Document:

Transfer Agreement dated as of October 24, 2012,

 Exhibit 4.5 
  

 
  

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, 

Transferor 

AMERICAN EXPRESS ISSUANCE TRUST II, 
 Issuer 
 and 

THE BANK OF NEW YORK MELLON, 
 Indenture Trustee 
  

 
 TRANSFER
AGREEMENT 
 dated as of October 24, 2012 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	   

  

	 Section 1.1.
	 	Definitions	  	 	1	  
	 Section 1.2.
	 	Other Definitional Provisions	  	 	15	  
	
	 ARTICLE II
 TRUST ASSETS
	   

  

	 Section 2.1.
	 	Conveyance of Trust Assets	  	 	17	  
	 Section 2.2.
	 	Acceptance by Issuer	  	 	19	  
	 Section 2.3.
	 	Representations and Warranties of Each Transferor Relating to Such Transferor	  	 	19	  
	 Section 2.4.
	 	Representations and Warranties of Each Transferor	  	 	21	  
	 Section 2.5.
	 	Notice of Breach	  	 	25	  
	 Section 2.6.
	 	Transfer of Ineligible Receivables and Ineligible Collateral Certificates	  	 	25	  
	 Section 2.7.
	 	Reassignment of Trust Assets	  	 	26	  
	 Section 2.8.
	 	Additional Transferors	  	 	27	  
	 Section 2.9.
	 	Covenants of Each Transferor	  	 	28	  
	 Section 2.10.
	 	Covenants of Each Transferor With Respect to Any Applicable Receivables Purchase Agreement	  	 	31	  
	 Section 2.11.
	 	Reinvestment in Trust Assets	  	 	31	  
	 Section 2.12.
	 	Increases in the Invested Amount of an Existing Collateral Certificate	  	 	32	  
	 Section 2.13.
	 	Addition of Trust Assets	  	 	33	  
	 Section 2.14.
	 	Removal of Accounts	  	 	37	  
	 Section 2.15.
	 	Account Allocations	  	 	39	  
	 Section 2.16.
	 	Discount Option Receivables	  	 	39	  
	
	 ARTICLE III
 OTHER MATTERS RELATING TO EACH TRANSFEROR
	   

  

	 Section 3.1.
	 	Liability of Each Transferor	  	 	41	  
	 Section 3.2.
	 	Merger or Consolidation of, or Assumption of the Obligations of, a Transferor	  	 	41	  
	 Section 3.3.
	 	Limitations on the Liability of Each Transferor	  	 	42	  
	 Section 3.4.
	 	Assumption of a Transferor’s Obligations	  	 	42	  
	 Section 3.5.
	 	Expenses	  	 	43	  
	
	ARTICLE IV	  
	INSOLVENCY EVENTS	  
	 Section 4.1.
	 	Rights Upon the Occurrence of an Insolvency Event	  	 	44	  
	
	ARTICLE V	  
	ACQUISITION OF TRUST ASSETS	  
	 Section 5.1.
	 	Acquisition of Trust Assets	  	 	45	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE VI	  
	TERMINATION	  
	 Section 6.1.
	 	Termination of Agreement	  	 	46	  
	
	 ARTICLE VII
 MISCELLANEOUS
	   

  

	 Section 7.1.
	 	Amendment; Waiver of Past Defaults	  	 	47	  
	 Section 7.2.
	 	Protection of Right, Title and Interest in and to Trust Assets	  	 	49	  
	 Section 7.3.
	 	Fees Payable by the Transferor	  	 	50	  
	 Section 7.4.
	 	Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process	  	 	50	  
	 Section 7.5.
	 	Notices; Payments	  	 	51	  
	 Section 7.6.
	 	Severability of Provisions	  	 	52	  
	 Section 7.7.
	 	Further Assurances	  	 	52	  
	 Section 7.8.
	 	No Waiver; Cumulative Remedies	  	 	52	  
	 Section 7.9.
	 	Counterparts	  	 	52	  
	 Section 7.10.
	 	Third-Party Beneficiaries	  	 	52	  
	 Section 7.11.
	 	Actions by Noteholders	  	 	53	  
	 Section 7.12.
	 	Rule 144A Information	  	 	53	  
	 Section 7.13.
	 	Merger and Integration	  	 	53	  
	 Section 7.14.
	 	Headings	  	 	53	  
	 Section 7.15.
	 	Limitation of Liability	  	 	53	  
	 Section 7.16.
	 	No Petition	  	 	53	  
	 Section 7.17.
	 	Force Majeure	  	 	54	  
	
	 ARTICLE VIII
 COMPLIANCE WITH REGULATION AB
	   

  

	 Section 8.1.
	 	Intent of Parties; Reasonableness	  	 	55	  
	 Section 8.2.
	 	Additional Representations and Warranties of the Indenture Trustee	  	 	55	  
	 Section 8.3.
	 	Information to Be Provided by the Indenture Trustee	  	 	55	  
	 Section 8.4.
	 	Report on Assessment of Compliance and Attestation	  	 	56	  

  
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 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
	
	EXHIBITS
			
	 Exhibit A
	 	Form of Assignment of Receivables in Aggregate Addition Accounts	  	
			
	 Exhibit B
	 	Form of Assignment of an Additional Collateral Certificates	  	
			
	 Exhibit C
	 	Form of Assignment of Receivables in New Accounts	  	
			
	 Exhibit D
	 	Form of Reassignment of Receivables in Removed Accounts	  	
			
	 Exhibit E-1
	 	Form of Opinion of Counsel with respect to Amendments	  	
			
	 Exhibit E-2
	 	Form of Opinion of Counsel with respect to Aggregate Addition Accounts	  	
			
	 Exhibit E-3
	 	Form of Opinion of Counsel with respect to New Accounts	  	
			
	 Exhibit E-4
	 	Provisions to be included in annual Opinion of Counsel	  	
			
	 Exhibit F
	 	Form of Annual Certification	  	
			
	 Exhibit G
	 	Servicing Criteria to be Addressed in Assessment of Compliance	  	
	
	SCHEDULES
			
	 Schedule 1
	 	List of Accounts Delivered to Indenture Trustee	  	
			
	 Schedule 2
	 	List of Collateral Certificates Delivered to Indenture Trustee	  	

  
 i 

 This TRANSFER AGREEMENT among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, a
Delaware limited liability company, as transferor (the “Transferor”), AMERICAN EXPRESS ISSUANCE TRUST II, a statutory trust created under the laws of the State of Delaware, as issuer (the “Issuer” or the
“Trust”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, in its capacity as indenture trustee (the “Indenture Trustee”), is made and entered into as of October 24, 2012. 

In consideration of the mutual agreements herein contained, the parties to this Agreement hereby agree that this Agreement, together with
the Transaction Documents (each capitalized term as hereinafter defined), will define the contractual rights and responsibilities of the Transferor, the Issuer and the Indenture Trustee, including, but not limited to, representations and warranties,
ongoing disclosure requirements and measures to avoid conflicts of interest, and hereby further agree as follows for the benefit of the other parties and the Noteholders: 
 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF 

GENERAL APPLICATION 
 Section 1.1. Definitions. Whenever used in this Agreement, 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 to the masculine as well as to the feminine and neuter genders of such terms. 

“Account” means (a) each Initial Account, (b) each Additional Account (but only from and after the Addition
Date with respect thereto) and (c) each Related Account. The term “Account” shall include any account replacing an Account in connection with the transfer of ownership of such Account from an Account Owner to any other Account Owner
(provided that such replacement account can be traced or identified by reference to, or by way of, the code designation in the securitization field of such replacement account, which code designation is contained in the computer or other records of
the applicable Account Owner or the Servicer used to generate the computer files or microfiche lists delivered to the Indenture Trustee pursuant to Article II). The term “Account” shall exclude any Account, all the Receivables of
which are either (a) reassigned to a Transferor pursuant to Section 2.6 or 2.7 or (b) assigned and transferred to the Servicer pursuant to Section 3.2 of the Servicing Agreement. The term “Account”
shall include any Removed Account only prior to the Removal Date with respect thereto. 
 “Account Agreement”
means, with respect to an Account, the agreements between an Account Owner and an Obligor governing the terms and conditions of such Account, as such agreements may be amended, modified or otherwise changed from time to time. 

“Account Assignment” means, collectively, any Aggregate Addition Account Assignment and New Account Assignment.

 “Account Guidelines” means, with respect to the Accounts of each Account
Owner, the established policies and procedures of such Account Owner, (a) relating to the operation of its charge business which generally are applicable to its portfolio of similar accounts, including the policies and procedures for
determining the creditworthiness of customers and the extension of charge privileges to customers and (b) relating to the maintenance of accounts and collection of receivables, in each case as such policies and procedures may be amended,
modified or otherwise changed from time to time. 
 “Account Owner” means, with respect to an Account,
Centurion, FSB, any successor or affiliate thereof or any other entity that, pursuant to the Account Agreement related to such Account, is the issuer of the charge account related to, or the owner of, such Account; provided that the
Transferor shall notify each Note Rating Agency promptly following the designation of any Account Owner other than Centurion, FSB or any successor or affiliate thereof. 
 “Addition Cut Off Date” means (i) with respect to Aggregate Addition Accounts, the date specified as such in the notice delivered with respect thereto pursuant to subsection
2.13(c) and (ii) with respect to each New Account, the date on which such New Account is originated. 

“Addition Date” means (i) with respect to Aggregate Addition Accounts, the date from and after which such Aggregate
Addition Accounts are to be included as Accounts pursuant to subsection 2.13(a) or (b), (ii) with respect to Collateral Certificates, the date from and after which such Collateral Certificates are to be included as part of the
Trust Assets pursuant to subsection 2.13(a) or (b) and (iii) with respect to each New Account, the close of business on the last day of the Monthly Period in which such New Account was originated. 

“Addition Limit” means, unless and until each Note Rating Agency otherwise consents in writing, (i) the aggregate
number of Additional Accounts designated with respect to any three consecutive Monthly Periods shall not exceed 15% of the aggregate number of Accounts as of the first day of such three-month period, (ii) the aggregate number of Additional
Accounts designated with respect to any twelve consecutive Monthly Periods shall not exceed 20% of the aggregate number of Accounts as of first day of such twelve-month period, (iii) the aggregate amount of Receivables added to the Trust with
respect to any three consecutive Monthly Periods shall not exceed 15% of the aggregate amount of Receivables in the Trust as of the first day of such three-month period and (iv) the aggregate amount of Receivables added to the Trust with
respect to any twelve consecutive Monthly Periods shall not exceed 20% of the aggregate amount of Receivables in the Trust as of the first day of such twelve-month period. 
 “Additional Account” means each New Account and each Aggregate Addition Account. 
 “Additional Transferor” has the meaning specified in Section 2.8. 
 “Administrator” has the meaning specified in the Servicing Agreement. 
 “Adverse Effect” has the meaning specified in the Indenture. 

  
 2 

 “Affiliate” has the meaning specified in the Indenture. 

“Aggregate Addition” means the designation of additional Eligible Accounts, other than New Accounts, to be included as
Accounts pursuant to subsection 2.13(a) or (b). 
 “Aggregate Addition Account” means each charge
account established pursuant to an Account Agreement between an Account Owner and any Person, which account is designated pursuant to subsection 2.13(a) or (b) to be included as an Account and identified in the computer file or
microfiche list delivered to the Issuer and the Indenture Trustee by the Transferor pursuant to Section 2.1 and subsection 2.13(c). 
 “Aggregate Addition Account Assignment” has the meaning specified in subsection 2.13(c)(viii). 
 “Agreement” means this Transfer Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 

“Amortization Period” has the meaning specified in the Servicing Agreement. 

“Appointment Date” has the meaning specified in Section 4.1. 

“Assigned Assets” has the meaning specified in Section 3.4. 

“Assumed Obligations” has the meaning specified in Section 3.4. 

“Assuming Entity” has the meaning specified in Section 3.4. 

“Assumption Agreement” has the meaning specified in subsection 3.4(a). 

“Authorized Newspaper” has the meaning specified in the Indenture. 

“Bearer Notes” has the meaning specified in the Indenture. 

“Beneficial Interest” has the meaning specified in the Trust Agreement. 

“Business Day” has the meaning specified in the Indenture. 

“Centurion” means American Express Centurion Bank, a Utah industrial bank, and its successors and assigns. 

“Certificate Assignment” has the meaning specified in subsection 2.13(c)(ix). 

“Class” has the meaning specified in the Indenture. 

“Collateral Certificate” means any Investor Certificate issued pursuant to a Pooling and Servicing Agreement and the
related Series Supplement that has been transferred to the Trust pursuant to subsection 2.13(a) or (b). For purposes of the FDIC Rule and GAAP, each Collateral Certificate is a “financial asset.” 

  
 3 

 “Collateral Certificate Principal Shortfall Payments” has the meaning
specified in the Servicing Agreement. 
 “Collection Account” has the meaning specified in the Indenture.

 “Collections” has the meaning specified in the Servicing Agreement. 

“Commission” means the United States Securities and Exchange Commission. 

“Credco” means American Express Credit Corporation, a Delaware corporation, including any subsidiary thereof, and its
successors and assigns. 
 “Date of Processing” means, with respect to any transaction or receipt of
Collections, the Business Day after such transaction or receipt is first output in written form under the Servicer’s customary and usual servicing practices, from the Servicer’s computer file of accounts comparable to the Accounts (without
regard to the effective date of such recordation). 
 “Debtor Relief Laws” has the meaning specified in the
Indenture. 
 “Default Amount” has the meaning specified in the Servicing Agreement. 

“Defaulted Receivables” means for any Monthly Period, all Principal Receivables which are charged off as uncollectible
in such Monthly Period in accordance with the Account Guidelines and the Servicer’s customary and usual servicing procedures for servicing receivables comparable to the Receivables. A Principal Receivable shall become a Defaulted Receivable on
the Date of Processing on which such Principal Receivable is recorded as charged-off on the Servicer’s computer file of Accounts. 
 “Derivative Agreement” has the meaning specified in the Indenture. 
 “Discount Note” has the meaning specified in the Indenture. 

“Discount Option Date” means initially, the date of this Agreement and thereafter, each subsequent date on which a
Discount Option Percentage designated by the Transferor pursuant to Section 2.16 takes effect. 
 “Discount
Option Percentage” has the meaning specified in subsection 2.16(a). 
 “Discount Option
Receivables” has the meaning specified in subsection 2.16(a). 
 “Discount Option Receivables
Collections” means on any Date of Processing occurring on or after the initial Discount Option Date, the product of (i) the Discount Option Percentage and (ii) Collections of Receivables received on such Date of Processing.

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

  
 4 

 “Early Amortization Event” has the meaning specified in the Indenture, as
supplemented with respect to any Series, Class or Tranche of Notes by the applicable Indenture Supplement. 
 “Eligible
Account” means each charge account established pursuant to an Account Agreement between an Account Owner and any Person, which meets the following requirements as of the applicable Selection Date: 

 

	 	(i)	is a charge account in existence and maintained with an Account Owner; 

  

	 	(ii)	is payable in Dollars; 

  

	 	(iii)	has not been identified by the Servicer in its computer files as cancelled due to a related Obligor’s bankruptcy or insolvency; 

 

	 	(iv)	has an Obligor who has provided as his or her most recent billing address an address located in the United States or its territories or possessions or a United States
military address; provided, however, that as of such Selection Date, up to 3% of the aggregate amount of Receivables may have related Obligors who have provided as their billing addresses, addresses located outside of such
jurisdictions; 

  

	 	(v)	if such account is a charge card account, has not been identified as an account with respect to which a related card has been lost or stolen; 

 

	 	(vi)	has not been sold or pledged to any other party except for any other Account Owner that either entered into (or, on or prior to the applicable Addition Date, will enter
into) a Receivables Purchase Agreement or that is (or, on or prior to the applicable Addition Date, will be) a Transferor; 

  

	 	(vii)	does not have any receivables that have been sold or pledged by an Account Owner to any Person other than Credco, TRS or any Transferor; and 

 

	 	(viii)	does not have receivables that have been written off or that have been identified by the Servicer as having been incurred as a result of the fraudulent use of a related
charge product. 

 Notwithstanding the above requirements, Eligible Accounts may include accounts, the receivables
of which have been written off, or which have been identified by the Servicer in its computer files as cancelled due to a related Obligor’s bankruptcy or insolvency, in each case as of the related Selection Date; provided that
(i) the balance of all receivables included in such accounts is reflected on the books and records of the related Account Owner (and is treated for purposes of this Agreement) as “zero” and (ii) borrowing and charging privileges
with respect to all such accounts have been cancelled in accordance with the Account Guidelines applicable thereto. 

“Eligible Collateral Certificate” means a Collateral Certificate that has been duly authorized by the applicable
Transferor and validly issued by the applicable Master Trust and is 

  
 5 

 
entitled to the benefits of the applicable Pooling and Servicing Agreement and with respect to which the representations and warranties made in subsections 2.4(a), (d), (e),
(f), (g) and (h) are true and correct in all material respects. 
 “Eligible
Receivable” means each Receivable: 
  

	 	(i)	which has arisen in an Eligible Account; 

  

	 	(ii)	which was created in compliance in all material respects with all Requirements of Law applicable to the Account Owner of such Eligible Account and pursuant to an
Account Agreement which complies in all material respects with all Requirements of Law applicable to such Account Owner, in either case, the failure to comply with which would have an Adverse Effect; 

 

	 	(iii)	with respect to which all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be
obtained, effected or given in connection with the creation of such Receivable or the execution, delivery and performance by the applicable Account Owner of the Account Agreement pursuant to which such Receivable was created, have been duly
obtained, effected or given and are in full force and effect; 

  

	 	(iv)	as to which, immediately prior to the transfer of such Receivable to the Trust, the applicable Transferor has good and marketable title thereto, free and clear of all
Liens (other than any Lien for municipal or other local taxes of a Transferor or an Account Owner if such taxes are not then due and payable or if such Transferor or such Account Owner is then contesting the validity thereof in good faith by
appropriate proceedings and has set aside on its books and records adequate reserves with respect thereto); 

  

	 	(v)	which has been the subject of either a valid transfer and assignment from a Transferor to the Trust of all such Transferor’s right, title and interest therein
(including any proceeds thereof), or the grant of a first-priority perfected security interest therein (and in the proceeds thereof), effective until the termination of the Trust; 

 

	 	(vi)	which is the legal, valid and binding payment obligation of an Obligor thereon, enforceable against such Obligor in accordance with its terms, except as such
enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 

 

	 	(vii)	which, at the time of transfer to the Trust, has not been waived or modified except as permitted in accordance with the Account Guidelines and which waiver or
modification is reflected in the Servicer’s computer file of Accounts; 

  
 6 

	 	(viii)	which, at the time of transfer to the Trust, is not subject to any right of rescission, setoff, counterclaim or any other defense (including defenses arising out of
violations of usury laws) of an Obligor, other than defenses arising out of applicable Debtor Relief Laws; 

  

	 	(ix)	as to which, at the time of transfer to the Trust, the Transferor thereof has satisfied all its obligations required to be satisfied by such time;

  

	 	(x)	as to which, at the time of transfer to the Trust, none of the Transferor, any Account Owner, Credco or TRS, as the case may be, has taken any action which would
impair, or omitted to take any action the omission of which would impair, the rights of the Trust or the Noteholders therein; and 

  

	 	(xi)	which constitutes an “account” or a “general intangible” under and as defined in Article 9 of the UCC as then in effect in any jurisdiction where
the filing of a financing statement is then required to perfect the Trust’s interest in such Receivable. 

“Event of Default” has the meaning specified in the Indenture. 

“Excess Funding Account” has the meaning specified in the Indenture. 

“Excess Funding Amount” means, at any time, the aggregate amount on deposit in the Excess Funding Account. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Execution Date” means October 24, 2012. 
 “FDIC Rule” has the meaning specified in the Indenture. 

“Finance Charge Collections” has the meaning specified in the Servicing Agreement. 

“Finance Charge Receivables” means the aggregate amount of Discount Option Receivables. 

“First Note Transfer Date” has the meaning specified in the Servicing Agreement. 

“Fitch” means Fitch, Inc., or its successor. 
 “FSB” means American Express Bank, FSB, a federal savings bank, and its successors and assigns. 
 “GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 

  
 7 

 “Governmental Authority” means the United States of America, any state or
other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Increase Date” means any date on which the Invested Amount of an existing Collateral Certificate is increased pursuant to Section 2.11 or 2.12. 

“Indenture” means the Indenture, dated as of October 24, 2012, between the Issuer and the Indenture Trustee, as the
same may be amended, supplemented or otherwise modified from time to time. 
 “Indenture Supplement” has the
meaning specified in the Indenture. 
 “Indenture Trustee” means The Bank of New York Mellon, in its capacity
as indenture trustee under the Indenture, its successors in interest and any successor indenture trustee under the Indenture. 

“Ineligible Collateral Certificate” has the meaning specified in subsection 2.6(b). 

“Ineligible Receivables” has the meaning specified in subsection 2.6(b). 

“Initial Account” means each charge account established pursuant to an Account Agreement between an Account Owner and
any Person, which account is identified in the computer file or microfiche list delivered to the Issuer and the Indenture Trustee on the Execution Date by the Transferor pursuant to Section 2.1. 

“Initial Cut Off Date” means the opening of business on October 24, 2012. 

“Insolvency Event” has the meaning specified in Section 4.1. 

“Invested Amount” has, with respect to any Collateral Certificate, the meaning specified in the applicable Series
Supplement for such Collateral Certificate. 
 “Investor Certificate” has the meaning specified in the
applicable Pooling and Servicing Agreement. 
 “Issuance Date” means each date on which a Series, Class or
Tranche of Notes is issued. 
 “Issuer” has the meaning specified in the first paragraph of this Agreement.

 “Issuer Accounts” has the meaning specified in the Servicing Agreement. 

“Issuer Rate Fees” shall mean all issuer rate fees payable to an Account Owner in connection with cardholder charges for
goods or services with respect to the Receivables. 
 “Issuer Tax Opinion” has the meaning specified in the
Indenture. 

  
 8 

 “Lien” means any security interest, mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, equity interest, encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including
any conditional sale or other title retention agreement, or any financing lease having substantially the same economic effect as any of the foregoing; provided, however, that any assignment permitted by Section 3.02 of the
Trust Agreement or Section 3.2 or Section 3.4 and the lien created by this Agreement shall not be deemed to constitute a Lien; provided further, however, that the lien created in favor of the Indenture Trustee
under the Indenture shall not be deemed to constitute a Lien. 
 “Master Trust” has the meaning specified in
the Indenture. 
 “Master Trust Tax Opinion” has the meaning specified in the Indenture. 

“Master Trust Transferor” means the entity acting as transferor under the applicable Pooling and Servicing Agreement.

 “Master Trust Trustee” means the entity acting as trustee under the applicable Pooling and Servicing
Agreement. 
 “Monthly Interest” has, for any Series of Notes, the meaning specified in the related Indenture
Supplement. 
 “Monthly Period” has the meaning specified in the Indenture. 

“Moody’s” means Moody’s Investors Service, Inc., or its successor. 

“New Account” means each charge account established pursuant to an Account Agreement between an Account Owner and any
Person, which account is designated pursuant to subsection 2.13(d) to be included as an Account and identified in the computer file or microfiche list delivered to the Issuer and the Indenture Trustee by a Transferor pursuant to
Section 2.1 and subsection 2.13(e). 
 “New Account Assignment” has the meaning specified in
subsection 2.13(e)(vi). 
 “New Account Delivery Date” means, with respect to any New Account, the
fifteenth calendar day of the month (or, if such 15th calendar day is not a Business Day, the next succeeding Business Day) following the Monthly Period in which the Addition Date for such New Account occurs. 

“Nominal Liquidation Amount” has, with respect to any Series, Class or Tranche of Notes, the meaning specified in the
applicable Indenture Supplement for such Series, Class or Tranche. 
 “Nominal Liquidation Amount Deficit” has,
with respect to any Series, Class or Tranche of Notes, the meaning specified in the applicable Indenture Supplement for such Series, Class or Tranche. 
 “Note” or “Notes” has the meaning specified in the Indenture. 

  
 9 

 “Note Rating Agency” has the meaning specified in the Indenture.

 “Note Rating Agency Condition” has the meaning specified in the Indenture. 

“Note Register” has the meaning specified in the Indenture. 

“Note Registrar” has the meaning specified in the Indenture. 

“Note Transfer Date” has the meaning specified in the Servicing Agreement. 

“Noteholder” or “Holder” has the meaning specified in the Indenture. 

“Notice Date” has the meaning specified in subsection 2.13(c)(i). 

“Notices” has the meaning specified in subsection 7.5(a). 

“Obligor” means, with respect to any Account, the Person or Persons obligated to make payments with respect to such
Account, including any guarantor thereof, but excluding any merchant. 
 “Officer’s Certificate” has the
meaning specified in the Indenture. 
 “Opinion of Counsel” has the meaning specified in the Indenture.

 “Outstanding” has the meaning specified in the Indenture. 

“Owner Trustee” means Wilmington Trust Company, not in its individual capacity, but solely as owner trustee under the
Trust Agreement, its successors in interest and any successor owner trustee under the Trust Agreement. 
 “Payment
Date” has the meaning specified in the Indenture. 
 “Person” has the meaning specified in the
Indenture. 
 “Pool Balance” means, for any Monthly Period, the sum of (i) the aggregate amount of
Principal Receivables as of the close of business on the last day of such Monthly Period, (ii) the sum of the Invested Amount of each Collateral Certificate as of the close of business on the last day of such Monthly Period and (iii) the
Excess Funding Amount as of the close of business on the last day of such Monthly Period. 
 “Pooling and Servicing
Agreement” has the meaning specified in the Indenture. 
 “Prefunding Excess Amount” has, with respect
to any Series, Class or Tranche of Notes, the meaning specified in the applicable Indenture Supplement for such Series, Class or Tranche. 
 “Principal Collections” has the meaning specified in the Servicing Agreement. 

  
 10 

 “Principal Funding Account” has, with respect to any Series, Class or
Tranche of Notes, the meaning specified in the applicable Indenture Supplement for such Series, Class or Tranche. 

“Principal Receivables” means, for any date of determination, all Receivables other than Finance Charge Receivables.

 “Reassignment” has the meaning specified in subsection 2.14(c). 

“Reassignment Amount” means, with respect to the Receivables or a particular Collateral Certificate subject to
reassignment pursuant to Section 2.7, for any First Note Transfer Date, the sum of (i)(a) an amount equal to the outstanding principal balance of such Receivables as of the last day of the prior Monthly Period or (b) the Invested
Amount of such Collateral Certificate, and (ii) accrued and unpaid interest through the related Payment Date on Notes with an outstanding principal amount equal to the applicable amount specified in clause (i), which interest shall be
determined based on the applicable note interest rates of each such Series, Class or Tranche of Notes through the related Payment Date of such Series, Class or Tranche. 
 “Receivables” means all amounts shown on the Servicer’s records as amounts payable by an Obligor on any Account from time to time, including amounts payable for Principal Receivables
and Finance Charge Receivables. Receivables that become Defaulted Receivables will cease to be included as Receivables as of the day on which they become Defaulted Receivables. For purposes of the FDIC Rule and GAAP, Receivables are “financial
assets.” 
 “Receivables Purchase Agreement” means (i) any receivables purchase agreement entered
into between an Account Owner and TRS for the sale of receivables which TRS then sells to a Transferor and (ii) any receivables purchase agreement entered into between a Transferor and an Account Owner for the sale of receivables which such
Transferor then transfers to the Trust. 
 “Recoveries” shall mean all Recoveries as defined in the related
Receivables Purchase Agreement that are paid to a Transferor as provided in the related Receivables Purchase Agreement. 

“Registered Note” has the meaning specified in the Indenture. 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Reinvestment Amount” means, for any Monthly Period, an amount equal to (i) the sum of (a) the Principal
Collections for such Monthly Period, (b) the Finance Charge Collections and similar amounts applied with respect to the Default Amount and the Nominal Liquidation Amount Deficit, if any, for all Series of Notes for such Monthly Period,
(c)

  
 11 

 
Collateral Certificate Principal Shortfall Payments for such Monthly Period, (d) the portion of the Prefunding Excess Amount, if any, paid to the Issuer pursuant to the applicable Indenture
Supplement for such Monthly Period, (e) Dollar payments which will be received under Derivative Agreements with respect to principal for such Monthly Period, and (f) the aggregate amount of the accretion of principal on all Discount Notes
for such Monthly Period paid pursuant to the applicable Indenture Supplement, minus (ii) the sum of (a) the aggregate principal amount deposited into the Principal Funding Accounts for all Series of Notes with respect to such
Monthly Period or paid to Noteholders with respect to such Monthly Period, and (b) the aggregate amount of Principal Collections reallocated to pay the Monthly Interest and the Servicing Fee for such Monthly Period. 

“Related Account” means each Account with respect to which a new account number has been issued by the applicable
Account Owner or the Servicer (i) in compliance with the Account Guidelines and the related Account Agreement, (ii) to the same Obligor or Obligors of such Account, and (iii) (a) as a result of the charge card with respect to
such Account being lost or stolen; (b) as a result of the related Obligor requesting a change in his or her billing cycle; (c) as a result of the related Obligor requesting the discontinuance of responsibility with respect to such Account;
(d) as a result of the related Obligor requesting a product change; or (e) for any other reasons permitted by the Account Guidelines; provided that such Account can be traced or identified by reference to or by way of the code
designation in the securitization field of such Account, which code designation is contained in the computer or other records of the applicable Account Owner or the Servicer used to generate the computer files or microfiche lists delivered to the
Indenture Trustee pursuant to Article II. 
 “Related Agreements” means, with respect to any Series,
Class or Tranche of Notes, collectively, this Agreement, the Servicing Agreement, the Indenture, any applicable Indenture Supplement, the Seller Agreement and the Trust Agreement. 

“Removal Date” has the meaning specified in subsection 2.14(a)(i). 

“Removal Notice Date” has the meaning specified in subsection 2.14(a)(i). 

“Removed Accounts” has the meaning specified in Section 2.14. 

“Required Pool Balance” means, for any Monthly Period, the sum of (i) for all Notes in their Revolving Period, the
sum of the Nominal Liquidation Amounts of such Notes as of the close of business on the last day of such Monthly Period and (ii) for all Notes in their Amortization Period, the sum of the Nominal Liquidation Amounts of such Notes as of the
close of business on the last day of the most recent Revolving Period for each of such Notes (exclusive of (a) any Notes that will be paid in full on the applicable Payment Date in the following Monthly Period and (b) any Notes that will
have a Nominal Liquidation Amount of zero on the applicable Payment Date in the following Monthly Period). 
 “Required
Transferor Amount” means, for any Monthly Period, the product of (i) the Principal Receivables as of the close of business on the last day of such Monthly Period and (ii) the Required Transferor Amount Percentage. 

  
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 “Required Transferor Amount Percentage” means 15% or such other percentage
as shall be designated from time to time by the Transferor; provided, however, that prior to designating any lesser percentage, (i) the Transferor shall have provided to the Indenture Trustee an Issuer Tax Opinion and
(ii) the Note Rating Agency Condition shall have been satisfied with respect to such lesser percentage. 

“Requirements of Law” means any law, treaty, rule or regulation, or determination of an arbitrator or Governmental
Authority, whether federal, state or local (including usury laws, the Federal Truth in Lending Act and Regulation B and Regulation Z of the Board of Governors of the Federal Reserve System), and, when used with respect to any Person, the
certificate of incorporation and by-laws or other organizational or governing documents of such Person. 
 “Revolving
Credit Agreement” means the RFC VIII Revolving Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to time, and any substantially similar agreement entered into between any lender and a Transferor.

 “Revolving Period” has the meaning specified in the Servicing Agreement. 

“RFC VIII” means American Express Receivables Financing Corporation VIII LLC, a Delaware limited liability company, and
its successors and assigns. 
 “RFC VIII Revolving Credit Agreement” means the Revolving Credit Agreement by
and between TRS and RFC VIII, dated as of October 24, 2012, as such agreement may be amended from time to time in accordance therewith, or any substantially similar agreement entered into between any lender and RFC VIII. 

“Sarbanes Certification” shall have the meaning specified in Section 8.4. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securitization Transaction” shall mean any new issuance of a Series, Class or Tranche of Notes, pursuant to
Section 4.10 of the Indenture, whether publicly offered or privately placed, rated or unrated. 
 “Segregation
Account” has the meaning specified in the Servicing Agreement. 
 “Selection Date” means (i) with
respect to each Initial Account, the opening of business on October 24, 2012, (ii) with respect to each Aggregate Addition Account, the date specified as such in the notice delivered with respect thereto pursuant to subsection
2.13(c) and (iii) with respect to each New Account, the date on which such New Account is originated. 

“Seller Agreement” means the Seller Agreement, dated as of October 24, 2012, among Centurion, FSB, TRS and
RFC VIII, as amended, supplemented or restated from time to time. 
 “Series” means, with respect to any
Notes, the series specified in the applicable Indenture Supplement. 

  
 13 

 “Series Supplement” has the meaning specified in the Indenture. 

“Servicer” has the meaning specified in the Servicing Agreement. 

“Servicing Agreement” means the Servicing Agreement, dated as of October 24, 2012, among RFC VIII, as Transferor,
TRS, as Servicer and Administrator, the Issuer, and the Indenture Trustee, as amended, supplemented or restated from time to time. 
 “Servicing Criteria” means mean the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time. 

“Servicing Fee” has the meaning specified in the Servicing Agreement. 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, or its successor. 

“Successor Servicer” has the meaning specified in the Servicing Agreement. 

“Supplemental Credit Enhancement” means any Supplemental Credit Enhancement Agreement or Supplemental Liquidity
Agreement entered into between the Trust and the applicable Supplemental Credit Enhancement Provider or Supplemental Liquidity Provider. 
 “Supplemental Credit Enhancement Agreement” has the meaning specified in the Indenture. 
 “Supplemental Credit Enhancement Provider” has the meaning specified in the Indenture. 
 “Supplemental Liquidity Agreement” has the meaning specified in the Indenture. 
 “Supplemental Liquidity Provider” has the meaning specified in the Indenture. 
 “Surviving Entity” has the meaning specified in subsection 3.2(a). 
 “Tranche” has the meaning specified in the Indenture. 

“Transaction Document” has the meaning specified in the Servicing Agreement. 

“Transfer Restriction Event” has the meaning specified in Section 2.15. 

“Transferor” means (a) RFC VIII or its successors under this Agreement and (b) any Additional Transferor or
Additional Transferors. References to “each Transferor” shall refer to each entity mentioned in the preceding sentence and references to “the Transferor” shall refer to all of such entities. 

“Transferor Amount” means, for any Monthly Period, an amount, not less than zero, equal to (i) the Pool Balance for
such Monthly Period minus (ii) the aggregate Nominal Liquidation Amount of all Notes as of the close of business on the last day of such Monthly Period. 

  
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 “Transferor Interest” means an interest having such rights as are set forth
in this Agreement and the other Transaction Documents, including the right to receive amounts specified in this Agreement, the Servicing Agreement, the Indenture or any Indenture Supplement to be distributed to the holders of the Transferor
Interest; provided that, as used herein and in any Indenture Supplement, “Transferor Interest” shall mean either the uncertificated interest in the Transferor Interest or, if the Transferor elects to evidence its interest in the
Transferor Interest in certificated form, a certificate executed and delivered by the Issuer and authenticated by the Owner Trustee substantially in the form of Exhibit B to the Trust Agreement. The Transferor Interest is an
“obligation” of the Issuer, as such term is used in the FDIC Rule, and the holders of the Transferor Interest are “investors,” as such term is used in the FDIC Rule. 

“Transferor Invested Amount” means, as of any date of determination, the excess of (i) the sum of (a) in
connection with the aggregate amount of Receivables in the Trust as of such date, the purchase price paid by the Transferor for such Receivables pursuant to any Receivables Purchase Agreement to which the Transferor is a party, (b) in
connection with the aggregate amount of Receivables in the Trust as of such date, the Transferor’s funding expenses and other amounts owed by the Transferor pursuant to the Revolving Credit Agreement and any other agreements in connection with
the purchase of such Receivables, and (c) the additional costs incurred, but not otherwise recovered, by the Transferor in connection with the transactions contemplated by the Transaction Documents, over (ii) the sum of the Nominal
Liquidation Amounts of all Outstanding Notes as of such date. 
 “TRS” means American Express Travel Related
Services Company, Inc., a New York corporation, and its successors and assigns. 
 “Trust” has the meaning
specified in the first paragraph of this Agreement. 
 “Trust Agreement” means the Amended and Restated Trust
Agreement relating to the Trust, dated as of October 24, 2012, between the Transferor and the Owner Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 

“Trust Assets” has the meaning specified in subsection 2.1(a). 

“UCC” means the Uniform Commercial Code, as amended from time to time, as in effect in the relevant jurisdiction.

 Section 1.2. Other Definitional Provisions. 

(a) The terms defined in this Article have the meanings assigned to them in this Article, and, along with any other term defined in any
Section of this Agreement, include the plural as well as the singular. 
 (b) With respect to any Series of Notes, all terms
used herein and not otherwise defined herein shall have meanings ascribed to them in the applicable Transaction Document. 

  
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 (c) All terms defined in this Agreement shall have the defined meanings when used in any
certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (d) As used in this
Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not otherwise defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this
Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the
term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation.

 (e) The agreements, representations and warranties of RFC VIII in this Agreement in its capacity as a Transferor shall be
deemed to be the agreements, representations and warranties of each such entity solely in such capacity for so long as such entity acts in such capacity under this Agreement. 
 (f) Any reference to each Note Rating Agency shall only apply to any nationally recognized statistical rating organization if such nationally recognized statistical rating organization is then rating any
Outstanding Series, Class or Tranche of Notes. 
 (g) Unless otherwise specified, references to any amount as on deposit or
outstanding on any particular date shall mean such amount at the close of business on such day. 
 (h) The words
“hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; references to any subsection,
Section, Schedule or Exhibit are references to subsections, Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” means “including without limitation.” Unless the context
otherwise requires, terms used herein that are defined in the UCC and not otherwise defined herein shall have the meanings set forth in the UCC. 
 [END OF ARTICLE I] 

  
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 ARTICLE II 
 TRUST ASSETS 
 Section 2.1. Conveyance of Trust Assets.

 (a) By execution of this Agreement, each Transferor does hereby transfer, assign, set over and otherwise convey to the Trust,
without recourse except as provided herein, all of its right, title and interest in, to and under (i) the Receivables existing on the Initial Cut Off Date, in the case of Receivables arising in the Initial Accounts (including Related Accounts
with respect to such Initial Accounts), and thereafter created from time to time in such Accounts until the termination of the Trust, (ii) the Receivables existing at the close of business on each applicable Addition Cut Off Date, in the case
of Receivables arising in the Additional Accounts (including Related Accounts with respect to such Additional Accounts), and thereafter created from time to time in the Accounts until the termination of the Trust, (iii) each Collateral
Certificate as of each applicable Addition Date, (iv) the Recoveries allocable to the Trust as provided in this Agreement and the Servicing Agreement, (v) all monies due and to become due with respect to all of the foregoing, (vi) all
amounts received with respect to all of the foregoing and (vii) all proceeds thereof, but excluding any Issuer Rate Fees allocable to such Receivables. Each Transferor does hereby further transfer, assign, set over and otherwise convey to the
Trust all of its rights, remedies, powers, privileges and claims under or with respect to any related Receivables Purchase Agreement (whether arising pursuant to the terms of such Receivables Purchase Agreement or otherwise). The property described
in the two preceding sentences, together with all monies and other property on deposit in or credited to the Issuer Accounts established pursuant to this Agreement, the Servicing Agreement and each Indenture Supplement, the rights of the Trust under
this Agreement, the Servicing Agreement and the Trust Agreement and the property conveyed to the Trust under this Agreement, the Servicing Agreement and any Series Supplement shall constitute the assets of the Trust (the “Trust
Assets”). The foregoing does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee, the Indenture Trustee or any Noteholder of any obligation of any Transferor, Credco, any Account Owner
or any other Person in connection with the Trust Assets or under any agreement or instrument relating thereto, including any obligation to Obligors, merchants, clearance systems or insurers. Each Account will continue to be owned by the related
Account Owner and will not be a Trust Asset. 
 (b) Each Transferor agrees to record and file, at its own expense, financing
statements (and amendments to such financing statements when applicable) with respect to the Trust Assets conveyed by such Transferor 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, assignment, set-over or other conveyance of its interest in such Trust Assets to the Trust, and to deliver a file-stamped copy of each such financing statement or amendment or other evidence of
such filing to the Owner Trustee and the Indenture Trustee as soon as practicable after (i) the Execution Date, in the case of Trust Assets relating to the Initial Accounts, and (ii) if any additional filing is so necessary, the applicable
Addition Date, in the case of Trust Assets relating to Additional Accounts or Collateral Certificates. Neither the Owner Trustee nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or

  
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amendments to financing statements or to make any other filing under the UCC in connection with such transfer, assignment, set-over or other conveyance. 

(c) Each Transferor further agrees, at its own expense, on or prior to (i) the Execution Date, in the case of the Initial Accounts,
(ii) the applicable Addition Date, in the case of Additional Accounts or Collateral Certificates and (iii) the applicable Removal Date, in the case of Removed Accounts, with respect to such Transferor, to indicate in the appropriate
computer files that Receivables created (or reassigned, in the case of Removed Accounts) in connection with such Accounts and such Collateral Certificates have been conveyed to the Trust pursuant to this Agreement (or conveyed to such Transferor or
its designee in accordance with Section 2.14, in the case of Removed Accounts) by including (or deleting, in the case of Removed Accounts) in the securitization field of such computer files the code “E1” or “E2,” as
applicable, in the case of the Initial Accounts and, in the case of Additional Accounts, a similar code designation that shall be specified in the Account Assignment related thereto. Each Transferor further agrees not to alter the code referenced in
this paragraph with respect to any Account during the term of this Agreement unless and until such Account becomes a Removed Account. 
 (d) Each Transferor further agrees, at its own expense, on or prior to (a) the date that is five Business Days after the Execution Date, in the case of the Initial Accounts, (b) the date that is
five Business Days after the applicable Addition Date, in the case of Aggregate Addition Accounts, (c) the applicable New Account Delivery Date, in the case of New Accounts and (d) the applicable Removal Date, in the case of Removed
Accounts, to deliver to the Issuer and the Indenture Trustee one or more computer files or microfiche lists containing a true and complete list of all such Accounts, specifying for each such Account, as of the Initial Cut Off Date, in the case of
the Initial Accounts, as of the applicable Addition Cut Off Date, in the case of Additional Accounts, and as of the applicable Removal Date, in the case of Removed Accounts, its account number and the aggregate amount outstanding in such Account.
Such computer files or microfiche lists also shall specify that the Receivables arising in each such Account have been transferred to the Trust. Each such file or list, as supplemented from time to time to reflect Related Accounts, Additional
Accounts and Removed Accounts, shall be marked as Schedule 1 to this Agreement and is hereby incorporated into and made a part of this Agreement. Schedule 1 shall be updated not later than semiannually, beginning April 2012, to include
any new Related Accounts. 
 (e) Each Transferor further agrees, at its own expense, on or prior to the date that is five
Business Days after the applicable Addition Date, in the case of Collateral Certificates, to deliver to the Issuer and the Indenture Trustee one or more schedules containing a true and complete list of all Collateral Certificates. Each such
schedule, as supplemented from time to time to reflect Collateral Certificates, shall be marked as Schedule 2 to this Agreement and is hereby incorporated into and made a part of this Agreement. Each Transferor further agrees (i) with
respect to each Collateral Certificate in certificated form, to cause the Issuer to acquire possession in the State of New York or the State of Delaware of the related security certificate, endorsed to the Issuer, or in blank by an effective
endorsement, or registered in the name of the Issuer upon original issue or registration of transfer by the issuer of such Collateral Certificate, and (ii) with respect to each Collateral Certificate in uncertificated form, to cause the issuer
of such Collateral Certificate to register the Issuer as the registered owner of such Collateral Certificate. 

  
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 (f) To the extent that a Transferor retains any interest in the Trust Assets, such
Transferor hereby grants to the Trust and the Indenture Trustee a first priority perfected security interest in all of such Transferor’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Trust Assets and
all proceeds thereof, to secure such Transferor’s obligations hereunder. This Agreement shall constitute a security agreement under applicable law. 
 Section 2.2. Acceptance by Issuer 
 (a) The Issuer hereby acknowledges
its acceptance of all right, title and interest to the Trust Assets conveyed to the Trust pursuant to Section 2.1. The Issuer further acknowledges that, prior to or simultaneously with the execution and delivery of this Agreement, the
Transferor delivered to the Issuer and the Indenture Trustee Schedule 1 identifying the Initial Accounts. 
 (b) The
Owner Trustee and the Trust each hereby agrees (and the Indenture Trustee shall, pursuant to the Indenture, agree) not to disclose to any Person any of the account numbers or other information contained in the computer files or microfiche lists
marked as Schedule 1 and delivered to the Issuer and the Indenture Trustee from time to time except (i) to a Successor Servicer or as required by a Requirement of Law applicable to the Owner Trustee or the Trust, (ii) in connection
with the performance of the Owner Trustee’s or the Trust’s duties hereunder, (iii) to the Indenture Trustee in connection with its duties in enforcing the rights of Noteholders and in connection with its duties under this Agreement
and the Indenture or (iv) to bona fide creditors or potential creditors of any Account Owner or any Transferor for the limited purpose of enabling any such creditor to identify Receivables or Accounts subject to this Agreement or the
Receivables Purchase Agreements. The Owner Trustee and the Trust each agrees to take such measures as shall be reasonably requested by any Account Owner or any Transferor to protect and maintain the security and confidentiality of such information
and, in connection therewith, shall allow each Account Owner and each Transferor or their duly authorized representatives to inspect the Owner Trustee’s security, data protection and confidentiality arrangements from time to time during normal
business hours upon prior written notice. The Owner Trustee and the Trust shall provide the applicable Account Owner and the applicable Transferor with notice 15 Business Days prior to disclosure of any information of the type described in this
subsection 2.2(b). 
 (c) The Owner Trustee shall have no power to create, assume or incur indebtedness or other
liabilities in the name of the Trust other than as contemplated in any Related Agreement. 
 Section 2.3.
Representations and Warranties of Each Transferor Relating to Such Transferor. Each Transferor hereby severally represents and warrants to the Trust (and agrees that the Owner Trustee and the Indenture Trustee may rely on each such
representation and warranty in accepting the Receivables and Collateral Certificates in trust under this Agreement or the Indenture, as applicable, and in authenticating the Notes) as of the Execution Date and each Issuance Date (but only if it was
a Transferor on such date and only if it was a party to the applicable Related Agreement on such date) that: 

  
 19 

 (a) Organization and Good Standing. Such Transferor is an entity validly existing
under the laws of the jurisdiction of its organization or incorporation and has, in all material respects, full power and authority to own its properties and conduct its business as presently owned or conducted, and to execute, deliver and perform
its obligations under this Agreement, the Servicing Agreement and each applicable Receivables Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any. 

(b) Due Qualification. Such Transferor is duly qualified to do business and is in good standing and has obtained all necessary
licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would (i) render any Account Agreement relating to an Account specified herein or any Receivable or any Collateral Certificate
conveyed by such Transferor to the Trust unenforceable by such Transferor, the Servicer, the Indenture Trustee or the Owner Trustee and (ii) have a material adverse effect on any Noteholders; provided, however, that no Transferor
makes any representation or warranty with respect to any qualifications, licenses or approvals that the Indenture Trustee or the Owner Trustee would have to obtain to do business in any state in which the Indenture Trustee or the Owner Trustee seeks
to enforce any Receivable or any Collateral Certificate. 
 (c) Due Authorization. The execution and delivery by such
Transferor of this Agreement, the Servicing Agreement, each applicable Receivables Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, and the order to the Indenture
Trustee to have the Notes authenticated and delivered and the consummation by such Transferor of the transactions provided for in this Agreement, the Servicing Agreement, each applicable Receivables Purchase Agreement, if any, each applicable
Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, have been duly authorized by such Transferor by all necessary corporate action on the part of such Transferor. 

(d) No Conflict. The execution and delivery by such Transferor of this Agreement, the Servicing Agreement, each applicable
Receivables Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, and the performance by such Transferor of the transactions contemplated by this Agreement, the Servicing
Agreement, each applicable Receivables Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, and the fulfillment by such Transferor of the terms hereof and thereof
applicable to such Transferor, will not conflict with or violate in any material respect any Requirements of Law applicable to such 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 such Transferor is a party or by which it or its properties are bound. 

(e) No Proceedings. There are no proceedings or investigations, pending or, to the best knowledge of such Transferor, threatened
against such Transferor before any Governmental Authority (i) asserting the invalidity of this Agreement, the Servicing Agreement, any applicable Receivables Purchase Agreement, any applicable Pooling and Servicing Agreement or any applicable
Series Supplement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, the Servicing Agreement, any applicable 

  
 20 

 
Receivables Purchase Agreement, any applicable Pooling and Servicing Agreement or any applicable Series Supplement, (iii) seeking any determination or ruling that, in the reasonable judgment
of such Transferor, would materially and adversely affect the performance by such Transferor of its obligations under this Agreement, the Servicing Agreement, any applicable Receivables Purchase Agreement, any applicable Pooling and Servicing
Agreement or any applicable Series Supplement, (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement, the Servicing Agreement, any applicable Receivables Purchase
Agreement, any applicable Pooling and Servicing Agreement or any applicable Series Supplement or (v) seeking to affect adversely the income or franchise tax attributes of the Trust under the United States federal or any state income or
franchise tax systems. 
 (f) All Consents. All authorizations, consents, orders or approvals of or registrations or
declarations with any Governmental Authority required to be obtained, effected or given by such Transferor in connection with the execution and delivery by such Transferor of this Agreement, the Servicing Agreement, each applicable Receivables
Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, and the performance of the transactions contemplated by this Agreement, the Servicing Agreement, each applicable
Receivables Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, by such Transferor have been duly obtained, effected or given and are in full force and effect.

