Document:

EX-4.1

 Exhibit 4.1 
  

 
  

SERIES 2022-4 SUPPLEMENT 

Dated as of November 3, 2022 

to 
 FOURTH AMENDED AND RESTATED

 POOLING AND SERVICING AGREEMENT 

Dated as of April 1, 2018 

$1,142,859,000 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 Series 2022-4 

 
  

among 
 AMERICAN EXPRESS
RECEIVABLES FINANCING CORPORATION III LLC 
 as Transferor 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

as Servicer 
 and 

THE BANK OF NEW YORK MELLON 
 as
Trustee 
 on behalf of the Series 2022-4 Certificateholders 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
CREATION OF THE SERIES 2022-4 CERTIFICATES
	  	 	1	 
			
	 Section 1.01.
	 	 Designation
	  	 	1	 
		
	 ARTICLE II DEFINITIONS
	  	 	2	 
			
	 Section 2.01.
	 	 Definitions
	  	 	2	 
		
	 ARTICLE III SERVICING FEE
	  	 	15	 
			
	 Section 3.01.
	 	 Servicing Compensation
	  	 	15	 
		
	 ARTICLE IV RIGHTS OF SERIES 2022-4 CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION
OF COLLECTIONS
	  	 	15	 
			
	 Section 4.01.
	 	 Collections and Allocations
	  	 	15	 
			
	 Section 4.02.
	 	 Determination of Monthly Interest
	  	 	17	 
			
	 Section 4.03.
	 	 Principal Funding Account; Controlled Accumulation Period
	  	 	19	 
			
	 Section 4.04.
	 	 Required Amount
	  	 	21	 
			
	 Section 4.05.
	 	 Application of Class A Available Funds, Class B Available Funds, Collateral Available
Funds and Available Principal Collections
	  	 	21	 
			
	 Section 4.06.
	 	 Defaulted Amounts; Investor Charge-Offs
	  	 	23	 
			
	 Section 4.07.
	 	 Excess Spread; Excess Finance Charge Collections
	  	 	25	 
			
	 Section 4.08.
	 	 Reallocated Principal Collections
	  	 	26	 
			
	 Section 4.09.
	 	 Excess Finance Charge Collections
	  	 	27	 
			
	 Section 4.10.
	 	 Reallocated Investor Finance Charge Collections
	  	 	27	 
			
	 Section 4.11.
	 	 Shared Principal Collections
	  	 	28	 
			
	 Section 4.12.
	 	 Reserve Account
	  	 	28	 
			
	 Section 4.13.
	 	 Investment Instructions
	  	 	30	 
			
	 Section 4.14.
	 	 [Reserved]
	  	 	31	 
		
	 ARTICLE V DISTRIBUTIONS AND REPORTS TO
SERIES 2022-4 CERTIFICATEHOLDERS
	  	 	31	 
			
	 Section 5.01.
	 	 Distributions
	  	 	31	 
			
	 Section 5.02.
	 	
Reports and Statements to Series 2022-4 
Certificateholders
	  	 	32	 
		
	 ARTICLE VI PAY-OUT EVENTS
	  	 	32	 
			
	 Section 6.01.
	 	 Pay-Out Events
	  	 	32	 
		
	 ARTICLE VII OPTIONAL REPURCHASE; SERIES TERMINATION
	  	 	34	 
			
	 Section 7.01.
	 	 Optional Repurchase
	  	 	34	 
			
	 Section 7.02.
	 	 Series Termination
	  	 	34	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VIII FINAL DISTRIBUTIONS
	  	 	35	 
			
	 Section 8.01.
	 	 Sale of Receivables or Certificateholders’ Interest pursuant to Section 2.06 or 10.01
of the Agreement and Section 7.01 or 7.02 of this Supplement
	  	 	35	 
			
	 Section 8.02.
	 	 Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to
Section 9.01 of the Agreement
	  	 	36	 
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
	  	 	37	 
			
	 Section 9.01.
	 	 Ratification of Agreement
	  	 	37	 
			
	 Section 9.02.
	 	 Counterparts
	  	 	37	 
			
	 Section 9.03.
	 	 Governing Law
	  	 	37	 
			
	 Section 9.04.
	 	 FATCA Matters
	  	 	37	 
			
	 Section 9.05.
	 	 Uncertificated Securities
	  	 	38	 
			
	 Section 9.06.
	 	 Transfers of the Class B Certificate and the Collateral Interest
	  	 	38	 
		
