bond coverage insuring against losses through wrongdoing of its officers and employees who
are involved in the servicing of credit card receivables covering such actions and in such amounts as Servicer believes to be reasonable from time to time. 

(g) The relationship of Servicer (and of any successor to Servicer as servicer under this Agreement) to Indenture Trustee under
this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent of Indenture Trustee. 

Section 3.02. Servicing Compensation. As compensation for its servicing activities hereunder and reimbursement for its expenses as
set forth in the immediately following paragraph, Servicer shall be entitled to receive a monthly servicing fee in respect of any Monthly Period or portion thereof after the Certificate Trust Termination Date (with respect to each Monthly Period,
the “Monthly Servicing Fee”). The share of the Monthly Servicing Fee allocable to each Series of Notes with respect to any Monthly Period (or portion thereof) shall be payable on the related Distribution Date and, with respect to each
Series (unless otherwise provided in the related Indenture Supplement), shall be equal to one-twelfth of the product of (a) the applicable Series Servicing Fee Percentage per annum and (b) the
Collateral Amount of such Series as of the last day of the Monthly Period preceding such Distribution Date (the “Noteholder Servicing Fee”) and shall be paid to Servicer pursuant to the applicable Indenture Supplement. The servicing fee
payable by the Holder of Transferor Interest shall be equal to the product of one-twelfth of the product of (i) Transferor Interest and (ii) the weighted average of the Series Servicing Fee
Percentages with respect to each Series of Notes then outstanding (the “Transferor Servicing Fee”). The Monthly Servicing Fee for each Monthly Period shall equal the sum of (A) the aggregate amount of Noteholder Servicing Fees for
such Monthly Period with respect to each Series then outstanding and (B) Transferor Servicing Fee for such Monthly Period. The Noteholder Servicing Fee with respect to any Series is payable in arrears on the related Transfer Date (unless
otherwise provided in the related Indenture Supplement) and Transferor Servicing Fee is payable in arrears no later than the last Transfer Date with respect to any Series occurring in a Monthly Period. Transferor Servicing Fee and, unless otherwise
provided in an Indenture Supplement, each Noteholder Servicing Fee, shall be calculated on the basis of actual days elapsed and a year of 365 days or 366 days, as the case may be. The compensation payable to Servicer hereunder, including
the Monthly Servicing Fee, may not be transferred except to a Successor Servicer. In no event shall Issuer, Indenture Trustee, the Noteholders of a Series or any Enhancement Provider be liable for Transferor Servicing Fee. 

Servicer’s expenses include the amounts due to Owner Trustee pursuant to Article VII of the Trust Agreement, the amounts due to the
Asset Representations Reviewer under the Asset Representations Review Agreement and the reasonable fees and disbursements of Indenture Trustee, Administrator, any Paying Agent, any Transfer Agent and Registrar, independent public accountants and all
other expenses incurred by Servicer in connection with its activities 

  
 31 

 
hereunder, including expenses related to the enforcement of the Receivables and all other fees and expenses that are not expressly stated in this Agreement or any other Transaction Document to be
payable by Issuer, the Noteholders of a Series or Transferor, including the costs of filing the UCC continuation statements, the costs and expenses relating to obtaining and maintaining the listing of any Notes on any stock exchange and the costs
and expenses relating to investor communication requests, if any, pursuant to Section 4.22 of any Indenture Supplement. Servicer shall not be liable for any liabilities, costs or expenses of the Trust or the Noteholders arising under any tax
law, including without limitation any federal, state or local income or franchise taxes or any other tax imposed on or measured by income (or any interest or penalties with respect thereto or arising from a failure to comply therewith). Servicer
shall be required to pay such expenses for its own account and shall not be entitled to any payment therefor other than the Monthly Servicing Fee. 

Section 3.03. Representations, Warranties and Covenants of Servicer. FNBO, as initial Servicer, hereby makes, and any successor
Servicer by its appointment hereunder shall make (with such changes as shall be applicable to such Successor Servicer), on each Closing Date (and on the date of any such appointment) the following representations and warranties and covenants to
Issuer on which Owner Trustee has relied in executing the Notes and Indenture Trustee has relied in authenticating Notes: 

(a) Organization and Good Standing. Servicer is a national banking association (or with respect to such Successor
Servicer, such other corporate entity as may be applicable) duly organized, validly existing and in good standing under the laws of the United States, and has full corporate power, authority and legal right to own its properties and conduct its
business as such properties are presently owned and as such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party. 

(b) Due Qualification. Servicer is not required to qualify nor register as a foreign corporation in any state in
order to service the Receivables as required by this Agreement and the other Transaction Documents to which it is a party, other than such states as to which Servicer has so qualified and is in good standing or failure to so qualify and maintain
good standing would not have a material adverse effect on Servicer’s ability to perform its obligations hereunder or the interests of Noteholders, and has obtained all licenses and approvals necessary in order to so service the Receivables as
required under federal and Nebraska law. 
 (c) Due Authorization. The execution, delivery and performance of
this Agreement and the other Transaction Documents to which it is a party have been duly authorized by Servicer by all necessary corporate action on the part of Servicer and this Agreement, and each such other Transaction Document, will remain, from
the time of its execution, an official record of Servicer. 
 (d) Binding Obligation. This Agreement and each
other Transaction Document to which Servicer is a party constitutes a legal, valid and binding obligation of Servicer, enforceable in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws now or
hereinafter in effect, affecting the enforcement of creditors’ rights in general and the rights of creditors of national banking associations and by general principles of equity (whether considered in a suit at law or in equity). 

  
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 (e) No Violation. The execution and delivery of this Agreement and
each other Transaction Document to which Servicer is a party by Servicer, and the performance of the transactions contemplated by this Agreement and each such other Transaction Document and the fulfillment of the terms hereof and thereof applicable
to Servicer, will not conflict with, violate, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any Requirement of Law applicable to Servicer or any
indenture contract, agreement, mortgage, deed of trust or other instrument to which Servicer is a party or by which it is bound. 

(f) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of Servicer,
threatened against Servicer before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this
Agreement and the other Transaction Documents, seeking any determination or ruling that, in the reasonable judgment of Servicer, would materially and adversely affect the performance by Servicer of its obligations under this Agreement or any other
Transaction Document to which it is a party, or seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement or any other Transaction Document. 

(g) Compliance With Requirements of Law. Servicer shall duly satisfy all obligations on its part to be fulfilled
under or in connection with each Receivable and the related Account, will maintain in effect all qualifications required under Requirements of Law in order to properly service each Receivable and the related Account and will comply in all material
respects with all other Requirements of Law in connection with servicing each Receivable and the related Account, the failure to comply with which would have a material adverse effect on the interests of the Noteholders or any Enhancement Provider.

 (h) No Rescission or Cancellation. Servicer shall not permit any rescission or cancellation of a Receivable
except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit Card Guidelines. Servicer shall reflect any such rescission or cancellation in its
computer file of revolving credit card accounts. 
 (i) Protection of Holders’ Rights. Servicer shall take
no action which, nor omit to take any action the omission of which, would materially impair the rights of Holders in any Receivable or Account, nor shall it, except in the ordinary course of its business and in accordance with the Credit Card
Guidelines, reschedule, revise or defer Collections due on the Receivables, except as permitted in subsection 3.03(h). 

  
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 (j) Receivables Not To Be Evidenced by Promissory Notes. Except in
connection with its enforcement or collection of an Account, Servicer will take no action to cause any Receivable to be evidenced by any instrument, other than an instrument that, taken together with one or more other writings, constitutes chattel
paper and, if any Receivable is so evidenced (whether or not in connection with the enforcement or collection of an Account), it shall be reassigned or assigned to Servicer as provided in this Section. 

(k) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or of
any governmental body or official required in connection with the execution and delivery by Servicer of this Agreement and each other Transaction Document to which it is a party, the performance by Servicer of the transactions contemplated by this
Agreement and the other Transaction Documents and the fulfillment by Servicer of the terms hereof and thereof have been obtained; provided that Servicer makes no representation or warranty as to state securities or “blue sky” laws. 

(l) Maintenance of Records and Books of Account. Servicer shall maintain and implement administrative and
operating procedures (including the ability to recreate records evidencing the Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, computer records and other information, reasonably
necessary or advisable for the collection of all the Receivables. Such documents, books and computer records shall reflect all facts giving rise to the Receivables, all payments and credits with respect thereto, and, to the extent required pursuant
to Section 2.01, such documents, books and computer records shall indicate the interests of Issuer in the Receivables. 

(m) Transaction Documents. Servicer shall observe and perform each and every obligation of Servicer under any
other Transaction Documents. 
 (n) Delinquencies. Receivables will be charged off at the earlier of
(a) the date they become 180 days Delinquent, or (b) when required pursuant to the Credit Card Guidelines. 
 As of the
Certificate Trust Termination Date, Servicer agrees that all representations and warranties made by it in its capacity as Servicer under the Pooling and Servicing Agreement with respect to any Account or Receivable pursuant to Section 3.03 of
the Pooling and Servicing Agreement shall be deemed for all purposes to have been made by Servicer to Issuer pursuant to this Agreement as of the day when each was made or deemed made, as if this Agreement had been in effect on that day. 

If any of the representations, warranties or covenants of Servicer contained in paragraph (g), (h), (i) or (j) of this
Section 3.03 or paragraphs (g) (h), (i) or (j) of Section 3.03 of the Pooling and Servicing Agreement with respect to any Receivable or the related Account is breached, and as a result of such breach Issuer’s rights in,
to or under any Receivables in the related Account or the proceeds of such Receivables are materially impaired or such proceeds are not available for any reason to Issuer free and clear of any Lien, then no later than the expiration

  
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of 60 days from the earlier to occur of the discovery of such event by Servicer, or receipt by Servicer of notice of such event given by Indenture Trustee, all Receivables in the Account or
Accounts to which such event relates shall be reassigned or assigned to Servicer as set forth below; provided that such Receivables will not be reassigned or assigned to Servicer if, on any day prior to the end of such
60-day period, (i) the relevant representation and warranty shall be true and correct, or the relevant covenant shall have been complied with, in all material respects and (ii) Servicer shall have
delivered to Indenture Trustee an Officer’s Certificate describing the nature of such breach and the manner in which such breach was cured. Indenture Trustee will have no duty to monitor for such events, but will provide notice to Servicer only
upon its receipt of notice from another party. 
 Servicer shall effect such assignment by making a deposit into the Collection Account in
immediately available funds prior to the next succeeding Business Day in an amount equal to the aggregate amount of such Receivables, which deposit shall be considered a Collection with respect to such Receivables and shall be applied in accordance
with Article VIII of the Indenture and each Indenture Supplement. 
 Upon each such assignment to Servicer, Issuer and Indenture
Trustee shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Servicer, without recourse, representation or warranty all right, title and interest of Issuer and Indenture Trustee in and to
such Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Issuer and Indenture Trustee shall execute such documents and instruments of transfer or assignment and take such other actions
as shall be reasonably requested by Servicer to effect the conveyance of any such Receivables pursuant to this Section. The obligation of Servicer to accept assignment of such Receivables, and to make the deposits, if any, required to be made to the
Collection Account as provided in the preceding paragraph, shall constitute the sole remedy respecting the event giving rise to such obligation available to Issuer, Owner Trustee, Holders (or Indenture Trustee on behalf of the Noteholders) or any
Enhancement Provider. 
 (o) Engagement of Asset Representations Reviewer. Servicer shall, at all times while
any publicly-offered Series of Notes is Outstanding under the Indenture, ensure that an Asset Representations Reviewer has been engaged by Servicer and appointed by Issuer and if the Asset Representations Reviewer gives notice of its intent to
resign or Servicer terminates the Asset Representation Reviewer pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the office of Asset Representations Reviewer for any reason (the Asset Representations
Reviewer in such event being referred to herein as the retiring Asset Representations Reviewer), Servicer shall promptly appoint and designate a successor Asset Representations Reviewer in accordance with the provisions of the Asset Representations
Review Agreement. 
 (p) Servicer Cooperation with Asset Representations Review. Servicer shall, with respect
to the initiation of an Asset Representations Review by the requisite percentage of Noteholders pursuant to the terms of the related Indenture Supplements, (i) cooperate with the Asset Representations Reviewer in creating procedures for a
review of the Subject Receivables and related Accounts for compliance with the Pool Asset Representations and (ii) provide the Asset Representations Reviewer with access to 

  
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copies of documentation related to the performance its review of the Subject Receivables and the related Accounts, such access being afforded without charge but only (a) upon reasonable
request, (b) during normal business hours, (c) subject to Servicer’s normal security and confidentiality provisions and (d) at offices designated by Servicer. 

Section 3.04. Reports and Records for Indenture Trustee. 

(a) Daily Reports. On each Business Day, Servicer, with prior notice, shall prepare and make available at the
office of Servicer for inspection by Indenture Trustee a record setting forth (i) the aggregate amount of Collections processed by Servicer on the preceding Business Day and (ii) the aggregate amount of Receivables as of the close of
business on the preceding Business Day. 
 (b) Monthly Servicer’s Certificate; Monthly Payment Instructions and
Monthly Report to Noteholders. With respect to each Series of Outstanding Notes and each Distribution Date, Servicer shall, pursuant to Section 5.03 of the applicable Indenture Supplement and no later than the second Business Day
preceding such Distribution Date, deliver to Owner Trustee, Indenture Trustee, Paying Agent, any Enhancement Provider and each Rating Agency providing a credit rating with respect to any Class of Notes of such Series, copies of the items, as
follows; 
 (i) the monthly servicer’s certificate relating to such Distribution Date, substantially in the form of
Exhibit D to the applicable Indenture Supplement; 
 (ii) the monthly payment instructions relating to such Distribution
Date, substantially in the form of Exhibit B to the applicable Indenture Supplement; and 
 (iii) the monthly report to the
Noteholders relating to such Distribution Date substantially in the form of Exhibit C to the applicable Indenture Supplement. 

(c) Transferred Accounts. Servicer shall deliver to Indenture Trustee, within a reasonable time period after any
Transferred Account is created, but in any event not later than 15 days after the end of the month within which the Transferred Account is created, a notice specifying the new account number for any Transferred Account and the replaced account
number. 
 Section 3.05. Annual Servicer’s Certificates.  

(a) Annual Servicer Compliance Certificate Pursuant to Item 1123 of Regulation AB. On or before
March 15 of each fiscal year of the Servicer, beginning on March 15, 2008, for so long as Depositor is required to report under Exchange Act and in order to comply with Item 1123 of Regulation AB, Servicer shall deliver to Indenture
Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency, a compliance certificate substantially in the form of Exhibit C-1 (the “Servicer Compliance Certificate”). Unless otherwise changed by the Servicer, the fiscal
year of the Servicer 

  
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begins on January 1 and ends on December 31. A copy of such Servicer Compliance Certificate may be obtained by any Noteholder by a request in writing to Indenture Trustee addressed to
the Corporate Trust Office. 
 (b) Report on Compliance With Servicing Criteria Pursuant to Item 1122 of
Regulation AB. On or before March 15 of each fiscal year of the Depositor, beginning on March 15, 2008, for so long as Depositor is required to report under the Exchange Act and in order to comply with Item 1122 of Regulation
AB, Servicer shall deliver to Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency, a report assessing its compliance with the servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB during
the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18 and Rule 15d-19 of the Exchange Act and Item 1122 of Regulation AB. Such report, substantially in the form of Exhibit C-2 (the “Servicing Criteria
Compliance Report”), shall address the servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB, as set forth on Schedule I attached to such Servicing Criteria Compliance Report, except for any of the servicing
criteria that the Servicer has determined is inapplicable to the servicing activities it performed during the immediately preceding calendar year. Unless otherwise changed by Depositor, the fiscal year of the Depositor begins on January 1 and
ends on December 31. A copy of such Servicing Criteria Compliance Report may be obtained by any Noteholder by a request in writing to Indenture Trustee addressed to the Corporate Trust Office. 

(c) To the extent Servicer is not obligated to deliver the Servicer Compliance Certificate pursuant to subsection 3.04(a) and
the Servicing Criteria Compliance Report, pursuant to subsection 3.04(b), the Servicer may deliver the Servicer Compliance Certificate and the Servicing Criteria Compliance Report unless otherwise specified in the applicable Indenture Supplement.