 Section 2.4. Representations and Warranties of Each Transferor. Each Transferor hereby severally represents and
warrants to the Issuer, the Indenture Trustee and the Owner Trustee (but, in each case, only if it was a Transferor on such date and only if it was a party to the applicable Related Agreement on such date) that: 

(a) as of the Execution Date and each Issuance Date, each of this Agreement, the Servicing Agreement, each applicable Receivables
Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in
accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws or general principles of equity. 
 (b) as of the applicable Addition Date with respect to Additional Accounts, each of this Agreement and each applicable Receivables Purchase Agreement, if any, constitutes a legal, valid and binding
obligation of such Transferor, enforceable against such Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally from time to time in effect or general principles of equity; 
 (c) as of the applicable
Addition Date with respect to Additional Accounts, the related Account Assignment constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity; 

  
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 (d) as of the applicable Addition Date with respect to any Collateral Certificate, each of
this Agreement, any applicable Pooling and Servicing Agreement, any applicable Series Supplement and the related Certificate Assignment constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general
principles of equity; 
 (e) as of each Increase Date, each of this Agreement, any applicable Pooling and Servicing Agreement
and any applicable Series Supplement, constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity; 

(f) (A) as of the Execution Date, with respect to the Initial Accounts (and the Receivables arising therein), the portion
of Schedule 1 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of the Initial Cut Off Date, an accurate and complete listing in all material respects of the Initial Accounts, the Receivables in which
were transferred by such Transferor as of the Execution Date; 
 (B) as of the applicable Addition Date, with
respect to Aggregate Addition Accounts (and the Receivables arising therein), the portion of Schedule 1 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of the related Addition Cut Off Date, an
accurate and complete listing in all material respects of such Aggregate Addition Accounts, the Receivables in which were transferred by such Transferor as of the applicable Addition Date; 

(C) as of the applicable New Account Delivery Date, with respect to New Accounts (and the Receivables arising therein),
the portion of Schedule 1 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of the related Addition Cut Off Date, an accurate and complete listing in all material respects of such New Accounts, the
Receivables in which were transferred by such Transferor as of the applicable Addition Date; and 
 (D) as of the
applicable Addition Date, with respect to Collateral Certificates, the portion of Schedule 2 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of such Addition Date, an accurate and complete listing in
all material respects of each Collateral Certificate transferred to the Trust after the Execution Date that remains outstanding, including any Collateral Certificate transferred as of an Addition Date; 

and, in each case, the information contained therein with respect to the identity of such Accounts and the Receivables existing thereunder
as of the Initial Cut Off Date or such Addition Cut Off Date, as the case may be, or with respect to the identity of such Collateral Certificate as of such Addition Date, is, in each case, true and correct in all material respects; 

(g) as of the Execution Date, each Issuance Date and each applicable Addition Date, the Receivables or the Collateral Certificates
conveyed by such Transferor to the Trust 

  
 22 

 
have been conveyed free and clear of any Lien (other than as permitted by clause (iv) of the term “Eligible Receivable”); 

(h) as of (A) the Execution Date, with respect to the Initial Accounts (and the Receivables arising therein), (B) the
applicable Addition Date, with respect to Additional Accounts (and the Receivables arising therein), (C) the applicable Addition Date, with respect to a Collateral Certificate and (D) the applicable Increase Date, with respect to an
increase in the Invested Amount of an existing Collateral Certificate, all authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by such
Transferor in connection with the conveyance by such Transferor of such Receivables or Collateral Certificates or the increase of the Invested Amount of any existing Collateral Certificate have been duly obtained, effected or given and are in full
force and effect; 
 (i) as of (A) the Execution Date, (B) each Issuance Date, (C) the applicable Addition Date
with respect to Additional Accounts (and the Receivables arising therein), (D) the applicable Addition Date with respect to a Collateral Certificate and (E) the applicable Increase Date with respect to an increase in the Invested Amount of
an existing Collateral Certificate, subject, in each case pertaining to proceeds, to Section 9-315 of the UCC, and further subject to any Liens permitted by clause (iv) of the term “Eligible Receivable,” each of this Agreement,
the related Account Assignment (in the case of Additional Accounts) and the related Certificate Assignment (in the case of Collateral Certificates) or any increased Invested Amount of an existing Collateral Certificate (a) constitutes a valid
transfer and assignment to the Trust of all right, title and interest of such Transferor in the Receivables, any additional Collateral Certificate or any increased Invested Amount of an existing Collateral Certificate, as applicable, conveyed to the
Trust by such Transferor and the proceeds and Recoveries thereof, or (b) constitutes a grant of a first-priority security interest (as defined in the applicable UCC) in such property to the Trust, which security interest is prior to all other
Liens, and is enforceable as such against creditors of and purchasers from such Transferor and which, in the case of existing Receivables and the proceeds and Recoveries thereof, is enforceable upon execution and delivery of this Agreement, or with
respect to then existing Receivables in Additional Accounts or additional Collateral Certificates, as of the applicable Addition Date, or, with respect to any increased Invested Amount of an existing Collateral Certificate, as of the applicable
Increase Date, and which will be enforceable with respect to such Receivables hereafter and thereafter created and the proceeds and Recoveries thereof upon such creation; 
 (j) as of (A) the Execution Date with respect to the Initial Accounts (and the Receivables arising therein), (B) the applicable Addition Date with respect to Aggregate Addition Accounts (and the
Receivables arising therein), (C) the applicable Addition Date with respect to a Collateral Certificate and (D) the applicable Increase Date with respect to an increase in the Invested Amount of an existing Collateral Certificate, such
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
property granted to the Issuer under this Agreement and upon the filing of all such appropriate financing statements, the Issuer will have a first priority perfected security or ownership interest in such property and proceeds; 

  
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 (k) as of (A) the Execution Date with respect to the Initial Accounts (and the
Receivables arising therein), (B) the applicable Addition Date with respect to Additional Accounts (and the Receivables arising therein), (C) the applicable Addition Date with respect to a Collateral Certificate and (D) the applicable
Increase Date with respect to an increase in the Invested Amount of an existing Collateral Certificate, other than the security interest granted to the Trust pursuant to this Agreement or any other security interest that has been terminated, such
Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed such property; such Transferor has not authorized the filing of and is not aware of any financing statements against such Transferor that include a
description of collateral covering such property other than any financing statement relating to the security interest granted to the Trust hereunder or that has been terminated; and such Transferor is not aware of any judgment or tax lien filings
against such Transferor; 
 (l) as of (A) the applicable Increase Date with respect to an existing Collateral Certificate
which is to have its Invested Amount increased on such date and (B) each Addition Date with respect to a Collateral Certificate, such existing Collateral Certificate or additional Collateral Certificate, as applicable, constitutes a
“certificated security,” an “uncertificated security,” an “instrument,” an “account” or a “general intangible,” in each case within the meaning of the applicable UCC; such Transferor has in its
possession all original copies of each certificate that constitutes or evidences such existing Collateral Certificate or additional Collateral Certificate, as applicable; the certificates that constitute or evidence such existing Collateral
Certificate or additional Collateral Certificate do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Trust; and all financing statements filed or to be filed against
such Transferor in favor of the Trust in connection herewith describing such existing Collateral Certificate or additional Collateral Certificate, as applicable, contain a statement to the following effect: “A purchase of or security interest
in any collateral described in this financing statement will violate the rights of the Trust”; 
 (m) as of the applicable
Addition Date with respect to a Collateral Certificate, such Collateral Certificate is an Eligible Collateral Certificate; 

(n) as of the applicable Selection Date, each Initial Account and each applicable Additional Account is an Eligible Account; 

(o) as of (A) the applicable Selection Date with respect to each Receivable contained in the Initial Accounts conveyed to the Trust
by such Transferor on the Execution Date, (B) the applicable Selection Date with respect to each Receivable contained in the related Additional Accounts to be conveyed to the Trust by such Transferor on such Addition Date and (C) each
Issuance Date with respect to all Receivables contained in Accounts which have been conveyed to the Trust by such Transferor and each new Receivable subsequently conveyed to the Trust by such Transferor, such Receivable constitutes an
“account” or a “general intangible” within the meaning of the applicable UCC; 
 (p) as of (A) the
Selection Date with respect to each Receivable contained in the Initial Accounts conveyed to the Trust by such Transferor on the Execution Date, (B) the applicable Selection Date with respect to each Receivable contained in the related
Additional Accounts to be conveyed to the Trust by such Transferor on the applicable Addition Date and 

  
 24 

 
(C) the date of the creation of any new Receivable conveyed to the Trust by such Transferor, such Receivable is an Eligible Receivable; 

(q) as of (A) the Execution Date with respect to the Initial Accounts and (B) the applicable Addition Date with respect to
Additional Accounts, no selection procedures believed by such Transferor to be materially adverse to the interests of the Noteholders have been used in selecting the Initial Accounts or any Additional Accounts, as applicable; 

(r) on each applicable Increase Date, the existing Collateral Certificate which is to have its Invested Amount increased is an Eligible
Collateral Certificate; 
 (s) such Transferor entered into this Agreement and, in the case of Additional Accounts, the related
Account Assignment, in the ordinary course of business and not with intent to hinder, delay or defraud any Account Owner or its creditors; and 
 (t) such Transferor received adequate consideration for each Receivable transferred to the Trust. 
 Section 2.5. Notice of Breach. The representations and warranties set forth in Section 2.3 and Section 2.4 shall survive the transfers and assignments of the Trust
Assets to the Trust, the pledge of the Receivables and the Collateral Certificates to the Indenture Trustee pursuant to the Indenture, and the issuance of the Notes. Upon discovery by any Transferor, the Servicer, the Indenture Trustee or the Owner
Trustee of a breach of any of the representations and warranties set forth in Section 2.3 or Section 2.4, the party discovering such breach shall give prompt written notice to the other parties following such discovery.

 Section 2.6. Transfer of Ineligible Receivables and Ineligible Collateral Certificates. 

(a) Reassignment of Collateral. In the event (i) any representation or warranty contained in subsection 2.4(f),
(g), (h), (m), (n), (o), (p), (q) or (r) of this Agreement is not true and correct in any material respect as of the date specified therein with respect to any Receivable, any
Collateral Certificate or the related Account and such breach has a material adverse effect on any Noteholders unless cured within 60 days (or such longer period, not in excess of 120 days, as may be agreed to by the Indenture Trustee and the
Servicer) after the earlier to occur of the discovery thereof by the Transferor that conveyed such Receivable or Collateral Certificate to the Trust or receipt by such Transferor of written notice thereof given by the Indenture Trustee, the Owner
Trustee or the Servicer, or (ii) it is so provided in subsection 2.9(a) with respect to any Receivables conveyed to the Trust by such Transferor, then such Transferor shall accept reassignment of the Ineligible Receivables or the
Ineligible Collateral Certificates on the terms and conditions set forth in paragraph (b) below. 
 (b) Procedures for
Removal. When the provisions of subsection 2.6(a) above require (i) the removal of a Receivable, the applicable Transferor shall accept reassignment of such Receivable (each such Receivable, an “Ineligible
Receivable”) by directing the Servicer to deduct the principal balance of each such Ineligible Receivable from the Pool Balance and to decrease the Transferor Amount by the principal balance of such Ineligible Receivable or (ii) the
removal of a Collateral Certificate, the Indenture Trustee and the Issuer shall deliver such 

  
 25 

 
Collateral Certificate (each such Collateral Certificate, an “Ineligible Collateral Certificate”) to the applicable Transferor with a valid assignment in the name of such
Transferor and direct the Servicer to deduct the Invested Amount of each such Ineligible Collateral Certificate from the Pool Balance and to decrease the Transferor Amount by the Invested Amount of each such Ineligible Collateral Certificate. On and
after the date of such removal, the principal balance of each Ineligible Receivable and the Invested Amount of each Ineligible Collateral Certificate shall be deducted from the Pool Balance and the Transferor Amount. In the event that the exclusion
of an Ineligible Receivable or an Ineligible Collateral Certificate from the calculation of the Transferor Amount and the Pool Balance would cause the Transferor Amount to be reduced below the Required Transferor Amount or the Pool Balance to be
reduced below the Required Pool Balance, the Transferor who conveyed such Ineligible Receivable or Ineligible Collateral Certificate shall immediately, but in no event later than 1:00 p.m., New York City time, on the first Payment Date following the
Monthly Period in which such reassignment obligation arises, make a deposit in the Excess Funding Account in immediately available funds in an amount equal to the greater of the amount by which (x) the Transferor Amount would be reduced below
the Required Transferor Amount or (y) the Pool Balance would be reduced below the Required Pool Balance. 
 Upon
reassignment of any Ineligible Receivable or Ineligible Collateral Certificate, the Indenture Trustee and the Trust shall automatically and without further action transfer, assign, set-over and otherwise convey to the applicable Transferor or its
designee, without recourse, representation or warranty, all the right, title and interest of the Indenture Trustee and the Trust in and to such Ineligible Receivable or Ineligible Collateral Certificate, all Recoveries related thereto, all monies
and amounts due or to become due and all proceeds thereof and such reassigned Ineligible Receivable or Ineligible Collateral Certificate shall be treated by the Indenture Trustee and the Trust as collected in full as of the date on which it was
reassigned. The obligation of each Transferor to accept reassignment of any Ineligible Receivable or Ineligible Collateral Certificate conveyed to the Trust by such Transferor, and to make the deposits, if any, required to be made to the Excess
Funding Account as provided in this Section 2.6, shall constitute the sole remedy respecting the event giving rise to such obligation available to the Trust or the Noteholders (or the Indenture Trustee on behalf of the Noteholders). The
Trust shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested and provided by the applicable Transferor to effect the conveyance of such Ineligible Receivable or Ineligible
Collateral Certificate pursuant to this subsection 2.6(b), but only upon receipt of an Officer’s Certificate from such Transferor that states that all conditions set forth in this Section 2.6 have been satisfied. 

Section 2.7. Reassignment of Trust Assets. (a) In the event any representation or warranty of a Transferor set forth in
subsection 2.3(a) or (c) or subsection 2.4(a), (b), (c), (d), (e) or (i) of this Agreement is not true and correct in any material respect and such breach has a material adverse
effect on the Receivables or a particular Collateral Certificate conveyed to the Trust by such Transferor or the availability of the proceeds thereof to the Trust then, either the Owner Trustee, the Indenture Trustee or Noteholders evidencing more
than 50% of the aggregate unpaid principal amount of all Outstanding Notes, by notice then given to the applicable Transferor, the Administrator and the Servicer (and to the Owner Trustee and the Indenture Trustee, if given by the Noteholders), may
direct such Transferor to accept a reassignment of the Receivables and/or any such Collateral Certificate conveyed to the Trust by such Transferor 

  
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pursuant to this Agreement, if such breach and any material adverse effect caused by such breach is not cured within 60 days of such notice (or within such longer period as may be specified in
such notice), and upon those conditions such Transferor shall be obligated to accept such reassignment on the terms set forth below; provided, however, that the affected Receivables and the affected Collateral Certificates will not be
reassigned to such Transferor if, on any day during such applicable period the relevant representation and warranty shall be true and correct in all material respects as if made on such day. The applicable Transferor shall deposit the portion of the
Reassignment Amount attributable to the applicable Receivables and Collateral Certificates in the Collection Account to be treated (i) in connection with amounts determined under clause (a) of the definition of “Reassignment
Amount,” as Principal Collections for each Series of Notes and (ii) in connection with the amounts determined under clause (b) of the definition of “Reassignment Amount,” as Finance Charge Collections for each Series of
Notes, in either case, in immediately available funds not later than 1:00 p.m., New York City time, on the First Note Transfer Date following the Monthly Period in which such reassignment obligation arises, in payment for such reassignment.

 (b) If the Owner Trustee, the Indenture Trustee or the Noteholders give notice directing the applicable Transferor to accept
a reassignment of any Receivables or any Collateral Certificate as provided above, the obligation of such Transferor to accept such reassignment pursuant to this Section 2.7 and to make the deposit required to be made to the Collection
Account for each Series of Notes as provided in this Section 2.7 shall constitute the sole remedy respecting an event of the type specified above in this Section 2.7 available to the Noteholders (or the Indenture Trustee on
behalf of the Noteholders). Upon reassignment of the affected Receivables and any affected Collateral Certificate on the First Note Transfer Date following the Monthly Period in which such obligation arises, the Indenture Trustee and the Trust shall
automatically and without further action transfer, assign, set-over and otherwise convey to the applicable Transferor, without recourse, representation or warranty, all the right, title and interest of the Indenture Trustee and the Trust in and to
the affected Receivables and affected Collateral Certificates, all Recoveries allocable thereto, all monies and amounts due or to become due with respect thereto and all proceeds thereof (and any costs or expenses incurred by the Indenture Trustee
in connection with such reassignment shall be reimbursed by the applicable Transferor). The Indenture Trustee and the Trust shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be
requested by the applicable Transferor to effect the conveyance of such property pursuant to this Section 2.7. 

Section 2.8. Additional Transferors. The Transferor may designate Affiliates of the Transferor or of any Account Owner to be
included as Transferors (each, an “Additional Transferor”) under this Agreement in an amendment hereto pursuant to subsection 7.1(a) and, in connection with such designation, such Transferor shall (i) if the Transferor
Interest is evidenced in uncertificated form, direct the Owner Trustee to register in the books and records of the Trust such Additional Transferor’s interest in the Transferor Interest or (ii) if the Transferor Interest is evidenced in
certificated form, surrender such certificate to the Owner Trustee in exchange for a newly issued certificate modified to reflect such Additional Transferor’s interest in the Transferor Interest; provided, however, that each
Additional Transferor shall agree in such amendment hereto to assume all of the duties and obligations of a Transferor hereunder; and provided further that prior to any such designation and exchange, (i) the Owner Trustee shall have
received an Issuer Tax Opinion, (ii) the Note Rating Agency Condition shall have been 

  
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satisfied, (iii) the Master Trust Trustee shall have received the Master Trust Tax Opinion, if applicable, and (iv) any additional conditions to the transfer of a Beneficial Interest
provided in Section 3.02 of the Trust Agreement shall have been satisfied. 
 Section 2.9. Covenants of Each
Transferor. Each Transferor hereby severally covenants that: 
 (a) Receivables Not To Be Evidenced by Promissory
Notes. Except in connection with its enforcement or collection of an Account, such Transferor will take no action to cause any Receivable conveyed by it to the Trust to be evidenced by any instrument (as defined in the UCC) and, if any such
Receivable is so evidenced as a result of any action taken by such Transferor, it shall be deemed to be an Ineligible Receivable in accordance with subsection 2.7(a) and shall be reassigned to such Transferor in accordance with subsection
2.7(b). 
 (b) Security Interests. Except for the conveyances hereunder, such Transferor will not sell, pledge,
assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (except as permitted by clause (iv) of the definition of the term “Eligible Receivable”) on any Receivable or Collateral Certificate
conveyed by it to the Trust whether now existing or hereafter created, or any interest therein; and such Transferor shall defend the right, title and interest of the Trust and the Indenture Trustee in, to and under the Receivables and any Collateral
Certificate, whether now existing or hereafter created, against all claims of third parties claiming through or under such Transferor. 
 (c) Transferor Interest. Except for (i) the conveyances hereunder, in connection with any transaction permitted by Section 3.2 and as provided in Section 2.8 of this
Agreement and Section 4.04 of the Trust Agreement or (ii) conveyances with respect to which the Note Rating Agency Condition shall have been satisfied and an Issuer Tax Opinion shall have been delivered to the Indenture Trustee and
the Owner Trustee, such Transferor agrees, to the fullest extent permitted by applicable law, not to Transfer (as defined in the Trust Agreement) any interest in the Transferor Interest and any such attempted Transfer shall be void. Nothing
contained in this subsection 2.9(c) shall be interpreted to prohibit or in any way limit any Transferor’s ability to grant to another Person a participation interest in the Transferor Interest upon the delivery to the Indenture Trustee
and the Owner Trustee of an Issuer Tax Opinion; provided that any transfer by a Transferor of all or any part of its right, title and interest in and to the Transferor Interest to Credco will not require delivery of an Issuer Tax Opinion.

 (d) Delivery of Collections or Recoveries. In the event that such Transferor receives Collections or Recoveries, such
Transferor agrees to pay the Servicer all such Collections and Recoveries as soon as practicable after receipt thereof. 
 (e)
Notice of Liens. Such Transferor shall notify the Owner Trustee and the Indenture Trustee promptly after becoming aware of any Lien (except as permitted by clause (iv) of the definition of the term “Eligible Receivable”) on any
Receivable or Collateral Certificate conveyed by it to the Trust other than the conveyances hereunder and under the Indenture. 

(f) Account Agreements and Guidelines. Each Transferor that is an Account Owner covenants that it shall comply with and perform
its obligations under the Account 

  
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Agreements relating to the Accounts and the Account Guidelines and all applicable rules and regulations of such Transferor except insofar as any failure to comply or perform would not materially
and adversely affect the rights of the Trust or the Noteholders; provided, however, the applicable Transferor may change the terms and provisions of the applicable Account Agreements or the applicable Account Guidelines in any respect
(including the calculation of the amount, or the timing, of charge-offs and other fees to be assessed thereon) only if such change (i) would not, in the reasonable belief of such applicable Transferor, cause an Early Amortization Event or Event
of Default to occur, and (ii) is made applicable to any comparable segment of the charge accounts owned by such applicable Transferor 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 such applicable Transferor and an unrelated third party or by the terms of the Account Agreements. 

(g) Separate Corporate Existence. Each Transferor that is a securitization special purpose entity shall: 

(i) Maintain in full effect its existence, rights and franchises as a limited liability company under the laws of the
state of its formation or as a corporation under the laws of the state of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement and the applicable Receivables Purchase Agreement and each other instrument or agreement necessary or appropriate to proper administration hereof and to permit and effectuate the transactions
contemplated hereby. 
 (ii) Except as provided in this Agreement, maintain its own deposit, securities and other
account or accounts, separate from those of any Affiliate of such Transferor, with financial institutions. The funds of such Transferor will not be diverted to any other Person or for other than the company use of such Transferor, and, except as may
be expressly permitted by this Agreement or the applicable Receivables Purchase Agreement, the funds of such Transferor shall not be commingled with those of any other Person. 

(iii) Ensure that, to the extent that it shares the same officers or other employees as any of its members or other
Affiliates, the salaries of and the expenses related to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated
with all such common officers and employees. 
 (iv) Ensure that, to the extent that it jointly contracts with
any of its members or other Affiliates to do business with vendors or service providers or to share overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of
such costs. To the extent that such Transferor contracts or does business with vendors or service providers where the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly
allocated to or among such entities for whose benefit the goods and services are provided, and each such entity shall bear its fair share of such costs. 

  
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 (v) Ensure that all material transactions between such Transferor and any of
its Affiliates shall be only on an arm’s-length basis and shall not be on terms more favorable to either party than the terms that would be found in a similar transaction involving unrelated third parties. 

(vi) Maintain a principal executive and administrative office through which its business is conducted and a telephone
number separate from those of its members and other Affiliates. To the extent that such Transferor and any of its members or other 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. 
 (vii) Conduct
its affairs strictly in accordance with its certificate of formation and limited liability company agreement or its certificate of incorporation and bylaws and observe all necessary, appropriate and customary company formalities, including, but not
limited to, holding all regular and special members’ and directors’ meetings appropriate to authorize all action, keeping separate and accurate minutes of such meetings, passing all resolutions or consents necessary to authorize actions
taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, intercompany transaction accounts. Regular members’ and directors’ meetings shall be held at least annually.

 (viii) Ensure that its board of directors shall at all times include at least one Independent Director (for
purposes hereof, “Independent Director” shall mean any member of the board of directors of such Transferor that is not and has not at any time been (x) an officer, agent, advisor, consultant, attorney, accountant, employee, member or
shareholder of any Affiliate of such Transferor which is not a special purpose entity, (y) a director of any Affiliate of such Transferor other than an independent director of any Affiliate which is a special purpose entity or (z) a member
of the immediate family of any of the foregoing). 
 (ix) Ensure that decisions with respect to its business and
daily operations shall be independently made by such Transferor (although the officer making any particular decision may also be an officer or director of an Affiliate of such Transferor) and shall not be dictated by an Affiliate of such Transferor.

 (x) Act solely in its own company name and through its own authorized officers and agents, and no Affiliate of
such Transferor shall be appointed to act as agent of such Transferor. Such Transferor shall at all times use its own stationery and business forms and describe itself as a separate legal entity. 

(xi) Other than as provided in the relevant Revolving Credit Agreement, ensure that no Affiliate of such Transferor shall
advance funds or loan money to such Transferor, and no Affiliate of such Transferor will otherwise guaranty debts of such Transferor. 

  
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 (xii) Other than organizational expenses and as expressly provided herein,
pay all expenses, indebtedness and other obligations incurred by it using its own funds. 
 (xiii) Not enter into
any guaranty, or otherwise become liable, with respect to or hold its assets or creditworthiness out as being available for the payment of any obligation of any Affiliate of such Transferor nor shall such Transferor make any loans to any Person.

 (xiv) Ensure that any financial reports required of such Transferor shall comply with generally accepted
accounting principles and shall be issued separately from, but may be consolidated with, any reports prepared for any of its Affiliates so long as such consolidated reports contain footnotes describing the effect of the transactions between such
Transferor and such Affiliate and also state that the assets of such Transferor are not available to pay creditors of the Affiliate. 
 (xv) Ensure that at all times it is adequately capitalized to engage in the transactions contemplated in its certificate of formation and its limited liability company agreement or in its certificate of
incorporation and bylaws. 
 (h) Compliance with the FDIC Rule. Such Transferor shall (i) perform the obligations of
the FDIC Rule applicable to it and (ii) facilitate compliance with the FDIC Rule by each Account Owner and the Trust. 

Section 2.10. Covenants of Each Transferor With Respect to Any Applicable Receivables Purchase Agreement. Each Transferor, if
such Transferor is a party to a Receivables Purchase Agreement, in its capacity as purchaser of Receivables from any Account Owner pursuant to any such Receivables Purchase Agreement, hereby covenants that such Transferor will at all times enforce
the covenants and agreements of any Account Owner in such Receivables Purchase Agreement, including covenants that the Account Owner shall at all times enforce the covenants and agreements of it, as the case may be, in any Receivables Purchase
Agreement. Each Transferor further covenants that it will not enter into any amendment to any Receivables Purchase Agreement to which it is a party, or enter into a new Receivables Purchase Agreement unless the Note Rating Agency Condition shall
have been satisfied; provided, however, that such Transferor may enter into an amendment to a Receivables Purchase Agreement to which it is a party without the Note Rating Agency Condition having been satisfied if the “Note Rating
Agency Condition” (as defined in such Receivables Purchase Agreement) need not be satisfied in connection with such amendment pursuant to the terms of such Receivables Purchase Agreement. 

Section 2.11. Reinvestment in Trust Assets. (a) On each First Note Transfer Date, the Reinvestment Amount for the
immediately preceding Monthly Period shall be applied in the following order of priority: 
 (i) if the Trust Assets include one
or more Collateral Certificates, the Transferor, on behalf of the Issuer, shall specify the amount of the Reinvestment Amount to be reinvested in each existing Collateral Certificate, which amount shall be determined by the Transferor, on behalf of
the Issuer, in its own discretion, and no such reinvestment shall be 

  
 31 

 
required; provided, however, that, subject to the restrictions specified in subsection 2.12(c), the Transferor, on behalf of the Issuer, shall be required to increase the
Invested Amount of an existing Collateral Certificate if Trust Assets are required to be added pursuant to subsection 2.13(a) and the Transferor elects to cause to be increased the Invested Amount of one or more existing Collateral
Certificates as specified in such Section (so long as the applicable Series Supplement allows such reinvestment and the transferor or seller for the related Master Trust agrees to such reinvestment); and 

(ii) the remainder of such amounts shall be paid to the holders of the Transferor Interest; provided, however, that if the
Transferor Amount for the prior Monthly Period did not equal or exceed the Required Transferor Amount for the prior Monthly Period or the Pool Balance for such prior Monthly Period did not equal or exceed the Required Pool Balance for such prior
Monthly Period (after taking into consideration the application of the Reinvestment Amount, if any, pursuant to this Section 2.11), the lesser of (i) such remaining amount and (ii) the greater of the amount by which
(x) the Required Transferor Amount is greater than the Transferor Amount or (y) the Required Pool Balance is greater than the Pool Balance, in each case with respect to such prior Monthly Period, shall be deposited by the Servicer into the
Excess Funding Account. 
 (b) Pursuant to this Agreement, each Receivable shall be transferred to the Trust and pledged to
secure the Notes on the day that such Receivable arises. 
 Section 2.12. Increases in the Invested Amount of an
Existing Collateral Certificate. 
 (a) In addition to the increases described in Section 2.11 above, the
applicable Transferor may cause to be increased the Invested Amount of any existing Collateral Certificate on any Business Day in connection with: 
 (i) the issuance of an additional Series, Class or Tranche of Notes; or 
 (ii) the increase of the Transferor Amount. 
 (b) In connection with any increase
in the Invested Amount of an existing Collateral Certificate, such increase shall either be funded from the proceeds of the issuance of an additional Series, Class or Tranche of Notes or be funded by the applicable Transferor. 

(c) Notwithstanding any other provision of this Agreement, with respect to any Monthly Period, the Invested Amount of an existing
Collateral Certificate shall not be increased, including increases pursuant to Section 2.11 and this Section 2.12, if (i) an Early Amortization Event shall have occurred with respect to any Notes as a result of a failure
to add Receivables and/or Collateral Certificates to the Trust or a failure to increase the Invested Amount of an existing Collateral Certificate at a time when the Pool Balance for the prior Monthly Period is less than the Required Pool Balance for
such prior Monthly Period and (ii) increasing the Invested Amount of or reinvesting in an existing Collateral Certificate would result in a reduction in the allocation percentage applicable for principal collections for such existing Collateral
Certificate. 

  
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 Section 2.13. Addition of Trust Assets. 

(a) Required Additions. 
 (i) If, at the end of any Monthly Period, (a) the Transferor Amount for such Monthly Period is less than the Required Transferor Amount for such Monthly Period or (b) the Pool Balance for such
Monthly Period is less than the Required Pool Balance for such Monthly Period, the Transferor shall (1) transfer Receivables in Aggregate Addition Accounts to the Trust, (2) transfer one or more Collateral Certificates to the Trust or
(3) cause to be increased the Invested Amount of one or more existing Collateral Certificates pursuant to Section 2.11 or Section 2.12 in a sufficient amount such that, after giving effect to such addition or increase,
the Transferor Amount for such Monthly Period is at least equal to the Required Transferor Amount for such Monthly Period and the Pool Balance is at least equal to the Required Pool Balance for such Monthly Period. 

Any transfer of Receivables in any Aggregate Addition Accounts to the Trust and/or any transfer of Collateral Certificates
to the Trust and/or any increase in the Invested Amount of one or more existing Collateral Certificates shall occur on or before the thirtieth Business Day following the end of such Monthly Period. The failure of the Transferor to increase the
Transferor Amount or the Pool Balance as provided in this clause (i) solely as a result of the unavailability to the Transferor of a sufficient amount of Receivables and/or Collateral Certificates and/or the inability to cause to be increased
the Invested Amount of one or more existing Collateral Certificates shall not constitute a breach of this Agreement; provided that any such failure which has not been timely cured (as specified in the related Indenture Supplement) may
nevertheless result in the occurrence of an Early Amortization Event with respect to each Series for which, pursuant to the Indenture Supplement therefor, a failure by the Transferor to convey additional Trust Assets to the Trust or cause to be
increased the Invested Amount of an existing Collateral Certificate by the day on which it is required to do so pursuant to this subsection 2.13(a) constitutes an “Early Amortization Event” (as defined in such Indenture
Supplement). 
 (ii) Any Aggregate Addition Accounts or Collateral Certificates designated to be included as part
of the Trust Assets pursuant to clause (i) above may only be so included if the applicable conditions specified in subsection (c) below have been satisfied. 
 (b) Permitted Aggregate Additions, Additional Collateral Certificates and Increases in the Invested Amount of Existing Collateral Certificates. In addition to its obligation under subsection
2.13(a), each Transferor may, but shall not be obligated to, subject to the conditions in paragraph (c) below, (i) cause to be designated from time to time Receivables in Aggregate Addition Accounts to be included as part of the Trust
Assets and/or additional Collateral Certificates to be included as part of the Trust Assets and (ii) cause to be increased the Invested Amount of an existing Collateral Certificate. Such additional Trust Assets shall be transferred to the Trust
on the Addition Date or the Increase Date, as applicable. 

  
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 (c) Conditions to Aggregate Additions and Additional Collateral Certificates. On each
Addition Date with respect to any Aggregate Addition Accounts and/or additional Collateral Certificates, the applicable Receivables in Aggregate Addition Accounts (and such Aggregate Addition Accounts shall be Accounts for purposes of this
Agreement) or the applicable Collateral Certificate shall be designated as additional Trust Assets, subject to the satisfaction of the following conditions (which shall not apply with respect to any increase in the Invested Amount of any existing
Collateral Certificate except as specified in clause (i) below): 
 (i) on or before the eighth Business Day
prior to the Addition Date or Increase Date, as applicable (the “Notice Date”), the applicable Transferor shall have delivered to the Owner Trustee, the Indenture Trustee, the Servicer, the other Transferors, if any, and each Note
Rating Agency written notice (unless such notice requirement is otherwise waived) that the Receivables in Aggregate Addition Accounts and/or additional Collateral Certificates will be transferred to the Trust or an increased Invested Amount of an
existing Collateral Certificate will be included as part of the Trust Assets (the latter notice requirement shall only apply to increases made pursuant to subsection 2.13(a); provided, however, that notice shall be delivered to
the Owner Trustee and the Indenture Trustee in connection with any increase in the Invested Amount of an existing Collateral Certificate), which notice shall specify, as applicable, (x) the approximate aggregate amount of the Principal
Receivables to be transferred to the Trust (y) the Invested Amount of the additional Collateral Certificates to be transferred to the Trust and (z) the amount by which the Invested Amount of an existing Collateral Certificate is to be
increased, as well as the applicable Addition Date or Increase Date and, in connection with the Aggregate Addition Accounts, the applicable Addition Cut Off Date and Selection Date; 

(ii) the applicable Transferor shall represent and warrant that, as of the applicable Selection Date, each Aggregate
Addition Account is an Eligible Account; 
 (iii) the applicable Transferor shall represent and warrant as of the
applicable Addition Date, each additional Collateral Certificate is an Eligible Collateral Certificate; 
 (iv)
the applicable Transferor shall have delivered to the Owner Trustee and the Indenture Trustee copies of UCC financing statements covering the Receivables in such Aggregate Addition Accounts and/or additional Collateral Certificates, if necessary to
perfect the interest of the Trust therein; 
 (v) the applicable Transferor shall have deposited, or shall have
caused the Servicer to deposit, into the Segregation Account all Collections with respect to such (a) Aggregate Addition Accounts since the applicable Addition Cut Off Date or (b) additional Collateral Certificates as of such Addition
Date; 
 (vi) as of each of the Addition Cut Off Date and the Addition Date, no Insolvency Event shall have
occurred nor shall the transfer to the Trust of the Receivables arising in the Aggregate Addition Accounts have been made in contemplation of the occurrence thereof; 

  
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 (vii) as of the Addition Date, no Insolvency Event shall have occurred nor
shall the transfer to the Trust of the additional Collateral Certificates have been made in contemplation of the occurrence thereof; 
 (viii) on or before the Addition Date with respect to Aggregate Addition Accounts and the Receivables arising thereunder, the applicable Transferor shall have delivered to the Owner Trustee, on behalf of
the Trust, and the Servicer a written assignment in substantially the form of Exhibit A (the “Aggregate Addition Account Assignment”), and the applicable Transferor shall deliver or cause to be delivered to the Issuer
and the Indenture Trustee the computer file or microfiche list required to be delivered pursuant to Section 2.1 on the date such file or list is required to be delivered pursuant thereto, which file or list shall be incorporated into and
made a part of such Aggregate Addition Account Assignment and this Agreement; 
 (ix) on or before the Addition
Date with respect to Collateral Certificates, the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Trust, and the Servicer a written assignment in substantially the form of Exhibit B (the “Certificate
Assignment”) and each Collateral Certificate shall be delivered and registered in the name of the Trust, and the applicable Transferor shall deliver or cause to be delivered to the Issuer and the Indenture Trustee the schedule required to
be delivered pursuant to Section 2.1 on the date such file or list is required to be delivered pursuant thereto, which file or list shall be incorporated into and made a part of such Certificate Assignment and this Agreement; 

(x) the addition to the Trust of the Receivables arising in the Aggregate Addition Accounts or of the Collateral
Certificates shall not, in the reasonable belief of the applicable Transferor, result in an Adverse Effect; 

(xi) if prior to the applicable Addition Date, with respect to any three consecutive Monthly Periods or with respect to
any twelve consecutive Monthly Periods, the Addition Limit shall have been exceeded, the Note Rating Agency Condition shall have been satisfied with respect to the addition pursuant to subsection 2.13(b) of such Aggregate Addition Accounts in
excess of the Addition Limit, and the Transferor shall have delivered to each Note Rating Agency an Opinion of Counsel, dated the Addition Date, in accordance with subsection 7.2(d); 

(xii) with respect to the addition of additional Collateral Certificates, the Note Rating Agency Condition shall have been
satisfied with respect to such addition, and the Transferor shall have delivered any related notice received from the Note Rating Agencies to the Owner Trustee and the Indenture Trustee; 

(xiii) the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of
the Transferor, dated the Addition Date, confirming, to the extent applicable, the items set forth in clauses (ii) through (vii) and clause (x) above; and 

  
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 (xiv) the Transferor shall have delivered to the Owner Trustee and the
Indenture Trustee an Opinion of Counsel, dated the Addition Date, in accordance with subsection 7.2(d). 
 (d) New
Accounts. Each Transferor may, from time to time, at its sole discretion, subject to the conditions specified in paragraph (e) below, voluntarily designate newly originated Eligible Accounts to be included as New Accounts. For purposes of
this paragraph, Eligible Accounts shall be deemed to include only charge accounts of the same nature as those included as Initial Accounts or which have previously been included in any Aggregate Addition. 

(e) Conditions to Addition of New Accounts. On the Addition Date with respect to any New Accounts, the Trust shall acquire the
applicable Receivables in such New Accounts (and such New Accounts shall be Accounts for purposes of this Agreement), subject to the satisfaction of the following conditions: 

(i) as of the applicable Selection Date, each New Account shall be an Eligible Account; 

(ii) the applicable Transferor shall have delivered to the Owner Trustee and the Indenture Trustee copies of UCC financing
statements covering the Receivables in such New Accounts, if necessary to perfect the interest of the Trust therein; 
 (iii) the applicable Transferor shall have deposited, or shall have caused the Servicer to deposit, into the Segregation Account all Collections with respect to such New Accounts since the applicable
Addition Cut Off Date; 
 (iv) as of each of the applicable Addition Cut Off Date and the applicable Addition
Date, no Insolvency Event shall have occurred nor shall the transfer to the Trust of the Receivables arising in the New Accounts have been made in contemplation of the occurrence thereof; 

(v) the addition to the Trust of the Receivables arising in the New Accounts shall not, in the reasonable belief of the
applicable Transferor, result in an Adverse Effect; 
 (vi) on or before the Addition Date with respect to New
Accounts and the Receivables arising thereunder, the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Trust, and the Servicer a written assignment in substantially the form of Exhibit C (the “New
Account Assignment”), and the applicable Transferor shall deliver to the Issuer and the Indenture Trustee the computer file or microfiche list required to be delivered pursuant to Section 2.1 on the date such file or list is
required to be delivered pursuant thereto, which file or list shall be incorporated into and made a part of such New Account Assignment and this Agreement; 
 (vii) if on or prior to the applicable Addition Date, with respect to any three-month period or with respect to any twelve-month period, the Addition Limit shall have been exceeded, the Note Rating Agency
Condition shall have been satisfied with 

  
 36 

 
respect to the addition pursuant to subsection 2.13(d) of such New Accounts in excess of the Addition Limit, and the Transferor shall have delivered any related notice received from the
Note Rating Agencies to the Owner Trustee and the Indenture Trustee; 
 (viii) the applicable Transferor shall
have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of such Transferor, dated the applicable Addition Date, confirming, to the extent applicable, the items set forth in clauses (i) through (v) above;
and 
 (ix) the applicable Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an
Opinion of Counsel in accordance with subsection 7.2(d). 
 Section 2.14. Removal of Accounts. 

(a) On any day of any Monthly Period, each Transferor shall have the right to require the reassignment to it or its designee of all of
the right, title and interest of the Indenture Trustee and the Trust in, to and under the Receivables then existing and thereafter created, all Recoveries related thereto, all monies due or to become due and all amounts received with respect thereto
and all proceeds thereof in or with respect to the Accounts specified herein (the “Removed Accounts”) and designated for removal by such Transferor, upon satisfaction of the conditions in clauses (i) through (v) below:

 (i) on or before the tenth Business Day (the “Removal Notice Date”) immediately preceding the
date for removal of the Removed Accounts (the “Removal Date”), such Transferor shall have given the Owner Trustee, the Indenture Trustee, the Servicer, the other Transferors, if any, and each Note Rating Agency notice (unless such
notice requirement is waived) that the Receivables from such Removed Accounts are to be reassigned to such Transferor on the Removal Date; 
 (ii) on or prior to the Removal Date, such Transferor shall amend Schedule 1 by delivering to the Issuer and the Indenture Trustee a computer file or microfiche list containing a true and complete
list of the Removed Accounts, specifying for each such Account, as of the Removal Notice Date, its account number and the aggregate amount of Receivables outstanding in such Account; 

(iii) such Transferor shall have represented and warranted as of the Removal Date that the list of Removed Accounts
delivered pursuant to paragraph (ii) above, as of the Removal Date, is true and complete in all material respects; 
 (iv) the Note Rating Agency Condition shall have been satisfied with respect to the removal of the Removed Accounts; and 

(v) such Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of
such Transferor, dated the Removal Date, to the effect that such Transferor reasonably believes that (a) such removal of any Receivable of any Removed Account will not result in an Adverse Effect with respect to any Series, Class or Tranche of
Notes and (b) no selection procedures believed by such 

  
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Transferor to be materially adverse to, or materially beneficial to, the interests of any Noteholders have been used in selecting the Removed Accounts from among any pool of Accounts of a similar
type. 
 (b) In addition to the terms and conditions contained in clauses (a)(i)-(v) above, the Transferor’s right to
require the reassignment to it or its designees of all the Trust’s right, title and interest of the Indenture Trustee and the Trust in, to and under the Receivables in Removed Accounts shall be subject to the following restrictions: 

(i) Except for Removed Accounts described in clause (ii) below: 

(A) there shall be no less than 90 days between Removal Dates; 

(B) the Accounts to be designated as Removed Accounts shall be selected at random by the applicable Transferor; and

 (C) the book value of the Receivables in the Accounts to be designated as Removed Accounts shall not exceed
10% of book value of the Receivables in the Trust as of the related Removal Date. 
 (ii) The Transferor may
designate Removed Accounts as provided in and subject to the terms and conditions contained in this Section 2.14 without being subject to the conditions set forth is clauses (a)(iv) or (a)(v)(b) above or the restrictions set forth in
clause (b)(i) above if the Removed Accounts are Accounts (i) originated or acquired under a specific affinity agreement, private label agreement, merchant agreement, co-branding agreement or other program which is co-owned, operated or
promoted, provided that such agreement has terminated in accordance with the terms therein or (ii) being removed due to other circumstances caused by requirements of agreements in which the right to such Removed Accounts or control thereof is
determined by a party or parties to such agreements other than the Transferor, any Affiliate of the Transferor or any agent of the Transferor. 
 (c) Upon satisfaction of the above conditions, the Owner Trustee, on behalf of the Trust, shall execute and deliver to such Transferor a written reassignment in substantially the form of Exhibit D
(the “Reassignment”) and shall, without further action, sell, transfer, assign, set over and otherwise convey to such Transferor or its designee, effective as of the Removal Date, without recourse, representation or warranty, all
the right, title and interest of the Indenture Trustee and the Trust in, to and under the Receivables arising in the Removed Accounts, all Recoveries related thereto, all monies due and to become due and all amounts received with respect thereto and
all proceeds thereof, and the Receivables from the Removed Accounts shall no longer constitute a part of the Trust Assets. The Indenture Trustee and the Owner Trustee may conclusively rely on the Officer’s Certificate delivered pursuant to this
Section 2.14 and shall have no duty to make inquiries with regard to the matters set forth therein and shall incur no liability in so relying. 
 (d) In addition to the foregoing, on the date when any Receivable in an Account becomes a Defaulted Receivable (including any related Finance Charge Receivables), the Indenture Trustee and the Trust shall
automatically and without further action or 

  
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consideration transfer, set over and otherwise convey to the applicable Transferor, without recourse, representation or warranty, all right, title and interest of the Indenture Trustee and the
Trust in, to and under the Defaulted Receivables (including any related Finance Charge Receivables) in such Account, all monies due or to become due, all amounts received or receivable with respect thereto and all proceeds thereof; provided
that Recoveries of such Defaulted Receivables shall be applied as provided in the Servicing Agreement. The Indenture Trustee and the Owner Trustee, on behalf of the Trust, shall execute and deliver such instruments of transfer and assignment
(including any UCC termination statements), in each case without recourse, as shall be reasonably requested by the applicable Transferor to vest in such Transferor or its designee all right, title and interest that the Indenture Trustee and the
Trust had in such Defaulted Receivables (including any related Finance Charge Receivables). 
 Section 2.15. Account
Allocations. In the event that any Transferor is unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement, including by reason of the application of the provisions of Section 4.1
or any order of any Governmental Authority (a “Transfer Restriction Event”), then, in any such event, (a) such Transferor agrees (except as prohibited by any such order) to allocate and pay to the Trust, after the date of such
inability, all Collections, including Collections of Receivables transferred to the Trust prior to the occurrence of such event, and all amounts which would have constituted Collections with respect to Receivables but for such Transferor’s
inability to transfer Receivables (up to an aggregate amount equal to the amount of Receivables included as part of the Trust Assets on such date transferred to the Trust by such Transferor), (b) such Transferor and the Servicer agree that such
amounts will be applied as Collections in accordance with the terms of the Servicing Agreement, the Indenture and each Indenture Supplement and (c) for so long as the allocation and application of all Collections and all amounts that would have
constituted Collections are made in accordance with clauses (a) and (b) above, Receivables (and all amounts which would have constituted Receivables but for such Transferor’s inability to transfer Receivables to the Trust) which are
written off as uncollectible in accordance with the Servicing Agreement shall continue to be allocated in accordance with the terms of this Agreement, the Servicing Agreement, the Indenture and each Indenture Supplement. For the purpose of the
immediately preceding sentence, such Transferor and the Servicer shall treat the first received Collections with respect to the Accounts as allocable to the Trust until the Trust shall have been allocated and paid Collections in an amount equal to
the aggregate amount of Receivables included in the Trust as of the date of the occurrence of such event. If such Transferor and the Servicer are unable pursuant to any Requirements of Law to allocate Collections as described above, such Transferor
and the Servicer agree that, after the occurrence of such event, payments on each Account with respect to the principal balance of such Account shall be allocated first to the oldest principal balance of such Account and shall have such payments
applied as Collections in accordance with the terms of this Agreement, the Servicing Agreement, the Indenture and each Indenture Supplement. 
 Section 2.16. Discount Option Receivables. 
 (a) The Transferor shall
have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Discount Option Percentage”), of all or any specified
portion of Receivables conveyed on or after the Discount Option Date (“Discount Option Receivables”) to be treated as Finance Charge Receivables. The aggregate amount of Discount

  
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Option Receivables outstanding on any Date of Processing occurring on or after the initial Discount Option Date shall equal (a) the aggregate Discount Option Receivables at the end of the
prior Date of Processing, plus (b) any new Discount Option Receivables created on such Date of Processing, minus (c) any Discount Option Receivables Collections received on such Date of Processing. Discount Option Receivables
created on any Date of Processing shall mean the product of the amount of any Receivables created on such Date of Processing and the applicable Discount Option Percentage. The Transferor shall also have the option of increasing, reducing or
withdrawing the Discount Option Percentage, at any time and from time to time, without notice to or the consent of any Noteholder, on or after such Discount Option Date. The Transferor shall provide to the Servicer, the Owner Trustee, the Indenture
Trustee and any Note Rating Agency 30 days prior written notice of the Discount Option Date and any such designation or increase, reduction or withdrawal. Such designation, increase, reduction or withdrawal shall become effective on the Discount
Option Date specified therefor upon satisfaction of the following conditions: 
 (i) each Transferor shall have
delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of such Transferor certifying that, in the reasonable belief of such Transferor based on facts known to such Transferor at such time, such designation, increase,
reduction or withdrawal will not, at the time of its occurrence, cause an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes to occur or an event which, with notice or lapse of time or both, would
constitute an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes; 
 (ii) the Note Rating Agency Condition shall have been satisfied with respect to such designation, increase, reduction or withdrawal; and 

(iii) the Transferor shall have caused an Issuer Tax Opinion to be delivered to the Owner Trustee and the Indenture
Trustee. 
 (b) Following a change in the Discount Option Percentage, the Transferor shall apply the new Discount Option
Percentage to all or the portion of the Receivables to which the Discount Option Percentage is to be applied. The initial Discount Option Percentage is 3%. 
 (c) After the Discount Option Date, Discount Option Receivables Collections received with respect to Discount Option Receivables shall be treated as Finance Charge Collections. 