	 EXHIBITS
	  			
			
	 Exhibit A-1
	 	 Form of Class A Certificate
	  	 	A-1-1	 
			
	 Exhibit A-2
	 	 Form of Class B Certificate
	  	 	A-2-1	 
			
	 Exhibit B
	 	 Form of Monthly Payment Instructions and Notification to the Trustee
	  	 	B-1	 
			
	 Exhibit C-1
	 	 Form of Monthly Statement
	  	 	C-1-1	 
			
	 Exhibit C-2
	 	 Form of Annual Payment Information
	  	 	C-2-1	 
			
	 Exhibit D
	 	 Form of Monthly Servicer’s Certificate
	  	 	D-1	 
			
	 Exhibit E
	 	 Form of Investment Letter
	  	 	E-1	 

  
 -ii- 

 SERIES 2022-4 SUPPLEMENT, dated as
of November 3, 2022 (the “Supplement”), among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, as Transferor (the “Transferor”), AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC., a New York corporation, as Servicer, and THE BANK OF NEW YORK MELLON, a banking corporation organized and existing under the laws of the State of New York, not in its individual capacity, but solely as Trustee. 

Pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and
restated and as otherwise amended and supplemented, the “Agreement”), among the Transferor, the Servicer and the Trustee, the AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST (the “Trust”) has been created.
Section 6.03 of the Agreement provides that the Transferor may from time to time direct the Trustee to authenticate one or more new Series of Investor Certificates representing fractional undivided interests in the Trust. The Principal Terms of
any new Series are to be set forth in a Supplement to the Agreement. 
 Pursuant to this Supplement, the Transferor and the
Trustee shall create a new Series of Investor Certificates and specify the Principal Terms thereof. 
 ARTICLE I 

Creation of the Series 2022-4 Certificates 

Section 1.01.    Designation. 

(a)    There is hereby created a Series of Investor Certificates to be issued pursuant to the Agreement and
this Supplement to be known as “American Express Credit Account Master Trust, Series 2022-4.” The Series 2022-4 Certificates shall be issued in two Classes,
the first of which shall be known as the “Class A Series 2022-4 4.95% Asset Backed Certificates” and the second of which shall be known as the “Class B Series 2022-4 5.23% Asset Backed Certificates.” In addition, there is hereby created a third Class of uncertificated interests in the Trust which shall be known as the “Collateral Interest, Series 2022-4” and which shall be deemed to be “Investor Certificates” for all purposes under the Agreement and this Supplement other than for purposes of the definition of the term “Tax Opinion”
in Section 1.01 of the Agreement. The Collateral Interest shall be considered a Class of Series 2022-4 for all purposes of the Agreement and this Supplement, including for purposes of voting
concerning the liquidation of the Trust pursuant to Section 9.01 of the Agreement. The Collateral Interest Holder shall be deemed to be the Series Enhancer for all purposes under the Agreement and this Supplement. 

(b)    Series 2022-4 shall be included in Group I and shall be a
Principal Sharing Series. Series 2022-4 shall be an Excess Allocation Series. Series 2022-4 shall not be subordinated to any other Series. Notwithstanding any
provision in the Agreement or in this Supplement to the contrary, the first Distribution Date with respect to Series 2022-4 shall be the December 2022 Distribution Date and the first Monthly Period shall begin
on and include the Closing Date and end on and include November 31, 2022. 
 (c)    Except as
expressly provided herein, (i) the provisions of Article VI and Article XII of the Agreement relating to the registration, authentication, delivery, presentation, cancellation and surrender of Registered Certificates shall not be applicable to
the Collateral Interest, and (ii) the provisions of Section 3.07 of the Agreement shall not cause the Collateral Interest to be treated as debt for federal, state and local income and franchise tax purposes, but rather the Transferor
intends, and together with the Collateral Interest Holder, agree to treat the Collateral Interest for federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the Trust. 

