Document:

EX-4.7

 EXHIBIT 4.7 
  

 
  

SECOND AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 

Dated as of September 23, 2016 
  

 
 FIRST
NATIONAL BANK OF OMAHA, 
 RPA Seller, 

and 
 FIRST NATIONAL FUNDING
LLC, 
 Purchaser 
  

 
  

FIRST NATIONAL MASTER NOTE TRUST 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
	 Section 1.02.
	 	 Other Definitional Provisions
	  	 	4	  
	
	ARTICLE II	  
	SALE AND CONTRIBUTION OF RECEIVABLES	  
			
	 Section 2.01.
	 	 Sales and Contributions
	  	 	5	  
	 Section 2.02.
	 	 Addition of Additional Accounts
	  	 	7	  
	 Section 2.03.
	 	 Removal of Accounts
	  	 	8	  
	
	ARTICLE III	  
	CONSIDERATION AND PAYMENT	  
			
	 Section 3.01.
	 	 Purchase Price
	  	 	8	  
	 Section 3.02.
	 	 Adjustments to Purchase Price
	  	 	9	  
	 Section 3.03.
	 	 Settlement and Ongoing Payment of Purchase Price
	  	 	10	  
	
	ARTICLE IV	  
	REPRESENTATIONS AND WARRANTIES	  
			
	 Section 4.01.
	 	 Representations and Warranties of RPA Seller Relating to RPA Seller
	  	 	10	  
	 Section 4.02.
	 	 Representations and Warranties of RPA Seller Relating to the Agreement and the
Receivables
	  	 	12	  
	 Section 4.03.
	 	 Representations and Warranties of Purchaser
	  	 	15	  
	
	ARTICLE V	  
		
	 RPA SELLER COVENANTS
	  	 	16	  
	
	ARTICLE VI	  
	REPURCHASE OBLIGATION	  
			
	 Section 6.01.
	 	 Reassignment of Ineligible Receivables
	  	 	24	  
	 Section 6.02.
	 	 Reassignment of Holders’ Interest in Trust Portfolio
	  	 	24	  
	 Section 6.03.
	 	 Conveyance of Reassigned Receivables
	  	 	25	  
	 Section 6.04.
	 	 Dispute Resolution
	  	 	25	  
	
	ARTICLE VII	  
	CONDITIONS PRECEDENT	  
			
	 Section 7.01.
	 	 Conditions to Purchase
	  	 	30	  
	 Section 7.02.
	 	 Conditions to Purchaser’s Obligations Regarding Additional Receivables
	  	 	30	  
	 Section 7.03.
	 	 Conditions Precedent to Obligations of RPA Seller
	  	 	30	  

							
	ARTICLE VIII	  
	TERM AND PURCHASE TERMINATION	  
			
	 Section 8.01.
	 	 Term
	  	 	31	  
	 Section 8.02.
	 	 Purchase Termination
	  	 	31	  
	
	ARTICLE IX	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 9.01.
	 	 Amendment
	  	 	31	  
	 Section 9.02.
	 	 GOVERNING LAW
	  	 	31	  
	 Section 9.03.
	 	 Notices
	  	 	32	  
	 Section 9.04.
	 	 Severability of Provisions
	  	 	32	  
	 Section 9.05.
	 	 Merger or Consolidation of, or Assumption of the Obligations of, RPA Seller
	  	 	32	  
	 Section 9.06.
	 	 Acknowledgement and Agreement of RPA Seller
	  	 	33	  
	 Section 9.07.
	 	 Further Assurances
	  	 	34	  
	 Section 9.08.
	 	 Nonpetition Covenant
	  	 	34	  
	 Section 9.09.
	 	 No Waiver; Cumulative Remedies
	  	 	34	  
	 Section 9.10.
	 	 Counterparts
	  	 	34	  
	 Section 9.11.
	 	 Binding Third-Party Beneficiaries
	  	 	34	  
	 Section 9.12.
	 	 Merger and Integration
	  	 	35	  
	 Section 9.13.
	 	 Schedules and Exhibits
	  	 	35	  
			
	 EXHIBIT A
	 	 FORM OF SUPPLEMENTAL CONVEYANCE
	  			
	 EXHIBIT B
	 	 FORM OF SUBORDINATED NOTE
	  			
	 EXHIBIT C
	 	 PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL WITH RESPECT TO ADDITION OF ACCOUNTS
	  			
	 EXHIBIT D
	 	 PROVISIONS TO BE INCLUDED IN ANNUAL OPINION OF COUNSEL
	  			
	 SCHEDULE I
	 	 ACCOUNT SCHEDULE—DELIVERED AS COMPUTER FILE OR TAPE, HARD COPY, COMPACT DISC OR OTHER
TANGIBLE MEDIUM
	  			

  
 ii 

 SECOND AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 

This SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Agreement”), dated as of September 23, 2016
between FIRST NATIONAL BANK OF OMAHA, a national banking association (“FNBO”), as seller (“RPA Seller”) and FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as purchaser (“Purchaser”),
amends and restates, in its entirety, the Receivables Purchase Agreement, originally dated as of October 24, 2002 between RPA Seller and Purchaser, as amended and restated, in its entirety, by the First Amended and Restated Receivables Purchase
Agreement dated as of December 20, 2012, between RPA Seller and Purchaser (the “Existing RPA”). This Agreement constitutes an amendment of the Existing RPA pursuant to Section 9.01 of the Existing RPA. 

R E C I T A L S: 
 WHEREAS,
Purchaser desires to purchase, from time to time, certain Receivables arising under certain specified Accounts of RPA Seller; and 

WHEREAS, RPA Seller desires to sell and assign such Receivables to Purchaser, from time to time, upon the terms and conditions hereinafter set
forth; and 
 WHEREAS, the Certificate Trust was terminated on the Certificate Trust Termination Date and the Receivables purchased
hereunder are transferred by Purchaser to the Note Trust pursuant to the Transfer and Servicing Agreement and the Note Trust has pledged all of its right, title and interest therein to the Indenture Trustee for the benefit of the Noteholders under
the Indenture; and 
 WHEREAS, the parties desire to amend and restate the Existing RPA in its entirety; 

NOW, THEREFORE, it is hereby agreed by and between Purchaser and RPA Seller as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01. Definitions. Each capitalized term used herein or in any certificate, document, or Conveyance Paper made or
delivered pursuant hereto, and not defined herein or therein, shall have the meaning specified in Annex A to the Indenture. In addition, the following words and phrases shall have the following meanings: 

“AAA” means the American Arbitration Association. 

“Asset Representations Review” shall, with respect to any Series, have the meaning assigned to such term, if any, in the
related Indenture Supplement. 

 “Certificate Trust Termination Date” means December 18, 2008. 

“Closing Date” means, collectively, (a) prior to the Certificate Trust Termination Date, any “Closing Date”
(as defined in the Pooling and Servicing Agreement) and (b) any “Closing Date” (as defined in Annex A to the Indenture). 

“Delinquency Trigger” shall, with respect to any Series, have the meaning assigned to such term, if any, in the related
Indenture Supplement. 
 “Effective Date” means October 24, 2002. 

“Enhancement” means any “Enhancement” (as defined in Annex A to the Indenture). 

“Enhancement Provider” means any “Enhancement Provider” (as defined in Annex A to the Indenture). 

“Existing Assets” means (i) the Transferor Interest (as defined in the Pooling and Servicing Agreement), (ii) the
Receivables existing at the opening of business on the Effective Date and arising from the Accounts, (iii) all Related Assets with respect to such Receivables, (iv) all right, title and interest of RPA Seller (in its capacity as Transferor
(as defined in the Pooling and Servicing Agreement) but not as Servicer (as defined in the Pooling and Servicing Agreement) under the Existing PSA and the other Transaction Documents (as defined in the Pooling and Servicing Agreement), including any
loan agreements and Supplements executed in connection with any Series of Investor Certificates and (v) all right, title and interest of RPA Seller, in its capacity as Transferor under (and as defined in) the Pooling and Servicing Agreement to
any funds on deposit in any Series Account (as defined in the Pooling and Servicing Agreement) maintained for the benefit of any Series or Class of Investor Certificates. 

“Holders” means the Certificateholders (as defined in the Pooling and Servicing Agreement) and the Noteholders (as defined in
Annex A to the Indenture). 
 “Investor Certificate” means “Investor Certificate” as defined in the Pooling and
Servicing Agreement. 
 “Pay Out Event” means, with respect to any Series of Notes, a Pay Out Event (as defined in
Annex A to the Indenture) for such Series. 
 “Purchaser Documents” means this Agreement and each other Transaction
Document to which Purchaser is a party. 
 “Purchaser Tangible Equity” means, at any date of determination, an amount equal
to: 
 (a) the Transferor Interest, plus 

(b) the aggregate amount on deposit in all cash collateral accounts or spread accounts established for the benefit of any
Series or Class of Notes, minus 

  
 2 

 (c) the outstanding balance of the Subordinated Note; plus 

(d) the “Purchaser Tangible Equity” or other similar amounts for any other transactions to which the Purchaser is a
party. 
 “Qualified Dispute Resolution Professional” means an attorney or retired judge that is independent, impartial,
knowledgeable and experienced with the laws of the State of New York, specializing in commercial litigation with at least 15 years of experience and whose name is on a list of neutral parties maintained by the AAA. 

“Rating Agency” means, with respect to any Series of Notes, a “Rating Agency” (as defined in Annex A to the
Indenture) for such Series. 
 “Rating Agency Condition” means, with respect to any action, that the “Rating Agency
Condition” (as defined in Annex A to the Indenture) shall have been satisfied with respect to each outstanding Series of Notes. 

“Receivables Purchase Agreement” means the Receivables Purchase Agreement dated as of October 24, 2002, as amended and
restated, in its entirety, as of December 20, 2012 and as amended and restated, in its entirety, a second time as of September 23, 2016, as the same may be amended, amended and restated, supplemented or modified from time to time. 

“Representing Party” shall have the meaning assigned to such term in Section 6.04(a) of this Agreement. 

“RPA Repurchase Request” shall have the meaning assigned to such term in Section 6.04 of this Agreement. 

“Requesting Party” shall have the meaning assigned to such term in Section 6.04(a) of this Agreement. 

“Required Purchaser Tangible Equity” means, at any date of determination, the sum of: 

(a) the product of (i) the Transferor Interest, multiplied by (ii) the higher of (A) 3% and (B) the highest
required enhancement percentage then in effect for any outstanding Class of Notes that was rated BBB (or an equivalent rating) by any of Moody’s, S&P or Fitch at the time of its issuance, which shall be calculated as the quotient (expressed
as a percentage) of (x) the amount of Enhancement (including any cash collateral account, the subordination of other Classes of Notes or the subordination of other interests in the Receivables) that is available or junior to such Class in
covering Investor Charge Offs allocated to the related Series, divided by (y) the Initial Collateral Amount for the Series of Notes of which such Class is a part; plus 

(b) the aggregate amount on deposit in all cash collateral accounts or spread accounts established for the benefit of any
Series or Class of Notes, plus 

  
 3 

 (c) the “Required Purchaser Tangible Equity” or other similar amounts
for any other transactions to which the Purchaser is a party. 
 “Related Assets” means, with respect to any Receivable,
all monies due or to become due with respect thereto, all Collections, all Recoveries, all Insurance Proceeds, all rights, remedies, powers and privileges with respect to such Receivables, and all proceeds of the foregoing. 

“RPA Seller Documents” means this Agreement and each other Transaction Document to which RPA Seller is a party. 

“Rules” means the Commercial Arbitration Rules and Mediation Procedures in effect on the date any third-party mediation or
third-party arbitration, as applicable, is initiated by the Requesting Party pursuant to Section 6.04 of this Agreement. 

“Series” means any “Series” (as defined in Annex A to the Indenture). 

“Supplement” means any “Supplement” to (and as defined in) the Pooling and Servicing Agreement and any Indenture
Supplement. 
 “Transaction Documents” means, collectively, (a) prior to the Certificate Trust Termination Date, the
“Transaction Documents” (as defined under the Pooling and Servicing Agreement) and (b) the “Transaction Documents” (as defined in Annex A to the Indenture). 

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

“Verified Note Owner” shall, with respect to any Series, have the meaning assigned to such term, if any, in the related
Indenture Supplement. 
 Section 1.02. Other Definitional Provisions. All terms defined directly or by reference in this
Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context
otherwise requires: (i) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under generally accepted
accounting principles; (ii) terms defined in Article 9 of the UCC as in effect in the State of Nebraska and not otherwise defined in this Agreement are used as defined in that Article; (iii) any reference to each Rating Agency shall
only apply to any specific rating agency if such rating agency is then rating the applicable outstanding Series at the request of the Transferor or the Note Trust; (iv) references to any amount as “on deposit” or
“outstanding” on any particular date means such amount at the close of business on such day; (v) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement (or the
certificate or other document in which they are used) as a whole and not to any particular provision of this Agreement (or such certificate or document); (vi) references to any Section, Schedule or Exhibit are references to Sections, Schedules
and Exhibits in or to this Agreement (or the certificate or other document in which the reference is made), and references to any paragraph, Section, clause or other subdivision within any Section or definition refer to

  
 4 

 
such paragraph, subsection, clause or other subdivision of such Section or definition; (vii) the term “including” means “including without limitation”;
(viii) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (ix) references to any Person include that Person’s successors and assigns; and
(x) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

ARTICLE II 
 SALE AND
CONTRIBUTION OF RECEIVABLES 
 Section 2.01. Sales and Contributions. 

(a) In consideration of the membership interest in Purchaser held by RPA Seller, RPA Seller agrees to contribute, and does
hereby contribute to Purchaser, and Purchaser agrees to accept, and does hereby accept, from RPA Seller on the Effective Date, $25,000,000 of Existing Assets. The Existing Assets not so contributed to Purchaser on the Effective Date are hereby sold,
transferred, set over, assigned and otherwise conveyed by RPA Seller to Purchaser for a purchase price to be agreed to by RPA Seller and Purchaser, which purchase price shall be payable on the Effective Date and shall not be materially less
favorable to RPA Seller than prices for transactions of a generally similar character taking into account the quality of such Existing Assets and other pertinent factors. The purchase price for the Existing Assets (other than Existing Assets
contributed to Purchaser) shall be deemed to be a borrowing under the Subordinated Note. The contribution and sale of the Existing Assets from RPA Seller to Purchaser are subject in each case to any rights in the Existing Assets transferred,
assigned, set over or otherwise conveyed to the Certificate Trust Trustee pursuant to the Existing PSA. It is understood and agreed that the obligations of RPA Seller specified herein with respect to the Receivables, including its repurchase
obligations under Article VI of this Agreement, shall apply to all Receivables, whether originated before, on or after the Effective Date and whether sold or contributed hereunder. RPA Seller and Purchaser hereby agree that each existing
Receivable sold by RPA Seller to the Certificate Trust pursuant to the Existing PSA before the Effective Date shall be deemed to have been sold by RPA Seller to Purchaser on the date on which it was so sold to the Certificate Trust. 

(b) RPA Seller hereby transfers, assigns, sets over and otherwise conveys to Purchaser without recourse (except as expressly
provided herein), and Purchaser purchases and/or accepts as a capital contribution, as applicable, from RPA Seller, all of RPA Seller’s right, title and interest in and to the Receivables arising from time to time in the Accounts and Related
Assets with respect thereto (other than the Existing Assets); provided, however, that Principal Receivables originated after the occurrence of an Insolvency Event with respect to RPA Seller or Purchaser shall not be conveyed hereunder. 

  
 5 

 (c) RPA Seller agrees (i) to record and file, at its own expense, financing
statements (and continuation statements when applicable) with respect to the Receivables now existing and hereafter created, meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and
maintain perfection of, the conveyance of the Receivables to Purchaser and the first priority nature of Purchaser’s interest in the Receivables and (ii) to deliver a file-stamped copy of such
financing statements or other evidence of such filings to Purchaser and Receivables Trust Trustee (which evidence may, for purposes of this Section 2.01, consist of telephone confirmation of such filing to Purchaser and Receivables Trust
Trustee, followed by delivery of a file stamped copy to Receivables Trust Trustee with a copy to Purchaser as soon as is practicable after filing) on or prior to the Effective Date, and in the case of any continuation statements filed pursuant to
this Section 2.01, as soon as practicable after receipt thereof by RPA Seller. 
 (d) RPA Seller further agrees, at its
own expense, (i) on or prior to (A) the Effective Date, in the case of any Accounts designated to the Certificate Trust prior to such date (and not subsequently removed), (B) the applicable Addition Date, in the case of Additional
Accounts and (C) the applicable Removal Date, in the case of Removed Accounts, to indicate in its appropriate computer files that Receivables created in connection with the Accounts (other than Removed Accounts) have been sold to Purchaser
pursuant to this Agreement and transferred by Purchaser to the Receivables Trust pursuant to the applicable Transfer Agreement for the benefit of the Holders (or conveyed to the Transferor or its designee in accordance with Section 2.09 of the
Pooling and Servicing Agreement or Section 2.07 of the Transfer and Servicing Agreement, as the case may be, in the case of Removed Accounts) by including in such computer files a code so identifying each such Account (or, in the case of
Removed Accounts, deleting such code) and (ii) on or prior to the Effective Date to deliver to Purchaser and Receivables Trust Trustee a computer file or microfiche list specifying for each such Account designated to the Receivables Trust prior
to such date (and not subsequently removed), as of the most recent calendar month end, its account number, the aggregate amount outstanding in such Account and the aggregate amount of Principal Receivables outstanding in such Account (the
“Account Schedule”). The Account Schedule shall be supplemented from time to time to reflect Additional Accounts and Removed Accounts and shall be in the form of a computer file or tape, hard copy, compact disc or other tangible medium
acceptable to Purchaser and Receivables Trust Trustee. Once the code referenced in clause (i) of this paragraph has been included with respect to any Account, RPA Seller further agrees not to alter such code during the term of this Agreement
unless and until (x) such Account becomes a Removed Account or (y) RPA Seller shall have delivered to Purchaser, Receivables Trust Trustee and Owner Trustee at least 30 days’ prior written notice of its intention to do so and has
taken such action as is necessary or advisable to cause the respective interests of Purchaser and Receivables Trust Trustee in the Receivables and other Trust Assets to continue to be perfected with the priority required by this Agreement and the
applicable Transfer Agreement, respectively. 
 (e) It is the intention of the parties hereto that the conveyances of the
Existing Assets, the Receivables and the other Related Assets by RPA Seller to Purchaser 

  
 6 

 
as provided in this Section 2.01 be, and be construed as, absolute sales or capital contributions, including for accounting purposes, to the extent consistent with GAAP, without recourse
except as explicitly provided herein, of the Existing Assets, the Receivables and the other Related Assets by RPA Seller to Purchaser. Furthermore, it is not intended that such conveyance be deemed a pledge of the Existing Assets, the Receivables
and the other Related Assets by RPA Seller to Purchaser to secure a debt or other obligation of RPA Seller. If, however, notwithstanding the intention of the parties, the conveyance provided for in this Section 2.01 is determined to be a
transfer for security, then this Agreement shall be deemed to be a security agreement and RPA Seller hereby grants to Purchaser a security interest in all of RPA Seller’s right, title and interest in and to the Existing Assets, the Receivables
and the other Related Assets. 
 Section 2.02. Addition of Additional Accounts.  

(a) Required Additions. If Purchaser is required, pursuant to Section 2.06 of the Transfer and Servicing
Agreement, to designate additional Eligible Accounts as Additional Accounts, Purchaser shall so notify RPA Seller. RPA Seller shall designate such Eligible Accounts as Additional Accounts and shall convey to Purchaser Receivables in such Additional
Accounts, subject to the same qualifications and restrictions as are set forth in Section 2.06 of the Transfer and Servicing Agreement, with respect to Purchaser; provided, however, that the failure of RPA Seller to transfer Receivables to
Purchaser as provided in this paragraph solely as a result of the unavailability of a sufficient amount of Eligible Receivables shall not constitute a breach of this Agreement; provided further, that any such failure which has not been timely cured
will nevertheless result in the occurrence of a Pay Out Event with respect to each Series for which, pursuant to the Indenture Supplement therefor, a failure by Purchaser to convey Receivables in Additional Accounts to the Note Trust by the day on
which it is required to convey such Receivables constitutes a Pay Out Event. 
 (b) Permitted Additions.
Subject to the restrictions and qualifications set forth in Section 2.06 of the Transfer and Servicing Agreement, Purchaser shall exercise its rights to designate additional Eligible Accounts as Additional Accounts (including Automatic
Additional Accounts) pursuant to Sections 2.06(a) and (b) of the Transfer and Servicing Agreement when requested to do so by RPA Seller. 

(c) Delivery of Documents. RPA Seller agrees to provide to Purchaser such information, certificates, financing
statements, opinions and other materials as are reasonably necessary to enable Purchaser to satisfy its obligations under Section 2.06 of the Transfer and Servicing Agreement with respect to Additional Accounts (including Automatic Additional
Accounts), including (i) the computer file, microfiche list or written list required to be delivered with respect to such Additional Accounts and (ii) a duly executed, written assignment, substantially in the form of Exhibit A (the
“Supplemental Conveyance”). 

  
 7 

 (d) Representations and Warranties. In connection with the
designation of any Eligible Account as an Additional Account, RPA Seller shall represent and warrant that: 
 (i) each
Additional Account is, as of the Addition Date, an Eligible Account, and each Receivable in such Additional Account is, as of the Addition Date, an Eligible Receivable; no selection procedures believed by RPA Seller to be materially adverse to the
interests of Purchaser or the Holders were utilized in selecting the Additional Accounts from the available Eligible Accounts; and that as of the Addition Date, RPA Seller is not insolvent; and 

(ii) as of the Addition Date, the Supplemental Conveyance constitutes a valid sale to Purchaser of all right, title and
interest of RPA Seller in and to the Receivables and the Related Assets then existing and thereafter created from time to time in the Additional Accounts, and such property will be held by Purchaser free and clear of any Lien except as permitted by
Section 2.05(b) of the Pooling and Servicing Agreement or the Transfer and Servicing Agreement, as applicable. 
 Section 2.03.
Removal of Accounts. Purchaser may remove Accounts from the Note Trust in accordance with Section 2.07 of the Transfer and Servicing Agreement. On each day on which Accounts are so removed from the Note Trust pursuant to Section 2.07
of the Transfer and Servicing Agreement, RPA Seller and Purchaser may, but shall not be required to, by mutual agreement, remove Accounts from the operation of this Agreement. RPA Seller agrees to provide to Purchaser such information, certificates,
financing statements, opinions and other materials as are reasonably necessary to enable Purchaser to satisfy its obligations under Section 2.07 of the Transfer and Servicing Agreement with respect to the removal of Accounts. 

ARTICLE III 

CONSIDERATION AND PAYMENT 

Section 3.01. Purchase Price. 

(a) The “Purchase Price” for the Receivables (including Receivables in Additional Accounts) to be conveyed to
Purchaser under this Agreement that come into existence on or after the Effective Date shall be payable on each Business Day on which such Receivables are conveyed by RPA Seller to Purchaser in an amount equal to 100% of the Principal Receivables so
conveyed, as such percentage may be adjusted from time to time to reflect such factors as RPA Seller and Purchaser mutually agree will result in a Purchase Price which approximates the fair market value of such Principal Receivables; provided,
however, that no such adjustment shall be made unless the Rating Agency Condition is met. If and to the extent that Purchaser shall not have funds available to pay RPA Seller the Purchase Price for the Receivables transferred on any day, an amount
equal to the portion of the Purchase Price for such Receivables for which Purchaser shall not have funds shall be deemed to be a borrowing by Purchaser from RPA Seller under the Subordinated Note; provided that no borrowing may be made under the
Subordinated 

  
 8 

 
Note if, after giving effect to such borrowing, Purchaser Tangible Equity would be less than Required Purchaser Tangible Equity; and provided, further, that RPA Seller may, in its discretion,
contribute Receivables on any Business Day and direct that the Purchase Price of such Receivables shall constitute a capital contribution from RPA Seller to Purchaser. 

(b) RPA Seller is hereby authorized by Purchaser to endorse on the schedule attached to the Subordinated Note (or a
continuation of such schedule attached thereto and made a part thereof) an appropriate notation evidencing the date and amount of each borrowing thereunder, as well as the date and amount of each payment made with respect thereto; provided that the
failure of any Person to make such a notation shall not affect any obligations of Purchaser thereunder. 
 (c) The terms and
conditions of the Subordinated Note and all borrowings thereunder shall be as follows: 
 (i) All amounts paid by Purchaser
with respect to the Subordinated Note shall be allocated first to the repayment of accrued interest until all such interest is paid, and then to outstanding principal of the Subordinated Note. 

(ii) The outstanding principal amount of the Subordinated Note shall bear interest at a fixed rate per annum of 10% from the
Effective Date, calculated based on a 360-day year of twelve 30-day months, or such other rate as shall be agreed upon by RPA Seller and Purchaser from time to time (any
such rate, the “Subordinated Note Rate”). Interest on the Subordinated Note shall be payable on December 16, 2002 and the 15th day of each calendar month thereafter, or if the 15th day is not a Business Day, the next Business Day
(each such date, an “Interest Payment Date”). If on any Interest Payment Date, the amount of funds available to pay interest on the Subordinated Note is insufficient to pay any amount due under the Subordinated Note, then interest shall be
payable only to the extent funds are available. All interest in the Subordinated Note that is not paid when due pursuant to this paragraph shall be payable on the next Interest Payment Date on which funds are available, and all such unpaid interest
shall accrue interest at the Subordinated Note Rate until paid in full. 
 (iii) Purchaser may, at its option, prepay the
Subordinated Note at any time and from time to time, provided that in no event shall RPA Seller or any holder of the Subordinated Note have any right to demand any payment of principal under the Subordinated Note prior to the date that is one year
and one day after the latest occurring Series Termination Date for any Series of Notes (the “Subordinated Note Maturity Date”). 

Section 3.02. Adjustments to Purchase Price. During any Monthly Period, if (a) Servicer adjusts downward the amount of any
Receivable (i) because of a rebate, refund, charge-back or other downward adjustment (including Servicer errors) made without receiving Collections therefor or charging off such amount as uncollectible or
(ii) because such Receivable 

  
 9 

 
was created in respect of merchandise which was refused or returned by an accountholder or as to which the accountholder has asserted a counterclaim or defense, or (b) any Principal
Receivable is discovered by Servicer as having been created through a fraudulent or counterfeit charge, then the Purchase Price shall be reduced as provided below (a “Credit Adjustment”). The amount of such Credit Adjustment with respect
to any Receivable adjusted downward as described in clause (a) of the preceding sentence, shall be equal to the amount of such adjustment and, with respect to any Receivable described in clause (b) of the preceding sentence, shall equal
either (i) the Purchase Price paid for such Receivable by Purchaser to RPA Seller (including any portion thereof deemed to be a borrowing under the Subordinated Note or deemed to be a capital contribution from RPA Seller to Purchaser) or
(ii) in the case of any Receivable that was deemed to have been sold to Purchaser by RPA Seller prior to the Effective Date, the principal balance of such Receivable. The amount of any Credit Adjustment may be offset against any amounts due
from Purchaser to RPA Seller on such day, provided that, subject to the following proviso, RPA Seller shall not be obligated to make any cash payment with respect to a Credit Adjustment until the Distribution Date following the Monthly Period in
which such Credit Adjustment arose; provided, further, that if, as a result of the occurrence of any event giving rise to a Credit Adjustment, Purchaser is required to deposit funds into the Excess Funding Account pursuant to Section 3.09 of
the Transfer and Servicing Agreement, RPA Seller shall pay Purchaser the amount by which the Purchase Price would be reduced in immediately available funds on or before the date Purchaser is required to make such deposit to the Excess Funding
Account. 
 Section 3.03. Settlement and Ongoing Payment of Purchase Price. On each Distribution Date, RPA Seller shall deliver
a settlement statement (the “Settlement Statement”), showing the aggregate Purchase Price of Receivables conveyed to Purchaser during the prior Monthly Period (or, with respect to the first Distribution Date following the Effective Date,
the period from and including the Effective Date through the last day of the calendar month preceding such Distribution Date), and the amount which remains unpaid as Credit Adjustments made with respect to such period pursuant to Section 3.02
or any adjustment to the Purchase Price of Receivables with respect to such period pursuant to Section 6.01, each of which shall reduce the aggregate Purchase Price payable by Purchaser for such period. Any balance due from Purchaser to RPA
Seller shall be paid in accordance with Section 3.01. Any balance due from RPA Seller to Purchaser shall be paid in immediately available funds. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.01. Representations and Warranties of RPA Seller Relating to RPA Seller. 