[END OF ARTICLE II] 

  
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 ARTICLE III 
 OTHER MATTERS RELATING TO EACH TRANSFEROR 
 Section 3.1. Liability
of Each Transferor. Each Transferor shall be severally, and not jointly, liable for all obligations, covenants, representations and warranties of such Transferor arising under or related to this Agreement. Each Transferor shall be liable only to
the extent of the obligations specifically undertaken by it in its capacity as a Transferor. 
 Section 3.2. Merger or
Consolidation of, or Assumption of the Obligations of, a Transferor. 
 (a) No Transferor shall dissolve, liquidate,
consolidate with or merge into any other Person or convey, transfer or sell its properties and assets substantially as an entirety to any Person (in each case, a “Surviving Entity”) unless: 

(i) (x) the Surviving Entity is organized and existing under the laws of the United States of America or any state or the District of
Columbia, and either is a savings association, national banking association, bank or other entity which is not eligible to be a debtor in a case under the United States Bankruptcy Code or is a special purpose entity whose powers and activities are
limited, and shall expressly assume, by an agreement supplemental hereto, executed and delivered to the Trust and the Indenture Trustee, in form reasonably satisfactory to the Trust and the Indenture Trustee, the performance of every covenant and
obligation of such Transferor hereunder and shall benefit from all the rights granted to such Transferor, as applicable hereunder; and (y) such Transferor has delivered to the Owner Trustee and the Indenture Trustee an Officer’s
Certificate of such Transferor and an Opinion of Counsel to the effect that such consolidation, merger, conveyance, transfer or sale and such supplemental agreement comply with this Section 3.2 and that such supplemental agreement is a
valid and binding obligation of the Surviving Entity, enforceable against such Surviving Entity in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be
limited by general principles of equity (whether considered in a suit at law or in equity); 
 (ii) all UCC filings, if any,
required to perfect the interest of the Trust in any Receivables and Collateral Certificates to be conveyed by the Surviving Entity shall have been made and copies thereof shall have been delivered to the Owner Trustee and the Indenture Trustee;

 (iii) the Owner Trustee and the Indenture Trustee shall have received one or more Opinions of Counsel to the effect that
(a) under the UCC, the transfer of Receivables and/or Collateral Certificates by the Surviving Entity shall constitute either a sale of, or the granting of a security interest in, such Receivables or Collateral Certificates, as the case may be,
by the Surviving Entity to the Trust and (b) the condition specified in paragraph (ii) above shall have been satisfied; 
 (iv) the Owner Trustee and the Indenture Trustee shall have received an Issuer Tax Opinion and any applicable Master Trust Tax Opinion; and 

  
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 (v) the Note Rating Agency Condition shall have been satisfied with respect to such
consolidation, merger, conveyance, transfer or sale. 
 (b) The obligations of each Transferor hereunder shall not be assignable
nor shall any Person succeed to the obligations of any Transferor hereunder except in each case in accordance with the provisions of the foregoing paragraph or Section 3.4. 

Section 3.3. Limitations on Liability of Each Transferor. Subject to Section 3.1, no Transferor nor any of the
directors, officers, employees, members, incorporators or agents of any Transferor acting in such capacities shall be under any liability to the Trust, the Owner Trustee, the Indenture Trustee, the Noteholders, the Servicer, any Supplemental Credit
Enhancement Provider, any other Transferor or any other Person for any action taken, or for refraining from the taking of any action, in good faith in such capacities pursuant to this Agreement, it being expressly understood that all such liability
is expressly waived and released as a condition of, and consideration for, the execution of this Agreement, the Indenture and any Indenture Supplement and the issuance of the Notes; provided, however, that this provision shall not
protect any Transferor or any director, officer, employee, member, incorporator or agent of any Transferor 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. Each Transferor and any director, officer, employee, member, incorporator or agent of such Transferor may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person (other than such Transferor) respecting any matters arising hereunder. 
 Section 3.4. Assumption of a Transferor’s Obligations. Notwithstanding the provisions of Section 3.2, each Transferor may assign, convey, transfer or sell all of its right,
title and interest in, to and under the Receivables and the Collateral Certificates in which it has an interest and/or its interest in the Transferor Interest (collectively, the “Assigned Assets”), together with all servicing
functions and other obligations, if any, under this Agreement or relating to the transactions contemplated hereby (collectively, the “Assumed Obligations”), to another entity (the “Assuming Entity”) which may be an
entity that is not affiliated with such Transferor, and such Transferor may assign, convey and transfer the Assigned Assets and the Assumed Obligations to the Assuming Entity, without the consent or approval of the holders of any Notes, upon
satisfaction of the following conditions: 
 (a) the Assuming Entity, such Transferor, the Trust and the Indenture Trustee shall
have entered into a supplement to this Agreement or an assumption agreement (in form and substance reasonably satisfactory to the Trust and the Indenture Trustee) (either, the “Assumption Agreement”) providing for the Assuming
Entity to assume the Assumed Obligations, including the obligation under this Agreement to transfer the Receivables arising under the Accounts, the Receivables arising under any Additional Accounts and any Collateral Certificates to the Trust, and
such Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of such Transferor and an Opinion of Counsel each stating that such transfer and assumption comply with this Section 3.4,
that such Assumption Agreement is a valid and binding obligation of such Assuming Entity, enforceable against such Assuming Entity in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except
as such enforceability may be limited by general 

  
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principles of equity (whether considered in a suit at law or in equity), and that all conditions precedent herein provided for relating to such transaction have been complied with; 

(b) all UCC filings required to perfect the interest of the Trust in the Receivables and/or the Collateral Certificates to be conveyed by
the Assuming Entity shall have been duly made and copies thereof shall have been delivered to the Owner Trustee and the Indenture Trustee; 
 (c) (i) if the Assuming Entity shall not be eligible to be a debtor under the United States Bankruptcy Code, such Transferor shall have delivered notice of such transfer and assumption to each Note Rating
Agency or (ii) if the Assuming Entity shall be eligible to be a debtor in a case under the United States Bankruptcy Code, such Transferor shall have delivered copies of each such written notice to the Servicer, each other Transferor, the Owner
Trustee and the Indenture Trustee, and the Note Rating Agency Condition shall have been satisfied; 
 (d) the Owner Trustee and
the Indenture Trustee shall have received one or more Opinions of Counsel to the effect that (i) the transfer of Receivables and/or Collateral Certificates by the Assuming Entity shall constitute either a sale of, or the granting of a security
interest in, such Receivables or Collateral Certificates, as the case may be, by the Assuming Entity to the Trust and (ii) the condition specified in paragraph (b) above shall have been satisfied; and 

(e) the Owner Trustee and the Indenture Trustee shall have received an Issuer Tax Opinion and any applicable Master Trust Tax Opinion.

 Upon such transfer to and assumption by the Assuming Entity, such Transferor shall surrender the certificate, if applicable,
evidencing its interest in the Transferor Interest to the Note Registrar for registration of transfer and the Note Registrar shall issue a new certificate, if applicable, evidencing the Transferor Interest in the name of the Assuming Entity (or, if
applicable, register such Assuming Entity’s uncertificated interest in the Transferor Interest). Notwithstanding such assumption, such Transferor shall continue to be liable for all representations and warranties and covenants made by it and
all obligations performed or to be performed by it in its capacity as Transferor prior to such transfer. 
 Section 3.5.
Expenses. The Transferor shall pay out of its own funds, without reimbursement, all expenses incurred in connection with the Trust, including the costs of filing any amendment to UCC financing statements, the costs and expenses relating to
obtaining and maintaining the listing of any Notes on any stock exchange, the fees and disbursements of the Administrator as provided in Section 7.3, and any stamp, documentary, excise, property (whether on real, personal or intangible
property) or any similar tax levied on the Trust or the Trust’s assets that are not expressly stated in this Agreement to be payable by the Trust or a Transferor. A Transferor’s obligations pursuant to this Section 3.5 shall
not constitute a claim against such Transferor to the extent such Transferor does not have funds sufficient to make payment of such obligations. 
 [END OF ARTICLE III] 

  
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 ARTICLE IV 
 INSOLVENCY EVENTS 
 Section 4.1. Rights Upon the Occurrence of an
Insolvency Event. If any Transferor or holder of the Transferor Interest shall consent to or fail to object to the appointment of a bankruptcy trustee or conservator, receiver or liquidator in any bankruptcy proceeding or other insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to such Transferor or such holder of the Transferor Interest or of or relating to all or substantially all of such Person’s respective property,
or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a bankruptcy trustee or conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets
and liabilities or similar proceedings, or for the winding-up, insolvency, bankruptcy, reorganization, conservatorship, receivership or liquidation of such Person’s respective affairs, shall have been entered against such Transferor or any
holder of the Transferor Interest; or such Transferor or such holder of the Transferor Interest shall admit in writing its respective inability, or shall be unable, to pay its debts generally as they become due, or file a petition to take advantage
of any applicable bankruptcy, insolvency, reorganization, receivership or conservatorship statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or such Transferor or holder of the Transferor
Interest shall consent to, or fail to object to, the filing of any such petition, or, if such Transferor or holder of the Transferor Interest shall so object to the filing of any such petition, such petition shall not have been dismissed within 60
days of the filing thereof (any such act or occurrence being an “Insolvency Event”); then each Transferor shall on the day any such Insolvency Event occurs (the “Appointment Date”), immediately cease to
(i) transfer Receivables or Collateral Certificates and (ii) cause to be increased any Invested Amount of an existing Collateral Certificate transferred to the Trust by such Transferor and shall promptly give notice to the Owner Trustee,
the Indenture Trustee and the Servicer of such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Receivables, (i) Receivables transferred to the Trust prior to the occurrence of such Insolvency Event,
(ii) Collections in respect of such Receivables and (iii) Collateral Certificates transferred to the Trust prior to the occurrence of such Insolvency Event, shall continue to be a part of the Trust Assets, and Collections with respect
thereto shall continue to be allocated to Noteholders in accordance with the terms of this Agreement, the Servicing Agreement, the Indenture and each Indenture Supplement. 
 [END OF ARTICLE IV] 

  
 44 

 ARTICLE V 
 ACQUISITION OF TRUST ASSETS 
 Section 5.1. Acquisition of Trust
Assets. If a Master Trust Transferor exercises its option to accept retransfer of any Collateral Certificate pursuant to the terms of the related Series Supplement, the Transferor shall cause such Master Trust Transferor to (a) acquire the
Collateral Certificate, which acquisition shall be effective as of the date on which such retransfer occurs, (b) deliver notice of such acquisition to the Owner Trustee, the Indenture Trustee, the other Master Trust Transferors, if any, the
Transferor and the Servicer on or prior to the Determination Date following the applicable Monthly Period for which the option is deemed exercised, and (c) deposit in the Collection Account on or prior to the First Note Transfer Date following
the applicable Monthly Period an amount equal to the Invested Amount of the existing Collateral Certificate on such date and all other amounts payable to the Noteholders of each related Outstanding Series of Notes including otherwise unpaid
principal and accrued interest on the Notes. Upon the completion of the foregoing condition, the applicable Master Trust shall succeed to all interests of the Trust with respect to such Collateral Certificate. 

[END OF ARTICLE V] 

  
 45 

 ARTICLE VI 
 TERMINATION 
 Section 6.1. Termination of Agreement. This
Agreement and the respective obligations and responsibilities of the Trust and each Transferor under this Agreement shall terminate on the date on which the Trust is dissolved in accordance with Article IX of the Trust Agreement. 

Notwithstanding anything contained in the Transaction Documents to the contrary, in connection with the liquidation of the Trust Assets
or wind down of the Trust, following the application of the proceeds of such liquidation or wind down to the payment of amounts due to the Noteholders, the holder of the Transferor Interest shall have the absolute and unconditional right to receive
the remaining proceeds of such liquidation or wind down in an amount not less than all amounts owing to the holder of the Transferor Interest in accordance with the Transaction Documents, including the Transferor Invested Amount. 

[END OF ARTICLE VI] 

  
 46 

 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 Section 7.1. Amendment; Waiver of Past
Defaults. 
 (a) This Agreement may be amended from time to time by the Transferor, the Issuer and the Indenture Trustee, by
a written instrument signed by each of them, without the consent of any of the Noteholders; provided that (i) each Transferor shall have delivered to the Indenture Trustee and the Owner Trustee an Officer’s Certificate of such
Transferor, dated the date of any such amendment, stating that such Transferor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Note Rating Agency Condition shall have been satisfied with respect to any such
amendment. 
 Additionally, notwithstanding any provision of this Article VII to the contrary and in addition to the
immediately preceding paragraph, this Agreement may also be amended without the consent of any of the Noteholders, upon delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion and, to the extent a Collateral Certificate is
included in the Trust Assets, a Master Trust Tax Opinion, to provide for (i) the establishment of multiple asset pools and the designation of Trust Assets to be included as part of specific asset pools or (ii) those changes necessary for
compliance with securities law requirements or banking regulations; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer
reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agency Condition shall have been satisfied with respect to any
such amendment. 
 Notwithstanding any other provision of this Article VII, this Agreement may be amended from time to
time by an instrument signed by the Transferor, the Issuer and the Indenture Trustee to modify, eliminate or add to the provisions of this Agreement (i) to facilitate compliance with the FDIC Rule or changes in laws or regulations applicable to
the Transferor, the Issuer, the Indenture Trustee or the transactions described in this Agreement or (ii) to cause the provisions hereof to conform to or be consistent with or in furtherance of the statements made with respect to this Agreement
in any applicable Registration Statement on Form S-3, as amended, under the Securities Act, in each case upon delivery by the Transferor to the Indenture Trustee and the Owner Trustee of (x) an Officer’s Certificate of the Transferor,
dated the date of any such amendment, to the effect that (A) the Transferor reasonably believes that such amendment will not have an Adverse Effect or (B) such amendment is required to remain in compliance with the FDIC Rule or any other
change of law or regulation which applies to the Transferor, the Issuer, the Indenture Trustee or the transactions governed by the Transaction Documents, or such amendment is required to cause the provisions hereof to conform to or be consistent
with or in furtherance of the statements made with respect to this Agreement in any applicable Registration Statement on Form S-3, as amended, under the Securities Act, and (y) an Issuer Tax Opinion with respect to such amendment and, to the
extent a Collateral Certificate is included in the Trust Assets, a Master Trust Tax Opinion with respect to such amendment; 

  
 47 

 
provided, however, that the Transferor or the Issuer shall have provided 10 Business Days’ prior written notice of the substance of such amendment to each Note Rating Agency.

 A copy of any amendment to this Agreement pursuant to this subsection (a) shall be sent to each Note Rating Agency. Any
amendments regarding the addition or removal of Receivables or Collateral Certificates from the Trust as provided herein, executed in accordance with the provisions hereof, shall not be considered amendments to this Agreement for the purpose of
subsections 7.1(a) and (b). 
 (b) This Agreement may also be amended in writing from time to
time by the Transferor, the Indenture Trustee and the Trust with the consent of Noteholders evidencing not less than 66 2/3% of the aggregate unpaid principal amount of all affected Series, Classes or Tranches of Notes for which the
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 any Noteholders; provided, however, that no such amendment shall (i) reduce in any manner the amount of or delay the timing of any distributions (changes in Early Amortization Events or Events of Default that
decrease the likelihood of the occurrence thereof shall not be considered delays in the timing of distributions for purposes of this clause) to be made to Noteholders or deposits of amounts to be so distributed or the amount available under any
Supplemental Credit Enhancement Agreement and any Derivative Agreement 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, (iii) reduce the aforesaid percentage required to consent to any such amendment without the consent of each Noteholder or (iv) adversely affect the rating of any Series, Class or Tranche of Notes by each Note Rating
Agency without the consent of Noteholders evidencing not less than 66 2/3% of the aggregate unpaid principal amount of such Series, Class or Tranche (which shall not be deemed to occur if the Note
Rating Agency Condition shall have been satisfied with respect to such amendment). 
 (c) Promptly after the
execution of any such amendment or consent (other than an amendment pursuant to subsection (a)), the Trust shall furnish notification of the substance of such amendment to each Noteholder, and the Transferor shall furnish notification of the
substance of such amendment to each Note Rating Agency and each Supplemental Credit Enhancement Provider. 
 (d) It shall not be
necessary for the consent of Noteholders under this Section 7.1 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 the Indenture Trustee may prescribe. 
 (e) Notwithstanding anything in this Section 7.1 to the contrary, no amendment may be made to this Agreement which would adversely affect in any material respect the interests of any
Supplemental Credit Enhancement Provider without the consent of such Supplemental Credit Enhancement Provider. 

  
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 (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 7.1. Any supplemental agreement executed in accordance with the provisions of Section 3.2 or any Assumption Agreement
executed in accordance with the provisions of Section 3.4 shall not be considered an amendment to this Agreement for purposes of this Section 7.1. 
 (g) The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects in any material respect the rights, duties, benefits, protections,
privileges or immunities of the Owner Trustee or the Indenture Trustee, as applicable, under this Agreement or otherwise. In connection with the execution of any amendment hereunder, the Owner Trustee and the Indenture Trustee shall be entitled to
receive the Opinion of Counsel described in subsection 7.2(d). 
 Section 7.2. Protection of Right, Title and
Interest in and to Trust Assets. 
 (a) The Transferor shall cause this Agreement, all amendments and supplements hereto and
all financing statements and amendments to financing statements and any other necessary documents covering the right, title and interest of the Trust and the Indenture Trustee to the Trust Assets 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 such right, title and interest. The Transferor shall deliver to the Owner Trustee and the 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. 

(b) Within 30 days after any Transferor makes any change in its name or its type or jurisdiction of organization, such Transferor shall
give the Owner Trustee and the Indenture Trustee notice of any such change and shall file such financing statements or amendments as may be necessary to continue the perfection of the security interest or ownership interest of the Trust in the Trust
Assets. 
 (c) Each Transferor shall give the Owner Trustee and the Indenture Trustee prompt written notice of any relocation of
any office from which it services Receivables or keeps records concerning the Receivables and the Collateral Certificates or of its chief executive office and whether, as a result of such relocation, the applicable provisions of the UCC would
require the filing of any amendment of any previously filed financing statement or amendment thereto or of any new financing statement and shall file such financing statements or amendments as may be necessary to perfect or to continue the
perfection of the security interest or ownership interest of the Trust in the Trust Assets. Each Transferor shall at all times maintain each office from which it services Receivables and its chief executive offices within the United States and shall
at all times be organized under the laws of a jurisdiction located within the United States. Each of the Owner Trustee and the Indenture Trustee shall give each Transferor prompt notice of any change in its name or any change in its address as shown
on any financing statement filed in connection with the transactions contemplated by any Related Agreement if the address so shown ceases to be an address from which information concerning the Trust Assets can be obtained. 

  
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 (d) The Transferor shall deliver to the Owner Trustee and the Indenture Trustee
(i) upon the execution and delivery of each amendment of this Agreement pursuant to Section 7.1, an Opinion of Counsel to the effect specified in Exhibit E-1; (ii) on each Addition Date with respect to the addition of
Aggregate Addition Accounts to be designated to the Trust pursuant to subsection 2.13(a) or (b), an Opinion of Counsel substantially in the form of Exhibit E-2; (iii) semi-annually (or, if the applicable Account
Owner has a long-term rating below “A” by Moody’s, “AA-” by Standard & Poor’s or, if rated by Fitch, “AA-” by Fitch, quarterly), beginning six months following the end of the first Monthly Period in
which New Accounts are designated to the Trust pursuant to subsection 2.13(d), an Opinion of Counsel substantially in the form of Exhibit E-3; (iv) on each Addition Date on which any Collateral Certificate is included as part
of the Trust Assets pursuant to subsection 2.13(a) or (b), an Opinion of Counsel covering the same substantive legal issues addressed by Exhibit E-2; (v) on or before March 31 of each year, beginning with
March 31, 2013, an Opinion of Counsel substantially in the form of Exhibit E-4; and (vi) in connection with the occurrence of any event contemplated in Section 3.2 or 3.4, the Opinions of Counsel, the Issuer Tax
Opinion and the Master Trust Tax Opinion specified therein. 
 Section 7.3. Fees Payable by the Transferor.
Notwithstanding anything contained in any other Transaction Document (unless such document specifically refers to this Section 7.3), the Transferor shall pay out of its own funds, without reimbursement, all expenses incurred, fees and
disbursements of the Owner Trustee (as such and in its individual capacity), the Administrator and the Indenture Trustee (including, in each case, the reasonable fees and expenses of its outside counsel) and independent accountants and all other
fees and expenses relating to the Trust, including the costs of filing UCC continuation statements, the costs and expenses relating to obtaining and maintaining the listing of any Notes on any stock exchange, the costs and expenses relating to
maintaining Issuer Accounts, and any stamp, documentary, excise, property (whether on real, personal or intangible property) or any similar tax levied on the Trust or the Trust’s assets that are not expressly stated in this Agreement to be
payable by the Trust (other than federal, state, local and foreign income and franchise taxes, if any, or any interest or penalties with respect thereto, assessed on the Trust, which shall be paid by the Trust). 

Section 7.4. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto hereby declare that it is their intention that this Agreement shall be regarded as made under the
laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Agreement involves at least
$100,000.00, and (b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the
jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b) (1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and
maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid 

  
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service, and that service made pursuant to (b) (1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon
such party personally within the State of Delaware. 
 Section 7.5. 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 certified mail, return receipt requested, or sent by facsimile transmission or sent by electronic mail: 

(i) in the case of RFC VIII, as a Transferor, to: 

American Express Receivables Financing Corporation VIII LLC 

200 Vesey Street 

31st Floor, Room 507C 
 New York, New York 10285 
 Attention: President 

Fax: (212) 640-0404 
 with a copy to: 
 American Express Travel Related Services Company,
Inc. 
 200 Vesey Street 
 New York, New York 10285 
 Attention: Treasurer 

Fax: (212) 640-0405 
 (ii) in the case of the Trust or the Owner Trustee, to: 

Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 

Wilmington, Delaware 19890-0001 
 Attention: Corporate Trust Administration 
 Fax:
(302) 636-4140 
 esoriano@wilmingtontrust.com 

(iii) in the case of the Indenture Trustee, to: 
 The Bank of New York Mellon 
 101 Barclay Street, Floor 4 West

 New York, New York 10286 

Attention: Asset Backed Unit 
 Fax: (212) 815-2493 
 catherine.cerilles@bnymellon.com

 (iv) in the case of the Note Rating Agency for a particular Series, the address, if any, specified in the Indenture
Supplement relating to such Series, and 

  
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 (v) to any other Person as specified in the Indenture; or, as to each party, at such other
address, facsimile number or electronic mail address 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 Notes that are Registered Notes shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Note
Register. No Notice shall be required to be mailed to a Holder of Notes that are Bearer Notes but shall be given as provided below. 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. In addition, (a) if and so long as any Series, Class or Tranche of Notes is listed on the Luxembourg Stock Exchange and such stock exchange shall so require, any Notice to Noteholders
shall be published in an Authorized Newspaper of general circulation in Luxembourg within the time period prescribed in this Agreement and (b) in the case of any Series, Class or Tranche of Notes with respect to which any Bearer Notes are
Outstanding, any Notice required or permitted to be given to Holders of such Series, Class or Tranche shall be published in an Authorized Newspaper within the time period prescribed in this Agreement. 

Section 7.6. 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 or of the
Notes or the rights of any Noteholders. 
 Section 7.7. Further Assurances. Each Transferor agrees 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 the Owner Trustee and the Indenture Trustee more fully to effect the purposes of this Agreement, including the
authorization and/or filing of any financing statements or amendments thereto relating to the Receivables and/or the Collateral Certificates for filing under the provisions of the UCC of any applicable jurisdiction. 

Section 7.8. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trust, the
Owner Trustee, the Indenture Trustee or any Noteholders, 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 7.9. 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 7.10. Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto,
the Noteholders, any Supplemental Credit Enhancement Providers, any Derivative Counterparties and their respective successors and 

  
 52 

 
assigns. Except as otherwise expressly provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 7.11. Actions by Noteholders. 
 (a) Wherever in this Agreement a provision is made that an action may be taken or a Notice, demand or instruction given by Noteholders, such action, Notice, demand or instruction may be taken or given by
any Noteholder, unless such provision requires a specific percentage of Noteholders. 
 (b) Any Notice, request, demand,
authorization, direction, consent, waiver or other act by a Noteholder shall bind such Noteholder 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 the Owner Trustee, the Indenture Trustee or any Transferor in reliance thereon, whether or not notation of such action is made upon such Note. 

Section 7.12. Rule 144A Information. For so long as any of the Notes are “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act, each Transferor and each of the Owner Trustee, the Indenture Trustee and the Servicer agree to cooperate with each other to provide to any Holders of such Series, Class or Tranche and to any
prospective purchaser of Assets Pool One 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 7.13. 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 7.14. Headings. The headings herein are for
purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

Section 7.15. 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 the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the Trust Assets, and for all purposes of this Agreement and each other document, the 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 7.16. No Petition. To the fullest extent permitted by applicable law, the Indenture Trustee and each Transferor, by entering into this Agreement, and each Noteholder, by accepting a
Note, agrees that it will not at any time institute against any Master Trust or the 

  
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Issuer, or join in any institution against any Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes and this Agreement. 
 Section 7.17. Force Majeure. In no event shall the Indenture Trustee or the Owner Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Indenture Trustee and the Owner Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 [END OF
ARTICLE VII] 

  
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 ARTICLE VIII 
 COMPLIANCE WITH REGULATION AB 
 Section 8.1. Intent of the Parties;
Reasonableness. The Transferor, the Issuer and the Indenture Trustee acknowledge and agree that the purpose of this Article VIII is to facilitate compliance by the Transferor with the provisions of Regulation AB and related rules and regulations
of the Commission. The Transferor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the 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). The Indenture Trustee acknowledges that interpretations of
the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to
comply with requests made by the Transferor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Indenture Trustee agrees to cooperate in good faith with any reasonable
request by the Transferor for information regarding the Indenture Trustee which is required in order to enable the Transferor to comply with the provisions of Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118, 1119 and 1122 of Regulation AB as it
relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this Agreement. 
 Section 8.2.
Additional Representations and Warranties of the Indenture Trustee. The Indenture Trustee shall be deemed to represent to the Transferor, as of the date on which information is provided to the Transferor under Section 8.3 that, except as
disclosed in writing to the Transferor prior to such date to the best of its knowledge, but without independent investigation: (i) neither the execution, delivery and performance by the Indenture Trustee of this Agreement, the performance by
the Indenture Trustee of its obligations under this Agreement nor the consummation of any of the transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase
agreement, long-term lease, license or other agreement or instrument to which the Indenture Trustee is a party or by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to perform its
obligations under this Agreement, or of any judgment or order applicable to the Indenture Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in any court or before any governmental authority, agency
or arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect on the right, power and authority of the Indenture Trustee to enter into this Agreement or to perform its obligations under this
Agreement. 
 Section 8.3. Information to Be Provided by the Indenture Trustee. The Indenture Trustee shall
(i) on or before the fifth Business Day of each month, provide to the Transferor, in writing, such information regarding the Indenture Trustee as is requested for the purpose of compliance with Item 1117 of Regulation AB, and (ii) as
promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to such information, provide to the Transferor, in writing, such updated information. 

  
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 The Indenture Trustee shall (i) on or before the fifth Business Day of each January,
April, July and October, provide to the Transferor such information regarding the Indenture Trustee as is requested for the purpose of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118 and 1119 of Regulation AB, and (ii) as promptly as
practicable following notice to or discovery by the Indenture Trustee of any changes to such information, provide to the Transferor, in writing, such updated information. Such information shall include, at a minimum: 

(A) the Indenture Trustee’s name and form of organization; 

(B) a description of the extent to which the Indenture Trustee has had prior experience serving as an Indenture Trustee
for asset-backed securities transactions involving credit or charge card receivables; 
 (C) a description of any
affiliation between the Indenture Trustee and any of the following parties to a Securitization Transaction, as such parties are identified to the Indenture Trustee by the Transferor in writing in advance of such Securitization Transaction:

  

	 	(1)	the sponsor; 

  

	 	(2)	any depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

 In connection with the above-listed parties, a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is
entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that
existed during the past two years and that is material to an investor’s understanding of the asset-backed securities. 

Section 8.4. Report on Assessment of Compliance and Attestation. On or before the earlier of (a) March 1 and
(b) 30 days prior to the date on which the Trust is required to file the report on Form 10-K in each calendar year, commencing in 2013, the Indenture Trustee shall: 

(i) deliver to the Transferor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing
Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Transferor or the Servicer, as applicable, and signed
by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in Exhibit G or such criteria as mutually agreed upon by the Transferor and the Indenture Trustee; 

  
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 (ii) deliver to the Transferor a report of a registered public accounting
firm reasonably acceptable to the Transferor that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 
 (iii) deliver to the
Transferor and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002) on behalf of the Trust or the Transferor with respect to a Securitization Transaction a certification substantially in the form attached hereto as Exhibit F or such form as mutually agreed upon by the Transferor and the Indenture
Trustee. 
 The Indenture Trustee acknowledges that the parties identified in clause (iii) above may rely on the
certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 [END OF ARTICLE VIII] 

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

					
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
 as Transferor

		
	By:	 	 /s/ Anderson Y. Lee

		 	Name:	 	Anderson Y. Lee
		 	Title:	 	Vice President and Treasurer
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its individual capacity but solely
 as Owner Trustee on behalf of the
Trust

		
	By:	 	 /s/ Erwin M. Soriano

		 	Name:	 	Erwin M. Soriano
		 	Title:	 	Assistant Vice President
	
	 THE BANK OF NEW YORK MELLON,
 as Indenture Trustee

		
	By:	 	 /s/ Michael D. Commisso

		 	Name:	 	Michael D. Commisso
		 	Title:	 	Vice President

 Acknowledged and Accepted: 
  

					
	 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,
 as Servicer and Administrator

		
	By:	 	 /s/ David Y. Yowan

		 	Name:	 	David Y. Yowan
		 	Title:	 	Treasurer

 [Transfer Agreement] 

  
 58 

 EXHIBIT A 
 FORM OF ASSIGNMENT OF RECEIVABLES IN AGGREGATE ADDITION ACCOUNTS 

INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II 
 (as required by Section 2.13(c)(viii) of the Transfer Agreement) 
 ASSIGNMENT No. [    ] OF RECEIVABLES IN AGGREGATE ADDITION ACCOUNTS INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this “Assignment”), dated as of
[                    
],1 by and between AMERICAN EXPRESS RECEIVABLES FINANCING
CORPORATION VIII LLC (“RFC VIII”), as transferor (the “Transferor”), and AMERICAN EXPRESS ISSUANCE TRUST II (the “Trust”), as issuer, pursuant to the Transfer Agreement referred to below.

 W I T N E S S E T H: 

WHEREAS, RFC VIII, as Transferor, the Trust and The Bank of New York Mellon, as Indenture Trustee (the “Indenture
Trustee”), are parties to the Transfer Agreement, dated as of October 24, 2012 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Transfer
Agreement”); 
 WHEREAS, pursuant to the Transfer Agreement, the Transferor wishes to designate Aggregate Addition
Accounts to be included as Accounts and to convey its right, title and interest in the Receivables of such Aggregate Addition Accounts, whether existing at the Addition Cut-Off Date or thereafter created, to the Trust pursuant to the Transfer
Agreement; and 
 WHEREAS, the Trust is willing to accept such designation and pledge subject to the terms and conditions
hereof. 
 NOW, THEREFORE, the Transferor and the Trust hereby agree as follows: 

1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Transfer Agreement unless
otherwise defined herein. 
 “Addition Cut Off Date” shall mean, with respect to the Aggregate Addition
Accounts, [                    ,         ]. 

“Addition Date” shall mean, with respect to the Aggregate Addition Accounts,
[                    ,         ]. 
 “Additional Trust Assets” shall have the meaning set forth in subsection 3(a). 
 “Aggregate Addition Accounts” shall mean the Aggregate Addition Accounts, as defined in the Transfer Agreement, that are designated hereby and listed on Schedule 1 hereto.

  

	1 	 To be dated as of the applicable Addition Date. 

  
 A-1

 “Selection Date” shall mean [(i)] for the added accounts with the code
designation “[    ],” the close of business on the cycle billing date for such added accounts occurring in the period beginning on the close of business on
[                    ] and ending at the close of business on
[                    ] [and (ii) for the added accounts with the code designation “[    ],” the close of business
on the cycle billing date for such added accounts occurring in the period beginning on the close of business on [                    ] and ending at
the close of business on [                    ]]. 
 2. Designation of Aggregate Addition Accounts. The Transferor shall deliver or cause to be delivered to the Trust and the Indenture Trustee not later than five Business Days after the Addition
Date, a computer file or microfiche list containing a true and complete list of the Aggregate Addition Accounts. Such list is incorporated into and made part of this Assignment, shall be Schedule 1 to this Assignment and shall supplement
Schedule 1 to the Transfer Agreement. 
 3. Conveyance of Receivables. (a) The Transferor does hereby
transfer, assign, set over and otherwise convey to the Trust, without recourse except as provided in the Transfer Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under the Receivables existing at
the Addition Cut Off Date and thereafter created and arising in the Aggregate Addition Accounts (including Related Accounts with respect to such Aggregate Addition Accounts), all Recoveries allocable to such Receivables, all monies due or to become
due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Additional Trust Assets”).
The foregoing does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, any Noteholders or any Supplemental Credit Enhancement
Providers of any obligation of the Servicer, the Transferor or any other Person in connection with the Additional Trust Assets or under any agreement or instrument relating thereto, including any obligation to Obligors, merchants clearance systems
or insurers. 
 (b) If necessary, the Transferor shall record and file, at its own expense, any financing
statements (and amendments with respect to such financing statements when applicable) with respect to the Additional Trust Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect,
and maintain perfection of, the transfer, assignment, set-over or other conveyance of its interest in such Additional Trust Assets to the Trust and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to
the Trust and the Indenture Trustee as soon as practicable after the Addition Date. Neither the Trust nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or amendments to statements or to make any
filing under the UCC in connection with such transfer, assignment, set-over or other conveyance. 
 (c) The
Transferor shall, at its own expense, on or prior to the Addition Date, indicate in the appropriate computer files that all Receivables created in connection with the Aggregate Addition Accounts and the related Additional Trust Assets have been
conveyed to the Trust pursuant to the Transfer Agreement and this Assignment by including in the securitization field of such computer files the code “[    ]” [or “[    ],” as applicable,]
for each such Aggregate Addition Account. 

  
 A-2

 (d) The Transferor does hereby grant to the Trust and the Indenture Trustee a security
interest in all of such Transferor’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Additional Trust Assets. This Assignment shall constitute a security agreement under applicable law. 

4. Acceptance by Trust. The Trust hereby acknowledges its acceptance of all right, title and interest in and to the Additional
Trust Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment. 
 5. Representations and Warranties of
the Transferor. The Transferor hereby acknowledges on the Addition Date that it makes the representations and warranties in Sections 2.3 and 2.4 of the Transfer Agreement with respect to the Aggregate Addition Accounts. 

6. Ratification of the Transfer Agreement. The Transfer Agreement is hereby ratified, and all references to the “Transfer
Agreement,” to “this Transfer Agreement” and “herein” shall be deemed from and after the Addition Date to be a reference to the Transfer Agreement as supplemented and amended by this Assignment. Except as expressly amended
hereby, all the representations, warranties, terms, covenants and conditions of the Transfer 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 Transfer Agreement. 
 7. Counterparts. This Assignment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. 

8. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto hereby declare that it is their intention that this Agreement shall be regarded as made under the laws of the State
of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Agreement involves at least $100,000.00, and
(b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of
the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b) (1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent
in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of
mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b) (1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal
force and effect as if served upon such party personally within the State of Delaware. 

  
 A-3

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

			
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
 as Transferor

		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,

not in its individual capacity but solely
 as
Owner Trustee on behalf of the Trust

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACCEPTED AND ACKNOWLEDGED:
	
	 THE BANK OF NEW YORK MELLON,
 as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1 (to Exhibit A) 

LIST OF AGGREGATE ADDITION ACCOUNTS 

 EXHIBIT B 
 FORM OF ASSIGNMENT OF AN ADDITIONAL COLLATERAL CERTIFICATE 
 INCLUDED IN
AMERICAN EXPRESS ISSUANCE TRUST II 
 (as required by Section 2.13(c)(viii) of the Transfer Agreement) 

ASSIGNMENT No. [    ] OF AN ADDITIONAL COLLATERAL CERTIFICATE INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this
“Assignment”), dated as of [                    ],2 by and between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC (“RFC VIII”), as transferor
(the “Transferor”), and AMERICAN EXPRESS ISSUANCE TRUST II (the “Trust”), as issuer, pursuant to the Transfer Agreement referred to below. 
 W I T N E S S E T H: 
 WHEREAS, RFC VIII, as Transferor, the Trust and The Bank of New York Mellon, as Indenture Trustee (the “Indenture Trustee”), are parties to the Transfer Agreement, dated as of
October 24, 2012 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Transfer Agreement”); 

WHEREAS, pursuant to the Transfer Agreement, the Transferor wishes to designate an additional Collateral Certificate to be included as a
Collateral Certificate and to convey its right, title and interest in such additional Collateral Certificate to the Trust pursuant to the Transfer Agreement; and 
 WHEREAS, the Trust is willing to accept such designation and pledge subject to the terms and conditions hereof. 
 NOW, THEREFORE, the Transferor and the Trust agree as follows: 
 1. Defined
Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Transfer Agreement unless otherwise defined herein. 
 “Addition Date” shall mean, with respect to the Collateral Certificate designated on Schedule 1 hereto,
[                    ,         ]. 
 “Additional Trust Assets” shall have the meaning set forth in subsection 3(a). 
 2. Designation of Additional Collateral Certificate. The Transferor shall deliver or cause to be delivered to the Trust and the Indenture Trustee not later than five Business Days after the
Addition Date, one or more lists containing a true and complete list of the Collateral Certificates. Such list is incorporated into and made part of this Assignment, shall be Schedule 1 to this Assignment and shall supplement Schedule
2 to the Transfer Agreement. 
 3. Conveyance of Additional Collateral Certificate. (a) The Transferor does
hereby transfer, assign, set over and otherwise convey to the Trust, without recourse except as 
  

	2 	To be dated as of the applicable Addition Date. 

  
 B-1

 
provided in the Transfer Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under the additional Collateral Certificate as of the Addition Date,
all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Additional
Trust Assets”). The foregoing does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, any Noteholders or any
Supplemental Credit Enhancement Providers of any obligation of the Servicer, the Transferor or any other Person in connection with the Additional Trust Assets or under any agreement or instrument relating thereto, including any obligation to
Obligors, merchants clearance systems or insurers. 
 (b) If necessary, the Transferor shall record and file, at its own
expense, financing statements (and amendments with respect to such financing statements when applicable) with respect to the Additional Trust Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as are
necessary to perfect, and maintain perfection of, the transfer, assignment, set-over or other conveyance of its interest in such Additional Trust Assets to the Trust and to deliver a file-stamped copy of each such financing statement or other
evidence of such filing to the Trust and the Indenture Trustee as soon as practicable after the Addition Date. Neither the Trust nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or amendments to
statements or to make any filing under the UCC in connection with such transfer, assignment, set-over or other conveyance. 

(c) The Transferor does hereby grant to the Trust and the Indenture Trustee a security interest in all of such Transferor’s right,
title and interest, whether now owned or hereafter acquired, in, to and under the Additional Trust Assets. This Assignment shall constitute a security agreement under applicable law. 

4. Acceptance by Trust. The Trust hereby acknowledges its acceptance of all right, title and interest in and to the Additional
Trust Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment. 
 5. Representations and Warranties of
the Transferor. The Transferor hereby acknowledges on the Addition Date that it makes the representations and warranties in Sections 2.3 and 2.4 of the Transfer Agreement with respect to the additional Collateral Certificate. 

6. Ratification of the Transfer Agreement. The Transfer Agreement is hereby ratified, and all references to the “Transfer
Agreement,” to “this Transfer Agreement” and “herein” shall be deemed from and after the Addition Date to be a reference to the Transfer Agreement as supplemented and amended by this Assignment. Except as expressly amended
hereby, all the representations, warranties, terms, covenants and conditions of the Transfer 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 Transfer Agreement. 

  
 B-2

 7. Counterparts. This Assignment may be executed in any number of counterparts, all
of which taken together shall constitute one and the same instrument. 
 8. Governing Law; Submission to Jurisdiction;
Appointment of Agent for Service of Process. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto hereby declare that it is
their intention that this Agreement shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of
the parties hereto agrees (a) that this Agreement involves at least $100,000.00, and (b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties hereto
hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b) (1) to the extent such party is not
otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable
law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to
(b) (1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 

  
 B-3

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

			
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
 as Transferor

		
	 By:
	 	  

		 	Name:
		 	Title:
	
	 AMERICAN EXPRESS ISSUANCE TRUST II

		
	 By:
	 	 WILMINGTON TRUST COMPANY,

not in its individual capacity but solely
 as
Owner Trustee on behalf of the Trust

		
	 By:
	 	  

		 	Name:
		 	Title:

  

			
	ACCEPTED AND ACKNOWLEDGED:
	
	 THE BANK OF NEW YORK MELLON,
 as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1 (to Exhibit B) 

LIST OF COLLATERAL CERTIFICATES 

 EXHIBIT C 
 FORM OF ASSIGNMENT OF RECEIVABLES IN NEW ACCOUNTS 
 INCLUDED IN AMERICAN
EXPRESS ISSUANCE TRUST II 
 (as required by Section 2.13(e)(vi) of the Transfer Agreement) 

ASSIGNMENT No. [    ] OF RECEIVABLES IN NEW ACCOUNTS INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this
“Assignment”), dated as of the Addition Date set forth below, by and between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC (“RFC VIII”), as transferor (the “Transferor”), and AMERICAN
EXPRESS ISSUANCE TRUST II (the “Trust”), as issuer, pursuant to the Transfer Agreement referred to below. 

W I T N E S S E T H: 

WHEREAS, RFC VIII, as Transferor, the Trust and The Bank of New York Mellon, as Indenture Trustee (the “Indenture
Trustee”), are parties to the Transfer Agreement, dated as of October 24, 2012 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Transfer
Agreement”); 
 WHEREAS, pursuant to the Transfer Agreement, the Transferor wishes to designate New Accounts to be
included as Accounts and to convey its right, title and interest in the Receivables of such New Accounts (as each such term is defined in the Transfer Agreement), whether existing at the Addition Cut-Off Date of each New Account or thereafter
created, to the Trust pursuant to the Transfer Agreement; and 
 WHEREAS, the Trust is willing to accept such designation and
pledge subject to the terms and conditions hereof. 
 NOW, THEREFORE, the Transferor and the Trust hereby agree as follows:

 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Transfer Agreement
unless otherwise defined herein. 
 “Addition Cut Off Date” shall mean, with respect to each New Account, the
date on which such New Account is originated. 
 “Addition Date” shall mean, with respect to each New Account,
[            ]. 
 “Additional Trust Assets” shall
have the meaning set forth in subsection 3(a). 
 “New Account Delivery Date” shall mean the fifteenth
calendar day of the month (or, if such fifteenth calendar day is not a Business Day, the next succeeding Business Day) following the Monthly Period in which the Addition Date occurs. 

“New Accounts” shall mean the New Accounts, as defined in the Transfer Agreement, that are designated hereby and to be
listed on Schedule 1 hereto. 

  
 C-1

 “Selection Date” shall mean, with respect to each New Account, the date on
which such New Account is originated. 
 2. Designation of New Accounts. The New Accounts are designated hereby. On the
New Account Delivery Date, the Transferor shall deliver or cause to be delivered to the Trust and the Indenture Trustee a computer file or microfiche list containing a true and complete list of the New Accounts. Such list is incorporated into and
made part of this Assignment, shall be Schedule 1 to this Assignment and shall supplement Schedule 1 to the Transfer Agreement. 
 3. Pledge of Receivables. (a) The Transferor does hereby transfer, assign, set over and otherwise convey to the Trust, without recourse except as provided in the Transfer Agreement, all of its
right, title and interest, whether now owned or hereafter acquired, in, to and under the Receivables existing at the close of business at the applicable Addition Cut Off Date of each New Account and thereafter created and arising in the New Accounts
(including Related Accounts with respect to such Aggregate Addition Accounts), all Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect
thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Additional Trust Assets”). The foregoing does not constitute and is not intended to result in the creation or assumption by
the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, any Noteholders or any Supplemental Credit Enhancement Providers of any obligation of the Servicer, the Transferor or any other Person in connection with
the Additional Trust Assets or under any agreement or instrument relating thereto, including any obligation to Obligors, merchants clearance systems or insurers. 

(b) If necessary, the Transferor shall record and file, at its own expense, financing statements (and amendments with
respect to such financing statements when applicable) with respect to the Additional Trust Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the
transfer, assignment, set-over or other conveyance of its interest in such Additional Trust Assets to the Trust, and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to the Trust and the Indenture
Trustee as soon as practicable after the Addition Date. Neither the Trust nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or amendments to statements or to make any filing under the UCC in
connection with such transfer, assignment, set-over or other conveyance. 
 (c) The Transferor shall, at its own
expense, on or prior to the Addition Date, indicate in the appropriate computer files that all Receivables created in connection with the New Accounts and the related Additional Trust Assets have been conveyed to the Trust pursuant to this
Assignment by including in the securitization field of such computer files the code “[    ]” [or “[    ],” as applicable,] for each such New Account. 

(d) The Transferor does hereby grant to the Trust and the Indenture Trustee a security interest in all of such
Transferor’s right, title and interest, whether now 

  
 C-2

 
owned or hereafter acquired, in, to and under the Additional Trust Assets. This Assignment shall constitute a security agreement under applicable law. 

4. Acceptance by Trust. The Trust hereby acknowledges its acceptance of all right, title and interest in and to the Additional
Trust Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment. 
 5. Representations and Warranties of
the Transferor. The Transferor hereby acknowledges on the Addition Date that it makes the representations and warranties in Sections 2.3 and 2.4 of the Transfer Agreement with respect to the New Accounts. 

6. Ratification of the Transfer Agreement. The Transfer Agreement is hereby ratified, and all references to the “Transfer
Agreement,” to “this Transfer Agreement” and “herein” shall be deemed from and after the Addition Date to be a reference to the Transfer Agreement as supplemented and amended by this Assignment. Except as expressly amended
hereby, all the representations, warranties, terms, covenants and conditions of the Transfer 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 Transfer Agreement. 
 7. Counterparts. This Assignment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. 

8. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto hereby declare that it is their intention that this Agreement shall be regarded as made under the laws of the State
of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Agreement involves at least $100,000.00, and
(b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of
the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b) (1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent
in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of
mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b) (1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal
force and effect as if served upon such party personally within the State of Delaware. 

  
 C-3

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

			
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
 as Transferor

		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not
in its individual capacity but solely
 as Owner Trustee on behalf of the Trust

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACCEPTED AND ACKNOWLEDGED:
	
	 THE BANK OF NEW YORK MELLON,
 as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1 (to Exhibit C) 

LIST OF NEW ACCOUNTS 

 EXHIBIT D 
 FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS 
 FROM AMERICAN
EXPRESS ISSUANCE TRUST II 
 (as required by Section 2.14(c) of the Transfer Agreement) 

REASSIGNMENT No. [    ] OF RECEIVABLES INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this
“Reassignment”), dated as of
[            ],3 by and between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC (“RFC VIII”), as transferor (the “Transferor”), and AMERICAN EXPRESS ISSUANCE TRUST II (the
“Trust”), as issuer, pursuant to the Transfer Agreement referred to below. 
 W I T
N E S S E T H: 
 WHEREAS, RFC VIII, as Transferor, the Trust and The Bank of
New York Mellon, as Indenture Trustee (the “Indenture Trustee”), are parties to the Transfer Agreement, dated as of October 24, 2012 (hereinafter as such agreement may have been, or may from time to time be, amended,
supplemented or otherwise modified, the “Transfer Agreement”); 
 WHEREAS, pursuant to the Transfer Agreement,
the Trust wishes to remove from the Trust all Receivables in certain designated Accounts (the “Removed Accounts”) and to cause the Trust to reassign the Receivables of such Removed Accounts, whether now existing or hereafter
created, from the Trust to the Transferor; and 
 WHEREAS, the Trust is willing to accept such designation and to reconvey the
Receivables in the Removed Accounts subject to the terms and conditions hereof. 
 NOW, THEREFORE, the Trust and the Transferor
hereby agree as follows: 
 1. Defined Terms. All terms defined in the Transfer Agreement and used herein shall have such
defined meanings when used herein, unless otherwise defined herein. 
 “Removal Date” shall mean, with respect
to the Removed Accounts, [            ,     ]. 

“Removal Notice Date” shall mean, with respect to the Removed Accounts,
[            ,     ]. 
 “Removed
Accounts” shall mean the Removed Accounts, as defined in the Transfer Agreement, that are designated hereby and listed on Schedule 1 hereto. 
 2. Designation of Removed Accounts. On or prior to the Removal Date, the Transferor shall deliver or cause to be delivered to the Trust and the Indenture Trustee a computer file or microfiche list
containing a true and complete list of the Removed Accounts. Such list is incorporated into and made part of this Assignment, shall be Schedule 1 to this Reassignment and shall supplement Schedule 1 to the Transfer Agreement.

  

	3 	 To be dated as of the Removal Date. 

  
 D-1

 3. Conveyance of Receivables. (a) The Trust does hereby sell, transfer, assign,
set over and otherwise convey to the Transferor, effective as of the Removal Date, without recourse, representation or warranty, all the right, title and interest of the Trust in, to and under the Receivables arising in the Removed Accounts, all
Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC)
thereof (collectively, the “Removed Trust Assets”). 
 (b) In connection with such reassignment,
the Trust agrees to execute and deliver to the Transferor, on or prior to the date this Reassignment is delivered, applicable termination statements prepared by the Trust with respect to the Removed Trust Assets evidencing the release by the Trust
of its security interest in the Receivables in the Removed Accounts, and meeting the requirements of applicable state law, in such manner and such jurisdictions as necessary to terminate such interest. 

(c) The Transferor shall, at its own expense, on or prior to the Removal Date, indicate in the appropriate computer files
that all Receivables reassigned in connection with the Removed Accounts and the related Removed Trust Assets have been conveyed to the Transferor pursuant to this Reassignment by deleting in the securitization field of such computer files the code
“[    ]”[or “[    ],” as applicable,] for each such Removed Account. 
 4. Representations and Warranties. The Transferor hereby represents and warrants to the Indenture Trustee as of the Removal Date: 

(a) Legal Valid and Binding Obligation. This Reassignment constitutes a legal, valid and binding obligation of the
Transferor enforceable against the Transferor, in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity); and 
 (b) List of Removed Accounts. The list of Removed
Accounts delivered pursuant to subsection 2.14(a)(ii) of the Transfer Agreement, as of the Removal Date, is true and complete in all material respects. 
 5. Ratification of the Transfer Agreement. The Transfer Agreement is hereby ratified, and all references to the “Transfer Agreement,” to “this Transfer Agreement” and
“herein” shall be deemed from and after the removal Date to be a reference to the Transfer Agreement as supplemented and amended by this Reassignment. Except as expressly amended hereby, all the representations, warranties, terms,
covenants and conditions of the Transfer 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 Transfer Agreement. 
 6.
Counterparts. This Reassignment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. 

  
 D-2

 7. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of
Process. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto hereby declare that it is their intention that this Agreement
shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees
(a) that this Agreement involves at least $100,000.00, and (b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties hereto hereby irrevocably and
unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b) (1) to the extent such party is not otherwise subject to service
of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may
also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b) (1) or (2) above shall,
to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 

  
 D-3

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

			
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	By:	 	  

		 	Name:
		 	Title:
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
 as Transferor

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACCEPTED AND ACKNOWLEDGED:
	
	 THE BANK OF NEW YORK MELLON,
 as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-4

 Schedule 1 (to Exhibit D) 

REMOVED ACCOUNTS 

  
 D-5

 EXHIBIT E-1 
 FORM OF OPINION OF COUNSEL 
 WITH RESPECT TO AMENDMENTS 

Provisions to be included in 
 Opinion of Counsel to be 
 delivered pursuant to  

subsection 7.2(d)(i) 
 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 amendment date.