  
 1 

 (d)    Pursuant to Section 6.03(c) of the
Agreement, the Transferor may, from time to time, increase the amount of the Series 2022-4 Certificates by issuing and selling additional Series 2022-4 Certificates. Any
additional Series 2022-4 Certificates so issued shall be treated, for all purpose, like the Series 2022-4 Certificates subject to the terms of the Agreement and this
Supplement. 
 (e)    Series 2022-4 shall be a Repurchase
Reporting Series. 
 (f)    Series 2022-4 shall be an Investor
Communication Reporting Series. 
 (g)    In connection with the issuance of any future Series of
Investor Certificates, notwithstanding subsection 6.03(b)(iv) of the Agreement, the Rating Agency Condition need not be satisfied for Series 2022-4 with respect to any Rating Agency (other than
Standard & Poor’s) then rating Series 2022-4. 
 ARTICLE II 

Definitions 

Section 2.01.    Definitions. 

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

“Additional Interest” shall mean, with respect to any Distribution Date, the Class A
Additional Interest, the Class B Additional Interest and the Collateral Additional Interest for such Distribution Date. 

“Adjusted Invested Amount” shall mean, with respect to any date of
determination, an amount equal to the Invested Amount less the Principal Funding Account Balance on such date of determination. 

“Assignee” shall have the meaning specified in subsection 9.06(a). 

“Available Principal Collections” shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) (i) an amount equal to the Principal Allocation Percentage of Series2022-4 Allocable Principal Collections received during such Monthly Period minus
(ii) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.08 are required to fund the Required Amount for the related Distribution Date, (b) any Shared Principal
Collections with respect to other Series that are allocated to Series 2022-4 in accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any other amounts which
pursuant to Section 4.05 or 4.07 of this Supplement are to be treated as Available Principal Collections with respect to the related Distribution Date. 

“Available Reserve Account Amount” shall mean, with
respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

 “Base Rate” shall mean, with respect to any Monthly Period, the annualized percentage
equivalent of a fraction, the numerator of which is equal to the sum of the Class A Monthly Interest, the Class B Monthly Interest (calculated as if the Class B Invested Amount equals the outstanding principal balance of the
Class B Certificates), the Collateral Minimum Monthly Interest and the Monthly Servicing 

  
 2 

 
Fee with respect to the related Distribution Date and the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period. 

“Class A Additional Interest” shall have the meaning
specified in subsection 4.02(a). 

“Class A Adjusted Invested 
Amount” shall mean, with respect to any date of determination, an amount equal to the Class A Invested Amount less the Principal Funding Account Balance (but not in excess of the Class A Invested Amount) on such date. 

“Class A Available Funds” shall mean, with respect
to any Monthly Period, an amount equal to the sum of (a) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class A Floating Percentage of Principal Funding Account Investment
Proceeds, if any, with respect to such Distribution Date, (b) the Class A Floating Percentage of the Reallocated Investor Finance Charge Collections and (c) the amount of funds, if any, to be withdrawn from the Reserve Account which,
pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. 

“Class A Certificate Rate” shall mean, for any
Interest Accrual Period with respect to the Class A Certificates, a per annum rate equal to 4.95%. 

“Class A Certificateholder” shall mean the Person in whose name a
Class A Certificate is registered in the Certificate Register. 

“Class A Certificates” shall mean any one of the Certificates executed
by the Transferor and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-l. 

“Class A Floating Percentage” shall mean, with
respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Class A Adjusted Invested Amount as of the close of business on the last day of the
preceding Monthly Period and the denominator of which is equal to the Adjusted Invested Amount as of such day; provided, however, that with respect to the first Monthly Period, the Class A Floating Percentage shall mean the percentage
equivalent of a fraction, the numerator of which is the Class A Initial Invested Amount and the denominator of which is the Initial Invested Amount. 

“Class A Initial Invested Amount” shall mean $1,000,000,000. 

“Class A Interest Shortfall” shall have the meaning
specified in subsection 4.02(a). 

“Class A Invested Amount” shall mean, on any date of
determination, an amount equal to (a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class A Certificateholders on or prior to such date, minus (c) the
excess, if any, of (i) the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over (ii) Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) prior to such date, and
plus (d) the principal amount of any additional Class A Certificates issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; provided, however, that the Class A Invested Amount
shall not be reduced below zero. 

“Class A Investor Charge-Offs” shall have the
meaning specified in subsection 4.06(a). 

“Class A Investor Default Amount”
shall mean, with respect to each Distribution Date, an amount equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class A Floating Percentage for such Monthly Period. 

  
 3 

“Class A Monthly Interest” shall have the meaning
specified in subsection 4.02(a). 