 Section 3.06. Annual Independent Accountants’ Servicing Report.  

(a) Attestation Report of Registered Public Accounting Firm Pursuant to Item 1123 of Regulation AB. On or
before March 15 of each fiscal year of the Depositor, for so long as Depositor is required to report under the Exchange Act and in order to comply with Item 1123 of Regulation AB, Servicer shall cause an independent registered public
accounting firm (who may also render other services to Servicer or Transferor) to furnish a report (addressed to Indenture Trustee) to Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency, that attests to, and reports
on, the assessment of compliance with the servicing criteria made by the Servicer pursuant to Section 3.05(b) of this Agreement, as amended. Such attestation report shall be made in accordance with standards for attestation engagements issued
or adopted by the Public Company Accounting Oversight Board and in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. Unless otherwise provided with respect to any Series in the related
Indenture Supplement, a copy of such attestation report may be obtained by any Noteholder by a request in writing to Indenture Trustee addressed to the Corporate Trust Office. 

  
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 (b) To the extent Servicer is not obligated to deliver the attestation report
specified in subsection 3.06(a), the Servicer may deliver such attestation report unless otherwise specified in the applicable Indenture Supplement. 

Section 3.07. Tax Treatment. Transferor has structured this Agreement and the Notes to facilitate a secured, credit-enhanced financing on favorable terms with the intention that (i) the Notes will constitute indebtedness of Transferor secured by the Collateral for federal income and state and local income and
franchise tax purposes, and (ii) the Trust shall not be treated as an association or publicly traded partnership taxable as a corporation. Transferor, Servicer, each Holder of Transferor Interest and each Noteholder by acceptance of its Note
(and each Note Owner, by its acceptance of an interest in the applicable Note) agree to treat and to take no action inconsistent with the treatment of the Notes (or beneficial interests therein) as indebtedness of Transferor for purposes of federal,
state, local and foreign income or franchise taxes and any other tax imposed on or measured by income, and the Transferor and each Holder of Transferor Interest agree to take no action with respect to the Trust or any interest therein which would
cause the Trust to be treated as an association taxable as a corporation or publicly traded partnership treated as a corporation for purposes of federal income tax law. Each Holder of Transferor Interest, each Noteholder, by acceptance of its Note,
and each Note Owner, by acquisition of a beneficial interest in a Note, agrees to be bound by the provisions of this Section 3.07. Each Noteholder agrees that it will cause any Note Owner acquiring an interest in a Note through it to comply
with this Agreement as to treatment as indebtedness under applicable tax law, as described in this Section 3.07. 

Section 3.08. Notices to Transferor. In the event that FNBO is no longer acting as Servicer, any Successor Servicer appointed
pursuant to Section 7.02 shall deliver or make available to Transferor each certificate and report required to be prepared, forwarded or delivered thereafter pursuant to Sections 3.04, 3.05 and 3.06. 

Section 3.09. Adjustments. For each Monthly Period, Servicer shall be obligated to reduce, on a net basis, the Aggregate Principal
Receivables used to calculate Transferor Interest and the Aggregate Principal Receivables (a “Credit Adjustment”) with respect to any Principal Receivable (i) which was created in respect of merchandise refused or returned by the
Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (ii) which is reduced by Servicer by any rebate, refund, charge-back or adjustment (including Servicer
errors), (iii) which was created as a result of a fraudulent or counterfeit charge or (iv) which was credited pursuant to a debt cancellation or debt deferral program and not recovered during such Monthly Period from Collections from
insurance proceeds or reserves funded by fees generated through such programs. In the event that the inclusion of the amount of a Credit Adjustment in the calculation of Transferor Interest would cause Transferor Interest to be an amount less than
the Minimum Transferor Interest, or would cause the Aggregate Principal Receivables to be less than the Minimum Aggregate Principal Receivables, Transferor shall make a deposit, no later than the earlier of (A) the Business Day following the
Date of Processing of such Credit Adjustment, and (B) the last day of the Monthly Period in which such Date of Processing occurs, to the Excess Funding Account in immediately available funds in an amount sufficient to cure any such shortfall.
Any amount deposited into the Excess Funding Account in connection with the adjustment of a Receivable as specified above shall be applied in accordance with Article VIII of the Indenture and each Indenture Supplement. In the event that

  
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Transferor shall fail to pay to Servicer for deposit into the Excess Funding Account any amount required to be so paid pursuant to this Section 3.09 or subsection 2.04(d)(iii) (an
“Adjustment Amount”), and shall not have subsequently paid such Amount, Collections of Principal Receivables shall not be distributed or otherwise released to Transferor hereunder, but shall instead be deposited to the Excess Funding
Account until an amount equal to the Adjustment Amount has been so deposited. The Adjustment Amount shall be reduced to the extent of such deposits. 

In the event that Servicer adjusts upwards the principal amount of any Receivable, the Aggregate Principal Receivables shall be increased by
the amount of such upward adjustment. 
 Section 3.10. Transfer of Receivables in Defaulted Accounts. Unless otherwise provided
in any Indenture Supplement, on the last day of each Monthly Period, Issuer and Indenture Trustee shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to Transferor, without recourse,
representation or warranty, all the right, title and interest of Issuer and Indenture Trustee in and to Receivables in Accounts which became Defaulted Accounts during such Monthly Period, all moneys due or to become due with respect thereto, all
proceeds thereof (other than Recoveries relating thereto) and Interchange (if any) allocable to the Trust with respect to such Receivables. 

Section 3.11. Reports to the Commission. Transferor shall file, or cause to be filed, with the Commission any periodic reports
required to be filed under the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (the “Exchange Act”). Transferor shall sign any certifications required in any filings
relating to the Notes or the Trust Estate required under the Exchange Act, including Section 3.02 of the Sarbanes-Oxley Act of 2002. Transferor shall, at its own expense, cooperate with any reasonable request of Servicer in connection with such
filings. Each of Indenture Trustee and Owner Trustee have agreed to cooperate with the Servicer and Transferor with respect to the filings specified below pursuant to Article XIII of the Indenture and Article XI of the Trust Agreement, respectively.
Each of Transferor, Sponsor and Servicer have agreed to cooperate with such filings as specified below and on Exhibit D attached hereto. In addition, Servicer has agreed to facilitate Transferor’s compliance with the provisions of Regulation AB
and the rules and regulations of the Commission as specified in Article X of this Agreement. 
 (a) Form 10-D
Reporting. 
 (i) Additional Disclosure Notifications. As set forth on Exhibit D hereto, within 5 calendar
days after the Distribution Date of each month that the Transferor is subject to Exchange Act reporting requirements, each of Servicer, Transferor and Sponsor shall provide to Transferor and Servicer, to the extent a Responsible Officer of such
party has knowledge, in EDGAR-compatible form, or in such other format as otherwise agreed upon by Transferor and such party, a notice in the form of Exhibit E hereto (an “Additional Disclosure Notification”), together with the form and
substance of any additional Form 10-D disclosure, if any, applicable to such party as specified on Exhibit D hereto (“Additional Form 10-D Disclosure”). Transferor will approve, as to form and substance, or disapprove, as the case may be,
the inclusion of such party’s Additional Form 10-D Disclosure on any Form 10-D required by the Exchange Act. 

  
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 (ii) Investor Communication Requests. Following receipt of a written
request by Issuer, Indenture Trustee or Transferor during any Monthly Period from a Noteholder or Note Owner seeking to communicate with other Noteholders or Note Owners regarding the exercising of their contractual rights under the terms of the
Transaction Documents, Transferor shall include in the distribution report on Form 10-D relating to the Monthly Period in which Transferor either (a) receives a copy of such written request from Issuer or Indenture Trustee pursuant to
Section 4.22 of any Indenture Supplement or (b) receives a copy of such written request directly from a Noteholder or Note Owner, the information, as follows: 

(A) the name of the Noteholder or Note Owner, as applicable, delivering such request; 

(B) the date upon which the request was received; 

(C) a statement to the effect that Issuer, Indenture Trustee or Transferor, as applicable, has in fact received such a request
from a Noteholder or Note Owner, as applicable, and that such Noteholder or Note Owner, as applicable, is interested in communicating with other Noteholders or Note Owners with regard to the possible exercise of rights under the Transaction
Documents; and 
 (D) a description of the method that other Noteholders or Note Owners may use to contact the requesting
Noteholder or Note Owner 
 provided; however, if Issuer, Indenture Trustee or Transferor receives a request from any Note Owner, each of
Issuer, Indenture Trustee and Transferor shall be entitled to verify that each such Note Owner is a Verified Note Owner prior to Transferor including any request from such Note Owner in any Form 10-D. To the extent either the Issuer or Transferor
receives such a request from a Note Owner, it shall promptly provide a copy of the request to Indenture Trustee. Pursuant to Section 4.22(b) of the applicable Indenture Supplement, such Note Owner shall submit the verification documents
specified in Article II of the applicable Indenture Supplement under the defined term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner has provided the Indenture Trustee with evidence
that it is a Verified Note Owner and provide such evidence to the Issuer. All expenses relating to investor communication requests shall be paid by the Servicer out of its own funds. 

(iii) Adjustments of the Delinquency Trigger Rate. With respect to any Monthly Period in which Transferor adjusts the
Delinquency Trigger Rate pursuant to Section 4.19(b) of the applicable Indenture Supplement or Indenture Supplements, Transferor shall include the following information in the related distribution report on Form 10-D: 

(A) the adjusted Delinquency Trigger Rate; and 

  
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 (B) a description of how the adjusted Delinquency Trigger Rate was determined to
be appropriate. 
 (iv) Notices relating to Asset Representations Review; Change in Asset Representations Reviewer.

 (A) With respect to any Monthly Period for which an Asset Representations Review is required, Transferor shall include
the following information in the related distribution report on Form 10-D: 
 (1) a description of the event or events
during the Monthly Period that triggered the Asset Representations Review; and 
 (2) if the Asset Representations Reviewer
provided Indenture Trustee with a report of the finding and conclusions of the Asset Representations Review during the Monthly Period, a summary of the report. 

(B) With respect to any Monthly Period during which the Asset Representations Reviewer has resigned or has been removed,
replaced or substituted, or if a new Asset Representations Reviewer has been appointed, Transferor shall include the following information in the related distribution report on Form 10-D: 

(1) the date the aforementioned event occurred; 

(2) the circumstances surrounding the change; and 

(3) if a new Asset Representations Reviewer has been appointed, information as follows: 

(a) the name of the Asset Representations Reviewer and a description of its form of organization; 

(b) a description to what extent the Asset Representations Reviewer has had prior experience servicing as an asset
representations reviewer for asset-backed securities involving credit card receivables; 
 (c) a description of the duties
and responsibilities of the Asset Representations Reviewer regarding the Notes under the Transaction Documents and applicable law; 

  
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 (d) a description of any actions required by the Asset Representations Reviewer,
including whether notices are required to Noteholders, rating agencies or other third parties and any required percentage of a Class of Notes or Classes of Notes that is needed to require the Asset Representations Reviewer to take action; 

(e) the manner and amount in which the Asset Representations Reviewer is compensated; 

(f) a description of any limitations on the Asset Representations Reviewer’s liability under the Transaction Documents;

 (g) a description of any indemnification provisions that entitle the Asset Representations Reviewer to be indemnified
from the cash flow that would otherwise be used to pay Noteholders; and 
 (h) a description of any contractual provisions
or understandings regarding the Asset Representation Reviewer’s removal, replacement or resignation and how the expenses associated with changing from one Asset Representations Reviewer to another Asset Representations Reviewer will be paid.

 (b) Form 10-K Reporting. As set forth in Exhibit D hereto, no later than March 10 of each year that
Transferor is subject to the Exchange Act reporting requirements, each of Transferor, Servicer and Sponsor shall be required to provide to Transferor and Servicer, to the extent a Responsible Officer of such party has knowledge, in EDGAR-compatible
form, or in such other format as otherwise agreed upon by Transferor and such party, an Additional Disclosure Notification in the form of Exhibit E hereto, together with the form and substance of any additional Form 10-K disclosure, if any,
applicable to such party as specified on Exhibit D hereto (“Additional Form 10-K Disclosure”). Transferor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of such party’s Additional Form 10-K
Disclosure on any Form 10-K required by the Exchange Act. 
 (c) Form 8-K Reporting. As set forth in Exhibit D
hereto, for as long as Transferor is subject to the Exchange Act reporting requirements, no later than the close of business (New York City time) on the second Business Day after the occurrence of an event requiring disclosure on Form 8-K (each such
event, a “Reportable Event”), each of Transferor, Servicer and Sponsor shall be required to provide to Transferor and Servicer, to the extent a Responsible Officer of such party has knowledge, in EDGAR-compatible form, or in such other
format as otherwise agreed upon by Transferor and such party, an Additional Disclosure Notification in the form of Exhibit E hereto, together with the form and substance of the additional Form 8-K disclosure information, if any, applicable to

  
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such party as specified on Exhibit D hereto (“Additional Form 8-K Disclosure”). Transferor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of
such party’s Additional Form 8-K Disclosure on any Form 8-K required by the Exchange Act. 
 ARTICLE IV 

OTHER MATTERS RELATING TO TRANSFEROR 

Section 4.01. Liability of Transferor. Transferor shall be liable in accordance herewith to the extent, and only to the extent, of
the obligations specifically undertaken by it in its capacity as Transferor hereunder. 
 Section 4.02. Merger or Consolidation of,
or Assumption of the Obligations of, Transferor. 
 (a) Transferor shall not consolidate with or merge into, or convey or
transfer its properties and assets substantially as an entirety to, any other Person, unless: 
 (i) the corporation formed
by such consolidation or into which Transferor is merged or the Person which acquires by conveyance or transfer the properties and assets of Transferor substantially as an entirety shall be, if Transferor is not the surviving entity, organized and
existing under the laws of the United States of America or any state, and shall be either (1) a business entity that may not become a debtor in a proceeding under Title 11 of the United States Code or (2) a special-purpose entity, the powers and activities of which shall be limited to the performance of Transferor’s obligations under this Agreement and under the other Transaction Documents and shall expressly
assume, by an agreement supplemental hereto, executed and delivered to Indenture Trustee and Owner Trustee, in form satisfactory to Indenture Trustee and Owner Trustee, the performance of every covenant and obligation of Transferor, as applicable
hereunder and thereunder, and shall benefit from all the rights granted to Transferor, as applicable hereunder and thereunder. To the extent that any right, covenant or obligation of Transferor, as applicable hereunder, is inapplicable to the
successor entity, such successor entity shall be subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such successor entity. In furtherance hereof, in applying this Section 4.02 to a
successor entity, Section 6.01 hereof shall be applied by reference to events of involuntary liquidation, receivership or conservatorship applicable to such successor entity; 

(ii) Transferor shall have delivered to Indenture Trustee an Officer’s Certificate signed by a Vice President (or any more
senior officer) of Transferor stating that such consolidation, merger, conveyance or transfer and such supplemental agreement comply with this Section 4.02 and that all conditions precedent herein provided for relating to such transaction have
been complied with and an Opinion of Counsel that such supplemental agreement is legal, valid and binding, and enforceable against such surviving entity in accordance with its terms; 

  
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 (iii) Servicer shall have delivered notice to the Rating Agencies of such
consolidation, merger, conveyance or transfer and the Rating Agency Condition shall have been met; 
 (iv) Transferor shall
have delivered to Indenture Trustee and each Rating Agency a Tax Opinion, dated the date of such consolidation, merger, conveyance or transfer, with respect thereto; and 

(v) if Transferor is not the surviving entity, the surviving entity shall file new
UCC-1 financing statements with respect to the interest of Issuer in the Receivables, if any. 

(b) This Section 4.02 shall not be construed to prohibit or in any way limit Transferor’s ability to effectuate any
consolidation or merger pursuant to which Transferor would be the surviving entity. 
 (c) The obligations of Transferor
hereunder shall not be assignable nor shall any Person succeed to the obligations of Transferor hereunder except for mergers, consolidations, assumptions or transfers in accordance with the provisions of the foregoing paragraphs. 

