Document:

EX-4.7

 Exhibit 4.7 
  

 
  

EXECUTION COPY 
  

SECOND AMENDMENT 
 TO

 THE CABELA’S MASTER CREDIT CARD TRUST 

SERIES 2004-1 SUPPLEMENT 

THIS SECOND AMENDMENT TO THE CABELA’S MASTER CREDIT CARD TRUST SERIES 2004-1 SUPPLEMENT TO THE AMENDED AND RESTATED
POOLING AND SERVICING AGREEMENT (this “Second Amendment”), dated as of November 3, 2006, is by and among WFB FUNDING, LLC, a Nebraska limited liability company, as Transferor (the “Transferor”), WORLD’S
FOREMOST BANK, a Nebraska state banking corporation, as Servicer (the “Servicer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”). 

WHEREAS, the Transferor, the Servicer and the Trustee have executed (i) that certain Amended and Restated Pooling and
Servicing Agreement, dated as of February 4, 2003, as amended by that certain First Amendment to the Cabela’s Master Credit Card Trust Amended and Restated Pooling and Servicing Agreement, dated as of August 31, 2005 (as further
amended, supplemented and otherwise modified through the date hereof and as the same may be further amended, supplemented or otherwise modified and in effect from time to time, the “Pooling and Servicing Agreement”); and
(ii) that certain Series 2004-1 Supplement to the Amended and Restated Pooling and Servicing Agreement, dated as of April 14, 2004, as amended by that certain First Amendment to the Cabela’s Master Credit Card Trust Series 2004-1
Supplement (as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Series 2004-1 Supplement”); and 

WHEREAS, the Transferor, the Servicer and the Trustee wish to amend the Series 2004-1 Supplement in accordance with
Section 13.01(a) of the Pooling and Servicing Agreement and that certain Master Indenture, dated as of April 14, 2004, by and among the Servicer, Cabela’s Credit Card Master Note Trust, as Issuer (the “Issuer”), and
U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”) (the “Indenture”), as provided herein. 

NOW THEREFORE, in consideration of the promises and agreements contained herein, the parties hereto agree to amend the
provisions of the Series 2004-1 Supplement as follows: 
 SECTION 1.    Amendment of
Section 7.  Subsection 7(c)(ii) of the Series 2004-1 Supplement shall be and hereby is amended by deleting such subsection in its entirety and by inserting in the place thereof the following: 

(ii)       the total amount of Principal Receivables and the amount on
deposit in the Pre-Funding Account, the Collection Account, the Principal Account (including each Principal Accumulation Account (if any, as defined in any Supplement) and each Principal Funding Account (if any, as defined in any supplement under
the Indenture)) shall be less than the Minimum Aggregate Principal Receivables; 

 SECTION 2.   Effectiveness. The amendment provided for
by this Second Amendment shall become effective upon receipt by the Trustee of each of the following: 
  

	 	(a)	 the counterparts of this Second Amendment, duly executed by the parties hereto; 

 

	 	(b)	 notification in writing from each of Moody’s, Standard & Poor’s and Fitch to the effect that the terms of this Second Amendment
will not result in a reduction or withdrawal of the rating of any outstanding Series or Class to which it is a Rating Agency issued pursuant to the Pooling and Servicing Agreement or the Indenture; 

 

	 	(c)	 confirmation from the Transferor and Servicer that they have received a copy of the written notification described in clause (b) above and
that such written notification is satisfactory to the Transferor and Servicer in their sole discretion; 

  

	 	(d)	 an Officer’s Certificate from the Transferor addressed to the Trustee, to the effect that the terms of this Second Amendment will not
adversely affect in any material respect the interests of any Investor Certificateholder or any Credit Enhancement Provider; and 

  

	 	(e)	 an Opinion of Counsel from the Transferor and Servicer addressed to the Trustee to the effect that this Second Amendment complies with all
requirements of the Pooling and Servicing Agreement and the Indenture. 

 SECTION 3.  Series
2004-1 Supplement in Full Force and Effect as Amended.  Except as specifically amended or waived hereby, all of the terms and conditions of the Series 2004-1 Supplement shall remain in full force and effect. All references to the
Series 2004-1 Supplement in any other document or instrument shall be deemed to mean such Series 2004-1 Supplement as amended by this Second Amendment. This Second Amendment shall not constitute a novation of the Series 2004-1 Supplement, but shall
constitute an amendment thereof. The parties hereto agree to be bound by the terms and obligations of the Series 2004-1 Supplement, as amended by this Second Amendment, as though the terms and obligations of the Series 2004-1 Supplement were set
forth herein. 
 SECTION 4.  Counterparts.  This Second Amendment may be executed in any number
of counterparts and by separate parties hereto on separate counterparts, each of which when executed shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 

SECTION   5.      Governing Law.    THIS SECOND
AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAW PROVISIONS WHICH WOULD REQUIRE THE APPLICATION OF LAWS OF ANY OTHER JURISDICTION), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 SECTION 6.  Defined Terms and Section
References.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Pooling and Servicing Agreement and, if not defined in the Pooling and Servicing Agreement, the meanings
assigned to such terms in the Indenture. All section or subsection references herein shall mean the Sections or subsections of the Pooling and Servicing Agreement, except as otherwise herein provided. 

[Signature pages follow.] 

 EXECUTION COPY 

IN WITNESS WHEREOF, the Transferor, the Servicer, the Trustee and the Series Enhancer for the Series 2004-I and Series 2004-II
Class A Notes have caused this Second Amendment to be duly executed by their respective officers as of the day and year first above written. 
  

					
	WFB FUNDING, LLC,	 	
	Transferor	 	
		
	By:	 	  WFB Funding Corporation, its Managing Member
			
	By:	 	 /s/ Kevin Werts
	 	
	Name:  Kevin J. Werts	 	
	Title:  Secretary and Treasurer	 	
		
	WORLD’S FOREMOST BANK,	 	
	Servicer	 	
			
	By:	 	 /s/ Kevin Werts
	 	
	Name:  Kevin J. Werts	 	
	Title:  Treasurer	 	
	
	U.S. BANK NATIONAL ASSOCIATION,
	Trustee	 	
			
	By:	 	 /s/
	 	
	Name:	 	
	Title:	 	

  
 [Signature page to Second
Amendment to the Series 2004-1 Supplement] 

			
	AGREED AND CONSENTED TO:
	
	AMBAC ASSURANCE CORPORATION,
	Series Enhancer for the Series 2004-I and
	2004-II Class A Notes
		
	By:	 	 /s/

	Name:
	Title:

  
 [Signature page to Second
Amendment to the Series 2004-1 Supplement]EX-4.8

 Exhibit 4.8 

TRUST AGREEMENT 
 Dated as
of April 13, 2004 
  
  

CABELA’S CREDIT CARD MASTER NOTE TRUST 
  

 
 between 

WFB FUNDING, LLC, 
 as
Transferor 
 and 
 WACHOVIA
BANK OF DELAWARE, NATIONAL ASSOCIATION, 
 as Owner Trustee 
  

 

 TABLE OF CONTENTS 

 

											
	 	 	 	 	 	 	 	  	Page	 
				
	 ARTICLE I
	 		 	 DEFINITIONS
	  	 	1	  
			
	 Section 1.01.
	 	Capitalized Terms	  	 	1	  
			
	 Section 1.02.
	 	Other Definitional Provisions	  	 	3	  
				
	 ARTICLE II
	 		 	 ORGANIZATION; DECLARATION OF TRUST; SERIES 2004-1 CERTIFICATE
	  	 	4	  
			
	 Section 2.01.
	 	Name	  	 	4	  
			
	 Section 2.02.
	 	Office	  	 	4	  
			
	 Section 2.03.
	 	Purpose and Powers	  	 	4	  
			
	 Section 2.04.
	 	Appointment of Owner Trustee	  	 	5	  
			
	 Section 2.05.
	 	Initial Capital Contribution of Trust Assets	  	 	5	  
			
	 Section 2.06.
	 	Declaration of Trust	  	 	5	  
			
	 Section 2.07.
	 	Title to Trust Property	  	 	6	  
			
	 Section 2.08.
	 	Situs of Trust	  	 	6	  
			
	 Section 2.09.
	 	Representations and Warranties of the Transferor	  	 	6	  
			
	 Section 2.10.
	 	Liability of Certificateholders	  	 	7	  
				
	 ARTICLE III
	 		 	 CERTIFICATES
	  	 	7	  
			
	 Section 3.01.
	 	Initial Ownership	  	 	7	  
			
	 Section 3.02.
	 	Form of Certificates	  	 	8	  
			
	 Section 3.03.
	 	Authentication of Certificates	  	 	8	  
			
	 Section 3.04.
	 	Transferor Certificate	  	 	8	  
			
	 Section 3.05.
	 	Restrictions on Transfer	  	 	9	  
			
	 Section 3.06.
	 	Mutilated, Destroyed, Lost or Stolen Certificate	  	 	9	  
				
	 ARTICLE IV
	 		 	 ACTIONS BY OWNER TRUSTEE
	  	 	10	  
			
	 Section 4.01.
	 	Prior Notice to Owner and Transferor with Respect to Certain Matters	  	 	10	  
			