“Class A Principal Percentage” shall mean, with
respect to any Monthly Period (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the last day of the immediately
preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested
Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class A Principal Percentage shall mean the percentage equivalent
of a fraction, the numerator of which is the Class A Initial Invested Amount and denominator of which is the Initial Invested Amount. 

“Class A Required Amount” shall have the meaning
specified in subsection 4.04(a). 

“Class A Servicing Fee” shall have the meaning
specified in Section 3.01. 

“Class B Additional Interest” shall have the meaning
specified in subsection 4.02(b). 

“Class B Adjusted Invested 
Amount” shall mean, with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference, if any, between the Principal Funding Account Balance and the Class A Invested Amount on
such date. 
 “Class B Available Funds” shall
mean, with respect to any Monthly Period, an amount equal to the sum of (a) the Class B Floating Percentage of the Reallocated Investor Finance Charge Collections and (b) if such Monthly Period relates to a Distribution Date with
respect to the Controlled Accumulation Period, the Class B Floating Percentage of the Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date. 

“Class B Certificate Rate” shall mean, for any
Interest Accrual Period with respect to the Class B Certificates, a per annum rate equal to 5.23%; provided, however, that the Transferor may adjust the Class B Certificate Rate from time to time only upon the satisfaction of
the Class B Certificate Rate Adjustment Conditions. 
 “Class B Certificate Rate Adjustment
Conditions” shall mean, with respect to any modification of the Class B Certificate Rate by the Transferor, (i) the Transferor shall provide written notice to the Trustee of the modified Class B Certificate Rate no later than
two Business Days prior to the date on which such modified rate is to become effective; (ii) the modified Class B Certificate Rate shall not exceed a per annum rate equal to 5.23%; (iii) the Class B Certificate Rate shall not be
modified during the first Interest Accrual Period or more than two times during any subsequent Interest Accrual Period; (iv) the Transferor shall certify in the related notice that the Class B Certificates have not been previously sold by
TRS or any of its Affiliates (including, without limitation, within the meaning of Affiliate, solely for purposes of this clause (iv), any Person related to TRS within the meaning of sections 267(b) or 707(b)(1) of the Code) to a Person who is not
TRS or any of its Affiliates; (v) the Transferor shall provide two days’ notice of such modified rate to the Rating Agencies; and (vi) the Transferor shall certify in the related notice to the Trustee that the Rating Agencies have
been notified pursuant to clause (v) above. 

“Class B Certificateholder” shall mean the Person in whose name a
Class B Certificate is registered in the Certificate Register. 

  
 4 

“Class B Certificates” shall mean any one of the Certificates executed
by the Transferor and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-2. 

“Class B Floating Percentage” shall mean, with
respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Class B Adjusted Invested Amount as of the close of business on the last day of the
preceding Monthly Period and the denominator of which is equal to the Adjusted Invested Amount as of the close of business on such day; provided, however, that with respect to the first Monthly Period, the Class B Floating Percentage
shall mean the percentage equivalent of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of which is the Initial Invested Amount. 

“Class B Initial Invested Amount” shall mean $42,858,000. 

“Class B Interest Shortfall” shall have the meaning
specified in subsection 4.02(b). 

“Class B Invested Amount” shall mean, on any date of
determination, an amount equal to (a) the Class B Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class B Certificateholders prior to such date, minus (c) the aggregate
amount of Class B Investor Charge-Offs for all prior Distribution Dates, minus (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to subsection 4.08(a) (excluding any Reallocated
Principal Collections that have resulted in a reduction in the Collateral Invested Amount pursuant to Section 4.08), minus (e) an amount equal to the amount by which the Class B Invested Amount has been reduced on all prior
Distribution Dates pursuant to subsection 4.06(a), plus (f) the amount of Excess Spread and Excess Finance Charge Collections allocated and available on all prior Distribution Dates pursuant to subsection 4.07(e) for the purpose of
reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e), and plus (g) the principal amount of any additional Class B Certificates issued after the Closing Date in accordance with Section 6.03(c) of the
Agreement; provided, however, that the Class B Invested Amount shall not be reduced below zero. 

“Class B Investor Charge-Offs” shall have the
meaning specified in subsection 4.06(b). 

“Class B Investor Default Amount”
shall mean, with respect to each Distribution Date, an amount equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class B Floating Percentage for such Monthly Period. 