Section 4.03. Limitation on Liability of Transferor. Subject to Section 4.01 and except as provided in Section 4.04,
neither Transferor, any Holder of Transferor Interest nor any of the directors, officers, employees or agents of Transferor acting in such capacities shall be under any liability to Issuer, Owner Trustee, the Holders, any Enhancement Provider or any
other Person for any action taken or for refraining from the taking of any action in good faith in their capacities as Transferor pursuant to this Agreement; provided that this provision shall not protect Transferor, any Holder of Transferor
Interest or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder.
Transferor and any director, officer, employee or agent of Transferor may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than Transferor) respecting any matters arising hereunder. 

Section 4.04. Transferor Indemnification. 

(a) Transferor shall indemnify and hold harmless Issuer, Indenture Trustee and Owner Trustee, and their respective officers,
directors, employees and agents (each, an “Indemnified Person”), from and against any loss, liability, expense, damage or injury (i) suffered or sustained by reason of any acts or omissions or alleged acts or omissions arising out of
or based upon the arrangement created by this Agreement and the other Transaction Documents, or (ii) arising from or incurred in connection with Owner Trustee’s administration of Issuer and the performance of its duties pursuant to this
Agreement or any other Transaction Document, including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection 

  
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with the defense of any actual or threatened action, proceeding or claim; provided, however, that Transferor shall not indemnify any such Indemnified Person if such acts, omissions or alleged
acts or omissions constitute or are caused by fraud, negligence, or willful misconduct by such Indemnified Person; and provided, further, that Transferor shall not indemnify Issuer or any Noteholder or Note Owner for any liabilities, costs or
expenses with respect to any action taken by Indenture Trustee at the direction of the Noteholders given in accordance with the applicable Transaction Documents, except for any action taken at the request of Noteholders or Note Owners pursuant to
Section 2.09 of this Agreement; and provided, further, that Transferor shall not indemnify Issuer or any Noteholder or Note Owner as to any losses, claims or damages incurred by any of them as owners of secured notes, for example, as a result
of the performance of the Receivables, market fluctuations, a shortfall or failure to make payment under any Enhancement or other similar market or investment risks associated with ownership of secured notes; and provided, further, that Transferor
shall not indemnify Issuer or any Noteholder or Note Owner for any liabilities, costs or expenses of Issuer, the Noteholders or the Note Owners arising under any tax law, including, without limitation, any federal, state, local or foreign income or
franchise taxes or any other tax imposed on or measured by income (or any interest or penalties with respect thereto or arising from a failure to comply therewith) required to be paid by Issuer, the Noteholders or the Note Owners in connection
herewith to any taxing authority. Any such indemnifications under this Section 4.04 shall not be payable from the assets of the Issuer and shall be subordinated to the Notes. The provisions of this indemnity shall run directly to and be
enforceable by an injured party subject to the limitations hereof. 
 (b) Transferor shall not be liable under this
Section 4.04 for any settlement of any claim or action effected without its prior written consent, which shall not be unreasonably withheld. 

(c) Promptly after receipt by an injured party under this Section 4.04 of notice of the commencement of any action or
proceeding for which such injured party is entitled to indemnification under this Section 4.04, such injured party will, if a claim in respect thereof is to be made against Transferor under this Section 4.04, notify Transferor of the
commencement thereof; but the omission to so notify Transferor (i) will not relieve it from any liability under Section 4.04 unless and to the extent that such failure to notify results in the forfeiture by Transferor, or the material
impairment, of substantial rights and defenses and (ii) will not, in any event, relieve Transferor from any obligations to any injured party that are in addition to the indemnification obligation provided in this Section 4.04. If any such
action or proceeding is brought that involves any injured party, the injured party shall promptly notify Transferor of the commencement thereof and Transferor will be entitled to participate therein and, to the extent that it may wish, to assume the
defense thereof, with counsel reasonably satisfactory to such injured party; provided, however, that if (x) the use of counsel chosen by Transferor to represent the injured party would present such counsel with a conflict of interest which, if
such counsel had been retained, would have required such counsel to withdraw from such representation, (y) the injured party shall have been advised by counsel that there may be one or more legal defenses available to it that are different from
or additional to those available to Transferor or to other indemnified parties, or (z) Transferor shall not have 

  
 45 

 
employed counsel satisfactory to the injured party to represent the injured party within a reasonable time after receipt by Transferor of notice of the institution of such action or proceeding,
then, in each such case, (1) Transferor shall not have the right to direct the defense of such action on behalf of such injured party or parties, (2) such injured party or parties shall have the right to select separate counsel to defend
such action on behalf of such injured party or parties (provided that, if more than one injured party is subject to the circumstances described in clause (y), then, to the extent permitted by the rules of professional conduct applicable to
attorneys, all such indemnified parties shall be represented by one such separate counsel) and (3) all costs and expenses of each such injured party in connection with such action or proceeding shall be paid by Transferor pursuant to
Section 4.04(a) above. Transferor may settle any claim for which an injured party seeks indemnification under this Section 4.04 so long as (A) Transferor pays the settlement in full and (B) as a result thereof, the injured party
is released from all liability under such claim. 
 (d) After notice from Transferor to such injured party of
Transferor’s election so to assume the defense thereof and approval by such injured party of counsel appointed to defend such action, Transferor will not be liable to such injured party under this Section 4.04 for any legal or other
expenses, other than reasonable costs of investigation, subsequently incurred by such injured party in connection with the defense thereof, unless (i) the injured party shall have employed separate counsel in accordance with the immediately
preceding paragraph or (ii) Transferor has authorized in writing the employment of counsel for the injured party at the expense of Transferor. If Transferor assumes the defense of any such action or proceeding, the injured party shall have the
right to employ separate counsel therein, and to participate in the defense thereof, but the fees and expenses of such counsel shall be borne exclusively by such injured party without any right or entitlement to reimbursement by Transferor or its
Affiliates except as otherwise provided in the preceding sentence and in the preceding paragraph. 
 (e) The provisions of
this Section 4.04 shall survive the termination of this Agreement and the earlier removal or resignation of the Owner Trustee. 

ARTICLE V 
 OTHER
MATTERS RELATING TO SERVICER 
 Section 5.01. Liability of Servicer. Servicer shall be liable in accordance herewith only to
the extent of the obligations specifically undertaken by Servicer in such capacity herein. 

  
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 Section 5.02. Merger or Consolidation of, or Assumption of the Obligations of,
Servicer. 
 (a) Servicer shall not consolidate with or merge into any other Person or convey or transfer its properties
and assets substantially as an entirety to any Person, unless: 
 (i) the Person formed by such consolidation or into which
Servicer is merged or the Person which acquires by conveyance or transfer the properties and assets of Servicer substantially as an entirety shall be a national banking association, state banking corporation or other entity organized and existing
under the laws of the United States or any of its states that is not subject to the bankruptcy laws of the United States of America and, if Servicer is not the surviving entity, shall expressly assume, by an agreement supplemental hereto,
executed and delivered to Owner Trustee and Indenture Trustee in form satisfactory to Owner Trustee and Indenture Trustee, the performance of every covenant and obligation of Servicer hereunder (to the extent that any right, covenant or obligation
of Servicer, as applicable hereunder, is inapplicable to the successor entity, such successor entity shall be subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such successor entity);

 (ii) Servicer shall have delivered to Indenture Trustee an Officer’s Certificate that such consolidation, merger,
conveyance or transfer and such supplemental agreement comply with this Section 5.02 and that all conditions precedent herein provided for relating to such transaction have been complied with and an Opinion of Counsel that such supplemental
agreement is legal, valid and binding with respect to Servicer and enforceable against such surviving entity in accordance with its terms; 

(iii) Servicer shall have delivered notice to the Rating Agencies of such consolidation, merger, conveyance or transfer; and

 (iv) either (A) the entity formed by such consolidation or into which Servicer is merged or the Person which acquired
by conveyance or transfer the properties and assets of Servicer substantially as an entirety shall be an Eligible Servicer (taking into account, in making such determination, the experience and operations of the predecessor Servicer) or
(B) upon the effectiveness of such consolidation, merger, conveyance or transfer, a Successor Servicer shall have assumed the obligations of Servicer in accordance with this Agreement. 

(b) This Section 5.02 shall not be construed to prohibit or in any way limit Servicer’s ability to effectuate any
consolidation or merger pursuant to which Servicer would be the surviving entity. 
 Section 5.03. Limitation on Liability of
Servicer and Others. Except as provided in Section 5.04 and with respect to Indenture Trustee, Section 6.07 of the Indenture, neither Servicer nor any of the directors, officers, employees or agents of Servicer in its capacity as
Servicer shall be under any liability to Issuer, Owner Trustee, Indenture Trustee, the Holders, any Enhancement Providers or any other Person for any action taken or for refraining from the taking of any action in good faith in its capacity as
Servicer pursuant to this Agreement; provided that this provision shall not protect Servicer or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance
of duties or by reason of reckless disregard of obligations and duties hereunder. 

  
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Servicer and any director, officer, employee or agent of Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than
Servicer) respecting any matters arising hereunder. Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its duties as Servicer in accordance with this Agreement and which in its
reasonable judgment may involve it in any expense or liability. Servicer may, in its sole discretion, undertake any such legal action which it may deem necessary or desirable for the benefit of the Holders with respect to this Agreement and the
rights and duties of the parties hereto and the interests of the Holders hereunder. Servicer shall not be liable for any settlement of any claim or action effected without its prior written consent, which shall not be unreasonably withheld. 

Section 5.04. Servicer Indemnification. 

(a) Servicer shall indemnify and hold harmless Issuer, Owner Trustee and Indenture Trustee, and their respective officers,
directors, employees and agents (each, an “Indemnified Person”), from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts or omissions or alleged acts or omissions of Servicer with respect
to activities of Issuer, Indenture Trustee or Owner Trustee pursuant to this Agreement or any other Transaction Document, including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection
with the defense of any actual or threatened action, proceeding or claim; provided, however, that Servicer shall not indemnify any such Indemnified Person if such acts, omissions or alleged acts or omissions constitute or are caused by fraud,
negligence, or willful misconduct by such Indemnified Person; and provided, further, that Servicer shall not indemnify Issuer or any Noteholder or Note Owner for any liabilities, costs or expenses with respect to any action taken by Indenture
Trustee at the direction of the Noteholders given in accordance with the applicable Transaction Documents; and provided, further, that Servicer shall not indemnify Issuer or any Noteholder or Note Owner as to any losses, claims or damages incurred
by any of them as owners of secured notes, for example, as a result of the performance of the Receivables, market fluctuations, a shortfall or failure to make payment under any Enhancement or other similar market or investment risks associated with
ownership of secured notes; and provided, further, that Servicer shall not indemnify Issuer or any Noteholder or Note Owner for any liabilities, costs or expenses of the Issuer, the Noteholders or the Note Owners arising under any tax law,
including, without limitation, any federal, state, local or foreign income or franchise taxes or any other tax imposed on or measured by income (or any interest or penalties with respect thereto or arising from a failure to comply therewith)
required to be paid by Issuer, the Noteholders or the Note Owners in connection herewith to any taxing authority. Any such indemnifications under this Section 5.04 shall not be payable from the assets of Issuer and shall be subordinated to the
Notes. The provisions of this indemnity shall run directly to and be enforceable by an injured party subject to the limitations hereof. Servicer shall also indemnify Indenture Trustee as provided in Section 6.07 of the Indenture. 

(b) Servicer shall not be liable under this Section 5.04 for any settlement of any claim or action effected without its
prior written consent, which shall not be unreasonably withheld. 

  
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 (c) Promptly after receipt by an injured party under this Section 5.04 of
notice of the commencement of any action or proceeding for which such injured party is entitled to indemnification under this Section 5.04, such injured party will, if a claim in respect thereof is to be made against Servicer under this
Section 5.04, notify Servicer of the commencement thereof; but the omission to so notify Servicer (i) will not relieve it from any liability under Section 5.04 unless and to the extent that such failure to notify results in the
forfeiture by Servicer, or the material impairment, of substantial rights and defenses and (ii) will not, in any event, relieve Servicer from any obligations to any injured party that are in addition to the indemnification obligation provided
in this Section 5.04. If any such action or proceeding is brought that involves any injured party, the injured party shall promptly notify Servicer of the commencement thereof and Servicer will be entitled to participate therein and, to the
extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such injured party; provided, however, that if (x) the use of counsel chosen by Servicer to represent the injured party would present such counsel
with a conflict of interest which, if such counsel had been retained, would have required such counsel to withdraw from such representation, (y) the injured party shall have been advised by counsel that there may be one or more legal defenses
available to it that are different from or additional to those available to Servicer or to other indemnified parties, or (z) Servicer shall not have employed counsel satisfactory to the injured party to represent the injured party within a
reasonable time after receipt by Servicer of notice of the institution of such action or proceeding, then, in each such case, (1) Servicer shall not have the right to direct the defense of such action on behalf of such injured party or parties,
(2) such injured party or parties shall have the right to select separate counsel to defend such action on behalf of such injured party or parties (provided that, if more than one injured party is subject to the circumstances described in
clause (y), then, to the extent permitted by the rules of professional conduct applicable to attorneys, all such indemnified parties shall be represented by one such separate counsel) and (3) all costs and expenses of each such injured party in
connection with such action or proceeding shall be paid by Servicer pursuant to Section 5.04(a) above. Servicer may settle any claim for which an injured party seeks indemnification under this Section 5.04 so long as (A) Servicer pays
the settlement in full and (B) as a result thereof, the injured party is released from all liability under such claim. 

(d) After notice from Servicer to such injured party of Servicer’s election so to assume the defense thereof and approval
by such injured party of counsel appointed to defend such action, Servicer will not be liable to such injured party under this Section 5.04 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by
such injured party in connection with the defense thereof, unless (i) the injured party shall have employed separate counsel in accordance with the immediately preceding paragraph or (ii) Servicer has authorized in writing the employment
of counsel for the injured party at the expense of Servicer. If Servicer assumes the defense of any such action or proceeding, the injured party shall have the right to employ separate counsel therein, and to participate in the defense thereof, but
the fees and expenses of such counsel shall be borne exclusively by such injured party without any right or entitlement to reimbursement by Servicer or its Affiliates except as otherwise provided in the preceding sentence and in the preceding
paragraph. 

  
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 (e) The provisions of this Section 5.04 shall survive the termination of
this Agreement and the earlier removal or resignation of the Owner Trustee. 
 Section 5.05. Servicer Not To Resign. Servicer
shall not resign from the obligations and duties hereby imposed on it except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action
which Servicer could take to make the performance of its duties hereunder permissible under applicable law or (b) as may be required, in connection with Servicer’s consolidation with, or merger into any other corporation or Servicer’s
conveyance or transfer of its properties and assets substantially as an entirety to any person in each case, in accordance with Section 5.02. Any such determination permitting the resignation of Servicer shall be evidenced as to clause (a)
above by an Opinion of Counsel to such effect delivered to Indenture Trustee. No such resignation shall become effective until Indenture Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of Servicer in
accordance with Section 7.02 hereof. If Indenture Trustee is unable within 120 days of the date of such determination to appoint a Successor Servicer, Indenture Trustee shall (i) serve as Successor Servicer hereunder until such time
as a Successor Servicer shall have been appointed and assumed the obligations of Servicer in accordance with Section 7.02 hereunder or (ii) if Indenture Trustee is legally unable so to act, petition a court of competent jurisdiction to
appoint a Successor Servicer in accordance with Section 7.02 such that the appointment is made within the 120-day period. 

Section 5.06. Access to Certain Documentation and Information Regarding the Receivables. Servicer shall provide to Indenture
Trustee access to the documentation regarding the Accounts and the Receivables in such cases where Indenture Trustee is required in connection with the enforcement of the rights of the Noteholders, or by applicable statutes or regulations to review
such documentation, such access being afforded without charge but only (a) upon reasonable request, (b) during normal business hours, (c) subject to Servicer’s normal security and confidentiality procedures and (d) at
offices designated by Servicer. Nothing in this Section 5.06 shall derogate from the obligation of FNBO, Transferor, Indenture Trustee and Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors and
the failure of Servicer to provide access as provided in this Section 5.06 as a result of such obligation shall not constitute a breach of this Section 5.06. 