	 Section 4.02.
	 	Action By Transferor with Respect to Certain Matters	  	 	10	  
			
	 Section 4.03.
	 	Restrictions on Power	  	 	10	  
				
	 ARTICLE V
	 		 	 AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	11	  
			
	 Section 5.01.
	 	General Authority	  	 	11	  
			
	 Section 5.02.
	 	General Duties	  	 	11	  
			
	 Section 5.03.
	 	Action Upon Instruction	  	 	11	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

											
	 	 	 	 	 	 	 	  	Page	 
			
	 Section 5.04.
	 	No Duties Except as Specified in this Agreement or in Instructions	  	 	12	  
			
	 Section 5.05.
	 	No Action Except under Specified Documents or Instructions	  	 	13	  
			
	 Section 5.06.
	 	Restrictions	  	 	13	  
			
	 Section 5.07.
	 	Confidentiality	  	 	13	  
				
	 ARTICLE VI
	 		 	 CONCERNING THE OWNER TRUSTEE
	  	 	13	  
			
	 Section 6.01.
	 	Acceptance of Trusts and Duties	  	 	13	  
			
	 Section 6.02.
	 	Furnishing of Documents	  	 	15	  
			
	 Section 6.03.
	 	Representations and Warranties	  	 	15	  
			
	 Section 6.04.
	 	Reliance; Advice of Counsel	  	 	16	  
			
	 Section 6.05.
	 	Not Acting in Individual Capacity	  	 	16	  
			
	 Section 6.06.
	 	Owner Trustee May Own Notes	  	 	16	  
		
	 Section 6.07. Owner Trustee Not Liable for Certificates, Notes or Receivables
	  	 	16	  
				
	 ARTICLE VII
	 		 	 COMPENSATION OF OWNER TRUSTEE
	  	 	17	  
			
	 Section 7.01.
	 	Owner Trustee’s Fees and Expenses	  	 	17	  
			
	 Section 7.02.
	 	Indemnification	  	 	17	  
			
	 Section 7.03.
	 	Payments to the Owner Trustee	  	 	18	  
				
	 ARTICLE VIII
	 		 	 TERMINATION OF TRUST AGREEMENT
	  	 	18	  
			
	 Section 8.01.
	 	Termination of Trust Agreement	  	 	18	  
				
	 ARTICLE IX
	 		 	 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	18	  
			
	 Section 9.01.
	 	Eligibility Requirements for Owner Trustee	  	 	18	  
			
	 Section 9.02.
	 	Resignation or Removal of Owner Trustee	  	 	19	  
			
	 Section 9.03.
	 	Successor Owner Trustee	  	 	19	  
			
	 Section 9.04.
	 	Merger or Consolidation of Owner Trustee	  	 	20	  
			
	 Section 9.05.
	 	Appointment of Co-Trustee or Separate Trustee	  	 	20	  
				
	 ARTICLE X
	 		 	 MISCELLANEOUS
	  	 	21	  
			
	 Section 10.01.
	 	Supplements and Amendments	  	 	21	  
			
	 Section 10.02.
	 	No Legal Title to Trust Assets in Owner	  	 	24	  
			
	 Section 10.03.
	 	Limitations on Rights of Others	  	 	24	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

											
	 	 	 	 	 	 	 	  	Page	 
			
	 Section 10.04.
	 	Notices	  	 	24	  
			
	 Section 10.05.
	 	Severability	  	 	24	  
			
	 Section 10.06.
	 	Separate Counterparts	  	 	24	  
			
	 Section 10.07.
	 	Successors and Assigns	  	 	24	  
			
	 Section 10.08.
	 	No Petition	  	 	24	  
			
	 Section 10.09.
	 	No Recourse	  	 	25	  
			
	 Section 10.10.
	 	Headings	  	 	25	  
			
	 Section 10.11.
	 	GOVERNING LAW	  	 	25	  
			
	 Section 10.12.
	 	ACCEPTANCE OF TERMS OF AGREEMENT	  	 	25	  
			
	 Section 10.13.
	 	Integration of Documents	  	 	25	  

  
 -iii- 

 CABELA’S CREDIT CARD MASTER NOTE TRUST TRUST AGREEMENT, dated as of
April 13. 2004, between WFB FUNDING. LLC, a Nebraska limited liability company, as Transferor, and WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, a national banking association, as Owner Trustee. 

ARTICLE I 
 DEFINITIONS

 Section 1.01.  Capitalized Terms.   For all purposes of this Agreement, the
following terms shall have the meanings set forth below: 
 “Administration Agreement” shall mean the Transfer
and Administration Agreement, dated as of April 14, 2004 among World’s Foremost Bank, as Administrator, the Transferor, the Trust, as Issuer, and the Indenture Trustee, as the same may be amended, modified or otherwise supplemented from
time to time. 
 “Administrator” shall mean World’s Foremost Bank or any successor Administrator under the
Administration Agreement. 
 “Agreement” shall mean this Trust Agreement relating to Cabela’s Credit Card
Master Note Trust, as the same may be amended, modified or otherwise supplemented from time to time. 
 “Certificate
of Trust” shall mean the Certificate of Trust of the Trust filed with the Secretary of State pursuant to Section 3810(a) of the Statutory Trust Act. 

“Certificates” shall mean, unless otherwise indicated, the Trust Certificate, the Transferor Certificate, if any,
and the Supplemental Certificates, if any. 
 “Corporate Trust Office” shall mean, with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee located at One Rodney Square, Suite 102, 920 King Street, Wilmington, Delaware 19801, Attention: Corporate Trust Administration (facsimile no. 302-888-7544); or at such other address
as the Owner Trustee may designate by notice to the Transferor, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Transferor). 

“Expenses” shall have the meaning assigned to such term in Section 7.02. 

“Governmental Authority” shall mean any federal, state, local domestic or foreign governmental, regulatory or
self-regulatory authority, agency, court, tribunal, commission or other regulatory or self-regulatory entity, 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. 
 “Indemnified Parties” shall have the
meaning assigned to such term in Section 7.02. 

 “Indenture” shall mean the Master Indenture relating to Cabela’s
Credit Card Master Note Trust, dated as of April 14. 2004, among the Trust, as Issuer, World’s Foremost Bank, as Servicer, and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 

“Indenture Trustee” shall mean U.S. Bank National Association, not in its individual capacity but solely as
Indenture Trustee under the Indenture, and any successor Indenture Trustee under the Indenture. 
 “Master Trust”
shall mean the Cabela’s Master Credit Card Trust. 
 “Owner” shall mean the holder of the Trust Certificate
in its capacity as beneficial owner of the Trust hereunder, and initially shall be the Transferor. 
 “Owner
Trustee” shall mean Wachovia Bank of Delaware, National Association, a national banking association, not in its individual capacity but solely as owner trustee under this Agreement (unless otherwise specified herein), and any successor Owner
Trustee hereunder. 
 “Pooling and Servicing Agreement” shall mean the Amended and Restated Pooling and Servicing
Agreement, dated as of February 4, 2003, among the Transferor, World’s Foremost Bank, as Servicer, and U.S. Bank National Association, as Trustee, as amended, restated, supplemented or otherwise modified from time to time, including as
supplemented by the Series 2004-1 Supplement. 
 “Secretary of State” shall mean the Secretary of State of the
State of Delaware. 
 “Series 2004-1 Certificate” shall mean the Series 2004-1 Certificate issued pursuant to the
Pooling and Servicing Agreement and the Series 2004-1 Supplement. 
 “Series 2004-1 Supplement” shall mean the
Series 2004-1 Supplement, relating to the Pooling and Servicing Agreement, which by its terms is identified as being the Series 2004-1 Supplement referred to herein, as amended, restated, supplemented or otherwise modified from time to time. 