(a) Representations and Warranties. RPA Seller hereby represents and warrants to, and agrees with,
Purchaser as of the Effective Date and on each Closing Date except as otherwise provided below, that: 
 (i) Organization
and Good Standing. RPA Seller is a national banking association validly existing in good standing under the laws of the United States, 

  
 10 

 
and has full corporate power, authority and legal right to own its properties and conduct its business as presently owned and conducted, and to execute, deliver and perform its obligations under
the RPA Seller Documents. 
 (ii) Due Qualification. RPA Seller is duly qualified to do business and is in good
standing (or is exempt from such requirements), and has obtained all necessary licenses and approvals in each jurisdiction necessary to conduct its business. 

(iii) Due Authorization. The execution, delivery and performance of the RPA Seller Documents and any other document or
instrument delivered pursuant hereto (such other documents or instruments, collectively, the “Conveyance Papers”) and the consummation of the transactions provided for in the RPA Seller Documents have been duly authorized by all necessary
corporate action on the part of RPA Seller or the Trust. 
 (iv) No Conflict. The execution and delivery of the RPA
Seller Documents by RPA Seller, the performance of the transactions contemplated by the RPA Seller Documents, and the fulfillment of the terms of the RPA Seller Documents applicable to RPA Seller will not conflict with, result in any breach of any
of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which RPA Seller is a party or by
which it or any of its properties are bound. 
 (v) No Violation. The execution, delivery and performance of the RPA
Seller Documents by RPA Seller and the fulfillment by RPA Seller of the terms hereof and thereof will not conflict with or violate any Requirements of Law applicable to RPA Seller. 

(vi) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of RPA Seller,
threatened against RPA Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (A) asserting the invalidity of any RPA Seller Document, (B) seeking to prevent the consummation of
any of the transactions contemplated by the RPA Seller Documents, (C) seeking any determination or ruling that, in the reasonable judgment of RPA Seller, would materially and adversely affect the performance by RPA Seller of its obligations
under any RPA Seller Document, (D) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of any RPA Seller Document or (E) solely with respect to the Effective Date and each Closing
Date prior to the Certificate Trust Termination Date, seeking to affect adversely the income tax attributes of the Certificate Trust or the Note Trust under Federal or applicable state income or franchise tax systems and (F) solely with respect
to each Closing Date on and after the Certificate Trust Termination Date, seeking to affect adversely the income tax attributes of the Note Trust under Federal or applicable state income or franchise tax systems. 

  
 11 

 (vii) All Consents Required. All approvals, authorizations, consents,
orders or other actions of any Person or Governmental Authority required in connection with the execution and delivery by RPA Seller of the RPA Seller Documents and the performance of the transactions contemplated by the RPA Seller Documents by RPA
Seller have been obtained, effected or given and are in full force and effect. 
 (viii) Insolvency. RPA Seller is not
insolvent, no Insolvency Event with respect to RPA Seller has occurred, and the transfer of the Trust Assets, the Existing Assets, the Receivables and Related Assets by RPA Seller to Purchaser contemplated hereby has not been made in contemplation
of such insolvency or Insolvency Event. 
 (ix) Location. RPA Seller’s place of operations is Omaha, Nebraska and
there is no pending filing by RPA Seller to change its place of operations. 
 (b) Notice of Breach; Reliance.
The representations and warranties of RPA Seller set forth in this Section 4.01 shall survive the transfer and assignment by RPA Seller of the Receivables to Purchaser and the transfer and assignment by Purchaser of the Receivables to the
Receivables Trust. Upon discovery by RPA Seller or Purchaser of a breach of any of the representations and warranties by RPA Seller set forth in this Section 4.01, the party discovering such breach shall give prompt written notice to the other,
to the Indenture Trustee and to each Enhancement Provider, if any, entitled thereto pursuant to the relevant Indenture Supplement. RPA Seller agrees to cooperate with Purchaser, Servicer and Indenture Trustee in RPA Seller’s efforts to cure any
such breach. RPA Seller hereby acknowledges that Purchaser intends to rely on the representations hereunder in connection with representations made by Purchaser to secured parties, assignees or subsequent transferees, including transfers made by
Purchaser to the Certificate Trust pursuant to the Pooling and Servicing Agreement and to the Note Trust pursuant to the Transfer and Servicing Agreement. 

Section 4.02. Representations and Warranties of RPA Seller Relating to the Agreement and the Receivables. 

(a) Representations and Warranties. RPA Seller hereby represents and warrants to Purchaser as of the Effective
Date and, with respect to Additional Accounts, as of the related Addition Date that: 
 (i) Enforceability. Each RPA
Seller Document and, in the case of Additional Accounts, the related Supplemental Conveyance, when executed and delivered on behalf of RPA Seller, constitutes a legal, valid and binding obligation of RPA Seller, enforceable against RPA Seller in
accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws now or hereafter in effect and by general principles of equity (whether considered in a suit at law or in equity). 

  
 12 

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

(iii) No Liens. RPA Seller is the legal and beneficial owner of all right, title and interest in each Receivable and RPA
Seller has the full right, power and authority to transfer the Receivables pursuant to this Agreement, and each Receivable conveyed to Purchaser by RPA Seller has been conveyed to Purchaser free and clear of any Lien (other than Liens permitted
under Section 2.05(b) of the Pooling and Servicing Agreement or Section 2.05(b) of the Transfer and Servicing Agreement) and in compliance, in all material respects, with all Requirements of Law applicable to the Credit Card Originator
and/or RPA Seller. 
 (iv) Consents. All approvals, licenses, authorizations, consents, orders or other actions of any
Person or registrations or declarations with any Governmental Authority required in connection with the conveyance of each Receivable then existing to Purchaser by RPA Seller have been duly obtained, effected or given and are in full force and
effect. 
 (v) Valid Transfer. This Agreement or, in the case of Additional Accounts, the related Supplemental
Conveyance, upon execution and delivery on behalf of RPA Seller, constitutes a valid sale, transfer and assignment to Purchaser of all right, title and interest of RPA Seller in and to the Existing Assets, the Receivables and the other Related
Assets conveyed to Purchaser by RPA Seller. 
 (vi) Accounts. Except as otherwise expressly provided in this
Agreement, the Pooling and Servicing Agreement or any Supplement thereto, the Transfer and Servicing Agreement, the Indenture or any Indenture Supplement, neither RPA Seller nor any Person (other than the Receivables Trust Trustee) has any claim to
or interest in the Collection Account, the Excess Funding Account, any Series Account or any Enhancement. 
 (vii)
Eligible Accounts. With respect to each Account, including each Additional Account, on the date it becomes an Account, each such Account is classified as an Eligible Account. 

  
 13 

 (viii) Eligible Receivables. On the date each Additional Account becomes
an Account, each Receivable contained in such Additional Account is an Eligible Receivable and, with respect to all Accounts, as of the date of the creation of any new Receivable, such Receivable is an Eligible Receivable. 

(ix) No Adverse Selection. No selection procedures believed by RPA Seller to be materially adverse to the interests of
Purchaser or the Holders were used in selecting the Accounts from the available Eligible Accounts. 
 (x) Subsequent
Receivables. On each day on which any new Receivable is created, RPA Seller represents and warrants to the Purchaser that the representations and warranties made in Section 4.02(a)(i), (iii), (iv) and (v) and 4.02(b) are true and
correct with respect to each such Receivable as of such day of creation. 
 (b) Perfection Representations and
Warranties. Debtor hereby makes the Perfection Representations and Warranties to the Secured Party. For purposes of this Section 4.02(b): Debtor shall mean RPA Seller, Secured Party shall mean Purchaser, and Specified Agreement shall
mean this Receivables Purchase Agreement. The rights and remedies with respect to any breach of the Perfection Representations and Warranties made under this Section 4.02(b) shall be continuing and shall survive any termination of the Specified
Agreement. Secured Party shall not waive a breach of any Perfection Representation and Warranty. In order to evidence the interests of Debtor and Secured Party under the Specified Agreement, the Debtor and Servicer shall, from time to time take such
action, and execute and deliver such instruments (including, without limitation, such actions or filings as are requested by the Secured Party and financing statements under the UCC as enacted and then in effect in any other jurisdiction in which
the Debtor is organized, has its principal place of business or maintains any books, records, files or other information concerning the Receivables) in order to maintain and perfect, as a first priority interest, the Secured Party’s security
interest in the Receivables. Debtor hereby authorizes Servicer to file financing statements under the UCC without Debtor’s signature where allowed by applicable law. 

(c) Notice of Breach; Reliance. The representations and warranties of RPA Seller set forth in this
Section 4.02 shall survive the transfer and assignment by RPA Seller of the Receivables to Purchaser and the transfer and assignment by Purchaser of the Receivables to the Receivables Trust. Upon discovery by RPA Seller or Purchaser of a breach
of any of the representations and warranties by RPA Seller set forth in this Section 4.02, the party discovering such breach shall give prompt written notice to the other, to the Indenture Trustee and to each Enhancement Provider, if any,
entitled thereto pursuant to the relevant Indenture Supplement. RPA Seller hereby acknowledges that Purchaser intends to rely on the representations hereunder in connection with representations made by Purchaser to secured parties, assignees or
subsequent transferees, including transfers made by Purchaser to the Certificate Trust pursuant to the Pooling and Servicing Agreement and to the Note Trust pursuant to the Transfer and Servicing Agreement. RPA Seller agrees to cooperate with
Purchaser, Servicer and Indenture Trustee in RPA Seller’s efforts to cure any such breach. 

  
 14 

 Section 4.03. Representations and Warranties of Purchaser. 

(a) Representations and Warranties. As of the Effective Date and each Closing Date, Purchaser hereby represents
and warrants to, and agrees with, RPA Seller that: 
 (i) Organization and Good Standing. Purchaser is a limited
liability company validly existing in good standing under the laws of the State of Nebraska and has full power and authority to own its properties and conduct its business as presently owned and conducted and to execute, deliver and perform its
obligations under the Purchaser Documents. 
 (ii) Due Authorization. The execution and delivery of the Purchaser
Documents and the consummation of the transactions provided for in the Purchaser Documents have been duly authorized by Purchaser by all necessary limited liability company action on the part of Purchaser. 

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

(iv) No Violation. The execution, delivery and performance of the Purchaser Documents by Purchaser and the fulfillment
by Purchaser of the terms contemplated herein and therein will not conflict with or violate any Requirements of Law applicable to Purchaser. 

(v) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of Purchaser,
threatened against Purchaser, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (A) asserting the invalidity of any Purchaser Document, (B) seeking to prevent the consummation of
any of the transactions contemplated by the Purchaser Documents, (C) seeking any determination or ruling that, in the reasonable judgment of Purchaser, would materially and adversely affect the performance by Purchaser of its obligations under
any Purchaser Document or (D) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of any Purchaser Document. 

(vi) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or
Governmental Authority required in 

  
 15 

 
connection with the execution and delivery by Purchaser of the Purchaser Documents, the performance by Purchaser of the transactions contemplated by the Purchaser Documents and the fulfillment by
Purchaser of the terms hereof and thereof, have been obtained, effected or given and are in full force and effect. 
 (b)
Notice of Breach. The representations and warranties of Purchaser set forth in this Section 4.03 shall survive the transfer and assignment by RPA Seller of the Existing Assets to Purchaser. RPA Seller and Purchaser acknowledge and
agree that no breach of any representation or warranty of Purchaser made hereunder shall invalidate any conveyance of Existing Assets made by RPA Seller hereunder. Upon discovery by RPA Seller or Purchaser of a breach of any of the representations
and warranties by Purchaser set forth in this Section 4.03, the party discovering such breach shall give prompt written notice to the Indenture Trustee, the Owner Trustee, and to each Enhancement Provider, if any, entitled thereto pursuant to
the relevant Supplement. Purchaser agrees to cooperate with RPA Seller, Servicer and Indenture Trustee in Purchaser’s efforts to cure any such breach. For purposes of the representations and warranties set forth in this Section 4.03, each
reference to a Supplement shall be deemed to refer only to those Supplements in effect as of the relevant date. 
 ARTICLE V 

RPA SELLER COVENANTS 
 RPA
Seller hereby covenants and agrees with Purchaser as follows: 
 (a) Receivables Not To Be Evidenced by Promissory
Notes. RPA Seller will take no action to cause any Receivable transferred by it pursuant hereto to be evidenced by any “instrument” (as defined in the UCC) or to be anything other than an “account” (as defined in the UCC)
and, if any such Receivable is so evidenced (whether or not in connection with the enforcement or collection of an Account), it shall be an Ineligible Receivable in accordance with Section 6.01. 

(b) Security Interests. Except for the conveyances hereunder or as otherwise provided herein, RPA Seller will not
sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist, any Lien on any Receivable, whether now existing or hereafter created, or any interest therein; RPA Seller will immediately notify Purchaser of
the existence of any Lien on any Receivable of which RPA Seller has knowledge; and RPA Seller shall defend the right, title and interest of Purchaser and its assigns in, to and under the Receivables, whether now existing or hereafter created,
against all claims of third parties, provided that nothing in this paragraph (b) shall prevent or be deemed to prohibit RPA Seller from suffering to exist upon any of the Receivables any Lien for taxes if such taxes shall not at the time be due
and payable or if RPA Seller shall currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto. 

  
 16 

 (c) Delivery of Collections or Recoveries. If RPA Seller receives
Collections or Recoveries, RPA Seller agrees to pay to Purchaser (or the Servicer if Purchaser so directs) all such Collections and Recoveries as soon as practicable after receipt thereof but in no event later than two Business Days after the Date
of Processing by RPA Seller, provided that for so long as RPA Seller is acting as Servicer pursuant to the applicable Transfer Agreement, RPA Seller shall apply Collections and Recoveries received by it in accordance with the applicable Transfer
Agreement. 
 (d) Notice of Liens. RPA Seller shall notify Purchaser promptly after becoming aware of any Lien
on any Receivable other than the conveyances hereunder or under the Pooling and Servicing Agreement, the Transfer and Servicing Agreement or the Indenture or any Lien permitted under paragraph (b) of Article V hereof, Section 2.05(b) of
the Pooling and Servicing Agreement or Section 2.05(b) of the Transfer and Servicing Agreement. 
 (e)
Documentation of Transfer. RPA Seller shall cause this Agreement, all amendments hereto and/or all financing statements and continuation statements and any other necessary documents covering ownership interest in the Existing Assets,
the Receivables and Related 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 the right,
title and interest of Purchaser hereunder to the Existing Assets, the Receivables and the Related Assets. RPA Seller shall 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. RPA Seller shall cooperate fully with the Servicer and the Indenture Trustee in connection with the obligations set forth above and will execute any and
all documents reasonably required to fulfill the intent of this subsection (e). 
 RPA Seller will deliver to the
Indenture Trustee: (i) upon each date that any Additional Accounts are to be included in the Accounts pursuant to Section 2.02, an Opinion of Counsel substantially in the form of Exhibit C; and (ii) on or before March 31 of
each year, beginning with March 31, 2003, an Opinion of Counsel, substantially in the form of Exhibit D. 
 (f)
Conveyance of Accounts. RPA Seller covenants and agrees that it will not convey, assign, exchange or otherwise transfer the Accounts to any Person so long as any Securities are outstanding under the Indenture; provided, however, that
RPA Seller shall not be prohibited from conveying, assigning, exchanging or otherwise transferring the Accounts in connection with a transaction complying with the provisions of Section 9.05. 

(g) Sale. RPA Seller agrees to treat the conveyance of the Receivables to Purchaser hereunder as a sale for all
purposes (including all tax, and to the extent such treatment would be consistent with GAAP, accounting purposes). 

  
 17 

 (h) Continuous Perfection. RPA Seller shall not change its name,
identity, structure, place of operations or main office in any manner that might cause any financing or continuation statement filed pursuant to this Agreement to be misleading unless RPA Seller shall have delivered to Purchaser and Indenture
Trustee at least 30 days’ prior written notice thereof and, no later than 30 days after making such change, shall have taken all action necessary or advisable to file new appropriate financing statements and/or amend such financing
statement or continuation statement so that it is not misleading, in either case, as necessary to cause the interest of the Purchaser in the Receivables, the other Existing Assets and the other Related Assets to continue to be perfected with the
priority required by this Agreement. RPA Seller shall not change the jurisdiction under whose laws it is organized, its chief executive office or change the location of its principal records concerning the Receivables or the Collections unless it
has delivered to Purchaser at least 30 days’ prior written notice of its intention to do so and notice as to whether, as a result of such change, the applicable provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing statement and has filed such amendments or financing statements and otherwise taken action as is necessary or advisable to cause the interest of Purchaser in the
Receivables, the other Existing Assets and the other Related Assets to continue to be perfected with the priority required by this Agreement. 

(i) Credit Card Agreements and Guidelines. RPA Seller shall comply with and perform its obligations under the
Credit Card Agreements relating to the Accounts and the Credit Card Guidelines and all applicable rules and regulations of VISA USA, Inc. and MasterCard International Incorporated except insofar as any failure to comply or perform would not
materially or adversely affect the rights and interests of the Indenture Trustee, the Issuer, the Holders or any other Transaction Documents. Except as expressly provided in any Supplement, RPA Seller may change the terms and provisions of the
Credit Card Agreements or the Credit Card Guidelines in any respect (including the reduction of the required minimum monthly payment, the calculation of the amount, or the timing, of charge offs and Periodic Finance Charges and other fees assessed
thereon), but only if such change (i) would not, in the reasonable belief of RPA Seller, cause a Pay Out Event to occur, and (ii) is made applicable to a substantial portion of a comparable segment of the revolving credit card accounts
owned and serviced by RPA Seller 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 RPA
Seller and an unrelated third party or by the terms of the Credit Card Agreements; provided, however, with respect to RPA Seller, that clause (ii) shall be deemed to be satisfied at any time that the Transferor Interest exceeds 14% of the
Principal Receivables; and provided, further, that for purposes of FNBO’s debt deferral and debt cancellation program, the requirements of subsection 2.05(c)(ii) shall be deemed to be satisfied if the opportunity to initiate the change is made
available to a substantial portion of the comparable segment of the revolving credit card accounts owned and serviced by FNBO which have characteristics the same as, or substantially similar to, the Accounts to which such opportunity is made
available. In addition, except as otherwise required by any Requirement of Law, or as is deemed by RPA Seller to be necessary in order for RPA Seller to maintain its credit card business, based upon a good faith

  
 18 

 
assessment by RPA Seller of the nature of the competition in the credit card business, RPA Seller shall not at any time reduce the Periodic Finance Charges assessed on any Receivable or other
fees on any Account if, as a result of such reduction, RPA Seller’s reasonable expectation of the Portfolio Yield for any Series (as defined in the applicable Indenture Supplement) as of such date would be less than the then Base Rate for such
Series (as defined in such Indenture Supplement). 
 (j) Insured Status Under the FDIA. RPA Seller shall
preserve its status as an insured bank under the FDIA by insuring its deposits with the FDIC in accordance with the provisions of the FDIA and FDIC regulations. 

(k) Separate Corporate Existence. RPA Seller hereby acknowledges that the Indenture Trustee, the Owner Trustee,
the Holders and the Issuer are, and will be, entering into the transactions contemplated by the Transaction Documents in reliance upon Purchaser’s identity as a legal entity separate from RPA Seller, the Servicer and any other Person.
Therefore, RPA Seller shall take all reasonable steps to maintain its existence as a corporation separate and apart from Purchaser and to make it apparent to third parties that RPA Seller is an entity with assets and liabilities distinct from those
of Purchaser and that Purchaser is not a division of RPA Seller. 
 (l) Account Allocations. In the event that
RPA Seller is unable for any reason to transfer Receivables to the Purchaser in accordance with the provisions of this Agreement (including, without limitation, by reason of the application of the provisions of Section 8.02 or an order by any
federal governmental agency having regulatory authority over RPA Seller or any court of competent jurisdiction that RPA Seller not transfer any additional Principal Receivables to the Purchaser) then, in any such event, (i) RPA Seller agrees to
allocate and pay to the Purchaser, after the date of such inability, all Collections with respect to Principal Receivables, and all amounts which would have constituted Collections with respect to Principal Receivables but for RPA Seller’s
inability to transfer such Receivables (up to an aggregate amount equal to the amount of Principal Receivables transferred to Purchaser prior to such date); (ii) RPA Seller agrees to have such amounts applied as Collections in accordance with
the Transaction Documents; and (iii) for only so long as all Collections and all amounts which would have constituted Collections are allocated and applied in accordance with clauses (i) and (ii) above, Principal Receivables (and all
amounts which would have constituted Principal Receivables but for RPA Seller’s inability to transfer Receivables to the Purchaser) that are written off as uncollectible in accordance with this Agreement shall continue to be allocated in
accordance with the Transaction Documents, and all amounts that would have constituted Principal Receivables but for RPA Seller’s inability to transfer Receivables to the Purchaser shall be deemed to be Principal Receivables for the purpose of
calculating (A) the applicable Investor Percentage with respect to any Series and (B) the Aggregate Investor Percentage thereunder. If RPA Seller is unable pursuant to any Requirement of Law to allocate Collections as described above, RPA
Seller agrees that it shall in any such event allocate, after the occurrence of such event, payments on each Account with respect to the principal balance of such Account first to the oldest principal balance of such Account and to have such
payments applied as Collections in 

  
 19 

 
accordance with the Transaction Documents. The parties hereto agree that Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables that have been conveyed to the
Purchaser, or that would have been conveyed to the Purchaser but for the above described inability to transfer such Receivables, shall continue to be owned by Purchaser or its assignee notwithstanding any cessation of the transfer of additional
Principal Receivables to the Purchaser and Collections with respect thereto shall continue to be allocated and paid in accordance with the Transaction Documents. 

(m) Official Records. The resolutions of the Board of Directors of RPA Seller approving each of the Transaction
Documents and all documents relating thereto are and shall be continuously reflected in the minutes of the Board of Directors of RPA Seller and in the official records of RPA Seller. Each of the Transaction Documents and all documents relating
thereto are and shall, continuously from the time of their respective execution by RPA Seller, be official records of RPA Seller. 

(n) Indemnification. 

(i) RPA Seller shall indemnify and hold harmless the Receivables Trust, Issuer, the Owner Trustee (in its individual capacity
and as Owner Trustee), the Certificate Trustee, the Indenture Trustee and their officers, directors, employees and agents (each, an “Indemnified Person”) from and against any claim, action, suit, cost, loss, liability, expense (including
reasonable fees and expenses of agents and counsel), damage or injury, of any kind and nature whatsoever, suffered or sustained by reason of any acts, omissions or alleged acts or omissions arising out of or based upon the arrangement created by
this Agreement or any Supplement or any other Transaction Document, including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened action,
proceeding or claim; provided, however, that RPA Seller shall not indemnify any such Indemnified Person if such acts, omissions or alleged acts or omissions constitute or are caused by fraud, negligence or willful misconduct by such Indemnified
Person; and provided, further, that RPA Seller shall not indemnify the Receivables Trust, the Issuer or the Holders for any liabilities, costs or expenses with respect to any action taken by the Receivables Trustee at the direction of Holders, or by
the Indenture Trustee at the direction of the Noteholders made in accordance with the applicable Transaction Documents, except for any action taken at the request of a Noteholder or Note Owner pursuant to Section 6.04 of this Agreement, and
provided, further, that RPA Seller shall not indemnify the Receivables Trust, the Issuer or the Holders as to any losses, claims or damages that would be incurred by any of them if the Investor Certificates were notes secured by the Receivables, for
example, as a result of the performance of the Receivables, market fluctuations, a shortfall or failure to make payment under any Enhancement or other similar market or investment risks associated with ownership of such secured notes; and provided,
further, that RPA Seller shall not indemnify the Receivables Trust, the Issuer or the Holders, the Note Owners or the Certificate Owners for any liabilities, costs or expenses of the Receivables 

  
 20 

 
Trust, the Issuer or the Holders for any liabilities, costs or expenses arising under any tax law, including, without limitation, any federal, state, local or foreign income or franchise taxes or
any other tax imposed on or measured by income (or any interest or penalties with respect thereto or arising from a failure to comply therewith) required to be paid by the Receivables Trust, the Issuer or the Holders in connection herewith to any
taxing authority. Any such indemnifications under this Article V, paragraph (n), shall not be payable from the assets of the Receivables Trust or the Issuer. 

(ii) RPA Seller shall not be liable under this Section 5(n) for any settlement of any claim or action effected without its
prior written consent, which shall not be unreasonably withheld. 
 (iii) Promptly after receipt by an injured party under
this Section 5(n) of notice of the commencement of any action or proceeding for which such injured party is entitled to indemnification under this Section 5(n), such injured party will, if a claim in respect thereof is to be made against
RPA Seller under this Section 5(n), notify RPA Seller of the commencement thereof; but the omission to so notify RPA Seller (i) will not relieve it from any liability under Section 5(n) unless and to the extent that such failure to
notify results in the forfeiture by RPA Seller, or the material impairment, of substantial rights and defenses and (ii) will not, in any event, relieve RPA Seller from any obligations to any injured party that are in addition to the
indemnification obligation provided in this Section 5(n). If any such action or proceeding is brought that involves any injured party, the injured party shall promptly notify RPA Seller of the commencement thereof and RPA Seller will be
entitled to participate therein and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such injured party; provided, however, that if (x) the use of counsel chosen by RPA Seller to represent
the injured party would present such counsel with a conflict of interest which, if such counsel had been retained, would have required such counsel to withdraw from such representation, (y) the injured party shall have been advised by counsel
that there may be one or more legal defenses available to it that are different from or additional to those available to RPA Seller or to other indemnified parties, or (z) RPA Seller shall not have employed counsel satisfactory to the injured
party to represent the injured party within a reasonable time after receipt by RPA Seller of notice of the institution of such action or proceeding, then, in each such case, (1) RPA Seller shall not have the right to direct the defense of such
action on behalf of such injured party or parties, (2) such injured party or parties shall have the right to select separate counsel to defend such action on behalf of such injured party or parties (provided that, if more than one injured party
is subject to the circumstances described in clause (y), then, to the extent permitted by the rules of professional conduct applicable to attorneys, all such indemnified parties shall be represented by one such separate counsel) and
(3) all costs and expenses of each such injured party in connection with such action or proceeding shall be paid by RPA Seller pursuant to Section 5(n)(i) above. The Transferor may settle any claim for which an injured

  
 21 

 
party seeks indemnification under this Section 5(n) so long as (A) RPA Seller pays the settlement in full and (B) as a result thereof, the injured party is released from all
liability under such claim. 
 (iv) After notice from RPA Seller to such injured party of RPA Seller’s election so to
assume the defense thereof and approval by such injured party of counsel appointed to defend such action, RPA Seller will not be liable to such injured party under this Section 5(n) for any legal or other expenses, other than reasonable costs
of investigation, subsequently incurred by such injured party in connection with the defense thereof, unless (i) the injured party shall have employed separate counsel in accordance with the immediately preceding paragraph or (ii) RPA
Seller has authorized in writing the employment of counsel for the injured party at the expense of RPA Seller. If RPA Seller assumes the defense of any such action or proceeding, the injured party shall have the right to employ separate counsel
therein, and to participate in the defense thereof, but the fees and expenses of such counsel shall be borne exclusively by such injured party without any right or entitlement to reimbursement by RPA Seller or its Affiliates except as otherwise
provided in the preceding sentence and in the preceding paragraph. 
 (v) The provisions of this Section 5(n) shall
(A) survive the termination of this Agreement, the termination of the Trust Agreement and the earlier removal or resignation of the Owner Trustee and (B) run directly to and be enforceable by any injured party, subject to the limitations
hereof. 
 (o) RPA Seller Covenants. RPA Seller shall deliver to Purchaser and Indenture Trustee: 

(i) within 60 days after the end of each quarterly fiscal period in its fiscal year, copies of its unconsolidated
financial statements, certified as complete and correct, subject to normal changes resulting from year-end audit adjustments, by its chief financial officer; 

(ii) within 90 days after the end of the its fiscal year, copies of consolidated financial statements for such year,
certified by independent accountants of nationally recognized standing selected by it or, if no such unconsolidated certified financial statements are prepared, the consolidated financial statements of the parent of such party certified by
independent accountants of nationally recognized standing selected by it; 
 (iii) promptly upon a Responsible Officer’s
becoming aware thereof, written notice of material changes in the terms of the Accounts or servicing and collection policies of Servicer which may reasonably be expected to have a material adverse effect on the interests of the Noteholders; and 

  
 22 

 (iv) promptly upon a Responsible Officer’s becoming aware thereof, written
notice of material litigation or regulatory action which is commenced against RPA Seller or Servicer which may reasonably be expected to have a material adverse effect on the interests of the Noteholders. 