Section 5.07. Delegation of Duties. It is understood and agreed by the parties hereto that Servicer may delegate certain of its
duties hereunder to any Affiliate which is wholly owned by Servicer or its parent, First National of Nebraska, Inc. In the ordinary course of business, Servicer may at any time delegate any duties hereunder to any Person who agrees to conduct such
duties in accordance with the Credit Card Guidelines and this Agreement. Any such delegations shall not relieve Servicer of its liability and responsibility with respect to such duties and shall not constitute a resignation within the meaning of
Section 5.05 hereof. If any such delegation is to a party other than an Affiliate, as permitted above, notification thereof shall be given to each Rating Agency, Indenture Trustee and each Enhancement Provider entitled therefrom pursuant to the
applicable Indenture Supplement. 
 Section 5.08. Examination of Records. Servicer shall clearly and unambiguously identify each
Account (including any Additional Account designated pursuant to Section 2.06) in its computer or other records to reflect that the Receivables arising in such Account have been 

  
 50 

 
conveyed to Issuer pursuant to this Agreement. Servicer shall, prior to the sale or transfer to a third party of any receivable held in its custody, examine its computer and other records to
determine that such receivable is not a Receivable. 
 ARTICLE VI 

INSOLVENCY EVENTS 

Section 6.01. Rights upon the Occurrence of an Insolvency Event. If an Insolvency Event occurs with respect to Transferor, FNBO or
any Holder of Transferor Interest (excluding any Supplemental Interest), Transferor shall on the day any such event occurs, immediately cease to transfer Principal Receivables to Issuer and shall promptly give notice to Indenture Trustee, Owner
Trustee and the Rating Agencies thereof. Notwithstanding any cessation of the transfer to Issuer of additional Principal Receivables, Principal Receivables transferred to Issuer prior to the occurrence of such Insolvency Event and Collections in
respect of such Principal Receivables, and Finance Charge Receivables whenever created accrued in respect of such Principal Receivables, shall continue to be property of Issuer. 

ARTICLE VII 
 SERVICER
DEFAULTS 
 Section 7.01. Servicer Defaults. If any one of the following events (subject to the last paragraph of this
Section 7.01, a “Servicer Default”) shall occur and be continuing: 
 (a) any failure by Servicer to make any
payment, transfer or deposit or to give instructions or notice to Indenture Trustee pursuant to Article VIII of the Indenture (as modified by any Indenture Supplement) or to instruct Indenture Trustee to make any required drawing, withdrawal or
payment under any Enhancement on or before the later of (i) the date occurring 10 Business Days after the date such payment, transfer, deposit, withdrawal or drawing or such instruction or notice is required to be made or given, as the
case may be, under the terms of this Agreement, the Indenture or any Indenture Supplement or (ii) three Business Days after written notice of such failure shall have been given to Servicer; 

(b) failure on the part of Servicer duly to observe or perform in any respect any other covenants or agreements of Servicer set
forth in this Agreement which has a material adverse effect on the Noteholders of any Series (which determination shall be made without regard to whether funds are then available pursuant to any Enhancement) and which continues unremedied for a
period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Servicer by Indenture Trustee, or to Servicer and Indenture Trustee by the Holders of not less than 25% of the
Outstanding Amount of any Series adversely affected thereby and continues to materially adversely affect such Holders for such period; or Servicer shall delegate its duties under this Agreement, except as permitted by Section 5.07; 

  
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 (c) any representation, warranty or certification made by Servicer in this
Agreement or in any certificate delivered pursuant to this Agreement shall prove to have been incorrect when made, which has a material adverse effect on the Noteholders of any Series (which determination shall be made without regard to whether
funds are then available pursuant to any Enhancement) and which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been
given to Servicer by Indenture Trustee, or to Servicer and Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of any Series adversely affected thereby and continues to materially adversely affect such
Holders for such period; or 
 (d) Servicer shall consent to the appointment of a conservator or receiver or liquidator in
any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to Servicer or of or relating to all or substantially all of its property; or a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against Servicer, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or Servicer shall
admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make any assignment for the benefit of its creditors or voluntarily suspend
payment of its obligations; 
 (e) with respect to any Series, any other event specified in the Indenture Supplement for such
Series, 
 then, so long as such Servicer Default shall not have been remedied or waived, either Indenture Trustee, or the Majority Holders of all
outstanding Series, by notice then given in writing to Servicer (and to Indenture Trustee if given by the Majority Holders) and to any Enhancement Provider entitled thereto pursuant to the applicable Indenture Supplement (a “Termination
Notice”), may terminate all of the rights and obligations (other than unsatisfied obligations for acts or omissions during its tenure as Servicer) of Servicer as Servicer under this Agreement. Upon Indenture Trustee’s receipt of notice, or
actual knowledge of a Responsible Officer of Indenture Trustee, of the occurrence of a Servicer Default, Indenture Trustee shall promptly notify each Rating Agency of such Servicer Default. 

After receipt by Servicer of such Termination Notice, and on the date that a Successor Servicer shall have been appointed by Indenture Trustee
pursuant to Section 7.02, all authority and power of Servicer under this Agreement shall pass to and be vested in the Successor Servicer (a “Service Transfer”); and, without limitation, Indenture Trustee is hereby authorized and
empowered (upon the failure of Servicer to cooperate) to execute and deliver, on behalf of Servicer, as attorney-in-fact or otherwise, all documents and other
instruments upon the failure of Servicer to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights and obligations.
Servicer agrees to cooperate with Indenture Trustee and the Successor Servicer in effecting the termination of the responsibilities and rights of Servicer to conduct 

  
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servicing hereunder including the transfer to the Successor Servicer of all authority of Servicer to service the Receivables provided for under this Agreement, including all authority over all
Collections which shall on the date of transfer be held by Servicer for deposit, or which have been deposited by Servicer, in the Collection Account or any Series Account, or which shall thereafter be received with respect to the Receivables, and in
assisting the Successor Servicer and in enforcing all rights to Insurance Proceeds and Interchange (if any) applicable to Issuer. Servicer shall promptly transfer its electronic records or electronic copies thereof relating to the Receivables to the
Successor Servicer in such electronic form as the Successor Servicer may reasonably request and shall promptly transfer to the Successor Servicer all other records, correspondence and documents necessary for the continued servicing of the
Receivables in the manner and at such times as the Successor Servicer shall reasonably request. To the extent that compliance with this Section 7.01 shall require Servicer to disclose to the Successor Servicer information of any kind which
Servicer reasonably deems to be confidential, the Successor Servicer shall be required to enter into such customary licensing and confidentiality agreements as Servicer shall deem necessary to protect its interests. Servicer shall, on the date of
any Service Transfer, transfer all of its rights and obligations under the Enhancement with respect to any Series to the Successor Servicer. Servicer being terminated shall bear all costs of a Service Transfer, including but not limited to those of
Indenture Trustee reasonably allocable to specific employees and overhead, legal fees and expenses, accounting and financial consulting fees and expenses, and costs of amending this Agreement, if necessary. 

Notwithstanding the foregoing, any delay in or failure of performance referred to in Section 7.01(a) for a period of ten Business Days or
under Section 7.01(b) or (c) for a period of 60 days (in addition to any period provided in Section 7.01(a), (b) or (c)) shall not constitute a Servicer Default until the expiration of such additional ten Business Days or
60 days, respectively, if such delay or failure could not be prevented by the exercise of reasonable diligence by Servicer and such delay or failure was caused by an act of God or the public enemy, acts of declared or undeclared war, public
disorder, rebellion, riot or sabotage, epidemics, landslides, lightning, fire, hurricanes, tornados, earthquakes, nuclear disasters or meltdowns, floods, power outages or similar causes. The preceding sentence shall not relieve Servicer from the
obligation to use its best efforts to perform its obligations in a timely manner in accordance with the terms of this Agreement and Servicer shall provide Indenture Trustee, each Rating Agency, any Enhancement Provider entitled thereto pursuant to
the relevant Indenture Supplement and Transferor with an Officer’s Certificate giving immediate notice of such failure or delay by it, together with a description of the cause of such failure or delay and its efforts to so perform its
obligations. 
 Section 7.02. Indenture Trustee to Act; Appointment of Successor. 

(a) On and after the receipt by Servicer of a Termination Notice pursuant to Section 7.01, Servicer shall continue to
perform all servicing functions under this Agreement until the date specified in the Termination Notice or otherwise specified by Indenture Trustee or until a date mutually agreed upon by Servicer and Indenture Trustee; however, the parties
acknowledge and agree that the Indenture Trustee will not be obligated to designate or agree to a date prior to the date on which a Successor Servicer appointed in accordance with this Section 7.02 is willing to accept its appointment.
Indenture Trustee shall, as promptly as possible after the giving of a Termination Notice, 

  
 53 

 
appoint an Eligible Servicer as a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to
Indenture Trustee. If a Successor Servicer has not been appointed or has not accepted its appointment at the time when Servicer ceases to act as Servicer, Indenture Trustee without further action shall automatically be appointed the Successor
Servicer. Indenture Trustee may delegate any of its servicing obligations to an Affiliate of Indenture Trustee or agent in accordance with Section 3.01(b) and 5.07. Notwithstanding the foregoing, Indenture Trustee shall, if it is legally unable
so to act, petition a court of competent jurisdiction to appoint an Eligible Servicer as the Successor Servicer hereunder. Indenture Trustee shall give prompt notice to each Rating Agency and each Enhancement Provider, if any, entitled thereto
pursuant to the applicable Indenture Supplement upon the appointment of a Successor Servicer. 
 (b) Upon its appointment,
the Successor Servicer shall be the successor in all respects to Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities (except for liabilities arising during the
period of time when the prior Servicer was performing and acting as Servicer) relating thereto placed on Servicer by the terms and provisions hereof, and all references in this Agreement to Servicer shall be deemed to refer to the Successor
Servicer. 
 (c) In connection with any Termination Notice, Indenture Trustee will review any bids which it obtains from
Eligible Servicers and shall be permitted to appoint any Eligible Servicer submitting such a bid as a Successor Servicer for servicing compensation not in excess of the aggregate Monthly Servicing Fees for all Series; provided, however, that the
Holder of Transferor Interest shall be responsible for payment of the portion of such aggregate Monthly Servicing Fees allocable to the Holder of Transferor Interest and that no such monthly compensation paid out of Collections shall be in excess of
such aggregate Monthly Servicing Fees. Each Holder of Transferor Interest agrees that, if FNBO (or any Successor Servicer) is terminated as Servicer hereunder, the portion of the Collections in respect of Finance Charge Receivables that Holders of
Transferor Interest are entitled to receive pursuant to this Agreement or any Indenture Supplement shall be reduced by an amount sufficient to pay their share (determined by reference to the Indenture Supplements with respect to any outstanding
Series) of the compensation of the Successor Servicer. 
 (d) All authority and power granted to the Successor Servicer under
this Agreement shall automatically cease and terminate upon termination of Issuer pursuant to the Trust Agreement and shall pass to and be vested in Transferor and, Transferor is hereby authorized and empowered to execute and deliver, on behalf of
the Successor Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate
to effect the purposes of such transfer of servicing rights. The Successor Servicer agrees to cooperate with Transferor in effecting the termination of the responsibilities and rights of the Successor Servicer to conduct servicing on the
Receivables. The Successor Servicer shall transfer its electronic records relating to the Receivables to Transferor in such electronic form as Transferor may reasonably request and shall transfer all other records, correspondence and documents to
Transferor in the manner and at such times as Transferor shall 

  
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reasonably request. To the extent that compliance with this Section 7.02 shall require the Successor Servicer to disclose to Transferor information of any kind which the Successor Servicer
deems to be confidential, Transferor shall be required to enter into such customary licensing and confidentiality agreements as the Successor Servicer shall deem necessary to protect its interests. 

(e) Nothing in this Agreement shall be construed to require any Successor Servicer to assume or succeed to any duty or
obligation of Transferor. 
 Section 7.03. Notification to Noteholders. Within two Business Days after Servicer becomes aware of
any Servicer Default, Servicer shall give notice thereof to Indenture Trustee, each Rating Agency and any Enhancement Provider entitled thereto pursuant to the relevant Indenture Supplement. Promptly after receipt of such notice, Indenture Trustee
shall give notice to the Noteholders at their respective addresses appearing in the Note Register. Upon any termination or appointment of a Successor Servicer pursuant to Section 5.05 or this Article VII, Indenture Trustee shall give
prompt written notice thereof to Noteholders at their respective addresses appearing in the Note Register and to any Enhancement Provider entitled thereto under the applicable Indenture Supplement. 

ARTICLE VIII 

TERMINATION 

Section 8.01. Termination of Agreement. This Agreement and the respective obligations and responsibilities of Issuer, Transferor
and Servicer under this Agreement shall terminate, except with respect to the duties described in Section 5.04, on the Trust Termination Date. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01. Amendment; Waiver of Past Defaults. 

(a) This Agreement may be amended from time to time by Servicer, Transferor and Issuer, without the consent of any of Indenture
Trustee or any Noteholder to cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent with any other provisions herein or to add any other provisions with respect to matters or questions raised under this
Agreement which shall not be inconsistent with the provisions of this Agreement; provided, however, that such action shall not adversely affect in any material respect the interests of any of the Noteholders. Additionally, this Agreement may be
amended from time to time by Servicer, Transferor and Issuer by a written instrument signed by each of them, without the consent of Indenture Trustee or any of the Noteholders; provided that (i) Transferor shall have delivered to Indenture
Trustee and Owner Trustee an Officer’s Certificate, dated the date of any such Amendment, stating that Transferor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Rating Agency Condition shall have been
satisfied 

  
 55 

 
with respect to any such amendment. Additionally, notwithstanding the preceding sentence, this Agreement will be amended by Servicer and Issuer at the direction of Transferor without the consent
of Indenture Trustee or any of the Noteholders or Enhancement Providers to add, modify or eliminate such provisions as may be necessary or advisable in order to enable all or a portion of Issuer to avoid the imposition of state or local income or
franchise taxes imposed on Issuer’s property or its income; provided, however, that (1) Transferor delivers to Indenture Trustee and Owner Trustee an Officer’s Certificate to the effect that the proposed amendments meet the
requirements set forth in this Section, (2) the Rating Agency Condition has been satisfied and (3) such amendment does not affect the rights, duties or obligations of Indenture Trustee (including Indenture Trustee in its role as Successor
Servicer) or Owner Trustee hereunder. 
 (b) This Agreement may also be amended from time to time by Servicer, Transferor and
Issuer, with the consent of the Noteholders holding more than 66 2⁄3% of the Outstanding Amount of the Notes of each Series affected thereby for which
Transferor has not delivered an Officer’s Certificate stating that there is no Adverse Effect, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders; provided, however, that no such amendment shall (i) reduce in any manner the amount of or delay the timing of any distributions to be made to Noteholders or deposits of amounts to be so distributed or the
amount available under any Enhancement without the consent of each affected Noteholder, (ii) change the definition of or the manner of calculating the interest of any Noteholder without the consent of each affected Noteholder or
(iii) reduce the aforesaid percentage required to consent to any such amendment without the consent of each affected Noteholder. 

(c) Promptly after the execution of any such amendment or consent, Issuer shall furnish notification of the substance of such
amendment to Indenture Trustee and each Noteholder, and Servicer shall furnish notification of the substance of such amendment to each Rating Agency and each Enhancement Provider. 

(d) It shall not be necessary for the consent of Noteholders under this Section 9.01 to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Noteholders shall be subject to such reasonable
requirements as Indenture Trustee may prescribe. 
 (e) Notwithstanding anything in this Section 9.01 to the contrary,
no amendment may be made to this Agreement which would adversely affect in any material respect the interests of any Enhancement Provider without the consent of such Enhancement Provider. 

(f) Any Indenture Supplement executed in accordance with the provisions of Article X of the Indenture shall not be
considered an amendment of this Agreement for the purposes of this Section 9.01. 

  
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 (g) The Noteholders holding 66-2/3% or
more of the Outstanding Amount of the Notes of each Series adversely affected by a default by Transferor or Servicer in the performance of their obligations hereunder may, on behalf of all Noteholders, waive any such default and its consequences,
except the failure to make any distributions required to be made to Noteholders or to make any required deposits of any amounts to be so distributed, which requires the consent of all Noteholders of each Series adversely affected by that default.
Upon any such waiver of a past default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereon except to the extent expressly so waived. Upon the occurrence of any such waiver, Indenture Trustee shall promptly notify each Rating Agency of such waiver. 