“Statutory Trust Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. §3801
et seq., as the same may be amended from time to time. 
 “Supplemental Certificate” shall have the
meaning set forth in subsection 3.04(b). 
 “Transaction Documents” shall mean the Certificate of Trust,
this Agreement, the Indenture, each Indenture Supplement, the Administration Agreement and such other documents and certificates delivered in connection herewith and therewith (including any note purchase agreement or Series Enhancement (as defined
in the Master Indenture) relating to any Notes). 
 “Transferor” shall mean WFB Funding, LLC in its capacity as
Transferor hereunder and its successors and permitted assigns. 

  
 2 

 “Transferor Certificate” shall mean the certificate executed by the
Owner Trustee on behalf of the Trust, substantially in the form attached hereto as Exhibit B. 
 “Transferor
Certificate Supplement” shall have the meaning set forth in subsection 3.04(b). 
 “Trust” shall mean
the Delaware statutory trust created by this Agreement and the filing of the Certificate of Trust. 
 “Trust
Accounts” shall mean the Collection Account and the Series Accounts, as such terms are defined in the Indenture. 

“Trust Assets” shall mean all right, title and interest of the Trust in and to the Series 2004-1 Certificate and
any other property and rights assigned to the Trust pursuant to this Agreement, all monies, investment property, instruments and other property on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time,
including any rights of the Owner Trustee and the Trust pursuant to the Transaction Documents. 
 “Trust
Certificate” shall mean the certificate evidencing the beneficial interest of the Owner in the Trust, substantially in the form attached hereto as Exhibit A. 

“Trust Officer” shall mean any officer within the Corporate Trust Office, including any Vice President, Managing
Director, Assistant Vice President, Secretary, Assistant Secretary or Assistant Treasurer or any other officer of the Owner Trustee customarily performing functions similar to those performed by any of the above designated officers, that has direct
responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject. 

“Trust Termination Date” shall have the meaning set forth in subsection 8.01(a). 

Section 1.02.  Other Definitional Provisions. 

(a) Capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Indenture (including by
way of reference to other documents). 
 (b) All terms defined in this Agreement shall have the defined meanings when used
in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in
this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement
or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or in
any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control. 

  
 3 

 (d)        The words “hereof,”
“herein,” “hereunder,” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this
Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

(e)        The definitions contained in this Agreement are applicable to the singular
as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 ARTICLE II

 ORGANIZATION; DECLARATION OF TRUST; SERIES 2004-1 CERTIFICATE 

Section 2.01.  Name.  The Trust created hereby is known as the “Cabela’s Credit
Card Master Note Trust,” in which name the Trust and the Owner Trustee on behalf of the Trust each shall have power and authority and is hereby authorized and empowered to and may conduct the business of the Trust, make and execute contracts
and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

Section 2.02.  Office.  The office of the Trust shall be in care of the Owner Trustee at the
Corporate Trust Office or at such other address in the State of Delaware as the Owner Trustee may designate by notice to the Owner, the Indenture Trustee and the Transferor. 

Section 2.03.  Purpose and Powers.  The purpose of the Trust is to engage in the activities
set forth in this Section 2.03. The Trust shall have power and authority and is hereby authorized and empowered, without the need for further action on the part of the Trust, and the Owner Trustee shall have power and authority, and is
hereby authorized and empowered, in the name of and on behalf of the Trust, to do or cause to be done all acts and things necessary, appropriate or convenient to cause the Trust to engage in the activities set forth in this Section 2.03
as follows: 
 (i)        to execute, deliver and issue (and in the case of the
Certificates, authenticate) the Notes pursuant to the Indenture and to issue the Certificates pursuant to this Agreement and, in connection with the execution, delivery or issuance of such Notes and Certificates, to purchase any futures, forwards,
swaps, option contracts, surety bonds, financial guaranty insurance policies, interest rate caps or other financial instruments with similar characteristics, which financial instruments cannot be contrary to the status of the Trust as a qualified
special purpose entity under existing accounting literature; 
 (ii)        to
acquire the Series 2004-1 Certificate, and other certificates of beneficial interest, of the Master Trust; 

  
 4 

 (iii)      to assign, grant, transfer, pledge and
mortgage the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Transferor and the Owner or the Noteholders pursuant to the terms of this Agreement and the Transaction Documents any portion of the Trust Estate released
from the lien of and remitted to the Trust pursuant to, the Indenture; 
 (iv)      to enter
into, execute, deliver and perform the Transaction Documents to which it is to be a party; 

(v)       from time to time receive payments and proceeds with respect to the Series
2004-1 Certificate, and the other certificates of beneficial interest in the Master Trust and the Indenture and either invest or distribute those payments and proceeds; 

(vi)      to acquire Receivables and other assets conveyed to it by the Transferor and the
collections and proceeds thereof; 
 (vii)     to engage in those activities, including entering
into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 

(viii)    subject to compliance with the Transaction Documents, to engage in such other activities as may
be required or convenient in connection with conservation of the Trust Assets and the making of payments to the Noteholders and distributions to the Transferor and the Owner, which activities shall not be contrary to the status of the Trust as a
qualified special purpose entity under existing accounting literature. 
 The Trust shall not have power, authority or authorization to, and
shall not, engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Transaction Documents. 

Section 2.04.  Appointment of Owner Trustee.  The Transferor hereby appoints the Owner
Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein. 

Section 2.05.  Initial Capital Contribution of Trust Assets.  The Transferor as Owner hereby
assigns, transfers, conveys and sets over to the Owner Trustee, as of the date hereof, the sum of $1 in consideration for the Trust Certificate. The Owner Trustee hereby acknowledges receipt in trust from the Owner, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Trust Assets and shall be held by the Owner Trustee. The Owner shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly
reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. Upon termination of the Trust, after satisfaction of the liabilities of the Trust as provided by applicable laws, the Owner will receive the $1 conveyed to the Trust in
consideration for the Trust Certificate, and the Owner shall have no other economic interest in the Trust by virtue of its ownership of the Trust Certificate. 

Section 2.06.  Declaration of Trust.  The Owner Trustee hereby declares that it will hold the
Trust Assets in trust upon and subject to the conditions set forth herein for the use and benefit of the holder of the Trust Certificate, subject to the obligations of the Trust under the 

  
 5 

 
Transaction Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under (he Statutory Trust Act and that this Agreement constitutes the governing
instrument of such statutory trust. It is the intention of the parties hereto that, for income tax purposes, the Trust shall be treated as a security device and disregarded as an entity and its assets shall be treated as owned in whole by the
Transferor. The Transferor shall be responsible for all tax matters. The parties hereto agree that they will take no action contrary to the foregoing intention. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and
authority set forth herein and. to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. 

Section 2.07.  Title to Trust Property.  Legal title to all the Trust Assets shall be vested
at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Assets to be vested in a trustee or trustees, in which case legal title shall be deemed to be vested in the
Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
 Section 2.08.  Situs of
Trust.  The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Minnesota, the State of Delaware or the State of New
York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments
will be received by the Trust only in Delaware or New York, and payments will be made by the Trust only from Delaware or New York. The only office of the Trust will be at the Corporate Trust Office in Delaware. 

Section 2.09.  Representations and Warranties of the Transferor.  The Transferor hereby
represents and warrants to the Owner Trustee (as such or in its individual capacity) that: 
 (a) Organization and Good
Standing.    The Transferor is a limited liability company duly organized and validly existing in good standing under the laws of the State of Nebraska and has full power, authority and legal right to own its properties and
to conduct its business as such properties are presently owned and such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party. 