 (i) The amendment to the Transfer Agreement, attached hereto as Schedule 1 (the “Amendment”),
has been duly authorized, executed and delivered by the Transferor and constitutes the legal, valid and binding agreement of the Transferor, enforceable in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws
and except as such enforceability may be limited to general principles of equity (whether considered in a suit at law or in equity). The enforceability of the Transferor’s obligations 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 7.1 of the Transfer Agreement. 

  
 E-1-1

 EXHIBIT E-2 
 FORM OF OPINION OF COUNSEL 
 WITH RESPECT TO AGGREGATE ADDITION ACCOUNTS

 Provisions to be included in 
 Opinion of Counsel to be 
 delivered pursuant to 

subsection 7.2(d)(ii) or (iv) 
 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 Issuance Date.

 1. The Transfer Agreement creates in favor of the Trust a security interest in the rights of the Transferor in the
Receivables identified in Schedule 1 to the Transfer Agreement and the identifiable proceeds thereof. 
 2. The security
interest described in the paragraph above is perfected. 
 3. The UCC search report obtained from the Secretary of State of the
State of Delaware (Uniform Commercial Code Section) (the “Division”) against the Transferor sets forth the proper filing office and the proper debtor necessary to identify those persons who under the Delaware Uniform Commercial Code
have on file financing statements against the Transferor covering the Receivables as of the effective time of the UCC search report. The UCC search report identifies no secured party (other than The Bank of New York Mellon) who has on file with the
Division a currently effective financing statement naming the Transferor as debtor. 

  
 E-2-1

 EXHIBIT E-3 
 FORM OF OPINION OF COUNSEL 
 WITH RESPECT TO NEW ACCOUNTS 

Provisions to be included in 
 Opinion of Counsel to be 
 delivered pursuant to 

subsection 7.2(d)(iii) 
 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 Issuance Date.

 4. The Transfer Agreement creates in favor of the Trust a security interest in the rights of the Transferor in the
Receivables identified in Schedule 1 to the Transfer Agreement and the identifiable proceeds thereof. 
 5. The security
interest described in the paragraph above is perfected. 
 6. The UCC search report obtained from the Secretary of State of the
State of Delaware (Uniform Commercial Code Section) (the “Division”) against the Transferor sets forth the proper filing office and the proper debtor necessary to identify those persons who under the Delaware Uniform Commercial Code
have on file financing statements against the Transferor covering the Receivables as of the effective time of the UCC search report. The UCC search report identifies no secured party (other than The Bank of New York Mellon) who has on file with the
Division a currently effective financing statement naming the Transferor as debtor. 

  
 E-3-1

 EXHIBIT E-4 
 PROVISIONS TO BE INCLUDED IN 
 ANNUAL OPINION OF COUNSEL 

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 Issuance Date. Unless otherwise indicated, all capitalized terms used herein shall have the meanings ascribed to them in the Transfer Agreement and in the Assignment. 

1. The security interest created by the Transfer Agreement in favor of the Trust in the rights of the Transferor in the Receivables
identified in Schedule 1 to the Transfer Agreement and the identifiable proceeds thereof is perfected. 
 2. A UCC search
report has been obtained from the Secretary of State of the State of Delaware (Uniform Commercial Code Division) (the “Division”) that confirms that the financing statement(s) filed to perfect the security interest of the Trust in
the Receivables is(are) still effective and of record with the Division. 

  
 E-4-1

 EXHIBIT F 
 FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The Transfer Agreement, dated as of October 24, 2012 (the “Agreement”), among American Express Receivables Financing Corporation VIII LLC, as transferor,
American Express Issuance Trust II, as issuer, and The Bank of New York Mellon, as indenture trustee 

 I,
                                         
       , the
                                         
   of THE BANK OF NEW YORK MELLON (the “Company”), certify to the Transferor, and its officers, with the knowledge and intent that they will rely upon this certification, that: 

(1) I have reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and
15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), that were delivered by the Company to the Transferor pursuant to the Agreement (collectively, the
“Company Information”); 
 (2) To the best of my knowledge, the Company Information, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of
time covered by the Company Information; 
 (3) To the best of my knowledge, all of the Company Information
required to be provided by the Company under the Agreement has been provided to the Transferor; and 
 (4) To the
best of my knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations in all material respects under the Agreement. 

 

			
	Date:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 F-1

 EXHIBIT G 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
 The assessment of
compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”: 
  

					
	Servicing Criteria	  	Applicable
Servicing Criteria
	 Reference
	 	 Criteria
	  	 
			
		 	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.	  	
			
	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.	  	
			
	1122(d)(1)(iii)	 	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	  	
			
	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.	  	
			
		 	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	 	Payments on credit card accounts 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.	  	ü1
			
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	ü  
			
	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.	  	
			
	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.	  	ü  
			
	1122(d)(2)(v)	 	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally
insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	ü  
			
	1122(d)(2)(vi)	 	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	 	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the
person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	

  

	1 	 Solely with regard to deposits made by the Indenture Trustee. 

  
 G-1

					
	Servicing Criteria	  	 Applicable
Servicing Criteria

	 Reference
	 	 Criteria
	  	 
			
		 	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	 	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.
Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed
with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the servicer.	  	ü2
			
	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.	  	ü  
			
	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.	  	ü  
			
	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.	  	ü  
			
		 	Pool Asset Administration	  	
			
	1122(d)(4)(i)	 	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	  	ü3
			
	1122(d)(4)(ii)	 	Account and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	 	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction
agreements.	  	
			
	1122(d)(4)(iv)	 	Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the servicer’s obligor records
maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool
documents.	  	
			
	1122(d)(4)(v)	 	The servicer’s records regarding the accounts and the accounts agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	 	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in
accordance with the transaction agreements and related pool asset documents.	  	
			
	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.	  	
			
	1122(d)(4)(viii)	 	Records documenting collection efforts are maintained during the period a 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 Accounts including, for example, phone calls, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness or unemployment).	  	
			
	1122(d)(4)(ix)	 	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	  	

  

	2 	 Except for item (C), whereby the Indenture Trustee does not file reports with the Commission. 

	3 	 Solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments. 

  
 G-2

					
	Servicing Criteria	  	 Applicable
Servicing Criteria

	 Reference
	 	 Criteria
	  	 
			
	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 Account documents, on at least an
annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	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.	  	
			
	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.	  	
			
	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.	  	
			
	1122(d)(4)(xiv)	 	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	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.	  	

  

			
	[NAME OF INDENTURE TRUSTEE]
		
	Date:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 G-3

 SCHEDULE 1 
 List of Accounts 
 [Delivered to Indenture Trustee] 

 SCHEDULE 2 
 List of Collateral Certificates 
 [Delivered to Indenture Trustee]Indenture Dated as of October 24, 2012,

 Exhibit 4.7 
 AMERICAN EXPRESS ISSUANCE TRUST II 
 as Issuer 

and 
 THE BANK
OF NEW YORK MELLON 
 as Indenture Trustee and as Securities Intermediary 

INDENTURE 

DATED AS OF OCTOBER 24, 2012 

 Table of Contents 

 

									
	 	  	 	  	 	  	Page	 
		
	 RECITALS OF THE ISSUER
	  	 	1	  
		
	 GRANTING CLAUSE
	  	 	1	  
		
	 AGREEMENTS OF THE PARTIES
	  	 	3	  
		
	 LIMITED RECOURSE
	  	 	3	  
			
	 ARTICLE I
	  	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	4	  
				
	 Section 1.01
	  		  	 Definitions
	  	 	4	  
	 Section 1.02
	  		  	 Compliance Certificates and Opinions
	  	 	22	  
	 Section 1.03
	  		  	 Form of Documents Delivered to Indenture Trustee
	  	 	23	  
	 Section 1.04
	  		  	 Acts of Noteholders
	  	 	23	  
	 Section 1.05
	  		  	 Notices, etc. to Indenture Trustee and Issuer
	  	 	25	  
	 Section 1.06
	  		  	 Notices to Noteholders, Waiver
	  	 	26	  
	 Section 1.07
	  		  	 Conflict with Trust Indenture Act
	  	 	27	  
	 Section 1.08
	  		  	 Effect of Headings and Table of Contents
	  	 	27	  
	 Section 1.09
	  		  	 Successors and Assigns
	  	 	27	  
	 Section 1.10
	  		  	 Separability
	  	 	27	  
	 Section 1.11
	  		  	 Benefits of Indenture
	  	 	27	  
	 Section 1.12
	  		  	 Governing Law
	  	 	27	  
	 Section 1.13
	  		  	 Counterparts
	  	 	27	  
	 Section 1.14
	  		  	 Indenture Referred to in the Trust Agreement
	  	 	27	  
	 Section 1.15
	  		  	 Legal Holidays
	  	 	28	  
			
	 ARTICLE II
	  	 COLLATERAL
	  	 	29	  
				
	 Section 2.01
	  		  	 Recordings, Etc.
	  	 	29	  
	 Section 2.02
	  		  	 Trust Indenture Act Requirements
	  	 	30	  
	 Section 2.03
	  		  	 Suits To Protect the Collateral
	  	 	31	  
	 Section 2.04
	  		  	 Purchaser Protected
	  	 	31	  
	 Section 2.05
	  		  	 Powers Exercisable by Receiver or Indenture Trustee
	  	 	31	  
	 Section 2.06
	  		  	 Determinations Relating to Collateral
	  	 	31	  
	 Section 2.07
	  		  	 Release of All Collateral
	  	 	32	  
	 Section 2.08
	  		  	 Certain Actions by Indenture Trustee
	  	 	32	  
	 Section 2.09
	  		  	 Opinions as to Collateral
	  	 	32	  
	 Section 2.10
	  		  	 Certain Commercial Law Representations and Warranties
	  	 	33	  
	 Section 2.11
	  		  	 The Securities Intermediary
	  	 	34	  

  
 -i-

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
			
	 ARTICLE III
	 	 NOTE FORMS
	  	 	36	  
				
	 Section 3.01
	 		  	 Forms Generally
	  	 	36	  
	 Section 3.02
	 		  	 Forms of Notes
	  	 	36	  
	 Section 3.03
	 		  	 Form of Indenture Trustee’s Certificate of Authentication
	  	 	36	  
	 Section 3.04
	 		  	 Notes Issuable in the Form of a Global Note
	  	 	37	  
	 Section 3.05
	 		  	 Temporary Global Notes and Permanent Global Notes
	  	 	39	  
	 Section 3.06
	 		  	 Beneficial Ownership of Global Notes
	  	 	40	  
	 Section 3.07
	 		  	 Notices to Depository
	  	 	41	  
	 Section 3.08
	 		  	 CUSIP Numbers
	  	 	41	  
			
	 ARTICLE IV
	 	 THE NOTES
	  	 	42	  
				
	 Section 4.01
	 		  	 General Title, General Limitations, Issuable in Series, Terms of a Series, Class or Tranche of Notes
	  	 	42	  
	 Section 4.02
	 		  	 Denominations
	  	 	45	  
	 Section 4.03
	 		  	 Execution, Authentication and Delivery and Dating
	  	 	45	  
	 Section 4.04
	 		  	 Temporary Notes
	  	 	46	  
	 Section 4.05
	 		  	 Registration, Transfer and Exchange
	  	 	46	  
	 Section 4.06
	 		  	 Mutilated, Destroyed, Lost and Stolen Notes
	  	 	49	  
	 Section 4.07
	 		  	 Payment of Interest, Interest Rights Preserved; Withholding Taxes
	  	 	50	  
	 Section 4.08
	 		  	 Persons Deemed Owners
	  	 	50	  
	 Section 4.09
	 		  	 Cancellation
	  	 	51	  
	 Section 4.10
	 		  	 New Issuances of Notes
	  	 	51	  
	 Section 4.11
	 		  	 Specification of Required Subordinated Amount and other Terms with Respect to each Series, Class or Tranche of
Notes
	  	 	53	  
	 Section 4.12
	 		  	 Groups
	  	 	53	  
			
	 ARTICLE V
	 	 ISSUER ACCOUNTS AND INVESTMENTS
	  	 	55	  
				
	 Section 5.01
	 		  	 Collections
	  	 	55	  
	 Section 5.02
	 		  	 Issuer Accounts; Distributions from Issuer Accounts
	  	 	55	  
	 Section 5.03
	 		  	 Investment of Funds in the Issuer Accounts
	  	 	56	  
	 Section 5.04
	 		  	 Allocations of Finance Charge Collections and the Default Amount
	  	 	57	  
	 Section 5.05
	 		  	 Allocations of Principal Collections
	  	 	57	  
	 Section 5.06
	 		  	 Allocations of the Servicing Fee
	  	 	58	  
	 Section 5.07
	 		  	 Allocations of Amounts to the Excess Funding Account and Allocations of Amounts on Deposit in the Excess Funding
Account
	  	 	58	  

  
 -ii-

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
	 Section 5.08
	 		  	 Allocations of Finance Charge Collections, Default Amounts, Servicing Fees and Principal Collections Allocable to the
Transferor Interest
	  	 	58	  
			
	 ARTICLE VI 
	 	 SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUER OR THE TRANSFEROR
	  	 	60	  
				
	 Section 6.01
	 		  	 Satisfaction and Discharge of Indenture
	  	 	60	  
	 Section 6.02
	 		  	 Application of Trust Money
	  	 	60	  
			
	 ARTICLE VII 
	 	EVENTS OF DEFAULT AND REMEDIES	  	 	62	  
				
	 Section 7.01
	 		  	 Events of Default
	  	 	62	  
	 Section 7.02
	 		  	 Acceleration of Maturity; Rescission and Annulment
	  	 	63	  
	 Section 7.03
	 		  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	64	  
	 Section 7.04
	 		  	 Indenture Trustee May File Proofs of Claim
	  	 	65	  
	 Section 7.05
	 		  	 Indenture Trustee May Enforce Claims Without Possession of Notes
	  	 	65	  
	 Section 7.06
	 		  	 Application of Money Collected
	  	 	66	  
	 Section 7.07
	 		  	 Indenture Trustee May Elect to Hold the Collateral
	  	 	66	  
	 Section 7.08
	 		  	 Sale of Collateral for Accelerated Notes
	  	 	66	  
	 Section 7.09
	 		  	 Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the
Indenture Trustee
	  	 	66	  
	 Section 7.10
	 		  	 Limitation on Suits
	  	 	67	  
	 Section 7.11
	 		  	 Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse
	  	 	67	  
	 Section 7.12
	 		  	 Restoration of Rights and Remedies
	  	 	67	  
	 Section 7.13
	 		  	 Rights and Remedies Cumulative
	  	 	68	  
	 Section 7.14
	 		  	 Delay or Omission Not Waiver
	  	 	68	  
	 Section 7.15
	 		  	 Control by Noteholders
	  	 	68	  
	 Section 7.16
	 		  	 Waiver of Past Defaults
	  	 	68	  
	 Section 7.17
	 		  	 Undertaking for Costs
	  	 	69	  
	 Section 7.18
	 		  	 Waiver of Stay or Extension Laws
	  	 	69	  
			
	 ARTICLE VIII 
	 	THE INDENTURE TRUSTEE	  	 	70	  
				
	 Section 8.01
	 		  	 Certain Duties and Responsibilities
	  	 	70	  
	 Section 8.02
	 		  	 Notice of Defaults
	  	 	71	  
	 Section 8.03
	 		  	 Certain Rights of Indenture Trustee
	  	 	71	  

  
 -iii-

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
	 Section 8.04
	 		  	 Not Responsible for Recitals or Issuance of Notes
	  	 	72	  
	 Section 8.05
	 		  	 May Hold Notes
	  	 	73	  
	 Section 8.06
	 		  	 Money Held in Trust
	  	 	73	  
	 Section 8.07
	 		  	 Compensation and Reimbursement; Limit on Compensation Reimbursement and Indemnity
	  	 	73	  
	 Section 8.08
	 		  	 Disqualification; Conflicting Interests
	  	 	73	  
	 Section 8.09
	 		  	 Corporate Indenture Trustee Required; Eligibility
	  	 	74	  
	 Section 8.10
	 		  	 Resignation and Removal; Appointment of Successor
	  	 	74	  
	 Section 8.11
	 		  	 Acceptance of Appointment by Successor
	  	 	76	  
	 Section 8.12
	 		  	 Merger, Conversion, Consolidation or Succession to Business
	  	 	76	  
	 Section 8.13
	 		  	 Preferential Collection of Claims Against Issuer
	  	 	77	  
	 Section 8.14
	 		  	 Appointment of Authenticating Agent
	  	 	77	  
	 Section 8.15
	 		  	 Tax Returns
	  	 	78	  
	 Section 8.16
	 		  	 Representations and Covenants of the Indenture Trustee
	  	 	79	  
	 Section 8.17
	 		  	 Indenture Trustee’s Application for Instructions from the Issuer
	  	 	79	  
	 Section 8.18
	 		  	 Appointment of Co-Trustee or Separate Indenture Trustee
	  	 	79	  
	 Section 8.19
	 		  	 Certain Securities Laws Covenants
	  	 	80	  
			
	 ARTICLE IX 
	 	 NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND BENEFICIARY
	  	 	81	  
				
	 Section 9.01
	 		  	 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	  	 	81	  
	 Section 9.02
	 		  	 Preservation of Information; Communications to Noteholders
	  	 	81	  
	 Section 9.03
	 		  	 Reports by Indenture Trustee
	  	 	82	  
	 Section 9.04
	 		  	 Meetings of Noteholders; Amendments and Waivers
	  	 	83	  
	 Section 9.05
	 		  	 Reports by Issuer to the Commission
	  	 	85	  
	 Section 9.06
	 		  	 Monthly Noteholders’ Statement
	  	 	85	  
	 Section 9.07
	 		  	 Payment Instruction to Master Trust
	  	 	85	  
			
	 ARTICLE X 
	 	 INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST
AGREEMENT
	  	 	87	  
				
	 Section 10.01
	 		  	 Supplemental Indentures and Amendments Without Consent of Noteholders
	  	 	87	  
	 Section 10.02
	 		  	 Supplemental Indentures with Consent of Noteholders
	  	 	89	  
	 Section 10.03
	 		  	 Execution of Amendments and Indenture Supplements
	  	 	91	  
	 Section 10.04
	 		  	 Effect of Amendments and Indenture Supplements
	  	 	91	  
	 Section 10.05
	 		  	 Conformity with Trust Indenture Act
	  	 	91	  
	 Section 10.06
	 		  	 Reference in Notes to Indenture Supplements
	  	 	91	  
	 Section 10.07
	 		  	 Amendments to the Pooling and Servicing Agreement
	  	 	91	  

  
 -iv-

 Table of Contents 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
				
	 Section 10.08
	  		  	 Amendments to the Trust Agreement
	  	 	92	  
			
	 ARTICLE XI 
	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER
	  	 	93	  
				
	 Section 11.01
	  		  	 Payment of Principal and Interest
	  	 	93	  
	 Section 11.02
	  		  	 Maintenance of Office or Agency
	  	 	93	  
	 Section 11.03
	  		  	 Money for Note Payments to be Held in Trust
	  	 	93	  
	 Section 11.04
	  		  	 Statement as to Compliance
	  	 	95	  
	 Section 11.05
	  		  	 Legal Existence
	  	 	95	  
	 Section 11.06
	  		  	 Further Instruments and Acts
	  	 	95	  
	 Section 11.07
	  		  	 Compliance with Laws
	  	 	96	  
	 Section 11.08
	  		  	 Notice of Events of Default
	  	 	96	  
	 Section 11.09
	  		  	 Certain Negative Covenants
	  	 	96	  
	 Section 11.10
	  		  	 No Other Business
	  	 	96	  
	 Section 11.11
	  		  	 Rule 144A Information
	  	 	96	  
	 Section 11.12
	  		  	 Performance of Obligations; Servicing of Receivables
	  	 	96	  
	 Section 11.13
	  		  	 Issuer May Consolidate, Etc., Only on Certain Terms
	  	 	97	  
	 Section 11.14
	  		  	 Successor Substituted
	  	 	98	  
	 Section 11.15
	  		  	 Guarantees, Loans, Advances and Other Liabilities
	  	 	99	  
	 Section 11.16
	  		  	 Capital Expenditures
	  	 	99	  
	 Section 11.17
	  		  	 Restricted Payments
	  	 	99	  
	 Section 11.18
	  		  	 No Borrowing
	  	 	99	  
	 Section 11.19
	  		  	 Ordinary Course
	  	 	99	  
			
	 ARTICLE XII 
	  	 EARLY AMORTIZATION OF NOTES
	  	 	100	  
				
	 Section 12.01
	  		  	 Applicability of Article
	  	 	100	  
	 Section 12.02
	  		  	 Optional Repurchase
	  	 	101	  
	 Section 12.03
	  		  	 Notice
	  	 	102	  
			
	 ARTICLE XIII
	  	 MISCELLANEOUS
	  	 	103	  
				
	 Section 13.01
	  		  	 No Petition
	  	 	103	  
	 Section 13.02
	  		  	 Trust Obligations
	  	 	103	  
	 Section 13.03
	  		  	 Limitations on Liability
	  	 	103	  
	 Section 13.04
	  		  	 Tax Treatment
	  	 	103	  
	 Section 13.05
	  		  	 Actions Taken by the Issuer
	  	 	104	  
	 Section 13.06
	  		  	 Alternate Payment Provisions
	  	 	104	  
	 Section 13.07
	  		  	 Termination of Issuer
	  	 	104	  
	 Section 13.08
	  		  	 Final Distribution
	  	 	104	  

  
 -v-

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
	 Section 13.09
	 		  	 Termination Distributions
	  	 	105	  
	 Section 13.10
	 		  	 Derivative Counterparty, Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider as Third-Party
Beneficiary
	  	 	105	  
	 Section 13.11
	 		  	 Notices
	  	 	105	  
	 Section 13.12
	 		  	 Force Majeure
	  	 	106	  
			
	 ARTICLE XIV
	 	 COMPLIANCE WITH REGULATION AB
	  	 	107	  
				
	 Section 14.01
	 		  	 Intent of the Parties; Reasonableness
	  	 	107	  
	 Section 14.02
	 		  	 Additional Representations and Warranties of the Indenture Trustee
	  	 	107	  
	 Section 14.03
	 		  	 Information to Be Provided by the Indenture Trustee
	  	 	107	  
	 Section 14.04
	 		  	 Report on Assessment of Compliance and Attestation
	  	 	108	  
	 Section 14.05
	 		  	 Repurchase Demand Activity Reporting
	  	 	109	  

  
 -vi-

 EXHIBITS 

 

			
	EXHIBIT A	  	FORM OF INVESTMENT LETTER
		
	EXHIBIT B-1	  	FORM OF CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE TRUSTEE BY EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY
GLOBAL NOTE
		
	EXHIBIT B-2	  	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY [—] WITH RESPECT TO REGISTERED NOTES SOLD TO
QUALIFIED INSTITUTIONAL BUYERS
		
	EXHIBIT B-3	  	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY A BENEFICIAL OWNER OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER
		
	EXHIBIT C	  	FORM OF ANNUAL CERTIFICATION
		
	EXHIBIT D	  	SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
		
	EXHIBIT E	  	FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT

 This INDENTURE, dated as of October 24, 2012, between AMERICAN EXPRESS ISSUANCE TRUST
II, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1600, and THE BANK OF NEW YORK MELLON, a New
York banking corporation, in its capacity as Indenture Trustee (the “Indenture Trustee”) and as the initial Securities Intermediary, is made and entered into as of October 24, 2012. 

RECITALS OF THE ISSUER 
 The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its Notes to be issued in one or more fully registered or bearer Series, Classes or Tranches.

 All things necessary to make this Indenture a valid and legally binding agreement of the Issuer, in accordance with its
terms, have been done. 
 GRANTING CLAUSE 
 The Issuer hereby grants to the Indenture Trustee, for the benefit and security of the Noteholders and the Indenture Trustee, in its individual capacity, a first priority security interest in all of its
right, title and interest, whether now owned or hereafter acquired, in and to the following: 
  

	 	(i)	(A) the Receivables existing at the close of business on the Initial Cut Off Date, in the case of Receivables arising in the Initial Accounts (including Related
Accounts with respect to such Initial Accounts), and thereafter created from time to time in such Accounts until the earlier of either (x) the removal of such Accounts pursuant to Section 2.12 of the Transfer Agreement or (y) the
termination of the Issuer, (B) the Receivables existing at the close of business on each applicable Addition Cut Off Date, in the case of Receivables arising in the Additional Accounts (including Related Accounts with respect to such Additional
Accounts), and thereafter created from time to time in the Accounts until the earlier of either (x) the removal of such Accounts pursuant to Section 2.12 of the Transfer Agreement or (y) the termination of the Issuer, and (C) the
Recoveries allocable to the Issuer as provided in the Transfer Agreement and the Servicing Agreement; 

  

	 	(ii)	each Collateral Certificate as of each applicable Addition Date; 

  

	 	(iii)	the Excess Funding Account (including all Sub-Accounts thereof); 

  

	 	(iv)	the Collection Account (including all Sub-Accounts thereof); 

  

	 	(v)	each Supplemental Issuer Account (including all Sub-Accounts thereof); 

	 	(vi)	all Eligible Investments and all investment property, money and other property held in the Collection Account, the Excess Funding Account or any Supplemental Issuer
Account (including any Sub-Accounts thereof); 

  

	 	(vii)	all rights, benefits and powers under any Derivative Agreement with respect to any Tranche of Notes; 

 

	 	(viii)	all rights, benefits and powers under any Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement with respect to any Tranche of Notes;

  

	 	(ix)	all rights, benefits and powers under the Transfer Agreement and the Servicing Agreement; 

 

	 	(x)	all present and future claims, demands, causes of and choses in action in respect of any of the foregoing and all interest, principal, payments and distributions of any
nature or type on any of the foregoing; 

  

	 	(xi)	all accounts, general intangibles, chattel paper, instruments, documents, goods, money, investment property, deposit accounts, letters of credit, letter-of-credit
rights and oil, gas and other minerals consisting of, arising from, or relating to any of the foregoing; 

  

	 	(xii)	all monies due or to become due with respect to all of the foregoing; 

  

	 	(xiii)	all amounts received with respect to all of the foregoing; and 

  

	 	(xiv)	all proceeds of the foregoing; 

 in each case, excluding the Transferor Amount and all amounts distributable to the Holders of the Transferor Interest pursuant to the terms of any Transaction Document. 

The property described in the preceding sentence is collectively referred to as the “Collateral.” The Security Interest
in the Collateral is granted to secure the Notes (and the related obligations under this Indenture), equally and ratably without prejudice, priority or distinction between any Note by reason of difference in time of issuance or otherwise, except as
otherwise expressly provided in this Indenture or in the Indenture Supplement which establishes any Series, Class or Tranche of Notes, and to secure (i) the payment of all amounts due on such Notes (and, to the extent so specified, the
obligations under any applicable Derivative Agreements) in accordance with their terms, (ii) the payment of all other sums payable by the Issuer under this Indenture or any Indenture Supplement relating to the Notes and (iii) compliance by
the Issuer with the provisions of this Indenture or any Indenture Supplement relating to the Notes. This Indenture, as may be supplemented, is a security agreement within the meaning of the UCC. 

The Indenture Trustee acknowledges the grant of such Security Interest, and accepts the Collateral in trust hereunder in accordance with
the provisions hereof and agrees to 

  
 -2-

 
perform the duties herein such that the interests of the Noteholders may be adequately and effectively protected. 
 The Notes, Derivative Agreements, Supplemental Credit Enhancement Agreements, Supplemental Liquidity Agreements and other obligations under this Indenture and any Indenture Supplement relating to the
Notes will benefit from the Security Interest to the extent (and only to the extent) proceeds of and distributions on the Collateral are allocated for their benefit pursuant to this Indenture and the applicable Indenture Supplement. 

AGREEMENTS OF THE PARTIES 
 To set forth or to provide for the establishment of the terms and conditions upon which the Notes are to be authenticated, issued and delivered, and in consideration of the premises and the purchase of
Notes by the Holders thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders of the Notes or of a Series, Class or Tranche thereof, as the case may be. 

LIMITED RECOURSE 
 The obligation of the Issuer to make payments of principal, interest and other amounts on the Notes and to make payments in respect of Derivative Agreements, Supplemental Credit Enhancement Agreements or
Supplemental Liquidity Agreements is limited in recourse as set forth in Section 7.11. 

  
 -3-

 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01
Definitions. For all purposes of this Indenture and of any Indenture Supplement, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article I have the meanings assigned to them in this Article I, and include the plural as well as the singular; 

(2) all other terms used herein which are defined in the Trust Indenture Act or by Commission rule under the Trust Indenture Act or in
the Transfer Agreement or the Servicing Agreement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the
term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation;

 (4) unless the context otherwise requires, terms defined in the UCC and not otherwise defined in this Indenture or the
applicable Indenture Supplement shall have the meanings set forth in the UCC; 
 (5) all references in this Indenture to
designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture as originally executed. The words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (6) “including” and words of similar import will be deemed to be followed by “without limitation.” 
 “Account” has the meaning specified in the Transfer Agreement. 

“Account Owner” has the meaning specified in the Transfer Agreement. 

“Act,” when used with respect to any Noteholder, has the meaning specified in subsection 1.04(a). 

“Action,” when used with respect to any Noteholder, has the meaning specified in subsection 1.04(a). 

“Addition Cut Off Date” has the meaning specified in the Transfer Agreement. 

  
 -4-

 “Additional Account” has the meaning specified in the Transfer Agreement.

 “Adjusted Outstanding Dollar Principal Amount” means, at any time with respect to any Series, Class or
Tranche of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such Series, Class or Tranche of Notes at such time, less any funds on deposit in respect of principal in any Issuer Account or the related Sub-Account, as
applicable, for the benefit of such Series, Class or Tranche of Notes at such time. 
 “Administrator” has the
meaning specified in the Servicing Agreement. 
 “Adverse Effect” means, whenever used in this Indenture with
respect to any Series, Class or Tranche of Notes with respect to any Action, that such Action will at the time of its occurrence (a) result in the occurrence of an Early Amortization Event or Event of Default relating to such Series, Class or
Tranche of Notes, as applicable, (b) materially adversely affect the amount or timing of payments to be made to the Noteholders of any such Series, Class or Tranche of Notes pursuant to this Indenture, or (c) adversely affect the Security
Interest of the Indenture Trustee in the Collateral unless otherwise permitted by this Indenture. 

“Affiliate” shall mean, with respect to any specified Person, any other Person controlling or controlled by or under
common control with such specified Person. For the purposes of this definition, “control” shall mean the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Authenticating Agent” means any Person authorized by the Indenture Trustee to authenticate Notes under Section 8.14. 

“Authorized Newspaper” means any newspaper or newspapers of general circulation in the Borough of Manhattan, The City of
New York, printed in the English language and customarily published on each Business Day at such place, whether or not published on Saturdays, Sundays or holidays, or if and so long as Notes of any Series, Class or Tranche are listed on any
securities exchange and that exchange so requires, the newspaper of record required by the applicable securities exchange, printed in any language satisfying the requirements of such exchange. 

“Authorized Officer” has the meaning specified in the Servicing Agreement. 

“Available Finance Charge Collections” means, for any Monthly Period, (a) with respect to the Noteholders, the
Finance Charge Collections paid to the Issuer and allocated to the Noteholders, and (b) with respect to any Series, Class or Tranche of Notes, the amount of collections in clause (a) allocated to such Series, Class or Tranche of Notes, as
applicable, plus investment earnings allocable to the amounts on deposit in the Collection Account and Excess Funding Account allocable to such Series, Class or Tranche of Notes, plus any other amounts, or allocable portion thereof, to be treated as
Available Finance Charge Collections with respect to such Series, Class or Tranche of Notes, subject to the applicable Indenture Supplement. 

  
 -5-

 “Available Principal Collections” means, for any Monthly Period,
(a) with respect to the Noteholders, the Principal Collections paid to the Issuer and allocated to the Noteholders, and (b) with respect to any Series, Class or Tranche of Notes, (i) the amount of collections in clause
(a) allocated to such Series, Class or Tranche of Notes, as applicable, plus (ii) any other amounts, or allocable portion thereof, to be treated as Available Principal Collections with respect to such Series, Class or Tranche of Notes,
subject to the applicable Indenture Supplement. 
 “Bearer Note” means a Note in bearer form. 

“Beneficiary” has the meaning specified in the Trust Agreement. 

“Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to
the provisions of Title I of ERISA, a “plan” described in and subject to Section 4975 of the Code, or an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s
investment in the entity. 
 “Business Day” means (i) any day other than (a) a Saturday or Sunday or
(b) any other day on which national banking associations or state banking institutions in New York, New York, or any other state in which the principal executive offices of any Account Owner or the Indenture Trustee, as the case may be, are
located, are authorized or are obligated by law, executive order or governmental decree to be closed or (c) for purposes of any particular Series, Class or Tranche of Notes, any other day specified in the applicable Indenture Supplement and
(ii) with respect to the determination of LIBOR, a London Business Day (as such term is defined in the related Indenture Supplement). 
 “Centurion” means American Express Centurion Bank, a Utah industrial bank, and its successors and assigns. 
 “Certificate of Authentication” means the certificate of authentication of the Indenture Trustee, the form of which is described in Section 3.03, or the alternative
certificate of authentication of the Authenticating Agent, the form of which is described in Section 8.14. 

“Class” means, with respect to any Note, the class specified in the applicable Indenture Supplement. 

“Collateral” has the meaning specified in the Granting Clause of this Indenture. 

“Collateral Certificate” has the meaning specified in the Transfer Agreement. 

“Collateral Certificate Principal Shortfall Payments” has the meaning specified in the Servicing Agreement. 

“Collection Account” has the meaning specified in subsection 5.02(a). 

“Collections” has the meaning specified in the Servicing Agreement. 

  
 -6-

 “Commission” means the Securities and Exchange Commission, as from time to
time constituted, created under the Securities Exchange Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such date. 
 “Corporate Trust Office” means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Indenture is located at 101 Barclay Street, Floor 4 West, New York, New York 10286, Attention: Asset-Backed
Securities Unit, or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Transferor, or the principal corporate trust office of any successor Indenture Trustee (the address of which the
successor Indenture Trustee will notify the Noteholders and the Transferor). 
 “Debtor Relief Laws” shall mean
(a) the Federal Bankruptcy Code and (b) all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment of debt, marshalling of
assets, assignment for the benefit of creditors and similar debtor relief laws from time to time in effect in any jurisdiction affecting the rights of creditors generally or the rights of creditors of banks. 

“Default Amount” has the meaning specified in the Servicing Agreement. 

“Deliver” or “Delivery”: The taking of the following steps by the Issuer: 

(a) with respect to such of the Collateral as constitutes an instrument, causing the Indenture Trustee to take possession in the State of
New York of such instrument, indorsed to the Indenture Trustee or in blank by an effective indorsement; 
 (b) with respect to
such of the Collateral as constitutes tangible chattel paper, goods, a negotiable document, or money, causing the Indenture Trustee to take possession in the State of New York of such tangible chattel paper, goods, negotiable document, or money;

 (c) with respect to such of the Collateral as constitutes a certificated security in bearer form, causing the Indenture
Trustee to acquire possession in the State of New York of the related security certificate; 
 (d) with respect to such of the
Collateral as constitutes a certificated security in registered form, causing the Indenture Trustee to acquire possession in the State of New York of the related security certificate, indorsed to the Indenture Trustee or in blank by an effective
indorsement, or registered in the name of the Indenture Trustee, upon original issue or registration of transfer by the issuer of such certificated security; 
 (e) with respect to such of the Collateral as constitutes an uncertificated security, causing the issuer of such uncertificated security to register the Indenture Trustee as the registered owner of such
uncertificated security; 

  
 -7-

 (f) with respect to such of the Collateral as constitutes a security entitlement, causing
the Securities Intermediary to indicate by book entry that the financial asset relating to such security entitlement has been credited to the appropriate Issuer Account; 
 (g) with respect to such of the Collateral as constitutes an account or a general intangible, causing to be filed with the Delaware Secretary of State a properly completed UCC financing statement that
names the Issuer as debtor and the Indenture Trustee as secured party and that covers such account or general intangible; 
 (h)
with respect to such of the Collateral as constitutes a deposit account, causing such deposit account to be maintained in the name of the Indenture Trustee and causing the bank with which such deposit account is maintained to agree in writing with
the Indenture Trustee and the Issuer that (i) such bank will comply with instructions originated by the Indenture Trustee directing disposition of the funds in such deposit account without further consent of any other person or entity,
(ii) such bank will not agree with any person or entity other than the Indenture Trustee to comply with instructions originated by any person or entity other than the Indenture Trustee, (iii) such deposit account and the property credited
thereto will not be subject to any lien, security interest, encumbrance, or right of set-off in favor of such bank or anyone claiming through it (other than the Indenture Trustee), (iv) such agreement will be governed by the laws of the State
of New York, and (v) the State of New York will be the bank’s jurisdiction of such bank for purposes of Article 9 of the UCC; or 
 (i) in the case of each of paragraphs (a) through (h) above, such additional or alternative procedures as may hereafter become appropriate to grant a first priority perfected Security Interest
in such items of the Collateral to the Indenture Trustee, consistent with applicable law or regulations. 
 In each case of
Delivery contemplated herein, the Indenture Trustee shall make appropriate notations on its records indicating that such item of the Collateral is held by the Indenture Trustee pursuant to and as provided herein. 

Effective upon Delivery of any item of the Collateral, the Indenture Trustee shall be deemed to have acknowledged that it holds such item
of the Collateral as Indenture Trustee hereunder for the benefit of the Noteholders. Any additional or alternative procedures for accomplishing “Delivery” for purposes of paragraph (i) of this definition shall be permitted only upon
delivery to the Indenture Trustee of an Opinion of Counsel to the effect that such procedures are appropriate to grant a first priority perfected Security Interest in the applicable type of collateral to the Indenture Trustee. 

“Depository” means a U.S. Depository or a Foreign Depository, as the case may be. 

“Derivative Agreement” means any currency or interest rate swap. 

“Derivative Counterparty” means any party to any Derivative Agreement other than the Issuer or the Indenture Trustee.

  
 -8-

 “Discount Note” means a Note that provides for an amount less than the
Stated Principal Amount (but not less than the Initial Dollar Principal Amount) thereof to be due and payable upon the occurrence of an Early Amortization Event or other optional or mandatory redemption or the occurrence of an Event of Default and
the acceleration of such Note, in each case before the Expected Final Payment Date of the applicable Note. 

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

“Early Amortization Event” has the meaning specified in Section 12.01. 

“Effective Date” means the date on which this Indenture is executed and delivered by the parties hereto. 

“Eligible Deposit Account” means either (a) a segregated account with an Eligible Institution (other than any
Account Owner) or (b) a segregated trust account with the corporate trust department of a depository institution (other than any Account Owner) organized under the laws of the United States or any one of the states thereof, including the
District of Columbia (or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as the rating of any of the unsecured or unguaranteed senior debt securities of such depository institution
satisfies the publicly controlling and applicable ratings criteria established by each Note Rating Agency. 
 “Eligible
Institution” means a depository institution (which may be the Indenture Trustee, the Owner Trustee or any Affiliate thereof, but not any Account Owner) organized under the laws of the United States, any one of the states thereof or the
District of Columbia (or any domestic branch of a foreign bank), so long as such depository institutions long-term unsecured debt rating or its certificate of deposit rating satisfies the publicly published controlling and applicable ratings
criteria established by each Note Rating Agency. Notwithstanding the previous sentence, any institution the appointment of which satisfies the Note Rating Agency Condition shall be considered an Eligible Institution. If so qualified, the Servicer
(if the Servicer is not an Account Owner) may be considered an Eligible Institution for the purposes of this definition. 

“Eligible Investments” means negotiable instruments, investment property, or deposit accounts which evidence:

 (a) direct obligations of, or obligations fully guaranteed as to timely payment by, the United States of America; 

(b) demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository
institutions or trust companies incorporated under the laws of the United States of America, any state thereof or the District of Columbia (or domestic branches of foreign banks) and subject to supervision and examination by federal or state banking
or depository institution authorities; provided that at the time of the Trust’s investment or contractual commitment to invest therein, the short-term debt of such depository institution or trust company are rated by each of
Standard & Poor’s, Moody’s and, if rated by Fitch, Fitch in its highest rating category (or any other rating from any Note Rating Agency, upon satisfaction of the Note Rating Agency Condition); 

  
 -9-

 (c) commercial paper (having original or remaining maturities of no more than 30 days), that
shall be rated, at the time of the Trust’s investment or contractual commitment to invest therein, by each of Standard & Poor’s, Moody’s and, if rated by Fitch, Fitch in its highest rating category (or any other rating from
any Note Rating Agency, upon satisfaction of the Note Rating Agency Condition); 
 (d) demand deposits, time deposits and
certificates of deposit which are fully insured by the FDIC; 
 (e) bankers’ acceptances (having original maturities of no
more than 365 days) issued by any depository institution or trust company referred to in clause (b) above; 
 (f) time
deposits (having maturities not later than the First Note Transfer Date) other than as referred to in clause (b) above, with a Person the commercial paper of which shall be rated by each of Standard & Poor’s, Moody’s and, if
rated by Fitch, Fitch in its highest rating category (or any other rating from any Note Rating Agency, upon satisfaction of the Note Rating Agency Condition); 
 (g) only to the extent permitted by Rule 3a-7 under the Investment Company Act, (i) money market funds that shall be rated, at the time of the Trust’s investment therein, are rated by each of
Standard & Poor’s , Moody’s and, if rated by Fitch, Fitch in its highest rating category (or any other rating from any Note Rating Agency, upon satisfaction of the Note Rating Agency Condition) (including any such fund for which
the Indenture Trustee or any Affiliate of the Indenture Trustee is investment manager or advisor) or (ii) any other investment of a type or rating, so long as the Note Rating Agency Condition is satisfied; or 

(h) any other investments approved in writing by each Note Rating Agency; 
 provided that Eligible Investments shall not include securities issued by, or other obligations of, any Account Owner. 
 “Eligible Receivables” has the meaning specified in the Transfer Agreement. 
 “Entity” means any Person other than an individual or government (including any agency or political subdivision thereof). 

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

“Event of Default” has the meaning specified in Section 7.01. 

“Excess Funding Account” has the meaning specified in subsection 5.02(b). 

“Exchange Date” means, with respect to any Series, Class or Tranche of Notes, the latest of: 

  
 -10-

 (a) in the case of exchanges of beneficial interests in Temporary Global Notes for
beneficial interests in Permanent Global Notes in registered form, any date that is after the related issuance date; 
 (b) in
the case of exchanges of beneficial interests in Temporary Global Notes for beneficial interests in Permanent Global Notes in bearer form, the date of presentation of certification of non-United States beneficial ownership (as described in
Section 3.05); and 
 (c) the earliest date on which such an exchange of a beneficial interest in a Temporary Global
Note for a beneficial interest in a Permanent Global Note is permitted by applicable law. 
 “Expected Final Payment
Date” has, with respect to any Series, Class or Tranche of Notes, the meaning specified in the applicable Indenture Supplement. 
 “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 
 “FDIC Rule” means 12 C.F.R. §360.6, as such may be amended from time to time, and subject to such clarifications and interpretations as have been provided by the FDIC or by the staff
of the FDIC, or as may be provided by the FDIC or its staff from time to time. 
 “Federal Bankruptcy Code”
means Title 11 of the United States Code, as amended from time to time. 
 “Finance Charge Collections” has the
meaning specified in the Servicing Agreement. 
 “First Note Transfer Date” has the meaning specified in the
Servicing Agreement. 
 “Fitch” means Fitch, Inc., or any successor thereto. 

“Floating Allocation Percentage” has the meaning specified in the Servicing Agreement. 

“Foreign Currency” means (a) a currency other than Dollars, or (b) denominated in a currency other than
Dollars. 
 “Foreign Currency Note” means a Note denominated in a Foreign Currency. 

“Foreign Depository” means the Person specified in the applicable Indenture Supplement, in its capacity as depository
for the accounts of any clearing agencies located outside the United States. 
 “FSB” means American Express
Bank, FSB, a federal savings bank, and its successors and assigns. 
 “Global Note” means any Note issued
pursuant to Section 3.04. 

  
 -11-

 “Group” means any one or more Series of Notes which are specified as
belonging to a common group (including any Group established by an Indenture Supplement) in the applicable Indenture Supplement. A particular Series may be included in more than one Group if the Indenture Supplement for such Series so provides.

 “Holder,” when used with respect to any Note, means a Noteholder. 

“Indenture” or “this Indenture” means this Indenture, as originally executed and as amended,
supplemented, restated or otherwise modified from time to time, including by Indenture Supplements for the issuance of Series of Notes entered into pursuant to the applicable provisions hereof. 

“Indenture Supplement” means, with respect to any Series of Notes, a supplement to this Indenture, executed and
delivered in conjunction with the issuance of such Notes pursuant to Section 4.01, together with any applicable Terms Document for any Classes and Tranches of Notes belonging to such Series related to such Indenture Supplement and any
amendment to the Indenture Supplement executed pursuant to Section 10.01 or 10.02, and, in either case, including all amendments thereof and supplements thereto. 

“Indenture Trustee” means the Person named as the Indenture Trustee in the first paragraph of this Indenture until a
successor Indenture Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is then an Indenture Trustee hereunder. If at any time
there is more than one such Person, “Indenture Trustee” as used with respect to the Notes of any Series, Class or Tranche means the Indenture Trustee with respect to Notes of that Series, Class or Tranche. 

“Indenture Trustee Authorized Officer” means, when used with respect to the Indenture Trustee, any vice president, any
assistant vice president, the treasurer, any assistant treasurer, any senior trust officer or trust officer, or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Initial Account” has the meaning specified in the Transfer Agreement. 

“Initial Cut Off Date” has the meaning specified in the Transfer Agreement. 

“Initial Dollar Principal Amount” means (a) unless otherwise specified in the applicable Indenture Supplement, with
respect to a Series, Class or Tranche of Dollar Notes, the aggregate initial principal amount of the Outstanding Notes of such Series, Class or Tranche plus the aggregate initial principal amount of any additional Notes of such Series, Class or
Tranche, and (b) with respect to a Series, Class or Tranche of Discount Notes or Foreign Currency Notes, the amount specified in the applicable Indenture Supplement as the Initial Dollar Principal Amount thereof. 

  
 -12-

 “Interest-bearing Note” means a Note that bears interest at a stated or
computed rate on the principal amount thereof. A Note may be both an Interest-bearing Note and a Discount Note. 

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

“Invested Amount” has, with respect to any Collateral Certificate, the meaning specified in the Series Supplement for
the applicable Collateral Certificate and, with respect to any other Investor Certificate, the meaning specified in the applicable Pooling and Servicing Agreement and the related Series Supplement. 

“Investor Certificate” means an investor certificate, and not a seller certificate or transferor certificate, issued
pursuant to a Pooling and Servicing Agreement and related Series Supplement. 
 “Investor Certificateholder”
means the holder of record of an Investor Certificate. 
 “Investment Company Act” means the Investment Company
Act of 1940, as amended. 
 “Issuer” has the meaning specified in the first paragraph of this Indenture.

 “Issuer Accounts” means, collectively, the Excess Funding Account, the Collection Account and any
Supplemental Issuer Account, including any Sub-Accounts thereof. 
 “Issuer Certificate” means a certificate
(including an Officer’s Certificate) signed in the name of an Authorized Officer of the Issuer, or the Issuer by an Authorized Officer of the Issuer and, in each case delivered to the Indenture Trustee relating to, among other things, the
issuance of a new Series, Class or Tranche of Notes. Wherever this Indenture requires that an Issuer Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this
Indenture) may be an employee of a Beneficiary. 
 “Issuer Tax Opinion” means, with respect to any action, an
Opinion of Counsel to the effect that, for United States federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of any Outstanding Series, Class or Tranche of Notes that were characterized as
debt at the time of their issuance, (b) such action will not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation and (c) such action will not cause or constitute an event in which gain
or loss would be recognized by any Holder of any such Notes. 
 “Legal Maturity Date” means, with respect to a
Series, Class or Tranche of Notes, the date specified in the Indenture Supplement for such Notes as the fixed date on which the principal of such Series, Class or Tranche of Notes is due and payable. 

“Majority Holders” means, with respect to any Series, Class or Tranche of Notes or all Outstanding Notes, the Holders of
greater than 50% in Outstanding Dollar Principal 

  
 -13-

 
Amount of the Outstanding Notes of that Series, Class or Tranche or of all Outstanding Notes, as the case may be. 
 “Master Trust” means a master trust or other securitization special purpose entity for which the Transferor or an Affiliate of the Transferor acts as transferor or seller or servicer,
established pursuant to a Pooling and Servicing Agreement. 
 “Master Trust Servicer” means the entity
responsible for the servicing obligations under the applicable Pooling and Servicing Agreement. 
 “Master Trust Tax
Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for United States federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of the Investor
Certificates of any outstanding series or class under the applicable Master Trust that were characterized as debt at the time of their issuance, (b) such action will not cause such Master Trust to be treated as an association (or publicly
traded partnership) taxable as a corporation and (c) such action will not cause or constitute an event in which gain or loss would be recognized by any Investor Certificateholder of such Master Trust. 

“Master Trust Trustee” means the entity acting as trustee under the applicable Pooling and Servicing Agreement.

 “Monthly Servicer’s Certificate” has the meaning specified in the Servicing Agreement. 

“Monthly Noteholders’ Statement” means, with respect to any Series of Notes, a report, the form of which is
attached as an exhibit to the related Indenture Supplement. 
 “Monthly Period” means, with respect to each
Payment Date, unless otherwise provided in an Indenture Supplement, the period (i) from and including the second day following the last day of the seventh billing cycle applicable to the Accounts ending during the second preceding calendar
month and (ii) to and including the day following the last day of the seventh billing cycle applicable to the Accounts ending in the calendar month immediately preceding the calendar month in which such Payment Date shall occur;
provided, however, that the initial Monthly Period with respect to any Series will commence on the Closing Date with respect to such Series. 
 “Monthly Pool Balance Percentage” shall mean, for any day, the percentage equivalent of a fraction, the numerator of which is an amount equal to the portion of the Pool Balance
attributable to the Transferor or Account Owner with respect to which an Insolvency Event or a Transfer Restriction Event has occurred, and the denominator of which is an amount equal to the Pool Balance, in each as of the last day of the
immediately preceding Monthly Period. 
 “Moody’s” means Moody’s Investors Service, Inc., or any
successor thereto. 