(h) Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects Owner Trustee’s rights,
duties or immunities under this Agreement or otherwise. In connection with the execution of any amendment hereunder, Owner Trustee shall be entitled to receive the Opinion of Counsel described in Section 9.02(d). 

(i) This Agreement may not be amended to add an additional Transferor unless the Rating Agency Condition shall have been
satisfied with respect to such amendment. 
 Section 9.02. Protection of Right, Title and Interest to Issuer. 

(a) Servicer shall cause this Agreement, all amendments and supplements hereto and all financing statements and continuation
statements and any other necessary documents covering Indenture Trustee’s and Issuer’s right, title and interest to Issuer to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in
such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of Issuer hereunder, and of Indenture Trustee and Noteholders under the Indenture, to all property comprising the Trust Assets.
Servicer shall deliver to Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording,
registration or filing. Transferor shall cooperate fully with Servicer in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this paragraph. 

(b) Within thirty (30) days after Transferor makes any change in its name, identity or organizational structure which
would make any financing statement or continuation statement filed in accordance with paragraph (a) seriously misleading within the meaning of the UCC, Transferor shall give Issuer and Indenture Trustee notice of any such change, and Servicer
shall file such financing statements or amendments as may be necessary to continue the perfection of Issuer’s security interest or ownership interest in the Receivables and the proceeds thereof. 

  
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 (c) Each of Transferor and Servicer shall give Indenture Trustee prompt notice of
any relocation of its chief principal executive office or any change in the jurisdiction under whose laws it is organized and whether, as a result of such relocation or change, the applicable provisions of the UCC would require the filing of any
amendment of any previously filed financing or continuation statement or of any new financing statement, and Servicer shall file such financing statements or amendments as may be necessary to perfect or to continue the perfection of Issuer’s
security interest in the Receivables and the proceeds thereof. Each of Transferor and Servicer shall at all times maintain its chief principal executive offices within the United States and shall at all times be organized under the laws of a
jurisdiction located within the United States. 
 (d) Transferor shall deliver to Indenture Trustee, Owner Trustee and
any Enhancement Provider entitled thereto pursuant to the relevant Indenture Supplement (i) upon the execution and delivery of each amendment of this Agreement, an Opinion of Counsel to the effect specified in Exhibit A; (ii) on each
Addition Date on which any Additional Accounts are to be designated as Accounts pursuant to Section 2.08(a) or (b), an Opinion of Counsel substantially in the form of Exhibit F; and (iii) on or before March 31 of each year, an
Opinion of Counsel substantially in the form of Exhibit G. 
 Section 9.03. GOVERNING LAW. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.04. Notices; Payments. 

(a) All demands, notices, instructions, directions and communications (collectively, “Notices”) under this Agreement
shall be in writing and shall be deemed to have been duly given if personally delivered at, mailed by first class mail, postage prepaid, or sent by facsimile transmission to (i) in the case of Transferor and Servicer, to First National Bank of
Omaha, 1620 Dodge Street, Stop Code 3395, Omaha, Nebraska 68197–3395, Attention: President (in the case of the Transferor) or Treasurer (in the case of the Servicer), Facsimile Number: (402) 602-3199; (ii) in the case of Issuer
or Owner Trustee, to the Corporate Trust Office, with a copy to the Administrator, (iii) in the case of the Rating Agency for a particular Series, to the mailing address or e-mail address as may be provided by such Rating Agency, and
(iv) to any other Person as specified in the Indenture or any Indenture Supplement; or, as to each party, at such other address or facsimile number as shall be designated by such party in a written notice to each other party. 

(b) Any Notice required or permitted to be given to a Holder of Registered Notes shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any Notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Noteholder receives such Notice. 

  
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 Section 9.05. Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the validity or
enforceability of the remaining provisions of this Agreement or of the Notes or the rights of the Noteholders. 
 Section 9.06.
Further Assurances. Transferor and Servicer agree to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by Owner Trustee and Indenture Trustee more fully to effect
the purposes of this Agreement, including the execution of any financing statements or continuation statements relating to the Receivables for filing under the provisions of the UCC of any applicable jurisdiction. 

Section 9.07. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of Owner Trustee,
Indenture Trustee, the Noteholders or any Enhancement Provider, any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under
this Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided under this Agreement are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by law. 
 Section 9.08. Counterparts. This Agreement may be executed in two or more
counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 9.09. Third-party Beneficiaries. This Agreement will inure to the benefit of and
be binding upon the parties hereto, Indenture Trustee, the Noteholders, each Indemnified Person and any Enhancement Provider. Except as otherwise expressly provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 9.10. Actions by Noteholders. 

(a) Wherever in this Agreement a provision is made that an action may be taken or a Notice given by Noteholders, such action or
Notice may be taken or given by any Noteholder, unless such provision requires a specific percentage of Noteholders. 
 (b)
Any Notice, request, authorization, direction, consent, waiver or other act by the Noteholder shall bind such Holder and every subsequent Holder of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof in respect of anything done or omitted to be done by Issuer, Owner Trustee, Transferor or Servicer in reliance thereon, whether or not notation of such action is made upon such Note. 

Section 9.11. Rule 144A Information. For so long as any of the Notes of any Series or Class are “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, each of Transferor, Owner Trustee, Indenture Trustee, Servicer and any Enhancement Provider agree to cooperate with each other to provide to any Noteholders of such
Series or Class and to 

  
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any prospective purchaser of Notes designated by such Noteholder, upon the request of such Noteholder or prospective purchaser, any information required to be provided to such holder or
prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4) under the Securities Act. 
 Section 9.12. Merger
and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this
Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 
 Section 9.13. No
Bankruptcy Petition. Each of Issuer (with respect to Transferor only), Servicer, each Enhancement Provider, if any, and each Holder of a Supplemental Interest and Transferor (with respect to Issuer only) severally and not jointly, hereby
covenants and agrees that it will not at any time institute against, solicit or join or cooperate with or encourage any institution against Issuer or Transferor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under any United States federal or state bankruptcy or similar law or, in the case of Transferor, direct Owner Trustee to take any such action with respect to the Note Trust. Nothing in this Section 9.13 shall
preclude, or be deemed to estop, any of the foregoing Persons from taking (to the extent such action is otherwise permitted to be taken by such Person hereunder) or omitting to take any action prior to such date in (a) any case or proceeding
with respect to Issuer or Transferor voluntarily filed or commenced by or on behalf of Issuer or Transferor, respectively, under or pursuant to any such law or (b) any involuntary case or proceeding pertaining to Issuer or Transferor, as
applicable under or pursuant to any such law. 
 Section 9.14. Rights of Indenture Trustee. Indenture Trustee shall have herein
the same rights, protections, indemnities and immunities as specified in the Indenture. 
 Section 9.15. Rights of Owner
Trustee. Each of the parties hereto acknowledges and agrees that this Agreement is being executed and delivered by Wilmington Trust Company, not individually but solely and exclusively in its capacity as Owner Trustee on behalf of First National
Master Note Trust for the purpose and with the intention of binding First National Master Note Trust. No obligations or liabilities hereunder shall run against Wilmington Trust Company in its individual capacity or against its properties or assets.

 Section 9.16. Assignment. Notwithstanding anything to the contrary contained herein, except as provided in Section 5.02,
this Agreement may not be assigned by Servicer without the prior consent of the Majority Holders of each Series. Upon any such assignment, Servicer shall give prior written notice to each Rating Agency for outstanding Notes that has provided its
rating at Transferor’s request. 
 Section 9.17. Headings. The headings herein are for purposes of reference only and shall
not otherwise affect the meaning or interpretation of any provision hereof. 

  
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 ARTICLE X 

COMPLIANCE WITH REGULATION AB 

Section 10.01. Intent of Parties; Reasonableness. Transferor, Servicer and Issuer acknowledge and agree that the purpose of this
Article X is to facilitate compliance by Transferor with the provisions of Regulation AB and the related rules and regulations of the Commission. Transferor shall not exercise its right to request delivery of information or other performance under
the provisions other than in good faith, or for the purposes other than Transferor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of
disclosure comparable to that required under the Securities Act). Servicer agrees to cooperate in good faith with any reasonable request by Transferor for information regarding Servicer which is required in order for Transferor to comply with the
provisions of Regulation AB as it relates to Servicer or to Servicer’s obligations under this Agreement or any Supplement. 

Section 10.02. Additional Representations and Warranties of Servicer. Servicer shall be deemed to represent to Transferor, as of
the date on which information is provided to Transferor under Section 10.03 below, that except as disclosed in writing to Transferor prior to such date to the best of its knowledge: (a) Servicer is not aware and has not received notice
that any default, early amortization or other performing triggering event has occurred as to any other securitization due to any act or failure to act of Servicer; (b) Servicer has not been terminated as servicer in a securitization involving
credit card receivables, either due to a servicing default or to application of a servicing performance test or trigger; (c) no material noncompliance with any applicable servicing criteria with respect to other securitizations of credit card
receivables involving Servicer as servicer has been disclosed or reported by Servicer; (d) no material changes to Servicer’s policies and procedures with respect to the servicing function it will perform under this Agreement and any
Supplement have occurred during the three-year period immediately preceding the related Securitization Transaction; (e) there are no aspects of Servicer’s financial condition that could have a material adverse effect on the performance by
Servicer of its servicing obligations under this Agreement or any Supplement; and (f) there are no material legal or government proceedings pending (or known to be contemplated) against Servicer, any subservicer or any unaffiliated third-party
originator of Receivables. 
 Section 10.03. Information to be Provided by Servicer. In connection with any Securitization
Transaction, Servicer shall (i) within five (5) Business Days following request by Transferor, provide to Transferor, in writing, the information specified in this Section and (ii) as promptly as practicable following notice to or
discovery by Servicer of any changes to such information, provide to Transferor, in writing, such updated information. 
 (a)
If so requested by Transferor, Servicer shall provide to Transferor such information regarding Servicer and each subservicer (each of Servicer and each subservicer, for the purposes of this subsection 10.03(a), a “Servicing Party”), as is
requested for the purpose of compliance with Item 1108 of Regulation AB. Such information shall include, at a minimum: 

(i) the Servicing Party’s name and form of organization; 

  
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 (ii) a description of how long the Servicing Party has been servicing credit card
receivables a description of how long the Servicing Party has been servicing credit card receivables; a general discussion of the Servicing Party’s experience in servicing assets of any type as well as a more detailed discussion of the
Servicing Party’s experience in, and procedures for, the servicing function it will perform under this Agreement and any Supplement; information regarding the size, composition and growth of the Servicing Party’s portfolio of credit card
accounts of a type similar to the Accounts and information on factors related to the Servicing Party that may be material, in the good faith judgment of the Transferor, to any analysis of the servicing of the Receivables or the related asset-backed
securities, as applicable, including, without limitation: 
 (A) whether any prior securitizations of credit card
receivables involving the Servicing Party defaulted or experienced an early amortization or other performance triggering event because of servicing during the three-year period immediately preceding the related Securitization Transaction; 

(B) the extent of outsourcing the Servicing Party utilizes; 

(C) whether there has been previous disclosure of material noncompliance with the applicable servicing criteria with respect
to other securitizations of credit card receivables involving the Servicing Party as a servicer during the three-year period immediately preceding the related Securitization Transaction; 

(D) whether the Servicing Party has been terminated as servicer in a securitization of credit card receivables, either due to
a servicing default or to application of a servicing performance test or trigger; and 
 (E) such other information as
Transferor may reasonably request for the purpose of compliance with Item 1108(b)(2) of Regulation AB; 
 (iii) a
description of any material changes during the three-year period immediately preceding the related Securitization Transaction to the Servicing Party’s policies or procedures with respect to the servicing function it will perform under this
Agreement; 
 (iv) information regarding the Servicing Party’s financial condition, to the extent that there is a
material risk that an adverse financial event or circumstance involving the Servicing Party could have a material adverse effect on the performance by the Servicing Party of its servicing obligations under this Agreement; 

(v) description of the Servicing Party’s processes and procedures designed to address any special or unique factors
involved in servicing; 

  
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 (vi) a description of the Servicing Party’s processes for handling
delinquencies, losses, bankruptcies and recoveries, such as sale of defaulted receivables; and 
 (vii) information as to how
the Servicing Party defines or determines delinquencies and charge-offs, including the effect of any grace period, re-aging, restructuring, partial payments considered current or other practices with respect to delinquency and loss experience. 

(b) In addition to such information as the Servicer is obligated to provide pursuant to other provisions of this Agreement, if
so requested by the Transferor, the Servicer shall provide to the Transferor such information regarding the performance or servicing of the Receivables as is reasonably required to facilitate preparation of distribution reports in accordance with
Item 1121 of Regulation AB. Such information shall be provided concurrently with the distribution reports otherwise required to be delivered monthly by the Servicer under this Agreement and any Indenture Supplement, commencing with the first
such report due not less than ten (10) Business Days following such request. 

  
 63 

 IN WITNESS WHEREOF, Transferor, Servicer and Issuer have caused this Transfer and Servicing
Agreement to be duly executed by their respective officers as of the day and year first above written. 
  

									
		 		 		 	 FIRST NATIONAL FUNDING LLC, as

Transferor

					
		 		 		 	By:	 	First National Funding Corporation,
		 		 		 		 	its Managing Member
					
		 		 		 	By	 	 /s/ Karlyn M. Knieriem

		 		 		 	Name	 	 Karlyn M. Knieriem

		 		 		 	Title	 	 Senior Vice President

				
		 		 		 	 FIRST NATIONAL BANK OF OMAHA, as

Servicer

					
		 		 		 	By	 	 /s/ Timothy D. Hart

		 		 		 	Name	 	 Timothy D. Hart

		 		 		 	Title	 	 Senior Vice President and Treasurer

				
		 		 		 	 FIRST NATIONAL MASTER NOTE TRUST,

as Issuer

					
		 		 		 	By	 	Wilmington Trust Company, not in its
		 		 		 		 	individual capacity but solely as Owner
		 		 		 		 	Trustee on behalf of Issuer
		
	Acknowledged and Accepted:	 	
				
	U.S. BANK NATIONAL ASSOCIATION	 		 	By	 	 /s/ Dorri Costello

	not in its individual capacity but	 		 	Name	 	 Dorri Costello

	solely as Indenture Trustee	 		 	Title	 	 Vice President

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

 FIRST AMENDED AND RESTATED TRANSFER AND SERVICING AGREEMENT SIGNATURE PAGE 

 EXHIBIT A 

PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL 

WITH RESPECT TO AMENDMENTS 

The opinions set forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions
Of Counsel delivered on any applicable Closing Date. 
 (i) The Amendment to the Second Amended and Restated Transfer and
Servicing Agreement (the “Transfer and Servicing Agreement”) has been duly authorized, executed and delivered by Transferor and Servicer and constitutes the legal, valid and binding agreement of Transferor and Servicer, respectively,
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws from time to time in effect affecting creditors’ rights generally or the
rights of creditors of national banking associations. The enforceability of the respective obligations of Transferor and Servicer is also subject to general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 (ii) The Amendment has been entered into in accordance with the terms and provisions of
Section 9.01 of the Transfer and Servicing Agreement. 

 EXHIBIT B 

FORM OF ASSIGNMENT OF RECEIVABLES 

IN ADDITIONAL ACCOUNTS 
 (As
required by Section 2.06 of the Second Amended and Restated 
 Transfer and Servicing Agreement) 

ASSIGNMENT No.          OF RECEIVABLES IN ADDITIONAL ACCOUNTS (this
“Assignment”) dated as of                     , by and among FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as
Transferor (the “Transferor”), FIRST NATIONAL BANK OF OMAHA, a national banking association, as Servicer (the “Servicer”) and FIRST NATIONAL MASTER NOTE TRUST (the “Issuer”), pursuant to the Second Amended and Restated
Transfer and Servicing Agreement referred to below. 
 W I T N E S S E T H : 

WHEREAS, Transferor, Servicer and Issuer are parties to the Second Amended and Restated Transfer and Servicing Agreement, dated as of
September 23, 2016 (as it may be amended and supplemented from time to time the “Agreement”); and 
 WHEREAS, pursuant to the
Agreement, Transferor wishes to designate Additional Accounts to be included as Accounts and to convey the Receivables of such Additional Accounts, whether now existing or hereafter created, to Issuer (as each such term is defined in the Agreement);
and 
 WHEREAS, Issuer is willing to accept such designation and conveyance subject to the terms and conditions hereof; 

NOW, THEREFORE, Transferor, Servicer and Issuer hereby agree as follows: 

1. Defined Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless
otherwise defined herein. 
 “Addition Date” shall mean, with respect to the Additional Accounts
designated hereby, [            ], 20[    ]. 