(b) Due Qualification.  The Transferor is duly qualified to do business and is in good standing as a foreign
limited liability company (or is exempt from such requirement), and has obtained all necessary licenses and approvals in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would have a material adverse effect
on its ability to perform its obligations under this Agreement. 
 (c) Due Authorization.  The execution
and delivery of this Agreement and each other Transaction Document to which the Transferor is a party and the consummation of the transactions provided for in this Agreement and each other Transaction Document to which the Transferor is a party have
been duly authorized by the Transferor by all necessary action on its part; the Transferor has full power and authority to assign the property to be assigned to and deposited with the Trust and the Transferor shall have duly authorized such
assignment and 

  
 6 

 
deposit to the Trust by all necessary limited liability company action: and the execution, delivery and performance of this Agreement has been duly authorized by the Transferor by all necessary
limited liability company action. 
 (d) No Conflict.    The execution and delivery of this
Agreement and the consummation of the transactions contemplated by this Agreement and each other Transaction Document to which the Transferor is a party and the fulfillment of the terms hereof and thereof do 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, the certificate of incorporation or by-laws of the Transferor, or any indenture, contract, agreement or other
instrument to which the Transferor is a party or by which it is bound (other than violations of such indentures, contracts, agreements, or other instruments which, individually or in the aggregate, would not have a material adverse effect on the
Transferor’s ability to perform its obligations under this Agreement). 
 (e) No Proceedings.  There
are no proceedings or investigations pending, or, to the best knowledge of the Transferor, threatened against the Transferor, before any court, federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Transferor or its properties which (i) assert the invalidity of this Agreement or any of the Transaction Documents to which the Transferor is a party, (ii) seek to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the Transaction Documents to which the Transferor is a party, or (iii) seek any determination or ruling that in the reasonable judgment of the Transferor would materially and adversely affect the
performance by the Transferor of its obligations under, or the validity or enforceability of, this Agreement or any of the Transaction Documents to which the Transferor is a party. 

(f) Enforceability.  This Agreement constitutes a legal, valid and binding obligation of the Transferor
enforceable against the Transferor in accordance with its term, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium or other similar laws affecting
creditors’ rights generally or general principles of equity. 
 Section 2.10.  Liability of
Certificateholders.     The holders of the Trust Certificate, the Transferor Certificate and any Supplemental Certificates shall be entitled to the same limitation of personal liability extended to stockholders of
private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 ARTICLE III 

CERTIFICATES 

Section 3.01.  Initial Ownership.  The Owner, in its capacity as holder of the Trust
Certificate shall be the sole beneficial owner of the Trust and shall be bound by the provisions of this Agreement. The Transferor, in its capacity as holder of the Transferor Certificate shall own a beneficial interest in the assets of the Trust in
accordance with Section 3.04 and shall be bound by the provisions of this Agreement. 

  
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 Section 3.02.  Form of Certificates.  On the
date hereof, the Trust Certificate shall be issued in registered form in substantially the form of Exhibit A. On the date hereof, a Transferor Certificate will be issued in registered form in substantially the form of Exhibit B. The
Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Trust Officer of the Owner Trustee. The Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Trust, shall, when duly authenticated pursuant to Section 3.03, be validly issued, fully paid and non-assessable and entitled to the benefits of this Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of the Certificates or did not hold such offices at the date of authentication and delivery of the Certificates. 

Section 3.03.  Authentication of Certificates.  Concurrently with the initial capital
contribution of $1 to the Trust pursuant to Section 2.05, the Owner Trustee shall cause a Trust Certificate to be executed on behalf of the Trust and authenticated and delivered to the Owner. On the date hereof, the Owner Trustee shall
authenticate and deliver the Transferor Certificate to the Transferor. No Certificate shall entitle its holder to any benefit under this Agreement, or be valid for any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form provided herein, executed by the Owner Trustee or the Owner Trustee’s authentication agent, by manual or facsimile signature; such authentication shall constitute conclusive evidence that the Certificate
shall have been duly authenticated and delivered hereunder. Each Certificate shall be dated the date of its authentication. 

Section 3.04.  Transferor Certificate. 

(a) The Transferor shall hold an undivided beneficial interest in the Trust Assets subject to the lien of the Notes as
provided in the Indenture, including the right to receive distributions, if any, with respect to the Series 2004-1 Certificate, and any other amounts at the times and in the amounts specified in the Indenture and any Indenture Supplement to be
distributed to the Trust to be paid to the holder of the Transferor Certificate. All amounts payable to the Trust under and pursuant to the Indenture and the Indenture Supplements are to be paid to the holder of the Transferor Certificate. 

(b) At any time the Transferor may surrender its Transferor Certificate to the Owner Trustee in exchange for a newly issued
Transferor Certificate and another certificate (a “Supplemental Certificate”), the form and terms of which shall be defined in a supplement (a “Transferor Certificate Supplement”) to this Agreement (which Transferor
Certificate Supplement shall be subject to Section 10.01 to the extent that it amends any of the terms of this Agreement) to be delivered to or upon the order of the Transferor. The issuance of any such Supplemental Certificate shall be
subject to satisfaction of the following conditions: 
 (i)      on or before the fifth day
immediately preceding the issuance of a Supplemental Certificate, the Transferor shall have given the Owner Trustee, the Servicer, the Indenture Trustee and each Rating Agency notice (unless such notice requirement is otherwise waived) of such
issuance of a Supplemental Certificate; 

  
 8 

 (ii)       the Transferor shall have
delivered to the Owner Trustee and the Indenture Trustee any related Transferor Certificate Supplement in form reasonably satisfactory to the Owner Trustee and the Indenture Trustee, executed by each party hereto; 

(iii)      the Rating Agency Condition shall have been satisfied with respect to such issuance
of a Supplemental Certificate; 
 (iv)      such surrender and exchange, will not result in
any Adverse Effect and the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of the Transferor, dated the date of such issuance of a Supplemental Certificate, to the effect that the
Transferor reasonably believes that such issuance of a Supplemental Certificate, will not, based on the facts known to such officer at the time of such certification, have an Adverse Effect and that all other conditions to the issuance of such
Supplemental Certificate have been satisfied; and 
 (v)       the Transferor shall have
delivered to the Owner Trustee and Indenture Trustee (with a copy to each Rating Agency) a Tax Opinion, dated the date of such surrender and exchange, with respect to such issuance of a Supplemental Certificate. 

Any Supplemental Certificate held by any Person at any time after the date of its initial issuance may be transferred or
exchanged only upon the delivery to the Owner Trustee and the Indenture Trustee of a Tax Opinion dated as of the date of such transfer or exchange, as the case may be, with respect to such transfer or exchange. 

Section 3.05.  Restrictions on Transfer.     To the fullest extent permitted by
applicable law, the Certificates (or any interest therein) may not be sold, transferred, assigned, participated, pledged or otherwise disposed of to any Person; provided, however, that a Certificate (or any interest therein) may be
sold, transferred, assigned, participated, pledged or otherwise disposed of if the transferor thereof has provided the Owner Trustee and the Indenture Trustee with a Tax Opinion relating to such sale, transfer, assignment, participation, pledge or
other disposition. 
 Section 3.06.  Mutilated, Destroyed, Lost or Stolen Certificate. If
(a) a mutilated Certificate shall be surrendered to the Owner Trustee, or if the Owner Trustee shall receive evidence to its satisfaction of the destruction, loss or theft of a Certificate and (b) in the case of a destroyed, lost or stolen
Certificate, there shall be delivered to the Owner Trustee (as such and in its individual capacity) such security or indemnity as may be required by it to save it harmless, then the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee shall authenticate and deliver, in exchange for or in lieu of the mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination. In connection with the issuance of any new Certificate under this
Section 3.06, the Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge or expense that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this
Section 3.06 shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

  
 9 

 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

Section 4.01.    Prior Notice to Owner and Transferor with Respect to Certain
Matters.  Subject to subsection 2.03(iv), with respect to the following matters, unless otherwise instructed by the Transferor, the Trust shall not take action unless the Owner Trustee shall have notified the Transferor and
the Transferor shall have given its prior written consent: 
 (a) the initiation of any claim or lawsuit by the Trust
(other than an action to collect on the Trust Assets) or the compromise and settlement of any action, claim or lawsuit brought by or against the Trust (other than an action to collect on the Trust Assets); 

(b) the election by the Trust to file an amendment to the Certificate of Trust; 

(c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is
required; 
 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is not required and such amendment materially adversely affects the interest of the Transferor; 
 (e) the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Transferor; or 

(f) the appointment pursuant to the Indenture of a successor Note Registrar or Indenture Trustee, or the consent to the
assignment by the Note Registrar or Indenture Trustee of its obligations under the Indenture. 

Section 4.02.  Action By Transferor with Respect to Certain Matters.  The Owner Trustee shall
not have the power, except upon the direction of the Transferor, to (a) remove the Administrator under the Administration Agreement pursuant to Section 10 thereof, (b) appoint a successor Administrator under the Administration
Agreement pursuant to Section 10 thereof or (c) except as expressly provided in the Transaction Documents, sell the Trust Assets after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Transferor. 
 Section 4.03.  Restrictions on
Power. 
 (a) The Transferor shall not direct the Owner Trustee to take or refrain from taking any action if such
action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.03, nor shall the Owner Trustee be obligated to follow
any such direction, if given. 
 (b) The Owner Trustee shall have no power to create, assume or incur indebtedness or other
liabilities in the name of the Trust other than as contemplated in this Agreement and the other Transaction Documents. 