“Class B Monthly Interest” shall have the meaning
specified in subsection 4.02(b). 

“Class B Principal Percentage” shall mean, with
respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the last day of the immediately
preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested
Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class B Principal Percentage shall mean the percentage equivalent
of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of which is the Initial Invested Amount. 

“Class B Required Amount” shall have the meaning set
forth in subsection 4.04(b). 

“Class B Servicing Fee” shall have the meaning
specified in Section 3.01. 

  
 5 

 “Closing Date” shall mean
November 3, 2022; provided that, for purposes of determining the date on which the first Monthly Period begins, the Closing Date shall be deemed to be the close of business on October 31, 2022. 

“Collateral Additional Interest” shall have the meaning specified in
subsection 4.02(c). 
 “Collateral Available Funds” shall mean with
respect to any Distribution Date, the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections with respect to the preceding Monthly Period. 

“Collateral Charge-Offs” shall have the meaning specified in subsection 4.06(c). 

“Collateral Default Amount” shall mean, with respect to any
Distribution Date, the product of the Investor Default Amount for such Distribution Date and the Collateral Floating Percentage. 

“Collateral Floating Percentage” shall mean, with respect to any
Distribution Date, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period and
the denominator of which is the Adjusted Invested Amount as of the close of business on such last day; provided, however, that with respect to the first Monthly Period, the Collateral Floating Percentage shall mean the percentage equivalent
of a fraction, the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount. 

“Collateral Initial Invested Amount” shall mean
$100,001,000. 
 “Collateral Interest” shall mean a fractional undivided interest in the
Trust which shall consist of the right to receive, (i) to the extent necessary to make the required payments to the Collateral Interest Holder under this Supplement, the portion of Collections allocable thereto under the Agreement and this
Supplement and funds on deposit in the Collection Account allocable thereto pursuant to the Agreement and this Supplement and (ii) amounts available for payment to the Collateral Interest Holder pursuant to subsections 4.05(e), 4.05(f),
4.07(f), 4.07(k), 4.07(l), 4.12(e), 4.12(f), 8.01(b), 8.02(a) and 8.02(b) or any other provision of this Supplement. 

“Collateral Interest Holder” shall mean (i) initially, the
Transferor, (ii) following a Note Trust Transfer, the entity so designated in the applicable Transfer Agreement, and (iii) following any other transfer in accordance with Section 9.06, the applicable transferee. 

“Collateral Interest Shortfall” shall have the meaning specified in
subsection 4.02(c). 
 “Collateral Invested Amount” shall mean, when
used with respect to any date, an amount equal to (a) the Collateral Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Collateral Interest Holder prior to such date, minus (c) the
aggregate amount of Collateral Charge-Offs for all prior Distribution Dates pursuant to subsection 4.06(c), minus (d) the aggregate amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to
Section 4.08 allocable to the Collateral Invested Amount, minus (e) an amount equal to the amount by which the Collateral Invested Amount has been reduced on all prior Distribution Dates pursuant to subsections 4.06(a) and (b),
plus (f) the amount allocated and available on all prior Distribution Dates pursuant to subsection 4.07(i), for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e), and plus (g) the
principal amount of any additional Collateral Interest issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; provided, however, that the Collateral Invested Amount shall not be reduced below zero. 

  
 6 

 “Collateral Minimum Interest Rate” shall mean
(i) initially, a per annum rate equal to 6.968%, and (ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this
Supplement, such rate shall not exceed 6.968% per annum. 
 “Collateral Minimum Monthly Interest”
shall have the meaning specified in subsection 4.02(c). 

“Collateral Principal Percentage” shall mean, with respect to any
Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the last day of the immediately preceding
Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of
the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Collateral Principal Percentage shall mean the percentage equivalent of a fraction,
the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount. 

“Collateral Senior Additional Interest” shall have the meaning
specified in subsection 4.02(d). 
 “Collateral Senior
Initial Invested Amount” shall mean $57,143,000. 