“Notice Date” shall mean, with respect to the Additional Accounts designated hereby,
[            ], 20[    ] (which shall be a date on or prior to the fifth Business Day prior to the Addition Date with respect to additions pursuant to
Section 2.06(a) of the Agreement and the tenth Business Day prior to the Addition Date with respect to additions pursuant to Section 2.06(b) of the Agreement). 

2. Designation of Additional Accounts. Transferor shall deliver to Issuer not later than five Business Days after the Addition Date, a
true and complete list of each MasterCard and VISA account which as of the Addition Date shall be deemed to be an Additional Account, such accounts being identified by account number and by the amount of Receivables in such accounts

 
as of the close of business on the Addition Date, which list may take the form of a computer file or tape, hard copy, compact disc or other tangible medium that is acceptable to Transferor and
Issuer. Such list shall be delivered five Business Days after the date of this Assignment and shall be marked as Schedule 1 to this Assignment and, as of the Addition Date, shall be incorporated into and made a part of this Assignment and shall
supplement Schedule 1 to the Agreement as required by Section 2.01(c) of the Agreement. 
 3. Conveyance of Receivables.

  

	 	(a)	Transferor does hereby transfer, assign, set-over and otherwise convey to Issuer, without recourse, except as set forth in the Agreement, on and after the Addition Date, all right, title and interest of Transferor in
and to the Receivables now existing and hereafter created in the Additional Accounts designated hereby[, all monies due or to become due and all amounts received or receivable with respect thereto and the proceeds thereof,] (including all Finance
Charge Receivables) and all proceeds of such Receivables and Insurance Proceeds and Recoveries relating thereto. The foregoing does not constitute and is not intended to result in the creation or assumption by Issuer, Owner Trustee, Indenture
Trustee, any Noteholders or any Enhancement Provider of any obligation of Servicer, Transferor, the Credit Card Originator or any other Person in connection with the Accounts, the Receivables or under any agreement or instrument relating thereto,
including any obligation to Obligors, merchant banks, merchants clearance systems or insurers. 

  

	 	(b)	In connection with such transfer, Servicer agrees to record and file, at its own expense, a financing statement (and continuation statements, when applicable) with respect to the Receivables now existing and hereafter
created in the Additional Accounts designated hereby (which may be a single financing statement with respect to all such Receivables) for the transfer of accounts as defined in Section 9-102 of the UCC meeting the requirements of applicable law
in such manner and such jurisdiction as are necessary to perfect, and maintain the perfection of, the assignment of such Receivables to Issuer, and to deliver a file-stamped copy of such financing statement or
other evidence of such filing (which may, for purposes of this Section 3, consist of telephone confirmation of such filing) to Indenture Trustee on or prior to the date of the Assignment. 

 

	 	(c)	In connection with such transfer, Servicer further agrees, at its own expense, on or prior to the date of this Assignment to indicate in its computer files that Receivables created in connection with the Additional
Accounts designated hereby have been transferred to Issuer pursuant to the Agreement and this Assignment. 

  

	 	(d)	 The parties intend that the transfer shall be deemed to be a sale, but if, and to the extent that, such transfer
is not deemed to be a sale, Transferor shall be deemed hereunder to have granted, and does hereby so grant, to Issuer a first priority perfected security interest in all of Transferor’s right, title and interest in, and under the Receivables
now existing and hereafter created and arising in 

  
 B-2 

	 	
connection with the Additional Accounts, all payments on such Receivables received after the Addition Date, all Insurance Proceeds relating thereto and all proceeds thereof (including Recoveries)
and this Assignment shall constitute a security agreement under applicable law. 

 4. Acceptance by Issuer. Issuer
hereby acknowledges its acceptance of all right, title and interest in and to the Receivables now existing and hereafter created, conveyed to it by Transferor pursuant to Section 3(a) of this Assignment. 

5. Representations and Warranties of Transferor. Transferor hereby represents and warrants to Issuer as of the Addition Date: 

 

	 	(a)	Legal Valid and Binding Obligation. This Assignment constitutes a legal, valid and binding obligation of Transferor enforceable against Transferor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and the rights of creditors of national
banking associations and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

  

	 	(b)	Eligibility of Accounts and Receivables. Each Additional Account designated hereby is an Eligible Account and each Receivable in such Additional Account is an Eligible Receivable. 

 

	 	(c)	Selection Procedures. No selection procedures believed by Transferor to be materially adverse to the interests of Issuer or the Noteholders were utilized in selecting the Additional Accounts designated
hereby from the available [Financial Institutions Accounts] [Accounts owned by FNBO] constituting Eligible Accounts [and in connection with its acquisition of Financial Institution Accounts added to the Trust, FNBO has conducted a due diligence
review of the accounts of each selling third-party financial institution, including a review of its origination policies and a review of a random sample of its recently processed account applications. Based on such diligence reviews, such Financial
Institution Accounts were originated under origination policies which FNBO has deemed to be acceptable.] 

  

	 	(d)	Insolvency. Transferor is not insolvent and, after giving effect to the conveyance set forth in Section 3 of the Assignment, will not be insolvent. No Insolvency Event with respect for FNBO or
Transferor has occurred, and the transfer pursuant to Section 3(a) has not been made in contemplation of the occurrence thereof. 

  

	 	(e)	 Security Interest. This Assignment constitutes either (A) a valid transfer and assignment to
Issuer of all right, title and interest of Transferor in and to the Receivables existing and hereafter created in the Additional Accounts, and all proceeds (as defined in the UCC) of such Receivables and Insurance Proceeds

  
 B-3 

	 	
relating thereto [and all monies due or to become due and all amounts received with respect thereto and the proceeds thereof] and such Receivables[, monies and amounts received or receivable] and
all proceeds thereof and Insurance Proceeds relating thereto will be held by Issuer free and clear of any Lien, except for (1) Liens permitted under subsection 2.05(b) of the Agreement, (2) the interest of the Holder of Transferor
Interest and (3) Servicer’s right, if any, to receive interest accruing on, and investment earnings in respect of, the Finance Charge Account, the Collection Account, the Principal Account, or any Series Account as provided in the
Indenture and any related Indenture Supplement or (B) a grant of a first priority security interest (as defined in the UCC) in such property to Issuer, which is enforceable with respect to then existing Receivables of the Additional Accounts,
the proceeds (as defined in the UCC) thereof and Insurance Proceeds relating thereto upon the execution and delivery of this Assignment, and which will be enforceable with respect to the Receivables thereafter created in respect of Additional
Accounts conveyed on such Addition Date, the proceeds (as defined in the UCC) thereof and Insurance Proceeds relating thereto, upon such creation; 

  

	 	(f)	Required Rating Agency Representations. To the extent this Assignment constitutes a grant of a security interest, with respect to existing Receivables in the Additional Accounts: 

 

	 	(i)	This Assignment creates a valid and continuing security interest (as defined in the UCC) in such Receivables and proceeds thereof and Insurance Proceeds relating thereto in favor of Issuer, which security interest is
prior to all other Liens (except Liens permitted under Subsection 2.05(b) of the Agreement), and is enforceable as such as against creditors of and purchasers from Transferor; 

 

	 	(ii)	Such Receivables constitute “accounts” within the meaning of the UCC; 

  

	 	(iii)	Transferor owns and has good and marketable title to such Receivables free and clear of any Lien, claim or encumbrance of any Person (except Liens permitted under Subsection 2.05(b) of the Agreement);

  

	 	(iv)	Transferor has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in such Receivables granted to Issuer hereunder; 

  

	 	(v)	Other than the security interest granted to Issuer pursuant to this Assignment, Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of such Receivables and has not
authorized the filing of and is not aware of any financing statements against Transferor that include a description of collateral covering the Receivables other than any financing statement (i) relating to the security interest granted to
Issuer hereunder or (ii) that has been terminated and Transferor is not aware of any judgment or tax lien filings against Transferor; 

  
 B-4 

	 	(vi)	The representations made in clauses (i) through (v) above will be true with respect to Receivables hereafter created in respect of Additional Accounts designated hereby upon such creation; and

  

	 	(vii)	Transferor confirms and agrees that the foregoing representations and warranties shall survive the execution and delivery of this Assignment and that any breach thereof may not be waived without prior written
confirmation from each Rating Agency that none of its ratings on outstanding Notes or related commercial paper shall be adversely affected by such waiver. 

  

	 	(g)	Rapid Amortization Event. Transferor reasonably believes that the addition of the Receivables arising in the Additional Accounts will not, based on the facts known to Transferor, then or thereafter cause a
Pay Out Event to occur with respect to any Series. 

  

	 	(h)	No Conflict. The execution and delivery by Transferor of this Assignment, the performance of the transactions contemplated by this Assignment and the fulfillment of the terms hereof applicable to
Transferor, will not conflict with or violate any Requirements of Law applicable to Transferor or conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a
material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which Transferor is a party or by which it or its properties are bound. 

 

	 	(i)	No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of Transferor, threatened against Transferor before any court, regulatory body, administrative agency or other
tribunal or governmental instrumentality (i) asserting the invalidity of this Assignment, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Assignment, (iii) seeking any determination or ruling
that, in the reasonable judgment of Transferor, would materially and adversely affect the performance by Transferor of its obligations under this Assignment, (iv) seeking any determination or ruling that would materially and adversely affect
the validity or enforceability of this Assignment or (v) seeking to affect adversely the income tax attributes of Issuer under the federal, or applicable state income or franchise tax systems. 

 

	 	(j)	All Consents. All authorizations, consents, orders or approvals or other actions of any Person or of any court or other governmental authority required to be obtained by Transferor in connection with the
execution and delivery of this Assignment by Transferor and the performance of the transactions contemplated by this Assignment by Transferor, have been obtained. 

  
 B-5 

 6. Conditions Precedent. The acceptance by Issuer set forth in Section 4 and the
amendment of the Agreement set forth in Section 7 are subject to the satisfaction, on or prior to the Addition Date, of the following conditions precedent: 
  

	 	(a)	Officer’s Certificate. Transferor shall have delivered to Issuer and Indenture Trustee a certificate of a Vice President or more senior officer substantially in the form of Schedule 2 hereto,
certifying that (i) all requirements set forth in Section 2.06 of the Agreement for designating Additional Accounts and conveying the Principal Receivables of such Accounts, whether now existing or hereafter created, have been satisfied
and (ii) each of the representations and warranties made by Transferor in Section 5 is true and correct as of the Addition Date. Issuer and Indenture Trustee may conclusively rely on such Officer’s Certificate, shall have no duty to
make inquiries with regard to the matters set forth therein, and shall incur no liability in so relying. 

  

	 	(b)	Opinion of Counsel. Transferor shall have delivered to Issuer and Indenture Trustee an Opinion of Counsel with respect to the Additional Accounts designated hereby substantially in the form of
Exhibit F to the Agreement. 

  

	 	(c)	Additional Information. Transferor shall have delivered to Issuer and Indenture Trustee such information as was reasonably requested by either of Issuer or Indenture Trustee to satisfy itself as to the
accuracy of the representation and warranty set forth in subsection 5(d) to this Assignment. 

 7. Amendment of the
Agreement. The Agreement is hereby amended to provide that all references therein to the “First Amended and Restated Transfer and Servicing Agreement,” to “this Agreement” and “herein” shall be deemed from and after
the Addition Date to be a reference to the Agreement as supplemented by this Assignment. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Agreement shall remain unamended and shall
continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent to noncompliance with any term
or provision of the Agreement. 
 8. Counterparts. This Assignment may be executed in two or more counterparts, and by different
parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

9. Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the State of Nebraska, without
regard to its conflict of law provisions. 
 10. Rights of Owner Trustee. Each of the parties hereto acknowledges and agrees that
this Assignment is being executed and delivered by Wilmington Trust Company, not individually but solely and exclusively in its capacity as Owner Trustee on behalf of First National Master Note Trust for the purpose and with the intention of binding
First National Master Note Trust. No obligations or liabilities hereunder shall run against Wilmington Trust Company in its individual capacity or against its properties or assets. 

  
 B-6 

 11. Instruction to Owner Trustee. The Transferor hereby instructs the Owner Trustee to
execute this Assignment on behalf of the Trust. 

  
 B-7 

 IN WITNESS WHEREOF, the undersigned have caused this Assignment of Receivables in Additional
Accounts to be duly executed and delivered by their respective duly authorized officers on the day and year first above written. 
  

			
	FIRST NATIONAL FUNDING LLC,
	Transferor
		
	By:	 	First National Funding Corporation,
		 	its Managing Member
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL BANK OF OMAHA,
	Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL MASTER NOTE TRUST,
	Issuer
		
	By	 	Wilmington Trust Company, not in its
		 	individual capacity but solely on behalf
		 	of Issuer
		
	By	 	  

	Name	 	  

	Title	 	  

  
 B-8 

 Schedule 1 

to Assignment of Receivables 

in Additional Accounts 

ACCOUNT SCHEDULE 

(ADDITIONAL ACCOUNTS) 

List to be delivered separately. 

  
 B-9 

 Schedule 2 

to Assignment of Receivables 

in Additional Accounts 

OFFICER’S CERTIFICATE 

(Officer’s Certificate Of Transferor) 

All requirements set forth in Section 2.06 of the Second Amended and Restated Transfer and Servicing Agreement for designating Additional
Accounts and conveying the Principal Receivables of such Accounts, whether now existing or hereafter created, have been satisfied and (ii) each of the representations and warranties made by Transferor in Section 5 of the Assignment is true
and correct as of the Addition Date. 

  
 B-10 

 EXHIBIT C-1 

FORM OF 
 SERVICER
COMPLIANCE CERTIFICATE 
 PURSUANT TO ITEM 1123 OF REGULATION AB UNDER 

THE SECURITIES EXCHANGE ACT OF 1934 
  

					
	Re:  First National Master Note Trust	  		  	Date:                     

 The undersigned, a duly authorized representative of First National Bank of Omaha (the “Servicer”),
pursuant to Item 1123 of Regulation AB and Section 3.05(a) of the Second Amended and Restated Transfer and Servicing Agreement dated as of September 23, 2016, among First National Funding LLC, as Transferor, First National Bank of
Omaha, as Servicer, and First National Master Note Trust, as Issuer, as amended (the “Transfer and Servicing Agreement”), does hereby certify that: 

1. A review of the activities of the Servicer from [            ,
20    ] through December 31, [20    ] (the “Reporting Period”) and of its performance under the Transfer and Servicing Agreement has been made under my supervision; and 

2. To the best of my knowledge, based on my review, the Servicer has fulfilled all of its obligations under the Transfer and Servicing
Agreement in all material respects throughout the Reporting Period [except as described below:]. 
 IN WITNESS WHEREOF, I have signed this
certificate this      day of [            , 20    ]. 

 

			
	FIRST NATIONAL BANK OF OMAHA, as Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT C-2 

FORM OF 
 REPORT ON
COMPLIANCE WITH SERVICING CRITERIA 
 PURSUANT TO ITEM 1122 OF REGULATION AB UNDER 

THE SECURITIES EXCHANGE ACT OF 1934 
  

					
	Re:  First National Master Note Trust	 		  	Date:                     

 The undersigned, a duly authorized representative of First National Bank of Omaha (the “Servicer”),
hereby certifies as follows: 
 (1) The Servicer is responsible for assessing its compliance with the servicing criteria set forth in 17
C.F.R. § 229.1122(d) (“Item 1122(d) of Regulation AB”) as set forth on Schedule I attached hereto, except for servicing criteria [specify sections of Item 1122(d) of Regulation AB that do not apply] (the “Applicable
Servicing Criteria”), which the Servicer has determined are inapplicable to the activities it performs with respect to the credit-card asset backed securities transactions being serviced, as of and for the year ended December 31,
[20    ] relating to: 
  

	 	•	 	the servicing of credit card asset-backed securities transactions issued by First National Master Note Trust; 

  

	 	•	 	[                                    
    ]; and 

  

	 	•	 	[                                    
    ] 

 (2) The Servicer used the servicing criteria in Item 1122(d) of Regulation AB to assess
compliance with the Applicable Servicing Criteria; 
 (3) The Servicer is in compliance with the Applicable Servicing Criteria as of and for
the period ending December 31, [20    ] in all material respects [except as described below:]; and 
 (4)
[Name of Accountant], an independent registered public accounting firm, has issued an attestation report on our assessment of compliance with the Applicable Servicing Criteria as of and for the period ending December 31,
[20    ], a copy of which is attached hereto as Exhibit A. 
  