  
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 ARTICLE V 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 5.01.  General Authority.  Each of the Trust and the Owner Trustee in the name and on
behalf of the Trust shall have power and authority, and is hereby authorized and empowered to execute and deliver the Transaction Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or
contemplated by the Transaction Documents to which the Trust is to be a party, or any amendment thereto or other agreement, in each case, in such form as the Transferor shall approve as evidenced conclusively by the Owner Trustee’s execution
thereof. In addition to the foregoing, the Owner Trustee in the name and on behalf of the Trust shall also have power and authority and is hereby authorized and empowered, but shall not be obligated, to take all actions required of the Trust
pursuant to the Transaction Documents. Subject to Section 2.03, the Owner Trustee in the name and on behalf of the Trust shall also have power and authority and is hereby authorized and empowered, from time to time, to take such action
as the Transferor or the Administrator directs in writing with respect to the Transaction Documents. 

Section 5.02.  General Duties.  It shall be the duty of the Owner Trustee to discharge (or
cause to be discharged) all of its responsibilities pursuant to the terms of his Agreement and the Transaction Documents and to administer the Trust in the interest of the holders of the Certificates, subject to the Transaction Documents and in
accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has
agreed in the Administration Agreement or another Transaction Document to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be personally liable for the default
or failure of the Administrator to carry out its obligations under the Administration Agreement. 

Section 5.03.  Action Upon Instruction. 

(a) Subject to Article IV, the Transferor may at any time, by written instruction, direct the Owner Trustee in the
management of the Trust. 
 (b) The Owner Trustee shall not be required to take any action hereunder or under any
Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in personal liability on the part of the Owner Trustee or is contrary to the terms hereof or of
any Transaction Document or is otherwise contrary to law. 

  
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 (c) Whenever the Owner Trustee is unable to decide between alternative courses
of action permitted or required by the terms of this Agreement or any Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Transferor requesting instruction as to
the course of action to be adopted, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction of the Transferor received, the Owner Trustee shall not be personally liable on account of
such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interest of the Transferor, and
shall have no personal liability to any Person for such action or inaction. 
 (d) In the event that the Owner Trustee is
unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form
as shall be appropriate under the circumstances) to the Transferor requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall
not be personally liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the
best interests of the holders of the Certificates, and shall have no personal liability to any Person for such action or inaction. 

Section 5.04.  No Duties Except as Specified in this Agreement or in Instructions.  The Owner
Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust or the Trust Assets, or to otherwise take or refrain from taking any action under, or in
connection with, this Agreement or any document contemplated hereby to which the Trust is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 5.03; and no implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing statement or amendment
thereto in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it or the Trust hereunder or to prepare or file any Commission filing for the Trust or to record this Agreement
or any Transaction Document. The Owner Trustee in its individual capacity nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Assets that result
from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Trust Assets or the transactions contemplated by the Transaction Documents. 

  
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 Section 5.05.   No Action Except under Specified
Documents or Instructions.  The Owner Trustee shall not manage, control, use. sell, dispose of or otherwise deal with any part of the Trust Assets except (i) in accordance with the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 5.03 and
Section 4.02. 
 Section 5.06.   Restrictions.  The Owner Trustee shall
not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual knowledge of a Trust Officer of the Owner Trustee, would result in the Trust’s becoming
taxable as a corporation for federal income tax purposes. The Transferor shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 

Section 5.07.   Confidentiality.  The Owner Trustee hereby agrees not to disclose to any
Person any of the account numbers or other information delivered to the Owner Trustee or the Trust, from time to time, except (i) to a Successor Servicer or as required by a Requirement of Law applicable to the Owner Trustee, (ii) in
connection with the performance of the Owner Trustee’s duties hereunder, (iii) to the Indenture Trustee in connection with its duties in enforcing the rights of Noteholders and Series Enhancers, (iv) to bona fide creditors or
potential creditors of the Transferor or the Trust for the limited purpose of enabling any such creditor to identify applicable Receivables or Accounts subject to this Agreement or the Indenture, (v) to counsel for the Owner Trustee or any
party involved in the Transaction, (vi) to bank examiners, auditors or accountants for the Owner Trustee or (vii) in connection with any litigation to which Wachovia Bank of Delaware, National Association or the Owner Trustee is a party
involving the Transaction. The Owner Trustee hereby agrees to take such measures as shall be reasonably requested by the Transferor to protect and maintain the security and confidentiality of such information. The Owner Trustee shall provide the
Transferor with notice five (5) Business Days prior to disclosure of any information of the type described in this Section 5.07. The Owner Trustee shall also enter into such reasonable confidentiality agreements as the Account Owner
or the Servicer shall deem necessary to protect its interests and as are reasonably acceptable in form and substance to the Owner Trustee. 

ARTICLE VI 
 CONCERNING
THE OWNER TRUSTEE 
 Section 6.01.  Acceptance of Trusts and Duties.  The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the
Trust Assets upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally answerable or accountable hereunder or under any Transaction Document under any circumstances, except (i) for its own willful
misconduct, bad faith or gross negligence in the performance of its duties or the omission to perform any such duties or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.03 expressly made
by the Owner Trustee in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a) the Owner Trustee shall not be personally liable for any error of judgment made in good faith by a Trust Officer of the
Owner Trustee; 

  
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 (b) the Owner Trustee shall not be personally liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the Administrator or the Transferor; 
 (c) no
provision of this Agreement or any Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur any personal financial liability in the exercise or performance of any of its duties, rights or powers hereunder or
under any Transaction Document, if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it (as such and in its
individual capacity); 
 (d) under no circumstances shall the Owner Trustee be personally liable for indebtedness evidenced
by or arising under any of the Transaction Documents, including the principal of and interest on the Notes; 
 (e) the
Owner Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Agreement, the due execution hereof by the Transferor or the form, character, genuineness, sufficiency, value or validity of any of the Trust
Assets, the Transaction Documents, the Notes or the Certificates other than the genuineness of the Owner Trustee’s signature on the certificate of authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any
personal liability, duty, or obligation to any Noteholder or to the Owner or any other Person, other than as expressly provided for herein and in the Transaction Documents; 

(f) the Owner Trustee shall not be personally liable for the default or misconduct of the Transferor, the Administrator, the
Servicer, the Indenture Trustee or any other Person under any of the Transaction Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the Transaction
Documents that are required to be performed by the Transferor under this Agreement, the Administrator under the Administration Agreement or the Indenture Trustee under the Indenture; 

(g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or
to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or direction of the Transferor, unless the Transferor has offered to the Owner
Trustee (as such and in its individual capacity) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any
discretionary act enumerated in this Agreement or in any Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable or personally liable to any Person for any such act other than liability to the Trust and
the beneficial owners of the Trust for its own gross negligence or willful misconduct in the performance of any such act or the omission to perform any such act; and 

  
 14 

 (h) notwithstanding anything contained herein to the contrary, the Owner Trustee
shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the registration with, licensing by or the taking of any other similar action in respect of, any
state or other governmental authority or agency of any jurisdiction other than the State of Delaware by or with respect to the Owner Trustee (as such and in its individual capacity); (ii) result in any fee, tax or other governmental charge
under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee (as such and in its individual capacity); or (iii) subject the Owner
Trustee (as such and in its individual capacity) to personal jurisdiction in any jurisdiction other than the State of Delaware (or any other jurisdiction in which it is already subject to personal jurisdiction) for causes of action arising from acts
unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense of the Transferor) to determine whether any action required
to be taken pursuant to this Agreement results in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such
consequences, the Transferor shall appoint an additional trustee pursuant to Section 9.05 hereby to proceed with such action. 

Section 6.02.  Furnishing of Documents.  The Owner Trustee shall furnish to the Owner, the
Transferor and the Indenture Trustee, promptly upon written request therefor, copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction
Documents. 
 Section 6.03.  Representations and Warranties.  The Owner Trustee (as such
and in its individual capacity) hereby represents and warrants to the Transferor, for the benefit of the Owner and the Transferor, that: 

(i)       It is a national banking association duly organized and validly
existing in good standing under the laws of the United States of America. It has all requisite power and authority to execute, deliver and perform its obligations under this Agreement. 