  
 -14-

 “Nominal Liquidation Amount” means, with respect to any Outstanding Series,
Class or Tranche of Notes, an amount determined in accordance with the applicable Indenture Supplement. 

“Note” or “Notes” means any note or notes of any Series, Class or Tranche authenticated and delivered
from time to time under this Indenture. 
 “Note Owner” means the beneficial owner of an interest in a Global
Note. 
 “Note Rating Agency” means, with respect to any Outstanding Series, Class or Tranche of Notes, each
nationally recognized statistical rating organization, as specified in the Indenture Supplement applicable to such Outstanding Series, Class or Tranche of Notes, selected by the Transferor to rate such Notes. 

“Note Rating Agency Condition” means, unless otherwise specified in the related Indenture Supplement for any Series,
Class or Tranche of Notes, with respect to any action subject to such condition, (i) that each Note Rating Agency shall have notified the Issuer, the Transferor or the Servicer in writing that the proposed action will not result in a reduction
or withdrawal of its ratings on any outstanding Notes of any Series, Class or Tranche or (ii) if at such time the Note Rating Agency has informed the Issuer, the Transferor or the Servicer that such Note Rating Agency does not provide such
written notifications for transactions of this type, then as to such Note Rating Agency the Issuer shall deliver written notice of the proposed action to such Note Rating Agency or Note Rating Agencies at least 10 Business Days’ prior to the
effective date of such action (or such shorter notice period if specified in the related Indenture Supplement with respect to any specific action, or if 10 Business Days’ prior notice is impractical, such advance notice as is practicable). For
purposes of this Indenture, any Indenture Supplement, the Transfer Agreement and the Servicing Agreement, to the extent the Note Rating Agency Condition is satisfied pursuant to clause (ii) of the preceding sentence, the Indenture Trustee shall
receive, and shall be entitled to rely on, an Officer’s Certificate of the Issuer confirming the satisfaction of the Note Rating Agency Condition. 
 “Note Register” has the meaning specified in subsection 4.05(a). 
 “Note Registrar” means the Person who keeps the Note Register specified in subsection 4.05(a). 
 “Note Transfer Date” has the meaning specified in the Servicing Agreement. 
 “Noteholder” means a Person in whose name a Note is registered in the Note Register or the bearer of any Bearer Note (including a Global Note in bearer form), as the case may be.

 “Obligor” has the meaning specified in the Transfer Agreement. 

“Officer’s Certificate” means a certificate on behalf of any Person that is signed by any authorized officer or
Vice President or more senior officer of such Person and states that the certifications set forth in such certificate are based upon the results of a due inquiry into the 

  
 -15-

 
matters in question conducted by or under the supervision of the signing officer and that the facts stated in such certifications are true and correct to the best of the signing officer’s
knowledge. 
 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel to
an Account Owner, the Transferor, the Beneficiary or the Servicer. 
 “Outstanding,” means, as of the date of
determination, all Notes theretofore authenticated and delivered under this Indenture, except: 
 (a) any Notes theretofore
canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation pursuant to Section 4.09, or canceled by the Issuer and delivered to the Indenture Trustee pursuant to Section 4.09; 

(b) any Notes for whose full payment (including principal and interest) or redemption money in the necessary amount has been theretofore
deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given if required pursuant to this Indenture or the
related Indenture Supplement, or provision therefor satisfactory to the Indenture Trustee has been made; 
 (c) any Notes which
are canceled pursuant to Section 6.03; and 
 (d) any Notes in exchange for or in lieu of which other Notes have
been authenticated and delivered pursuant to this Indenture, or which will have been paid pursuant to the terms of Section 4.06 (except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is presented
that such Note is held by a person in whose hands such Note is a legal, valid and binding obligation of the Issuer). 
 For
purposes of determining the amounts of deposits, allocations, reallocations or payments to be made, unless the context clearly requires otherwise, references to “Notes” will be deemed to be references to “Outstanding Notes.” In
determining whether the Holders of the requisite principal amount of such Outstanding Notes have taken any Action hereunder, and for purposes of Section 9.04, Notes beneficially owned by the Issuer or the Transferor or any Affiliate of
the Issuer or the Transferor will be disregarded and deemed not to be Outstanding. In determining whether the Indenture Trustee will be protected in relying upon any such Action, only Notes which an Indenture Trustee Authorized Officer knows to be
owned by the Issuer or the Transferor or any Affiliate of the Issuer or the Transferor will be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee creates to the satisfaction of the
Indenture Trustee the pledgee’s right to act as owner with respect to such Notes and that the pledgee is not the Issuer, the Transferor or any other obligor upon the Notes or any Affiliate of the Issuer, the Transferor or such other obligor.

 “Outstanding Dollar Principal Amount” means at any time either: 

(a) with respect to any Series, Class or Tranche of Notes (other than Discount Notes), the aggregate Initial Dollar Principal Amount of
the Outstanding Notes of such Series, Class or Tranche at such time, less the amount of any withdrawals from any Issuer Account or Sub-Account for such Series, Class or Tranche of Notes for payment of principal to the Holders

  
 -16-

 
of such Series, Class or Tranche of Notes or the applicable Derivative Counterparty pursuant to the related Indenture Supplement, or 

(b) with respect to any Series, Class or Tranche of Discount Notes, an amount of the Outstanding Notes of such Series, Class or Tranche
calculated by reference to the applicable formula set forth in the applicable Indenture Supplement, taking into account the amount and timing of payments of principal made to the Holders of such Series, Class or Tranche or to the applicable
Derivative Counterparty and accretions of principal, each pursuant to the related Indenture Supplement; 
 plus, in either case, the
amount of any increase in the Outstanding Dollar Principal Amount of such Series, Class or Tranche of Notes due to the issuance of additional Notes of such Series, Class or Tranche pursuant to Section 4.10. 

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

“Paying Agent” means any Person authorized by the Issuer to pay the principal of or interest on any Notes on behalf of
the Issuer as provided in Section 11.02. 
 “Payment Date” means, with respect to any Series, Class
or Tranche of Notes, the fifteenth day of each calendar month or, if such fifteenth day is not a Business Day, the next succeeding Business Day, or the date otherwise specified in the applicable Indenture Supplement for such Series, Class or
Tranche. 
 “Payment Instruction” means, with respect to any Series of Notes, the instructions substantially in
the form of Exhibit C, as the same may be supplemented as set forth in the related Indenture Supplement. 

“Permanent Global Note” has the meaning specified in Section 3.05. 

“Person” means any person or entity, including any individual, corporation, limited liability company, partnership
(general or limited), joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature. 
 “Place of Payment” means, with respect to any Series, Class or Tranche of Notes issued hereunder, the city or political subdivision so designated with respect to such Series, Class or
Tranche of Notes in accordance with the provisions of Section 4.01. 
 “Pool Balance” has the
meaning specified in the Transfer Agreement. 
 “Pooling and Servicing Agreement” means a pooling and servicing
agreement, indenture or other agreement for the issuance of securities from time to time from a Master Trust and the servicing of the receivables in such Master Trust, as such agreement may be amended, restated and supplemented from time to time.

 “Predecessor Notes” of any particular Note means every previous Note evidencing all or a portion of the same
debt as that evidenced by such particular Note; and, for 

  
 -17-

 
the purposes of this definition, any Note authenticated and delivered under Section 4.06 in lieu of a mutilated, lost, destroyed or stolen Note will be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note. 
 “Principal Collections” has the meaning specified in
the Servicing Agreement. 
 “Reallocation Group” means a Group of one or more Series as specified in the
related Indenture Supplement, if any, with respect to which reallocation of certain Finance Charge Collections and other similar amounts are to be made among such Series, where applicable, for certain specified purposes as specified in this
Indenture or any related Indenture Supplement, including, to the extent so specified, pooling amounts available to all Series in the particular Reallocation Group prior to any application for individual Series requirements and sharing such amounts
among such Series on the basis of the relative requirements for each such Series. 
 “Receivables” has the
meaning specified in the Servicing Agreement. 
 “Receivables Purchase Agreement” has the meaning specified in
the Transfer Agreement. 
 “Record Date” means, for the interest or principal payable on any Note on any
applicable Payment Date, the last day of the calendar month immediately preceding such Payment Date, unless otherwise specified in the applicable Indenture Supplement. 
 “Recoveries” has the meaning specified in the Transfer Agreement. 

“Registered Note” means a Note issued in registered form. 

“Registered Noteholder” means a Holder of a Registered Note. 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Related Account” has the meaning specified in the Transfer Agreement. 
 “Repurchase Reporting Series” means a Series that, pursuant to the Indenture Supplement therefor, is designated as a “Repurchase Reporting Series.” 

“Repurchase Rules and Regulations” has the meaning specified in subsection 14.05(a). 

“Required Pool Balance” has the meaning specified in the Transfer Agreement. 

  
 -18-

 “Required Subordinated Amount” means, with respect to any Tranche of a
Senior Class of Notes, the amount, if any, specified in the related Indenture Supplement. 
 “RFC VIII” means
American Express Receivables Financing Corporation VIII LLC, a Delaware limited liability company, and its successors and assigns. 
 “Sarbanes Certification” has the meaning specified in Section 14.04. 
 “Securitization Transaction” means any new issuance of any Series, Class or Tranche of Notes pursuant to Section 4.10 whether publicly offered or privately placed, rated or unrated.

 “Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Securities Intermediary” has the meaning specified in subsection 2.11(a). 

“Security Interest” means the security interest granted pursuant to the Granting Clause of this Indenture. 

“Senior Class” has, with respect to a Class of Notes of any Series, the meaning specified in the related Indenture
Supplement. 
 “Series” means, with respect to any Note, the Series specified in the applicable Indenture
Supplement. 
 “Series Available Finance Charge Collections Shortfall,” has, with respect to any Shared Excess
Available Finance Charge Collections Series, the meaning specified in the related Indenture Supplement. 
 “Series
Available Principal Collections Shortfall,” has, with respect to any Shared Excess Available Principal Collections Series, the meaning specified in the related Indenture Supplement. 

“Series Supplement” means a series supplement to a Pooling and Servicing Agreement or similar document setting forth the
terms of a Collateral Certificate, as such agreement may be amended, supplemented, restated or otherwise modified from time to time. 
 “Servicer” has the meaning specified in the Servicing Agreement. 

“Servicing Agreement” means the Servicing Agreement, dated as of October 24, 2012, among RFC VIII, as Transferor,
TRS, as Servicer and Administrator, the Issuer, and The Bank of New York Mellon, as Indenture Trustee, as amended, supplemented or restated from time to time. 

  
 -19-

 “Servicing Criteria” means the “servicing criteria” set forth in
Item 1122(d) of Regulation AB, as such may be amended from time to time. 
 “Servicing Fee” has the
meaning specified in the Servicing Agreement. 
 “Shared Excess Available Finance Charge Collections Series”
means a Series that, pursuant to the Indenture Supplement therefor, will share certain Finance Charge Collections allocated to such Series with other Series in the same Shared Excess Available Finance Charge Collections Group, as specifically
described in such Indenture Supplement. 
 “Shared Excess Available Finance Charge Collections Group” means a
Group of Series which have all been designated to share certain excess Finance Charge Collections allocated to such Series with one another. 
 “Shared Excess Available Principal Collections Series” means a Series that, pursuant to the Indenture Supplement therefor, will share certain Principal Collections allocated to such
Series with other Series in the same Shared Excess Available Principal Collections Group, as specifically described in such Indenture Supplement. 
 “Shared Excess Available Principal Collections Group” means a Group of Series which have all been designated to share certain excess Principal Collections allocated to such Series with
one another. 
 “Standard & Poor’s” means Standard & Poor’s Ratings Services, or
any successor thereto. 
 “Stated Principal Amount,” has, with respect to any Note, the meaning specified in
the related Indenture Supplement or Terms Document. 
 “Sub-Account” means each sub-account of an Issuer
Account maintained pursuant to this Indenture or the related Indenture Supplement. 
 “Subordinated Class” has,
with respect to a Class of Notes of any Series, the meaning specified in the related Indenture Supplement. 

“Subordinated Notes” means Notes of a Subordinated Class of a Series. 

“Supplemental Credit Enhancement Agreement” means a letter of credit, cash collateral account or surety bond or other
similar arrangement with any credit enhancement provider which provides the benefit of one or more additional forms of credit enhancement which is referenced in the applicable Indenture Supplement for any Series, Class or Tranche of Notes.

 “Supplemental Credit Enhancement Provider” means any party to any Supplemental Credit Enhancement Agreement
other than the Issuer or the Indenture Trustee. 
 “Supplemental Issuer Account” means the trust account or
accounts designated as such and established pursuant to subsection 5.02(c). 

  
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 “Supplemental Liquidity Agreement” means a liquidity facility or other
liquidity agreement which provides the benefit of liquidity for any Series, Class or Tranche of Notes which is referenced in the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 

“Supplemental Liquidity Provider” means any party to any Supplemental Liquidity Agreement other than the Issuer or the
Indenture Trustee. 
 “Temporary Global Note” has the meaning specified in Section 3.05.

 “Terms Document” means, with respect to any Class or Tranche of Notes, a supplement to the Indenture
Supplement that establishes such Class or Tranche. 
 “Tranche” means, with respect to any Class of Notes,
Notes of such Class which have identical terms, conditions and Tranche designation. Notes of a single Tranche may be issued on different dates. 
 “Transaction Document” has the meaning specified in the Servicing Agreement. 
 “Transfer Agreement” means the Transfer Agreement, dated as of October 24, 2012, among RFC VIII, as Transferor, the Issuer, and The Bank of New York Mellon, as Indenture Trustee, as
amended, supplemented or restated from time to time. 
 “Transfer Restriction Event” has the meaning specified
in the Transfer Agreement or in the related Receivables Purchase Agreement, as applicable. 
 “Transferor” has
the meaning specified in the Transfer Agreement. 
 “Transferor Amount” has the meaning specified in the
Transfer Agreement. 
 “Transferor Interest” has the meaning specified in the Transfer Agreement. 

“Transferor Percentage” has the meaning specified in the Servicing Agreement. 

“TRS” means American Express Travel Related Services Company, Inc., a New York corporation, and its successors and
assigns. 
 “Trust Agreement” means the American Express Issuance Trust II Amended and Restated Trust
Agreement, dated as of October 24, 2012, between RFC VIII, as Beneficiary and as Transferor, and Wilmington Trust Company, as Owner Trustee, as the same may be amended, supplemented, restated and otherwise modified from time to time.

 “Trust Estate” has the meaning specified in the Trust Agreement. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in
force at the date as of which this Indenture was executed except as provided in Section 10.05. 

  
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 “UCC” means the Uniform Commercial Code, as amended from time to time, as
in effect in the State of New York or any other relevant jurisdiction. 
 “United States Person” means a
citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States of America, any one of the states thereof, the District of Columbia or any political subdivision
thereof, or an estate or trust the income of which is subject to United States federal income taxation regardless of its source. 
 “United States Regulations” means 31 C.F.R. Part 357, Subpart B; 12 C.F.R. Part 615, Subparts O, R and S; 12 C.F.R. Part 987; 12 C.F.R. Part 1511; 24 C.F.R. Part 81, Subpart H; 31 C.F.R.
Part 354; 18 C.F.R. Part 1314; and 24 C.F.R. Part 350. 
 “U.S. Depository” means, unless otherwise specified
by the Issuer pursuant to any of Section 3.04, 3.06, or 4.01, with respect to Notes of any Tranche issuable or issued as a Global Note within the United States, The Depository Trust Company, New York, New York, or any
successor thereto registered as a clearing agency under the Securities Exchange Act, or other applicable statute or regulation. 

Section 1.02 Compliance Certificates and Opinions. Upon any application or request by the Issuer to the Indenture Trustee to
take any action under any provision of this Indenture, the Issuer will furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with and (ii) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which
the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Notwithstanding the provisions of Section 4.10 and of the preceding paragraph, if all Notes of a Series, Class or Tranche are
not to be originally issued at one time, it will not be necessary to deliver the Issuer Certificate otherwise required pursuant to Section 4.10 or the Officer’s Certificate and Opinion of Counsel otherwise required pursuant to such
preceding paragraph at or before the time of authentication of each Note of such Series, Class or Tranche if such documents are delivered at or prior to the authentication upon original issuance of the first Note of such Series, Class or Tranche to
be issued. 
 The Indenture Trustee may rely, as to authorization by the Issuer of any Series, Class or Tranche of Notes, the
form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 4.10 and this Section 1.02, as applicable, in
connection with the first authentication of Notes of such Series, Class or Tranche. 
 Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (except for the written statement required by Section 11.04) will include: 

  
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 (a) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto; 
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a
statement that such individual has made such examination or investigation as is necessary to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

Section 1.03 Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified
by, or covered by an opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents. 
 Any certificate or opinion of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. Any such
certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer stating that the information with respect to such factual matters is
in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.04
Acts of Noteholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action (collectively, an “Action”) provided by this Indenture to be given or taken by Noteholders of any Series, Class or
Tranche may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing. If Notes of a Series, Class or Tranche are issuable in whole or in part
as Bearer Notes, any Action provided by this Indenture to be given or taken by such Noteholders may, alternatively, be embodied in and evidenced by the record of such Noteholders voting in favor thereof, either in person or by proxies duly appointed
in writing, at any meeting of Noteholders duly called and held in accordance with the provisions of Section 9.04, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such Action will
become effective when such instrument or instruments or record are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments and any such record (and the Action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments and so voting at any meeting. Proof of 

  
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execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, will be sufficient for any purpose of this Indenture and (subject to
Section 8.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 1.04. The record of any meeting of Noteholders shall be proved in the manner provided in
Section 9.04. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to
him the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit will also constitute sufficient proof of his authority. The
fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture Trustee deems sufficient. 

(c) (i) The ownership of Registered Notes will be proved by the Note Register. 

(ii) The ownership of Bearer Notes or coupons will be proved by the production of such Bearer Notes or coupons or by a
certificate, satisfactory to the Issuer and the Indenture Trustee, executed, as depositary, by any bank, trust company, recognized securities dealer, as depositary, wherever situated, satisfactory to the Issuer. Each such certificate will be dated
and will state that on the date thereof a Bearer Note or coupon bearing a specified serial number was deposited with or exhibited to such bank, trust company or recognized securities dealer by the Person named in such certificate. Any such
certificate may be issued in respect of one or more Bearer Notes or coupons specified therein. The holding by the Person named in any such certificate of any Bearer Note specified therein will be presumed to continue for a period of one year from
the date of such certificate unless at the time of any determination of such holding (A) another certificate bearing a later date issued in respect of the same Bearer Note or coupon produced, (B) the Bearer Note or coupon specified in such
certificate is produced by some other Person or (C) the Bearer Note or coupon specified in such certificate has ceased to be Outstanding. 
 (d) The fact and date of execution of any such instrument or writing, the authority of the Person executing the same and the principal amount and serial numbers of Bearer Notes held by the Person so
executing such instrument or writing and the date of holding the same may also be proved in any other manner which the Indenture Trustee deems sufficient; and the Indenture Trustee may in any instance require further proof with respect to any of the
matters referred to in this Section 1.04. 
 (e) If the Issuer will solicit from the Holders any Action, the Issuer
may, at its option, by an Officer’s Certificate and consistent with the Trust Indenture Act, fix in advance a record date for the determination of Holders entitled to give such Action, but the Issuer will have no obligation to do so. If the
Issuer does not so fix a record date, such record date will be the later of 30 days before the first solicitation of such Action or the date of the most recent list of 

  
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Noteholders furnished to the Indenture Trustee pursuant to Section 9.01 before such solicitation. Such Action may be given before or after the record date, but only the Holders of
record at the close of business on the record date will be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Notes Outstanding have authorized or agreed or consented to such Action, and for that
purpose the Notes Outstanding will be computed as of the record date; provided that no such authorization, agreement or consent by the Holders on the record date will be deemed effective unless it will become effective pursuant to the
provisions of this Indenture not later than six months after the record date. 
 (f) Any Action by the Holder of any Note will
bind the Holder of every Note issued upon the transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon whether or not notation of such
Action is made upon such Note. 
 (g) Without limiting the foregoing, a Holder entitled hereunder to take any Action hereunder
with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such
principal amount. Any notice given or Action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such
different part. 
 (h) Without limiting the generality of the foregoing, unless otherwise specified pursuant to
Section 4.01 or pursuant to one or more Indenture Supplements, a Holder, including a Depository that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any Action provided in this
Indenture to be made, given or taken by Holders, and a Depository that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in or security entitlements to any such Global Note through such
Depository’s standing instructions and customary practices. 
 (i) The Issuer may fix a record date for the purpose of
determining the Persons who are beneficial owners of interests in or security entitlements to any Global Note held by a Depository entitled under the procedures of such Depository to make, give or take, by a proxy or proxies duly appointed in
writing, any Action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or
take such Action, whether or not such Holders remain Holders after such record date. No such Action shall be valid or effective if made, given or taken more than 90 days after such record date. 

Section 1.05 Notices, etc. to Indenture Trustee and Issuer. Any Action of Noteholders or other document provided or permitted
by this Indenture to be made upon, given or furnished to, or filed with, the Indenture Trustee by any Noteholder or by the Issuer will be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid or sent via
electronic transmission to the Indenture Trustee at its Corporate Trust Office, or the Issuer by the Indenture Trustee or by any Noteholder will be sufficient for every purpose hereunder (except as provided in subsection 7.01(c)) if in
writing and mailed, first-class postage prepaid, to the Issuer addressed to it at the address of its principal office specified in the first paragraph of 

  
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this Indenture or at any other address previously furnished in writing to the Indenture Trustee by the Issuer. 
 Section 1.06 Notices to Noteholders, Waiver. Where this Indenture, any Indenture Supplement or any Registered Note provides for notice to Registered Noteholders of any event, such notice will
be sufficiently given (unless otherwise herein, in such Indenture Supplement or in such Registered Note expressly provided) if in writing and mailed, first-class postage prepaid, sent by facsimile, sent by electronic transmission or personally
delivered to each Holder of a Registered Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Registered Noteholders is given by mail, facsimile, electronic transmission or delivery neither the failure to mail, send by facsimile, send by electronic transmission or deliver such notice, nor any defect in any
notice so mailed, to any particular Noteholders will affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by facsimile, sent by electronic transmission or delivered in the manner herein provided
shall conclusively have been presumed to have been duly given. 
 Where this Indenture, any Indenture Supplement or any
Registered Note provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by
Registered Noteholders will be filed with the Indenture Trustee, but such filing will not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

(a) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it will be
impractical to mail notice of any event to any Holder of a Registered Note when such notice is required to be given pursuant to any provision of this Indenture, then any method of notification as will be satisfactory to the Indenture Trustee and the
Issuer will be deemed to be a sufficient giving of such notice. 
 (b) No notice will be given by mail, facsimile, electronic
transmission or otherwise delivered to a Holder of Bearer Notes or coupons in bearer form. In the case of any Series, Class or Tranche with respect to which any Bearer Notes are Outstanding, any notice required or permitted to be given to Holders of
such Bearer Notes will be published in an Authorized Newspaper within the time period prescribed in this Indenture or the applicable Indenture Supplement. 
 (c) With respect to any Series, Class or Tranche of Notes, the applicable Indenture Supplement may specify different or additional means of giving notice to the Holders of the Notes of such Series, Class
or Tranche. 
 (d) Where this Indenture provides for notice to any Note Rating Agency, failure to give such notice will not
affect any other rights or obligations created hereunder and will not under any circumstance constitute an Adverse Effect. 

  
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 Section 1.07 Conflict with Trust Indenture Act. If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318, inclusive, of the Trust
Indenture Act, such imposed duties or incorporated provision will control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision will be deemed to
apply to this Indenture as so modified or excluded, as the case may be. 
 Section 1.08 Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and will not affect the construction hereof. 
 Section 1.09 Successors and Assigns. All covenants and agreements in this Indenture by the Issuer will bind its successors and assigns, whether so expressed or not. All covenants and
agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee. 
 Section 1.10 Separability. In case any provision in this Indenture or in the Notes will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby. 
 Section 1.11 Benefits of Indenture. Nothing in
this Indenture or in any Notes, express or implied, will give to any Person, other than the parties hereto and their successors hereunder, any Authenticating Agent or Paying Agent, the Note Registrar, Derivative Counterparties (to the extent
specified in the applicable Derivative Agreement), Supplemental Credit Enhancement Providers and Supplemental Liquidity Providers (each to the extent specified in the applicable Supplemental Credit Enhancement Agreement and Supplemental Liquidity
Agreement, as applicable) and the Holders of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.12 Governing Law. THIS INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. THE STATE OF NEW
YORK SHALL BE THE SECURITIES INTERMEDIARY’S JURISDICTION OF THE SECURITIES INTERMEDIARY FOR PURPOSES OF ARTICLES 8 AND 9 OF THE UCC AND THE UNITED STATES REGULATIONS. 
 Section 1.13 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together
constitute but one and the same instrument. 
 Section 1.14 Indenture Referred to in the Trust Agreement. This is
the Indenture referred to in the Trust Agreement. 

  
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 Section 1.15 Legal Holidays. In any case where the date on which any payment is
due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the
date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 [END OF ARTICLE
I] 

  
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 ARTICLE II 
 COLLATERAL 
 Section 2.01 Recording, Etc. 

(a) The Issuer intends the Security Interest granted pursuant to this Indenture in favor of the Indenture Trustee to be prior to all
other liens in respect of the Collateral. Subject to Section 2.02, the Issuer will take all actions necessary to maintain a perfected lien on and Security Interest in the Collateral in favor of the Indenture Trustee. 

(b) The Issuer shall cause each item of the Collateral to be Delivered, and the Indenture Trustee shall hold each item of the Collateral
as Delivered, separate and apart from all other property held by the Indenture Trustee. To the extent that such of the Collateral as constitutes a deposit account is maintained with The Bank of New York Mellon, The Bank of New York Mellon hereby
makes the agreements required under the UCC in order for such deposit account to be Delivered. Notwithstanding any other provision of this Indenture or any Indenture Supplement, the Indenture Trustee shall not hold any part of the Collateral through
an agent or nominee except as expressly permitted by this subsection 2.01(b). 
 (c) The Issuer will from time to time
execute, authorize and deliver all such supplements and amendments hereto and all such financing statements, amendments thereto, instruments of further assurance and other instruments, all as prepared by the Issuer, and will take such other action
necessary or advisable to: 
 (i) grant the Security Interest more effectively in all or any portion of the
Collateral; 
 (ii) maintain or preserve the Security Interest (and the priority thereof) created by this
Indenture or carry out more effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the
validity of any grant made or to be made by this Indenture; 
 (iv) enforce the Receivables, any Collateral
Certificates, any Derivative Agreements, any Supplemental Credit Enhancement Agreements and any Supplemental Liquidity Agreements and each other instrument or agreement designated for inclusion in the Collateral; 

(v) preserve and defend title to the Collateral and the rights of the Indenture Trustee in the Collateral against the
claims of all persons and parties; or 
 (vi) pay all taxes or assessments levied or assessed upon the Collateral
when due. 

  
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 (d) The Issuer will from time to time promptly pay and discharge all UCC recording and
filing fees, charges and taxes relating to this Indenture, any amendments hereto and any other instruments of further assurance. 
 (e) Without limiting the generality of subsection 2.01(b) or (c): 
 (i) The Issuer will cause this Indenture, all amendments and supplements hereto and all financing statements and all amendments to such financing statements and any other necessary documents covering the
Indenture Trustee’s right, title and interest in and to the Collateral 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 the Indenture Trustee in and to all property comprising the Collateral. The Issuer will deliver to the 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. The Issuer hereby authorizes the filing of financing statements (and amendments of financing statements) that name the Issuer as
debtor and the Indenture Trustee as secured party and that cover all personal property of the Issuer. The Issuer also hereby ratifies the filing of any such financing statements (or amendments of financing statements) that were filed prior to the
execution hereof. 
 (ii) The Issuer shall not change its name or its type or jurisdiction of organization unless
it has first (A) made all filings and taken all actions in all relevant jurisdictions under the applicable UCC and other applicable law as are necessary to continue and maintain the first priority perfected Security Interest of the Indenture
Trustee in the Collateral, and (B) delivered to the Indenture Trustee an Opinion of Counsel to the effect that all necessary filings have been made under the applicable UCC in all relevant jurisdictions as are necessary to continue and maintain
the first priority perfected Security Interest of the Indenture Trustee in the Collateral. 
 The duty of the Indenture Trustee to execute or
authorize any instrument required pursuant to this Section 2.01 will arise only if the Indenture Trustee has actual knowledge of the type described in subsection 7.01(c) of the Indenture of any default of the Issuer in complying
with the provisions of this Section 2.01. 
 Section 2.02 Trust Indenture Act Requirements. The release
of any Collateral from the lien created by this Indenture or the release, in whole or in part, of the lien on all Collateral, will not be deemed to impair the Security Interest in contravention of the provisions hereof if and to the extent the
Collateral or liens are released pursuant to the terms hereof. The Indenture Trustee and each of the Noteholders are hereby deemed to acknowledge that a release of Collateral or liens strictly in accordance with the terms hereof will not be deemed
for any purpose to be an impairment of the remaining Security Interest in contravention of the terms of this Indenture. To the extent applicable, without limitation, the Issuer will cause Section 314(d) of the Trust Indenture Act relating to
the release of property or securities from the liens hereof to be complied with. Any certificate or opinion required by Section 314(d) of the Trust Indenture Act may be made by an Authorized Officer of the Issuer, except in cases in which
Section 314(d) 

  
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of the Trust Indenture Act requires that such certificate or opinion be made by an independent person. 
 Section 2.03 Suits To Protect the Collateral. Subject to the provisions of this Indenture, the Indenture Trustee will have power to institute and to maintain such suits and proceedings as it
may deem expedient to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of this Indenture, and such suits and proceedings as the Indenture Trustee may deem expedient to preserve or protect the interests of
the Noteholders and the interests of the Indenture Trustee in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or
order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the Security Interest or be prejudicial to the interests of the Noteholders or the Indenture Trustee). No
counterparties to a Derivative Agreement, Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement may direct the Indenture Trustee to enforce the Security Interest. Each Derivative Counterparty’s, Supplemental Credit
Enhancement Provider’s and Supplemental Liquidity Provider’s rights consist solely of the right to receive Finance Charge Collections or Principal Collections, as applicable, allocated for such party’s benefit pursuant to the related
Indenture Supplement. 
 Section 2.04 Purchaser Protected. In no event will any purchaser in good faith of any
property purported to be released hereunder be bound to ascertain the authority of the Indenture Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such
authority or to see to the application of any consideration given by such purchaser or other transferee; nor will any purchaser or other transferee of any property or rights permitted by this Article II to be sold be under any obligation to
ascertain or inquire into the authority of the Issuer or any other obligor, as applicable, to make any such sale or other transfer. 
 Section 2.05 Powers Exercisable by Receiver or Indenture Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this
Article II upon the Issuer or any other obligor, as applicable, with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be
deemed the equivalent of any similar instrument of the Issuer or any other obligor, as applicable, or of any officer or officers thereof required by the provisions of this Article II. 

Section 2.06 Determinations Relating to Collateral. In the event (i) the Indenture Trustee shall receive any written
request from the Issuer or any other obligor for consent or approval with respect to any matter or thing relating to any Collateral or the Issuer’s or any other obligor’s obligations with respect thereto or (ii) there shall be due to
or from the Indenture Trustee under the provisions hereof any performance or the delivery of any instrument or (iii) the Indenture Trustee shall become aware of any nonperformance by the Issuer or any other obligor of any covenant or any breach
of any representation or warranty of the Issuer or any other obligor set forth in this Indenture, then, in each such event, the Indenture Trustee shall be entitled to hire experts, consultants, agents and attorneys to advise the Indenture Trustee on
the manner in which the Indenture Trustee should respond to such request or render any 

  
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requested performance or response to such nonperformance or breach (the expenses of which will be reimbursed to the Indenture Trustee pursuant to Section 8.07). The Indenture Trustee
will be fully protected in the taking of any action recommended or approved by any such expert, consultant, agent or attorney or agreed to by Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of the Outstanding Notes.

 Section 2.07 Release of all Collateral. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 8.07, the Indenture Trustee shall, at the request of the Issuer or when otherwise required by the provisions of this
Indenture, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest (which is held by the Indenture Trustee for the benefit of the Noteholders) in the same, in a manner and under
circumstances which are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article II will be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to the application of any funds. 
 (b) Upon
delivery of an Officer’s Certificate of each Transferor certifying that the Issuer’s obligations under this Indenture have been satisfied and discharged by complying with the provisions of this Article II, the Indenture Trustee
shall execute and deliver such releases, termination statements and other instruments (in recordable form, where appropriate) as the Issuer or any other obligor, as applicable, may reasonably request evidencing the termination of the Security
Interest created by this Indenture. 
 (c) Each Transferor, the Issuer and the Noteholders shall be entitled to receive at least
10 days written notice when the Indenture Trustee proposes to take any action pursuant to clause (a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also be entitled to require, as a condition to such action, an
Opinion of Counsel, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with. Counsel rendering any such opinion
may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

Section 2.08 Certain Actions by Indenture Trustee. Any action taken by the Indenture Trustee pursuant to this Article
II in respect of the release of any or all of the Collateral will be taken by the Indenture Trustee as its interest in such Collateral may appear, and no provision of this Article II is intended to, or will, excuse compliance with any
provision hereof. 
 Section 2.09 Opinions as to Collateral. (a) On the date hereof, the Issuer shall furnish
to the Indenture Trustee an Opinion of Counsel stating that, in the opinion of such counsel, such action has been taken as is necessary to perfect the Security Interest created by this Indenture in favor of the Indenture Trustee and reciting the
details of such action. 
 (b) On or before March 31 in each calendar year, beginning in 2013, the Issuer shall furnish to
the Indenture Trustee an Opinion of Counsel with respect to each UCC financing 

  
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statement which has been filed by the Issuer with respect to the Collateral either stating that, (i) in the opinion of such counsel, such action has been taken with respect to the recording,
filing, re-recording and refiling of such financing statements and amendments thereto as are necessary to maintain the first priority Security Interest created by this Indenture and reciting the details of such action or (ii) in the opinion of
such counsel, no such action is necessary to maintain such Security Interest. Such Opinion of Counsel will also describe the recording, filing, re-recording and refiling of such financing statements and amendments thereto that will, in the opinion
of such counsel, be required to maintain the Security Interest created by this Indenture until March 31 in the following calendar year. 
 Section 2.10 Certain Commercial Law Representations and Warranties. The Issuer hereby makes the following representations and warranties. Such representations and warranties shall survive
until the termination of this Indenture. Such representations and warranties speak of the date that a security interest in the Collateral is granted to the Indenture Trustee and shall not be waived by any of the parties to this Indenture unless the
Note Rating Agency Condition is satisfied. 
 (a) This Indenture creates a valid and continuing security interest (as defined in
the applicable UCC) in favor of the Indenture Trustee in the related Collateral, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer. 

(b) Each of the existing Receivables and Collateral Certificates constitutes an “account,” a “general intangible,” an
“instrument,” an “uncertificated security” or a “certificated security” within the meaning of the applicable UCC. 
 (c) At the time of its grant of any security interest in the related Collateral pursuant to this Indenture, the Issuer owned and had good and marketable title to such Collateral free and clear of any
lien, claim or encumbrance of any Person. 
 (d) The Issuer has caused or will have caused, within 10 days of the initial
execution of this Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the related Collateral granted to the
Indenture Trustee pursuant to this Indenture. 
 (e) The Issuer has registered the Indenture Trustee as the registered owner of
the related Collateral. 
 (f) Other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the
Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed, the related Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a
description of the related Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to this Indenture or that has been terminated. The Issuer is not aware of any judgment or tax lien
filings against the Issuer. 

  
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 Section 2.11 The Securities Intermediary. 

(a) There shall at all times be one or more securities intermediaries appointed for purposes of this Indenture (the “Securities
Intermediary”). The Bank of New York Mellon is hereby appointed as the initial Securities Intermediary hereunder, and The Bank of New York Mellon accepts such appointment. 

(b) The Securities Intermediary shall be, and The Bank of New York Mellon as initial Securities Intermediary hereby represents and
warrants that it is as of the date hereof and shall be, for so long as it is the Securities Intermediary hereunder, a corporation or national bank that in the ordinary course of its business maintains securities accounts for others and is acting in
that capacity hereunder. The Securities Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does, agree with the parties hereto that each Issuer Account shall be an account to which financial assets may be credited
and undertake to treat the Indenture Trustee as entitled to exercise the rights that comprise such financial assets. The Securities Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does, agree with the parties
hereto that each item of property credited to each Issuer Account shall be treated as a financial asset. The Securities Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does, agree with the parties hereto that
the securities intermediary’s jurisdiction of the Securities Intermediary with respect to the Collateral shall be the State of New York. The Securities Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does,
represent and covenant that it is not and will not be (as long as it is the Securities Intermediary hereunder) a party to any agreement that is inconsistent with the provisions of this Indenture. The Securities Intermediary shall, and The Bank of
New York Mellon as initial Securities Intermediary does, covenant that it will not take any action inconsistent with the provisions of this Indenture applicable to it. The Securities Intermediary shall, and The Bank of New York Mellon as initial
Securities Intermediary does, agree that any item of property credited to any Issuer Account shall not be subject to any security interest, lien, encumbrance or right of setoff in favor of the Securities Intermediary or anyone claiming through the
Securities Intermediary (other than the Indenture Trustee). 
 (c) It is the intent of the Indenture Trustee and the Issuer that
each Issuer Account shall be a securities account of the Indenture Trustee and not an account of the Issuer. Nonetheless, the Securities Intermediary shall agree to comply with entitlement orders originated by the Indenture Trustee without further
consent by the Issuer or any other person or entity, and The Bank of New York Mellon as initial Securities Intermediary agrees that, for so long as it is the Securities Intermediary hereunder, it will comply with entitlement orders originated by the
Indenture Trustee without further consent by the Issuer or any other person or entity. The Securities Intermediary shall covenant that it will not agree with any person or entity other than the Indenture Trustee that it will comply with entitlement
orders originated by any person or entity other than the Indenture Trustee, and The Bank of New York Mellon as initial Securities Intermediary hereby covenants that, for so long as it is the Securities Intermediary hereunder, it will not agree with
any person or entity other than the Indenture Trustee that it will comply with entitlement orders originated by any person or entity other than the Indenture Trustee. 

  
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 (d) Nothing herein shall imply or impose upon the Securities Intermediary any duties or
obligations other than those expressly set forth herein and those applicable to a securities intermediary under the UCC and the United States Regulations (and the Securities Intermediary shall be entitled to all of the protections available to a
securities intermediary under the UCC and the United States Regulations). Without limiting the foregoing, nothing herein shall imply or impose upon the Securities Intermediary any duties of a fiduciary nature (such as the fiduciary duties of the
Indenture Trustee hereunder). 
 (e) The Securities Intermediary may at any time resign by notice to the Indenture Trustee and
may at any time be removed by notice from the Indenture Trustee; provided that it shall be the responsibility of the Indenture Trustee to appoint a successor Securities Intermediary and to cause the Issuer Accounts to be established and
maintained with such successor Securities Intermediary in accordance with the terms hereof; and the responsibilities and duties of the retiring Securities Intermediary hereunder shall remain in effect until all of the Collateral credited to the
Issuer Accounts held by such retiring Securities Intermediary have been transferred to such successor. Any corporation into which the Securities Intermediary may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which the Securities Intermediary shall be a party, shall be the successor of the Securities Intermediary hereunder, without the execution or filing of any further act on the part of the
parties hereto or such Securities Intermediary or such successor corporation. 
 [END OF ARTICLE II] 

  
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 ARTICLE III 
 NOTE FORMS 
 Section 3.01 Forms Generally. The Notes will have
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or the applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon, as may be required to comply with applicable laws or regulations or with the rules of any securities exchange, or as may, consistently herewith, be determined by the Issuer, as evidenced by the Issuer’s execution of
such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The definitive Notes will be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner,
all as determined by the Issuer, as evidenced by the Issuer’s execution of such Notes, subject, with respect to the Notes of any Series, Class or Tranche, to the rules of any securities exchange on which such Notes are listed. 

Section 3.02 Forms of Notes. Each Note will be in one of the forms approved from time to time by or pursuant to an Indenture
Supplement. Before the delivery of a Note to the Indenture Trustee for authentication in any form approved by or pursuant to an Issuer Certificate, the Issuer will deliver to the Indenture Trustee the Issuer Certificate by or pursuant to which such
form of Note has been approved, which Issuer Certificate will have attached thereto a true and correct copy of the form of Note which has been approved thereby or, if an Issuer Certificate authorizes a specific officer or officers of a Beneficiary
to approve a form of Note, a certificate of such officer or officers approving the form of Note attached thereto. Any form of Note approved by or pursuant to an Issuer Certificate must be acceptable as to form to the Indenture Trustee, such
acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a certificate signed by an Indenture Trustee Authorized Officer and delivered to the Issuer. 

Section 3.03 Form of Indenture Trustee’s Certificate of Authentication. The form of Indenture Trustee’s Certificate
of Authentication for any Note issued pursuant to this Indenture will be substantially as follows: 
 TRUSTEE’S CERTIFICATE
OF AUTHENTICATION 
 This is one of the Notes of the Series, Class or Tranche designated therein referred to in the
within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON,
as Indenture Trustee,

		
	 By:
	 	  

		 	Authorized Signatory

  
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	Dated:	 	  

 Section 3.04 Notes Issuable in the Form of a Global Note. (a) If the Issuer
establishes pursuant to Sections 3.02 and 4.01 that the Notes of a particular Series, Class or Tranche are to be issued in whole or in part in the form of one or more Global Notes, then the Issuer will execute and the Indenture Trustee
or its agent will, in accordance with Section 4.03 and the Issuer Certificate delivered to the Indenture Trustee or its agent thereunder, authenticate and deliver, such Global Note or Notes, which, unless otherwise provided in the
applicable Indenture Supplement (i) will represent, and will be denominated in an amount equal to the aggregate Stated Principal Amount (or in the case of Discount Notes, the aggregate Stated Principal Amount at the Expected Final Payment Date
of such Notes) of the Outstanding Notes of such Series, Class or Tranche to be represented by such Global Note or Notes, or such portion thereof as the Issuer will specify in an Issuer Certificate, (ii) in the case of Registered Notes, will be
registered in the name of the Depository for such Global Note or Notes or its nominee, (iii) will be delivered by the Indenture Trustee or its agent to the Depository or pursuant to the Depository’s instruction, (iv) if applicable,
will bear a legend substantially to the following effect: “Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein” and
(v) may bear such other legend as the Issuer, upon advice of counsel, deems to be applicable. 
 (b) Notwithstanding any
other provisions of this Section 3.04 or of Section 4.05, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture Supplement expressly permit such Global Note
to be exchanged in whole or in part for individual Notes, a Global Note may be transferred, in whole but not in part and in the manner provided in Section 4.05, only to a nominee of the Depository for such Global Note, or to the
Depository, or a successor Depository for such Global Note selected or approved by the Issuer, or to a nominee of such successor Depository. 
 (c) With respect to Notes issued within the United States, unless otherwise specified in the applicable Indenture Supplement, or with respect to Notes issued outside the United States, if specified in the
applicable Indenture Supplement: 
 (i) If at any time the Depository for a Global Note notifies the Issuer that
it is unwilling or unable to continue as Depository for such Global Note or if at any time the Depository for the Notes for such Series, Class or Tranche ceases to be a clearing agency registered under the Securities Exchange Act, or other
applicable statute or regulation, the Issuer will appoint a successor Depository with respect to such Global Note. If a successor Depository for such Global Note is not appointed by the Issuer within 90 days after the Issuer receives such notice or
becomes aware of such ineligibility, the Issuer will execute, and the Indenture Trustee or its agent, upon receipt of an Issuer Certificate requesting the authentication and delivery of individual Notes of such Series, Class or Tranche in exchange
for such Global Note, will authenticate and 

  
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deliver, individual Notes of such Series, Class or Tranche of like tenor and terms in an aggregate Stated Principal Amount equal to the Stated Principal Amount of the Global Note in exchange for
such Global Note. 
 (ii) The Issuer may at any time and in its sole discretion determine that the Notes of any
Series, Class or Tranche or portion thereof issued or issuable in the form of one or more Global Notes will no longer be represented by such Global Note or Notes. In such event the Issuer will execute, and the Indenture Trustee, upon receipt of a
written request by the Issuer for the authentication and delivery of individual Notes of such Series, Class or Tranche in exchange in whole or in part for such Global Note, will authenticate and deliver individual Notes of such Series, Class or
Tranche of like tenor and terms in definitive form in an aggregate Stated Principal Amount equal to the Stated Principal Amount of such Global Note or Notes representing such Series, Class or Tranche or portion thereof in exchange for such Global
Note or Notes. 
 (iii) If specified by the Issuer pursuant to Sections 3.02 and 4.01 with respect
to Notes issued or issuable in the form of a Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part for individual Notes of such Series, Class or Tranche of like tenor and terms in definitive
form on such terms as are acceptable to the Issuer and such Depository. Thereupon the Issuer will execute, and the Indenture Trustee or its agent will authenticate and deliver, without service charge, (A) to each Person specified by such
Depository a new Note or Notes of the same Series, Class or Tranche of like tenor and terms and of any authorized denomination as requested by such Person in aggregate Stated Principal Amount equal to and in exchange for such Person’s
beneficial interest in the Global Note; and (B) to such Depository a new Global Note of like tenor and terms and in an authorized denomination equal to the difference, if any, between the Stated Principal Amount of the surrendered Global Note
and the aggregate Stated Principal Amount of Notes delivered to the Holders thereof. 
 (iv) If any Event of
Default has occurred and is continuing with respect to such Global Notes, and Holders of Notes evidencing more than 50% of the unpaid Outstanding Dollar Principal Amount of the Global Notes of that Series, Class or Tranche advise the Indenture
Trustee and the Depository that a Global Note is no longer in the best interest of the Noteholders, the Holders of Global Notes of that Tranche may exchange such Notes for individual Notes. 

(v) In any exchange provided for in any of the preceding four paragraphs, the Issuer will execute and the Indenture
Trustee or its agent will authenticate and deliver individual Notes in definitive registered form in authorized denominations. Upon the exchange of the entire Stated Principal Amount of a Global Note for individual Notes, such Global Note will be
canceled by the Indenture Trustee or its agent. Except as provided in the preceding paragraphs, Notes issued in exchange for a Global Note pursuant to this Section 3.04 will be registered in such names and in such authorized
denominations as the Depository for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, will instruct the Indenture Trustee or the Note 

  
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Registrar. The Indenture Trustee or the Note Registrar will deliver such Notes to the Persons in whose names such Notes are so registered. 