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT A 

ACCOUNTANT’S ATTESTATION REPORT 

 EXHIBIT D 

FORM 10-D, FORM 10-K AND FORM 8-K 

REPORTING RESPONSIBILITY 
 As to each item
described below, the entity indicated as the Responsible Party shall be primarily responsible for reporting the information to Transferor pursuant to the Transfer and Servicing Agreement or Master Indenture, as applicable. 

Under Item 1 of Form 10-D: a) items marked “monthly statement” are required to be included in the periodic Monthly Report to Noteholders under
Section 5.03 of the applicable Indenture Supplement provided by Indenture Trustee based on information received from the Servicer and b) items marked “Form 10-D report” are required to be in the Form 10-D report but not the monthly
statement, provided by the party indicated under the Transfer and Servicing Agreement or Master Indenture, as applicable. Information under all other Items of Form 10-D is to be included in the Form 10-D report. 

 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

	10-D	  		  		  		  		  		  	
							
		  	1A	  	Distribution and Pool Performance Information	  		  		  		  	
							
		  		  	Item 1121(a) – Distribution and Pool Performance Information	  		  		  		  	
							
		  		  	(1) Any applicable record dates, accrual dates, determination dates for calculating distributions and actual Distribution Dates for the distribution period.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(2) Cash flows received and the sources thereof for distributions, fees and expenses (including portfolio yield).	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including:	  	 X

(monthly statement)
	  		  		  	

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	(i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an identification of the general
purpose of such payments and the party receiving such payments.	  		  	 X

(to the extent there is any Enhance-ment)
	  		  	
							
		  		  	(iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or carryovers.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(4) Beginning and ending principal balances of the asset-backed securities.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period.	  	 X

(monthly statement)
	  		  		  	

  
 D-2 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	(7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if known and applicable.	  		  	 X

(to the extent there is any Enhance-ment)
	  		  	
							
		  		  	(8) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average remaining term, pool factors and prepayment amounts.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(9) Delinquency and loss information for the period. Present historical delinquency information and loss information in accordance with Item 1100(b) of Regulation AB through no less than 120 days.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets. (methodology)	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements.	  	 X

(to the extent any advances have been made)
	  		  		  	

  
 D-3 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	(11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(12) Material breaches of pool asset representations or warranties or transaction covenants.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met.	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(14) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as
additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or
revolving accounts, if applicable.	  	 X

(monthly statement)
	  		  		  	

  
 D-4 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.	  	 X

(monthly statement)
	  		  		  	
							
		  	1B	  	 Item 1121(b) – Pre-Funding or Revolving Period Information

 
 Updated pool information as required under Item 1121(b).
	  	 X

(monthly statement, material changes to pool assets, if any)
	  	 X

(changes to Originators and Significant Obligors, if any)
	  		  	
							
		  	1C	  	Item 1121(d) Asset Review	  		  		  		  	
							
		  		  	(1) If during the distribution period a review of the underlying assets for compliance with the representations and warranties on the underlying assets is required, provide the following information, as applicable:	  		  		  		  	
							
		  		  	(i) A description of the event(s) that triggered the review during the distribution period; and	  	 X

(monthly statement)
	  		  		  	
							
		  		  	(ii) If the asset representations reviewer provided to the trustee during the distribution period a report of the findings and conclusions of the review, a summary of the report.	  	 X

(monthly statement)
	  		  		  	

  
 D-5 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	(2) Change in asset representations reviewer. If during the distribution period an asset representation reviewer has resigned or has been removed, replaced or substituted, of if a new asset representations reviewer has been
appointed, state the date the event occurred and the circumstances surrounding the change. If a new asset representations reviewer has been appointed, provide the disclosure required by Item 1109(b), as applicable, regarding such asset
representations reviewer.	  	 X

(monthly statement)
	  		  		  	
							
		  	1D	  	Item 1121(e) Investor Communications	  		  		  		  	
							
		  		  	Disclose any request received from an investor to communicate with other investors during the reporting period received by the party responsible for making the Form 10-D filings on or before the end of a distribution period. The
disclosure regarding the request to communicate is required to include the name of the investor making the request, the date the request was received, a statement to the effect that the party responsible for filing the Form 10-D has received a
request from such investor, stating that such investor is interested in communicating with other investors with regard to the possible exercise of rights under the transaction agreements, and a description of the method by which other investors may
contact the requesting investor.	  	 X

(monthly statement)
	  		  		  	

  
 D-6 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  	2	  	Legal Proceedings	  		  		  		  	
							
		  		  	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Noteholders, including proceedings known to be contemplated by governmental authorities:	  		  		  		  	
							
		  		  	Sponsor (Seller)	  		  		  	X	  	
							
		  		  	Transferor	  		  	X	  		  	
							
		  		  	Indenture Trustee	  		  		  		  	X
							
		  		  	Issuer	  		  	X	  		  	
							
		  		  	Servicer or other servicer servicing 20% or more of pool assets at time of report, other material servicers (each as to itself)	  	X	  		  		  	
							
		  		  	Originator of 20% or more of pool assets as of the Cut-off Date	  		  	X	  		  	
							
		  	3	  	Sales of Securities and Use of Proceeds	  		  		  		  	
							
		  		  	Provide the information required by Part II, Item 2 of Form 10-Q. Regarding information from Item 2(a) of Part II of Form 10-Q:	  		  	X	  		  	
							
		  		  	With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset	  		  		  		  	

  
 D-7 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K. Pricing information can be omitted if securities were not
registered. Also provide the information required by Item 1113(e) of Regulation AB.	  		  		  		  	
							
		  	4	  	Defaults Upon Senior Securities	  		  		  		  	
							
		  		  	 Information from Item 3 of Part II of Form 10-Q:
  

Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)
	  		  	X	  		  	
							
		  	5	  	Submission of Matters to a Vote of Security Holders	  		  		  		  	
							
		  		  	Information from Item 5.07 of Form 8-K.	  		  		  		  	X
							
		  	6	  	Significant Obligors of Pool Assets	  		  		  		  	
							
		  		  	 Item 1112(b) – Significant Obligor Financial Information*

 
 *  This information need only be
reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.
	  	X	  	X	  		  	

  
 D-8 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  	7	  	Sponsor Interest in the Securities	  		  		  		  	
							
		  		  	Item 1124—Sponsor Interest in the Securities. Provide the required information about any material change in the sponsor’s or an affiliate’s interest in the securities resulting from the purchase, sale or other
acquisition or disposition of the securities by sponsor or an affiliate, during period covered by the report. 	  		  		  	 X

(monthly statement
	  	
							
		  	8	  	Significant Enhancement Provider Information	  		  		  	 X

(monthly statement)
	  	
							
		  		  	 Item 1114(b)(2) – Credit Enhancement Provider Financial Information*

 
 Determining applicable disclosure threshold
	  	 X

(to the extent there is an Enhance-ment Provider)
	  	 X

(to the extent there is an Enhance-ment Provider)
	  		  	
							
		  		  	Notifying the applicable party of the need to request required financial information or effecting incorporation by reference	  	 X

(to the extent there is an Enhance-ment Provider)
	  	 X

(to the extent there is an Enhance-ment Provider)
	  		  	

  
 D-9 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	Item 1115(b) – Derivative Counterparty Financial Information*	  		  		  		  	
							
		  		  	Determining current maximum probable exposure	  	 X

(to the extent there is a Derivative Counter-party)
	  	 X

(to the extent there is a Derivative Counter-party)
	  		  	
							
		  		  	Determining current significance percentage	  	 X

(to the extent there is a

Derivative Counter-party)
	  	 X

(to the extent there is a Derivative Counter-party)
	  		  	
							
		  		  	 Notifying the applicable party of the need to request required financial information or effecting incorporation by reference

 
 *  This information need only be
reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.
	  	 X

(to the extent there is a Derivative Counter-party)
	  	 X

(to the extent there is a Derivative Counter-party)
	  		  	
							
		  	9	  	Other Information	  		  		  		  	
				
		  		  	Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported	  	 The Responsible Party for the applicable

Form 8-K as indicated below.

							
		  	10	  	Exhibits	  		  		  		  	
							
		  		  	Distribution report	  	X	  		  		  	
							
		  		  	Exhibits required by Item 601 of Regulation S-K, such as material agreements	  		  	X	  		  	

  
 D-10 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

	10-K	  	Must be filed within 90 days of the fiscal year end for the registrant.
							
		  	9B	  	Other Information	  		  		  		  	
				
		  		  	Disclose any information required to be reported on Form 8-K during the period since the last required distribution report on Form 10-D.	  	The Responsible Party for the applicable Form 8-K as indicated above
							
		  	15	  	Exhibits and Financial Statement Schedules	  		  		  		  	
							
		  		  	Item 1112(b) – Significant Obligor Financial Information	  	 X

(to the extent there are any Signifi-cant Obligors)
	  	 X

(to the extent there are any Significant Obligors)
	  		  	
							
		  		  	Item 1114(b)(2) – Credit Enhancement Provider	  		  		  		  	
							
		  		  	Determining applicable disclosure threshold	  	 X

(to the extent there is an Enhance-ment Provider)
	  	 X

(to the extent there is an Enhance-ment Provider)
	  		  	
							
		  		  	Requesting required financial information or effecting incorporation by reference	  	 X

(to the extent there is an Enhance-ment Provider)
	  	 X

(to the extent there is an Enhance-ment Provider)
	  		  	

  
 D-11 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	Item 1115(b) – Derivative Counterparty Financial Information	  		  		  		  	
							
		  		  	Determining current maximum probable exposure	  	 X

(to the extent there is a Derivative Counter-party)
	  	 X

(to the extent there is a Derivative Counter-party)
	  		  	
							
		  		  	Notifying the applicable party of the need to request required financial information or effecting incorporation by reference	  	 X

(to the extent there is a Derivative Counter-party)
	  	 X

(to the extent there is a Derivative Counter-party)
	  		  	
							
		  		  	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Certificate holders, including proceedings known to be contemplated by governmental
authorities:	  		  		  		  	
							
		  		  	Sponsor	  		  		  	X	  	
							
		  		  	Transferor	  		  	X	  		  	
							
		  		  	Indenture Trustee	  		  		  		  	X
							
		  		  	Issuer	  		  	X	  		  	
							
		  		  	Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers (each as to itself)	  	X	  		  		  	

  
 D-12 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	Originator of 20% or more of pool assets as of the Cut-off Date	  		  	X	  		  	
							
		  		  	Item 1119 – Affiliations and relationships between the following entities, or their respective affiliates, that are material to Noteholders:	  		  		  		  	
							
		  		  	Sponsor	  		  		  	X	  	
							
		  		  	Transferor	  		  	X	  		  	
							
		  		  	Indenture Trustee	  		  		  		  	X
							
		  		  	Servicer or other servicer servicing 20% or more of pool assets at time of report, other material servicers (each as to itself)	  	X	  		  		  	
							
		  		  	Originator	  		  	X	  		  	
							
		  		  	Credit Enhancer/Support Provider	  		  	 X

(to the extent there is a Credit Enhancer/

Support Provider)
	  		  	
							
		  		  	Significant Obligor	  	X	  	X	  		  	
							
		  		  	Asset Representations Reviewer	  	X	  	X	  	X	  	X
							
		  		  	Item 1122 – Assessment of Compliance with Servicing Criteria	  	X	  		  		  	X
							
		  		  	Item 1123 – Servicer Compliance Statement	  	X	  		  		  	

  
 D-13 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture

Trustee

		  		  	 Item 1124— Sponsor interest in the Securities
  

Provide the required information about any material change in the sponsor’s or an affiliate’s interest in the securities resulting from the purchase,
sale or other acquisition or disposition of the securities by sponsor or an affiliate, during period covered by the report.
	  		  		  	X	  	

  
 D-14 

 ADDITIONAL FORM 8-K DISCLOSURE 

 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture
Trustee

	8-K	  	Must be filed within 4 business days of an event reportable on Form 8-K.
							
		  	1.01	  	Entry into a Material Definitive Agreement	  		  		  		  	
							
		  		  	 Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if
depositor is not a party.
  
 Examples: servicing agreement, custodial agreement.

 
 NOTE: disclosure not required as to definitive agreements that are fully disclosed in the
prospectus.
	  	X	  	X	  	 X

(if Servicer is not a party)
	  	 X

(if Servicer is not a party and Indenture Trustee is a party)

							
		  	1.02	  	Termination of a Material Definitive Agreement	  		  		  		  	
							
		  		  	 Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in
accordance with its terms), even if depositor is not a party.
  
 Examples: servicing
agreement, custodial agreement.
	  	X	  	X	  	 X

(if Servicer is not a party)
	  	 X

(if Servicer is not a party and Indenture Trustee is a party)

  
 D-15 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture
Trustee

		  	1.03	  	Bankruptcy or Receivership	  		  		  		  	
							
		  		  	 Disclosure is required regarding the bankruptcy or receivership, if known to the Transferor, with respect to any of the following:

 
 Sponsor (Seller), Transferor, Master Servicer, affiliated Servicer, other Servicer
servicing 20% or more of pool assets at time of report, other material servicers, Certificate Administrator, Trustee, significant obligor, credit enhancer (10% or more), derivatives counterparty, Custodian (each as to itself)
	  	X	  	X	  	X	  	X
							
		  	2.04	  	Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	  		  		  		  	
							
		  		  	Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cashflows/amortization schedule	  	X	  	X	  		  	
							
		  	3.03	  	Material Modification to Rights of Security Holders	  		  		  		  	
							
		  		  	Disclosure is required of any material modification to documents defining the rights of Noteholders, including the Master Indenture	  	X	  	X	  		  	 X

(if Indenture Trustee is a party thereto)

  
 D-16 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture
Trustee

		  	5.03	  	Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year	  		  		  		  	
							
		  		  	Disclosure is required of any amendment “to the governing documents of the issuing entity”	  	X	  	X	  		  	
							
		  	5.06	  	Change in Shell Company Status	  		  		  		  	
							
		  		  	[Not applicable to ABS issuers]	  		  		  		  	
							
		  	5.07	  	Submission of Matters to a Vote of Security Holders	  		  	X	  		  	
							
		  	6.01	  	ABS Informational and Computational Material	  		  	X	  		  	
							
		  	6.02	  	Change of Servicer, Securities Administrator or Trustee	  		  		  		  	
							
		  		  	Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers, certificate
administrator or trustee.	  	X	  	X	  		  	
							
		  		  	Reg AB disclosure about any new servicer (from entity appointing new servicer) or trustee (from Transferor) is also required.	  		  	X	  		  	

  
 D-17 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture
Trustee

		  	6.03	  	Change in Credit Enhancement or Other External Support	  		  		  		  	
							
		  		  	Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided. Applies to external credit enhancements as well as derivatives.	  		  	 X

(to the extent there is any Enhance-ment)
	  		  	
							
		  		  	Reg AB disclosure about any new enhancement provider is also required.	  		  	 X

(to the extent there is any Enhance-ment)
	  		  	
							
		  	6.04	  	Failure to Make a Required Distribution	  		  		  		  	X
							
		  	6.05	  	Securities Act Updating Disclosure	  		  		  		  	
							
		  		  	If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual assets pool.	  	X	  	X	  		  	
							
		  		  	If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	  		  	X	  		  	

  
 D-18 

													
	 Form
	  	 Item
	  	 Description
	  	 Servicer
	  	 Transferor
	  	 Sponsor
	  	 Indenture
Trustee

		  	7.01	  	Regulation FD Disclosure	  	X	  	X	  	X	  	
							
		  	8.01	  	Other Events	  		  		  		  	
							
		  		  	Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to security holders.	  		  		  	X	  	
				
		  	9.01	  	Financial Statements and Exhibits	  	 The Responsible Party applicable to

reportable event.