(ii)      It has taken all action necessary to authorize the execution and
delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(iii)     Neither the execution nor the delivery by it of this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the
Owner Trustee (as such and in its individual capacity) or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound. 

  
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 Section 6.04.   Reliance; Advice of Counsel 

(a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing body of any Person as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the
method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officer of an
appropriate Person, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this
Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be personally liable for the conduct or
misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care
and employed by it. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or written advice of any such counsel, accountants or other such Persons. 

Section 6.05.  Not Acting in Individual Capacity.  Except as provided in this Article
VI, in accepting the trusts hereby created, Wachovia Bank of Delaware, National Association acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Assets for payment or satisfaction thereof 

Section 6.06.  Owner Trustee May Own Notes.    The Owner Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may deal with the Transferor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

 Section 6.07.  Owner Trustee Not Liable for Certificates. Notes or Receivables. The
statements contained herein and in the Certificates, Notes and other Transaction Documents (other than the signature and authentication (as applicable) of the Owner Trustee on the Certificates and its representations and warranties in
Section 6.03) shall not be taken as the statements of the Owner Trustee, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this
Agreement, or of the Certificates (other than the signature and authentication (as applicable) of the Owner Trustee on the Certificates), or of the Notes or of any other Transaction Document or of any related documents. The Owner Trustee shall at no
time have any responsibility or personal liability for or with respect 

  
 16 

 
to the legality, validity and enforceability of the Receivables, or the perfection and priority of any security interest in the Receivables or the maintenance of any such perfection and priority,
or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of the Receivables;
the existence and enforceability of any insurance thereon; the existence and contents of the Receivables on any computer or other record thereof; the validity of the assignment of the Receivables to the Trust or of any intervening assignment; the
completeness of the Receivables; the performance or enforcement of the Receivables; the compliance by the Transferor or the Servicer with any warranty or representation made under any Transaction Document or in any related document or the accuracy
of any such warranty or representation or any action of the Administrator, the Indenture Trustee or the Servicer taken in the name of the Owner Trustee. 

ARTICLE VII 

COMPENSATION OF OWNER TRUSTEE 

Section 7.01.  Owner Trustee’s Fees and Expenses. 

(a) The Owner Trustee (in its individual capacity) shall receive as compensation for its services hereunder such fees as have
been separately agreed upon before the date hereof between the Transferor and the Owner Trustee (in its individual capacity), and the Owner Trustee shall be entitled to be reimbursed by the Transferor for its other reasonable out-of-pocket expenses
hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder
and under the Transaction Documents. 
 (b) The Owner Trustee shall have no recourse to the assets pledged under the
Indenture with respect to any payments pursuant to this Section 7.01, and the Owner Trustee’s rights to enforce such obligation shall be subject to the provisions of Section 10.08. 

Section 7.02.  Indemnification.  The Transferor shall indemnify, defend and hold harmless the
Owner Trustee (as such and in its individual capacity) and its successors, assigns, directors, officers, employees, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities,
obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”)
which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Assets, the administration of the Trust
Assets or the action or inaction of the Owner Trustee hereunder, except that the Transferor shall not be liable for or required to indemnify an Indemnified Party from and against expenses arising or resulting from (i) the Indemnified
Party’s own fraud, willful misconduct, bad faith or gross negligence, or (ii) the inaccuracy of any representation or warranty contained in Section 6.03. An Indemnified Party’s right to enforce such obligation shall be
subject to the provisions of Section 10.08. The indemnities contained in 

  
 17 

 
this Section shall survive the resignation or removal of the Owner Trustee or the termination of this Agreement. In the event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Transferor, which approval shall not be unreasonably withheld. 

Section 7.03.  Payments to the Owner Trustee.  Any amounts paid to an Indemnified Party
pursuant to this Article VII shall not be construed to be a part of the Trust Assets. 
 ARTICLE VIII 

TERMINATION OF TRUST AGREEMENT 

Section 8.01.  Termination of Trust Agreement. 

(a) The Trust shall dissolve upon the earlier of (i) at the option of the Transferor (written notice of which shall be
provided to the Owner Trustee), the day on which the rights of all Series of Notes to receive payments from the Trust have terminated (the “Trust Termination Date”) and (ii) dissolution of the Trust in accordance with
applicable law. After satisfaction of liabilities of the Trust as provided by applicable law, any money or other property held as part of the Trust Assets following such distribution shall be distributed to the Transferor. The bankruptcy,
liquidation, dissolution, termination, death or incapacity of the Transferor or the Owner shall not (x) operate to terminate this Agreement or annul, dissolve or terminate the Trust, or (y) entitle the Transferor’s or the Owner’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for partition or winding up of all or any part of the Trust or Trust Assets or (z) otherwise affect the rights, obligations and liabilities
of the parties hereto. 
 (b) Except as provided in subsection 8.01(a), neither the Transferor nor the Owner shall
be entitled to revoke, dissolve or terminate the Trust. 
 (c) Upon completion of the winding up of the Trust and its
termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State at the expense of the Transferor in accordance with the provisions of Section 3810 of the
Statutory Trust Act and thereupon the Trust and this Agreement (other than Article VI, Article VII and Section 10.08) shall terminate. 

ARTICLE IX 
 SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 9.01.  Eligibility Requirements for Owner
Trustee.  The Owner Trustee shall at all times be a Person satisfying any applicable provisions of the Statutory Trust Act, authorized to exercise trust powers; having a combined capital and surplus of at least $50,000,000 and subject
to supervision or examination by federal or state authorities; and having 

  
 18 

 
(or having a parent which has) a rating of at least Baa3 by Moody’s and at least BBB- by Standard & Poor’s or if not rated, otherwise satisfactory to such Rating Agencies. If
such Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 9.02. 

Section 9.02.  Resignation or Removal of Owner Trustee.  The Owner Trustee may at any time
resign and be discharged from the trusts hereby created by giving written notice thereof to the Transferor; provided, however, that such resignation and discharge shall only be effective upon the appointment of a successor Owner
Trustee. Upon receiving such notice of resignation, the Transferor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to
the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee. 
 If at any time the Owner Trustee shall cease to
be eligible in accordance with the provisions of Section 9.01 and shall fail to resign after written request therefor by the Transferor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Transferor may remove the Owner Trustee. If the Transferor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Transferor shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and pay all amounts owed to the outgoing Owner Trustee in its individual capacity. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section 9.02 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.03. The Transferor shall provide notice of such resignation or removal of the
Owner Trustee to each of the Rating Agencies. 
 Section 9.03.  Successor Owner
Trustee.  Any successor Owner Trustee appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the Transferor and to its predecessor Owner Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties,
and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and expenses, deliver to the successor Owner Trustee all documents and
statements and monies held by it under this Agreement, and 

  
 19 

 
the Transferor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming
in the successor Owner Trustee all such rights, powers, duties, and obligations. 
 No successor Owner Trustee shall accept
appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.01. 

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Transferor shall mail notice of the
appointment of such successor Owner Trustee to the Owner, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Transferor shall fail to mail such notice within ten (10) days after acceptance of appointment by the successor
Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Transferor. 
 Upon
acceptance of appointment by a successor Owner Trustee pursuant to this Section 9.03, such successor Owner Trustee shall file an amendment to the Certificate of Trust with the Secretary of State identifying the name and principal place
of business of such successor Owner Trustee. 
 Section 9.04.  Merger or Consolidation of Owner
Trustee.  Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any
Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder; provided such Person shall be eligible pursuant to Section 9.01, without
the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided further that (a) the Owner Trustee shall mail notice of such merger
or consolidation to the Rating Agencies, the Indenture Trustee and the Transferor and (b) the Owner Trustee shall file any necessary amendments to the Certificate of Trust with the Secretary of State. 

Section 9.05.  Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Assets may at the time be located, the Transferor and the Owner Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more Persons approved by each of the Transferor and the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any
part of the Trust Assets, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Transferor and the
Owner Trustee may consider necessary or desirable. If the Transferor shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.01 and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 9.03. 

  
 20 

 Each separate trustee and co-trustee shall, to the extent permitted by law. be
appointed and act subject to the following provisions and conditions: 

(i)        all rights, powers, duties, and obligations conferred or imposed upon the
Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties, and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the
Owner Trustee; 
 (ii)       no trustee under this Agreement shall be personally liable
by reason of any act or omission of any other trustee under this Agreement; and 

(iii)      the Transferor and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner
Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the
conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Transferor. 
 Any separate
trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its
name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee. 
 ARTICLE X 

MISCELLANEOUS 

Section 10.01. Supplements and Amendments. 