(p) Interchange. On or prior to each Determination Date, RPA Seller shall notify Servicer of the amount of
Interchange to be included as Collections of Finance Charge Receivables allocable to the Accounts with respect to the Related Monthly Period (“Account Interchange Amount”), which amount shall be equal to the product of: 

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

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

On each Transfer Date, RPA Seller shall (1) pay to Servicer, and Servicer shall deposit into the Collection Account, as Collections of
Finance Charge Receivables, in immediately available funds, an amount equal to the product of (a) the Account Interchange Amount for the Related Monthly Period and (b) the sum of the Allocation Percentages and Investor Percentages for
Finance Charge Collections for the outstanding Series with respect to such Monthly Period, and (2) pay any excess of the Account Interchange Amount over the amount deposited pursuant to clause (1), each for the Related Monthly Period, to
Transferor. 
 (q) Additional Disclosure Notifications. Pursuant to Section 3.11 of the Transfer and
Servicing Agreement, RPA Seller hereby agrees to cooperate with Transferor and Servicer with respect to any periodic reports that the Transferor is required to file with the Commission under the Exchange Act by providing Transferor and Servicer,
from time to time and as applicable, with an Additional Disclosure Notification in the form of Exhibit E of the Transfer and Servicing Agreement (an “Additional Disclosure Notification”), with respect to any Additional Form 10-D
Disclosure, Additional Form 10-K Disclosure or Additional Form 8-K Disclosure applicable to the “Sponsor” as specified on Exhibit D to the Transfer and Servicing Agreement. For the avoidance of doubt, “Additional Form 10-D
Disclosure,” “Additional Form 10-K Disclosure” and “Additional Form 8-K Disclosure” shall have the meanings assigned to such terms in Section 3.11(a)(i), (b) and (c), respectively, of the Transfer and Servicing
Agreement. 

  
 23 

 ARTICLE VI 

REPURCHASE OBLIGATION 

Section 6.01. Reassignment of Ineligible Receivables. If (a) any representation or warranty under Section 2.02(d) or
Section 4.02 is not true and correct in any material respect as of the date specified therein with respect to any Receivable or any related Account or (b) any representation or warranty made by RPA Seller pursuant to Section 2.04 of
the Existing PSA is not true and correct in any material respect as of the date specified therein with respect to any Receivable transferred to the Certificate Trust prior to the Effective Date or any related Account and, in either case, as a result
thereof Purchaser is required to accept a reassignment of Ineligible Receivables pursuant Section 2.04(d) of the Transfer and Servicing Agreement, RPA Seller shall pay to Purchaser an amount in cash equal to either (i) the Purchase Price
paid for any such Ineligible Receivable by Purchaser to RPA Seller (including any portion thereof deemed to be a borrowing under the Subordinated Note or deemed to be a capital contribution from RPA Seller to Purchaser) or (ii) in the case of
any Receivable that was deemed to have been sold to Purchaser by RPA Seller prior to the Effective Date, the principal balance of such Receivable. Such amount may be offset against any amounts due from Purchaser to RPA Seller with respect to the
Purchase Price for Receivables sold to Purchaser on such day; provided that RPA Seller shall not be obligated to make any such cash payment until the Distribution Date following a Monthly Period with respect to amounts owing for such Monthly Period
in accordance with Section 3.03. The obligation of RPA Seller set forth in this Section shall constitute the sole remedy respecting any breach of the representations and warranties set forth in the
above-referenced Sections or failure to meet the conditions set forth in the definition in the Pooling and Servicing Agreement or the Indenture of Eligible Receivable with respect to such Receivable available
to Purchaser. 
 Section 6.02. Reassignment of Holders’ Interest in Trust Portfolio. If (a) any representation or
warranty set forth in Section 4.01(a) or Section 4.02 is not true and correct in any material respect or (b) any representation or warranty made by RPA Seller pursuant to Section 2.03(a), (b) or (c) or
Section 2.04(a) of the Existing PSA with respect to any Receivable transferred to the Certificate Trust prior to the Effective Date or any related Account is not true and correct in any material respect and, in either case, as a result thereof
Purchaser is required to accept a reassignment of the Receivables transferred to the Receivables Trust by Purchaser pursuant to Section 2.04(e) of the Transfer and Servicing Agreement, RPA Seller shall be obligated to accept a reassignment of
Purchaser’s interest in such Receivables on the terms set forth below. 
 RPA Seller shall pay to Purchaser by depositing in the
Collection Account in same-day funds, not later than 10:00 a.m., New York City time, on the Transfer Date following the Monthly Period in which such reassignment obligation arises, in payment for
such reassignment, an amount equal to the Portfolio Reassignment Price. The obligation of RPA Seller set forth in this Section shall constitute the sole remedy respecting any breach of the representations and warranties set forth in the above-referenced Sections available to Purchaser. 

  
 24 

 Section 6.03. Conveyance of Reassigned Receivables. Upon the request of RPA Seller,
Purchaser shall execute and deliver to RPA Seller a reconveyance substantially in such form and upon such terms as shall be acceptable to RPA Seller, pursuant to which Purchaser evidences the conveyance to RPA Seller of all of Purchaser’s
right, title, and interest in any Receivables reconveyed to RPA Seller pursuant to Sections 6.01 and 6.02. Purchaser shall (and shall cause the Indenture Trustee to) execute such other documents or instruments of conveyance or take such other
actions as RPA Seller may reasonably require to effect any repurchase of Receivables pursuant to this Article VI. 

Section 6.04. Dispute Resolution. 

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

(i) If any Receivable is subject to repurchase by RPA Seller pursuant to Section 6.01 or 6.02 of this Agreement, as
applicable, and such repurchase is not resolved in accordance with the terms of this Agreement, then Transferor, Indenture Trustee (at the direction of any Noteholder or any Verified Note Owner), any Noteholder or any Verified Note Owner (a
“Requesting Party”), may submit to RPA Seller (the “Representing Party”), a written notice that the Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation or warranty (a
“RPA Repurchase Request”) and if such RPA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such RPA
Repurchase Request, then the Requesting Party will have the right to refer the matter, at its discretion, to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to
participate in the dispute resolution method selected by the Requesting Party. 
 (ii) At the end of the 180-day period
described herein, the Representing Party may provide notice informing the Requesting Party of the status of its RPA Repurchase Request or, in the absence of such notice, the Requesting Party may presume its RPA Repurchase Request remains unresolved.

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

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

(v) To the extent a Note Owner wishes to exercise rights under Section 6.04, such Note Owner must be a Verified Note
Owner. The Note Owner shall submit a copy 

  
 25 

 
of its RPA Repurchase Request and verification documents to Indenture Trustee. The Indenture Trustee shall confirm that the Note Owner has provided the Indenture Trustee with evidence that it is
a Verified Note Owner and shall provide such evidence to the Issuer. 
 (b) Provisions Applicable to Third-Party
Mediation. If the Requesting Party selects third-party mediation as the resolution method, the following provisions apply: 

(i) The mediation will be administered by the AAA pursuant to the Rules. However, if any of the Rules are inconsistent with any
of the procedures relating to third-party mediation or third-party arbitration in this Section 6.04, the procedures in this Section 6.04 shall control. 

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

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

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

(v) A failure by the Requesting Party and the Representing Party to resolve the disputed matter through mediation shall not
preclude either party from seeking a resolution through the initiation of a judicial proceeding in a court of competent jurisdiction, subject to subsection 6.04(d) below. 

(b) Provisions Applicable to Third-Party Arbitration. If the Requesting Party selects third-party arbitration as
the resolution method, the following provisions will apply: 
 (i) The arbitration will be held in accordance with the United
States Arbitration Act, notwithstanding any choice of law provision in the Indenture, and under the auspices of the AAA and in accordance with the Rules. However, if any of the Rules are inconsistent with the procedures applicable to third-party
arbitration under this Section 6.04, the procedures in this Section 6.04 shall control. 

  
 26 

 (ii) If the RPA Repurchase Request specified in subsection 6.04(a) above involves
the repurchase of an aggregate amount of Receivables of less than five percent (5%) of the total Principal Receivables in the Trust as of the date of the RPA Repurchase Request, a single arbitrator will be used. That arbitrator must be a
Qualified Dispute Resolution Professional. Upon being supplied a list of at least ten potential arbitrators that are each Qualified Dispute Resolution Professionals by the AAA, each of the Requesting Party and the Representing Party (as defined
below) will have to the right to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The AAA will select the arbitrator from the remaining potential arbitrators on the list,
respecting the preference choices of the parties to the extent possible. 
 (iii) If the RPA Repurchase Request specified in
subsection 6.04(a) above involves the repurchase of an aggregate amount of Receivables equal to or in excess of five percent (5%) of the total Principal Receivables in the Trust as of the date of the RPA Repurchase Request, a three-arbitrator
panel will be used. The arbitral panel will consist of three Qualified Dispute Resolution Professionals, (a) one to be appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of
arbitration, (b) one to be appointed by the Representing Party within five Business Days of the Requesting Party’s appointment of an arbitrator, and (c) the third arbitrator, who will preside over the arbitral panel, to be chosen by
the two party-appointed arbitrators, within five Business Days of the Representing Party’s appointment of an arbitrator. If any party fails to appoint an arbitrator or the two party-arbitrators fail to appoint a third within the relevant time
periods, then the appointments will be made by the AAA pursuant to the Rules. 
 (iv) Each arbitrator selected for any
arbitration will abide by the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time the arbitration is initiated. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a
reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias, conflict of interest or
other serious potential for conflict. 
 (v) The Requesting Party and Representing Party each agree that it is their
intention that after consulting with the parties, the arbitrator or arbitral panel, as applicable, will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the
proceeding and completing the arbitration within 30 days after the appointment of the arbitrator or arbitral panel, as applicable. The arbitrator or the arbitral panel, as applicable, will have the authority to schedule, hear and determine any and
all motions, including dispositive and discovery motions, in accordance with New York law then in effect (including prehearings and post hearing motions), and will 

  
 27 

 
do so on the motion of any party to the arbitration. Notwithstanding any other discovery that may be available under the Rules, unless otherwise agreed by the parties, each party to the
arbitration will be limited to the following discovery in the arbitration: 
 (A) Consistent with the expedited nature of
arbitration, the Requesting Party and the Representing Party will, upon the written request of the other party, promptly provide the other with copies of documents relevant to the issues raised by any claim or counterclaim on which the producing
party may rely in support of or opposition to the claim or defense. 
 (B) At the request of a party, the arbitrator or the
arbitral panel, as applicable, shall have the discretion to order examination by deposition of witnesses to the extent the arbitrator or the arbitral panel deems such additional discovery relevant and appropriate. Depositions shall be limited to a
maximum of three (3) per party and shall be held within thirty (30) calendar days of the making of the request. Additional depositions may be scheduled only with the permission of the arbitrator or the arbitral panel, and for good cause
shown. Each deposition shall be limited to a maximum of three (3) hours duration. All objections are served for the arbitration hearing except for objections based on privilege and proprietary or confidential information. 

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

(vi) The Requesting Party and the Representing Party each agree that it is their intention that the arbitrator or the arbitral
panel, as applicable, will resolve the dispute in accordance with the terms of this Agreement and may not modify this Agreement in any way. The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive damages or
consequential damages in any arbitration conducted. The Requesting Party and the Representing Party each agree that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine and award the costs of the
arbitration (including the fees of the arbitrator or the arbitral panel, as applicable, the cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’ fees

  
 28 

 
to the parties as determined by the arbitrator or the arbitral panel, as applicable, in its reasonable discretion. For the avoidance of doubt, in no event will Indenture Trustee (when acting as
Requesting Party at the direction of Noteholders) be liable in its individual capacity for any such costs. The determination of the arbitrator or the arbitral panel, as applicable, must be consistent with Section 6.01 or Section 6.02 of
this Agreement, as applicable, and will be in writing and counterpart copies will be promptly delivered to the parties. The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the
arbitral panel, as applicable, upon the motion and at the expense of either party. Following that single reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered
in and may be enforce in, any court of competent jurisdiction, except in the case of fraud or corruption of the process. 

(vii) By selecting third-party binding arbitration, the Requesting Party is giving up the right to sue in court, including the
right to trial by jury. 
 (viii) No Person may bring a putative or certified class action to arbitration. 

(c) Provisions Applicable to Third-Party Mediations and Third-Party Arbitrations. The following provisions will
apply to both third-party mediations and third-party arbitrations: 
 (i) Any mediation or arbitration will be held in New
York, New York. 
 (ii) Notwithstanding the dispute resolution provisions in this Section 6.04, the parties will have
the right to seek a temporary restraining order, a preliminary injunction or attachment order from a competent court of law, provided such relief would otherwise be available by law. 

(iii) The details and/or the existence of any unfulfilled RPA Repurchase Request, any informal meetings, mediations or
arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled RPA Repurchase Request, and any discovery undertaken in
connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding; provided, however, that any discovery taken in connection
with any arbitration will be admissible in that particular arbitration. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts, accountants and
other agents and representatives, as reasonably required in connection with the related resolution procedure), except as otherwise required by law, regulatory requirement or court order. If any party to a resolution procedure receives a subpoena or
other request for information from a third party (other than a 

  
 29 

 
governmental regulatory body) for such confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with the
opportunity to object to the production of its confidential information. Any third party who receives confidential information (other than a governmental regulatory body) must, at the conclusion of the proceedings, submit an affidavit that all such
confidential information and any copies thereof were destroyed in a manner to protect such information from any subsequent disclosure. 

ARTICLE VII 
 CONDITIONS
PRECEDENT 
 Section 7.01. Conditions to Purchase. The obligations of Purchaser to make its initial purchase of Receivables
hereunder shall be subject to RPA Seller delivering to Purchaser on or before the Effective Date such documents, certificates and resolutions that Purchaser is required to deliver to the Certificate Trust Trustee, the Indenture Trustee, any
Enhancement Provider or any Rating Agency in connection with the amendment and restatement of the Pooling and Servicing Agreement on the date of this Agreement. 

Section 7.02. Conditions to Purchaser’s Obligations Regarding Additional Receivables. The obligations of Purchaser to
purchase any Receivables created on or after the Effective Date shall be subject to the satisfaction of the following conditions: 

(a) All representations and warranties of RPA Seller contained in the Transaction Documents shall be true and correct in all
material respects with the same effect as though such representations and warranties had been made on the date of such purchase; 

(b) All information concerning any Account to which such Receivables relate provided to Purchaser shall be true and correct in
all material respects as of the date of such purchase; and 
 (c) RPA Seller shall have recorded and filed, at its expense,
any UCC-1 or other financing statement as required as of the date of such purchase pursuant to Section 2.01(b). 

Section 7.03. Conditions Precedent to Obligations of RPA Seller. The obligations of RPA Seller to sell on any date Receivables
shall be subject to the satisfaction of the following conditions: 
 (a) All representations and warranties of Purchaser
contained in this Agreement shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on the date of such sale; and 

(b) Payment or provision for payment of the Purchase Price in accordance with the provision of Sections 3.01, 3.02 and
3.03 hereof shall have been made. 

  
 30 

 ARTICLE VIII 

TERM AND PURCHASE TERMINATION 

Section 8.01. Term. This Agreement shall commence as of the date of execution and delivery hereof and shall continue until the
later of the termination of the Certificate Trust as provided in Article XII of the Pooling and Servicing Agreement or the termination of the Note Trust as provided in Section 8.01 of the Trust Agreement. 

Section 8.02. Purchase Termination. If an Insolvency Event shall occur with respect to RPA Seller or Purchaser, then RPA Seller
shall immediately cease to transfer Principal Receivables to Purchaser and shall promptly give notice to Purchaser and Indenture Trustee of such Insolvency Event. Notwithstanding any cessation of the transfer to Purchaser of additional Principal
Receivables, Principal Receivables transferred to Purchaser prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such
Principal Receivables, shall continue to be property of Purchaser transferable by Purchaser to the Indenture Trustee pursuant to the Transfer and Servicing Agreement. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01. Amendment. This Agreement and any Conveyance Papers and the rights and obligations of the parties hereunder may not
be changed orally, but only by an instrument in writing signed by Purchaser and RPA Seller in accordance with this Section 9.01. This Agreement and any Conveyance Papers may be amended from time to time by Purchaser and RPA Seller (a) to
cure any ambiguity, (b) to correct or supplement any provisions herein which may be inconsistent with any other provisions herein or in any Conveyance Papers, (c) to add any other provisions with respect to matters or questions arising
under this Agreement or any Conveyance Papers that shall not be inconsistent with the provisions of this Agreement or any Conveyance Papers, (d) to change or modify the Purchase Price, (e) to change, modify, delete or add any other
obligation of RPA Seller or Purchaser and (f) to provide for the transfer by RPA Seller or Purchaser of its interest in and to all or part of the Accounts in accordance with the provisions of the Transfer and Servicing Agreement (if such
transfer is for less than all of the Accounts, the respective rights, duties and obligations of Purchaser, RPA Seller and Servicer will be determined at the time of such transfer); provided that no amendment pursuant to clause (d) or
(e) of this Section 9.01 shall be effective unless the Rating Agency Condition has been satisfied; and provided, further, that no amendment made pursuant to this Section 9.01 shall adversely affect in any material respect the
interests of any Holders. Any reconveyance executed in accordance with the provisions hereof shall not be considered to be an amendment to this Agreement. A copy of any amendment to this Agreement shall be sent by RPA Seller to Indenture Trustee and
each Rating Agency. 
 Section 9.02. GOVERNING LAW. THIS AGREEMENT AND THE CONVEYANCE PAPERS SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE 

  
 31 

 
OF NEBRASKA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.03. Notices. All demands, notices, instructions, directions and communications under this Agreement shall be in writing
and shall be deemed to have been duly given if personally delivered at, mailed by first class mail, postage prepaid, or sent by facsimile transmission to (a) in the case of Purchaser, to First National Funding LLC, 1620 Dodge Street, Stop
Code 3395, Omaha, Nebraska 68197-3395, Attention: President, Facsimile Number: (402) 602-3199; (b) in the case of RPA Seller, to First National Bank of Omaha, 1620 Dodge Street, Stop
Code 3395, Omaha, Nebraska 68197-3395, Attention: Treasurer, Facsimile Number: (402) 602-3199; (c) in the case of Indenture Trustee, to U.S. Bank National Association, 60 Livingston Avenue, Mail
Code: EP-MN-WS3D, St. Paul, Minnesota, 55107, Attention: U.S. Bank Structured Finance/FNBO; (d) in the case of the Rating Agency for a particular Series, to the mailing address or e-mail address as may be provided by such Rating Agency; and
(e) as to each party, at such other address or facsimile number as shall be designated by such party in a written notice to each other party. 

Section 9.04. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
or any Conveyance Paper shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, and terms of this Agreement or any
Conveyance Paper and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of any Conveyance Paper. 

Section 9.05. Merger or Consolidation of, or Assumption of the Obligations of, RPA Seller. 

(a) RPA Seller shall not consolidate with or merge into any other corporation or convey or transfer its properties and assets
substantially as an entirety to any Person unless: 
 (i) the Person formed by such consolidation or into which RPA Seller is
merged or the Person which acquires by conveyance or transfer the properties and assets of RPA Seller substantially as an entirety shall be, if RPA Seller is not the surviving entity, an entity organized and existing under the laws of the
United States of America or any State or the District of Columbia, and, if RPA Seller is not the surviving entity, such entity shall expressly assume, by an agreement supplemental hereto, executed and delivered to Purchaser and Receivables
Trust Trustee, in form reasonably satisfactory to Purchaser and Indenture Trustee, the performance of every covenant and obligation of RPA Seller under the Transaction Documents; 

(ii) RPA Seller has delivered to Purchaser and Indenture Trustee : (A) an Officer’s Certificate stating that such
consolidation, merger, conveyance or transfer and such supplemental agreement comply with this Section and that all 

  
 32 

 
conditions precedent herein provided for relating to such transaction have been complied with and (B) an Opinion of Counsel to the effect that such supplemental agreement is a valid and
binding obligation of such surviving entity enforceable against such surviving entity 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 and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 

(iii) RPA Seller shall have delivered to Purchaser and Indenture Trustee and each Rating Agency a Tax Opinion, as defined in
the Indenture, dated the date of such consolidation, merger, conveyance or transfer, with respect thereto; 
 (iv) if
Transferor is not the surviving entity, the surviving entity shall file new UCC-1 financing statements with respect to the interest of Purchaser in the Receivables; and 

(v) satisfaction of the Rating Agency Condition. 

(b) This Section 9.05 shall not be construed to prohibit or in any way limit RPA Seller’s ability to effectuate any
consolidation or merger pursuant to which RPA Seller would be surviving entity. 
 (c) RPA Seller shall notify each Rating
Agency promptly after any consolidation, merger, conveyance or transfer effected pursuant to this Section 9.05. 
 (d)
The obligations of RPA Seller hereunder shall not be assignable nor shall any Person succeed to the obligations of RPA Seller hereunder except in each case in accordance with the provisions of this Section 9.05. 

Section 9.06. Acknowledgement and Agreement of RPA Seller. 

(a) RPA Seller expressly acknowledges and agrees that all of Purchaser’s right, title, and interest in, to and under this
Agreement, including all of Purchaser’s right, title, and interest in and to the Receivables purchased pursuant to this Agreement, will be assigned by Purchaser to the Certificate Trust Trustee for the benefit of the Holders and after the
Certificate Trust Termination Date will be assigned by Purchaser to the Note Trust, and RPA Seller consents to such assignment. Additionally, RPA Seller agrees for the benefit of the Indenture Trustee, the Holders and the Note Trust that any amounts
payable by RPA Seller to Purchaser hereunder which are to be paid by Purchaser to Indenture Trustee for the benefit of the Holders shall be paid by RPA Seller, on behalf of Purchaser, directly to Indenture Trustee. Any payment required to be made on
or before a specified date in same-day funds may be made on the prior business day in next-day funds. 

  
 33 

 (b) To the extent that RPA Seller retains any interest in the Receivables now
existing and arising from time to time in the Accounts and the Related Assets, RPA Seller hereby grants to (a) the Certificate Trust Trustee for the benefit of the Investor Certificateholders and (b) effective as of the Certificate Trust
Termination Date, the Indenture Trustee for benefit of the Noteholders, a security interest in all of RPA Seller’s right, title and interest, whether now owned or hereafter arising, in, to and under (i) the Receivables existing at the
opening of business on the Effective Date and arising from the Accounts and all Related Assets with respect to such Receivables, (ii) the Receivables now existing and arising from time to time in the Accounts and the Related Assets with respect
thereto and (iii) all proceeds of such rights and such amounts, to secure the performance of all of the obligations of RPA Seller hereunder, under the Pooling and Servicing Agreement, the Indenture and the other Transaction Documents. 

Section 9.07. Further Assurances. Each of Purchaser and RPA Seller 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 each other and by their respective permitted successors and assigns in order to more fully effect the purposes of this Agreement and the Conveyance Papers, including
the execution of any UCC financing statements or continuation statements or equivalent documents relating to the Receivables and the Related Assets for filing under the provisions of the UCC or other law of any applicable jurisdiction. 

Section 9.08. Nonpetition Covenant. Notwithstanding any prior termination of this Agreement, RPA Seller shall not, at any time,
institute against, solicit or join or cooperate with or encourage any institution against Purchaser or the Note Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under any
United States federal or state bankruptcy or similar law. 
 Section 9.09. No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of Purchaser or RPA Seller, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers
and privileges provided by law. 
 Section 9.10. Counterparts. This Agreement and all Conveyance Papers may be executed in two
or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 9.11. Binding Third-Party Beneficiaries. This Agreement and the Conveyance Papers
will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. The parties hereto intend that the Owner Trustee (in its individual capacity and as Owner Trustee), the Note Trust and the
Indenture Trustee shall be third-party beneficiaries of this Agreement. 

  
 34 

 Section 9.12. Merger and Integration. Except as specifically stated otherwise herein,
this Agreement and the other Transaction Documents set 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 and the other Transaction
Documents. 
 Section 9.13. Schedules and Exhibits. The schedules and exhibits attached hereto and referred to herein shall
constitute a part of this Agreement and are incorporated into this Agreement for all purposes. 
 [Remainder of page intentionally left
blank] 

  
 35 

 IN WITNESS WHEREOF, Purchaser and RPA Seller have caused this Agreement to be duly executed by
their respective officers as of the day and year first above written. 
  

			
	FIRST NATIONAL FUNDING LLC, as Purchaser
		
	By	 	First National Funding Corporation, its Managing Member
		
	By	 	 /s/ Karlyn M. Knieriem

	Name	 	 Karlyn M. Knieriem

	Title	 	 Senior Vice President

	
	FIRST NATIONAL BANK OF OMAHA, as RPA Seller
		
	By	 	 /s/ Timothy D. Hart

	Name	 	 Timothy D. Hart

	Title	 	 Senior Vice President and Treasurer

  

			
	Acknowledged and Accepted:
	
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By	 	 /s/ Tamara Schultz-Fugh

	Name	 	 Tamara Schultz-Fugh

	Title	 	 Vice President

 [RECEIVABLES PURCHASE AGREEMENT SIGNATURE PAGE] 

  
 36 

 EXHIBIT A 

FORM OF SUPPLEMENTAL CONVEYANCE 

(As required by Section 2.02 of 

Second Amended and Restated Receivables Purchase Agreement) 

SUPPLEMENTAL CONVEYANCE NO.
                     dated as of             
20    , by and between FIRST NATIONAL BANK OF OMAHA (“RPA Seller”) and FIRST NATIONAL FUNDING LLC, (“Purchaser”) pursuant to the Second Amended and Restated Receivables Purchase Agreement referred to
below. 
 WITNESSETH : 

WHEREAS, RPA Seller and Purchaser are parties to a Second Amended and Restated Receivables Purchase Agreement, dated as of September 23,
2016 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Receivables Purchase Agreement”); and 

WHEREAS, pursuant to the Receivables Purchase Agreement, RPA Seller wishes to designate Additional Accounts to be included as Accounts and RPA
Seller wishes to convey the Receivables of such Additional Accounts, whether now existing or hereafter created, to Purchaser pursuant to the Receivables Purchase Agreement (as each such term is defined in the Receivables Purchase Agreement); and

 WHEREAS, Purchaser is willing to accept such designation and conveyance subject to the terms and conditions hereof; 

NOW, THEREFORE, RPA Seller and Purchaser hereby agree as follows: 

Section 1. Defined Terms. Each capitalized term used herein shall have the meaning specified in the Receivables Purchase Agreement
unless otherwise defined herein. 
 “Addition Date” shall mean, with respect to the Additional Accounts designated hereby,
             20    . 
 Section 2.
Designation of Additional Accounts. RPA Seller delivers herewith an Account Schedule containing a true and complete schedule identifying all such Additional Accounts and specifying for each such Account, as of the Addition Date, its account
number, the aggregate amount outstanding in such Account and the aggregate amount of Principal Receivables in such Account. Such Account Schedule shall be, as of the date of this Supplemental Conveyance, incorporated into and made part of
this Supplemental Conveyance and is marked as Schedule I to this Supplemental Conveyance. 