Section 3.05 Temporary Global Notes and Permanent Global Notes. (a) If specified in the applicable Indenture Supplement
for any Tranche, all or any portion of a Global Note may initially be issued in the form of a single temporary global Bearer Note or Registered Note (the “Temporary Global Note”), without interest coupons, in the denomination of the entire
aggregate principal amount of such Series, Class or Tranche and substantially in the form set forth in the exhibit with respect thereto attached to the applicable Indenture Supplement. The Temporary Global Note will be authenticated by the Indenture
Trustee upon the same conditions, in substantially the same manner and with the same effect as the Notes in definitive form. The Temporary Global Note may be exchanged as described below or in the applicable Indenture Supplement for permanent global
Bearer Notes or Registered Notes (the “Permanent Global Notes”). 
 (b) Unless otherwise provided in the applicable
Indenture Supplement, exchanges of beneficial interests in or security entitlements to Temporary Global Notes for beneficial interests in or security entitlements to Permanent Global Notes will be made as provided in this subsection 3.05(b).
The Beneficiary will, upon its determination of the date of completion of the distribution of the Notes of such Series, Class or Tranche, so advise the Indenture Trustee, the Issuer, the Foreign Depository, and each foreign clearing agency
forthwith. Without unnecessary delay, but in any event not prior to the Exchange Date, the Issuer will execute and deliver to the Indenture Trustee at the office or its designated agent outside the United States Permanent Global Notes in bearer or
registered form (as specified in the applicable Indenture Supplement) in an aggregate principal amount equal to the Outstanding Dollar Principal Amount of such Series, Class or Tranche of Notes. Bearer Notes so issued and delivered may have coupons
attached. The Temporary Global Note may be exchanged for an equal aggregate principal amount of Permanent Global Notes only on or after the Exchange Date. A United States Person may exchange its beneficial interest in or security entitlement to the
Temporary Global Note only for an equal aggregate principal amount of Permanent Global Notes in registered form bearing the applicable legend set forth in the form of Registered Note attached to the applicable Indenture Supplement and having a
minimum denomination of $500,000, which may be in temporary form if the Issuer so elects. The Issuer may waive the $500,000 minimum denomination requirement if it so elects. Upon any demand for exchange for Permanent Global Notes in accordance with
this subsection 3.05(b), the Issuer will cause the Indenture Trustee to authenticate and deliver the Permanent Global Notes to the Holder (x) outside the United States, in the case of Bearer Notes and (y) according to the
instructions of the Holder, in the case of Registered Notes, but in either case only upon presentation to the Indenture Trustee of a written statement substantially in the form of Exhibit B-1 (or such other form as the Issuer may determine)
with respect to the Temporary Global Note, or portion thereof being exchanged, signed by a foreign clearing agency or Foreign Depository and dated on the Exchange Date or a subsequent date, to the effect that it has received in writing or by tested
telex a certification substantially in the form of (i) in the case of beneficial ownership of the Temporary Global Note, or a portion thereof being exchanged, by a United States institutional investor pursuant to this clause, the certificate in
the form of Exhibit B-2 (or such other form as the Issuer may determine) signed by the Beneficiary which sold the relevant Notes or (ii) in all other cases, the certificate in the form of Exhibit B-3 (or such other form as the
Issuer may determine), the certificate referred 

  
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to in this clause (ii) being dated on the earlier of the first payment of interest in respect of such Note and the date of the delivery of such Note in definitive form. Upon receipt of such
certification, the Indenture Trustee will cause the Temporary Global Note to be endorsed in accordance with subsection 3.05(d). Any exchange as provided in this Section 3.05 will be made free of charge to the Holders and the
beneficial owners of the Temporary Global Note and to the beneficial owners of the Permanent Global Note issued in exchange, except that a Person receiving the Permanent Global Note must bear the cost of insurance, postage, transportation and the
like in the event that such Person does not receive such Permanent Global Note in person at the offices of a foreign clearing agency or Foreign Depository. 
 (c) The delivery to the Indenture Trustee by a foreign clearing agency or Foreign Depository of any written statement referred to above may be relied upon by the Issuer and the Indenture Trustee as
conclusive evidence that a corresponding certification or certifications has or have been delivered to such foreign clearing agency pursuant to the terms of this Indenture. 
 (d) Upon any such exchange of all or a portion of the Temporary Global Note for a Permanent Global Note or Notes, such Temporary Global Note will be endorsed by or on behalf of the Indenture Trustee to
reflect the reduction of its principal amount by an amount equal to the aggregate principal amount of such Permanent Global Note or Notes. Until so exchanged in full, such Temporary Global Note will in all respects be entitled to the same benefits
under this Indenture as Permanent Global Notes authenticated and delivered hereunder except that the beneficial owners of such Temporary Global Note will not be entitled to receive payments of interest on the Notes until they have exchanged their
beneficial interests in or security entitlements to such Temporary Global Note for Permanent Global Notes. 
 Section 3.06
Beneficial Ownership of Global Notes. Until definitive Notes have been issued to the applicable Noteholders pursuant to Section 3.04 or as otherwise specified in any applicable Indenture Supplement: 

(a) the Issuer and the Indenture Trustee may deal with the applicable clearing agency or Depository and the clearing agency’s or
Depository’s participants for all purposes (including the making of distributions) as the authorized representatives of the respective Note Owners; and 
 (b) the rights of the respective Note Owners will be exercised only through the applicable clearing agency or Depository and the clearing agency’s or Depository’s participants and will be
limited to those established by law and agreements between such Note Owners and the clearing agency or Depository and/or the clearing agency’s or Depository’s participants. Pursuant to the operating rules of the applicable clearing agency,
unless and until Notes in definitive form are issued pursuant to Section 3.04, the clearing agency or the Depository will make book-entry transfers among the clearing agency’s or the Depository’s participants and receive and
transmit distributions of principal and interest on the related Notes to such clearing agency’s or Depository’s participants. 
 For purposes of any provision of this Indenture requiring or permitting Actions with the consent of, or at the direction of, Noteholders evidencing a specified percentage of the Outstanding Dollar
Principal Amount of Outstanding Notes, such direction or consent may be 

  
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given by Note Owners (acting through the clearing agency and the clearing agency’s participants) owning interests in or security entitlements to Notes evidencing the requisite percentage of
principal amount of Notes. 
 Section 3.07 Notices to Depository. Whenever any notice or other communication is
required to be given to Noteholders with respect to which book-entry Notes have been issued, unless and until Notes in definitive form will have been issued to the related Note Owners, the Indenture Trustee will give all such notices and
communications to the applicable clearing agency or Depository. 
 Section 3.08 CUSIP Numbers. In issuing the Notes,
the Issuer may use “CUSIP” numbers (if then generally in use), and, if so, the Indenture Trustee shall use such CUSIP numbers in notices of redemption as a convenience to Holders; provided that, subject to Section 8.01,
any such notice may state that (a) no representation is made as to the correctness of such CUSIP numbers as printed on the related Notes or as contained in any notice of redemption, (b) reliance may be placed only on the other
identification numbers, if any, printed on the Notes and (c) any such redemption shall not be affected by any defect in or omission of such CUSIP numbers. The Issuer will promptly notify the Indenture Trustee written notice of any change in the
CUSIP numbers for any Outstanding Note. 
 [END OF ARTICLE III] 

  
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 ARTICLE IV 
 THE NOTES 
 Section 4.01 General Title, General Limitations,
Issuable in Series, Terms of a Series, Class or Tranche of Notes. (a) The aggregate Stated Principal Amount of Notes which may be authenticated and delivered and Outstanding under this Indenture is not limited. 

(b) The Notes may be issued in one or more Series, Classes or Tranches up to an aggregate Stated Principal Amount of Notes as from time
to time may be authorized by the Issuer. All Notes of each Series, Class or Tranche under this Indenture will in all respects be equally and ratably entitled to the benefits hereof with respect to such Series, Class or Tranche without preference,
priority or distinction on account of (i) the actual time of the authentication and delivery, (ii) the Expected Final Payment Date or (iii) the Legal Maturity Date of the Notes of such Series, Class or Tranche, except as specified in
the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 
 (c) Each Note issued must be part of a
Series, Class and Tranche of Notes for purposes of allocations pursuant to this Indenture, the related Indenture Supplement, the Transfer Agreement and the Servicing Agreement. A Series of Notes is created pursuant to an Indenture Supplement. A
Class or Tranche of Notes is created pursuant to an Indenture Supplement or pursuant to a Terms Document related to the Indenture Supplement for the applicable Series. 
 (d) Each Series of Notes may be assigned to a Group or Groups (now existing or hereafter created) of Notes for purposes of allocations of certain collections pursuant to Section 4.12 and the
related Indenture Supplement. The related Indenture Supplement will identify the Group or Groups, if any, to which a Series of Notes has been assigned and the manner and extent to which Series in the same Group or Groups will share certain amounts.

 (e) Each Series of Notes may, but need not be, subdivided into multiple Classes. Notes belonging to a Class in any Series may
be entitled to specified payment priorities over other Classes of Notes in that Series. 
 (f) Notes of a Series that belong to
different Classes in that Series belong to different Tranches on the basis of the difference in Class membership. 
 (g) Each
Class of Notes may consist of a single Tranche or may be subdivided into multiple Tranches. Notes of a single Class of a Series will belong to different Tranches if they have different terms and conditions. With respect to any Class of Notes, Notes
which have identical terms, conditions and Tranche designation will be deemed to be part of a single Tranche of Notes. 
 (h)
Before the initial issuance of Notes of each Series, Class or Tranche, there shall also be established in or pursuant to an Indenture Supplement or pursuant to a Terms Document related to the applicable Indenture Supplement, provision for:

  
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 (i) the Series designation; 

(ii) the Stated Principal Amount of the Notes; 

(iii) whether such Series belongs to any Group or Groups; 

(iv) whether such Notes are of a particular Class of Notes or a Tranche of a Class of Notes; 

(v) the Required Subordinated Amount (if any) for such Class or Tranche of Notes; 

(vi) the currency or currencies in which such Notes will be denominated and in which payments of principal of; and
interest on, such Notes will or may be payable; 
 (vii) if the principal of or interest, if any, on such Notes
are to be payable, at the election of the Issuer or a Holder thereof, in a currency or currencies other than that in which the Notes are stated to be payable, the period or periods within which, and the terms and conditions upon which, such election
may be made; 
 (viii) if the amount of payments of principal of or interest, if any, on such Notes may be
determined with reference to an index based on (A) a currency or currencies other than that in which the Notes are stated to be payable, (B) changes in the prices of one or more other securities or Groups or indexes of securities or
(C) changes in the prices of one or more commodities or Groups or indexes of commodities, or any combination of the foregoing, the manner in which such amounts will be determined; 

(ix) the price or prices at which such Series, Class or Tranche of Notes will be issued; 

(x) the times at which such Series, Class or Tranche of Notes may, pursuant to any optional or mandatory redemption
provisions, be redeemed, and the other terms and provisions of any such redemption provisions; 
 (xi) the rate
per annum at which such Series, Class or Tranche of Notes will bear interest, if any, or the formula or index on which such rate will be determined, including all relevant definitions, and the date from which interest will accrue; 

(xii) each Payment Date, the Expected Final Payment Date and the Legal Maturity Date for such Series, Class or Tranche of
Notes; 
 (xiii) the Initial Dollar Principal Amount of such Notes, and the means for calculating the Outstanding
Dollar Principal Amount of such Series, Class or Tranche of Notes; 

  
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 (xiv) the Nominal Liquidation Amount of such Series, Class or Tranche of
Notes, and the means for calculating the Nominal Liquidation Amount of such Series, Class or Tranche of Notes; 

(xv) whether or not application will be made to list such Series, Class or Tranche of Notes on any securities exchange;

 (xvi) any Events of Default or Early Amortization Events with respect to such Series, Class or Tranche of
Notes, if not set forth herein and any additions, deletions or other changes to the Events of Default or Early Amortization Events set forth herein that will be applicable to such Series, Class or Tranche of Notes (including a provision making any
Event of Default or Early Amortization Event set forth herein inapplicable to the Notes of that Series, Class or Tranche); 
 (xvii) the appointment by the Indenture Trustee of an Authenticating Agent in one or more places other than the location of the office of the Indenture Trustee with power to act on behalf of the Indenture
Trustee and subject to its direction in the authentication and delivery of such Notes in connection with such transactions as will be specified in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement creating
such Series, Class or Tranche; 
 (xviii) if such Series, Class or Tranche of Notes will be issued in whole or in
part in the form of a Global Note or Global Notes, the terms and conditions, if any, upon which such Global Note or Global Notes may be exchanged in whole or in part for other individual Notes; and the Depository for such Global Note or Global Notes
(if other than the Depository specified in Section 1.01); 
 (xix) if such Series, Class or Tranche
of Notes will be issued in whole or in part as Registered Notes, Bearer Notes or both, whether such Series, Class or Tranche of Notes are to be issued with or without coupons or both; 

(xx) the subordination of such Series, Class or Tranche of Notes to any other indebtedness of the Issuer, including
without limitation, the Notes of any other Series, Class or Tranche; 
 (xxi) if such Series, Class or Tranche of
Notes are to have the benefit of any Derivative Agreement, the terms and provisions of such agreement; 
 (xxii)
if such Series, Class or Tranche of Notes are to have the benefit of any Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement, the terms and provisions of the applicable agreement; 

(xxiii) the Record Date for any Payment Date of such Series, Class or Tranche of Notes, if different from the last day of
the month before the related Payment Date; 

  
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 (xxiv) the amount scheduled to be deposited on each Payment Date during an
amortization period or accumulation period for such Series, Class or Tranche of Notes; 
 (xxv) whether and under
what conditions, additional amounts will be payable to Noteholders; and 
 (xxvi) any other terms of such Notes
as stated in the related Indenture Supplement; 
 all upon such terms as may be determined in or pursuant to an Indenture Supplement with
respect to such Series, Class or Tranche of Notes. 
 (i) The form of the Notes of each Series, Class or Tranche will be
established pursuant to the provisions of this Indenture and the related Indenture Supplement or Terms Document creating such Series, Class or Tranche of Notes. The Notes of each Series, Class or Tranche will be distinguished from the Notes of each
other Series, Class or Tranche in such manner, reasonably satisfactory to the Indenture Trustee, as the Issuer may determine. 

(j) Any terms or provisions in respect of the Notes of any Series, Class or Tranche issued under this Indenture may be determined
pursuant to this Section 4.01 by providing in the applicable Indenture Supplement for the method by which such terms or provisions will be determined. 
 Section 4.02 Denominations. The Notes of each Series, Class or Tranche will be issuable in such denominations and currency as will be provided in the provisions of this Indenture or in or
pursuant to the applicable Indenture Supplement. In the absence of any such provisions with respect to the Registered Notes of any Series, Class or Tranche, the Registered Notes of that Series, Class or Tranche will be issued in denominations of
$100,000 and integral multiples of $1,000. In the absence of any such provisions with respect to the Bearer Notes of any Series, Class or Tranche, the Bearer Notes of that Series, Class or Tranche will be issued in denominations of 1,000, 5,000,
50,000 and 100,000 units of the applicable currency. 
 Section 4.03 Execution, Authentication and Delivery and
Dating. (a) The Notes will be executed on behalf of the Issuer by an Authorized Officer of the Issuer. The signature of any officer of any Beneficiary or the Owner Trustee on the Notes may be manual or facsimile or may be given by other
electronic means. 
 (b) Notes bearing the manual, facsimile or other electronic signatures of individuals who were at any time
an Authorized Officer of the Issuer will bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and delivery of such Notes or did not hold such offices at the date of issuance
of such Notes. 
 (c) At any time and from time to time after the execution and delivery of this Indenture, the Issuer may
deliver Notes executed by the Issuer to the Indenture Trustee for authentication; and the Indenture Trustee will, upon request by an Officer’s Certificate, authenticate and deliver such Notes as in this Indenture provided and not otherwise.

  
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 (d) Before any such authentication and delivery, the Indenture Trustee will be entitled to
receive, in addition to any Officer’s Certificate and Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to Section 1.02, the Issuer Certificate and any other opinion or certificate relating to the
issuance of the Series, Class or Tranche of Notes required to be furnished pursuant to Section 3.02 or Section 4.10. 
 (e) The Indenture Trustee will not be required to authenticate such Notes if the issue thereof will adversely affect the Indenture Trustee’s own rights, duties or immunities under the Notes and this
Indenture. 
 (f) Unless otherwise provided in the form of Note for any Series, Class or Tranche, all Notes will be dated the
date of their authentication. 
 (g) No Note will be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose unless there appears on such Note a Certificate of Authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature of an authorized signatory, and such certificate upon any Note will be
conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 4.04 Temporary Notes. (a) Pending the preparation of definitive Notes of any Series, Class or Tranche, the
Issuer may execute, and, upon receipt of the documents required by Section 4.03, together with an Officer’s Certificate, the Indenture Trustee will authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the Issuer may determine, as evidenced by the Issuer’s execution of such Notes. 
 (b) If temporary Notes of any Series,
Class or Tranche are issued, the Issuer will cause definitive Notes of such Series, Class or Tranche to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes of such Series, Class or Tranche will be
exchangeable for definitive Notes of such Series, Class or Tranche upon surrender of the temporary Notes of such Series, Class or Tranche at the office or agency of the Issuer in a Place of Payment, without charge to the Holder; and upon surrender
for cancellation of any one or more temporary Notes the Issuer will execute and the Indenture Trustee will authenticate and deliver in exchange therefor a like Stated Principal Amount of definitive Notes of such Series, Class or Tranche of
authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of such Series, Class or Tranche will in all respects be entitled to the same benefits under this Indenture as definitive Notes of such Series, Class or
Tranche. 
 Section 4.05 Registration, Transfer and Exchange. (a) The Issuer will keep or cause to be kept a
register (herein sometimes referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer will provide for the registration of Registered Notes, or of Registered Notes of a particular
Series, Class or Tranche, and for transfers of Registered Notes or of Registered Notes of such Series, Class or Tranche. Any such register will be in written form or in any other form capable of being converted into

  
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written form within a reasonable time. At all reasonable times the information contained in such register or registers will be available for inspection by the Indenture Trustee at the office or
agency to be maintained by the Issuer as provided in Section 11.02. 
 (b) Subject to Section 3.04, upon
surrender for transfer of any Registered Note of any Series, Class or Tranche at the office or agency of the Issuer in a Place of Payment, if the requirements of Section 8-401 (a) of the UCC are met, the Issuer will execute, and, upon
receipt of such surrendered Note, the Indenture Trustee will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Notes of such Series, Class or Tranche of any authorized denominations, of a
like aggregate Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms. 
 (c) Subject to
Section 3.04, at the option of the Holder, Notes of any Series, Class or Tranche may be exchanged for other Notes of such Series, Class or Tranche of any authorized denominations, of a like aggregate Stated Principal Amount, Expected
Final Payment Date and Legal Maturity Date and of like terms, upon surrender of the Notes to be exchanged at such office or agency. Registered Notes, including Registered Notes received in exchange for Bearer Notes, may not be exchanged for Bearer
Notes. At the option of the Holder of a Bearer Note, subject to applicable laws and regulations, Bearer Notes may be exchanged for other Bearer Notes or Registered Notes (of the same Series, Class and Tranche of Notes) of authorized denominations of
like aggregate fractional undivided interests in the Noteholders’ interest, upon surrender of the Bearer Notes to be exchanged at an office or agency of the Note Registrar located outside the United States. Each Bearer Note surrendered pursuant
to this Section 4.05 will have attached thereto all unmatured coupons; provided, however, that any Bearer Note, so surrendered after the close of business on the last day of the month preceding the relevant Payment Date
need not have attached the coupon relating to such Payment Date. Whenever any Notes are so surrendered for exchange, the Issuer will execute, and the Indenture Trustee will authenticate and deliver (in the case of Bearer Notes, outside the United
States), the Notes which the Noteholders making the exchange are entitled to receive. 
 (d) All Notes issued upon any transfer
or exchange of Notes will be the valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 

(e) Every Note presented or surrendered for transfer or exchange will (if so required by the Issuer or the Indenture Trustee) be duly
indorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 

(f) Unless otherwise provided in the Note to be transferred or exchanged, no service charge will be made on any Noteholder for any
transfer or exchange of Notes, but the Issuer may (unless otherwise provided in such Note) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes
before the transfer or exchange will be complete, other than exchanges pursuant to Section 4.04 or Section 10.06 not involving any transfer. 

  
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 (g) None of the Issuer, the Note Registrar or the Indenture Trustee shall be required
(i) to issue, register the transfer of or exchange any Notes of any Series, Class or Tranche during a period beginning at the opening of business 15 days before the day of selection of Notes of such Series, Class or Tranche to be redeemed and
ending at the close of business on (A) if Notes of such Series, Class or Tranche are issuable only as Registered Notes, the day of the mailing of the relevant notice of redemption of Registered Notes of such Series, Class or Tranche so selected
for redemption or (B) if Notes of the Series, Class or Tranche are issuable as Bearer Notes, the day of the first publication of the relevant notice of redemption or, if Notes of the Series, Class or Tranche are also issuable as Registered
Notes and there is no publication, the mailing of the relevant notice of redemption or (ii) to register the transfer or exchange of any Notes or portions thereof so selected for redemption. 

Notwithstanding anything herein to the contrary, the exchange of Bearer Notes into Registered Notes shall be subject to applicable laws
and regulations in effect at the time of exchange; none of the Issuer, the Indenture Trustee or the Note Registrar shall exchange any Bearer Notes into Registered Notes if it has received an Opinion of Counsel that as a result of such exchanges the
Issuer or the Transferor would suffer adverse consequences under the United States federal income tax laws and regulations then in effect and the Issuer has delivered to the Indenture Trustee an Issuer Certificate directing the Indenture Trustee not
to make such exchanges unless and until the Indenture Trustee receives a subsequent Issuer Certificate to the contrary. The Issuer shall deliver copies of such Issuer Certificates to the Note Registrar. 

(h) None of the Issuer, the Indenture Trustee, any agent of the Indenture Trustee, any Paying Agent or the Note Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership. 

(i) The Issuer initially appoints The Bank of New York Mellon to act as Note Registrar for the Registered Notes on its behalf. The Issuer
may at any time and from time to time authorize any Person to act as Note Registrar in place of the Indenture Trustee with respect to any Series, Class or Tranche of Notes issued under this Indenture. 

(j) Registration of transfer of Notes containing the following legend or to which the following legend is applicable: 

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

  
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 will be effected only if such transfer is made pursuant to an effective registration statement under the
Securities Act, or is exempt from the registration requirements under the Securities Act. In the event that registration of a transfer is to be made in reliance upon an exemption from the registration requirements under the Securities Act other than
Rule 144A under the Securities Act or Rule 903 or Rule 904 of Regulation S under the Securities Act, the transferor or the transferee will deliver, at its expense, to the Issuer and the Indenture Trustee, an investment letter from the transferee,
substantially in the form of the investment letter attached hereto as Exhibit A or such other form as the Issuer may determine, and no registration of transfer will be made until such letter is so delivered. 

Notes issued upon registration or transfer of, or Notes issued in exchange for, Notes bearing the legend referred to above will also bear
such legend unless the Issuer, the Indenture Trustee and the Note Registrar receive an Opinion of Counsel, satisfactory to each of them, to the effect that such legend may be removed. 

Whenever a Note containing the legend referred to above is presented to the Note Registrar for registration of transfer, the Note
Registrar will promptly seek instructions from the Issuer regarding such transfer and will be entitled to receive an Issuer Certificate prior to registering any such transfer. The Issuer hereby agrees to indemnify the Note Registrar and the
Indenture Trustee and to hold each of them harmless against any loss, liability or expense incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in relation to any such
instructions furnished pursuant to this clause. The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with
respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (k) By acquiring
a Note, each Noteholder will be deemed to represent, warrant and covenant that either (i) it is not acquiring the Note (or any interest therein) with the assets of a Benefit Plan or a governmental non-U.S. or church plan that is subject to any
state, local or other law that is similar to Section 406 of ERISA or Section 4975 of the Internal Revenue Code (“Similar Law”); or (ii) (a) the Note is rated at least “BBB-” or its equivalent by a nationally
recognized statistical rating agency at the time of purchase or transfer, and (b) the acquisition, holding and disposition of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Internal Revenue Code or a violation of any Similar Law. 
 Section 4.06 Mutilated, Destroyed,
Lost and Stolen Notes. (a) If (i) any mutilated Note (together, in the case of Bearer Notes, with all unmatured coupons, if any, appertaining thereto) is surrendered to the Indenture Trustee or the Note Registrar, or the Issuer, the
Note Registrar or the Indenture Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Issuer, the Note Registrar or the Indenture Trustee such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer will execute and

  
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upon its request the Indenture Trustee will authenticate and deliver (in the case of Bearer Notes, outside the United States), in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Note, a new Note of like tenor, Series, Class or Tranche, Expected Final Payment Date, Legal Maturity Date and Stated Principal Amount, bearing a number not contemporaneously Outstanding. 

(b) In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its
discretion may, instead of issuing a new Note, pay such Note. 
 (c) Upon the issuance of any new Note under this
Section 4.06, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Indenture Trustee)
connected therewith. 
 (d) Every new Note issued pursuant to this Section 4.06 in lieu of any destroyed, lost or
stolen Note will constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note will be at any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes of the same Series, Class or Tranche duly issued hereunder. 
 (e) The
provisions of this Section 4.06 are exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 4.07 Payment of Interest; Interest Rights Preserved; Withholding Taxes. (a) Unless otherwise provided with
respect to such Note pursuant to Section 4.01, interest payable on any Registered Note will be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the most recent Record
Date and interest payable on any Bearer Note will be paid to the bearer of that Note (or the applicable coupon). 
 (b) Subject
to clause (a), each Note delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Note will carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried by such
other Note. 
 (c) The right of any Noteholder to receive interest on or principal of any Note shall be subject to any
applicable withholding or deduction imposed pursuant to the Internal Revenue Code or other applicable tax law, including foreign withholding and deduction. Any amounts properly so withheld or deducted shall be treated as actually paid to the
appropriate Noteholder. 
 Section 4.08 Persons Deemed Owners. Title to any Bearer Note, including any coupons
appertaining thereto, shall pass by delivery. The Issuer, the Indenture Trustee, the Owner Trustee, a Beneficiary and any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or a Beneficiary may treat the Person who is proved to be the
owner of such Note pursuant to subsection 1.04(c) as the owner of such Note for the purpose of receiving payment of principal of and (subject to Section 4.07) interest on such Note and for all other purposes

  
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whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee, the Owner Trustee, or any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or any
Beneficiary will be affected by notice to the contrary. 
 Section 4.09 Cancellation. All Notes surrendered for
payment, redemption, transfer, conversion or exchange will, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and, if not already canceled, will be promptly canceled by it. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered will be promptly canceled by the Indenture
Trustee. No Note will be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 4.09, except as expressly permitted by this Indenture. The Indenture Trustee will dispose of all canceled Notes in
accordance with its customary procedures and will deliver a certificate of such disposition to the Issuer. 
 Section 4.10
New Issuances of Notes. (a) Unless otherwise specified in the related Indenture Supplement, the Issuer may issue new Notes of any Series, Class or Tranche, so long as the following conditions precedent are satisfied: 

(i) on or before the fifth Business Day before the date that the new issuance is to occur, the Issuer delivers to the
Indenture Trustee and each Note Rating Agency notice of such new issuance; 
 (ii) on or prior to the date that
the new issuance is to occur, the Issuer delivers to the Indenture Trustee and each Note Rating Agency an Issuer Certificate to the effect that: 
 (A) the Issuer reasonably believes that the new issuance will not cause an Adverse Effect on any Outstanding Notes; 
 (B) all instruments furnished to the Indenture Trustee conform to the requirements of this Indenture and constitute sufficient authority hereunder for the Indenture Trustee to authenticate and deliver
such Notes; 
 (C) the form and terms of such Notes have been established in conformity with the provisions of
this Indenture; and 
 (D) such other matters as the Indenture Trustee may reasonably request; 

(iii) on or prior to the date that the new issuance is to occur, the Issuer delivers to the Indenture Trustee and each
Note Rating Agency an Officer’s Certificate of an Authorized Officer of the Issuer that all laws and requirements with respect to the execution and delivery by the Issuer of such Notes have been complied with, the Issuer has the trust power and
authority to issue such Notes and such Notes have been duly authorized and delivered by the Issuer and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and binding obligations of the Issuer enforceable in
accordance with their terms (subject, as to enforcement of remedies, to 

  
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applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable
principles, whether applied in an action at law or in equity) and entitled to the benefits of this Indenture, equally and ratably with all other Outstanding Notes, if any, of such Series, Class or Tranche of Notes, subject to the terms of this
Indenture, each Indenture Supplement and each Terms Document; 
 (iv) on or prior to the date that the new
issuance is to occur, the Issuer will have delivered to the Indenture Trustee and the Note Rating Agencies an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in the Collateral, a Master Trust Tax Opinion for each
applicable Master Trust with respect to such issuance; 
 (v) on or prior to the date that the new issuance is to
occur, the Note Rating Agency Condition is satisfied with respect to such issuance; 
 (vi) as of the date that
the new issuance is to occur, the (i) Pool Balance as of the last day of the immediately preceding Monthly Period is equal to or greater than the Required Pool Balance as of the last day of such Monthly Period and (ii) the Transferor
Amount as of the last day of the immediately preceding Monthly Period is equal to or greater than the Required Transferor Amount as of the last day of such Monthly Period; 

(vii) in the case of Bearer Notes described in section 163(f)(2)(A) of the Internal Revenue Code, if such Notes are not in
registered form (including by reason of a book-entry system described in Section 163(f)(3)), such Notes shall be described in section 4701(b)(1)(B) of the Internal Revenue Code and such section shall apply to such Notes; 

(viii) on or prior to the date that the new issuance is to occur, the Issuer will have delivered to the Indenture Trustee
an Indenture Supplement and, if applicable, the Issuer Certificate or on or before the date that the new issuance is to occur, the Issuer will have executed with the Indenture Trustee a Terms Document relating to the applicable Class or Tranche of
Notes; 
 (ix) in the case of Foreign Currency Notes, the Issuer will have appointed one or more Paying Agents in
the appropriate countries; 
 (x) the conditions specified herein or in Section 4.11 are satisfied;
and 
 (xi) any other conditions specified in the applicable Indenture Supplement; 

provided, however, that any one of the aforementioned conditions may be eliminated or modified (other than clause (iv)) as a condition
precedent to any new issuance of a Series, Class or Tranche of Notes if the Note Rating Agency Condition has been satisfied. 

  
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 (b) The Issuer and the Indenture Trustee will not be required to provide prior notice to or
to obtain the consent of any Noteholder of any Outstanding Series, Class or Tranche to issue any additional Notes of any Series, Class or Tranche. 
 (c) There are no restrictions on the timing or amount of any additional issuance of Notes of an Outstanding Class or Tranche of a Series of Notes, so long as the conditions described in subsection
4.10(a) are met or waived. As of the date of any additional issuance of Notes of an Outstanding Class or Tranche of Notes, the Stated Principal Amount, Outstanding Dollar Principal Amount and Nominal Liquidation Amount of that Class or Tranche
will be increased to reflect the principal amount of the additional Notes. If the additional Notes are a Class or Tranche of Notes that has the benefit of a Derivative Agreement, the Issuer will enter into a Derivative Agreement for the benefit of
the additional Notes. In addition, if the additional Notes are a Class or Tranche of Notes that has the benefit of any Supplemental Credit Enhancement Agreement or any Supplemental Liquidity Agreement, the Issuer will enter into a Supplemental
Credit Enhancement Agreement or Supplemental Liquidity Agreement, as applicable, for the benefit of the additional Notes. Furthermore, the targeted deposits, if any, to any applicable Issuer Account, will be increased proportionately to reflect the
principal amount of the additional Notes. 
 When issued, the additional Notes of a Class or Tranche will be identical in all
respects to the other Outstanding Notes of that Class or Tranche and will be equally and ratably entitled to the benefits of the Indenture and the related Indenture Supplement applicable to the previously issued Notes of such Tranche as the other
Outstanding Notes of that Class or Tranche without preference, priority or distinction. 
 Section 4.11 Specification of
Required Subordinated Amount and other Terms with Respect to each Series, Class or Tranche of Notes. (a) The applicable Indenture Supplement for each Series, Class or Tranche of Notes will specify a Required Subordinated Amount, if any, of
each Subordinated Class or Tranche of Notes. 
 (b) The Issuer may change the Required Subordinated Amount, if any, or method of
computing such amount, for any Class or Tranche of Notes at any time without the consent of any Noteholders so long as (i) the Note Rating Agency Condition has been satisfied for such Class or Tranche of Notes with respect to the change in the
Required Subordinated Amount and (ii) the Issuer has delivered to the Indenture Trustee and the Note Rating Agencies an Issuer Tax Opinion. 
 Section 4.12 Groups. (a) Reallocation Groups. Finance Charge Collections and other specified amounts allocated to each Series of Notes in the same Reallocation Group shall be
reallocated to cover interest and other expenses related to each Series of Notes in such Reallocation Group as specified in each related Indenture Supplement. The reallocation provisions of the Indenture Supplement for each Series of Notes in the
same Reallocation Group are required to be identical in all material respects. 
 (b) Shared Excess Available Finance Charge
Collections Group. Certain excess Finance Charge Collections allocated to any Series of Notes in a Shared Excess Available Finance Charge Collections Group may be redistributed to cover Series Available Finance

  
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Charge Collections Shortfalls incurred by other Series of Notes belonging to the same Shared Excess Available Finance Charge Collections Group to the extent and as specified in the related
Indenture Supplement. 
 (c) Shared Excess Available Principal Collections Group. Certain excess Principal Collections
allocated to any Series of Notes in a Shared Excess Available Principal Collections Group may be redistributed to cover Series Available Principal Collections Shortfalls incurred by other Series of Notes belonging to the same Shared Excess Available
Principal Collections Group to the extent and as specified in the related Indenture Supplement. 
 [END OF ARTICLE IV]

  
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 ARTICLE V 
 ISSUER ACCOUNTS AND INVESTMENTS; ALLOCATIONS 
 Section 5.01
Collections. Except as otherwise expressly provided in this Indenture, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance from any fiscal agent or other
intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture including, without limitation, all funds and other property payable to the Indenture Trustee in connection with the Collateral.
The Indenture Trustee will hold all such money and property received by it as part of the Collateral and will apply it as provided in this Indenture. 
 Section 5.02 Issuer Accounts; Distributions from Issuer Accounts. (a) On or before the date hereof, the Issuer shall cause to be established and maintained an Eligible Deposit Account
(the “Collection Account”) in the name of the Indenture Trustee in accordance with Section 2.11, bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the
Indenture Trustee and the Noteholders. Collections and distributions received pursuant to Section 2.1 of the Servicing Agreement shall be credited to the Collection Account. The Collection Account shall be under the control of the
Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders in accordance with Section 2.11. If, at any time, the institution holding the Collection Account ceases to be an Eligible Institution, the Transferor shall
notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer on its behalf) shall within 30 calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note
Rating Agency Condition is satisfied) establish a new Collection Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Collection Account to such new Collection Account. From the date each such new
Collection Account is established, it shall be the “Collection Account.” 
 (b) On or before the date hereof, the
Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Excess Funding Account”) in the name of the Indenture Trustee in accordance with Section 2.11, bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Noteholders. Principal Collections that would otherwise be paid to the holders of the Transferor Interest or that the applicable
Indenture Supplement specifies are to be credited to the Excess Funding Account, shall be credited to the Excess Funding Account, if, after giving effect to reinvestment in new Trust Assets on that day, the Transferor Amount is not greater than or
equal to the Required Transferor Amount or the Pool Balance is not greater than or equal to the Required Pool Balance. The Excess Funding Account shall be under the control of the Indenture Trustee for the benefit of the Indenture Trustee and the
Noteholders in accordance with Section 2.11. If, at any time, the institution holding the Excess Funding Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon
being notified in writing of such ineligibility (or the Servicer on its behalf) shall within 30 calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating

  
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Agency Condition is satisfied) establish a new Excess Funding Account that is an Eligible Deposit Account and shall transfer any funds or other property to such new Excess Funding Account. From
the date each such new Excess Funding Account is established, it shall be the “Excess Funding Account.” 
 (c) From
time to time in connection with the issuance of a Series, Class or Tranche of Notes, the Issuer may cause the Indenture Trustee to establish one or more Eligible Deposit Accounts denominated as “Supplemental Issuer Accounts” in the
name of the Indenture Trustee in accordance with Section 2.11, bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the applicable Noteholders.
Any Supplemental Issuer Account shall be under the control of the Indenture Trustee for the benefit of the Indenture Trustee and the applicable Noteholders in accordance with Section 2.11. If, at any time, the institution holding any
Supplemental Issuer Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer on its behalf) shall within 30
calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating Agency Condition is satisfied) establish a new Supplemental Issuer Account, as applicable, that is an Eligible Deposit Account and shall transfer any
funds or other property from such Supplemental Issuer Account to such new Supplemental Issuer Account. From the date each such new Supplemental Issuer Account is established, it shall be a “Supplemental Issuer Account.” Any Supplemental
Issuer Account will receive deposits as set forth in the Servicing Agreement, in this Indenture and in the applicable Indenture Supplement. 
 (d) All payments to be made from time to time by or on behalf of the Indenture Trustee to Noteholders out of funds in the Issuer Accounts pursuant to the Servicing Agreement, this Indenture and any
Indenture Supplement will be made by the Indenture Trustee directly to the Paying Agent not later than 1:00 p.m., New York City time, on the applicable Payment Date or earlier, if necessary, or as otherwise provided in the applicable Indenture
Supplement but only to the extent of available funds in the applicable Issuer Account or Sub-Account. 
 Section 5.03
Investment of Funds in the Issuer Accounts. (a) Funds credited to the Issuer Accounts will (unless otherwise stated in this Indenture or the applicable Indenture Supplement) be invested and reinvested by the Indenture Trustee at the
written direction of the Issuer in one or more Eligible Investments. The Issuer may authorize the Indenture Trustee to make specific investments pursuant to written instructions, in such amounts as the Issuer will specify. Notwithstanding the
foregoing, funds held by the Indenture Trustee in any of the Issuer Accounts will be invested in Eligible Investments that will mature so that such funds shall be available for withdrawal on or prior to the following Note Transfer Date. 

(a) All funds from time to time credited to the Issuer Accounts pursuant to this Indenture and all investments made with such funds will
be held by the Indenture Trustee in the Issuer Accounts as part of the Collateral as herein provided, subject to withdrawal by the Indenture Trustee for the purposes specified herein. 

(b) Funds and other property in any of the Issuer Accounts will not be commingled with any other funds or property of the Issuer or the
Indenture Trustee. 

  
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 (c) On the applicable Note Transfer Date, all interest and earnings (net of losses and
investment expenses) on funds credited to the Issuer Accounts will be applied as specified in the related Indenture Supplement. Unless otherwise stated in the related Indenture Supplement, for purposes of determining the availability of funds or the
balance in the Issuer Accounts for any reason under this Indenture or any Indenture Supplement, investment earnings on such funds shall be deemed not to be available or on deposit. 

Subject to subsection 8.01(d), the Indenture Trustee will not in any way be held liable by reason of any insufficiency in such
Issuer Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s own failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity, in accordance with their terms. 
 (d) Funds credited to the Issuer Accounts will be invested and
reinvested by the Indenture Trustee, to the fullest extent practicable, in such manner as the Indenture Trustee will from time to time determine, but such funds shall remain uninvested upon the occurrence of any of the following events: 

(i) the Issuer will have failed to give investment directions to the Indenture Trustee; or 

(ii) an Event of Default will have occurred and is continuing but no Notes have been declared due and payable pursuant to
Section 7.02. 
 Section 5.04 Allocations of Finance Charge Collections and the Default Amount.

 (a) With respect to each Monthly Period, the Indenture Trustee, at the direction of the Servicer, shall allocate to each
Series of Notes an amount equal to the product of (i) the Floating Allocation Percentage for such Monthly Period for such Series and (ii) the Finance Charge Collections for such Monthly Period. 

(b) With respect to each Monthly Period, the Indenture Trustee, at the direction of the Servicer, shall allocate to each Series of Notes
an amount equal to the product of (i) the Floating Allocation Percentage for such Monthly Period for such Series and (ii) the Default Amount for such Monthly Period. 
 Section 5.05 Allocations of Principal Collections. With respect to each Monthly Period, the Indenture Trustee, at the direction of the Servicer, shall allocate to each Series of Notes an
amount equal to the product of (i) the Principal Allocation Percentage for Principal Collections for such Monthly Period for such Series and (ii) the Principal Collections for such Monthly Period. In addition, with respect to each Monthly
Period, if there is a Remaining Series Available Principal Collections Shortfall for any Series of Notes, the Indenture Trustee, at the direction of the Servicer, shall allocate to each such Series of Notes a portion of Collateral Certificate
Principal Shortfall Payments for such Monthly Period in an amount equal to the Remaining Series Available Principal Collections Shortfall for such Series in accordance with the applicable Indenture Supplement; provided, however, that
if the aggregate amount of Collateral Certificate Principal Shortfall Payments is less than the aggregate Remaining Series 

  
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Available Principal Collections Shortfall for all Series, then Collateral Certificate Principal Shortfall Payments allocable to each Series shall equal the product of (i) the Collateral
Certificate Principal Shortfall Payments for such Monthly Period and (ii) a fraction, the numerator of which is the Remaining Series Available Principal Collections Shortfall for such Series and the denominator of which is the aggregate
Remaining Series Available Principal Collections Shortfall for all Series of Notes for such Monthly Period. 
 Section 5.06
Allocations of the Servicing Fee. With respect to each Monthly Period, the Indenture Trustee, at the direction of the Servicer, shall allocate to each Series of Notes an amount equal to the product of (i) the Servicing Fee for such
Monthly Period and (ii) the Floating Allocation Percentage for such Monthly Period for such Series of Notes. 

Section 5.07 Allocations of Amounts to the Excess Funding Account and Allocations of Amounts on Deposit in the Excess Funding
Account. 
 (a) If, at the end of any Monthly Period, (i) the Transferor Amount is, or as a result of a payment on the
related First Note Transfer Date would become, less than the Required Transferor Amount or (ii) the Pool Balance is, or as a result of a payment on the related First Note Transfer Date would become, less than the Required Pool Balance, the
Indenture Trustee shall, pursuant to subsection 5.08(d), allocate or deposit to the Excess Funding Account an amount equal to the greater of (i) the amount by which the Transferor Amount would be less than the Required Transferor Amount
and (ii) the amount by which the Pool Balance would be less than the Required Pool Balance, each determined with respect to the related Monthly Period. 
 (b) If no Series of Notes is in an Accumulation Period or an Amortization Period, amounts on deposit in the Excess Funding Account shall be released to the holders of the Transferor Interest in accordance
with the related Indenture Supplement to the extent that, after such release, (i) the Transferor Amount is equal to or greater than the Required Transferor Amount and (ii) the Pool Balance is equal to or greater than the Required Pool
Balance. 
 (c) If an Accumulation Period or an Amortization Period has commenced and is continuing with respect to any Series
of Notes, amounts on deposit in the Excess Funding Account shall be withdrawn from the Excess Funding Account, deposited into the Collection Account and treated as Principal Collections and, to the extent required, allocated to each Series of Notes
in accordance with the applicable Indenture Supplement. Any remaining amounts on deposit in the Excess Funding Account in excess of the amount required to be treated as Principal Collections for a Monthly Period shall be released to the holders of
the Transferor Interest in accordance with the related Indenture Supplement to the extent that, after such release, (i) the Transferor Amount is equal to or greater than the Required Transferor Amount and (ii) the Pool Balance is equal to
or greater than the Required Pool Balance. 
 Section 5.08 Allocations of Finance Charge Collections, Default Amounts,
Servicing Fees and Principal Collections Allocable to the Transferor Interest. 
 (a) Unless otherwise stated in any
Indenture Supplement, the Servicer shall allocate to the holders of the Transferor Interest an amount equal to the product of (i) the Transferor Percentage for Finance Charge Collections with respect to such Monthly Period and

  
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(ii) the Finance Charge Collections for such Monthly Period. If so specified in any Indenture Supplement, such amounts may be applied to cover certain shortfalls in the amount of investment
earnings (net of losses and investment expenses) on investments of funds in certain Supplemental Issuer Accounts. 
 (b) The
Servicer shall allocate to the holders of the Transferor Interest an amount equal to the product of (i) the Transferor Percentage for the Default Amount with respect to such Monthly Period and (ii) the Default Amount with respect to such
Monthly Period. 
 (c) The Servicer shall allocate to the holders of the Transferor Interest an amount equal to the product of
(i) the Transferor Percentage for the Servicing Fee with respect to such Monthly Period and (ii) the Servicing Fee with respect to such Monthly Period. 
 (d) Unless otherwise stated in any Indenture Supplement, the Servicer shall allocate to the holders of the Transferor Interest an amount equal to the product of (i) the Transferor Percentage for
Principal Collections with respect to such Monthly Period and (ii) the Principal Collections with respect to such Monthly Period; provided, however, that amounts payable to the holders of the Transferor Interest pursuant to this
subsection 5.08(d) shall instead be deposited into the Excess Funding Account to the extent that (i) the Transferor Amount is, or as a result of such payment would become, less than the Required Transferor Amount or (ii) the Pool
Balance is, or as a result of such payment would become, less than the Required Pool Balance. 
 [END OF ARTICLE V] 

  
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 ARTICLE VI 
 SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES 
 HELD BY THE ISSUER OR
THE TRANSFEROR 
 Section 6.01 Satisfaction and Discharge of Indenture. This Indenture will cease to be of
further effect with respect to any Series, Class or Tranche of Notes (except as to any surviving rights of transfer or exchange of Notes of that Series, Class or Tranche expressly provided for herein or in the form of Note for that Series, Class or
Tranche), and the Indenture Trustee, on demand of and at the expense of the Issuer, will execute proper instruments acknowledging satisfaction and discharge of this Indenture as to that Series, Class or Tranche, when: 

(a) all Notes of that Series, Class or Tranche theretofore authenticated and delivered (other than (i) Notes of that Series, Class
or Tranche which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 4.06, and (ii) Notes of that Series, Class or Tranche for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from that trust, as provided in Section 11.03) have been delivered to the Indenture Trustee canceled or for cancellation; 

(b) the Issuer has paid or caused to be paid all other sums payable under the Indenture (including payments to the Indenture Trustee
pursuant to Section 8.07) by the Issuer with respect to the Notes of that Series, Class or Tranche; and 
 (c) the
Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the
Notes of that Series, Class or Tranche have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect
to any Series, Class or Tranche of Notes, the obligations of the Issuer to the Indenture Trustee with respect to that Series, Class or Tranche of Notes under Section 8.07 and the obligations of the Indenture Trustee under Sections
6.02 and 11.03 will survive such satisfaction and discharge. 
 Section 6.02 Application of Trust Money.
All money and obligations deposited with the Indenture Trustee pursuant to Section 5.01 or Section 5.03 and all money received by the Indenture Trustee in respect of such obligations will be held in trust and applied by it,
in accordance with the provisions of the Series, Class or Tranche of Notes in respect of which it was deposited and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as
the Indenture Trustee, at the direction of the Servicer, may determine, to the Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited with or received by the Indenture Trustee; but
that money and obligations need not be segregated from other funds held by the Indenture Trustee except to the extent required by this Indenture or by law. 

  
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 [END OF ARTICLE VI] 

  
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 ARTICLE VII 
 EVENTS OF DEFAULT AND REMEDIES 
 Section 7.01 Events of
Default. “Event of Default,” wherever used herein, means with respect to any Series, Class or Tranche of Notes any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is either expressly stated to be inapplicable to
a particular Series, Class or Tranche of Notes or specifically deleted or modified in the applicable Indenture Supplement creating such Series, Class or Tranche of Notes or in the form of Note for such Series, Class or Tranche: 

(a) with respect to such Series, Class or Tranche of Notes, as applicable, a default by the Issuer in the payment of any interest on such
Notes when such interest becomes due and payable, and continuance of such default for a period of 35 days following the date on which such interest became due and payable; 
 (b) with respect to such Series, Class or Tranche of Notes, as applicable, a default by the Issuer in the payment of the Stated Principal Amount of such Series, Class or Tranche of Notes at the applicable
Legal Maturity Date; 
 (c) a default in the performance, or breach, of any covenant or warranty of the Issuer in this Indenture
in respect of the Notes of such Series, Class or Tranche (other than an agreement, covenant or warranty a default in the performance of which or the breach of which is elsewhere specifically dealt with in this Section 7.01, all of such
covenants and warranties in this Indenture which are not expressly stated to be for the benefit of a particular Series, Class and Tranche of Notes being deemed to be in respect of the Notes of all Series, Classes or Tranches for this purpose, and
continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the
aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of the affected Series, Class or Tranche, a written notice specifying such default or breach and requesting it to be remedied and stating that such notice is a “Notice of
Default” hereunder and, as a result of such default, the interests of the Holders of the Notes of such Series, Class or Tranche are materially and adversely affected and continue to be materially and adversely affected during the 90-day period;

 (d) (i) the Issuer shall file a petition or commence a proceeding (A) to take advantage of any Debtor Relief Law or
(B) for the appointment of a trustee, conservator, receiver, liquidator, or similar official for or relating to the Issuer or all or substantially all of its property, (ii) the Issuer shall consent or fail to object to any such petition
filed or proceeding commenced against or with respect to it or all or substantially all of its property, or any such petition or proceeding shall not have been dismissed or stayed within 90 days of its filing or commencement, or a court, agency, or
other supervisory authority with jurisdiction shall have decreed or ordered relief with respect to any such petition or proceeding, (iii) the Issuer shall 

  
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admit in writing its inability to pay its debts generally as they become due, (iv) the Issuer shall make an assignment for the benefit of its creditors, or (v) the Issuer shall
voluntarily suspend payment of its obligations; or 
 (e) with respect to any such Series, Class or Tranche, any additional
Event of Default specified in the Indenture Supplement for such Series, Class or Tranche of Notes as applying to such Series, Class or Tranche, or specified in the form of Note for such Series, Class or Tranche. 

Section 7.02 Acceleration of Maturity; Rescission and Annulment. (a) If an Event of Default described in clause (a),
(b), (c) or (e) (if the Event of Default under clause (c) or (e) is with respect to less than all Series, Classes and Tranches of Notes then Outstanding) of Section 7.01 occurs and is continuing with respect to any
Series, Class or Tranche, then and in each and every such case, unless the principal of all the Notes of such Series, Class or Tranche shall have already become due and payable, either the Indenture Trustee or the Holders of not less than 66-2/3% of
the Outstanding Dollar Principal Amount of the Notes of such Series, Class or Tranche then Outstanding hereunder (each such Series, Class or Tranche acting as a separate Class), by notice in writing to the Issuer (and to the Indenture Trustee if
given by the Holders), may declare the Outstanding Dollar Principal Amount of all the Outstanding Notes of such Series, Class or Tranche and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately,
and upon any such declaration the same will become and will be immediately due and payable, anything in this Indenture, the related Indenture Supplement or in the Notes of such Series, Class or Tranche to the contrary notwithstanding. Such payments
are subject to the allocation provisions of the Servicing Agreement and the allocation, deposits and payment sections of the related Indenture Supplement. 
 (b) If an Event of Default described in clause (c) or (e) of Section 7.01 occurs with respect to all Series, Classes and Tranches of Outstanding Notes and is continuing, then and in
each and every such case, unless the principal of all the Notes shall have already become due and payable, either the Indenture Trustee or the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of all the Outstanding Notes
hereunder (treated as one Class), by notice in writing to the Issuer (and to the Indenture Trustee if given by Holders), may declare the Outstanding Dollar Principal Amount of all the Notes then Outstanding and all interest accrued or principal
accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same will become and will be immediately due and payable, notwithstanding anything in this Indenture, the related Indenture Supplements or the
Notes to the contrary. 
 (c) If an Event of Default described in clause (d) of Section 7.01 occurs and is
continuing, then the Notes of all Series, Classes and Tranches will automatically be and become immediately due and payable by the Issuer, without notice or demand to any Person, and the Issuer will automatically and immediately be obligated to pay
off the Notes. 
 At any time after such a declaration of acceleration has been made or an automatic acceleration has occurred
with respect to the Notes of any Series, Class or Tranche and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article VII provided, the Holders of not less than
66-2/3% of the 

  
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Outstanding Dollar Principal Amount of such Series, Classes or Tranches, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

 (i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all overdue
installments of interest on the Notes of such Series, Class or Tranche, (B) the principal of any Notes of such Series, Class or Tranche which have become due otherwise than by such declaration of acceleration, and interest thereon at the rate
or rates prescribed therefor by the terms of the Notes of such Series, Class or Tranche, to the extent that payment of such interest is lawful, (C) interest upon overdue installments of interest at the rate or rates prescribed therefor by the
terms of the Notes of such Series, Class or Tranche to the extent that payment of such interest is lawful, and (D) all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the Indenture
Trustee, its agents and counsel and all other amounts due to the Indenture Trustee under Section 8.07; and 
 (ii) all Events of Default with respect to such Series, Class or Tranche of Notes, other than the nonpayment of the principal of the Notes of such Series, Class or Tranche which has become due solely by
such acceleration, have been cured or waived as provided in Section 7.16. 
 No such rescission will affect any
subsequent default or impair any right consequent thereon. 
 Section 7.03 Collection of Indebtedness and Suits for
Enforcement by Indenture Trustee. The Issuer covenants that if: 
 (a) the Issuer defaults in the payment of interest on any
Series, Class or Tranche of Notes when such interest becomes due and payable and such default continues for a period of 35 days following the date on which such interest became due and payable, or 

(b) the Issuer defaults in the payment of the Stated Principal Amount of any Series, Class or Tranche of Notes on the Legal Maturity Date
thereof; 
 the Issuer will, upon demand of the Indenture Trustee, pay (subject to the allocation provided in this Article VII and any
related Indenture Supplement) to the Indenture Trustee, for the benefit of the Holders of any such Notes of the affected Series, Class or Tranche, the whole amount then due and payable on any such Notes for principal and interest, with interest, to
the extent that payment of such interest will be legally enforceable, upon the overdue principal and upon overdue installments of interest, (i) in the case of Interest-bearing Notes, at the rate of interest applicable to the Stated Principal
Amount thereof, unless otherwise specified in the applicable Indenture Supplement; and (ii) in the case of Discount Notes, as specified in the applicable Indenture Supplement, and in addition thereto, will pay such further amount as will be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel and all other amounts due to the Indenture Trustee under
Section 8.07. 