(a) This Agreement may be amended from time to time, by a written amendment duly executed and delivered by the Transferor and
the Owner Trustee, with the written consent of the Indenture Trustee, and with prior notice to each Rating Agency, but without the consent of 

  
 21 

 
any of the Noteholders, any Series Enhancer, the Owner or any other Person, (i) to cure any ambiguity, (ii) to correct or supplement any provisions herein which may be inconsistent with
any other provisions herein and (iii) to add any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement; provided, however, that
such amendment will not (a) as evidenced by an Officer’s Certificate of the Transferor addressed and delivered to the Owner Trustee and the Indenture Trustee, materially and adversely affect the interest of any Noteholder, any Series
Enhancer or the Owner and (b) as evidenced by an Opinion of Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, cause the Trust to be classified as an association (or a publicly traded partnership) taxable as a
corporation for federal income tax purposes, not adversely affect the tax characterization as debt of any Notes that were characterized as debt at the time of their issuance and not cause or constitute an event in which gain or loss would be
recognized by any Noteholder. Additionally, notwithstanding the preceding sentence, this Agreement may be amended by the Transferor and the Owner Trustee without the consent of the Indenture Trustee, any of the Noteholders or any Series Enhancer to
add, modify or eliminate such provisions as may be necessary or advisable in order to enable all or a portion of the Trust (i) to qualify as, and to permit an election to be made to cause the Trust to be treated as, a “financial asset
securitization investment trust” as described in the provisions of Section 860L of the Code, and (ii) to avoid the imposition of state or local income or franchise taxes imposed on the Trust’s property or its income; provided,
however, that (x) the Transferor delivers to the Indenture Trustee and the Owner Trustee an Officer’s Certificate of the Transferor to the effect that the proposed amendments meet the requirements set forth in this subsection,
(y) each Rating Agency will have notified the Transferor, the Servicer, the Indenture Trustee and the Owner Trustee in writing that the amendment will not result in a reduction or withdrawal of the rating of any outstanding Series or Class as
to which it is a Rating Agency and (z) such amendment does not affect the rights, duties or obligations of the Owner Trustee hereunder without the consent of the Owner Trustee. Notwithstanding any provisions of this first paragraph of
Section 10.01, no amendment pursuant to this Section 10.01(a) shall effect a material change in Section 2.03 of this Agreement. Any amendment which effects a material change in Section 2.03 of this
Agreement shall be made pursuant to Section 10.01(b) or (c). 
 (b) This Agreement may also be amended from
time to time by a written amendment duly executed and delivered by the Transferor and the Owner Trustee, with the consent of the Indenture Trustee and the holders of Notes evidencing not less than
66 2⁄3% of the outstanding principal amount of the Notes and the consent of the Owner, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders and the Owner; provided, however, that without the consent of all Noteholders, no such amendment shall (a) increase or
reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the
outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment; provided further that such amendment will not, as evidenced by an Opinion of Counsel addressed and delivered to the Owner
Trustee and the Indenture Trustee, cause the Trust to be classified as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes. 

  
 22 

 (c) In addition to amendments which are permitted to be made under the
provisions of Section 10.01(a) or (b), amendments may be made to Section 2.03 of this Agreement to preserve the intended treatment for accounting purposes if (x) such amendment will not, as evidenced by an Opinion
of Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, cause the Trust to be classified as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes, adversely affect the
tax characterization as debt of any Notes that were characterized as debt at the time of their issuance or cause or constitute an event in which gain or loss would be recognized by any Noteholder and (y) each Rating Agency will have notified the
Transferor, the Servicer, the Indenture Trustee and the Owner Trustee in writing that the amendment will not result in a reduction or withdrawal of the rating of any outstanding Series or Class as to which it is a Rating Agency. 

(d) In addition to amendments which are permitted to be made under the provisions of
Section 10.01(a), (b) or (c), this Agreement may be amended without the consent of Noteholders or any Series Enhancer to provide for the merger of the Master Trust and the Issuer into a single entity or the transfer of
assets from the Master Trust and the Transferor Interest thereunder to the Issuer after the termination of all series of investor certificates issued by the Master Trust (other than the Series 2004-1 Certificate or any related collateral
certificates); provided, however, that (x) such amendment will not, as evidenced by an Opinion of Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, cause the Trust to be classified as an association
(or a publicly traded partnership) taxable as a corporation for federal income tax purposes, adversely affect the tax characterization as debt of any Notes that were characterized as debt at the time of their issuance or cause or constitute an event
in which gain or loss would be recognized by any Noteholder and (y) each Rating Agency will have notified the Transferor, the Servicer, the Indenture Trustee and the Owner Trustee in writing that the amendment will not result in a reduction or
withdrawal of the rating of any outstanding Series or Class as to which it is a Rating Agency. 
 (e) Promptly after the
execution of any such amendment or consent, the Transferor shall furnish notification of the substance of such amendment or consent to the Indenture Trustee and each of the Rating Agencies. 

(f) It shall not be necessary for the consent of the Noteholders or the Owner pursuant to this Section to approve the
particular form of any proposed amendment or consent requiring their approval, but it shall be sufficient if such consent shall approve the substance thereof. 

(g) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of
such amendment with the Secretary of State. 
 (h) The Owner Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Officer’s Certificate of the Transferor to the effect that the conditions to such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the
Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

  
 23 

 Section 10.02. No Legal Title to Trust Assets in
Owner.  Neither the Transferor nor the Owner shall have legal title to any part of the Trust Assets. No transfer, by operation of law or otherwise, of any right, title, and interest of the Transferor or the Owner to and in its
undivided beneficial interest in the Trust Assets shall operate to terminate this Agreement, annul, dissolve or terminate the Trust or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any
part of the Trust Assets. 
 Section 10.03. Limitations on Rights of Others.  The provisions of this
Agreement are solely for the benefit of the Owner Trustee (as such or in its individual capacity), the other Indemnified Parties, the Transferor, the Owner, the holder of any Certificate and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Assets or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein. 
 Section 10.04. Notices.  Unless otherwise
expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon facsimile transmission or upon receipt by the intended recipient or three (3) Business Days after mailing if mailed by
certified mail, return receipt requested and postage prepaid (except that notice to the Owner Trustee, the Transferor or the Indenture Trustee shall be deemed given only upon actual receipt by the Owner Trustee, the Transferor or the Indenture
Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Indenture Trustee, addressed to 180 East Fifth Street, St. Paul, Minnesota 55101, Attention: Tammy Schultz-Fugh (facsimile no. 651-244- 0089); if to the
Transferor, addressed to WFB Funding, LLC, One Cabela Drive, Sidney, Nebraska 69160, Attention: Ralph Castner (facsimile no. 402-679-8272) or, as to each party, at such other address as shall be designated by such party in a written notice to each
other party. 
 Section 10.05. Severability.  Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 10.06.
Separate Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one
and the same instrument. 
 Section 10.07. Successors and Assigns.  All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Owner, the Transferor and the Owner Trustee and their respective successors and assigns, all as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by the Owner or the Transferor shall bind the successors and assigns of the Owner or the Transferor. 

Section 10.08. No Petition  To the fullest extent permitted by applicable law, the Owner Trustee, by
entering into this Agreement, the Owner, by accepting the Trust Certificate, and the Indenture Trustee and each Noteholder by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the
Trust, the Master 

  
 24 

 
Trust, the Transferor or WFB Funding Corporation, or join in any institution against the Trust, the Master Trust, the Transferor or WFB Funding Corporation of. any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law. This Section 10.08 shall survive the termination of this Agreement. 

Section 10.09. No Recourse.  Each Person holding or owning a Certificate, by accepting the
Certificates, acknowledges that the Certificates do not represent an interest in or obligation of the Transferor, the Owner, the Servicer, the Owner Trustee, the Indenture Trustee or any Affiliate thereof (other than the Trust), and no recourse may
be had against such parties or their assets, or against the assets pledged under the Indenture, except as expressly provided in the Transaction Documents. 