 Section 3. Conveyance of Receivables. 

(a) RPA Seller sells, transfers, assigns, sets over and otherwise conveys to Purchaser (collectively, the
“Conveyance”), without recourse, all of its right, title and interest in, to and under the Receivables generated by such Additional Accounts and the Related Assets, now existing and hereafter arising, all Recoveries allocable to such
Additional Accounts and all monies due or to become due thereunder and all amounts received with respect thereto and all proceeds thereof. The foregoing sale, transfer, assignment, set-over and conveyance does
not constitute and is not intended to result in a creation or an assumption by Purchaser of any obligation of Servicer, RPA Seller or any other Person in connection with the Accounts, the Receivables or under any agreement or instrument relating
thereto. 
 (b) In connection with the Conveyance and in accordance with Section 2.01(b) of the Receivables Purchase
Agreement, RPA Seller agrees to record and file, at its own expense, one or more UCC financing statements (and continuation statements with respect to such financing statements when applicable) with respect to the Receivables, now existing and
hereafter created, for the sale of accounts meeting the requirements of applicable state law in such manner and in such jurisdictions as may be necessary or advisable to perfect or evidence the sale and assignment of the Receivables to Purchaser,
and to deliver a file-stamped copy of such financing statement or other evidence of such filing to Purchaser. 

(c) In connection with such sale, RPA Seller further agrees, at its own expense, on or prior to the date of this Supplemental
Conveyance, to indicate in its appropriate computer files that all Receivables created in connection with the Additional Accounts designated hereby have been conveyed to Purchaser pursuant to this Supplemental Conveyance. 

Section 4. Acceptance by Purchaser. Purchaser hereby acknowledges its acceptance of all right, title and interest to the property,
now existing and hereafter arising, conveyed to Purchaser pursuant to Section 3(a) of this Supplemental Conveyance, and declares that it shall maintain such right, title and interest. Purchaser further agrees that, not more than
five Business Days after the execution and delivery of this Supplemental Conveyance, RPA Seller shall deliver to Purchaser the supplement to the Account Schedule described in Section 2 of this Supplemental Conveyance. 

Section 5. Representations and Warranties of RPA Seller. RPA Seller hereby represents and warrants to Purchaser as of the date of
this Supplemental Conveyance and as of the Addition Date that: 
 (a) Legal, Valid and Binding Obligation. This
Supplemental Conveyance constitutes a legal, valid and binding obligation of RPA Seller enforceable against RPA Seller in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws now or hereinafter in
effect and by general principles of equity (whether considered in a suit at law or in equity); 

  
 A-2 

 (b) Eligibility of Accounts. Each Additional Account designated
hereby is an Eligible Account and each Receivable in such Additional Account is an Eligible Receivable; 
 (c)
Selection Procedures. No selection procedures believed by RPA Seller to be materially adverse to the interests of Purchaser or the Holders were used in selecting the Additional Accounts from the available Eligible Accounts; 

(d) Insolvency. RPA Seller is not insolvent and, after giving effect to the conveyance set forth in
Section 3 of this Supplemental Conveyance, will not be insolvent; no Insolvency Event with respect to RPA Seller or Purchaser has occurred, and the transfer pursuant to Section 3(a) has not been made in contemplation thereof; 

(e) Sale of Receivables. This Supplemental Conveyance constitutes a valid sale to Purchaser of all right, title
and interest of RPA Seller in the Receivables and other Related Assets now existing or hereafter created from time to time in the Additional Accounts, and such property will be held by Purchaser free and clear of any Lien except as permitted by
Section 2.05(b) of the Transfer and Servicing Agreement; 
 (f) No Conflict. The execution and delivery of
this Supplemental Conveyance, the performance of the transactions contemplated by this Supplemental Conveyance and the fulfillment of the terms hereof, will not conflict with, result in any breach of any of the material terms and provisions of, or
constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which RPA Seller is a party or by which it or its properties are bound; 

(g) No Violation. The execution and delivery of this Supplemental Conveyance by RPA Seller, the performance of
the transactions contemplated by this Supplemental Conveyance and the fulfillment of the terms hereof applicable to RPA Seller will not conflict with or violate any Requirements of Law applicable to RPA Seller; 

(h) No Proceedings. There are no proceedings or investigations, pending or, to the best knowledge of RPA Seller,
threatened against RPA Seller before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the invalidity of the Receivables Purchase Agreement or this Supplemental Conveyance,
(ii) seeking to prevent the consummation of any of the transactions contemplated by the Receivables Purchase Agreement or this Supplemental Conveyance, (iii) seeking any determination or ruling that, in the reasonable judgment of RPA
Seller, would materially and adversely affect the performance of RPA Seller of its obligations under the Receivables Purchase Agreement or this Supplemental Conveyance or (iv) seeking any determination or ruling that would materially and
adversely affect the validity or enforceability of this Supplemental Conveyance; and 
 (i) All Consents. All
approvals, authorizations, consents, orders or other actions of any Person or any Governmental Authority required to be obtained by RPA 

  
 A-3 

 
Seller in connection with the execution and delivery of this Supplemental Conveyance by RPA Seller and the performance of the transactions contemplated by this Supplemental Conveyance by RPA
Seller, have been obtained. 
 Section 6. Ratification of the Receivables Purchase Agreement. The Receivables Purchase Agreement
is hereby ratified, and all references to the “Receivables Purchase Agreement,” to “this Agreement” and “herein” in the Transaction Documents shall from and after the Addition Date be references to the Receivables
Purchase Agreement as supplemented by this Supplemental Conveyance. Except as expressly amended hereby, all the representations, warranties, terms, covenants and conditions of the Receivables Purchase Agreement shall remain unamended and shall
continue to be, and shall, remain, in full force and effect in accordance with its terms. Except as expressly provided herein, this Supplemental Conveyance shall not constitute or be deemed to constitute a waiver of compliance with or consent to non-compliance with any term or provision of the Receivables Purchase Agreement. 
 Section 7.
Counterparts. This Supplemental Conveyance may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. 

  
 A-4 

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

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

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL BANK OF OMAHA, as RPA Seller
		
	By	 	  

	Name	 	  

	Title	 	  

 [SUPPLEMENTAL CONVEYANCE SIGNATURE PAGE] 

  
 A-5 

 EXHIBIT B 

FORM OF SUBORDINATED NOTE 

FOR VALUE RECEIVED, the undersigned, a Delaware limited liability company (“Purchaser”), hereby unconditionally promises to pay to
the order of FIRST NATIONAL BANK OF OMAHA (“FNBO”) in lawful money of the United States of America in immediately available funds on the Subordinated Note Maturity Date, the aggregate unpaid amount (as shown in the records of RPA
Seller or, at RPA Seller’s option, on the schedule attached hereto and any continuation thereof) of all borrowings made by Purchaser from RPA Seller to fund the acquisition of Existing Assets, Receivables and Related Assets in connection with
the transactions contemplated by the Receivables Purchase Agreement, dated as of October 24, 2002, as amended and restated, in its entirety, as of December 20, 2012 and as amended and restated, in its entirety, a second time as of
September 23, 2016, between Purchaser and RPA Seller, as the same may be amended, amended and restated, supplemented or modified from time to time (the “Receivables Purchase Agreement”). 

Capitalized terms used and not otherwise defined herein have the meanings assigned to them in the Receivables Purchase Agreement. 

The undersigned agrees to pay interest from the date hereof on the unpaid principal amount hereof from time to time at the rate and at the
times specified in or pursuant to the Receivables Purchase Agreement. Interest shall be payable in arrears on each Interest Payment Date and upon final payment of the unpaid principal amount hereof. Purchaser may at its option prepay this Note in
whole or in part at any time and from time to time; provided that in no event shall the holder hereof have any right to demand any payment of principal hereunder prior to the Subordinated Note Maturity Date. 

This Note is subordinate and junior in right and time of payment to all “Senior Debt” of Purchaser, which is any Indebtedness of
Purchaser and all renewals, extensions, refinancings and refundings thereof, except any such Indebtedness that expressly provides that it is not senior or superior in right of payment hereto. “Indebtedness” is any indebtedness, whether or
not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereto) and guarantees of any of the foregoing, whether or not any such
indebtedness would appear as a liability on a balance sheet of Purchaser prepared on a consolidated basis in accordance with generally accepted accounting principles. 

All scheduled payments of principal and interest in respect of Senior Debt must be paid before this Note shall be payable, and all scheduled
payments of principal of and interest on this Note shall be payable only to the extent that Purchaser, after paying all of its accounts payable and other expenses and obligations, has the funds to make such payments. Purchaser agrees, and the holder
hereof by accepting this Note agrees, to the subordination provisions herein contained. 

 Upon prior written notice to Purchaser, the holder hereof may sell, pledge, assign or otherwise
transfer this Note; provided, however, that, immediately prior to completion of such sale, pledge, assignment or transfer, the Rating Agency Condition is satisfied. 

This Note shall be governed by and construed in accordance with the laws of the State of Nebraska. 

The holder of this Note, by its acceptance hereof, hereby covenants and agrees that it will not at any time institute against Purchaser any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law. 

IN WITNESS WHEREOF, Purchaser has caused this Subordinated Note to be duly executed as of the day and year first above written. 

 

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

	Name	 	  

	Title	 	  

  
 B-2 

 Schedule Attached to Subordinated Note dated
            ,      of FIRST NATIONAL FUNDING LLC payable to the order of FIRST NATIONAL BANK OF OMAHA. 

 

													
	Date and
Amount of
Borrowing	  	Date and
Amount of
Repayment	 	  	Unpaid Principal
Balance	 	  	Notation Made
by	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	  	 	 	 	  	 	 	 	  	 	 	 

  
 B-3 

 EXHIBIT C 

PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL 

WITH RESPECT TO ADDITION OF ACCOUNTS 

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

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

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

4. (i) The regulation entitled “Treatment of Financial Assets Transferred in Connection with a Securitization or
Participation,” 12 C.F.R. § 360.6 (the “Rule”) is applicable to the transfers, (ii) under the Rule, the FDIC acting as conservator or receiver of RPA Seller could not, by exercise of its authority to disaffirm or repudiate
contracts under 12 U.S.C. § 1821(e), reclaim or recover the transferred assets or the proceeds thereof from Transferor or Issuer or recharacterize the transferred assets or the proceeds thereof as property of RPA Seller or of the
conservatorship or receivership of RPA Seller, (iii) neither the FDIC (acting for itself as a creditor or as representative of RPA Seller or its shareholders or creditors) nor any credit of RPA Seller would have the right, under any bankruptcy
or insolvency law applicable in the conservatorship or receivership of RPA Seller, other than the FDIA, to avoid the transfers, to recover the transferred assets, or to require the transferred assets to be turned over to the FDIC or such creditor
and (iv) there is no power, other than the Rule, that is exercisable by the FDIC as conservator or receiver of RPA Seller that would permit the FDIC as such conservator or receiver to reclaim or recover the transferred assets from Transferor or
Issuer or to recharacterize the transferred assets as property of RPA Seller or of the conservatorship or receivership of RPA Seller. 

 EXHIBIT D 

PROVISIONS TO BE INCLUDED IN 

ANNUAL OPINION OF COUNSEL 

The opinions set forth below may be subject to certain qualifications, assumptions, limitations and exceptions taken or made in the Opinion of
Counsel to RPA Seller with respect to similar matters delivered on the Initial Closing Date (as defined in the Indenture). Unless otherwise indicated, all capitalized terms used herein shall have the meanings assigned in or pursuant to the
Second Amended and Restated Receivables Purchase Agreement to which this Exhibit D is attached. 
 1. No further filings or actions are
required under the UCC or other Nebraska law prior to             ,         , in order to maintain the perfection and priority of the
first priority security interests created by the Transaction Documents in favor of Transferor in the Receivables and the proceeds thereof (the “Specified Assets”). 

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

 SCHEDULE I 

ACCOUNT SCHEDULE—DELIVERED 

AS COMPUTER FILE OR TAPE, HARD COPY, COMPACT DISC OR OTHER 

TANGIBLE MEDIUM 
 [Delivered
to the Indenture Trustee]EX-4.8

 EXHIBIT 4.8 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 FIRST NATIONAL BANK OF
OMAHA, 
 as RPA Seller 

FIRST NATIONAL FUNDING LLC, 

as Transferor 
 FIRST NATIONAL
BANK OF OMAHA, 
 as Servicer 

FIRST NATIONAL MASTER NOTE TRUST, 

as Issuer 
 and 

FTI CONSULTING, INC., 
 as
Asset Representations Reviewer 
 Dated as of September 23, 2016 

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  
	USAGE AND DEFINITIONS	  
			
	 Section 1.01.
	 	 Usage and Definitions
	  	 	1	  
	 Section 1.02.
	 	 Additional Definitions
	  	 	1	  
	
	ARTICLE II	  
	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	  
			
	 Section 2.01.
	 	 Engagement; Acceptance
	  	 	5	  
	 Section 2.02.
	 	 Confirmation of Status
	  	 	5	  
	 Section 2.03.
	 	 Use and Purpose of Reports
	  	 	5	  
	
	ARTICLE III	  
	ASSET REPRESENTATIONS REVIEW PROCESS	  
			
	 Section 3.01.
	 	 Review Notices
	  	 	5	  
	 Section 3.02.
	 	 Identification of Subject Receivables
	  	 	5	  
	 Section 3.03.
	 	 Review Materials
	  	 	6	  
	 Section 3.04.
	 	 Performance of Reviews
	  	 	6	  
	 Section 3.05.
	 	 Review Reports
	  	 	7	  
	 Section 3.06.
	 	 Review Representatives; Cooperation
	  	 	8	  
	 Section 3.07.
	 	 Dispute Resolution
	  	 	8	  
	 Section 3.08.
	 	 Limitations on Review Obligations
	  	 	9	  
	
	ARTICLE IV	  
	ASSET REPRESENTATIONS REVIEWER	  
			
	 Section 4.01.
	 	 Representations and Warranties
	  	 	9	  
	 Section 4.02.
	 	 Covenants
	  	 	11	  
	 Section 4.03.
	 	 Fees and Expenses
	  	 	15	  
	 Section 4.04.
	 	 Limitation on Liability
	  	 	15	  
	 Section 4.05.
	 	 Indemnification
	  	 	15	  
	 Section 4.06.
	 	 Inspections of Asset Representations Reviewer
	  	 	17	  
	 Section 4.07.
	 	 Delegation of Obligations
	  	 	17	  
	 Section 4.08.
	 	 Confidential Information
	  	 	18	  
	 Section 4.09.
	 	 Personally Identifiable Information
	  	 	19	  
	
	ARTICLE V	  
	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	  
			
	 Section 5.01.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	21	  
	 Section 5.02.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	21	  
	 Section 5.03.
	 	 Successor Asset Representations Reviewer
	  	 	23	  
	 Section 5.04.
	 	 Merger, Consolidation or Succession
	  	 	24	  

							
	ARTICLE VI	  
	OTHER AGREEMENTS	  
			
	 Section 6.01.
	 	 Independence of Asset Representations Reviewer
	  	 	24	  
	 Section 6.02.
	 	 No Petition
	  	 	24	  
	 Section 6.03.
	 	 Limitation of Liability
	  	 	24	  
	 Section 6.04.
	 	 Termination of Agreement
	  	 	25	  
	
	ARTICLE VII	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 7.01.
	 	 Amendments
	  	 	25	  
	 Section 7.02.
	 	 Assignment; Benefit of Agreement; Third-Party
Beneficiaries
	  	 	25	  
	 Section 7.03.
	 	 Notices
	  	 	26	  
	 Section 7.04.
	 	 Governing Law: Jurisdiction
	  	 	27	  
	 Section 7.05.
	 	 No Waiver; Remedies
	  	 	28	  
	 Section 7.06.
	 	 Severability
	  	 	28	  
	 Section 7.07.
	 	 Headings
	  	 	28	  
	 Section 7.08.
	 	 Counterparts
	  	 	28	  
			
	 SCHEDULE A
	 	 REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS
	  			
			
	 EXHIBIT A
	 	 INDEMNIFICATION AGREEMENT
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

THIS ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of September 23, 2016 (this “Agreement”), among FIRST NATIONAL
BANK OF OMAHA, a national banking association, as RPA Seller (in such capacity, the “RPA Seller), FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as Transferor (the “Transferor”), FIRST NATIONAL BANK OF
OMAHA, as Servicer (in such capacity, the “Servicer”), FIRST NATIONAL MASTER NOTE TRUST, a Delaware statutory trust, as Issuer (the “Issuer”), and FTI CONSULTING, INC., a Maryland corporation, as asset
representations reviewer (the “Asset Representations Reviewer”). 
 BACKGROUND: 

In connection with its credit card securitization program, the RPA Seller transferred, and will transfer, receivables arising in certain
credit card accounts to the Transferor. The Transferor has transferred, and will transfer, such receivables to the Issuer. 
 The Issuer has
issued, and will issue, from time to time, one or more series of notes pursuant to the Master Indenture (as defined herein). The primary assets of the Issuer are the receivables and in order to secure its repayment obligations relating to the notes,
the Issuer has granted a security interest in the receivables to U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”) for the benefit of the Noteholders under the Master Indenture. 

The Issuer has determined to engage the Asset Representations Reviewer to perform reviews of compliance of certain receivables with the
representations and warranties made by the RPA Seller and the Transferor with respect to certain receivables on the terms set forth herein. 

The parties agree as follows: 

ARTICLE I 
 USAGE AND
DEFINITIONS 
 Section 1.01. Usage and Definitions. Capitalized terms used but not defined in this Agreement shall have the
meaning (if any) specified in the Indenture (including any supplement thereto). 
 Section 1.02. Additional Definitions.
The following terms have the meanings given below: 
 “Additional Review Materials” means any additional documents
or other material that the Asset Representations Reviewer may reasonably request pursuant to Section 3.03(b) of this Agreement or any additional documents or other material that the Servicer may provide to the Asset Representations Reviewer
pursuant to Section 3.05(b) of this Agreement.  

 “Affiliate” or “Affiliates” mean, as to any specified
person, any other person or persons controlling or controlled by or under common control with such specified person. For this purpose, “control” means the power to direct the management and policies of a person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and “controlling” and “controlled” have correlative meanings. 

“ARR Property” means the methodology, layout, structure, sequence, organization, summary, calculation, or other tools used by
the Asset Representations Reviewer to produce the Work Product, and any pre-existing or newly created materials which the Asset Representations Reviewer has used or intends to use in delivering services as an asset representations reviewer to
multiple customers.  
 “Asset Representations Review” means the performance by the Asset Representations
Reviewer of the testing procedures for each Test and each Subject Receivable according to Section 3.04. 
 “Asset
Representations Review Period” has the meaning stated in Section 3.04(b).  
 “Confidential
Information” has the meaning stated in Section 4.08. 
 “Conflict of Interest” means a conflict
of interest arising from the performance, or proposed performance, by the Asset Representations Reviewer of its obligations under this Agreement and the engagement or proposed engagement of the Asset Representations Reviewer with respect to other
obligations or services for or on behalf of the RPA Seller, the Transferor, the Servicer, the Issuer or any of their Affiliates (the “Second Matter”), where the performance or proposed performance of the obligations under this Agreement
has an adverse effect on FTI Consulting, Inc. obtaining an engagement with respect to the Second Matter, provided, that, any conflict of interest can only become a Conflict of Interest if so determined by the RPA Seller, the Servicer or such
Affiliate, as applicable, in its reasonable discretion (i.e., such person deems FTI Consulting, Inc. to be disqualified from acting with respect to the Second Matter due to the conflict of interest if it remains unresolved ), provided, further,
that, a conflict of interest arising from the performance by the Working Team of other obligations or services by or on behalf of the RPA Seller or the Servicer shall in no event constitute a Conflict of Interest.  

“Draft Review Report” has the meaning stated in Section 3.05(b).  

“Fee Letter” has the meaning stated in Section 4.03(a). 

“Indemnified Person” has the meaning stated in Section 4.05(a). 

“Indemnifying Person” has the meaning stated in Section 4.05(a). 

“Information Recipients” has the meaning stated in Section 4.08(a). 

“Indenture” means that certain Second Amended and Restated Master Indenture, dated as of September 23, 2016, by
and between the Issuer and the Indenture Trustee, as such agreement may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

  
 2 

 “Indenture Supplement” or “Indenture Supplements” means, with
respect to a series of notes issued by Issuer pursuant to the Master Indenture, a supplement to the Master Indenture executed and delivered in connection with the original issuance of such series of notes and containing provisions relating to asset
representations review.  
 “Indenture Trustee” has the meaning stated in the second paragraph of the
“Background” section. 
 “Issuer PII” has the meaning stated in Section 4.09(a). 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for, or an employee of, the Asset
Representations Reviewer.  
 “Personally Identifiable Information” or “PII” has the meaning
stated in Section 4.09(a). 
 “Receivables Purchase Agreement” means the Second Amended and Restated
Receivables Purchase, dated as of September 23, 2016, between the RPA Seller and the Transferor, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“Resignation Condition” means (i) the Asset Representations Reviewer determines that it is not eligible to be an
asset representations reviewer under Section 5.01 and delivers to the RPA Seller an Opinion of Counsel supporting its determination (unless receipt of an opinion of counsel is waived by the RPA Seller), (ii) the Asset Representations
Reviewer determines that it is legally unable to act or perform its obligations under this Agreement and there is no reasonable action it could take to make the performance of its obligations under this Agreement permitted under applicable law and
delivers to the RPA Seller an Opinion of Counsel supporting its determination (unless receipt of such Opinion of Counsel is waived by the RPA Seller), (iii) there exists an Unresolved Conflict of Interest or (iv) an amount is due and
unpaid under this Agreement (including an uncontested amount due in respect of indemnifications) for ninety (90) calendar days after notice from the Asset Representations Reviewer to the RPA Seller of the amount due and owing.  

“Review Commencement Date” has the meaning stated in Section 3.02.  

“Review Fee” has the meaning stated in Section 4.03(b). 

“Review Materials” means, for an Asset Representations Review and a Subject Receivable, (i) the documents and
other materials for each Test listed under “Review Materials” in Schedule A and (ii) any Additional Review Materials. 

“Review Notice” means the written notice delivered by Indenture Trustee to the Transferor, Servicer and all Noteholders of
Outstanding Notes to the effect the Noteholders have voted to cause an Asset Representations Review on the date specified in such notice pursuant to Section 4.19(c)(iv) of the Indenture Supplements.  

“Review Report” means, for an Asset Representations Review, the report of the Asset Representations Reviewer prepared
according to Section 3.05. 

  
 3 

 “Review Satisfaction Date” means the date on which the Noteholders have
voted to cause the Asset Representations Reviewer to conduct an Asset Representations Review pursuant to Section 4.19 of the Indenture Supplements, as specified in the Review Notice delivered by the Indenture Trustee to the Transferor, Servicer
and all Noteholders of Outstanding Notes pursuant to Section 4.19(c)(iv) of the applicable Indenture Supplements.  

“Sponsor” means First National Bank of Omaha, a national banking association. 

“Subject Receivables” means, for any Asset Representations Review, all Receivables which are 60-Day Delinquent Receivables as of the last day of the Monthly Period prior to the related Review Satisfaction Date, provided that any Receivable which has been repurchased or reassigned to the Transferor pursuant
to the Transfer and Servicing Agreement or to the RPA Seller pursuant to the Receivables Purchase Agreement on or after the Review Satisfaction Date will no longer be a Subject Receivable. 

“Test” has the meaning stated in Section 3.04(a). 

“Test Complete” has the meaning stated in Section 3.04(c). 

“Test Fail” has the meaning stated in Section 3.04(a). 

“Test Pass” has the meaning stated in Section 3.04(a). 

“Transfer and Servicing Agreement” means the Second Amended and Restated Transfer and Servicing Agreement, dated as of
September 23, 2016, among the Transferor, the Servicer and the Issuer, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“Unresolved Conflict of Interest” means a Conflict of Interest that has not been resolved by the parties, including by
means of waivers or ethical walls, within thirty (30) days of the receipt of written notice by the RPA Seller and the Servicer from the Asset Representations Reviewer of such Conflict of Interest, as determined by the RPA Seller, the Servicer
or an Affiliate; provided, that, upon a determination that a Conflict of Interest remains unresolved at the end of such thirty day period, the RPA Seller shall send written notice of the Unresolved Conflict of Interest to the Asset Representations
Reviewer.  
 “Working Team” means Hansol Kim, Vincent Varca and the other employees of FTI Consulting, Inc.
that are assigned to the engagement described in this Agreement, and their successors.  
 “Work Product”
means all works, data, reports and other items created, conceived or reduced to product by the Asset Representations Reviewer pursuant to or in connection with this Agreement, including any Review Report. 

  
 4 

 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.01. Engagement; Acceptance. The Issuer engages FTI Consulting, Inc. to act as the Asset Representations Reviewer for the
Issuer. FTI Consulting, Inc. accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer, including conducting a review of the underlying assets of the Issuer for compliance with representations and warranties
on the pool assets, on the terms set forth in this Agreement. 
 Section 2.02. Confirmation of Status. The parties
confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables and Accounts for compliance with the representations and warranties under the Pooling and Servicing Agreement, the Transfer Agreement or the
Receivables Purchase Agreement, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of any contractual provision under the Transfer and Servicing Agreement,
the Transfer Agreement or the Receivables Purchase Agreement.  
 Section 2.03. Use and Purpose of Reports. Except as
otherwise provided herein, any Review Report provided by the Asset Representations Reviewer is provided for the sole use and benefit of the RPA Seller and the Transferor for the purposes provided in this Agreement and the Indenture. Unless required
by law or in accordance with this Agreement, the RPA Seller and the Transferor shall not provide to any third party any information provided, or any Review Report, or refer to the Asset Representations Reviewer or its obligations under this
Agreement, without the prior written consent of the Asset Representations Reviewer, which shall be conditioned on the execution of a third-party release letter in the form provided by the Asset Representations Reviewer.  

ARTICLE III 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.01. Review Notices. On receipt of a Review Notice in accordance with
Section 4.19(c)(iv) of the Indenture Supplements, the Servicer shall deliver a copy thereof to the Asset Representations Reviewer. 

Section 3.02. Identification of Subject Receivables. Within sixty (60) calendar days of its receipt of the Review Notice from
the Indenture Trustee, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Accounts, identified by unique identification number assigned by the Servicer, in which the Subject Receivables arise. The
Asset Representations Reviewer will have no obligation to start an Asset Representations Review until it has received a Review Notice, a list of the Accounts related to the Subject Receivables and access to the Review Materials in accordance with
Section 3.03 (the “Review Commencement Date”). 

  
 5 

 Section 3.03. Review Materials. 