  
 D-19 

 EXHIBIT E 

ADDITIONAL DISCLOSURE NOTIFICATION 
 First
National Bank of Omaha 
 1620 Dodge Street, Stop Code 3395 

Omaha, Nebraska 68197-3395 
 Attention: Mr. Timothy D.
Hart 
 First National Funding LLC 
 c/o First National Bank of
Omaha 
 1620 Dodge Street, Stop Code 3271 
 Omaha, Nebraska
68197-3271 
 Attention: Ms. Karlyn M. Knieriem 

Re:    **Additional Form [10-D][10-K][8-K] Disclosure**Required 

Ladies and Gentlemen: 
 In accordance with Section 3.11 of
the Second Amended and Restated Transfer and Servicing Agreement dated as of September 23, 2016, among First National Funding LLC, as Transferor, First National Bank of Omaha, as Servicer, and First National Master Note Trust, as Issuer, and as
acknowledged and accepted by U.S. Bank National Association, as Indenture Trustee, the undersigned hereby notifies you that certain events have come to our attention that [will][may] need to be disclosed on Form [10-D][10-K] [8-K]. 

Description of Additional Form [10-D][10-K][8-K] Disclosure: 

List of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure: 

Any inquiries related to this notification should be directed to
[                    ], phone number
:[                    ]; email
address:[                                ]. 

 

			
	[NAME OF PARTY],
	as [role]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT F 

PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL 

WITH RESPECT TO ADDITION OF ACCOUNTS 

The opinions set forth below may be subject to certain qualifications, assumptions, limitations and exceptions taken or made in the Opinions
of Counsel delivered on any applicable Closing Date. 
 1. The Receivables arising in such Additional Accounts constitute accounts. 

2. The Second Amended and Restated Transfer and Servicing Agreement, as supplemented by the Assignment (the “Agreement”), creates in
favor of the Trust a security interest in Transferor’s rights in the Receivables in such Additional Accounts and the proceeds thereof (the “Specified Assets”). 

3. The security interest in the Specified Assets created by the Agreement will be perfected by the filing of the Financing Statements as
described and defined in such opinion. Based solely upon our review of the UCC Searches as described and defined in such opinion, we hereby confirm to you that no Person other than the Trust has filed any financing statement with the Filing Offices
as described and defined in such opinion that covers the Specified Assets and that would have priority over the security interest of the Trust by virtue of such filing. 

4. The Second Amended and Restated Receivables Purchase Agreement, as supplemented by the assignment of the Specified Assets by FNBO to
Transferor (the “Receivables Purchase Agreement”), creates in favor of Transferor a security interest in the RPA Seller’s rights in the Specified Assets. 

5. The security interest in the Specified Assets created by the Receivables Purchase Agreement will be perfected by the filing of the
Financing Statements as described and defined in such opinion. Based solely upon our review of the UCC Searches as described and defined in such opinion, we hereby confirm to you that no Person other than Transferor has filed any financing statement
with the Filing Offices as described and defined in such opinion that covers the Specified Assets and that would have priority over the security interest of Transferor by virtue of such filing. 

6. In the event the FDIC were appointed as conservator or receiver of RPA Seller pursuant to the Federal Deposit Insurance Act, the
Receivables transferred by RPA Seller to Transferor under the Receivables Purchase Agreement are either (i) transfers subject to 12 C.F.R. Section 360.6 or (ii) not includable in the receivership or conservatorship estate of RPA
Seller. 

 EXHIBIT G 

PROVISIONS TO BE INCLUDED IN 

ANNUAL OPINION OF COUNSEL 

The opinions set forth below may be subject to certain qualifications, assumptions, limitations and exceptions taken or made in the Opinion of
Counsel to Transferor with respect to similar matters delivered on the Initial Closing Date. Unless otherwise indicated, all capitalized terms used herein shall have the meanings assigned in or pursuant to the Second Amended and Restated Transfer
and Servicing Agreement to which this Exhibit G is attached or Annex A to the Indenture, as applicable. 
 No further filings or
actions are required under the UCC or other Nebraska law prior to             ,         , in order to maintain the perfection and
priority of the first priority security interests created by the Transaction Documents in favor of Issuer and Indenture Trustee in Transferor’s rights and Issuer’s rights, respectively, in the Receivables, Transferor’s rights and
Issuer’s rights, respectively, under the Receivables Purchase Agreement, and the proceeds of any of the foregoing (the “Specified Assets”). Based solely upon our review of the UCC Searches as described and defined in such opinion, we
hereby confirm to you that no Person other than Issuer and Indenture Trustee has filed any financing statement with the Filing Offices as described and defined in such opinion that covers the Specified Assets and that would have priority over the
security interests of Issuer and Indenture Trustee by virtue of such filing. 

 EXHIBIT H 

FORM OF REASSIGNMENT OF RECEIVABLES 

IN REMOVED ACCOUNTS 

REASSIGNMENT No.          OF RECEIVABLES dated as of
                    , by and among FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as transferor (“Transferor”),
FIRST NATIONAL BANK OF OMAHA, a national banking association, as servicer (“Servicer”), FIRST NATIONAL MASTER NOTE TRUST, as issuer (“Issuer”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as indenture trustee
(“Indenture Trustee”) pursuant to the Second Amended and Restated Transfer and Servicing Agreement referred to below. 
 W I T N E
S S E T H : 
 WHEREAS Transferor, Servicer and Issuer are parties to the Second Amended and Restated Transfer and Servicing Agreement,
dated as of September 23, 2016 (as it may be amended and supplemented from time to time the “Agreement”); 
 WHEREAS, Issuer
has assigned its rights under the Agreement, and the Receivables transferred thereunder, to Indenture Trustee; 
 WHEREAS pursuant to the
Agreement, with respect to certain designated Accounts Transferor wishes to cause Issuer to reconvey the Receivables of such Removed Accounts, whether now existing or hereafter created, from Issuer to Transferor; and 

WHEREAS Issuer is willing to accept such designation and to reconvey the Receivables in the Removed Accounts, and Indenture Trustee is willing
to consent to such reconveyance, subject to the terms and conditions hereof; 
 NOW, THEREFORE, Transferor, Servicer, Indenture Trustee and
Issuer hereby agree as follows: 
 Section 1. Defined Terms. All terms defined in the Agreement and used herein shall have such
defined meanings when used herein, unless otherwise defined herein. 
 “Removal Date” means, with respect to the Removed
Accounts designated hereby,             ,         . 

“Removal Notice Date” means, with respect to the Removed Accounts designated hereby,
            ,          (which shall be a date on or prior to the fifth Business Day prior to the Removal Date). 

Section 2. Designation of Removed Accounts. Transferor shall deliver to Issuer and Indenture Trustee, not later than five Business
Days after the Removal Date, a true and complete list of each MasterCard and VISA account which as of the Removal Date shall be deemed to be a Removed Account, such accounts being identified by account number and by the aggregate Receivables, and by
the aggregate amount of Principal Receivables outstanding, in such accounts 

 
as of the close of business on the Removal Date, and which list may take the form of a computer file or tape, hard copy, compact disc or other tangible medium that is acceptable to Transferor,
Issuer and Indenture Trustee. Such list shall be marked as Schedule 1 to this Reassignment, shall be incorporated into and made a part of this Reassignment as of the Removal Date, and shall supplement any Account Schedule previously delivered
pursuant to the Agreement. 
 Section 3. Conveyance of Receivables. 

(a) Issuer does hereby transfer, assign, set over and otherwise convey to Transferor, without representation, warranty or
recourse, on and after the Removal Date, all right, title and interest of Issuer in, to and under the Receivables existing at the close of business on the Removal Date and thereafter created from time to time in the Removed Accounts designated
hereby, all Recoveries related thereto, all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds thereof. 

(b) In connection with such transfer, Issuer agrees to execute and deliver to Transferor on or prior to the date this
Reassignment is delivered, applicable termination statements prepared by Transferor with respect to the Receivables existing at the close of business on the Removal Date and thereafter created from time to time in the Removed Accounts designated
hereby and the proceeds thereof evidencing the release by Issuer of its interest in the Receivables in the Removed Accounts, and meeting the requirements of applicable state law, in such manner and such jurisdictions as are necessary to terminate
such interest. 
 Section 4. Representations and Warranties of Transferor. Transferor hereby represents and warrants to Issuer
and Indenture Trustee as of the Removal Date: 
 (a) Legal Valid and Binding Obligation. This Reassignment
constitutes a legal, valid and binding obligation of Transferor enforceable against Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and the rights of creditors of national banking associations and except as such enforceability may be limited by general principles of equity
(whether considered in a suit at law or in equity). 
 (b) Selection Procedures. No selection procedures
believed by Transferor to be materially adverse to the interests of the Issuer or the Noteholders were utilized in selecting the Removed Accounts designated hereby and such Accounts (or administratively convenient groups of Accounts, such as billing
cycles) were chosen for removal randomly or otherwise not on a basis intended to select particular accounts or groups of accounts for any reason other than administrative convenience. [ALTERNATIVE REPRESENTATION: This is an Involuntary Removal.
Accounts were identified for removal because of a third-party cancellation, or expiration without renewal, of an affinity, private-label, co-branding, agent bank or other similar arrangement and the Credit Card Originator is required, by the terms
of the arrangement, to sell the Removed Accounts to the related third party.] 

  
 H-2 

 Section 5. Conditions Precedent. The amendment of the Agreement set forth in
Section 6 hereof is subject to the satisfaction, on or prior to the Removal Date, of the following condition precedent: 

Transferor shall have delivered to Indenture Trustee an Officer’s Certificate certifying that (i) as of the Removal
Date, all requirements set forth in Section 2.07 of the Agreement for designating Removed Accounts and reconveying the Receivables of such Removed Accounts, whether now existing or hereafter created, have been satisfied, and (ii) each of
the representations and warranties made by Transferor in Section 4 hereof is true and correct as of the Removal Date. Indenture Trustee may conclusively rely on such Officer’s Certificate, shall have no duty to make inquiries with regard
to the matters set forth therein and shall incur no liability in so relying. 
 Section 6. Ratification of Agreement. The
Agreement is hereby amended to provide that all references therein to the “Second Amended and Restated Transfer and Servicing Agreement,” to “this Agreement” and “herein” shall be deemed from and after the Removal Date
to be a reference to the Second Amended and Restated Transfer and Servicing Agreement as supplemented by this Reassignment. As supplemented by this Reassignment, the Agreement is in all respects ratified and confirmed and the Agreement as so
supplemented by this Reassignment shall be read, taken and construed as one and the same instrument. 
 Section 7. Counterparts.
This Reassignment may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 

Section 8. GOVERNING LAW. THIS REASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9. Rights of Owner Trustee. Each of the parties hereto acknowledges and agrees that this Agreement is being executed and
delivered by Wilmington Trust Company, not individually but solely and exclusively in its capacity as Owner Trustee on behalf of First National Master Note Trust for the purpose and with the intention of binding First National Master Note Trust. No
obligations or liabilities hereunder shall run against Wilmington Trust Company in its individual capacity or against its properties or assets. 

Section 10. Instruction to Owner Trustee. The Transferor hereby instructs the Owner Trustee to execute this Agreement on behalf of
the Trust. 

  
 H-3 

 IN WITNESS WHEREOF, the undersigned have caused this Reassignment Agreement to be duly executed
and delivered by their respective duly authorized officers on the day and year first above written. 
  

			
	FIRST NATIONAL FUNDING LLC,
	Transferor
		
	By:	 	First National Funding Corporation,
		 	its Managing Member
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL BANK OF OMAHA,
	Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL MASTER NOTE TRUST,
	Issuer
		
	By	 	Wilmington Trust Company, not in its
		 	individual capacity but solely on behalf
		 	of Issuer
		
	By	 	  

	Name	 	  

	Title	 	  

	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Indenture Trustee

		
	By	 	  

	Name	 	  

	Title	 	  

  
 H-4 

 Schedule 1 

to Reassignment of Receivables 

in Removed Accounts 

ACCOUNT SCHEDULE 

(REMOVED ACCOUNTS) 
 List
to be delivered separately. 

  
 H-5 

 Schedule 2 

to Reassignment of Receivables 

in Removed Accounts 

OFFICER’S CERTIFICATE 

  
 H-6 

 SCHEDULE 1 

ACCOUNT SCHEDULE 

COMPUTER FILE OR TAPE, HARD COPY, COMPACT DISC OR OTHER TANGIBLE MEDIUM 

To be delivered separately. 

 SCHEDULE 2 

SERVICING CRITERIA 
  

							
	 Servicing
Criteria
	    	 Applicable

Servicing

Criteria for
	  	 Applicable

Servicing Criteria

For the

	 Reference
	  	 Criteria
	    	 the Servicer
	  	 Indenture Trustee

		  	General Servicing Considerations	    		  	
				
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	    	X	  	X
				
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	    	 X

(to the extent there are any material servicing activities outsourced to third parties)
	  	X
				
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card receivables are maintained.	    	N/A	  	N/A
				
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	    	X	  	X
				
	 1122(d)(1)(v)
	  	 Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the
information.
	    	 N/A
	  	 N/A

				
		  	Cash Collection and Administration	    		  	
				
	1122(d)(2)(i)	  	Payments on credit card receivables are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the
transaction agreements.	    	X	  	X

  
 S2-1 

							
	 Servicing
Criteria
	    	 Applicable

Servicing

Criteria for
	  	 Applicable

Servicing Criteria

For the

	 Reference
	  	 Criteria
	    	 the Servicer
	  	 Indenture Trustee

	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	    	X	  	X
				
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	    	N/A	  	X
				
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	    	X	  	X
				
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) under the Securities Exchange Act of 1934, as amended.	    	X	  	X
				
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	    	N/A	  	X
				
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) are mathematically accurate;
(B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared the
reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	    	X	  	X

  
 S2-2 

							
	 Servicing
Criteria
	    	 Applicable

Servicing

Criteria for
	  	 Applicable

Servicing Criteria

For the

	 Reference
	  	 Criteria
	    	 the Servicer
	  	 Indenture Trustee

		  	Investor Remittances and Reporting	    		  	
				
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the SEC, are maintained in accordance with the transaction agreements and applicable SEC requirements. Specifically, such reports (A) are prepared in accordance with
timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the SEC as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the servicer.	    	X	  	X
				
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	    	X	  	X
				
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	    	N/A	  	X
				
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	    	N/A	  	X
				
		  	Pool Asset Administration	    		  	
				
	1122(d)(4)(i)	  	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related credit card agreements.	    	X	  	
				
	1122(d)(4)(ii)	  	Credit card accounts and related documents are safeguarded as required by the transaction agreements.	    	X	  	
				
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	    	X	  	X

  
 S2-3 

							
	 Servicing
Criteria
	    	 Applicable

Servicing

Criteria for
	  	 Applicable

Servicing Criteria

For the

	 Reference
	  	 Criteria
	    	 the Servicer
	  	 Indenture Trustee

	1122(d)(4)(iv)	  	Payments on credit card receivables, including any payoffs, made in accordance with the related credit card agreements are posted to the servicer’s obligor records maintained no more than two business days after receipt, or
such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related credit card agreements.	    	X	  	
				
	1122(d)(4)(v)	  	The servicer’s records regarding the credit card accounts agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	    	X	  	
				
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s credit card account (e.g. loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements
and related credit card agreements.	    	X	  	
				
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the
timeframes or other requirements established by the transaction agreements.	    	X	  	
				
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a credit card account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent credit card accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed
temporary (e.g., illness or unemployment).	    	X	  	

  
 S2-4 

							
	 Servicing
Criteria
	    	 Applicable

Servicing

Criteria for
	  	 Applicable

Servicing Criteria

For the

	 Reference
	  	 Criteria
	    	 the Servicer
	  	 Indenture Trustee

	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for credit card accounts with variable rates are computed based on the related credit card agreements.	    	X	  	
				
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s credit card agreements, on at least an annual basis, or such other period specified
in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable credit card agreements and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related credit card account, or such other number of days specified in the transaction agreements.	    	N/A	  	N/A
				
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	    	X	  	
				
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	    	X	  	
				
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	    	X	  	
				
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	    	X	  	
				
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	    	 X

(to the extent there is any external enhancement or other support)
	  	X

  
 S2-5

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