Section 10.10. Headings.    The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 10.11.
GOVERNING LAW.      THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, 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 10.12.  ACCEPTANCE OF
TERMS OF AGREEMENT.  THE RECEIPT AND ACCEPTANCE OF THE TRUST CERTIFICATE BY THE OWNER AND THE TRANSFEROR CERTIFICATE BY THE TRANSFEROR, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL
ACCEPTANCE BY THE OWNER AND THE TRANSFEROR, RESPECTIVELY, OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST THAT THE TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS
AMONG THE TRUST AND THE TRANSFEROR. 
 Section 10.13. Integration of Documents.   This Agreement
constitutes the entire agreement of the parties hereto and thereto with respect to the subject matter hereof and supersedes all prior agreements relating to the subject matter hereof. 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be
duly executed by their respective officers hereunto duly authorized, as of the day and year first above written. 
  

							
	 WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,

      as Owner Trustee,

			
	 By:   
	 	/s/ Sterling C. Correia	 	
		 	  
	 	
		 	 Name:
	 	STERLING C. CORREIA	 	
		 	 Title:
	 	VICE PRESIDENT	 	

 
							
		
	 WFB FUNDING, LLC,
	 	
		 	 as Transferor,
	 	
		
	 By: WFB FUNDING CORPORATION,

its Managing Member
	 	
			
	 By:     
	 	 /s/ Kevin Werts
	 	
		 	 Name:
	 	 Kevin Werts
	 	
		 	 Title:
	 	 Secretary and Treasurer
	 	

  
 [Signature Page to
Trust Agreement] 

 EXHIBIT A 

CABELA’S CREDIT CARD MASTER NOTE TRUST 

FORM OF TRUST CERTIFICATE 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THIS 

CERTIFICATE (OR ANY INTEREST HEREIN) MAY NOT BE TRANSFERRED TO 

ANY PERSON EXCEPT IN ACCORDANCE WITH THE TRUST AGREEMENT. 

No. R-     

(This Trust Certificate does not represent an interest in or obligation of the Transferor or any of its affiliates, respectively, except to
the extent described below.) 
 THIS CERTIFIES THAT WFB FUNDING, LLC, is the registered Owner of Cabela’s Credit Card
Master Note Trust (the “Trust”). 
 The Trust was created pursuant to (i) the filing of the Certificate of
Trust with the Secretary of State of the State of Delaware and (ii) the Trust Agreement, dated as of April 13, 2004 (the “Trust Agreement”), between WFB Funding, LLC, a Nebraska limited liability company (together with its
successors and permitted assigns, the “Transferor”), and Wachovia Bank of Delaware, National Association, a national banking association, as owner trustee (the “Owner Trustee”). To the extent not otherwise defined herein, the
capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 
 This Trust Certificate is the
duly authorized Trust Certificate evidencing a beneficial interest in the Trust (herein called the “Trust Certificate”) and shall entitle the holder to the benefits of an Owner under the Trust Agreement. This Trust Certificate is issued
under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Owner by virtue of the acceptance hereof assents and by which the Owner is bound. 

Notwithstanding any prior termination of the Trust Agreement, the Owner, by its acceptance of the Trust Certificate,
covenants and agrees that, to the fullest extent permitted by applicable law, it shall not at any time with respect to the Trust or the Transferor, acquiesce, petition or otherwise invoke or cause the Trust or the Transferor to invoke the process of
any court or government authority for the purpose of commencing or sustaining a case against the Trust or the Transferor, under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Trust or the Transferor or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust or the Transferor. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by
manual or facsimile signature, this Trust Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or be valid for any purpose. 

  
 A-l 

 THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE. WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 IN WITNESS WHEREOF, the Trust has caused this
Trust Certificate to be duly executed. 
  

			
	CABELA’S CREDIT CARD MASTER NOTE TRUST
		
	By:	 	 WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,

not in its individual capacity but

solely as Owner Trustee

		
	By:  	 	  

		 	Name:
		 	Title:

 Dated:  April 13, 2004 

  
 A-2 

 CERTIFICATE OF AUTHENTICATION 

This is the Trust Certificate referred to in the within-mentioned Trust Agreement. 

 

									
		 	 WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,

not in its individual capacity
 but solely as Owner
Trustee
	 	 or 	 	 WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,

not in its individual capacity
 but solely as Owner
Trustee
	 	
					
		 		 		 	By                                      
                    	 	
		 		 		 	            Authenticating Agent	 	
					
		 	By                                      
                    	 		 	By                                      
                    	 	
		 	            Authorized Signatory	 		 	                Authorized Signatory	 	

  
 A-3 

 EXHIBIT B 

CABELA’S CREDIT CARD MASTER NOTE TRUST 

FORM OF TRANSFEROR CERTIFICATE 

THIS TRANSFEROR CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS TRANSFEROR
CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. THIS TRANSFEROR CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED,
EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE TRUST AGREEMENT REFERRED TO HEREIN. 
  

			
	 No. R-    
	  	One Unit      

 CABELA’S CREDIT CARD MASTER NOTE TRUST 

TRANSFEROR CERTIFICATE 

THIS CERTIFICATE REPRESENTS AN INTEREST 

IN CERTAIN ASSETS OF THE 

CABELA’S CREDIT CARD MASTER NOTE TRUST (THE “TRUST”) 

Evidencing an interest in a trust, the corpus of which consists primarily of the Series 2004-1 Certificate transferred by WFB Funding, LLC
(together with its successors and permitted assigns, the “Transferor”). 
 (Not an interest in or obligation of the
Transferor 
 or any affiliate thereof) 

This certifies that WFB FUNDING, LLC, is the registered owner of an undivided beneficial interest in the assets of a trust
(the “Trust”), subject to the security interest and lien of the Notes as provided in the Master Indenture, dated as of April 14, 2004 (as amended and supplemented, the “Indenture”), among U.S.
Bank National Association, as indenture trustee (the “Indenture Trustee”), World’s Foremost Bank, as servicer, and the Trust, established pursuant to the Trust Agreement, dated as of April 13, 2004 (as amended and
supplemented, the “Trust Agreement”), between the Transferor and Wachovia Bank of Delaware, National Association, as owner trustee (not in its individual capacity, but solely as owner trustee the “Owner
Trustee”). The corpus of the Trust consists of (a) the Series 2004-1 Certificate, (b) all funds which are from time to time on deposit in the Collection Account and in the Series Accounts, (c) the benefits of any Series
Enhancements issued and to be issued by Series Enhancers with respect to one or more Series of Notes and (d) all other assets and interests 

  
 B-1 

 
constituting the Trust. Although a summary of certain provisions of the Trust Agreement and the Indenture (collectively, the “Agreements”) is set forth below, this
Certificate does not purport to summarize the Agreements and reference is made to the Agreements for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Owner Trustee. A copy of the Agreements may be requested from the Owner Trustee by writing to the Owner Trustee at the Corporate Trust Office. To the extent not defined herein, the capitalized terms used herein have the meanings
ascribed to them in the Agreements. 
 This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreements, to which Agreements, as amended and supplemented from time to time, the Transferor by virtue of the acceptance hereof assents and is bound. 

This Certificate (this “Certificate”) is the Transferor Certificate, which represents the undivided
beneficial interest in certain assets of the Trust, subject to the security interest and lien of the Notes, including the right to receive a portion of the Collections and other amounts at the times and in the amounts specified in the Indenture and
any Indenture Supplement. In addition to the Transferor Certificate, (a) the Trust Certificate will be issued pursuant to the Trust Agreement, (b) Notes will be issued to investors pursuant to the Indenture and (c) Supplemental
Certificates may be issued pursuant to the Trust Agreement. 
 Unless otherwise specified in an Indenture Supplement with
respect to a particular Series, the Transferor has entered into the Agreements, and this Certificate is issued, with the intention that, for federal, state and local income and franchise tax purposes, (a) the Notes of each Series which are
characterized as indebtedness at the time of their issuance will qualify as indebtedness of the Transferor secured by the Trust Assets and (b) the Trust shall not be treated as an association (or a publicly traded partnership) taxable as a
corporation. The Transferor by the acceptance of this Certificate, agrees to treat such Notes for federal, state and local income and franchise tax purposes as indebtedness of the Transferor. 

Subject to certain conditions and exceptions specified in the Agreements, the obligations created by the Agreements and the
Trust created thereby shall terminate upon the earlier of (a) at the option of the Transferor, the day on which the rights of all Series of Notes to receive payments from the Trust have terminated (the “Trust Termination
Date”) and (b) dissolution of the Trust in accordance with applicable law. 
 Unless the certificate of
authentication hereon has been executed by or on behalf of the Owner Trustee, by manual or facsimile signature, this Certificate shall not be entitled to any benefit under the Trust Agreement, or be valid for any purpose. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW. 

  
 B-2

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