(a) Access to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review
Materials for all of the Subject Receivables within 60 calendar days after receipt of the Review Notice in one or more of the following ways: (i) by providing remote access to the Servicer’s receivables systems, (ii) by electronic
posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing photocopies of documents relating to the Subject Receivables to the Asset Representations
Reviewer for use at its property or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer shall redact or remove Personally Identifiable Information from the Review Materials. 

(b) Missing or Insufficient Review Materials. The Asset Representations Reviewer will notify the
Servicer if it determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test and the Servicer will have 15 calendar days to give the Asset Representations Reviewer access to such
missing Review Materials or other documents or information to correct the insufficiency (“Additional Review Materials”). If Additional Review Materials have not been provided by the Servicer within 15
calendar days after receipt of such notice, the parties agree that each Subject Receivable subject to the applicable Test(s) will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Review Report will
indicate the reason for the Test Fail. 
 Section 3.04. Performance of Reviews. 

(a) Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will
perform for the Subject Receivables the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each
Test, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). If the result for more than one Subject
Receivable is determinable by performing a Test once for such group of Subject Receivables, the Asset Representations Reviewer will use such determination for all such Subject Receivables. 

(b) Review Period. The Asset Representations Reviewer will complete the Asset Representations
Review of all of the Subject Receivables within 90 calendar days after the Review Commencement Date; provided that if Additional Review Materials are provided to the Asset Representations Reviewer under Section 3.03(b), the permissible period
for completion of the Asset Representations Review will be extended for an additional 30 calendar days after the Review Commencement Date (as such period may be extended, the “Asset Representations Review Period”). 

(c) Completion of Asset Representations Review for Certain Subject Receivables. Following the
delivery of the list of the Accounts related to the Subject Receivables and before the delivery of the Review Report by the Asset Representations  

  
 6 

 
Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the related Obligor or purchased by the Servicer, the RPA Seller or the Transferor
according to the applicable Related Document. On receipt of notice, the Asset Representations Review of such Subject Receivables will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete
for such Subject Receivables and the related reason. 
 (d) Previously Performed Test. If any
Test was performed in a prior Asset Representations Review, the Asset Representations Reviewer will not perform such Test again in connection with any additional Asset Representations Review, if and to the extent the initial review is sufficient for
the purpose of determining compliance with the Test in the subsequent Asset Representations Review, but will include the determination of such previous Test in the Review Report for the current Asset Representations Review, provided that the Asset
Representations Reviewer may, at any time, conduct Tests relating to Subject Receivables for any time period not covered in previous Tests. 

(e) Termination of Asset Representations Review. If an Asset Representations Review is in process
and all Outstanding Notes of the Issuer will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than 10 calendar days before such Payment Date. On receipt of
notice, the Asset Representations Reviewer will terminate the Asset Representations Review immediately and will have no obligation to deliver a Review Report. 

Section 3.05. Review Reports.  

(a) Review Report. In the event that the Asset Representations Reviewer determines there is no Test
Fail for any of the Tests in connection with an Asset Representations Review, within ten (10) Business Days after the end of the Asset Representations Review Period, the Asset Representations Reviewer will deliver to the Indenture Trustee, the
RPA Seller, the Servicer and the Transferor a Review Report indicating, with respect to each Subject Receivable, the findings of each Test.  

(b) Draft Review Report. In the event the Asset Representations Reviewer determines there is a Test
Fail for any Test in connection with an Asset Representations Review, the Asset Representations Reviewer will, within ten (10) Business Days after the completion of the Asset Representations Review, deliver to Transferor and Servicer a
preliminary report (a “Draft Review Report”) with respect to such Test, and the Servicer may provide Additional Review Materials and/or provide clarification regarding the previously provided Review Materials, within fifteen
(15) Business Days of receiving the Draft Review Report in order to resolve any Asset Representations Review. The Asset Representations Reviewer will deliver a final Review Report to Indenture Trustee, the RPA Seller, the Servicer and the
Transferor within 10 Business Days of receipt of such Additional Review Materials and/or clarification from the Servicer.  

(c) Review Report Contents. The Review Report will contain a summary of the Asset Representations
Review results, which may (in whole or in part) be included in  

  
 7 

 
the Form 10-D report with respect to the Issuer for the Monthly Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not
contain any Issuer PII. Upon the reasonable request of the Transferor or Servicer, the Asset Representations Reviewer will provide additional detail on the Review results. 

Section 3.06. Review Representatives; Cooperation. 

(a) Servicer, RPA Seller and Transferor Representatives. Each of the Servicer, the RPA Seller and
the Transferor agrees to designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset
Representations Reviewer about access to Review Materials, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests. 

(b) Asset Representations Reviewer Representative. The Asset Representations Reviewer will
designate one or more representatives who will be available to the RPA Seller, the Transferor and the Indenture Trustee during the performance of an Asset Representations Review. 

(c) RPA Seller and Transferor Cooperation. Each of the RPA Seller and the Transferor shall
(i) cooperate with the Asset Representations Reviewer in completing procedures for an Asset Representations Review and (ii) provide the Asset Representations Reviewer with reasonable access to its offices and information databases upon
written request from the Asset Representations Reviewer. 
 (d) Questions About Asset
Representations Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Issuer, the Indenture Trustee, the
RPA Seller, the Transferor or the Servicer until the earlier of (i) the payment in full of all of the Outstanding Notes of the Issuer or (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will not be
obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Transferor or Servicer. 

Section 3.07. Dispute Resolution. The Asset Representations Reviewer agrees and acknowledges that any Review Report may be used by
the Issuer, the RPA Seller, the Transferor, the Indenture Trustee or the Servicer in any dispute resolution proceeding, but the Asset Representations Reviewer shall not be required to participate in the dispute resolution proceeding. No additional
fees or reimbursement of expenses shall be paid to the Asset Representations Reviewer regarding such use of any Review Report. 

  
 8 

 Section 3.08. Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to
direct an Asset Representations Review under the Indenture Supplements, and may rely on the information in any Review Notice delivered to the Asset Representations Reviewer; 

(ii) to determine which Receivables are subject to an Asset Representations Review, and may rely on the lists of Subject
Receivables provided by the Servicer; 
 (iii) to obtain or confirm the validity of the Review Materials, and shall have no
liability for any errors in the Review Materials, and may rely on the accuracy and completeness of the Review Materials; 

(iv) to obtain missing or insufficient Review Materials from any party or any other source; 

(v) to take any action or cause any other party to take any action under any of the Related Documents or otherwise to enforce
any remedies against any person for breaches of representations or warranties about the Subject Receivables; 
 (vi) to
provide or obtain a legal opinion or to make a legal determination or conclusion with respect to any Test relating to a Subject Receivable; or 

(vii) to determine the reason for the delinquency of any Subject Receivable, the creditworthiness of any Obligor, the overall
quality of any Subject Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Subject Receivable. 

(b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to
perform the testing procedures listed under “Tests” in Schedule A, and will not be obligated to perform additional procedures on any Subject Receivable or to provide any information other than a Review Report indicated for each Subject
Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. Any amendments to the procedures set forth on Schedule A will be implemented as set forth in Section
7.01. 
 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.01. Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the
Closing Date: 
 (a) Organization and Qualification. The Asset Representations Reviewer is
duly organized and validly existing as a corporation in good standing under the laws of 

  
 9 

 
the State of Maryland. The Asset Representations Reviewer is qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected
to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(b) Power, Authority and Enforceability. The Asset Representations Reviewer has the power and
authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of
the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable
principles. 
 (c) No Conflicts and No Violation. The completion of the
transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust,
loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under
the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate any law or, to the Asset Representations
Reviewer’s knowledge, any order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties that
applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 (d) No Proceedings. There are no proceedings or investigations pending or, to the best
of the Asset Representations Reviewer’s knowledge, threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer
or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be
expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(e) Eligibility. The Asset Representations Reviewer meets the eligibility requirements in Section 5.01. 

  
 10 

 (f) Consents. All material authorizations, consents,
orders, approvals or other actions of any governmental authority required to be obtained or effected by the Asset Representations Reviewer in connection with its execution and delivery of this Agreement, its performance of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof have been duly obtained or effected and are in full force and effect. 

(g) Safeguards. The Asset Representations Reviewer has, and will continue to have, adequate
administrative, technical and physical safeguards designed to: (i) ensure the security and confidentiality of all Confidential Information, (ii) protect against any anticipated threats or hazards to the security or integrity of
Confidential Information and (iii) protect against any unauthorized acquisition of, access to or use of Confidential Information. 

(h) Intellectual Property. The Asset Representations Reviewer owns or has the right to use all
software, designs, utilities, tools, models, systems and other methodologies and know-how that the Asset Representations Reviewer may use in performing its obligations under this Agreement and such usage shall
not infringe upon the rights of any third party or misappropriate the property of any third party or violate any applicable laws. 

Section 4.02. Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a) Eligibility. It will notify the Issuer, the Transferor, the RPA Seller, the Servicer and the
Indenture Trustee promptly upon becoming aware that it no longer meets the eligibility requirements in Section 5.01. 

(b) Review Systems; Personnel. It will maintain business process management and/or other systems
necessary to ensure that it can perform each Test. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Representations Reviews as required by this Agreement. 

(c) Maintenance of Review Materials. 

(i) Except as otherwise provided in the clause (ii) of this subsection 4.01(c), the Asset Representations Reviewer will
maintain copies of any Review Materials and other related documents received from the Servicer until the termination of this Agreement. Upon termination of this Agreement, the Asset Representations Reviewer shall return any Review Materials and
related documents to the RPA Seller at its expense. 
 (ii) If a Review has ever taken place during the term of this
Agreement, the Asset Representations Reviewer will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Representations Review, including internal correspondence and work papers, for a period of five
(5) years after the termination of this Agreement. Upon termination of such five-year period, the Asset Representations Reviewer shall (at 

  
 11 

 
the RPA Seller’s option) either (A) promptly return to the RPA Seller all such information in its possession and at its expense or (B) destroy or erase permanently all such
information and confirm in writing to the RPA Seller that it has done so. 
 (d) Review Procedures
Audit. The Asset Representations Reviewer will maintain an audit trail for the Review Materials received, the Review Procedures performed and any determinations made in connection with a Review for a period of five (5) years after the
Review. 
 (e) Work Product. The RPA Seller will receive title to all Work Product
free and clear of all mortgages, liens, pledges, custodianships, security interest or other encumbrances, restrictions, claims or charges of any kind, except to the extent it constitutes ARR Property. The Asset Representations Reviewer hereby grant
the RPA Seller a royalty-free, paid-up, non-exclusive, worldwide, irrevocable, perpetual license to use and reproduce the ARR Property in connection with the RPA Seller’s use of the Work Product.  

(f) Information To Be Provided. 

(i) The Asset Representations Reviewer shall (A) within 30 calendar days after the end of each calendar quarter, provide
to the Transferor such information regarding the Asset Representations Reviewer for purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB, and (B) upon five Business Days’ prior request from the Transferor,
enter into an Indemnification Agreement in substantially the form of Exhibit A hereto. As promptly as practicable following notice to or discovery by the Asset Representations Reviewer of any material changes to the most recently provided
information for purposes of compliance with Items 1117, 1109(b) or 1119 of Regulation AB, the Asset Representations Reviewer shall provide to the Transferor, in writing, notice of such material changes. Such information shall include: 

(A) the Asset Representations Reviewer’s name and form of organization; 

(B) a description of the extent to which the Asset Representations Reviewer has had prior experience serving as an asset
representations reviewer for asset-backed securities involving credit card receivables; 

(C) a description of any affiliation between the Asset Representations Reviewer and any of the following parties to a
securitization transaction, as such parties are identified by name to the Asset Representations Reviewer by the Transferor no later than the end of the relevant calendar quarter; 

  
 12 

 (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; 

(9) any underwriter; 

(10) any person hired by the First National Bank of Omaha or an underwriter to perform due diligence on the Receivables; and

 (11) any other material transaction party. 

(ii) In connection with each Report on Form 10-K with respect to the Notes and
each Report on Form 10-D with respect to the Notes filed by or on behalf of the Transferor, the Asset Representations Reviewer shall be deemed to represent and warrant, as of the date that is fifteen
(15) calendar days prior to the Issuer’s filing date of each calendar year for the Report on Form 10-K with respect to the information most recently provided by the Asset Representations
Reviewer for the purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB, and as of the related Payment Date for each Report on Form 10-D with respect to the information most
recently provided by the Asset Representations Reviewer for the purposes of compliance with Item 1117, that such information is materially correct and does not have any material omissions, unless the Asset Representations Reviewer has provided
an update to such information. 
 (g) Control Requirements. Reserved.
 
 (h) Opinion of Counsel. On the date hereof and promptly five Business Days’ prior
written notice in connection with an issuance of Notes registered on Form SF-3, the Asset Representations Reviewer shall provide an Opinion of Counsel, addressed to the Servicer, the Indenture Trustee,
the Owner Trustee, the Issuer, each Rating Agency and the representative or representatives of the underwriters of the Notes to the effect that: 

(i) the Asset Representations Reviewer is validly existing and in good standing as a corporation under the laws of the State of
Maryland and has the power and authority to transact the business in which it is now engaged and to enter into and to perform all of its obligations under this Agreement; 

  
 13 

 (ii) the execution, delivery and performance by the Asset Representations
Reviewer of this Agreement and the consummation by the Asset Representations Reviewer of the services contemplated hereby have been duly authorized by all necessary corporate action; 

(iii) this Agreement has been duly and validly executed and delivered by the Asset Representations Reviewer; 

(iv) the execution and delivery by the Asset Representations Reviewer of this Agreement and the consummation of the services
contemplated hereby will not conflict with, result in a breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under (A) the bylaws of the Asset Representations Reviewer, (B) to the
best of such counsel’s knowledge after due inquiry and investigation, any material indenture, contract, lease, mortgage, deed of trust or other instrument of agreement to which the Asset Representations Reviewer is a party or by which the Asset
Representations Reviewer is bound or (C) to the best of such counsel’s knowledge after due inquiry and investigation, any judgment, writ, injunction, decree, order or ruling of any court or governmental authority having jurisdiction over
the Asset Representations Reviewer; 
 (v) the execution and delivery by the Asset Representations Reviewer of this Agreement
and the consummation of the services contemplated hereby will not result in a violation of any applicable statute, rule or regulation to which the Asset Representations Reviewer is subject that would have a material adverse effect on (A) the
ability of the Asset Representations Reviewer to perform its obligations under this Agreement or (B) the business, operations, assets, liabilities or financial condition of the Asset Representations Reviewer and its subsidiaries as a whole; and

 (vi) to the best of counsel’s knowledge after due inquiry and investigation, the Asset Representations Reviewer is
not a party to any pending action or proceeding before any court, governmental agency or arbitrator which (A) purports to affect the legality, validity, binding effect or enforceability of this Agreement, or (B) could have a material
adverse effect on (1) the ability of the Asset Representations Reviewer to perform its obligations under the Agreement or (2) the business, operations, assets, liabilities or financial condition of the Asset Representations Reviewer and
its subsidiaries as a whole. 

  
 14 

 Section 4.03. Fees and Expenses. 

(a) Annual Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for
agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount set forth in a fee letter, dated as of the date hereof, among the Servicer, the Issuer and the Asset Representations Reviewer (the “Fee
Letter”). The annual fee will be paid as agreed in this Section 4.03(a) by the Servicer until this Agreement is terminated.  

(b) Review Fee. Following the completion of an Asset Representations Review and the delivery to the
Indenture Trustee, the RPA Seller, the Servicer and the Transferor of the Review Report, or the termination of an Asset Representations Review according to Section 3.04(e), and the delivery to the Servicer, of a detailed invoice, the Asset
Representations Reviewer will be entitled to a fee for each Asset Representations Review as set forth in the Fee Letter (the “Review Fee”). However, no Review Fee will be charged for any Tests that were performed in a prior Asset
Representations Review to the extent provided under Section 3.04(d), or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset
Representations Review in accordance with Section 3.04(e). The Servicer will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset Representations Reviewer. If an Asset
Representations Review is terminated according to Section 3.04(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days before the final Payment Date in order
to be reimbursed no later than the final Payment Date. 
 (c) Reimbursement of
Expenses. The Servicer will reimburse the Asset Representations Reviewer for its reasonable expenses incurred in connection with the Asset Representations Review, including the reasonable fees of legal counsel, upon receipt of a detailed
invoice, with supporting receipts or other documentation and all expenses invoiced at cost, without markup. 

Section 4.04. Limitation on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken,
or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable to the extent finally determined by a court of competent jurisdiction to have resulted from its willful
misconduct, bad faith or gross negligence in performing its obligations under this Agreement. In no event shall either the Asset Representations Reviewer or the Servicer be liable for consequential, indirect or punitive damages, damages for lost
profits or opportunities or other like damages or claims of any kind, even if the Asset Representations Reviewer or Servicer, as the case may be, has been advised of the likelihood of the loss or damage and regardless of the form of action. 

 Section 4.05. Indemnification. 

(a) Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will
indemnify each of the Issuer, the Transferor, the RPA  

  
 15 

 
Seller, the Servicer, the Owner Trustee and the Indenture Trustee and any of its respective subsidiaries and affiliates, directors, officers, principals, shareholders, independent contractors,
employees and agents (each, an “Issuer Indemnified Person”) for all costs, expenses (including reasonable attorneys’ fees and expenses and costs of investigation), losses, damages and liabilities resulting from (i) the willful
misconduct, bad faith or gross negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (ii) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants and
other obligations in this Agreement (the “Issuer Losses”), except to the extent that any such Issuer Losses are determined by a final nonappealable order of a court of competent jurisdiction to have resulted from the bad faith, gross
negligence or willful misconduct of the Issuer Indemnified Person or persons in respect of whom such liability is asserted. 

(b) Indemnification by Servicer. The Servicer will indemnify the Asset Representations Reviewer and
its subsidiaries and affiliates, officers, directors, principals, shareholders, independent contractors, employees and agents (each, an “ARR Indemnified Person”) for all costs, expenses (including reasonable attorneys’ fees and
expenses and costs of investigation), losses, damages and liabilities resulting from the performance of its obligations under this Agreement (the “ARR Losses”), except to the extent that any such ARR Losses are determined by a final
nonappealable order of a court of competent jurisdiction to have resulted from (i) the bad faith, gross negligence or willful misconduct of the ARR Indemnified Person or persons in respect of whom such liability is asserted or (ii) the
Asset Representations Reviewer’s breach of any of its representations, warranties or covenants in this Agreement. 

(c) Proceedings. Promptly on receipt by an Issuer Indemnified Person or an ARR Indemnified Person
(each, an “Indemnified Party”) of notice of a proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.05(a) or Section 4.05(b), notify the Servicer or the Asset Representations Reviewer, as
applicable (each, an Indemnifying Party”) of the proceeding. The Indemnifying Party may participate in and assume the defense and settlement of a Proceeding at its expense. If the Indemnifying Party notifies the Indemnified Party of its
intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Party, and so long as the Indemnifying Party assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified
Party, the Indemnifying Party will not be liable for legal expenses of counsel to the Indemnified Party unless there is a conflict between the interests of the Indemnifying Party and an Indemnified Party. If there is a conflict, the Indemnifying
Party will pay for the reasonable fees and expenses of separate counsel to the Indemnified Party. No settlement of a Proceeding may be made without the approval of the Indemnifying Party and the Indemnified Party, which approval will not be
unreasonably withheld. 
 (d) Survival of Obligations. Each of the Servicer’s
and the Asset Representations Reviewer’s obligations under this Section 4.05 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 

  
 16 

 (e) Repayment. If the Indemnifying Party makes any
payment under this Section 4.05 and the Indemnified Party later collects any of the amounts for which the payments were made to it from others, the Indemnified Party will promptly repay the amounts to the Indemnifying Party. 

Section 4.06. Inspections of Asset Representations Reviewer.  

(a) The Asset Representations Reviewer agrees that, from and after the completion of the first Asset Representations Review, if
any,, upon reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the RPA Seller, the Servicer, the Transferor or the Indenture Trustee, during the Asset Representations Reviewer’s
normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to the performance of the Asset Representations Reviewer’s obligations under
this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s, the RPA Seller’s, the Servicer’s, the Transferor’s or the Indenture Trustee’s representatives to make copies and extracts of any of
those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer, RPA Seller, the Servicer and the Transferor will, and will cause its authorized representatives to hold in confidence the
information except if disclosure may be required by law or if the Issuer, the RPA Seller, the Servicer or Transferor reasonably determines that it is required by law to make the disclosure under this Agreement or the other Related Documents. The
Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials at all times during the term of this Agreement; provided, that if a Review has taken place during the term of the Agreement, such
retention shall be for a period of five (5) years after termination of this Agreement. 
 (b) The Asset Representations
Reviewer further agrees that, in connection with the execution of this Agreement, and from time to time thereafter, but in any event no more frequently than annually, it will make appropriate personnel available to authorized representatives of the
Issuer, the RPA Seller, the Servicer, the Transferor or the Indenture Trustee, to discuss the Asset Representations Reviewer’s practices, procedures and systems for protection of confidential information, including the Confidential Information,
and its practices, procedures and systems for the protection and destruction of any Issuer PII actually known to be received by the Asset Representations Reviewer, as required by Section 4.09(e). 

Section 4.07. Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under
this Agreement to any Person without the consent of the parties to this Agreement, which may be withheld in such party’s sole discretion. Any such delegation or subcontracting to which the parties to this Agreement have consented shall not
relieve the Asset Representations Reviewer of its liability and responsibility with respect to such obligations and shall not constitute a resignation within the meaning of Section 5.02.  

  
 17 

 Section 4.08. Confidential Information. 

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information
given to it under this Agreement, as well as any initial materials previously provided, in confidence and under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality of
the Confidential Information. The Confidential Information will not, without the prior consent of the Issuer, the Servicer and the Transferor, be disclosed or used by the Asset Representations Reviewer, any of its Affiliates or its Affiliates’
or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Representations Reviews of Subject
Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not, (i) purchase or sell securities issued by the RPA Seller or the Issuer or their
Affiliates or special-purpose entities on the basis of Confidential Information, (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar
communications or (iii) rent, sell, lease, transfer, provide or otherwise disclose Confidential Information to a third party, except as provided in subsection (d) of this Section 4.08.  

(b) Definition. “Confidential Information” means oral, written and electronic materials
(irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including, but not limited to: 

(i) lists of Subject Receivables and any related Review Materials; 

(ii) origination and servicing guidelines, policies and procedures, and form contracts; and 

(iii) notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information
supplied by or on behalf of the Servicer or its representatives. 
 However, Confidential Information will not include information that
(A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a nonconfidential basis from a Person or
entity other than the Issuer, the RPA Seller, the Transferor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient after due inquiry, is not bound by a confidentiality agreement with
the Issuer, the Transferor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients or on their behalf without the use of the
Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the RPA Seller, the Transferor or the Servicer provides permission to
the applicable Information Recipients to release. 

  
 18 

 (c) Protection. The Asset Representations Reviewer
will protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information using commercially reasonable methods, including those measures that it takes to protect its own confidential information and not less than a
reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.09. 

(d) Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation
(including, without limitation, any rule, regulation or policy statement of any organized securities exchange, market or automated quotation system on which any securities of the RPA Seller or the Issuer or their Affiliates or special-purpose entities are listed or quoted, or of any self-regulatory organization) rule, order, request or direction issued by an administrative, governmental, regulatory or judicial authority or an examiner to
disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule, order, request or direction, will use its
commercially reasonable efforts to provide the Issuer, the RPA Seller, the Transferor and the Servicer with prompt notice of the requirement and will cooperate, at the Servicer’s expense, in the Issuer’s, the RPA Seller’s, the
Transferor’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer, the RPA Seller, the Transferor or the Servicer is unable to obtain a protective order
or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to
disclose. 
 (e) Responsibility for Information Recipients. The Asset
Representations Reviewer will be responsible for a breach of this Section 4.08 by its Information Recipients. 

(f) Violation. The Asset Representations Reviewer agrees that a violation of this Agreement may
cause irreparable injury to the Issuer, the RPA Seller, the Servicer or the Transferor and each of the Issuer, the RPA Seller, the Servicer or Transferor may seek injunctive relief in addition to legal remedies. If an action is initiated by the
Issuer, the RPA Seller, the Servicer or the Transferor to enforce this Section 4.08, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable attorneys’ fees, incurred by it for the enforcement.
The provisions of this Section 4.08 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

Section 4.09. Personally Identifiable Information. 

(a) Definitions. “Personally Identifiable Information” or
“PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), personal identification number(s), any other
actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could  

  
 19 

 
identify an individual; provided, however, that Personally Identifiable Information or PII shall not mean or be deemed to include any identification number that is assigned for recordkeeping
purposes by the Servicer or an affiliate thereof to an individual or an account and that is not a cardholder account number. “Issuer PII” means PII furnished by the Issuer, the RPA Seller, the Transferor, the Servicer or their Affiliates
to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b) Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to
Issuer PII. None of the Issuer, the RPA Seller, the Transferor or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer. However, if the Asset Representations Reviewer receives any Issuer PII, the Asset
Representations Reviewer will immediately (i) notify the Servicer and (ii) indefeasibly delete and destroy such Issuer PII. Notwithstanding the foregoing, the Asset Representations Reviewer must comply with all laws applicable to PII,
Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will implement and maintain
reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (A) protect the security, confidentiality and integrity of Issuer PII, (B) ensure against anticipated threats or
hazards to the security or integrity of Issuer PII, (C) protect against unauthorized access to or use of Issuer PII and (D) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan,
employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c) Additional Limitations. In addition to the use and protection requirements described in
Section 4.09(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

(i) The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer
PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When permitted, the
disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality
requirements in this Agreement and train its personnel who may access Issuer PII on the proper use of and protection of Issuer PII. 

(ii) The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party
without the prior consent of the Issuer. 

  
 20 

 (d) Notice of Breach. The Asset Representations
Reviewer will notify the Issuer, the RPA Seller, the Transferor and the Servicer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality
or integrity of Issuer PII, if any, and, where applicable, immediately take action to prevent any further breach. 

(e) Destruction of Issuer PII. Except where destruction is prohibited by applicable law, promptly
on actual knowledge that it has received any Issuer PII in any medium, the Asset Representations Reviewer will destroy such Issuer PII in a manner that prevents its recovery or restoration without charge to the Issuer. If destruction of any Issuer
PII is prohibited by applicable law, the Asset Representations Reviewer will return such Issuer PII to the Servicer promptly upon actual knowledge that it is in receipt of Issuer PII. The Asset Representations Reviewer’s obligations under this
Section 4.09(e) will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

(f) Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide
information to the Issuer regarding the Asset Representations Reviewer’s compliance with this Section 4.09. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.09 as necessary from time to time for either
party to comply with applicable law. 
 (g) Affiliates and Third Parties. If the
Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such
Affiliate or third party is an intended third-party beneficiary of this Section 4.09, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled
to enforce the PII-related terms of this Section 4.09 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

ARTICLE V 
 RESIGNATION
AND REMOVAL; 
 SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.01. Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who
(a) is not an Affiliate of the Sponsor, the Transferor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by the Sponsor or any
underwriter to perform any due diligence on the Receivables. 
 Section 5.02. Resignation and Removal of Asset
Representations Reviewer. 
 (a) No Resignation of Asset Representations Reviewer. The
Asset Representations Reviewer will not resign as Asset Representations Reviewer prior to the second anniversary of the date hereof unless a Resignation Condition has occurred. In  

  
 21 

 
addition, unless the Resignation Condition specified in clause (i) or clause (ii) of the definition thereof has occurred, the Asset Representations Reviewer will not resign
(v) if an Asset Representations Review is ongoing, (w) on any date that is not more than 90 calendar days after the filing of a Form 10-D report on behalf of the Issuer to the effect a Delinquency Trigger has occurred, (x) if the
Indenture Trustee is conducting a vote of the Noteholders pursuant to Section 4.19(d) of the applicable Indenture Supplements as to whether an Asset Representations Review should be initiated, (y) if a Review Notice has been received by
the Asset Representations Reviewer or (z) if the result of the Delinquency Trigger Rate over the Three-Month Average 60-Day Delinquency Rate for the immediately preceding Monthly Period is 2.00% or less. The Asset Representations Reviewer will
deliver sixty (60) calendar days’ prior written notice of its resignation to the RPA Seller, the Servicer, the Issuer, the Transferor and the Indenture Trustee. 