  
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 If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture Trustee
may, in its own name and as trustee of an express trust, institute a judicial proceeding for the collection of the sums so due and unpaid, and may directly prosecute such proceeding to judgment or final decree, and the Indenture Trustee may enforce
the same against the Issuer or any other obligor upon the Notes of such Series, Class or Tranche and collect the money adjudged or decreed to be payable in the manner provided by law out of the Collateral or any other obligor upon such Notes,
wherever situated. 
 Section 7.04 Indenture Trustee May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy or other similar proceeding relative to the Issuer or any other obligor upon the Notes or the property of the Issuer or of such other obligor, the Indenture Trustee (irrespective of whether the
principal of the Notes will then be due and payable as therein expressed or by declaration or otherwise) will be entitled and empowered by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and
to file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its
agents and counsel and all other amounts due the Indenture Trustee under Section 8.07 and of the Noteholders allowed in such judicial proceeding, and 

(ii) to collect and receive any funds or other property payable or deliverable on any such claims and to distribute the
same; 
 and any receiver, assignee, trustee, liquidator or other similar official in any such proceeding is hereby authorized by each
Noteholder to make such payment to the Indenture Trustee, and in the event that the Indenture Trustee will consent to the making of such payments directly to the Noteholders, to pay to the Indenture Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee under Section 8.07. 

Nothing herein contained will be deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding.

 Section 7.05 Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims
under this Indenture or the Notes of any Series, Class or Tranche may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes of such Series, Class or Tranche or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Indenture Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment will, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Indenture 

  
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Trustee and its respective agents and counsel, be for the ratable benefit of the Holders of the Notes of the Series, Class or Tranche in respect of which such judgment has been recovered.

 Section 7.06 Application of Money Collected. Any money or other property collected by the Indenture Trustee with
respect to a Series, Class or Tranche of Notes pursuant to this Article VII will be applied in the following order, at the date or dates fixed by the Indenture Trustee and, in case of the distribution of such money on account of principal or
interest, upon presentation of the Notes of such Series, Class or Tranche and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

(a) first, to the payment of all amounts due the Indenture Trustee under subsection 8.07(a); 

(b) second, to the payment of the amounts then due and unpaid upon the Notes of that Series, Class or Tranche for principal and interest,
in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind (but subject to the allocation provided in the relevant allocation provisions of the Servicing Agreement and the
related Indenture Supplement), according to the amounts due and payable on such Notes for principal and interest, respectively; and 
 (c) third, to pay any servicing fee and any other fees or expenses then owing for that Series, Class or Tranche of Notes; and 
 (d) fourth, to the Issuer. 
 Section 7.07 Indenture Trustee May Elect to
Hold the Collateral. Following an acceleration of any Series, Class or Tranche of Notes, the Indenture Trustee may elect to continue to hold the Collateral and apply distributions on the Collateral in accordance with the regular distribution
provisions pursuant to the relevant allocation provisions of the Servicing Agreement, except that principal will be paid on the accelerated Series, Class or Tranche of Notes to the extent funds are received and allocated to the accelerated Series,
Class or Tranche of Notes, and payment is permitted by the subordination provisions of the accelerated Series, Class or Tranche of Notes. 
 Section 7.08 Sale of Collateral for Accelerated Notes. In the case of a Series, Class or Tranche of Notes that has been accelerated following an Event of Default, the Indenture Trustee may,
and at the direction of the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of that Series, Class or Tranche of Notes will, cause the Issuer to sell Collateral as provided in the related Indenture Supplement. 

Section 7.09 Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy
Available to the Indenture Trustee. The Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of any accelerated Series, Class or Tranche of Notes have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee. This right may be exercised only if the Indenture Trustee, being advised by counsel and provided with an Opinion of
Counsel upon which it may conclusively rely, determines that the direction provided by the Noteholders does 

  
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not conflict with applicable law or this Indenture and does not have a substantial likelihood of involving the Indenture Trustee in personal liability. 

Section 7.10 Limitation on Suits. To the fullest extent permitted by applicable law, no Holder of any Note of any Series,
Class or Tranche will have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee or similar official, or for any other remedy hereunder, unless: 

(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default with respect to Notes of
such Series, Class or Tranche; 
 (b) the Holders of not less than 66-2/3% in Outstanding Dollar Principal Amount of the
Outstanding Notes of such Series, Class or Tranche have made written request to the Indenture Trustee to institute proceedings in respect of such Event of Default in the name of the Indenture Trustee hereunder; 

(c) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request; and 
 (d) the Indenture Trustee, for 60 days after the Indenture
Trustee has received such notice, request and offer of indemnity has failed to institute any such proceeding; 
 it being understood and
intended that no one or more Holders of Notes of such Series, Class or Tranche will have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Notes of such Series, Class or Tranche, or to obtain or to seek to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
proportionate benefit of all the Holders of all Notes of such Series, Class or Tranche. 
 Section 7.11 Unconditional
Right of Noteholders to Receive Principal and Interest; Limited Recourse. Notwithstanding any other provisions in this Indenture, the Holder of any Note will have the right, which is absolute and unconditional, to receive payment of the
principal of and interest on such Note on the Legal Maturity Date expressed in the related Indenture Supplement and to institute suit for the enforcement of any such payment, and such right will not be impaired without the consent of such Holder;
provided, however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be without recourse to the Transferor, the
Indenture Trustee, the Owner Trustee or any Affiliate, officer, employee, member or director of any of them, and the obligation of the Issuer to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be subject
to the allocation and payment provisions of the Servicing Agreement and the applicable Indenture Supplements and limited to amounts available from the Collateral. 
 Section 7.12 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, then and in every such 

  
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case the Issuer, the Indenture Trustee and the Noteholders will, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no such proceeding had been instituted. 
 Section 7.13 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right
or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 7.14 Delay or Omission Not Waiver. No delay or omission of the Indenture Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default will
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VII or by law to the Indenture Trustee or to the Noteholders may be exercised from
time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

Section 7.15 Control by Noteholders. Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of any
affected Series, Class or Tranche will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee with
respect to the Notes of such Series, Class or Tranche, provided that: 
 (a) the Indenture Trustee will have the right to
decline to follow any such direction if the Indenture Trustee, being advised by counsel, determines that the Action so directed may not lawfully be taken or would conflict with this Indenture or if the Indenture Trustee in good faith determines that
the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 
 (b) the Indenture Trustee may take any other action permitted hereunder deemed proper by the Indenture Trustee which is not inconsistent with such direction. 

Section 7.16 Waiver of Past Defaults. Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of any
Series, Class or Tranche may on behalf of the Holders of all the Notes of such Series, Class or Tranche waive any past default hereunder or under the related Indenture Supplement with respect to such Series, Class or Tranche and its consequences,
except a default not theretofore cured in the payment of the principal of or interest on any Note of such Series, Class or Tranche. 
 The consent of the Holders of all Outstanding Notes of a Series, Class or Tranche is required to waive any past default hereunder or under the related Indenture Supplement with respect to such Series,
Class or Tranche and its consequences, except a default not theretofore cured in respect of a covenant or provision hereof which under Article X cannot be modified or 

  
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amended without the consent of the Holder of each Outstanding Note of such Series, Class or Tranche. 
 Upon any such waiver, such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, for every purpose of this Indenture; but no such waiver will extend to
any subsequent or other default or impair any right consequent thereon. 
 Section 7.17 Undertaking for Costs. All
parties to this Indenture agree, and each Holder of any Note by his or her acceptance thereof will be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Indenture Trustee for any action taken or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 7.17 will not apply to any suit instituted by the Indenture Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 25% in Outstanding Dollar Principal Amount of the
Outstanding Notes of any Series, Class or Tranche to which the suit relates, or to any suit instituted by any Noteholders for the enforcement of the payment of the principal of or interest on any Note on or after the applicable Legal Maturity Date
expressed in such Note. 
 Section 7.18 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 [END OF ARTICLE VII] 

  
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 ARTICLE VIII 
 THE INDENTURE TRUSTEE 
 Section 8.01 Certain Duties and
Responsibilities. (a) The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Notes of any Series, Class or Tranche, and no implied covenants or
obligations will be read into this Indenture against the Indenture Trustee. 
 (b) In the absence of bad faith on its part, the
Indenture Trustee may, with respect to Notes of any Series, Class or Tranche, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee will be under
a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein). 

(c) In case an Event of Default with respect to any Series, Class or Tranche of Notes has occurred and is continuing, the Indenture
Trustee will exercise with respect to the Notes of such Series, Class or Tranche such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person’s own affairs. 
 (d) No provision of this Indenture will be
construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this subsection (d) will not be construed to limit the effect of subsection (a) of this
Section 8.01; 
 (ii) the Indenture Trustee will not be liable for any error of judgment made in good
faith by an Indenture Trustee Authorized Officer, unless it will be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Indenture Trustee will not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than 66-2/3% of the
Outstanding Dollar Principal Amount of any Series, Class or Tranche relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture
Trustee, under this Indenture with respect to the Notes of such Series, Class or Tranche; and 
 (iv) no
provision of this Indenture will require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance 

  
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of any of its duties hereunder, or in the exercise of any of its rights or powers, if it will have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to the
Indenture Trustee against such risk or liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so
provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee will be subject to the provisions of this Section 8.01. 

Section 8.02 Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to Notes of any
Series, Class or Tranche: 
 (a) the Indenture Trustee will transmit by mail to all Registered Noteholders of such Series, Class
or Tranche, as their names and addresses appear in the Note Register, notice of such default hereunder known to the Indenture Trustee, 
 (b) the Indenture Trustee will notify all Holders of Bearer Notes of such Series, Class or Tranche, by publication of notice of such default in an Authorized Newspaper, or as otherwise provided in the
applicable Indenture Supplement, and 
 (c) the Indenture Trustee will give prompt written notification thereof to the Note
Rating Agencies, unless such default will have been cured or waived; 
 provided, however, that, except in the case of a default
in the payment of the principal of or interest on any Note of such Series, Class or Tranche, the Indenture Trustee will be protected in withholding such notice if and so long as an Indenture Trustee Authorized Officer in good faith determines that
the withholding of such notice is in the interests of the Noteholders of such Series, Class or Tranche. For the purpose of this Section 8.02, the term “default,” with respect to Notes of any Series, Class or Tranche, means any
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Notes of such Series, Class or Tranche. 
 Section 8.03 Certain Rights of Indenture Trustee. Except as otherwise provided in Section 8.01: 
 (a) the Indenture Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture or other paper or document (whether in its original, facsimile or other electronic form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) whenever in the administration of this Indenture the Indenture Trustee will deem it desirable that a matter be proved or established
before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(c) the Indenture Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel will be
full and complete authorization and 

  
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protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (d) the Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders pursuant to this
Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction; 
 (e) the Indenture Trustee will not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Indenture Trustee will determine to make such further inquiry or investigation, it will be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney; 
 (f) the Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Indenture Trustee will not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(g) the Indenture Trustee will not be responsible for filing any financing statements or continuation statements in connection with the
Notes, but will cooperate with the Issuer in connection with the filing of such financing statements or amendments to such financing statements; 
 (h) the Indenture Trustee shall not be deemed to have notice of any default (including any Servicer Default under the Servicing Agreement) or Event of Default unless an Indenture Trustee Authorized
Officer has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this
Indenture; 
 (i) the rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and each agent, custodian and other person employed to act hereunder; and 

(j) the Indenture Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 

Section 8.04 Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the
certificates of authentication, will be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes. The Indenture Trustee will not be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 

  
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 Section 8.05 May Hold Notes. The Indenture Trustee, any Paying Agent, the
Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 8.08 and 8.13, may otherwise deal with the Issuer with the same rights it would
have if it were not Indenture Trustee, Paying Agent, Note Registrar or such other agent. 
 Section 8.06 Money Held in
Trust. Money held by the Indenture Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Indenture Trustee will be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Issuer. 
 Section 8.07 Compensation and Reimbursement; Limit on Compensation
Reimbursement and Indemnity. (a) The Issuer agrees: 
 (i) to pay to the Indenture Trustee from time to
time reasonable compensation (or, for so long as The Bank of New York Mellon is the Indenture Trustee, such amount as has been mutually agreed upon in writing) for all services rendered by it hereunder (which compensation will not be limited by any
provision of law in regard to the compensation of a trustee of an express trust); 
 (ii) except as otherwise
expressly provided herein, to reimburse the Indenture Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of this Indenture (including the
reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its own negligence or bad faith; and 

(iii) to indemnify the Indenture Trustee for, and to hold it harmless against, any and all loss, liability, expense,
claim, damage or injury incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability
(whether asserted by the Issuer, the Servicer, any Holder or any other Person) in connection with the exercise or performance of any of its powers or duties hereunder. 
 The Indenture Trustee will have no recourse to any asset of the Issuer other than funds available pursuant to Section 7.06 or to any Person other than the Issuer. Except as specified in
Section 7.06, any such payment to the Indenture Trustee shall be subordinate to payments to be made to Noteholders. 

(b) This Section 8.07 will survive the termination of this Indenture and the resignation or replacement of the Indenture
Trustee under Section 8.10. 
 Section 8.08 Disqualification; Conflicting Interests. If the Indenture
Trustee has or will acquire a conflicting interest within the meaning of the Trust Indenture Act, the Indenture Trustee will, if so required by the Trust Indenture Act, either eliminate such interest or resign, to the extent and in the manner
provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. Nothing herein will prevent the Indenture Trustee from filing with the 

  
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Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture Act. 
 Section 8.09 Corporate Indenture Trustee Required; Eligibility. There will at all times be an Indenture Trustee hereunder with respect to each Series, Class or Tranche of Notes, which will be
either a bank or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority, and having a rating of at least “Baa3” by Moody’s and “BBB-” by Standard & Poor’s. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.09, the combined capital and surplus of such corporation will be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. The Issuer may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Issuer, serve as Indenture
Trustee. If at any time the Indenture Trustee with respect to any Series, Class or Tranche of Notes will cease to be eligible in accordance with the provisions of this Section 8.09, it will resign immediately in the manner and with the
effect hereinafter specified in this Article VIII. 
 Section 8.10 Resignation and Removal; Appointment of
Successor. (a) No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to this Article VIII will become effective until the acceptance of appointment by the successor Indenture
Trustee under Section 8.11. 
 (b) The Indenture Trustee may resign with respect to any Series, Class or Tranche of
Notes at any time by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered to the Indenture Trustee within 30 days after the giving of such notice of resignation,
the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 (c) The Indenture Trustee may be removed with respect to any Series, Class or Tranche of Notes at any time by Action of the Majority Holders of that Series, Class or Tranche, delivered to the Indenture
Trustee and to the Issuer. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered to the Indenture Trustee within 30 days after the giving of such notice of removal, the Indenture Trustee being removed may
petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 (d) If at any time:

 (i) the Indenture Trustee fails to comply with Section 310(b) of the Trust Indenture Act with respect to
any Series, Class or Tranche of Notes after written request therefor by the Issuer or by any Noteholder who has been a bona fide Holder of a Note of that Series, Class or Tranche for at least 6 months, or 

  
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 (ii) the Indenture Trustee ceases to be eligible under
Section 8.09 with respect to any Series, Class or Tranche of Notes and fails to resign after written request therefor by the Issuer or by any such Noteholder, or 

(iii) the Indenture Trustee becomes incapable of acting with respect to any Series, Class or Tranche of Notes, or

 (iv) the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the Indenture Trustee or of its
property is appointed or any public officer takes charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (A) the Issuer may remove the Indenture Trustee, with respect to the Series, Class or Tranche, or in the case of clause (iv), with respect to all Series, Classes or Tranches,
or (B) subject to Section 7.17, any Noteholder who has been a bona fide Holder of a Note of such Series, Class and Tranche for at least 6 months may, on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Indenture Trustee with respect to such Series, Class or Tranche and the appointment of a successor Indenture Trustee with respect to the Series, Class or Tranche, or, in the case of clause (iv), with
respect to all Series, Classes and Tranches. 
 (e) If the Indenture Trustee resigns, is removed or becomes incapable of acting
with respect to any Series, Class or Tranche of Notes, or if a vacancy shall occur in the office of the Indenture Trustee with respect to any Series, Class or Tranche of Notes for any cause, the Issuer will promptly appoint a successor Indenture
Trustee for that Series, Class or Tranche of Notes. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee with respect to such Series, Class or Tranche of Notes is
appointed by Act of the Majority Holders of such Series, Class or Tranche delivered to the Issuer and the retiring Indenture Trustee, the successor Indenture Trustee so appointed will, forthwith upon its acceptance of such appointment, become the
successor Indenture Trustee with respect to such Series, Class or Tranche and supersede the successor Indenture Trustee appointed by the Issuer with respect to such Series, Class or Tranche of Notes. If no successor Indenture Trustee with respect to
such Series, Class or Tranche of Notes shall have been so appointed by the Issuer or the Noteholders of such Series, Class or Tranche and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Holder of a
Note of such Series, Class or Tranche for at least 6 months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee with respect to such Series,
Class or Tranche of Notes. 
 (f) The Issuer will give written notice of each resignation and each removal of the Indenture
Trustee with respect to any Series, Class or Tranche of Notes and each appointment of a successor Indenture Trustee with respect to any Series, Class or Tranche to each Noteholder as provided in Section 1.06 and to each Note Rating
Agency. To facilitate delivery of such notice, upon request by the Issuer, the Note Registrar shall provide to the Issuer a list of the relevant Registered Noteholders. Each notice will include the name of the successor Indenture Trustee and the
address of its principal Corporate Trust Office. 

  
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 Section 8.11 Acceptance of Appointment by Successor. Every successor Indenture
Trustee appointed hereunder will execute, acknowledge and deliver to the Issuer and to the predecessor Indenture Trustee an instrument accepting such appointment, with a copy to the Note Rating Agencies, and thereupon the resignation or removal of
the predecessor Indenture Trustee will become effective with respect to any Series, Class or Tranche as to which it is resigning or being removed as Indenture Trustee, and such successor Indenture Trustee, without any further act, deed or
conveyance, will become vested with all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to any such Series, Class or Tranche; but, on request of the Issuer or the successor Indenture Trustee, such predecessor
Indenture Trustee will, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights, powers and trusts of the predecessor Indenture Trustee, and will duly assign,
transfer and deliver to such successor Indenture Trustee all property and money held by such predecessor Indenture Trustee hereunder with respect to all or any such Series, Class or Tranche, subject nevertheless to its lien, if any, provided for in
Section 8.07. Upon request of any such successor Indenture Trustee, the Issuer will execute any and all instruments for more fully and certainly vesting in and confirming to such successor Indenture Trustee all such rights, powers and
trusts. 
 In case of the appointment hereunder of a successor Indenture Trustee with respect to the Notes of one or more (but
not all) Series, Classes or Tranches, the Issuer, the predecessor Indenture Trustee and each successor Indenture Trustee with respect to the Notes of any applicable Series, Class or Tranche will execute and deliver an Indenture Supplement which will
contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to the Notes of any Series, Class or Tranche as to which the predecessor
Indenture Trustee is not being succeeded will continue to be vested in the predecessor Indenture Trustee, and will add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such Indenture Supplement will constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee will be Indenture
Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee. 
 No successor Indenture Trustee with respect to any Series, Class or Tranche of Notes will accept its appointment unless at the time of such acceptance such successor Indenture Trustee will be qualified
and eligible under this Article VIII. 
 Section 8.12 Merger, Conversion, Consolidation or Succession to
Business. Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a
party, or any corporation succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, will be the successor of the Indenture Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article VIII, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Indenture Trustee shall give prompt written notice of such merger, conversion, consolidation or succession
to the Issuer and the Note Rating Agencies. In case any Notes shall have been authenticated, but not delivered, by the Indenture Trustee then 

  
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in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect
as if such successor Indenture Trustee had itself authenticated such Notes. 
 Section 8.13 Preferential Collection of
Claims Against Issuer. If and when the Indenture Trustee shall be or become a creditor of the Issuer (or any other obligor upon the Notes), the Indenture Trustee will be subject to the provisions of Section 311 of the Trust Indenture Act.
An Indenture Trustee who has resigned or been removed will be subject to Section 311(a) of the Trust Indenture Act to the extent provided therein. 
 Section 8.14 Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint an Authenticating
Agent or Agents with respect to one or more Series, Classes or Tranches of Notes which will be authorized to act on behalf of the Indenture Trustee to authenticate Notes of such Series, Classes or Tranches issued upon exchange, registration of
transfer or partial redemption thereof or pursuant to Section 4.06, and Notes so authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Indenture
Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Indenture Trustee or the Indenture Trustee’s Certificate of Authentication, such reference will be deemed to include
authentication and delivery on behalf of the Indenture Trustee by an Authenticating Agent and a Certificate of Authentication executed on behalf of the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent will be acceptable to the
Issuer and will at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined
capital and surplus of not less than $50,000,000 and, if other than the Issuer itself, subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to
law or to the requirements of said supervising or examining authority, then for the purposes of this Section 8.14, the combined capital and surplus of such Authenticating Agent will be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time an Authenticating Agent will cease to be eligible in accordance with the provisions of this Section 8.14, such Authenticating Agent will resign immediately in the
manner and with the effect specified in this Section 8.14. The initial Authenticating Agent for the Notes of all Series, Classes and Tranches will be The Bank of New York Mellon. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, will continue to be an
Authenticating Agent, provided such corporation will be otherwise eligible under this Section 8.14, without the execution or filing of any paper or any further act on the part of the Indenture Trustee or the Authenticating Agent.

 An Authenticating Agent may resign at any time by giving written notice thereof to the Indenture Trustee and to the Issuer.
The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent 

  
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and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent will cease to be eligible in accordance with the
provisions of this Section 8.14, the Indenture Trustee, with the approval of the Issuer, may appoint a successor Authenticating Agent which will be acceptable to the Issuer and will give notice to each Noteholder as provided in
Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder will become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent will be appointed unless eligible under the provisions of this Section 8.14. 
 The Indenture Trustee agrees to pay to each Authenticating Agent (other than an Authenticating Agent appointed at the request of the Issuer from time to time) reasonable compensation for its services
under this Section 8.14, and the Indenture Trustee will be entitled to be reimbursed for such payments, subject to the provisions of Section 8.07. 
 If an appointment with respect to one or more Series, Classes or Tranches is made pursuant to this Section 8.14, the Notes of such Series, Classes or Tranches may have endorsed thereon, in
addition to the Indenture Trustee’s Certificate of Authentication, an alternate Certificate of Authentication in the following form: 
 This is one of the Notes of the Series, Classes or Tranches designated therein referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON, as Indenture Trustee

		
	By:	 	  

		 	As Authenticating Agent
		
	By:	 	  

		 	Authorized Signatory

 Section 8.15 Tax Returns. In the event that the Issuer shall be required to file tax
returns, the Administrator shall prepare or shall cause to be prepared such tax returns and shall provide such tax returns to the Owner Trustee or the Beneficiary for signature at least 5 days before such tax returns are due to be filed. The Issuer,
in accordance with the terms of each Indenture Supplement, shall also prepare or shall cause to be prepared all tax information required by law to be distributed to Noteholders and shall deliver such information to the Indenture Trustee at least
five days prior to the date it is required by law to be distributed to Noteholders. The Indenture Trustee, upon written request, will furnish the Administrator with all such information known to the Indenture Trustee as may be reasonably requested
and required in connection with the preparation of all tax returns of the Issuer, and shall, upon request, execute such returns. In no event shall the Administrator, the Indenture Trustee or the Owner Trustee be personally liable for any
liabilities, costs or expenses of the Issuer or any Noteholder arising under any tax law, including without limitation, federal, state or local income or excise taxes or any other tax imposed on or measured by income (or any interest or penalty with
respect thereto arising from a failure to comply therewith). 

  
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 Section 8.16 Representations and Covenants of the Indenture Trustee. The
Indenture Trustee represents, warrants and covenants that 
 (i) The Indenture Trustee is a banking corporation
duly organized and validly existing under the laws of the State of New York; 
 (ii) The Indenture Trustee has
full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 

(iii) Each of this Indenture and the other documents to which it is a party has been duly executed and delivered by the
Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 
 Section 8.17
Indenture Trustee’s Application for Instructions from the Issuer. Any application by the Indenture Trustee for written instructions from the Issuer may, at the option of the Indenture Trustee, set forth in writing any action proposed to
be taken or omitted by the Indenture Trustee under and in accordance with this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective; provided that such application shall make specific reference
to this Section 8.17. The Indenture Trustee shall not be liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in such application
(which date shall not be less than five Business Days after the date the Issuer actually receives such application, unless the Issuer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date
in the case of an omission), the Indenture Trustee shall have received written instructions in response to such application specifying the action be taken or omitted. 
 Section 8.18 Appointment of Co-Trustee or Separate Indenture Trustee. (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and shall execute and deliver all instruments, subject to the prior written consent of the Transferor,
which consent shall not be unreasonably withheld, to appoint one or more Persons reasonably acceptable to the Issuer to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest
in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section 8.18, such powers, duties, obligations, rights
and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.09 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 8.10. 
 (b)
Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

  
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 (i) all rights, powers, duties and obligations conferred or imposed upon the
Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Indenture Trustee; 
 (ii) no trustee hereunder shall be
personally liable by reason of any act or omission of any other trustee hereunder; and 
 (iii) the Indenture
Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or
other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Indenture and the conditions of this Article VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 
 (d) Any
separate trustee or co-trustee may at any time appoint the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf
and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee. 
 Section 8.19 Certain Securities Laws
Covenants. The Indenture Trustee shall furnish TRS, Centurion, FSB and the Transferor with any documents and information relating to the Indenture Trustee necessary or appropriate to enable such parties to comply with the Securities Act and the
Securities Exchange Act, including the rules contained in 17 CFR Parts 210, 228, 229, 230, 232, 239, 240, 242, 245 and 249 of Regulation AB. 
 [END OF ARTICLE VIII] 

  
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 ARTICLE IX 
 NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE 
 TRUSTEE, ISSUER
AND BENEFICIARY 
 Section 9.01 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. The
Issuer will furnish or cause to be furnished to the Indenture Trustee: 
 (a) not more than 15 days after each Record Date, in
such form as the Indenture Trustee may reasonably require, a list of the names and addresses of the Registered Noteholders of such Series, Classes or Tranches as of such date, and 

(b) at such other times as the Indenture Trustee may request in writing, within 30 days after the receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than 15 days before the time such list is furnished; 
 provided,
however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 

Section 9.02 Preservation of Information; Communications to Noteholders. (a) The Indenture Trustee will preserve, in as
current a form as is reasonably practicable, the names and addresses of Registered Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 9.01 and the names and addresses of Registered
Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 9.01 upon receipt of a new list so furnished. 

(b) If three or more Holders of Notes of any Series, Class or Tranche (hereinafter referred to as “applicants”) (or, if there
are less than three such Holders, all of the Holders) apply in writing to the Indenture Trustee, and furnish to the Indenture Trustee reasonable proof that each such applicant has owned a Note of such Series, Class or Tranche for a period of at
least six months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Notes of such Series, Class or Tranche or with the Holders of all Notes with respect to their rights
under this Indenture or under such Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Indenture Trustee will, within five Business Days after the receipt of such
application, at its election, either: 
 (i) afford such applicants access to the information preserved at the
time by the Indenture Trustee in accordance with subsection 9.02(a), or 
 (ii) inform such applicants as
to the approximate number of Holders of Notes of such Series, Class or Tranche or all Notes, as the case may be, whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with subsection
9.02(a), and as to the approximate cost of mailing to such 

  
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Noteholders the form of proxy or other communication, if any, specified in such application. 
 If the Indenture Trustee shall elect not to afford such applicants access to such information, the Indenture Trustee shall, upon the written request of such applicants, mail to each Holder of a Registered
Note of such Series, Class or Tranche or to all Registered Noteholders, as the case may be, whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with subsection 9.02(a), a copy of
the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Indenture Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless, within five days after such tender, the Indenture Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the
Indenture Trustee, such mailing would be contrary to the best interests of the Holders of Notes of such Series, Class or Tranche or all Noteholders, as the case may be, or would be in violation of applicable law. Such written statement will specify
the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order
sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Indenture Trustee will mail copies of such
material to all Registered Noteholders of such Series, Class or Tranche or all Registered Noteholders, as the case may be, with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Indenture Trustee will
be relieved of any obligation or duty to such applicants respecting their application. 
 (c) Every Holder of Notes, by
receiving and holding the same, agrees with the Issuer and the Indenture Trustee that neither the Issuer nor the Indenture Trustee will be held accountable by reason of the disclosure of any such information as to the names and addresses of the
Holders of Notes in accordance with subsection 9.02(b), regardless of the source from which such information was derived, and that the Indenture Trustee will not be held accountable by reason of mailing any material pursuant to a request made
under subsection 9.02(b). 
 Section 9.03 Reports by Indenture Trustee. (a) The term “reporting
date” as used in this Section 9.03 means December 31. Within 60 days after the reporting date in each year, beginning in 2013, the Indenture Trustee will transmit to Noteholders, in the manner and to the extent provided in
Section 313(c) of the Trust Indenture Act, a brief report dated as of such reporting date if required by Section 313(a) of the Trust Indenture Act. 
 (b) To the extent required by the Trust Indenture Act, the Indenture Trustee will mail each year to all Registered Noteholders, with a copy to the Note Rating Agencies a report concerning: 

(i) its eligibility and qualifications to continue as trustee under this Indenture; 

  
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 (ii) any amounts advanced by the Indenture Trustee under this Indenture;

 (iii) the amount, interest rate and maturity date or indebtedness owing by the Issuer to the Indenture
Trustee, in its individual capacity; 
 (iv) the property and funds physically held by the Indenture Trustee by
which such Notes are secured; 
 (v) any release or release and substitution of Collateral subject to the lien of
this Indenture which has not previously been reported; and 
 (vi) any action taken by the Indenture Trustee that
materially affects the Notes and that has not previously been reported. 
 (c) The Indenture Trustee will comply with
subsections 313(b) and 313 (c) of the Trust Indenture Act. 
 (d) A copy of each such report will, at the time of such
transmission to Noteholders, be filed by the Indenture Trustee with each stock exchange upon which the Notes are listed, and also with the Commission. The Issuer will notify the Indenture Trustee when the Notes are admitted to trading on any stock
exchange. 
 (e) The Issuer agrees to cooperate and promptly provide to the Indenture Trustee such additional information as may
be required or requested by the Indenture Trustee to facilitate compliance with this Section 9.03. 

Section 9.04 Meetings of Noteholders; Amendments and Waivers. (a) If Notes of a Series, Class or Tranche are issuable in
whole or in part as Bearer Notes, a meeting of Noteholders of the Notes of such Series, Class or Tranche may be called at any time and from time to time pursuant to this Section 9.04 to make, give or take any Action provided by this
Indenture or any Indenture Supplement to be made, given or taken by Noteholders of such Series, Class or Tranche. 
 (b) The
Indenture Trustee may call a meeting of the Noteholders of a Series, Class or Tranche issuable in whole or in part as Bearer Notes at any time for any purpose specified hereunder or under any Indenture Supplement. The Indenture Trustee will call a
meeting upon request of the Issuer or the Holders of at least 10% in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche issuable in whole or in part as Bearer Notes. In any case, a meeting will be
called after notice is given to such Noteholders pursuant to Section 1.06. 
 (c) To be entitled to vote at any
meeting of Noteholders of any Series, Class or Tranche, a Person shall be (1) a Holder of one or more Outstanding Notes of such Series, Class or Tranche, or (2) a Person appointed by an instrument in writing as proxy for the Noteholder or
Noteholders of one or more Outstanding Notes of such Series, Class or Tranche by the Noteholder or Noteholders. The only Person who shall be entitled to be present or to speak at any meeting of Noteholders of any Series, Class or Tranche shall be
the Persons entitled to vote 

  
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at such meeting and their counsel, any representatives of the Indenture Trustee and its counsel and any representatives of the Issuer and its counsel. 

(d) Except for any consent that must be given by the Holders of each Outstanding Note affected or any action to be taken by the Issuer as
holder of any Collateral Certificate, any resolution presented at any meeting at which a quorum is present may be adopted by the affirmative vote of the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of that Series,
Class or Tranche, as the case may be. However, any resolution with respect to any Action which may be given by the Holders of not less than a specified percentage in aggregate Outstanding Dollar Principal Amount of Outstanding Notes of a Series,
Class or Tranche of Bearer Notes may be adopted at any meeting at which a quorum is present only by the affirmative vote of the Holders of not less than the specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding
Notes of such Series, Class or Tranche. Any resolution passed or decision taken at any meeting of Noteholders duly held in accordance with this Indenture will be binding on all Noteholders of the affected Series, Class or Tranche. 

(e) The quorum at any meeting will be persons holding or representing the Majority Holders of the Outstanding Dollar Principal Amount of
a Series, Class or Tranche or all Notes, as the case may be; provided, however, that if any action is to be taken at that meeting concerning an Action that may be given by the Holders of not less than a specified percentage in
aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of a Series, Class or Tranche, the persons holding or representing such specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such
Series, Class or Tranche or all Notes will constitute a quorum. 
 (f) The ownership of Bearer Notes will be proved as provided
in subsection 1.04(c)(ii). 
 (g) The Issuer, at its own expense, may make reasonable rules for other matters relating to
Action by or a meeting of Noteholders not otherwise covered by this Section 9.04, including but not limited to the location or locations for such meeting, the manner of voting at such meeting, the appointment and duties of inspectors of
the vote, the submission and examination of proxies, certificates and other evidence of the right to vote and the appointment of a chairperson for the meeting. 
 (h) As set forth in the applicable Pooling and Servicing Agreement and the related Series Supplement, with respect to certain actions requiring the consent or direction of Investor Certificateholders
holding a specified percentage of the aggregate unpaid amount outstanding of Investor Certificates (whether by number of Series or percentage of all outstanding Investor Certificates depending on the manner of voting or consenting on such matter),
including consenting to certain amendments and terminating the related Master Trust, the Issuer, as holder of any Collateral Certificate, will be deemed to have voted in accordance with the Investor Certificateholders holding a majority of the
aggregate Invested Amount outstanding of such Investor Certificates which are entitled to vote or consent on such matter; provided, however, that in the event Investor Certificateholders holding equal portions of the Invested Amount of
such Investor Certificates vote in the positive and in the negative, without taking into consideration the vote of the Issuer, as holder of such Collateral Certificate, the Issuer shall be 

  
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deemed to vote in the negative; provided further, that if the Collateral Certificate is the sole Investor Certificate outstanding which is entitled to vote or consent on such matter, the
Issuer, as holder thereof, will be deemed to have voted in the negative. 
 Section 9.05 Reports by Issuer to the
Commission. The Issuer will: 
 (a) file with the Indenture Trustee, within 15 days after the Issuer is required to file the
same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the
Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act; or, if the Issuer is not required to file information, documents or reports pursuant to either of said Sections,
then it will file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
pursuant to Section 13 of the Securities Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(b) file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(c) transmit by mail to all Registered Noteholders, as their names and addresses appear in the Note Register, and notify all Holders of
Bearer Notes of such Series, Class or Tranche, by publication of such notice in an Authorized Newspaper or as otherwise provided in the applicable Indenture Supplement, within 30 days after the filing thereof with the Indenture Trustee, such
summaries of any information, documents and reports required to be filed by the Issuer pursuant to paragraphs (a) and (b) of this Section 9.05 as may be required by rules and regulations prescribed from time to time by the
Commission. 
 The delivery of such reports, information and documents to the Indenture Trustee is for informational purposes
only and the Indenture Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely conclusively on an Officer’s Certificate of an Authorized Officer of the Issuer). 

Section 9.06 Monthly Noteholders’ Statement. On each Payment Date, the Issuer will, in cooperation with the Servicer
and, if applicable, the Master Trust Servicer, complete and deliver to the Indenture Trustee and, if applicable, the Master Trust Trustee (with a copy to each Note Rating Agency), a Monthly Noteholders’ Statement. 

Section 9.07 Payment Instruction to Master Trust. Promptly after the receipt by the Issuer of each Monthly Servicer’s
Certificate under the applicable Series Supplement, the 

  
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Issuer will, in cooperation with the Servicer, complete the Payment Instruction and deliver a copy thereof to the Indenture Trustee and the Master Trust Trustee. 

(a) From time to time, the Issuer will notify the Servicer of the information necessary to be provided by the Issuer under the applicable
section of the applicable Pooling and Servicing Agreement as supplemented by any Series Supplement to calculate the Invested Amount of the Collateral Certificate issued under that Pooling and Servicing Agreement. 

[END OF ARTICLE IX] 

  
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 ARTICLE X 
 INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING 
 AND SERVICING AGREEMENT
AND AMENDMENTS TO THE 
 TRUST AGREEMENT 
 Section 10.01 Supplemental Indentures and Amendments Without Consent of Noteholders. Without the consent of the Holders of any Notes but with 10 Business Days’ prior notice to each Note
Rating Agency, the Issuer and the Indenture Trustee, at any time and from time to time, upon delivery of an Issuer Tax Opinion and, if applicable, a Master Trust Tax Opinion for each applicable Master Trust and upon delivery by the Issuer to the
Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future, the Issuer
may amend this Indenture, including any Indenture Supplement or enter into one or more Indenture Supplements, in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(a) to evidence the succession of another Entity to the Issuer, and the assumption by any such successor of the covenants of the Issuer
herein and in the Notes; or 
 (b) to add to the covenants of the Issuer, or to surrender any right or power herein conferred
upon the Issuer by the Issuer, for the benefit of the Holders of the Notes of any or all Series, Classes or Tranches (and if such covenants or the surrender of such right or power are to be for the benefit of less than all Series, Classes or
Tranches of Notes, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified Series, Classes or Tranches); or 

(c) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to
make any other provisions with respect to matters or questions arising under this Indenture; or 
 (d) to add to this Indenture
such provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this Indenture was executed or any
corresponding provision in any similar federal statute hereafter enacted; or 
 (e) to establish any form of Note, as provided
in Article II, and to provide for the issuance of any Series, Class or Tranche of Notes as provided in Article III and to set forth the terms thereof, and/or to add to the rights of the Holders of the Notes of any Series, Class or
Tranche; or 
 (f) to evidence and provide for the acceptance of appointment by another corporation as a successor Indenture
Trustee hereunder with respect to one or more Series, Classes or Tranches of Notes and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Indenture Trustee, pursuant to Section 8.11; or 

  
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 (g) to add any additional Early Amortization Events or Events of Default in respect of the
Notes of any or all Series, Classes or Tranches (and if such additional Events of Default are to be in respect of less than all Series, Classes or Tranches of Notes, stating that such Events of Default are expressly being included solely for the
benefit of one or more specified Series, Classes or Tranches of Notes); or 
 (h) to provide for the consolidation of any Master
Trust and the Issuer into a single Entity or the transfer of assets in such Master Trust to the Issuer after the termination of all Series of Investor Certificates (other than the related Collateral Certificate or Collateral Certificates); or

 (i) if one or more additional Transferors under the Transfer Agreement or any Pooling and Servicing Agreement are added to,
or replaced under, the Transfer Agreement or any such Pooling and Servicing Agreement, or one or more additional Beneficiaries under the Trust Agreement are added to, or replaced under, the Trust Agreement, to make any necessary changes to the
Indenture or any other related document; or 
 (j) to designate additional Collateral to the Issuer; 

(k) to provide for additional or alternative forms of credit enhancement for any Series, Class or Tranche of Notes; or 

(l) to comply with any regulatory, accounting, securities or tax laws, rules, regulations or requirements; or 

(m) to qualify for sale treatment under generally accepted accounting principles. 

Additionally, notwithstanding any provision of this Article X to the contrary and in addition to clauses (a) through
(m) above, the Issuer and the Indenture Trustee may amend this Indenture, including any Indenture Supplement, to modify, eliminate or add to the provisions of this Indenture (i) to facilitate compliance with any amendment to, or any
interpretive guidance by the FDIC or its staff with respect to, the FDIC Rule or any other change of law or regulation which applies to the Issuer or the transactions governed by the Transaction Documents or (ii) to cause the provisions hereof
to conform to or be consistent with or in furtherance of the statements made with respect to this Indenture, including any Indenture Supplement, in any applicable Registration Statement on Form S-3, as amended, under the Securities Act;
provided, that the Issuer shall deliver to the Indenture Trustee and the Owner Trustee (x) an Officer’s Certificate to the effect that (A) such amendment will not have a material adverse effect on the Noteholders or
(B) such amendment is required to remain in compliance with the FDIC Rule or any other change of law or regulation which applies to the Issuer or the transactions governed by the Transaction Documents or such amendment is required to cause the
provisions hereof to conform to or be consistent with or in furtherance of the statements made with respect to this Indenture, including any Indenture Supplement, in any applicable Registration Statement on Form S-3, as amended, under the Securities
Act, and (y) an Issuer Tax Opinion with respect to such amendment; provided, however, that the Issuer shall deliver written notice of the substance of the proposed amendment to each Note Rating Agency at least 10 Business Days
prior to the 

  
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proposed effective date of such amendment (or such shorter period as is agreed to in writing by each Note Rating Agency). 
 Additionally, notwithstanding any provision of this Article X to the contrary and in addition to clauses (a) through (m) above, this Indenture, including any Indenture
Supplement, may also be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in
the property of the Issuer, a Master Trust Tax Opinion, for the purpose of (i) adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or any Indenture Supplement or (ii) modifying in any
manner the rights of the Holders of the Notes under this Indenture or any Indenture Supplement; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to
the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agency Condition shall be satisfied.

 Additionally, notwithstanding any provision of this Article X to the contrary and in addition to clauses
(a) through (m) and the immediately preceding paragraph, this Indenture, including any Indenture Supplement, may also be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery to the
Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in the property of the Issuer, a Master Trust Tax Opinion, to provide for (i) the establishment of multiple asset pools and
the designation of Collateral to be included as part of specific asset pools or (ii) those changes necessary for compliance with securities law requirements or banking laws or regulations; provided, however, that (i) the
Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse
Effect at any time in the future and (ii) the Note Rating Agency Condition shall be satisfied. 
 The Issuer shall send a
copy of any amendment to this Indenture or any Indenture Supplement to each Note Rating Agency. 
 The Indenture Trustee may,
but shall not be obligated to, enter into any amendments which adversely affects the Indenture Trustee’s rights, duties, benefits, protections, privileges or immunities under this Indenture or otherwise. 

Section 10.02 Supplemental Indentures with Consent of Noteholders. In addition to any amendment permitted pursuant to
Section 10.01 hereof, with prior notice to each applicable Note Rating Agency and the consent of Holders of not less than 66-2/3% in Outstanding Dollar Principal Amount of each Series, Class or Tranche of Notes affected by such amendment
of this Indenture, including any Indenture Supplement, by Act of said Holders delivered to the Issuer and the Indenture Trustee, the Issuer, and the Indenture Trustee, as applicable, upon delivery of an Issuer Tax Opinion, and, to the extent a
Collateral Certificate is included in the property of the Issuer, upon delivery of a Master Trust Tax Opinion, may enter into an amendment of this Indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or of modifying in any manner 

  
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the rights of the Holders of the Notes of each such Series, Class or Tranche under this Indenture or any Indenture Supplement; provided, however, that no such amendment of an Indenture Supplement
will, without the consent of the Holder of each Outstanding Note affected thereby: 
 (a) change the scheduled payment date of
any payment of interest on any Note, or change an Expected Final Payment Date or Legal Maturity Date of any Note; 
 (b) reduce
the Stated Principal Amount of, or the interest rate on any Note, or change the method of computing the Outstanding Dollar Principal Amount, the Adjusted Outstanding Dollar Principal Amount or the Nominal Liquidation Amount in a manner that is
adverse to the Holder of any Note; 
 (c) reduce the amount of a Discount Note payable upon the occurrence of an Early
Amortization Event or other optional or mandatory redemption or upon the acceleration of its Legal Maturity Date; 
 (d) impair
the right to institute suit for the enforcement of any payment on any Note; 
 (e) reduce the percentage in Outstanding Dollar
Principal Amount of the Outstanding Notes of any Series, Class or Tranche of Notes, the consent of whose Holders is required for any such amendment, or the consent of whose Holders is required for any waiver of compliance with the provisions of this
Indenture or of defaults hereunder and their consequences, provided for in this Indenture; 
 (f) modify any of the provisions
of this Section 10.02 or Section 7.18, except to increase any percentage of Holders required to consent to any such amendment or to provide that other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Note affected thereby; 
 (g) permit the creation of any lien or other encumbrance on
the Collateral that is prior to the lien in favor of the Indenture Trustee for the benefit of the Holders of such Notes; 
 (h)
change any Place of Payment where any principal of, or interest on, any Note is payable, unless otherwise provided in the applicable Indenture Supplement; 
 (i) change the method of computing the amount of principal of, or interest on, any Note on any date; or 
 (j) make any other amendment not permitted by Section 10.01. 
 An
amendment of this Indenture or an Indenture Supplement which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular Series, Class or Tranche of
Notes, or which modifies the rights of the Holders of Notes of such Series, Class or Tranche with respect to such covenant or other provision, will be deemed not to affect the rights under this Indenture of the Holders of Notes of any other Series,
Class or Tranche. 

  
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 It will not be necessary for any Act of Noteholders under this Section 10.02 to
approve the particular form of any proposed amendment or Indenture Supplement, but it will be sufficient if such Act will approve the substance thereof. 
 Section 10.03 Execution of Amendments and Indenture Supplements. In executing or accepting the additional trusts created by any amendment of this Indenture or Indenture Supplement permitted by
this Article X or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee will be provided with, and (subject to Section 8.01 or the applicable provisions of the Transfer Agreement or the Servicing
Agreement) will be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture Supplement is authorized or permitted by this Indenture and that all conditions precedent thereto have been
satisfied. The Indenture Trustee may, but will not (except to the extent required in the case of an amendment or Indenture Supplement entered into under subsection 10.01(d) or 10.01(f)) be obligated to, enter into any such amendment or
Indenture Supplement which affects the Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 10.04 Effect of Amendments and Indenture Supplements. Upon the execution of any amendment of this Indenture or any Indenture Supplement or any supplemental indentures under this
Article X, this Indenture and the related Indenture Supplement will be modified in accordance therewith with respect to each Series, Class or Tranche of Notes affected thereby, or all Notes, as the case may be, and such amendment or
supplemental indenture will form a part of this Indenture and the related Indenture Supplement for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder will be bound thereby to the extent provided
therein. 
 Section 10.05 Conformity with Trust Indenture Act. Every amendment of this Indenture or any Indenture
Supplement and every supplemental indenture executed pursuant to this Article X will conform to the requirements of the Trust Indenture Act as then in effect. 
 Section 10.06 Reference in Notes to Indenture Supplements. Notes authenticated and delivered after the execution of any amendment of this Indenture or any Indenture Supplement or any
supplemental indenture pursuant to this Article X may, and will if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such amendment or supplemental indenture. If the
Issuer will so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such amendment or supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
 Section 10.07 Amendments to the Pooling and Servicing
Agreement. By their acceptance of a Note, the Noteholders acknowledge that the Transferor and the Master Trust Trustee may amend the applicable Pooling and Servicing Agreement and any supplement thereto without the consent of the Holders of any
Investor Certificates (including the Issuer) or any Noteholder, so long as such amendment or supplement would not materially adversely affect the interest of the Holders of any Investor Certificates. 

  
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 For purposes of any vote or consent under a Pooling and Servicing Agreement or any
supplement thereto, with respect to certain actions requiring the consent or direction of Investor Certificateholders holding a specified percentage of the aggregate unpaid amount outstanding of Investor Certificates (whether by number of Series or
percentage of all outstanding Investor Certificates depending on the manner of voting or consenting on such matter), the Issuer, as holder of the Collateral Certificate, shall be deemed to be an Investor Certificateholder under such Pooling and
Servicing Agreement, and will be deemed to have voted in accordance with the Investor Certificateholders holding a majority of the aggregate Invested Amount outstanding of such Investor Certificates which are entitled to vote or consent on such
matter; provided, however, that in the event Investor Certificateholders holding equal portions of the Invested Amount outstanding of such Investor Certificates vote in the positive and in the negative, without taking into
consideration the vote of the Issuer, as holder of such Collateral Certificate, the Issuer shall be deemed to vote in the negative; provided further that if the Collateral Certificate is the sole Investor Certificate outstanding entitled to
vote or consent on such matter, the Issuer, as holder thereof, will be deemed to have voted in the negative. 

Section 10.08 Amendments to the Trust Agreement. (a) Subject to the provisions of the Trust Agreement, without the
consent of the Holders of any Notes or the Indenture Trustee, the Owner Trustee (at the written direction of the Beneficiary) and the Beneficiary may amend the Trust Agreement so long as such amendment will not have an Adverse Effect and is not
reasonably expected to have an Adverse Effect at any time in the future. 
 (b) Subject to the provisions of the Trust
Agreement, with the consent of the Holders of not less than 66-2/3% in Outstanding Dollar Principal Amount of the Outstanding Notes affected by such amendment, by Action of said Holders delivered to the Indenture Trustee, the Beneficiary and the
Owner Trustee (at the written direction of the Beneficiary), the Beneficiary may amend the Trust Agreement for the purpose of adding, changing or eliminating any provisions of the Trust Agreement or of modifying the rights of those Noteholders.