(b) Removal of Asset Representations Reviewer for Cause. Subject to Section 5.02(e), the
Issuer, by thirty (30) calendar days’ notice to the Asset Representations Reviewer, may immediately remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement if any of the following events
shall occur: 
 (i) the Asset Representations Reviewer no longer meets the eligibility requirements in
Section 5.01; 
 (ii) the Asset Representations Reviewer breaches any of its representations, warranties, covenants or
obligations in this Agreement; or 
 (iii) an Insolvency Event of the Asset Representations Reviewer occurs. 

(c) Voluntary Removal of Asset Representations Reviewer. Subject to Section 5.02(e), the
Issuer, in its sole discretion, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement by providing the Asset Representations Reviewer with at least sixty (60) calendar days’ prior
written notice; provided, however, that the Issuer may not terminate the Asset Representations Reviewer under this Section 5.02(c)(i) if an Asset Representations Review is ongoing, (ii) on any date that is not more than 90 calendar days
after the filing of a Form 10-D report on behalf of the Issuer to the effect a Delinquency Trigger has occurred, (iii) if the Indenture Trustee is conducting a vote of the Noteholders pursuant to Section 4.19(d) of the applicable Indenture
Supplements as to whether an Asset Representations Review should be initiated, (iv) if a Review Notice has been received by the Asset Representations Reviewer or (v) if the result of the Delinquency Trigger Rate over the Three-Month
Average 60-Day Delinquency Rate for the immediately preceding Monthly Period is 2.00% or less. 

(d) Notice of Resignation or Removal. The Issuer will notify the Transferor, the RPA Seller, the
Servicer, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 

  
 22 

 (e) Continue To Perform After Resignation or Removal.
No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted
its engagement according to Section 5.03(b). 
 Section 5.03. Successor Asset Representations
Reviewer. 
 (a) Engagement of Successor Asset Representations Reviewer. Following the
resignation or removal of the Asset Representations Reviewer, the Servicer, on behalf of Issuer, will use commercially reasonable efforts to engage a successor Asset Representations Reviewer who meets the eligibility requirements of
Section 5.01 within 90 calendar days of such resignation or removal. If no successor asset representations reviewer has been appointed by the ninetieth day after notice of resignation or removal of the Asset Representations Reviewer, the
Asset Representations Reviewer shall be entitled to petition a court of competent jurisdiction for the appointment of a successor asset representations reviewer that meets the eligibility requirements of Section 5.01. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations
Reviewer will be effective until the earlier of (i) the date of the successor Asset Representations Reviewer has executed and delivered to the Issuer, the RPA Seller, the Servicer and the Transferor an agreement accepting its engagement and
agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuer, the Servicer, the RPA Seller and the Transferor on substantially the same terms as this Agreement or
(ii) the date on which no Notes are outstanding. 
 (c) Transition and
Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will use commercially reasonable efforts to cooperate with the RPA Seller, the Servicer, the Transferor and the Indenture Trustee and
take all actions reasonably requested to assist the RPA Seller, the Servicer, the Transferor and the Indenture Trustee in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the
successor Asset Representations Reviewer, including, but not limited to, (i) transferring all Review Materials to the successor asset representations reviewer, (ii) returning or destroying all Confidential Information in its possession and
(iii) making appropriate personnel available to respond to questions or requests from the Transferor or the Servicer, for a period of one year after the effective date of its resignation or removal. The Asset Representations Reviewer will
bear its own costs and expenses in (x) ceasing to the Asset Representations Reviewer hereunder and (y) transitioning the Asset Representations Reviewer’s obligations under this Agreement. For the avoidance of doubt, the Asset
Representations Reviewer will bear the costs and expenses relating to the procedures described in clauses (i), (ii) and (iii) of this subsection 5.03(c). In no event shall the Asset Representations Reviewer be responsible for the costs or
expenses of any third party in connection with the transition to a successor asset representations reviewer, including the successor asset representations reviewer, the RPA Seller, the Transferor, the Servicer, the Issuer or the Indenture Trustee.
 

  
 23 

 Section 5.04. Merger, Consolidation or Succession. Any Person (a) into which the
Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if
that Person meets the eligibility requirements in Section 5.01, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the
Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 

ARTICLE VI 
 OTHER
AGREEMENTS 
 Section 6.01. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an
independent contractor and will not be subject to the supervision of the Issuer, the RPA Seller, the Servicer, the Transferor or the Indenture Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement.
Unless authorized by the Issuer, the Asset Representations Reviewer will have no authority to act for or represent the Issuer and will not be considered an agent of the Issuer, the RPA Seller, the Transferor, the Servicer or the Indenture Trustee.
Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Servicer, the Transferor, the RPA Seller or the Indenture Trustee members of any partnership, joint venture or other separate entity or impose any
liability as such on any of them. 
 Section 6.02. No Petition. Each of the parties, by entering into this Agreement,
agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Transferor or by a trust for which the Transferor was a depositor or
(b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Transferor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other proceedings under any bankruptcy or similar law. This Section 6.02 will survive the termination of this Agreement. 

Section 6.03. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this document is
executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee of the Issuer, (b) 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 and agreement by Wilmington Trust Company, but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto and (d) under no circumstances shall 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 document. 

  
 24 

 Section 6.04. Termination of Agreement. This Agreement will terminate, except for the
provisions of Sections 4.04, 4.05, 4.08, 4.09(e) and 6.02 or as otherwise stated in this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture or (b) the date
the Issuer is terminated under the Trust Agreement. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.01. Amendments. 

(a) This Agreement, including Schedule A hereto, can be modified only in a written document executed by the parties hereto
without the consent of the Noteholders or any other Person, provided, that, so long as any Note is outstanding except with respect to amendments (i) to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement
that may be defective or inconsistent with the other terms of this Agreement, (ii) to provide for, or facilitate the acceptance of this Agreement by, a successor asset representations reviewer or (iii) to convert or supplement any
provision in a manner consistent with the intent of this Agreement, either (A) such amendment shall not, as evidenced by an officer’s certificate of the Transferor, materially and adversely affect the interests of the holders of any
outstanding Note or (B) the Rating Agency Condition shall be satisfied with respect to such amendment. With respect to any amendment for which clause (A) or (b) of the immediately preceding sentence cannot be satisfied, this Agreement
can only be amended with the consent of the Noteholders constituting a majority of the Outstanding Amount of the Notes of each adversely affected Series. 

(b) Notice of Amendments. The Transferor will notify the Rating Agencies in advance of any
amendment to this Agreement. Promptly after the execution of an amendment, the Transferor will deliver a copy of the amendment to the Rating Agencies. 

Section 7.02. Assignment; Benefit of Agreement; Third-Party Beneficiaries. 

(a) Assignment. Except as stated in Section 5.04, this Agreement may not be assigned by the
Asset Representations Reviewer without the consent of the RPA Seller, the Servicer and the Transferor. 

(b) Benefit of Agreement; Third-Party Beneficiaries. This
Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Indenture Trustee will be a third-party beneficiary of this Agreement and entitled to enforce
this Agreement against the Asset Representations Reviewer. No other Person will have any right or obligation under this Agreement. 

  
 25 

 Section 7.03. Notices. 

(a) Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to or from the
parties must be in writing and will be considered given: 
 (i) for overnight mail, on delivery or, for a letter mailed by
registered first-class mail, postage prepaid, three days after deposit in the mail; 

(ii) for a fax, when receipt is confirmed by telephone, reply e-mail or reply fax from
the recipient; 
 (iii) for an e-mail, when receipt is confirmed by telephone or
reply e-mail from the recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an e-mail to that recipient stating that the
electronic posting has occurred. 
 (b) Notice Addresses. Any notice, request, demand, consent,
waiver or other communication will be delivered or addressed to: 
  

			
	In the case of RPA Seller:	 	First National Bank of Omaha
		 	1620 Dodge Street
		 	Stop Code 3395
		 	Omaha, Nebraska 68197-3395
		 	Attention: Treasurer
		 	Facsimile: (402) 602-3199
		 	E-mail: thart@fnni.com
		
	In the case of Transferor:	 	First National Funding LLC
		 	1620 Dodge Street
		 	Stop Code 3395
		 	Omaha, Nebraska 68197-3395
		 	Attention: President
		 	Facsimile: (402) 602-3199
		 	E-mail: thart@fnni.com
		
	In the case of the	 	
	    Indenture Trustee:	 	U.S. Bank National Association
		 	60 Livingston Avenue
		 	Mail Code: EP-MN-WS3D
		 	St. Paul, Minnesota 55107
		 	Attention: U.S. Bank Structured Finance/FNBO
		 	Facsimile: (651)-466-7363
		 	E-mail: tamara.schultz-fugh@usbank.com

  
 26 

			
	In the case of the Servicer:	 	First National Bank of Omaha
		 	1620 Dodge Street
		 	Stop Code 3395
		 	Omaha, Nebraska 68197-3395
		 	Attention: Treasurer
		 	Facsimile: (402) 602-3199
		 	E-mail: thart@fnni.com
		
		 	and
		
	In the case of the Asset	 	
	    Representations Reviewer:	 	FTI Consulting, Inc.
		 	3 Times Square
		 	10th Floor
		 	New York, New York 10036
		 	Attention: Hansol Kim
		 	Facsimile: (212) 841-9350
		 	E-mail: Hansol.Kim@fticonsulting.com

 as to each party, at such other address or e-mail as shall be designated by such party
in a written notice to each other party. 
 Section 7.04. Governing Law: Jurisdiction. 

(a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD
TO ANY OTHER CONFLICT-OF-LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

(b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW
YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT, PROVIDED THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY
APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND
EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON 

  
 27 

 
CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT
AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH
SECTION 7.03 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
 (c) BECAUSE DISPUTES
ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES
DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 7.05. No Waiver; Remedies. No party’s failure or delay in exercising a power,
right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.
The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law. 

Section 7.06. Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed
severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement. 

Section 7.07. Headings. The headings in this Agreement are included for convenience and will not affect the meaning or
interpretation of this Agreement. 
 Section 7.08. Counterparts. This Agreement may be executed in multiple counterparts.
Each counterpart will be an original and all counterparts will together be one document. 
 [Remainder of page left blank] 

  
 28 

 EXECUTED BY: 
  

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
RPA Seller

		
	By	 	 /s/ Timothy D. Hart

	Name	 	 Timothy D. Hart

	Title	 	 Senior Vice President and Treasurer

	
	 FIRST NATIONAL FUNDING LLC,
 as
Transferor

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

	Name	 	 Karlyn M. Knieriem

	Title	 	 Senior Vice President

	
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By	 	 /s/ Timothy D. Hart

	Name	 	 Timothy D. Hart

	Title	 	 Senior Vice President and Treasurer

	
	 FIRST NATIONAL MASTER NOTE TRUST,

as Issuer

		
	By:	 	Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
		
	By	 	 /s/ Dorri Costello

	Name	 	 Dorri Costello

	Title	 	 Vice President

	
	 FTI CONSULTING, INC.,
 as Asset
Representations Reviewer

		
	By	 	 /s/ Hansol Kim

	Name	 	 Hansol Kim

	Title	 	 Managing Director

 [Signature page to Asset Representations Review Agreement] 

 SCHEDULE A 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS 

AND TESTS 
  

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	1.	  	 Section 2.04(a)(viii) of TSA
 Section
4.02(a)(vii) of RPA
 Sections 2.04(b)(i) and 2.06(c)(iii)(B) of PSA
  

With respect to Additional Accounts, each Account is classified as an Eligible Account as of its relevant Addition Date and no selection procedures adverse to
the Noteholders have been employed in selecting the Accounts from among the Eligible Accounts.1
	  	 (A) Information from the FNBO data warehouse in summary form prepared by FNBO from the Start
Date2 through the Review Notice Date (the “FNBO Summary”), which includes the Addition Dates for Subject Accounts with Addition Dates on and after September 29, 2006.

 
 (B) Confirmation each Subject Account is an Eligible Account based on the results of the
tests performed under Representations 3-12 below.
  
 (C) Copies of the Project Reports or
the Project Requirements, as the case may be, for the Account Additions relating to the Subject Accounts from the Start Date through the Review Notice Date.
	  	 (1) With respect to each Subject Account with an Addition Date on and after the Start Date and using the FNBO Summary, verify that each
Subject Account has an Addition Date under the field “Added.”
  
 (2) With
respect to each Subject Account confirm the Subject Account is an Additional Account based on the fact it has an Addition Date.
  

(3) Confirm each Subject Account is an Eligible Account based on a “Test Pass” for each of the tests performed under Representations 3 –12
below.
  
 (4) With respect to each Subject Account and using the applicable Project
Report or Project Requirements, as the case may be, relating to its Addition Date, confirm there is no adverse criteria in the account selection criteria in the applicable Project Report or Project Requirements, as the case may be. For this purpose,
the exclusion of business and commercial accounts shall not be deemed to be adverse selection criteria.
  

If (2), (3) and (4) are so confirmed, then each Subject Account shall receive a “Test Pass” for this
Test.

  

 

	1 	Due to amendments of the transaction documents, Attachment 1 applies to Subject Accounts with Addition Dates on and after September 29, 2006 and through and including December 17, 2008 and contains
Representations 1, 12, 12A, 15 and 25, the Review Materials and Tests for those Subject Accounts. Attachment 2 applies to Subject Accounts with Addition Dates on and after December 18, 2008 through and including December 19, 2012 and
contains Representations 1, 12, 12A, 15 and 25, the Review Materials and Tests for those Subject Accounts. Schedule A applies to all Subject Accounts, including those Subject Accounts with Addition Dates on and after December 20, 2012 and
except as otherwise indicated in the first two sentences of this footnote 1, no additional procedures apply. 

	2 	“Start Date” means the later of (i) September 29, 2006 and (ii) the earliest Addition Date of a Subject Account. 

  
 1 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	2.	  	 Annex A to Master Indenture Section 1.01 of PSA
  

“Eligible Account” means an Account that:
	  		  	
				
	3.	  	(a) was in existence, maintained or initially opened at least six months prior to its selection for inclusion in the Trust;	  	(A) Copies of the Project Reports or the Project Requirements, as the case may be, for the Account Additions relating to the Subject Accounts from the Start Date through the Review Notice Date.	  	 (1) With respect to each Subject Account and the Project Report or Project Requirements, as the case may be, relating to its Addition Date,
confirm (a) the selection criteria used to identify Accounts on the FNBO database eligible for selection as Additional Accounts contains the codes: BCM-MEMBER-SINCE > 195000 AND BCM-MEMBER-SINCE < [Year][Month] and (b) the Year and
Month inserted in BCM-MEMBER SINCE < code is at least six months prior to the Addition Date.
  

If (1)(a) and (b) are so confirmed, then each Subject Account shall receive a “Test Pass” with respect to this
Test.

  
 2 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	4.	  	(b) is payable in Dollars3;	  	(A) Copies of the forms of Credit Card Agreements in effect from the Start Date through the Review Notice Date.	  	 (1) Review the forms of the Credit Card Agreements and confirm the existence of any of the language, as follows:

 

•       You agree to follow the requirements for payments that we set forth in
your billing statement from time to time, including requirements that payments be made in United States Dollars and that checks be drawn on a United States bank;
  

•       We may reject payments that are not in United States Dollars or not
drawn on a United States bank;
  

•       We may reject payments that are not in United States Dollars drawn on
a United States bank;
  

•       We may reject payments that are not in U.S. Dollars drawn on a U.S.
bank;
  

•       You must follow the payment instructions on your billing statement.
You can pay us by: check, money order or electronic payment drawn on a U.S. bank or a foreign bank branch in the U.S. All payments must be in U.S. Dollars; or
  

•       Any similar language that either requires payments to be made in U.S.
Dollars or permits FNBO to reject payments that are not made in U.S. Dollars.
  
 If (1)
is so confirmed, then each Subject Account shall receive a “Test Pass” for this Test.

  

 

	3 	“Dollars” means United States dollars. 

  
 3 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	5.	  	(c) the Obligor of which is not the U.S. government or any state or local governmental entity and has provided, as its most recent billing address, an address located in the United States or its territories or possessions, except
that up to 1% (or any higher percentage as to which the Rating Agency Condition has been satisfied) of the Aggregate Principal Receivables as of the most recently ended Monthly Period may have obligors who have provided billing addresses outside of
those jurisdictions;	  	(A) Copies of the Project Reports or the Project Requirements, as the case may be, for the Account Additions relating to the Subject Accounts from the Start Date through the Review Notice Date.	  	 (1) With respect to each Subject Account and using the applicable Project Report or Project Requirements, as the case may be, relating to its
Addition Date, confirm that the selection criteria used to identify Accounts on the FNBO database eligible for selection as Additional Accounts contain the following codes:
  

(a) With respect to Obligor not the U.S. Government or any state or local government entity: any of the following:

 
 (i) NOT BCM-FBCC-CARD TYPE-BUSINESS and (NOT A BUSINESS ACCOUNT); or

 
 (ii) (NOT A BUSINESS ACCOUNT); or

 
 (iii) NOT BCM-FBCC-CARD TYPE-BUSINESS and BCM-CORPORATE RETAIL-IND NOT =C; and

 
 (b) with respect to the billing address of Obligor, STATE OK

 
 If (1) (a) and (b) are so confirmed, then each Subject Account shall receive a “Test
Pass” for this Test.

  
 4 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	6.	  	(d) which FNBO has not classified on its electronic records as counterfeit, cancelled, fraudulent, stolen or lost;	  	(A) Information from the FNBO Summary relating to the BLOCK/RECLASS codes for the Subject Accounts with Addition Dates on and after the Start Date.	  	 (1) With respect to each Subject Account with an Addition Date on and after the Start Date and using information from the FNBO Summary,
confirm that each Subject Account, as of its Addition Date, has no code entered under BLOCK/RECLASS:                     , with the lack of a
code signifying FNBO has not classified the Subject Account on its electronic records as counterfeit, cancelled, fraudulent, stolen or lost.
  

If (1) is so confirmed, then each Subject Account shall receive a “Test Pass” for this
Test.

  
 5 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	7.	  	(e) which has either been originated by FNBO or is a Financial Institutions Account4;	  	(A) Information from the FNBO Summary with respect to the Subject Accounts with an Addition Date on and after the Start Date and coding under the field entitled “agent_bank_sub.”	  	 (1) Using the information from the FNBO Summary and with respect to each Subject Account with an Addition Date on and after the Start Date,
confirm that the coding under the field entitled “agent_bank_sub” is either (a) “999,” which means the Subject Account is a Financial Institutions Account or (b) any code other than “999,” which means the Subject
Account was originated by FNBO.
  
 If (1) is so confirmed, then each Subject Account
shall receive a “Test Pass” with respect to this Test.

  
  

	4 	“Financial Institutions Account” means a revolving credit card account acquired by FNBO from a third party financial institution. 

  
 6 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	 8.
	  	(f) the Receivables of which FNBO has not charged off in its customary and usual manner for charging off such Receivables as of the relevant Addition Date;	  	(A) Copies of the Project Reports or the Project Requirements, as the case may be, for the Account Additions relating to the Subject Accounts from the Start Date through the Review Notice Date.	  	 (1) With respect to each Subject Account and using the applicable Project Report or the Project Requirements, as the case may be, relating to
its Addition Date, confirm that the account selection criteria used to identify Accounts on the FNBO database eligible for selection as Additional Accounts contains the code: BCL-BLK-CODE NOT =B.

 
 If (1) is so confirmed, then each Subject Account shall receive a “Test Pass”
for this Test.

  
 7 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	9.	  	(g) which was originated in the ordinary course of business;	  	 (A) Information from the FNBO Summary with respect to the Subject Accounts and coding under the field entitled
“agent_bank_sub.”
  
 (1) With respect to Subject Accounts originated by
FNBO:
  
 (a) Confirmation of a “Test Pass” under Representation 3(a)(1)
above.
  
 (b) Confirmation of a “Test Pass” under Representation 7(e)(1)
above.
  
 (c) Confirmation of a “Test Pass” under Representation 20(f)(2)(a)
and (b) below.
  
 (2) With respect to Subject Accounts which are Financial
Institutions Accounts: any or all of the following:
  
 (a) To the extent available,
copies of the applicable purchase agreements.
  
 (b) To the extent available, Due
Diligence Questionnaires of the sellers (or similar items provided by FNBO affiliates to sellers of credit card account portfolios), as evidence the related seller is engaged in the business of originating credit cards.

 
 (c) Executed copies of (i) the Assignments of Receivables in Additional Accounts relating
to the Subject Accounts and the Officer Certificates of First National Funding LLC, certifying to the effect each Additional Account designated pursuant to the Assignment is an Eligible Account and each Receivable in such Additional Account is an
Eligible Receivable, each dated as of the Addition Date of the related Subject Account.
	  	 (1) Using the information from the FNBO Summary and with respect to each Subject Account with an Addition Date after the Start Date, (a)
identify the Subject Accounts that are Financial Institutions Accounts by examining the coding under the field entitled “agent_bank_sub” and if the code is “999,” then the Subject Account is a Financial Institutions Account and
(b ) identify the Subject Accounts that were originated by FNBO by examining the coding under the field entitled “agent_bank_sub” and if the code is anything other than “999,” the Subject Account was originated by FNBO.

 
 (2) With respect to each Subject Account originated by FNBO, confirm there is a “Test
Pass” under Representation 3(a)(1) above.
  
 (3) With respect to each Subject
Account originated by FNBO, confirm there is a “Test Pass” under Representation 7(e)(1) above.
  

(4) With respect to each Subject Account originated by FNBO, confirm there is a “Test Pass” under Representation 20(f)(2)(a) and (b) below.

 
 (5) With respect to each Subject Account which is a Financial Institutions Account and to
the extent available, review the applicable purchase agreement and confirm there is a covenant, representation or warranty of the seller to the effect
  

-the Accounts which have been originated by the seller, and to the knowledge of the seller all other accounts, have been originated in material
compliance with the seller’s underwriting, creditworthiness and other similar practices and/or in a manner consistent with the Joint Marketing Agreement , as applicable, consistent in all material respects with the seller’s Origination
Policies and Procedures; or
  
 -the Accounts that have been originated by seller
have been originated in all material respects with seller’s Policies and Procedures in effect as of the time of origination of the applicable account, and in material compliance with all Requirements of Law in effect at the time
of origination; or
  
 -the credit card accounts were originated in
accordance with the seller’s policies and procedures; or

  
 8 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	(d) To the extent the items described in (2)(c) are provided, information from the FNBO Summary, which includes the Addition Dates for Subject Accounts with Addition Dates on and after September 29, 2006.	  	 -seller has made full disclosure to FNBO of all material facts relating to seller’s (and its predecessors in interest)
origination, servicing and other activities in respect to the Accounts and no information contained in the Agreement or otherwise furnishing in writing by or on behalf of seller in connection with this Agreement contains any untrue statement
of material fact or omits to state a material fact necessary to make the statements contained herein and therein not misleading; or
  

-all Eligible Accounts originated by the seller have been originated in material compliance with all requirements of Law; or

 
 -all federal and state laws and regulations, including, but not limited to, laws and
regulations pertaining to usury and consumer credit and all Network rules and seller’s policies and procedures applicable to the Assets and the seller’s origination, servicing, collection and other activities in connection therewith
have been complied with; or
  
 -any other similar language addressing the substance of
this Representation 9(g).
  
 (6) With respect to each Subject Account for which a Due
Diligence Questionnaire (or other similar item) has been provided, receipt of which will evidence the Due Diligence Questionnaire (or other similar item) has been filled out to the satisfaction of FNBO or the FNBO affiliate, as applicable, and
confirms, to the satisfaction of FNBO or the FNBO affiliate, as applicable, and based on the information provided from the seller, the seller is engaged in the business of credit card origination.

 
 (7) With respect to each Subject Account for which an executed Assignment and
Officer’s Certificate has been provided, (a) using the FNBO Summary, confirm the Addition Date in the Assignment matches the Addition Date for the Subject Account under the field “Added”, and (b) confirm that the Transferor certified,
as of the Addition Date for the Subject Account, that “each Additional Account designated pursuant to the Assignment is an Eligible Account and each Receivable in such Additional Account is an Eligible
Receivable.”

  
 9 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  		  	 With respect to each Subject Account originated by FNBO, if (2), (3) and (4) are so confirmed, then each Subject Account originated by
FNBO shall receive a “Test Pass” for this Test.
  
 With respect to each Subject
Account which is a Financial Institutions Account., if any of (5), (6 or (7) is confirmed, then each Subject Account that is a Financial Institutions Account shall receive a “Test Pass” for this
Test.

  
 10 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	10.	  	(h) which is not more than 30 days Delinquent;	  	(A) Copies of the Project Reports or the Project Requirements, as the case may be, for the Account Additions relating to the Subject Accounts from the Start Date through the Review Notice Date	  	 (1) With respect to each Subject Account and using the applicable Project Report or Project Requirements, as the case may be, relating to its
Addition Date, confirm that the account selection criteria used to identify Accounts on the FNBO database eligible for selection as Additional Accounts contains the following codes:

 
 BCM-30DAYS-DELQ = 0 BCM-60DAYS-DELQ = 0

BCM-90DAYS-DELQ = 0 BCM-120DAYS-DELQ = 0
 BCM-150DAYS-DELQ = 0

BCM-180DAYS-DELQ = 0
 BCM-210DAYS-DELQ = 0

 
 If (1) is so confirmed, then each Subject Account shall receive a “Test Pass”
for this Test.

  
 11 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	 11.
	  	(i) which is free and clear of all liens that are equal or prior to the interest of the Receivables Trust Trustee5; and	  	 (A) NE UCC Searches with respect to First National Bank of Omaha and First National Funding LLC.

 
 (B) DE UCC Search with respect to First National Master Note Trust.

 
 (C) File-stamped copies of NE UCC financing statements, as follows:

 
 (i) NE UCC financing statement number 9900086751 filed with the NE Secretary of State on
September 29, 2000, naming First National Bank of Omaha, as debtor, and BankOne, National Association (formerly known as The First National Bank of Chicago, as Trustee, as secured party, together with all assignments, continuations and
amendments thereto, as included in the NE UCC Searches;
  
 (ii) NE UCC financing
statement number 9902241303-4 filed with the NE Secretary of State on October 24, 2002, naming First National Bank of Omaha, as debtor, and The Bank of New York, as Trustee and First National Funding LLC, as Secured Parties, together with all
assignments, amendments and continuations relating thereto, as included in the NE UCC Searches;
  

(iii) NE UCC financing statement number 9909602106-7 filed with the NE Secretary of
	  	 (1) Review the NE UCC Search Results in order to determine whether there is a lien evidencing a pledge of a Subject Account that is equal or
prior to the interest of the Receivables Trust Trustee other than the Excluded Liens (as defined under this Representation 11(i)(D) and Permitted Liens6. In analyzing the search results, the Asset
Representations Reviewer will make assumptions as it deems reasonable, in consultation with counsel, in order to determine if the search results reveal any liens evidencing a pledge of a Subject Account which is equal to or prior to the interest of
the Indenture Trustee and which is not an Excluded Lien, a Permitted Lien or an Unrelated Lien (with respect to the NE UCC Searches relating to First National Bank of Omaha only and as defined in this Representation 11(i)(E)). The Asset
Representations Reviewer may determine a lien is an Unrelated Lien and reasonably not likely to relate to the Subject Accounts in reliance on an Officer’s Certificate of FNBO.

 
 (2) Review the DE UCC Search Results in order to determine whether there is a lien
evidencing a pledge of a Subject Account that is equal or prior to the interest of the Receivables Trust Trustee other than the Excluded Liens. In analyzing the search results, the Asset Representations Reviewer will make assumptions as it deems
reasonable, in consultation with counsel, in order to determine if the search results reveal any liens evidencing a pledge of a Subject Account which is equal to or prior to the interest of the Receivables Trust Trustee and which is not an Excluded
Lien.
  
 (3) Review information from the FNBO Summary and confirm each Subject Account
with an Addition Date on and after the Start Date is on-boarded on FNBO’s database and coded with a Trust Indicator of “01.”
  

If there are (i) no liens on any Subject Account that are equal or prior to the interest of
the

  

 

	5 	“Receivables Trust Trustee” means (a) prior to the Certificate Trust Termination Date, the Certificate Trust Trustee and (b) after the Certificate Trust Termination Date, the Indenture
Trustee. The “Certificate Trust Termination Date” is December 18, 2008. The “Certificate Trust Trustee” was The Bank of New York Mellon Trust Company, N.A. (f/k/a The Bank of New York Trust Company, N.A.), as
successor trustee to The Bank of New York. “Indenture Trustee” means U.S. Bank National Association, as successor indenture trustee to The Bank of New York Mellon Trust Company, N.A. (f/k/a The Bank of New York Trust Company, N.A.)
as successor indenture trustee to The Bank of New York. 

	6 	“Permitted Lien” means, with respect to any of the Receivables, any Liens for taxes if such taxes shall not at the time be due and payable or if Transferor shall currently be contesting the validity
thereof in good faith by appropriate proceedings and shall have set aside on its books, adequate reserves with respect thereto. 

  
 12 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	 State on July 14, 2009, naming First National Bank of Omaha, as debtor, and The Bank of New York Mellon Trust Company, N.A., as secured
party, together with all amendments, assignments and continuations relating thereto, as included in the NE UCC Searches; and
  

(iv) NE UCC financing statement number 9902241305-8 filed with the NE Secretary of State on October 24, 2002, naming First National Funding LLC, as
debtor, and The Bank of New York, as Indenture Trustee, and First National Master Note Trust, c/o Wilmington Trust Company, as Owner Trustee, as secured parties, together with all assignments, amendments and continuations relating thereto, as
included in the NE UCC Searches.
  
 (D) Copy of DE UCC financing statement, number
22677882, filed with the DE Secretary of State on October 24, 2002, naming First National Master Note Trust, as debtor, and The Bank of New York, as Indenture Trustee, as secured party, together with all assignments, amendments and
continuations relating thereto, as included in the DE UCC Search.
  
 Hereafter, the NE
UCC financing statements in (C) and the DE UCC financing statement in (D) above are referred to as the “Excluded Liens.”
  

(E) Copies of Officer’s Certificates of FNBO which describe certain liens on asset of FNBO that are unrelated to the Trust assets (the “Unrelated
Liens”) and were delivered by FNBO in order to support (i) NE perfection opinions delivered with respect to (a) the issuance of a new series of notes by First
	  	Receivables Trust Trustee and (ii) each Subject Account with an Addition Date on and after the Start Date is on-boarded on FNBO’s database and coded with a Trust Indicator of “01, “then each Subject Account shall
receive a “Test Pass” with respect to this Test.

  
 13 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	 National Master Note Trust, (b) account additions and (c) the annual review of the FNMNT; and (ii) for informational purposes only, a copy
of the most recent NE opinion of counsel relating to the annual review of FNMNT.
  
 (F)
Information from the FNBO Summary indicating that each of the Subject Accounts with an Addition Date on or after the Start Date is on-boarded on FNBO’s database and coded with a Trust Indicator of “01.”
	  	

  
 14 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	12.	  	(j) as to any Series, meets any additional requirements set forth in the respective Indenture Supplement for such Series.7	  	 (A) Executed copies of all Indenture Supplements to the Master Indenture relating to the issuance of a series of notes by the Issuer that (i)
were in force and effect from the Start Period through the Review Notice Date and (ii) for which the series of notes issued thereunder is outstanding as of the Review Notice Date.

 
 (B) Notification from FNBO indicating additional requirements for Eligible Accounts and
the related Transaction Documents at the time of the change.
	  	 (1) Review each Indenture Supplement to the Master Indenture and confirm there are no additional requirements relating to Eligible Accounts
in any Indenture Supplement to the Master Indenture.
  
 If (1) is so confirmed, then each
Subject Account shall receive a “Test Pass” with respect to this Test.
  
 If
(1) is not confirmed, then FNBO and the Asset Representations Reviewer will endeavor to develop appropriate testing procedures.

 
  

	7 	See Attachment 1 to this Schedule A for this Representation 12, Representation 12A and the Review Materials and Tests thereto that applies to Subject Accounts with Addition Dates on and after September 29, 2006 and
through and including December 17, 2008 and Attachment 2 to this Schedule A for this Representation 12, Representation 12A and the Review Materials and Tests relating thereto that applies to Subject Accounts with Addition Dates on and after
December 18, 2008 and through and including December 19, 2012. Schedule A applies to all Subject Accounts, including those Subject Accounts with Addition Dates on and after December 20, 2012 and except as otherwise indicated in the
first sentence of this footnote 7, no additional procedures apply. 

  
 15 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	13.	  	 Section 2.04(a)(ix) of TSA
 Section
4.02(a)(viii) of RPA
 Section 2.04(b)(i) of PSA
  

Eligible Receivables. On the date each Additional Account becomes an Account, each Receivable contained in such Additional Account is an Eligible
Receivable. As of the date of the creation of any new Receivable in an Account, such Receivable is an Eligible Receivable.
	  	 (A) Confirmation each Subject Account is an Additional Account based on the testing performed under (2) of Representation 1 above.

 
 (B) Confirmation each Subject Receivable is an Eligible Receivable based on the testing
performed under Representations 15-25 below.
	  	 (1) Confirm there is a “Test Pass” with respect to (2) under Representation 1 above.

 
 (2) Confirm each Subject Receivable is an Eligible Receivable based on a “Test
Pass” for each of the tests performed under Representations 15-25 below.
  
 If (1)
and (2) are so confirmed, each Subject Receivable shall receive a “Test Pass” for this Test.

  
 16 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	14.	  	“Eligible Receivable” means each Receivable:	  		  	
				
	15.	  	(a) which has arisen under an Eligible Account8	  	(A) Confirmation that each Subject Receivable has arisen in an Eligible Account based on the results of the tests performed under Representations 3-12 above.	  	 (1) Confirm each Subject Receivable has arisen in an Eligible Account based on a “Test Pass” for each of the tests performed under
Representations 3 –12 above.
  
 If (1) is so confirmed, then each Subject Receivable
shall receive a “Test Pass” with respect to this Test.

  

 

	8 	See Attachment 1 to this Schedule A for this Representation 15, Review Materials and Tests that applies to Subject Accounts with Addition Dates on and after September 29, 2006 and through and including
December 17, 2008 and Attachment 2 to this Schedule A for this Representation 15, Review Materials and Tests that apply to Subject Accounts with Addition Dates on and after December 18, 2008 and through and including December 19,
2012. Schedule A applies to all Subject Accounts, including those Subject Accounts with Addition Dates on and after December 20, 2012 and except as otherwise indicated in the first sentence of this footnote 8, no additional procedures apply.

  
 17 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	16.	  	(b) which was created in compliance, in all material respects, with all Requirements of Law9 applicable to the Credit Card Originator and pursuant to a Credit Card Agreement which
complies, in all material respects, with all Requirements of Law applicable to the Credit Card Originator;	  	 (A) Information from the FNBO Summary with respect to the Subject Accounts with an Addition Date on and after the Start Date and coding under
the field entitled “agent-bank-sub.”
  
 (1) With respect to Subject
Receivables arising in Subject Accounts for which either FNBO or FNBSD is the Credit Card Originator:
  

(a) Public filings of litigation and judgments made by First National Bank of Omaha, First National Funding LLC or First National Master Note Trust from the
Start Date through the Review Notice Date.
  
 (b) Copies of FNBO’s written policies
and procedures relating to (i) Fair Banking Compliance Risk Methodology, (ii) Unfair, Deceptive, or Abusive Acts or Practices Prevention Program, (iii) Compliance Risk Assessment Methodology, (iv) Corporate Compliance Change Control Procedures and
(v) Corporate Compliance Change Control Business Unit User Guide, from the Closing Date10 through the Review Notice Date (the “Initial Regulatory Review Documents”), the purpose of which
is to ensure FNBO’s compliance with all Requirements of Law applicable to it as a Credit Card Originator and provide a process by which appropriate parties review and
	  	 (1) Using the information from the FNBO Summary and with respect to each Subject Account with an Addition Date on and after the Start Date,
(a) identify the Subject Accounts that are Financial Institutions Accounts by examining the coding under the field entitled “agent_bank_sub” and if the code is “999,” then the Subject Account is a Financial Institutions Account
and (b ) identify the Subject Accounts that were originated by FNBO by examining the coding under the field entitled “agent_bank_sub” and if the code is anything other than “999,” the Subject Account was originated by FNBO.

 
 (2) Review public filings of litigation and judgments made by First National Bank of
Omaha, First National Funding LLC or First National Master Note Trust from the Start Date through the Review Notice Date and confirm there are no allegations that either FNBO or FNBSD, in its capacity as a Credit Card Originator, failed to comply
with any Requirements of Law applicable to itself or any Credit Card Agreement applicable to a Subject Receivable or, if such litigation existed, confirm that such litigation has been resolved.

 
 (3) Review the Initial Regulatory Review Documents, any Subsequent Regulatory Review
Documents, the Corporate Compliance Committee reports and the Compliance Review Calendars and confirm that FNBO has maintained a process for reviewing and approving changes with a regulatory compliance impact from the Closing Date through the Review
Notice Period.
  
 (4) Review copies of the Portfolio Purchase Guidelines and any reports,
audits, tests, reviews or assessments, if any, relating to FNBO’s compliance with the Portfolio Purchase Guidelines and confirm that FNBO has maintained a process for monitoring
its

  

 

	9 	“Requirements of Law” means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any
law treaty, rule or regulation, or determination of arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, state or local (including any usury laws, the
federal Truth in Lending Act and Regulation Z and Regulation B of the Consumer Finance Protection Bureau. “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. 

	10 	“Closing Date” means the date of execution of the Asset Representations Review Agreement among First National Bank of Omaha, as RPA Seller, First National Funding LLC, as Transferor, First National Bank
of Omaha, as Servicer, First National Master Note Trust, as Issuer, and FTI Consulting, Inc., as Asset Representations Reviewer. 

  
 18 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	 approve changes with a regulatory compliance impact, such as new product development, system functionality changes, product modification and
resolutions to identified bank errors and including, but not limited to, any changes to the forms of Credit Card Agreements in order to comply with all Requirements of Law applicable to FNBO as a Credit Card Originator. Any documents describing
changes to the Initial Regulatory Review Documents or evidencing changes to the Initial Regulatory Review Documents after the Closing Date are referred to herein as “Subsequent Regulatory Review Documents.”

 
 (c) Copies of the Compliance Review Calendars for each calendar year in the period that
begins on the Closing Date and ends on the Review Notice Date.
  
 (d) Copies of Corporate
Compliance Committee reports relating to credit cards from the Closing Date through the Review Notice Date
  

(2) With respect to Subject Receivables arising in Subject Accounts for which the Credit Card Originator is not FNBO or FNBSD:

 
 (a) With respect to the Subject Receivables arising in each Subject Account for which the
Credit Card Originator was not FNBO or FNBSD, copies of FNBO’s written policies and procedures relating to the acquisition of credit card account portfolios from third parties, including its Form of Due Diligence Questionnaire, Credit Card Due
Diligence Checklist, First National of Nebraska Acquisitions and New Business Initiative Policy, Portfolio Conversion Process
	  	 compliance with the Portfolio Purchase Guidelines from the Closing Date through the Review Notice Date.

 
 (5) Review the applicable purchase agreements and confirm there is a representation,
warranty or covenant made by the seller to the effect:
  

•       the receivables arising in the credit card accounts were originated in
material compliance with all Requirements of Law; or
  

•       seller is in material compliance with all Requirements of Law related
to the acquired assets; or
  

•       seller has conducted its business related to the acquired assets in
compliance in all material respects with Requirements of Law; or
  

•       each Outstanding since origination has been in material compliance
with all applicable Requirements of Law; or
  

•       seller has complied with all federal and state laws and regulations
(including, but not limited to, laws and regulations pertaining to usury, consumer credit, interest rates and fees), all VISA and MasterCard rules, and all applicable policies and procedures, with respect to origination, servicing, collections and
other activities of seller; or
  

•       any other language which is similar in substance to this
Representation 16(b).
  
 With respect to Subject Receivables arising in a Subject
Accounts for which either FNBO or FNBSD is the Credit Card Originator, if (2) and (3) are so confirmed, then each Subject Receivable shall receive a “Test Pass” with respect to this Test.

 
 With respect to Subject Receivables arising in Subject Accounts for which the Credit Card
Originator is not FNBO or FNBSD, if either (4) or (5) are confirmed, then each Subject Receivable shall receive a “Test Pass” with respect to this Test.

  
 19 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	 and the form of written consent of the Executive Committee of the Board of Directors of First National Bank of Omaha from the Closing Date
through the Review Notice Date (the “Portfolio Purchase Guidelines”).
  
 (b)
Copies of any reports, audits, tests, reviews or assessments of FNBO’s compliance with the Portfolio Purchase Guidelines from the Start Date through the Review Notice Date, if any.

 
 (c) To the extent available, copies of the applicable purchase agreements from the Start
Date through the Review Notice Date.
	  	

  
 20 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	17.	  	(c) with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by the Credit Card Originator in
connection with the creation of such Receivable or the execution, delivery and performance by the Credit Card Originator of the Credit Card Agreement pursuant to which such Receivable was created, have been duly obtained, effected or given and are
in full force and effect as of such date of creation;	  	 (A) Information from the FNBO Summary relating to Subject Accounts with Addition Dates on and after the Start Date and specifically with
respect to the coding under the field entitled “agent-bank-sub.”
  
 (1) With
respect to the Subject Receivables arising in Subject Accounts for which FNBO or FNBSD is the Credit Card Originator:
  

(a) Certified copies of FNBO’s Charter, the Amended and Restated Articles of Association, of First National Bank of Omaha and Restated By-Laws of First
National Bank of Omaha, together with an Assistant Secretary’s Certificate dated as of the Review Notice Date and relating to such certification as of the Review Notice Date and confirming that each such document (i) is a true and correct copy,
(ii) has not been amended, modified or rescinded and (iii) is in full force and effect.
  

(b) Confirmation, from an appropriate employee or officer of FNBO or its affiliates and based on information provided by employees of FNBO or its affiliates,
stating that (i) FNBO’s Charter, the Amended and Restated Articles of Association of First National Bank of Omaha and the Restated By-laws of First National Bank of Omaha and FNBO’s agreements with VISA and MasterCard constitute all of the
licenses and charters required to be obtained, effected or given in connection with the creation of the Receivables or the execution, delivery and performance of the Credit Card Agreements, and (ii) either (a) no Governmental Authority has taken any
action against FNBO with respect to any consent, license, approval or
	  	 (1) Using information from the FNBO Summary and with respect to each Subject Account with an Addition Date on and after the Start Date, (a)
identify the Subject Accounts that are Financial Institutions Accounts by examining the coding under the field entitled “agent_bank_sub” and if the code is “999,” then the Subject Account is a Financial Institutions Account and
(b ) identify the Subject Accounts that were originated by FNBO by examining the coding under the field entitled “agent_bank_sub” and if the code is anything other than “999,” the Subject Account was originated by FNBO.

 
 (2) With respect to Subject Accounts originated by FNBO, review the Assistant
Secretary’s Certificate and the certified copies of (a) the Charter, (b) the Amended and Restated Articles of Association of First National Bank of Omaha and (c) the Restated By-Laws of First National Bank of Omaha attached thereto.

 
 (3) With respect to Subject Accounts originated by FNBO, review the Confirmation.

 
 (4) With respect to Subject Accounts originated by FNBO, review the public filings of
litigation and judgments made by First National Bank of Omaha, First National Funding LLC or First National Master Note Trust from the Start Date through the Review Notice Date and confirm there is no litigation or judgment that indicates a failure
to have obtained a required consent, license, approval, authorization of, or registration with, a Government Authority required to be obtained, effected or given.
  

(5) With respect to Subject Accounts for which neither FNBO or FNBSD was the Credit Card Originator and to the extent available, review the applicable purchase
agreements and confirm there is a covenant, representation or warranty made by the seller to the effect:
  

•       seller possesses all material licenses and permits necessary to
conduct its business relating to the accounts as currently conducted; or
  

•       seller possesses all material licenses and permits related to the
Outstandings necessary to conduct its business as currently conducted;
  

•       all licenses, permits, certificates approvals or other similar
authorizations that Seller has or is required to have under applicable Law

  
 21 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	 authorization of, or registrations or declarations with, any Governmental Authority that was required to be obtained, effected or given FNBO
in connection with the creation of any Receivable or that would prevent FNBO from the execution, delivery or performance of its obligations under the Credit Card Agreements pursuant to which the Receivables were created as of the Review Notice Date
or (b) to the extent any such Governmental Authority action has been taken, such action has been resolved as of the Review Notice Date (the “Confirmation”).
  

(c) Public filings of litigation and judgments made by First National Bank of Omaha, First National Funding LLC or First National Master Note Trust from the
Start Date through the Review Notice Date.
  
 (2) With respect to Subject Receivables
arising in Subject Accounts for which neither FNBO nor FNBSD is the Credit Card Originator, any or all of the following:
  

(a) To the extent available, copies of the applicable purchase agreements.
  

(b) Copies of FNBO’s Portfolio Purchase Guidelines.
	  	 in order to conduct the Seller’s business related to the Assets (the “Seller Permits”) are valid
and in full force and effect in all material respects in every state in the United States where they are required by Law; or
  

•       all federal and state laws and regulations, including, but not limited
to, laws and regulations pertaining to usury and consumer credit, the Credit Card Accountability and Responsibility and Disclosure Act of 2009 (Public Law 111-24), Regulation Z and all Visa rules and Seller policies and procedures applicable to the
Assets and Seller’s origination, servicing, collection and other activities connected therewith have been complied with; or
  

•       Seller (and its predecessor(s) in interest) and subcontractors have at
all times complied with all (a) federal and state laws and regulations applicable to the Accounts and the Assets and (b) Association rules applicable to the Accounts and the Assets;

 

•       no internal or external audit, investigation or inspection or any
other review or inquiry whatsoever concerning or involving the Accounts conducted during the two calendar years immediately preceding the date of the agreement has reported a violation of any law or regulation by seller or any other issue or matter
that would have an adverse effect on the Assets or that would impose any undisclosed liability on a subsequent owner of the Assets, no governmental investigation concerning the Accounts is, to the best of the seller’s knowledge, currently
underway and no formal or informal regulatory enforcement action has been commenced against the seller; or
  

•       any other language similar in substance to this Representation
17(c).

  
 22 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  		  	 (6) Review copies of FNBO’s Portfolio Guidelines from the Closing Date through the Review Notice Date and confirm there are
provisions relating to FNBO requesting from the seller, either of the following:
  
 -a
description and copies of any material regulatory findings; or
  
 -copies of consent
decrees, injunctions, judgments, other decrees or orders, settlement agreements or similar documents, attorneys letters to auditors within the last three years; citations, notices or inquiries received from government agencies within the last three
years, including inquiries concerning potential violations of laws, rules or regulations; documents filed with the SEC, or any state or foreign securities regulatory agency within the last three years; and material reports to and correspondence with
any governmental agency within the last three years.
  
 With respect to Subject
Receivables arising in a Subject Account for which either FNBO or FNBSD is the Credit Card Originator, if (4) is so confirmed and (2) and (3) are received, then each Subject Receivable shall receive a “Test Pass” for this Test.

 
 With respect to Subject Receivables arising in a Subject Account for which neither FNBO
nor FNBSD is the Credit Card Originator, if either (5) or (6) is confirmed, then each Subject Receivable shall receive a “Test Pass” for this Test.

  
 23 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	18.	  	(d) as to which , upon the transfer of such Receivable to the Trust, the Trust will have good and marketable title thereto, free and clear of all Liens other than Liens permitted pursuant to subsection 2.05(b) of the Transfer and
Servicing Agreement11;	  	 (A) Nebraska UCC Searches with respect to First National Bank of Omaha and First National Funding LLC

 
 (B) Copies of NE UCC financing statements, as follows:

 
 (i) NE UCC financing statement number 9900086751 filed with the NE Secretary of State on
September 29, 2000, together with all assignments, amendments and continuations relating thereto, on file with the NE Secretary of State, as included in the NE UCC Searches;

 
 (ii) NE UCC financing statement number 9902241304-6 filed with the NE Secretary of State
on October 24, 2002, together with all assignments, amendments and continuations relating thereto, on file with the NE Secretary of State, as included in the NE UCC Searches;

 
 (iii) NE UCC financing statement number 9902241303-4 filed with the NE Secretary of State
on October 24, 2002, together with all assignments, amendments and continuations relating thereto, on file with the NE Secretary of State, as included in the NE UCC Searches; and

 
 (iv) NE UCC financing statement number 9909602106-7 filed with the NE Secretary of State
on July 14, 2009, together with all amendments,
	  	 (1) Perform a UCC search on each of First National Bank of Omaha and First National Funding LLC in the State of Nebraska and review the
search results to determine whether there is any lien on the Receivables arising in any Subject Account other than Excluded Liens and Permitted Liens. In analyzing the search results, the Asset Representations Reviewer will make assumptions as it
deems reasonable, in consultation with counsel, in order to determine if the search results reveal any liens evidencing a pledge of a Subject Account which is equal to or prior to the interest of the Receivables Trust Trustee and which is not an
Excluded Lien or a Permitted Lien. With respect to Unrelated Liens and with respect to the search results relating to First National Bank of Omaha only, the Asset Representations Reviewer may determine a lien is an Unrelated Lien and reasonably not
likely to relate to the Subject Accounts in reliance on an Officer’s Certificate of FNBO.
  

If there are no liens on the Receivables arising in any Subject Account other than Excluded Liens and Permitted Liens under the NE UCC Searches relating to
First National Bank of Omaha and First National Funding LLC, each Subject Receivable shall receive a “Test Pass” with respect to this Test.

 
  

	11 	Section 2.05(b) of the Transfer and Servicing Agreement, “Security Interests”provides, in pertinent part; “provided; however, that nothing in this subsection 2.05(b) shall prevent or be deemed
to prohibit Transferor from suffering to exist upon any of the Receivables and the Collateral Certificate any Liens for taxes if such taxes shall not at the time be due and payable or if Transferor shall currently be contesting the validity thereof
in good faith by appropriate proceedings and shall have set aside on its books, adequate reserves with respect thereto; and provided, further, that nothing in this subsection 2.05(b) shall be deemed to prohibit the transfer of the Transferor
Interest in accordance with this Agreement and the Trust Agreement (a “Permitted Lien”). 

  
 24 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	 assignments and continuations relating thereto, on file with the NE Secretary of State, as included in the NE UCC Searches; and

 
 (v) NE UCC financing statement number 9902241305-8 filed with the NE Secretary of State on
October 24, 2002, naming First National Funding LLC, as debtor, and The Bank of New York, as Indenture Trustee, and First National Master Note Trust, c/o Wilmington Trust Company, as Owner Trustee, as secured parties, together with all
assignments, amendments and continuations relating thereto.
  
 Hereinafter, the NE UCC
financing statements in this Item (B) are referred to as “Excluded Liens.”
  

(C) Copies of Officer’s Certificates of FNBO which describe certain liens on asset of FNBO that are unrelated to the Trust assets (the “Unrelated
Liens”) and were delivered by FNBO in order to support (i) NE perfection opinions delivered with respect to (a) the issuance of a new series of notes by First National Master Note Trust, (b) account additions and (c) the annual review of
the FNMNT and (ii) for informational purposes only, a copy of the most recent NE opinion of counsel relating to the annual review of FNMNT.
	  	

  
 25 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	 19.
	  	(e) which is the legal, valid and binding payment obligation of the Obligor thereon, enforceable against such obligor in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws or by
general principles of equity (whether considered in a suit at law or in equity);	  	(A) Copies of the forms of the Credit Card Agreements in effect from the Start Date through the Notice Review Date.	  	 (1) Review each form of Credit Card Agreement and confirm the presence of any of the following language:

 

•       You promise to pay all amounts due on your account; or

 

•       You agree to pay at least the minimum payment when due. You also agree
to pay overlimit amounts when billed to your monthly statements or sooner if we ask; or
  

•       other similar language relating to the obligation of the card holder
to pay amounts that are due.
  
 If (1) is so confirmed, then each Subject Receivable
shall receive a “Test Pass” for this Test.

  
 26 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	 20.
	  	(f) which constitutes an “account” under and as defined in Article 9 of the UCC;	  	 (A) Copy of Section 9.102(2)(vii) of the NE Uniform Commercial Code12

 
 (B) Information from the FNBO Summary with respect to Subject Accounts with Addition Dates
on and after the Start Date and coding relating to (i) the date upon which the Subject Account was on-boarded on the FNBO database (the “member_since” date) and (ii) the date upon which a credit card was most recently issued which appears
under the field entitled “issue.”
	  	 (1) For informational purposes only, review Section 9.102(2)(vii) of the NE Uniform Commercial Code.

 
 (2) Using the information from the FNBO Summary, confirm that each Subject Account with an
Addition Date on and after the Start Date constitutes an “account” under and as defined in Article 9 of the UCC and a right to the payment of monetary obligation, whether or not earned by performance, arising out of the use of a credit or
charge card or information contained on or for use with the card, to the extent (a) there is a “member_since” date and (b) there is a date relating to the issuance of a credit card account relating to the Subject Account under the field
entitled “issue.”
  
 If (2)(a) and (b) are so confirmed, then each Subject
Receivable shall receive a “Test Pass” for this Test.

  

 

	12 	Section 9.102 of NE Uniform Commercial Code. (2) Account”, except as used in “account for”, means a right to payment of a monetary obligation, whether or not earned by performance, (i) for
property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation
incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or
for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a
state. The term includes health-care-insurance receivables. The term does not include (i) rights to payment evidenced by chattel paper or an instrument, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment
property, (v) letter-of-credit rights or letters of credit, or (vi) rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the
card. 

  
 27 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	 21.
	  	(g) as to which, at the time of transfer to the Receivables Trust13, Transferor has not taken any action which, or failed to take any action the omission of which, would, at the
time of transfer to the Receivables Trust, impair the rights therein of the Receivables Trust Trustee or the Holders;	  	(A) Confirmation of a “Test Pass” with respect to the testing of Representation 24 below.	  	 (1) Confirm there is a “Test Pass” with respect to the testing under Representation 24 below.

 
 If (1) is so confirmed, each Subject Receivable shall receive a “Test Pass” with
respect to this Test.

  
  

	13 	“Receivables Trust” means (a) prior to the Certificate Trust Termination Date, the Certificate Trust and (b) on and after the Certificate Trust Termination Date, the Issuer.
“Certificate Trust” means First Bankcard Master Credit Card Trust. “Issuer” means First National Master Note Trust. 