 [END OF ARTICLE X] 

  
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 ARTICLE XI 
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER 
 Section 11.01
Payment of Principal and Interest. With respect to each Series, Class or Tranche of Notes, the Issuer will duly and punctually pay the principal of and interest on such Notes in accordance with their terms, this Indenture and any related
Indenture Supplement, and will duly comply with all the other terms, agreements and conditions contained in, or made in this Indenture and any related Indenture Supplement for the benefit of, the Notes of such Series, Class or Tranche. The payment
of principal and interest on each Series, Class or Tranche of Notes will be primarily based on the performance of the Receivables and, except for interest rate or currency mismatches, will not be contingent on market or credit events that are
independent of the Receivables. 
 Section 11.02 Maintenance of Office or Agency. The Issuer will maintain an office
or agency in each Place of Payment where Notes may be presented or surrendered for payment, where Notes may be surrendered for transfer or exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of such office or agency. If at any time the Issuer will fail to maintain such office or agency or will fail to furnish
the Indenture Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee its agent to
receive all such presentations, surrenders, notices and demands. 
 The Issuer may also from time to time designate one or more
other offices or agencies where the Notes of one or more Series, Classes or Tranches may be presented or surrendered for any or all of such purposes specified above and may constitute and appoint one or more Paying Agents for the payments of such
Notes, in one or more other cities, and may from time to time rescind such designations and appointments; provided, however, that no such designation, appointment or rescission shall in any matter relieve the Issuer of its obligations
to maintain an office or agency in each Place of Payment for Notes of any Series, Class or Tranche for such purposes. The Issuer will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. Unless and until the Issuer rescinds one or more of such appointments, the Issuer hereby appoints the Indenture Trustee, at its principal office, as its Paying Agent in New York, New York with respect to
all Series, Classes and Tranches of Notes having a Place of Payment in the City of New York, New York. 
 Section 11.03
Money for Note Payments to be Held in Trust. The Paying Agent, on behalf of the Indenture Trustee, will make distributions to Noteholders from the Collection Account or other applicable Issuer Account pursuant to the provisions of any
Indenture Supplement and will report the amounts of such distributions to the Indenture Trustee. Any Paying Agent will have the revocable power to withdraw funds from the Collection Account or other applicable Issuer Account for the purpose of
making the distributions referred to above. 

  
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The Indenture Trustee may revoke such power and remove the Paying Agent if the Indenture Trustee determines in its sole discretion that the Paying Agent has failed to perform its obligations
under this Indenture or any Indenture Supplement in any material respect. The Paying Agent upon removal will return all funds in its possession to the Indenture Trustee. 
 The Issuer will cause each Paying Agent (other than the Indenture Trustee) for any Series, Class or Tranche of Notes to execute and deliver to the Indenture Trustee an instrument in which such Paying
Agent will agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it so agrees), subject to the provisions of this Section 11.03, that such Paying Agent will: 

(a) hold all sums held by it for the payment of principal of or interest on Notes of such Series, Class or Tranche in trust for the
benefit of the Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as herein provided; 
 (b) if such Paying Agent is not the Indenture Trustee, give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes of such Series, Class or Tranche) in the making
of any such payment of principal or interest on the Notes of such Series, Class or Tranche; 
 (c) if such Paying Agent is not
the Indenture Trustee, at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(d) immediately resign as a Paying Agent and, if such Paying Agent is not the Indenture Trustee, forthwith pay to the Indenture Trustee
all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards described in this Section 11.03 required to be met by a Paying Agent at the time of its appointment; and 

(e) comply with all requirements of the Internal Revenue Code or any other applicable tax law with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any Series, Class or Tranche of Notes or for any other purpose, pay, or by an
Officer’s Certificate direct any Paying Agent to pay, to the Indenture Trustee all sums held in trust by the Issuer or such Paying Agent in respect of each and every Series, Class or Tranche of Notes as to which it seeks to discharge this
Indenture or, if for any other purpose, all sums so held in trust by the Issuer in respect of all Notes, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent;
and, upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent will be released from all further liability with respect to such money. 
 Any money deposited with the Indenture Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of or interest on any Note of any Series, Class or Tranche and
remaining unclaimed for two years after such principal or interest has become due and payable will be paid to the Issuer upon request in an Officer’s Certificate, or 

  
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(if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and
all liability of the Indenture Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon cease. The Indenture Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Issuer give to the Holders of the Notes as to which the money to be repaid was held in trust, as provided in Section 1.06, a notice that such funds remain unclaimed and that, after a date
specified in the notice, which will not be less than 30 days from the date on which the notice was first mailed or published to the Holders of the Notes as to which the money to be repaid was held in trust, any unclaimed balance of such funds then
remaining will be paid to the Issuer free of the trust formerly impressed upon it. 
 Each Paying Agent will at all times have a
combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by a United States federal or state authority or be regulated by or subject to the supervision or examination of a governmental authority of a nation
that is a member of the Organization for Economic Co-operation and Development. If such Paying Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section 11.03, the combined capital and surplus of such Paying Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition as so published. 

Section 11.04 Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and the Note Rating Agencies, on
or before March 31 of each year, beginning in 2013, a written statement signed by an Authorized Officer of the Issuer stating that: 
 (a) a review of the activities of the Issuer during the prior year and of the Issuer’s performance under this Indenture and under the terms of the Notes has been made under such Authorized
Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer
has complied in all material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a material default in the fulfillment of any such condition or covenant (without regard to any grace period or
requirement of notice), specifying each such default known to such Authorized Officer and the nature and status thereof. 

Section 11.05 Legal Existence. The Issuer will do or cause to be done all things necessary to preserve and keep in full force
and effect its legal existence. 
 Section 11.06 Further Instruments and Acts. Upon request of the Indenture Trustee
or as necessary, the Issuer will execute and deliver such further instruments and do such further acts (including, but not limited to, disclosing or causing to be disclosed information) as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture. Furthermore, the Indenture Trustee agrees 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 the Issuer to facilitate
compliance with the FDIC Rule. 

  
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 Section 11.07 Compliance with Laws. The Issuer will comply with the requirements
of all applicable laws, the noncompliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes or this Indenture. 

Section 11.08 Notice of Events of Default. The Issuer agrees to give the Indenture Trustee and the Note Rating Agencies
prompt written notice of each Event of Default hereunder and each breach on the part of the Master Trust or the Transferor of its respective obligations under the applicable Pooling and Servicing Agreement or the Transfer Agreement, respectively,
and any default of a Derivative Counterparty. 
 Section 11.09 Certain Negative Covenants. The Issuer will not:

 (a) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than
amounts withheld in good faith from such payments under the Internal Revenue Code or other applicable tax law including foreign withholding); 
 (b) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Indenture Trustee created by this Indenture to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby; 

(c) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien in favor of the
Indenture Trustee created by this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof; 

(d) permit the lien in favor of the Indenture Trustee created by this Indenture not to constitute a valid first priority security
interest in the Collateral; or 
 (e) voluntarily dissolve or liquidate. 

Section 11.10 No Other Business. The Issuer will not engage in any business other than as permitted under the Trust
Agreement. 
 Section 11.11 Rule 144A Information. For so long as any of the Notes of any Series, Class or Tranche
are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Exchange Act, the Issuer agrees to provide to any Noteholder of such Series, Class or Tranche and to 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 conditions set forth in Rule 144A(d)(4) under the Securities Exchange Act.

 Section 11.12 Performance of Obligations; Servicing of Receivables. (a) The Issuer will not take any action
and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would
result in the 

  
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amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture,
the Trust Agreement, the Transfer Agreement and the Servicing Agreement, the applicable Pooling and Servicing Agreement or such other instrument or agreement. 
 (b) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, any Indenture Supplement, the Trust Agreement and in the instruments and agreements
(including but not limited to, the applicable Pooling and Servicing Agreement) relating to the Collateral, including but not limited to filing or causing to be filed all UCC financing statements and amendments thereto required to be filed by the
terms of this Indenture and the Trust Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided herein or therein, the Issuer shall not waive, amend, modify, supplement or
terminate this Indenture, any Indenture Supplement or the Trust Agreement or any provision thereof without the consent of the Majority Holders of the Notes of each adversely affected Series, Class or Tranche. 

Section 11.13 Issuer May Consolidate, Etc., Only on Certain Terms. (a) The Issuer shall not consolidate or merge with or
into any other Person, unless: 
 (1) the Person (if other than the Issuer) formed by or surviving such consolidation or merger
(i) shall be a Person organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, (ii) shall not be subject to regulation as an “investment company” under the Investment
Company Act and (iii) shall expressly assume, by a supplemental indenture, executed and delivered to the Indenture Trustee, in a form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all
Notes and the performance of every covenant of this Indenture on the part of the Issuer to be performed or observed; 
 (2)
immediately after giving effect to such transaction, no Event of Default or Early Amortization Event shall have occurred and be continuing; 
 (3) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that (i) such consolidation or merger and such supplemental indenture
comply with this Section 11.13, (ii) all conditions precedent in this Section 11.13 relating to such transaction have been complied with (including any filing required by the Securities Exchange Act), and (iii) such
supplemental indenture is duly authorized, executed and delivered and is valid, binding and enforceable against such Person; 

(4) the Note Rating Agency Condition shall have been satisfied with respect to such consolidation or merger; 

(5) the Issuer shall have received (and shall have delivered copies thereof to the Indenture Trustee) an Issuer Tax Opinion and a Master
Trust Tax Opinion for each applicable Master Trust; and 
 (6) any action that is necessary to maintain the lien and security
interest created by this Indenture shall have been taken. 

  
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 (b) The Issuer shall not convey or transfer any of its properties or assets, including those
included in the Collateral, substantially as an entirety to any Person, unless: 
 (1) the Person that acquires by conveyance or
transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America, any state thereof
or the District of Columbia, (B) expressly assume, by a supplemental indenture, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all
Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right,
title and interest so conveyed or transferred shall be subject and subordinate to the lien and Security Interest of the Indenture Trustee created by this Indenture, (D) expressly agree by means of such supplemental indenture that such Person
(or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Securities Exchange Act in connection with the Notes and (E) not be an “investment
company” as defined in the Investment Company Act; 
 (2) immediately after giving effect to such transaction, no Event of
Default or Early Amortization Event shall have occurred and be continuing; 
 (3) the Note Rating Agency Condition shall have
been satisfied with respect to such conveyance or transfer; 
 (4) the Issuer shall have received (and shall have delivered
copies thereof to the Indenture Trustee) an Issuer Tax Opinion and a Master Trust Tax Opinion for each applicable Master Trust; 

(5) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 (6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such conveyance or transfer and such Indenture Supplement comply with this Section 11.13 and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing
required by the Securities Exchange Act). 
 Section 11.14 Successor Substituted. Upon any consolidation or merger,
or any conveyance or transfer of the properties and assets of the Issuer substantially as an entirety in accordance with Section 11.13 hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuer) or
the Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.
In the event of any such conveyance or transfer, the Person named as the Issuer in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Section 11.14 shall be
released from its obligations under this Indenture as issued immediately upon the effectiveness of such conveyance or transfer, provided that the 

  
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Issuer shall not be released from any obligations or liabilities to the Indenture Trustee or the Noteholders arising prior to such effectiveness. 

Section 11.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the Trust
Agreement, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets
or securities of, or any other interest in, or make any capital contribution to, any other Person. 
 Section 11.16
Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 Section 11.17 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase, retire
or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made,
(x) distributions as contemplated by, and to the extent funds are available for such purpose under, the Trust Agreement and (y) payments to the Indenture Trustee pursuant to Section 8.07 hereof. The Issuer will not, directly or
indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture or any Indenture Supplement. 
 Section 11.18 No Borrowing. The Issuer will not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any additional indebtedness, except for the Notes.

 Section 11.19 Ordinary Course. The Issuer entered into the securitization in the ordinary course of business and
not in contemplation of insolvency of any Account Owner and not with intent to hinder, delay or defraud any Account Owner or its creditors. 
 [END OF ARTICLE XI] 

  
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 ARTICLE XII 
 EARLY AMORTIZATION OF NOTES 
 Section 12.01 Applicability of
Article. Unless otherwise specified in the applicable Indenture Supplement related to a Series, Class or Tranche of Notes, pursuant to the terms of this Article XII, the Issuer will redeem and pay, provided that funds are available and
subject to the allocation and reallocation provisions and, with respect to Subordinated Notes, the subordination provisions of the Senior Class of that Series, of the related Indenture Supplement, each affected Series, Class or Tranche of Notes upon
the occurrence of any Early Amortization Event. Unless otherwise specified in the applicable Indenture Supplement relating to a Series, Class or Tranche of Notes, or in the form of Notes for such Series, Class or Tranche, the following are
“Early Amortization Events”: 
 (a) the occurrence of an Event of Default and acceleration of the Notes of a Series,
Class or Tranche pursuant to Article VII hereof; 
 (b) with respect to any Series, Class or Tranche of Notes, the
occurrence of the Expected Final Payment Date of such Series, Class or Tranche of Notes; 
 (c) the Issuer becomes an investment
company within the meaning of the Investment Company Act; 
 (d) the occurrence of an Insolvency Event as defined in
Section 4.1 of the Transfer Agreement relating to the Transferor; 
 (e) the occurrence of an Insolvency Event as
defined in the applicable Receivables Purchase Agreement relating to an Account Owner; 
 (f) a Transfer Restriction Event shall
occur; 
 (g) a Transfer Restriction Event as defined in the applicable Receivables Purchase Agreements shall occur; or

 (h) with respect to any Series, Class or Tranche of Notes, any additional Early Amortization Event specified in the Indenture
Supplement for such Series, Class or Tranche of Notes as applying to such Series, Class or Tranche of Notes; 
 provided
that in the case of any event described in subparagraph (d), (e), (f) or (g), an Early Amortization Event shall occur with respect to the applicable Series, Class or Tranche of Notes without any notice or other action on the part of the
Indenture Trustee or the Noteholders immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that (x) as of the date of
such event, the average of the Monthly Pool Balance Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Pool Balance Percentage for the
immediately preceding three 

  
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Monthly Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or Transfer Restriction Event, the Pool Balance does not at least equal the Required
Pool Balance (without giving effect to Receivables or Collateral Certificates attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer Restriction Event has occurred). 

The repayment price of a Series, Class or Tranche of Notes so redeemed will equal the Outstanding Dollar Principal Amount of such Series,
Class or Tranche, plus accrued, past due and additional interest to but excluding the date of repayment, the payment of which will be subject to the allocations, deposits and payments sections and the subordination provisions of the related
Indenture Supplement. 
 If the Issuer is unable to pay the repayment price in full on the Payment Date following the end of the
Monthly Period in which the Early Amortization Event occurs, monthly payments on such Series, Class or Tranche of Notes will thereafter be made on each following Payment Date until the Stated Principal Amount of such Series, Class or Tranche, plus
all accrued, past due and additional interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to the allocations, deposits and payments sections of the related Indenture Supplement. Any funds in any Supplemental
Issuer Accounts for a repaid Series, Class or Tranche will be applied to make the principal and interest payments on that Series, Class or Tranche on the repayment date, subject to the allocations, deposits and payments sections of the related
Indenture Supplement. Principal payments on redeemed Classes or Tranches will be made first to the senior most Notes until paid in full, then to the next Subordinated Notes until paid in full. 

No Principal Collections will be allocated to a Series, Class or Tranche of Notes with a Nominal Liquidation Amount of zero, irrespective
of whether the Stated Principal Amount of that Series, Class or Tranche of Notes has been paid in full. However, any funds previously deposited into the applicable Issuer Accounts and any amounts received from an applicable Derivative Agreement,
Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement will be available to pay principal of and interest on such Series, Class or Tranche of Notes. Furthermore, Available Finance Charge Collections may be applied to reimburse
reductions in the Nominal Liquidation Amount of such Series, Class or Tranche. 
 Section 12.02 Optional Repurchase.
Unless otherwise provided in the applicable Indenture Supplement for a Series, Class or Tranche of Notes, the Transferor (but only if the Transferor is the Servicer or an Affiliate of the Servicer) has the right, but not the obligation, to redeem
all Outstanding Series of Notes in whole but not in part on any day on or after the day on which the aggregate Outstanding Dollar Principal Amount (after giving effect to all payments on such day) of all Outstanding Series of Notes is reduced to
less than 10% of the sum of the highest Outstanding Dollar Principal Amount of each such Series at any time; provided, however, that in no event shall such optional redemption occur if 25% or more of the Initial Dollar Principal Amount
of any Series of Notes is Outstanding. 
 If the Transferor elects to redeem the Notes, it will cause the Issuer to notify the
Holders of such redemption at least 30 days prior to the redemption date. Unless otherwise 

  
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specified in the Indenture Supplement or Terms Document applicable to the Notes to be so redeemed, the redemption price of each Series, Class or Tranche so redeemed will equal 100% of the
Outstanding Dollar Principal Amount of such Series, Class or Tranche, plus accrued, unpaid and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of redemption, the payment of which will be subject to the
allocations, deposits and payments sections of the related Indenture Supplement. 
 If the Issuer is unable to pay the
redemption price in full on the redemption date, monthly payments on each Series, Class or Tranche of Notes will thereafter be made until either the Outstanding Dollar Principal Amount of each Series, Class or Tranche, plus all accrued, unpaid and
additional interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article VI, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. Any funds in any
Supplemental Issuer Accounts for a redeemed Series, Class or Tranche will be applied to make the principal and interest payments on that Series, Class or Tranche on the redemption date in accordance with the related Indenture Supplement. Principal
payments on redeemed Series, Class or Tranches will be made in accordance with the related Indenture Supplement. 

Section 12.03 Notice. Promptly after the occurrence of any Early Amortization Event or a redemption pursuant to
Section 12.02, the Issuer will notify the Indenture Trustee and the Note Rating Agencies in writing of the identity, Stated Principal Amount and Outstanding Dollar Principal Amount of the affected Series, Class or Tranche of Notes to be
redeemed. Notice of redemption will promptly be given as provided in Section 1.06. All notices of redemption will state (a) the date on which the redemption of the applicable Series, Class or Tranche of Notes pursuant to this
Article XII will begin, which will be the Payment Date next following the end of the Monthly Period in which the applicable Early Amortization Event or redemption pursuant to Section 12.02 occurs, (b) the repayment price for
such Series, Class or Tranche of Notes and (c) the Series, Class or Tranche of Notes to be redeemed pursuant to this Article XII. 
 [END OF ARTICLE XII] 

  
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 ARTICLE XIII 
 MISCELLANEOUS 
 Section 13.01 No Petition. The Indenture
Trustee, by entering into this Indenture, each Derivative Counterparty, by accepting its rights as a third party beneficiary hereunder, each Supplemental Credit Enhancement Provider or Supplemental Liquidity Provider, as applicable, by accepting its
rights as a third party beneficiary hereunder, and each Noteholder, by accepting a Note, agrees, to the fullest extent permitted by applicable law, that at no time shall it commence, or join in commencing, a bankruptcy case or other insolvency or
similar proceeding under the laws of any jurisdiction against the Issuer, the Transferor, or any Master Trust. 

Section 13.02 Trust Obligations. No recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Owner Trustee or of any successor or assign of the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). 

Section 13.03 Limitations on Liability. (a) It is expressly understood and agreed by the parties hereto that
(i) this Indenture is executed and delivered by Wilmington Trust Company not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement,
(ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by Wilmington Trust Company but is made and intended for the
purpose of binding only the Issuer and (iii) under no circumstances will Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any related documents. 
 (b) None
of the Indenture Trustee, the Owner Trustee or any other beneficiary of the Issuer or any of their respective officers, directors, employers or agents will have any liability with respect to this Indenture, and recourse of any Noteholder may be had
solely to the Collateral. 
 Section 13.04 Tax Treatment. The Issuer and the Noteholders agree that the Notes are
intended to be debt for federal, state and local income and franchise tax purposes and agree to treat the Notes accordingly for all such purposes, unless otherwise required by a taxing authority. Each Noteholder further agrees that it will cause any
Note Owner acquiring an interest 

  
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in a Note through it to comply with this Indenture as to treatment as indebtedness under applicable tax law as described in this Section 13.04. 

Section 13.05 Actions Taken by the Issuer. Any and all actions that are to be taken by the Issuer may be taken by either the
Administrator, the Beneficiary or the Owner Trustee on behalf of the Issuer. 
 Section 13.06 Alternate Payment
Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer, with the written consent of the Indenture Trustee, may enter into any agreement with any Holder of a Note providing for a method of
payment or notice that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments or
notices, as applicable, to be made in accordance with such agreements. 
 Section 13.07 Termination of Issuer. The
Issuer and the respective obligations and responsibilities of the Indenture Trustee created hereby (other than the obligation of the Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate, except with respect to
the duties described in subsection 13.08(b), as provided in the Trust Agreement. 
 Section 13.08 Final
Distribution. The Issuer shall give the Indenture Trustee at least 30 days written notice of the Payment Date on which the Noteholders of any Series, Class or Tranche may surrender their Notes for payment of the final distribution on and
cancellation of such Notes. Not later than the fifth day of the month in which the final distribution in respect of such Series, Class or Tranche is payable to Noteholders, the Indenture Trustee shall provide notice to Noteholders of such Series,
Class or Tranche specifying (i) the date upon which final payment of such Series, Class or Tranche will be made upon presentation and surrender of Notes of such Series, Class or Tranche at the office or offices therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or offices therein specified
(which, in the case of Bearer Notes, shall be outside the United States). The Indenture Trustee shall give such notice to the Note Registrar and the Paying Agent at the time such notice is given to Noteholders. 

(a) Notwithstanding a final distribution to the Noteholders of any Series, Class or Tranche of Notes (or the termination of the Issuer),
except as otherwise provided in this paragraph, all funds then on deposit in any Issuer Account allocated to such Noteholders shall continue to be held in trust for the benefit of such Noteholders, and the Paying Agent or the Indenture Trustee shall
pay such funds to such Noteholders upon surrender of their Notes, if certificated. In the event that all such Noteholders shall not surrender their Notes for cancellation within 6 months after the date specified in the notice from the Indenture
Trustee described in paragraph (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final distribution with respect thereto (which surrender and payment, in
the case of Bearer Notes, shall be outside the United States). If within one year after the second notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an

  
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agent to take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes, and the cost thereof shall be paid out of the funds in the Collection Account or
any Supplemental Issuer Accounts held for the benefit of such Noteholders. The Indenture Trustee and the Paying Agent shall pay to the Issuer any monies held by them for the payment of principal or interest that remains unclaimed for two years.
After payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person. 

Section 13.09 Termination Distributions. Upon the termination of the Issuer pursuant to the terms of the Trust Agreement, the
Indenture Trustee shall release, assign and convey to the Beneficiary or any of its designees, without recourse, representation or warranty, all of its right, title and interest in the Collateral, whether then existing or thereafter created, all
monies due or to become due and all amounts received or receivable with respect thereto (including all moneys then held in any Issuer Account) and all proceeds thereof, except for amounts held by the Indenture Trustee pursuant to subsection
13.08(b). The Indenture Trustee shall execute and deliver such instruments of transfer and assignment as shall be provided to it, in each case without recourse, as shall be reasonably requested by the Transferor, to vest in the Transferor, as
Beneficiary under the Trust Agreement, or any of its designees all right, title and interest which the Indenture Trustee had in the Collateral. 
 Section 13.10 Derivative Counterparty, Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider as Third-Party Beneficiary. Each Derivative Counterparty, Supplemental
Credit Enhancement Provider and Supplemental Liquidity Provider is a third party beneficiary of this Indenture to the extent specified in the applicable Derivative Agreement, Supplemental Credit Enhancement Agreement, Supplemental Liquidity
Agreement or Indenture Supplement. 
 Section 13.11 Notices. (i) in the case of Issuer, to: 

American Express Issuance Trust II 
 c/o Wilmington Trust Company 
 Rodney Square North 

1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Corporate Trust Administration

 Fax: (302) 636-4140 
 esoriano@wilmingtontrust.com 
 with copies to: 

American Express Receivables Financing Corporation VIII LLC 
 200 Vesey Street 
 31st Floor, Room 507C 

New York, New York 10285 
 Attention: President 
 Fax: (212) 640-0404 

  
 -105-

 and 
 American Express Travel Related Services Company, Inc. 
 200 Vesey Street

 New York, New York 10285 
 Attention: Treasurer 
 Fax: (212) 640-0405 

 

	 	(ii)	in the case of the Indenture Trustee, to: 

 The Bank of New York Mellon 
 101 Barclay Street, Floor 4 West 

New York, New York 10286 
 Attention: Corporate Trust Administration 
 Fax: (212) 815-5999 

catherine.cerilles@bnymellon.com 
 Section 13.12 Force Majeure. In no event shall the Indenture Trustee or the Owner Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Indenture Trustee and the Owner Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 [END OF
ARTICLE XIII] 

  
 -106-

 ARTICLE XIV 
 COMPLIANCE WITH REGULATION AB 
 Section 14.01 Intent of the
Parties; Reasonableness. The Transferor, the Servicer, the Issuer and the Indenture Trustee acknowledge and agree that the purpose of this Article XIV is to facilitate compliance by the Transferor with the provisions of Regulation AB and related
rules and regulations of the Commission. The Transferor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Transferor’s compliance
with the Securities Act, the Securities 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). The Indenture Trustee
acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of
counsel, or otherwise, and agrees to comply with requests made by the Transferor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Indenture Trustee agrees to cooperate in
good faith with any reasonable request by the Transferor for information regarding the Indenture Trustee which is required in order to enable the Transferor to comply with the provisions of Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118, 1119 and
1122 of Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this Agreement. The Servicer agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding
the Servicer which is required in order to enable the Transferor to comply with the provisions of Items 1103(a)(1), 1105, 1108, 1117, 1118, 1119, 1121, 1122 and 1123 of Regulation AB as it relates to the Servicer or to the Servicer’s
obligations under this Agreement. 
 Section 14.02 Additional Representations and Warranties of the Indenture
Trustee. The Indenture Trustee shall be deemed to represent to the Transferor, as of the date on which information is provided to the Transferor under Section 13.3 that, except as disclosed in writing to the Transferor prior to such
date to the best of its knowledge, but without independent investigation: (i) neither the execution, delivery and performance by the Indenture Trustee of this Agreement, the performance by the Indenture Trustee of its obligations under this
Agreement nor the consummation of any of the transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement
or instrument to which the Indenture Trustee is a party or by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Agreement, or of any judgment or
order applicable to the Indenture Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or
in the aggregate, would have a material adverse effect on the right, power and authority of the Indenture Trustee to enter into this Agreement or to perform its obligations under this Agreement. 

Section 14.03 Information to Be Provided by the Indenture Trustee. The Indenture Trustee shall (i) on or before the
fifth Business Day of each month, provide to the Transferor, in writing, such information regarding the Indenture Trustee as is requested for the 

  
 -107-

 
purpose of compliance with Item 1117 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to such information,
provide to the Transferor, in writing, such updated information. 
 The Indenture Trustee shall (i) on or before the fifth
Business Day of each January, April, July and October, provide to the Transferor such information regarding the Indenture Trustee as is requested for the purpose of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118 and 1119 of Regulation AB,
and (ii) as promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to such information, provide to the Transferor, in writing, such updated information. Such information shall include, at a minimum:

 (A) the Indenture Trustee’s name and form of organization; 

(B) a description of the extent to which the Indenture Trustee has had prior experience serving as an Indenture Trustee
for asset-backed securities transactions involving credit or charge card receivables; 
 (C) a description of any
affiliation between the Indenture Trustee and any of the following parties to a Securitization Transaction, as such parties are identified to the Indenture Trustee by the Transferor in writing in advance of such Securitization Transaction:

  

	 	(1)	the sponsor; 

  

	 	(2)	any depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

 In connection with the above-listed parties, a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is
entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that
existed during the past two years and that is material to an investor’s understanding of the asset-backed securities. 

Section 14.04 Report on Assessment of Compliance and Attestation. On or before the earlier of (a) March 1 and
(b) 30 days prior to the date on which the Trust is required to file the report on Form 10-K in each calendar year, commencing in 2013, the Indenture Trustee shall: 

(i) deliver to the Transferor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing
Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Securities Exchange Act 

  
 -108-

 
and Item 1122 of Regulation AB. Such report shall be addressed to the Transferor or the Servicer, as applicable, and signed by an authorized officer of the Indenture Trustee, and shall
address each of the Servicing Criteria specified in Exhibit D or such criteria as mutually agreed upon by the Transferor and the Indenture Trustee; 
 (ii) deliver to the Transferor a report of a registered public accounting firm reasonably acceptable to the Transferor that attests to, and reports on, the assessment of compliance made by the Indenture
Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Securities Exchange Act; and 

(iii) deliver to the Transferor and any other Person that will be responsible for signing the certification (a
“Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Securities Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Trust or the Transferor with respect to a
Securitization Transaction a certification substantially in the form attached hereto as Exhibit C or such form as mutually agreed upon by the Transferor and the Indenture Trustee. 

The Indenture Trustee acknowledges that the parties identified in clause (iii) above may rely on the certification provided by the
Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

Section 14.05 Repurchase Demand Activity Reporting. 
 (a) To assist in the Transferor’s compliance with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Securities Exchange Act (the “Repurchase Rules and
Regulations”), the Indenture Trustee shall cooperate in good faith with any reasonable request by the Transferor for information which the Transferor determines is required in order to enable the Transferor to comply with the Repurchase Rules
and Regulations as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under the related operative documents for any Repurchase Reporting Series. Subject to paragraph (b) below, upon request, the Indenture Trustee
shall provide the following information to the Transferor in the manner, timing and format specified below: 

(i) No later than the second Business Day following the end of each calendar quarter in which any Repurchase Reporting
Series is Outstanding, the Indenture Trustee shall provide such information as is requested for the purpose of complying with the Repurchase Rules and Regulations regarding repurchase demand activity during the preceding calendar quarter related to
the underlying assets for each such Repurchase Reporting Series in substantially the form of Exhibit E hereto. 
 (ii) No later than the second Business Day of each month in which any Repurchase Reporting Series subject to continuing obligations for filing of reports on Form 10-D under the Securities Exchange Act is
outstanding, the Indenture Trustee shall provide such information as is requested for the purpose of complying with the Repurchase Rules and Regulations regarding repurchase demand activity during the

  
 -109-

 
preceding month related to the underlying assets for each such Repurchase Reporting Series in substantially the form of Exhibit E hereto. 

(iii) If (i) the Indenture Trustee has previously delivered a report described in clause (i) or (ii) above
indicating that, based on a review of the records of the Indenture Trustee, there was no asset repurchase demand activity during the applicable period, and (ii) based on a review of the records of the Indenture Trustee, no asset repurchase
demand activity has occurred since the delivery of such report, the Indenture Trustee may, in lieu of delivering the information as is requested pursuant to clause (i) or (ii) above substantially in the form of Exhibit E hereto, and
no later than the date specified in clause (i) or (ii) above, as applicable, notify the Transferor that there has been no change in asset repurchase demand activity since the date of the last report delivered. 

(iv) The Indenture Trustee shall provide notification, as soon as practicable and in any event within five Business Days
of receipt, of all demands communicated to the Indenture Trustee for the repurchase or replacement of the underlying assets for any Repurchase Reporting Series. 
 (b) The Indenture Trustee shall provide the information described in paragraph (a) above subject to the following understandings and conditions: 

(i) The Indenture Trustee shall provide the information described in paragraph (a) above only to the extent that the
Indenture Trustee has such information or can obtain such information without unreasonable effort or expense; provided that the Indenture Trustee’s efforts to obtain such information shall be limited to a review of its internal written
records of repurchase demand activity for the applicable Repurchase Reporting Series and that the Indenture Trustee is not required to request information from any unaffiliated parties. 

(ii) The reporting of repurchase demand activity pursuant to this Section 14.05 is subject in all cases to the
best knowledge of the trust officer responsible for the applicable Repurchase Reporting Series. 
 (iii) The
reporting of repurchase demand activity pursuant to this Section 14.05 is required only (i) to the extent requested pursuant to this Section 14.05, (ii) in respect of Repurchase Reporting Series that include a
covenant to repurchase or replace underlying assets upon breach of a representation or warranty and (iii) to the extent such repurchase demand activity was not addressed to the Transferor or previously reported to the Transferor by the
Indenture Trustee. For purposes hereof, the term “demand” shall not include (x) repurchases or replacements made pursuant to instruction, direction or request from the securitizers or their affiliates or (y) general inquiries,
including investor inquiries, regarding asset performance or possible breaches of representations or warranties. 

(iv) The Indenture Trustee’s reporting pursuant to this Section 14.05 is limited to information that the
Indenture Trustee has received or acquired solely in its capacity as Indenture Trustee for the applicable Repurchase Reporting Series and not in any other 

  
 -110-

 
capacity. In no event shall The Bank of New York Mellon (individually or as Indenture Trustee) have any responsibility or liability in connection with (i) the compliance by any person which
is a securitizer (as defined in Rule 15Ga-1) of the Repurchase Reporting Series, or any other person, with the Repurchase Rules and Regulations or (ii) any filing required to be made by a securitizer (as defined in Rule 15Ga-1) under the
Repurchase Rules and Regulations in connection with the information provided pursuant to this Section 14.05. Other than any express duties or responsibilities as Indenture Trustee under the Transaction Documents, the Indenture Trustee
has no duty or obligation to undertake any investigation or inquiry related to repurchase demand activity or otherwise to assume any additional duties or responsibilities in respect of any Repurchase Reporting Series, and no such additional
obligations or duties are implied. The Indenture Trustee is entitled to the full benefit of any and all protections, limitations on duties or liability and rights of indemnity provided by the terms of the Transaction Documents in connection with any
actions pursuant to this Section 14.05. 
 (v) The Indenture Trustee’s obligation to provide
reporting with regard to each Repurchase Reporting Series will continue until the earlier of the date on which such Repurchase Reporting Series is no longer Outstanding or (ii) the Transferor notifies the Indenture Trustee that such reporting
no longer is required. 
 [END OF ARTICLE XIV] 

  
 -111-

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

					
	 AMERICAN EXPRESS ISSUANCE TRUST II

		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	By:	 	 /s/ Erwin M. Soriano

		 	Name:	 	Erwin M. Soriano
		 	Title:	 	Assistant Vice President
	
	 THE BANK OF NEW YORK MELLON, as Indenture Trustee and not in its individual capacity

		
	By:	 	 /s/ Michael D. Commisso

		 	Name:	 	Michael D. Commisso
		 	Title:	 	Vice President
	
	 THE BANK OF NEW YORK MELLON, as Securities Intermediary and not in its individual capacity

		
	By:	 	 /s/ Michael D. Commisso

		 	Name:	 	Michael D. Commisso
		 	Title:	 	Vice President

 [Indenture] 

 Acknowledged and Accepted: 
  

					
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
 as Transferor

		
	By:	 	 /s/ Anderson Y. Lee

		 	Name:	 	Anderson Y. Lee
		 	Title:	 	Vice President and Treasurer
	
	 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,
 as Servicer and as Administrator

		
	By:	 	 /s/ David L. Yowan

		 	Name:	 	David L. Yowan
		 	Title:	 	Treasurer

 [Indenture] 

			
	STATE OF DELAWARE	  	)
		
		  	)ss:
		
	COUNTY OF NEW CASTLE	  	     )

 On October 23, 2012, before me personally came Erwin M. Soriano, to me known, who, being by me duly
sworn, did depose and say that [he][she] resides at Wilmington, DE; that [he][she] is a Assistant Vice President of Wilmington Trust Company, acting not in its individual capacity but solely as Owner Trustee of the American Express Issuance Trust
II, one of the parties described in and which executed the above instrument; that [he][she] knows the corporate seal of the Beneficiary; that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board
of directors of the corporation; and that [he][she] signed [his][her] name thereto by like authority. 
  

	
	 /s/ Susanne M. Gula

	Name
	
	 [Seal]

	[Notarial Seal]

			
	STATE OF NEW YORK	  	)
		
		  	)ss:
		
	COUNTY OF NEW YORK	  	)

 On October 24, 2012, before me personally came Michael D. Commisso, to me known, who, being by me duly
sworn, did depose and say that he is employed at 101 Barclay Street, New York, New York; that he is Vice President of The Bank of New York Mellon, one of the parties described in and which executed the above instrument; and that he signed his name
thereto by the authority of the board of directors if the corporation. 
  

	
	 /s/ William Stein

	Name
	
	 [Seal]

	[Notarial Seal]

 EXHIBIT A 

[FORM OF] INVESTMENT LETTER [DATE] 
 The Bank of New York Mellon, 
 as Indenture Trustee, 

101 Barclay Street, Floor 4 West 
 New York, New
York 10286 
 Attention: Corporate Trust Administration 
 American Express Issuance Trust II 
 c/o Wilmington Trust Company, as Owner Trustee 

Rodney Square North 
 1100 North Market Street

 Wilmington, Delaware 19890-1600 

Attention: Corporate Trust Administration 
 Re: Purchase of $        * principal amount of American Express Issuance Trust II, Series [—], Class [—] Notes 
 Ladies and Gentlemen: 

In connection with our purchase of the above Notes (the “Notes”) we confirm that 

(2) We understand that the Notes are not being registered under the Securities Act of 1933, as amended (the “Securities Act”),
and are being sold to us in a transaction that is exempt from the registration requirements of the Securities Act. 
 (3) Any
information we desire concerning the Notes or any other matter relevant to our decision to purchase the Notes is or has been made available to us. 
 (4) We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Notes, and we (and any account for which we are
purchasing under paragraph (4) below) are able to bear the economic risk of an investment in the Notes. We (and any account for which we are purchasing under paragraph (4) below) are an “accredited investor” (as such term is
defined in Rule 501(a)(1), (2) or (3) of Regulation D under the Securities Act). 
 (5) We are acquiring the Notes for
our own account or for accounts as to which we exercise sole investment discretion and not with a view to any distribution of the Notes, subject, nevertheless, to the understanding that the disposition of our property shall at all times be and
remain within our control. 
  

	*	Not less than $250,000 minimum principal amount. 

 (6) We agree that the Notes must be held indefinitely by us unless subsequently registered
under the Securities Act or an exemption from any registration requirements of the Securities Act and any applicable state securities law is available. 
 (7) We agree that in the event that at some future time we wish to dispose of or exchange any of the Notes (such disposition or exchange not being currently foreseen or contemplated), we will not transfer
or exchange any of the Notes unless: 
 (a) (i) the sale is of at least U.S. $250,000 principal amount of Notes to an Eligible
Purchaser (as defined below), (ii) a letter to substantially the same effect as paragraphs (1), (2), (3), (4), (5) and (6) of this letter is executed promptly by the purchaser and (iii) all offers or solicitations in connection
with the sale, whether directly or through any agent acting on our behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general advertising whatsoever; or 

(b) the Notes are transferred pursuant to Rule 144 under the Securities Act by us after we have held them for more than two years; or

 (c) the Notes are sold in any other transaction that does not require registration under the Securities Act and, if the
Issuer, the Servicer, the Trustee or the Note Registrar so requests, we theretofore have furnished to such party an opinion of counsel satisfactory to such party, in form and substance satisfactory to such party, to such effect; or 

(d) the Notes are transferred pursuant to an exception from the registration requirements of the Securities Act under Rule 144A under
the Securities Act; and 
 (8) We understand that the Notes will bear a legend to substantially the following effect:

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS
NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 
 This legend may be removed if the Issuer, the Indenture Trustee and the Note Registrar have received an opinion of counsel, in form and substance satisfactory to them, to the effect that the legend may be
removed. 
 “Eligible Purchaser” means either an Eligible Dealer or a corporation, partnership or other entity which
we have reasonable grounds to believe and do believe can make representations with respect to itself to substantially the same effect as the representations set forth herein. “Eligible Dealer” means any corporation or other entity the
principal business of which is acting as a broker and/or dealer in securities. Capitalized terms used but not defined 

  
 A-2

 
herein shall have the meanings given to such terms in the Indenture, dated as of October 24, 2012, between American Express Issuance Trust II and The Bank of New York Mellon, as indenture
trustee. 
  

			
	Very truly yours,
	
	  

	(Name of Purchaser)
		
	By:	 	  

		 	(Authorized officer)

  
 A-3

 EXHIBIT B-1 

[FORM OF] CLEARANCE SYSTEM CERTIFICATE 
 TO BE GIVEN TO THE INDENTURE TRUSTEE BY 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR

 DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A 

TEMPORARY GLOBAL NOTE 
 AMERICAN EXPRESS ISSUANCE TRUST II, 
 Series
[—], Class [—] Notes 

[Insert title or sufficient description of Notes to be delivered] 
 We refer to that portion of the Temporary Global Note in respect of the Series [—], Class [—] Notes to
be exchanged for definitive Notes (the “Submitted Portion”) pursuant to this certificate (the “Notes”) as provided in the Indenture, dated as of October 24, 2012 (as amended and supplemented, the “Indenture”) in
respect of such issue. This is to certify that (i) we have received a certificate or certificates, in writing or by tested telex, with respect to each of the persons appearing in our records as being entitled to a beneficial interest in the
Submitted Portion and with respect to such person’s beneficial interest either (a) from such person, substantially in the form of Exhibit B-2 to the Indenture, or (b) from
[                 ,         ], substantially in the form of Exhibit B-3 to the Indenture, and (ii) the Submitted Portion
includes no part of the Temporary Global Note excepted in such certificates. 
 We further certify that as of the date hereof we
have not received any notification from any of the persons giving such certificates to the effect that the statements made by them with respect to any part of the Submitted Portion are no longer true and cannot be relied on as of the date hereof.

 We understand that this certificate is required in connection with certain securities and tax laws in the United States of
America. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any interested party in such
proceedings. 
  

							
	Dated:             ,     ,         *	 		 	[	 	 
		 		 	as operator of the Euroclear System]
		 		 	[Clearstream, Luxembourg]
				
		 		 	By	 	 

  

	*	To be dated on the date of the proposed exchange. 

  
 B-1-1

 EXHIBIT B-2 

[FORM OF] CERTIFICATE TO BE DELIVERED TO 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY
[—] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED 
 INSTITUTIONAL BUYERS

 AMERICAN EXPRESS ISSUANCE TRUST II, 
 Series [—], Class [—] Notes 
 In connection with the initial issuance and placement of the Series [—], Class [—] Notes (the
“Notes”), an institutional investor in the United States (an “institutional investor”) is purchasing [U.S.$/(pound)/(U)/SF] aggregate principal amount of the Notes hold in our account at
[                                    , as operator of the Euroclear
System] [Clearstream, Luxembourg] on behalf of such investor. 
 We reasonably believe that such institutional investor is a
qualified institutional buyer as such term is defined under Rule 144A of the Securities Act of 1933, as amended. 
 [We
understand that this certificate is required in connection with United States laws. We irrevocably authorize you to produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with
respect to the matters covered by this certificate.] 
 The Definitive Notes in respect of this certificate are to be issued in
registered form in the minimum denomination of [U.S.$/(pound)/(U)/SF] and such Definitive Notes (and, unless the Indenture or terms document relating to the Notes otherwise provides, any Notes issued in exchange or substitution for or on
registration of transfer of Notes) shall bear the following legend: 
 “THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933. NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (EACH AS DEFINED HEREIN), EXCEPT IN COMPLIANCE WITH THE REGISTRATION
PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE CANNOT BE EXCHANGED FOR A BEARER
NOTE.” 
 Dated:                  ,
        , 
  

			
	[                            
            ]
	By	 	  

	Authorized Officer

  
 B-2-1

 EXHIBIT B-3 

[FORM OF] CERTIFICATE TO BE DELIVERED 
 TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY A BENEFICIAL OWNER 

OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER 
 AMERICAN EXPRESS ISSUANCE TRUST II, 
 Series
[—], Class [—] Notes 
 This
is to certify that as of the date hereof and except as provided in the third paragraph hereof, the Series [·], Class [·] Notes held by you for our account (the “Notes”) (i) are owned by a person that is a United States
person, or (ii) are owned by a United States person that is (A) the foreign branch of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (a “financial institution”)
purchasing for its own account or for resale, or (B) a United States person who acquired the Notes through the foreign branch of a financial institution and who holds the Notes through the financial institution on the date hereof (and in either
case (A) or (B), the financial institution hereby agrees to comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are
owned by a financial institution for purposes of resale during the Restricted Period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)). In addition, financial institutions described in clause (iii) of the preceding
sentence (whether or not also described in clause (i) or (ii)) certify that they have not acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

 We undertake to advise you by tested telex if the above statement as to beneficial ownership is not correct on the date of
delivery of the Notes in bearer form with respect to such of the Notes as then appear in your books as being held for our account. 
 This certificate excepts and does not relate to [U.S.$/(pound)/(U)/SF] principal amount of Notes held by you for our account, as to which we are not yet able to certify beneficial ownership. We understand
that delivery of Definitive Notes in such principal amount cannot be made until we are able to so certify. 

  
 B-3-1

 We understand that this certificate is required in connection with certain securities and
tax laws in the United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof
to any interested party in such proceedings. As used herein, “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions and other areas subject to its
jurisdiction; and “United States Person” means a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, or any political subdivision thereof, or
an estate or trust the income of which is subject to United States federal income taxation regardless of its source. 
  

							
	Dated:                  ,         *	 		 	By	 	  

		 		 	Name:	 	

 As, or as agent for, the beneficial owner(s) of the interest in the Notes to which this certificate
relates. 
  

	*	This certificate must be dated on the earlier of the date of the first payment of interest in respect of the Notes and the date of the delivery of the Notes in
definitive form. 

  
 B-3-2

 AMERICAN EXPRESS ISSUANCE TRUST II 

EXHIBIT C 

FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The Indenture, dated as of October 24, 2012 (the “Indenture”), among American Express Issuance Trust II, as issuer, and The Bank of New York Mellon, as
indenture trustee and as securities intermediary 

 I,
                                        , the
                                         of THE
BANK OF NEW YORK MELLON (the “Company”), certify to the Transferor, and their respective officers, with the knowledge and intent that they will rely upon this certification, that: 

(1) I have reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and
15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), that were delivered by the Company to the Transferor pursuant to the Indenture (collectively, the
“Company Information”); 
 (2) To the best of my knowledge, the Company Information, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of
time covered by the Company Information; 
 (3) To the best of my knowledge, all of the Company Information
required to be provided by the Company under the Indenture has been provided to the Transferor; and 
 (4) To the
best of my knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations in all material respects under the Indenture. 

 

			
	Date:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 C-1

 EXHIBIT D 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
 The assessment of
compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”: 
  

					
	 Servicing
Criteria
	  	Applicable
Servicing Criteria

	 Reference
	 	 Criteria
	  	 
			
		 	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.	  	
			
	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.	  	
			
	1122(d)(1)(iii)	 	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	  	
			
	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.	  	
			
		 	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	 	Payments on credit card accounts 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.	  	ü1
			
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	ü
			
	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.	  	
			
	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.	  	ü
			
	1122(d)(2)(v)	 	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally
insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	ü
			
	1122(d)(2)(vi)	 	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	 	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the
person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	

  

	1 	 Solely with regard to deposits made by the Indenture Trustee. 

  
 D-1

					
	 Servicing
Criteria
	  	Applicable
Servicing Criteria
	 Reference
	 	 Criteria
	  	 
			
		 	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	 	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.
Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed
with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the servicer.	  	ü2
			
	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.	  	ü
			
	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.	  	ü
			
	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.	  	ü
			
		 	Pool Asset Administration	  	
			
	1122(d)(4)(i)	 	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	  	ü3
			
	1122(d)(4)(ii)	 	Account and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	 	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction
agreements.	  	
			
	1122(d)(4)(iv)	 	Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the servicer’s obligor records
maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool
documents.	  	
			
	1122(d)(4)(v)	 	The servicer’s records regarding the accounts and the accounts agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	 	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in
accordance with the transaction agreements and related pool asset documents.	  	
			
	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.	  	
			
	1122(d)(4)(viii)	 	Records documenting collection efforts are maintained during the period a 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 Accounts including, for example, phone calls, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness or unemployment).	  	
			
	1122(d)(4)(ix)	 	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	  	

  

	2 	 Except for item (C), whereby the Indenture Trustee does not file reports with the Commission. 

	3 	 Solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments. 

  
 D-2

					
	 Servicing
Criteria
	  	Applicable
Servicing Criteria
	 Reference
	  	 Criteria
	  	 
			
	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 Account documents, on at least an
annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	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.	  	
			
	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.	  	
			
	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.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	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.	  	

  

			
	[NAME OF INDENTURE TRUSTEE]
		
	Date:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-3

 EXHIBIT E 
 FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT 
  

			
	TO:	  	American Express Receivables Financing Corporation VIII LLC
		
	DATE:	  	[            ], 201[    ]
		
	RE:	  	American Express Issuance Trust II

 Reference is made to the Indenture, dated as of October 24, 2012 (the “Indenture”), among
American Express Issuance Trust II, as issuer, and The Bank of New York Mellon, as indenture trustee and as securities intermediary. Capitalized terms used and not defined herein have the meanings specified in the Indenture. 

The information contained herein is being delivered pursuant to Section 14.05(a)[(i)][(ii)] of the Indenture in connection with the
[calendar quarter ended [            ], 201[    ]][month ended [            ], 201[    ]]
(the “Reporting Period”). 
 [NO ACTIVITY TO REPORT: I have reviewed the records of the Indenture Trustee
related to each applicable Repurchase Reporting Series and, to the best of my knowledge, as a trust officer of the Indenture Trustee, the Indenture Trustee has no records of any such repurchase demands in connection with such Repurchase Reporting
Series during the Reporting Period except with respect to repurchase requests, if any, that were previously reported to you or with respect to which you were an addressee.] 
 [ACTIVITY TO REPORT: I have reviewed the records of the Indenture Trustee related to each applicable Repurchase Reporting Series and, to the best of my knowledge, as a trust officer of the
Indenture Trustee, the Asset Repurchase Demand Activity Report attached as Schedule I hereto summarizes the repurchase demand activity in connection with such Repurchase Reporting Series during the Reporting Period except with respect to
repurchase requests, if any, that were previously reported to you or with respect to which you were an addressee.] 
 The
aforesaid statement is made solely in my capacity as a trust officer of The Bank of New York Mellon, as Indenture Trustee under the agreements relating to the Repurchase Reporting Series. 

  
 E-1

 If you need to contact the Indenture Trustee, please feel free to contact Catherine Cerilles
at (212) 815-6258. 
  

			
	Very truly yours,
		
	Trust Officer’s Signature:	 	  

	Name:	 	
	Title:	 	
		
	Team Leader’s Signature:	 	  

	Name:	 	
	Title:	 	

  
 E-2

 Schedule I to Exhibit E 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 
 Reporting Period: [                    ] 

Issuing Entity: American Express Issuance Trust II 
 Reporting Entity: The Bank of New York Mellon 
  

					
	 Activity During
Period4

	 Date of Reputed Demand
	 	 Party Making Reputed Demand
	 	 Date of Withdrawal of Reputed Demand

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

	4 	 The Indenture Trustee should forward any applicable information or documentation relating to any reputed demands to the Securitizer.

  
 E-3

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