  
 28 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	22.	  	(h) that, at the time of transfer to the Receivables Trust, has not been waived or modified except as would be permitted in accordance with subsections 3.03(h) and 3.03(i) of the Pooling and Servicing Agreement and the Transfer and
Servicing Agreement, as applicable;	  	 (A) Executed copies of the Transfer and Servicing Agreements and the Pooling and Servicing Agreement in effect from the Start Period through
the Review Notice Date
  
 (B) Copies of FNBO’s written policies and procedures with
respect to (i) Fee Reversal Guidelines, (ii) Administrative Fee Waivers, (iii) Consumer Rate Reset, (iv) the Hardship Program, (v) the Customer Assistance Program, (vi) Consumer Credit Counseling Service and (vi) Settlements relating to waivers and
modifications of Receivables and the rescheduling, revising and deferring of collections due on Receivables by the Servicer, in effect from the Closing Date through the Notice Review Date (the “Waiver/Modification Guidelines”).

 
 (C) Copies of FNBO Corporate Compliance Committee reports relating to FNBO’s
compliance with respect to any of the Waiver/Modification Guidelines from the Closing Date through the Review Notice Date.
	  	 (1) For information purposes only, review Section 3.03(h) and Section 3.03(i) of the Transfer and Servicing Agreements and the Pooling and
Servicing Agreement.
  
 (2) Review the Waiver/Modification Guidelines and FNBO Corporate
Compliance Committee reports relating to FNBO compliance with the Waiver/Modification Guidelines and confirm that FNBO has maintained a process for monitoring compliance with the Waiver/Modification Guidelines from the Closing Date through the
Review Notice Date.
  
 If (2) is so confirmed, then each Subject Receivable shall receive
a “Test Pass” with respect to this Test.

  
 29 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	23.	  	(i) that, at the time of its transfer to the Receivables Trust, is not subject to any right of rescission, setoff, counterclaim or any other defense of Obligor (including the defense of usury), other than defenses arising out of
Debtor Relief Laws and by general principles of equity (whether considered in a suit at law or equity) or in connection with Credit Adjustments pursuant to Section 3.02 of the Receivables Purchase Agreement;	  	 (A) Executed copies of the Receivables Purchase Agreements in effect with respect to the Subject Receivables from the Start Date through the
Review Notice Date.
  
 (B) Public filings of litigation and judgments made by First
National Bank of Omaha, First National Funding LLC or First National Master Note Trust from the Start Date through the Review Notice Date.
	  	 (1) For informational purposes only, review Section 3.02 of the applicable Receivable Purchase Agreements.

 
 (2) Review public filings of litigation and judgments made by First National Bank of
Omaha, First National Funding LLC or First National Master Note Trust from the Start Date through the Review Notice Date and confirm (a) there is no litigation or judgments that indicate an Obligor asserted a right to rescission or a right of setoff
with respect to any Subject Receivable and (b) further with respect to any litigation and any Subject Receivable, there is either (i) no counterclaim or any other defense of an Obligor, including the defense of usury, (other than defenses arising
out of Debtor Relief Laws and by general principles of equity (whether considered in a suit or equity) or in connection with Credit Adjustments pursuant to Section 3.02 of the applicable Receivables Purchase Agreement) or (ii) if such litigation
existed, it has been resolved.
  
 If (2) (a) and (b) are so confirmed, then each Subject
Receivable shall receive a “Test Pass” for this Test.

  
 30 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	24.	  	(j) as to which, at the time of its transfer to the Receivables Trust, the Transferor satisfied all obligations to be fulfilled at the time it is transferred to the Receivables Trust; and	  	 (A) As satisfaction of the obligations of RPA Seller to Transferor under Section 2.01(c) of the Receivable Purchase Agreement, a file-stamped
copy of NE UCC financing statement 9902241303-4 filed with the NE Secretary of State on October 24, 2002, naming First National Bank of Omaha, as debtor, and The Bank of New York, as Trustee and First National Funding LLC, as Secured Parties,
together with all assignments, amendments and continuations relating thereto and evidencing the security interest in the Receivables granted by RPA Seller to Purchaser and Receivables Trust Trustee.

 
 (B) As satisfaction of the obligations of RPA Seller to the Indenture Trustee under
Section 9.06(b) of the Receivables Purchase Agreement, a file- stamped copy of NE UCC financing statement number 9909602106-7 filed with the NE Secretary of State on July 14, 2009, naming First National Bank of Omaha, as debtor, and The Bank of
New York Mellon Trust Company, N.A., as secured party, together with all amendments, assignments and continuations relating thereto and evidencing the lien on the Receivables granted by the RPA Seller to the Indenture Trustee after the Certificate
Trust Termination Date.
  
 (C) As satisfaction of the obligations of Transferor to Issuer
under Section 2.01(c) of the Transfer and Servicing Agreement, a file stamped copy of NE UCC financing statement number 9902241305-8 filed with the NE Secretary of State on October 24, 2002, naming First National; Funding LLC, as
	  	 (1) Perform a UCC search on each of First National Bank of Omaha and First National Funding LLC in the State of Nebraska and review the
search results in order to confirm the NE UCC financing statements described in (A), (B) and (C) are on file with the NE Secretary of State and are effective.
  

(2) Review information from the FNBO Summary and confirm each Subject Account has been coded with a Trust Indicator of “01.”

 
 If (1) and (2) are so confirmed, then each Subject Receivable shall receive a “Test
Pass” for this Test.

  
 31 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

		  		  	 debtor, and The Bank of New York, as Indenture Trustee and First National Master Note Trust, as secured parties, together with all
amendments, assignments and continuations relating thereto and evidencing the security interest in the Receivables granted by Transferor to the Issuer.
  

(D) NE UCC Searches
  

(E) As further satisfaction of Section 2.01(c) of the Transfer and Servicing Agreement, information from the FNBO Summary evidencing that each Subject Account
has been coded with Trust Indicator of “01.”
	  	

  
 32 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	25.	  	(k) as to any Series, which meets any additional requirements as set forth in the respective Indenture Supplement for such Series.14	  	 (A) Executed copies of all Indenture Supplements to the Master Indenture relating to the issuance of a series of notes by the Issuer that (i)
were in force and effect from the Start Period through the Review Notice Date and (ii) for which the series of notes issued thereunder is outstanding as of the Review Notice Date.

 
 (B) Notification from FNBO indicating additional requirements for Eligible Receivables and
the related Transaction Documents at the time of the change.
	  	 (1) Review each Indenture Supplement to the Master Indenture and confirm there are no additional requirements relating to Eligible
Receivables in any Indenture Supplement to the Master Indenture.
  
 If (1) is so
confirmed, then each Subject Account shall receive a “Test Pass” with respect to this Test.
  

If (1) is not confirmed, then FNBO and the Asset Representations Reviewer will endeavor to develop appropriate testing procedures.

  
  

	14 	See Attachment 1 to this Schedule A for this Representation 25 and the Review Materials and Tests relating thereto that applies to the Subject Receivables arising in Subject Accounts with Addition Dates that occurred
during the effective period of the PSA from October 24, 2002 through December 18, 2008 and see Attachment 2 to this Schedule A for this Representation 25 and the Review Materials and Tests relating thereto that applies to the Subject
Receivables arising in Subject Accounts with Addition Dates that occurred during the effective period of the Original Master Indenture from October 24, 2002 through December 19, 2012. Schedule A applies to all Subject Accounts, including
those Subject Accounts with Addition Dates on and after December 20, 2012 and except as otherwise indicated in the first sentence of this footnote 14, no additional procedures apply. 

  
 33 

 ATTACHMENT 1 TO SCHEDULE A 

REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS APPLICABLE TO SUBJECT ACCOUNTS WITH ADDITION DATES THAT OCCURRED ON AND AFTER
SEPTEMBER 29, 2006 THROUGH AND INCLUDING DECEMBER 17, 2008. 
  

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	1.	  	 Sections 2.04(b)(i) and 2.06(c)(iii)(B) of PSA
  

With respect to Additional Accounts and the related Addition Date, each Account designated as an Account is an Eligible Account and no selection procedures
believed by the Transferor to be materially adverse to the interests of the Investor Certificateholders were utilized in selecting Additional Accounts from the available Eligible Accounts.
	  	 (A) Information from the FNBO data warehouse in summary form prepared by FNBO from the Start Date through the Review Notice Date (the
“FNBO Summary”), which includes the Addition Date for Subject Accounts with Addition Dates on and after September 29, 2006.
  

(B) Confirmation each Subject Account is an Eligible Account based on the results of the tests performed under Representations 3-11 above and Representations
12 and 12 A below.
  
 (C) Copies of the Project Reports or the Project Requirements, as
the case may be, for the Account Additions relating to Subject Accounts with Addition Dates on and after the Start Date through the Review Notice Date.
	  	 (1) With respect to each Subject Account with an Addition Date on and after the Start Date and using the FNBO Summary, verify that each
Subject Account has an Addition Date under the field “Added.”
  
 (2) With
respect to each Subject Account confirm the Subject Account is an Additional Account based on the fact it has an Addition Date.
  

(3) Confirm each Subject Account is an Eligible Account based on a “Test Pass” for each of the tests performed under Representations 3 –11 above
and Representations 12 and 12 A below.
  
 (4) With respect to each Subject Account and
using the applicable Project Report or Project Requirements, as the case may be, relating to its Addition Date, confirm there is no adverse criteria in the account selection criteria in the applicable Project Report or Project Requirements, as the
case may be. For this purpose, the exclusion of business and commercial accounts shall not be deemed to be adverse selection criteria.
  

If (2), (3) and (4) are so confirmed, then each Subject Account shall receive a “Test Pass” for this
Test.

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	12.	  	(j) that is not subject to any agreement by FNBO restricting its ability to alter the terms of the account or granting a third party a right to acquire the account upon the occurrence of specified events; and	  	 (A) Information from the FNBO Summary with respect to the Subject Accounts and coding under the field entitled
“agent_bank_sub.”
  
 (B) Any or all of the following with respect to Subject
Accounts which are Financial Institutions Accounts and have Addition Dates on and after September 29, 2006 through and including December 17, 2008:
  

(i) To the extent available, the applicable purchase agreements.
  

(ii) Executed copies of (a) the Assignments of Receivables in Additional Accounts relating to the Subject Accounts and the Officer Certificates of First
National Funding LLC, certifying to the effect each Additional Account designated pursuant to the related Assignment is an Eligible Account and each Receivable in such Additional Account is an Eligible Receivable, each dated as of the Addition Date
of the related Subject Account.
  
 (iii) To the extent the items described in (B)(ii) are
provided, information from the FNBO Summary, which includes the Addition Dates for Subject Accounts with Addition Dates on and after September 29, 2006.
	  	 (1) Using the information from the FNBO Summary and with respect to each Subject Account with an Addition Date on and after the Start Date,
confirm that the coding under the field entitled “agent_bank_sub” is either (a) “999,” which means the Subject Account is a Financial Institutions Account or (b) any code other than “999,” which means the Subject
Account was originated by FNBO.
  
 (2) With respect to each Subject Account for which a
purchase agreement has been provided, review the applicable purchase agreements and confirm with respect to each purchase agreement, there are no provisions which restrict FNBO’s ability to alter the terms of the account or grant a third party
the right to acquire the account upon the occurrence of specified events.
  
 (3) With
respect to each Subject Account for which an executed Assignment and Officer’s Certificate has been provided, (a) using the FNBO Summary, confirm the Addition Date in the Assignment matches the Addition Date for the Subject Account under the
field “Added”, and (b) review the Officer Certificate of Transferor and confirm that the Transferor certified, as of the Addition Date for the Subject Account, that “each Additional Account designated pursuant to the Assignment is an
Eligible Account and each Receivable in such Additional Account is an Eligible Receivable.”
  

If either (2) or (3)(a) and (b) are confirmed, then each Subject Account shall receive a “Test Pass” for this
Test.

  
 A-1-2 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	12A.	  	 (j) as to any Series, meets any additional requirements set forth in the respective

Supplement for such Series.
	  	 (A) Executed copies of all Indenture Supplements to the Master Indenture and all Supplements to the Pooling and Servicing Agreement, relating
to the issuance of a series of notes by the Issuer or the issuance of a series of certificates by the Certificate Trust that (i) were in force and effect from the Start Period through the Review Notice Date and (ii) for which the series of notes or
certificates issued thereunder is outstanding as of the Review Notice Date.
  
 (B)
Notification from FNBO indicating additional requirements for Eligible Accounts and the related Transaction Documents at the time of the change.
	  	 (1) Review each Indenture Supplement to the Master Indenture and each Supplement to the Pooling and Servicing Agreement and confirm there are
no additional requirements relating to Eligible Accounts in any Indenture Supplement to the Master Indenture or any Supplement to the Pooling and Servicing Agreement.
  

If (1) is so confirmed, then each Subject Account shall receive a “Test Pass” with respect to this Test.

 
 If (1) is not confirmed, then FNBO and the Asset Representations Reviewer will endeavor to
develop appropriate testing procedures.

  
 A-1-3 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	 15.
	  	(a) which has arisen under an Eligible Account;	  	(A) Confirmation that each Subject Receivable has arisen in an Eligible Account based on the results of the tests performed under Representations 3-11 above and Representations 12 and 12A below.	  	 (1) Confirm each Subject Receivable has arisen in an Eligible Account based on a “Test Pass” for each of the tests performed under
Representations 3 –11 above and Representations 12 and 12A above.
  
 If (1) is so
confirmed, then each Subject Receivable shall receive a “Test Pass” with respect to this Test.

  
 A-1-4 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	 25.
	  	(k) as to any Series, meets any additional requirements set forth in the respective Supplement for such Series.	  	 (A) Executed copies of all Indenture Supplements to the Master Indenture and all Supplements to the Pooling and Servicing Agreement, relating
to the issuance of a series of notes by the Issuer or the issuance of a series of certificates by the Certificate Trust that (i) were in force and effect from the Start Period through the Review Notice Date and (ii) for which the series of notes or
certificates issued thereunder is outstanding as of the Review Notice Date.
  
 (B)
Notification from FNBO indicating additional requirements for Eligible Receivables and the related Transaction Documents at the time of the change.
	  	 (1) Review each Indenture Supplement to the Master Indenture and each Supplement to the Pooling and Servicing Agreement and confirm there are
no additional requirements relating to Eligible Receivables in any Indenture Supplement to the Master Indenture or any Supplement to the Pooling and Servicing Agreement.
  

If (1) is so confirmed, then each Subject Receivable shall receive a “Test Pass” with respect to this Test.

 
 If (1) is not confirmed, then FNBO and the Asset Representations Reviewer will endeavor to
develop appropriate testing procedures.

  
 A-1-5 

 ATTACHMENT 2 TO SCHEDULE A 

REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND REVIEW PROCEDURES 

APPLICABLE TO SUBJECT ACCOUNTS WITH ADDITION DATES THAT OCCURRED ON AND 

AFTER DECEMBER 18, 2008 THROUGH AND INCLUDING DECEMBER 19, 2012. 

 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	1.	  	 Section 2.04(a)(viii) of TSA
  

With respect to Additional Accounts added, each Account is classified as an Eligible Account as of its relevant Addition Date and no selection procedures
adverse to the Noteholders or the have been employed in selecting the Accounts from among the Eligible Accounts.
	  	 (A) Information from the FNBO data warehouse in summary form prepared by FNBO from the Start Date through the Review Notice Date (the
“FNBO Summary”), which includes the Addition Date for Subject Accounts with Addition Dates on and after September 29, 2006.
  

(B) Confirmation each Subject Account is an Eligible Account based on the results of the tests performed under Representations 3-11 above and Representations
12 and 12A below.
  
 (C) Copies of the Project Reports or the Project Requirements, as
the case may be, for the Account Additions relating to Subject Accounts with Addition Dates on and after the Start Date through the Review Notice Date.
	  	 (1) With respect to each Subject Account with an Addition Date on and after the Start Date and using the FNBO Summary, verify that each
Subject Account has an Addition Date under the field “Added.”
  
 (2) With
respect to each Subject Account confirm the Subject Account is an Additional Account based on the fact it has an Addition Date.
  

(3) Confirm each Subject Account is an Eligible Account based on a “Test Pass” for each of the tests performed under Representations 3 –11 above
and Representations 12 and 12A below.
  
 (4) With respect to each Subject Account and
using the applicable Project Report or Project Requirements, as the case may be, relating to its Addition Date, confirm there is no adverse criteria in the account selection criteria in the applicable Project Report or Project Requirements, as the
case may be. For this purpose, the exclusion of business and commercial accounts shall not be deemed to be adverse selection criteria.
  

If (2), (3) and (4) are so confirmed, then each Subject Account shall receive a “Test Pass” for this
Test.

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	12.	  	(j) that is not subject to any agreement by FNBO restricting its ability to alter the terms of the account or granting a third party a right to acquire the account upon the occurrence of specified events; and	  	 (A) Information from the FNBO Summary with respect to the Subject Accounts and coding under the field entitled
“agent_bank_sub.”
  
 (B) Any or all of the following with respect to Subject
Accounts which are Financial Institutions Accounts and have Addition Dates on and after December 18, 2008 and through and including December 19, 2012:
  

(i) To the extent available, the applicable purchase agreements.
  

(ii) Executed copies of (a) the Assignments of Receivables in Additional Accounts relating to the Subject Accounts and the Officer Certificates of First
National Funding LLC, certifying to the effect each Additional Account designated pursuant to the related Assignment is an Eligible Account and each Receivable in such Additional Account is an Eligible Receivable, each dated as of the Addition Date
of the related Subject Account.
  
 (iii) To the extent the items described in (B)(ii) are
provided, information from the FNBO Summary, which includes the Addition Dates for Subject Accounts with Addition Dates on and after September 29, 2006.
	  	 (1) Using the information from the FNBO Summary and with respect to each Subject Account with an Addition Date on and after the Start Date,
confirm that the coding under the field entitled “agent_bank_sub” is either (a) “999,” which means the Subject Account is a Financial Institutions Account or (b) any code other than “999,” which means the Subject
Account was originated by FNBO.
  
 (2) With respect to each Subject Account for which a
purchase agreement has been provided, review the applicable purchase agreements and confirm with respect to each purchase agreement, there are no provisions which restrict FNBO’s ability to alter the terms of the account or grant a third party
the right to acquire the account upon the occurrence of specified events.
  
 (3) With
respect to each Subject Account for which an executed Assignment and Officer’s Certificate has been provided, (a) using the FNBO Summary, confirm the Addition Date in the Assignment matches the Addition Date for the Subject Account under the
field “Added”, and (b) review the Officer Certificate of Transferor and confirm that the Transferor certified, as of the Addition Date for the Subject Account, that “each Additional Account designated pursuant to the Assignment is an
Eligible Account and each Receivable in such Additional Account is an Eligible Receivable.”
  

If either (2) or (3)(a) and (b) are confirmed, then each Subject Account shall receive a “Test Pass” for this
Test.

  
 A-2-2 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	12A.	  	 (j) as to any Series, meets any additional requirements set forth in the respective

Supplement for such Series.
	  	 (A) Executed copies of all Indenture Supplements to the Master Indenture and all Supplements to the Pooling and Servicing Agreement, relating
to the issuance of a series of notes by the Issuer or the issuance of a series of certificates by the Certificate Trust that (i) were in force and effect from the Start Period through the Review Notice Date and (ii) for which the series of notes or
certificates issued thereunder is outstanding as of the Review Notice Date.
  
 (B)
Notification from FNBO indicating additional requirements for Eligible Accounts and the related Transaction Documents at the time of the change.
	  	 (1) Review each Indenture Supplement to the Master Indenture and each Supplement to the Pooling and Servicing Agreement and confirm there are
no additional requirements relating to Eligible Accounts in any Indenture Supplement to the Master Indenture or any Supplement to the Pooling and Servicing Agreement.
  

If (1) is so confirmed, then each Subject Account shall receive a “Test Pass” with respect to this Test.

 
 If (1) is not confirmed, then FNBO and the Asset Representations Reviewer will endeavor to
develop appropriate testing procedures.

  
 A-2-3 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	15.	  	(a) which has arisen under an Eligible Account;	  	(A) Confirmation that each Subject Receivable has arisen in an Eligible Account based on the results of the tests performed under Representations 3-11 above and Representations 12 and 12A below.	  	 (1) Confirm each Subject Receivable has arisen in an Eligible Account based on a “Test Pass” for each of the tests performed under
Representations 3 –11 above and Representations 12 and 12A below.
  
 If (1) is so
confirmed, then each Subject Receivable shall receive a “Test Pass” with respect to this Test.

  
 A-2-4 

							
	 #
	  	 Representations and

Warranties
	  	 Review Materials
	  	 Tests

	25.	  	 (k) as to any Series, meets any additional requirements set forth in the respective

Supplement for such Series.
	  	 (A) Executed copies of all Indenture Supplements to the Master Indenture and all Supplements to the Pooling and Servicing Agreement, relating
to the issuance of a series of notes by the Issuer or the issuance of a series of certificates by the Certificate Trust that (i) were in force and effect from the Start Period through the Review Notice Date and (ii) for which the series of notes or
certificates issued thereunder is outstanding as of the Review Notice Date.
  
 (B)
Notification from FNBO indicating additional requirements for Eligible Receivables and the related Transaction Documents at the time of the change.
	  	 (1) Review each Indenture Supplement to the Master Indenture and each Supplement to the Pooling and Servicing Agreement and confirm there are
no additional requirements relating to Eligible Receivables in any Indenture Supplement to the Master Indenture or any Supplement to the Pooling and Servicing Agreement.
  

If (1) is so confirmed, then each Subject Receivable shall receive a “Test Pass” with respect to this Test.

 
 If (1) is not confirmed, then FNBO and the Asset Representations Reviewer will endeavor to
develop appropriate testing procedures.

  
 A-2-5 

 EXHIBIT A 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT, dated as of             ,
20    , is between FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as depositor (the “Depositor”) and FTI CONSULTING, INC., a Maryland corporation, as asset representations
reviewer (the “Asset Representations Reviewer”). 
 In consideration of good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Certain Defined Terms. The following terms shall have the meanings set forth below, unless the context clearly
indicates otherwise: 
 “Agreement” means this Indemnification Agreement, as the same may be amended in accordance
with the terms hereof. 
 “Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated
September 23, 2016 among First National Bank of Omaha, as RPA Seller and Servicer, the Depositor, in its capacity as Transferor, First National Master Note Trust, as Issuer, and the Asset Representations Reviewer, as such agreement may be
amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 
 “ARR
Information” means the information attached hereto as Exhibit A. 
 “Offered Notes” means the (Series
20  -    ) Notes referred to as offered notes by the Prospectus. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, estate, trust or
unincorporated association, any other entity, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Prospectus” means the prospectus, dated             ,
20    , relating to the offering of the Offered Notes. 
 “Securities Act” means the provisions
of the Securities Act of 1933, 15 U.S.C. Sections 77a et seq., and any regulations promulgated thereunder, as may be amended or modified from time to time. 

 “Securities Exchange Act” means the provisions of the Securities Exchange Act of
1934, 15 U.S.C. Sections 78a et seq., and any regulations promulgated thereunder, as may be amended or modified from time to time. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.01. Each party hereto represents and warrants that: 

(a) it has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;

 (b) this Agreement has been duly authorized, executed and delivered by such party; and 

(c) assuming the due authorization, execution and delivery by each other party hereto, this Agreement constitutes the legal,
valid and binding obligation of such party. 
 Section 2.02. The Asset Representations Reviewer represents and warrants to the
Depositor that as of the date of the Prospectus, there are no material pending legal or other proceedings involving the Asset Representations Reviewer or of which any property of Asset Representations Reviewer is the subject that, individually or in
the aggregate as to the Asset Representations Reviewer, would have a material adverse impact on investors in the Offered Notes. As promptly as possible following notice to or discovery by the Asset Representations Reviewer of any event or
circumstance that would make the representation and warranty in the previous sentence untrue, the Asset Representations Reviewer shall provide the Depositor notice of such event or circumstance. 

ARTICLE III 

INDEMNIFICATION 

Section 3.01. Indemnification. The Asset Representations Reviewer agrees to indemnify and hold harmless the Depositor and its
officers, directors, shareholders, employees, agents and each Person, if any, who controls the Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and against any and
all claims, losses, liabilities, actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys) of any nature resulting from or directly related to (a) any untrue statement of a material
fact contained in the ARR Information, (b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made,
not misleading or (c) a breach of any of the representations and warranties of the Asset Representations Reviewer contained in Section 2.02 of this Agreement, in each case solely to the extent such claims, losses, liabilities, actions,
suits, judgments, demands, damages, costs or expenses are not incurred as a result of the Depositor’s misfeasance, bad faith, fraud or negligence. In no event shall the Asset Representations Reviewer be responsible or liable for

 
special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Asset Representations Reviewer has been
advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 3.02. Notification: Procedural
Matters. Promptly after receipt by any indemnified party under Section 3.01 of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party
under Section 3.01, notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under
Section 3.01 except to the extent it has been materially prejudiced by such failure; and provided further, however, that the Indemnification Agreement failure to notify the indemnifying party shall not relieve it from any liability which it may
have to any indemnified party otherwise than under Section 3.01. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, the indemnifying party elects to assume the defense thereof, it may
participate with counsel reasonably satisfactory to such indemnified party; provided, however, that if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party or parties shall
reasonably have concluded that there may be legal defenses available to it or them and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the
right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of
its election so to assume the defense of such action and approval by the indemnified party of such counsel, the indemnifying party shall not be liable to such indemnified party under this paragraph for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof, unless (a) the indemnified party shall have employed separate counsel (plus any local counsel) in connection with the assertion of legal defenses in accordance with the
proviso to the immediately preceding sentence, (b) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement
of the action or (c) the indemnifying party shall have authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. No party shall be liable for contribution with respect to any action or claim
settled without its consent, which consent shall not be unreasonably withheld. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel (in addition to any local counsel) representing an indemnified party
separate from its own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. 

 ARTICLE IV 

GENERAL 

Section 4.01. Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their affiliates
and their respective successors and assigns and the officers, directors, partners and controlling Persons referred to in Article III hereof and their respective successors and assigns, and no other Person shall have any right or obligation
hereunder. 
 Section 4.02. Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS. 
 Section 4.03. Acknowledgement. The
Asset Representations Reviewer hereby acknowledges and agrees that the ARR Information shall be used in the Prospectus. 

Section 4.04. Miscellaneous. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated except by
a writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, which taken together shall
constitute one and the same instrument. 
 Section 4.05. Notices. All communications hereunder shall be in writing and
shall be deemed to have been duly given when delivered to (a) in the case of the Depositor, First National Funding LLC, 1620 Dodge Street, Mail Stop 3395, Omaha, Nebraska 68197-3395, Attention: President, and (b) in the case of the Asset
Representations Reviewer, FTI Consulting, Inc., 3 Times Square, 10th Floor, New York, New York 10036, Attention: Hansol Kim; or, in each case, to such other address as to which the applicable
party has notified the other parties in writing pursuant to this Section. 
 Section 4.06. Waiver of July Trial. EACH
PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE
TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 
 Section 4.07. Submission to Jurisdiction; Waivers. Each of the parties
hereto hereby irrevocably and unconditionally: 
 (a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NONEXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; AND 

 (b) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS
AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO
PLEAD OR CLAIM THE SAME. 

 IN WITNESS WHEREOF, the parties have executed this Agreement by their duly authorized officers as
of the date first above written. 
  

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

	Title	 	  

	
	FTI CONSULTING, INC.
		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT A 

ARR INFORMATION 
 Item 1109(b)(1)-(2): 
 Item 1117: See Representation 2.02 of this Indemnification Agreement.

 Item 1119: The following is a description of the Asset Representations Reviewer’s affiliation, if any, with any of the
following persons, in each case, only to the extent that the identity of such persons has been identified to the Asset Representations Reviewer pursuant to Section 4.02(d)(ii)(C) of the Asset Representations Review Agreement: the sponsor, the
depositor, the issuing entity, each servicer, each trustee and each person hired by First National Bank of Omaha or an underwriter to perform due diligence on the Receivables, any originator, any significant obligor, any enhancement or support
provider, any underwriter, or any other material transaction party.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]