“Collateral Senior Interest Shortfall” shall have the meaning specified
in subsection 4.02(d). 
 “Collateral Senior Invested Amount” shall
mean, when used with respect to any date, an amount equal to the Collateral Senior Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder in respect of the Collateral Senior Invested
Amount on all prior Distribution Dates, plus the principal amount of any additional Collateral Interest issued in respect of the Collateral Senior Invested Amount after the Closing Date in accordance with Section 6.03(c) of the
Agreement. 
 “Collateral Senior Minimum Interest Rate” shall mean (i) initially, a per annum
rate equal to 5.72%, and (ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed 5.72%
per annum. 
 “Collateral Senior Minimum Monthly Interest” shall have the meaning specified in
subsection 4.02(d). 
 “Collateral Senior Required Amount” shall have the meaning set forth in subsection
4.04(c). 
 “Collateral Servicing Fee” shall have the meaning set
forth in Section 3.01. 
 “Controlled Accumulation Amount” shall
mean, for any Distribution Date with respect to the Controlled Accumulation Period, $86,904,833.34; provided, however, that, if the Controlled Accumulation Period Length is determined to be less than 12 months, the Controlled Accumulation
Amount for each Distribution Date with respect to the Controlled Accumulation Period will be equal to (i) 

  
 7 

 
the product of (x) the sum of the Class A Initial Invested Amount and the Class B Initial Invested Amount and (y) the Controlled Accumulation Period Factor for the related
Monthly Period divided by (ii) the Required Accumulation Factor Number. 

“Controlled Accumulation Period” shall mean, unless a Pay-Out Event shall have occurred prior thereto, the period commencing at the close of business on the last day of the September 2024 Monthly Period or such later date as is determined in accordance with subsection
4.03(c) and ending on the first to occur of (a) the commencement of the Early Amortization Period, (b) the payment in full of the Invested Amount and (c) the Expected Final Payment Date. 

“Controlled Accumulation Period Factor” shall mean,
for each Monthly Period, a fraction, the numerator of which is equal to the sum of the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series, and the denominator of which is equal to the sum (without
duplication) of (a) the Series Invested Amount as of the last day of the prior Monthly Period, (b) the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series (other than Series 2022-4) that are not expected to be in their revolving periods, and (c) the series invested amounts as of the last day of the prior Monthly Period of all other outstanding Series that are not Principal Sharing
Series and are in their revolving periods. 

“Controlled Accumulation Period Length” has the
meaning specified in subsection 4.03(c). 

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

“Covered Amount” shall mean, for any Distribution Date with respect to the Controlled
Accumulation Period or the first Special Payment Date, if such Special Payment Date occurs prior to the date the Class A Invested Amount is paid in full, an amount equal to the sum of (x) with respect to the Class A Certificates, one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the
Class A Certificates and (y) with respect to the Class B Certificates, one-twelfth of the product of (i) the Class B Certificate Rate and (ii) the Principal Funding Account
Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B Certificates. 

“Deficit Controlled Accumulation Amount” shall mean
(a) on the first Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding Account on such
Distribution Date and (b) on each subsequent Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Distribution Date over the amount deposited in the
Principal Funding Account on such subsequent Distribution Date. 
 “Distribution Date”
shall mean December 15, 2022, and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

“Early Amortization Period” shall mean the period commencing at the
close of business on the Business Day immediately preceding the day on which a Pay-Out Event with respect to Series 2022-4 is deemed to have occurred, and ending on the
first to occur of (i) the payment in full of the Invested Amount or (ii) the Series 2022-4 Termination Date. 

  
 8 

 “Excess Finance Charge Collections” shall mean collections
of Finance Charge Receivables and certain other amounts allocable to the Certificateholders’ Interest of any Excess Allocation Series in excess of the amounts necessary to make required payments with respect to such series (including payments
to the provider of any related Series Enhancement) that are payable out of collections of Finance Charge Receivables. 

“Excess Spread” shall mean, with respect to any Distribution Date, the sum of the amounts,
if any, specified pursuant to subsections 4.05(a)(iv), 4.05(b)(iii) and 4.05(c)(ii) with respect to such Distribution Date. 

“Expected Final Payment Date” shall mean the October
2025 Distribution Date. 
 “Finance Charge Shortfall” shall have the
meaning specified in Section 4.09. 
 “Fitch” shall mean Fitch Ratings, Inc. or its successor. 

“Floating Allocation Percentage” shall mean, with respect to any
Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Adjusted Invested Amount as of the last day of the preceding Monthly Period (or with respect to the first Monthly
Period, the Initial Invested Amount) and the denominator of which is the product of (x) the Series 2022-4 Allocation Percentage with respect to such Monthly Period and (y) the sum of (i) the
total amount of Principal Receivables in the Trust as of such day (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust on the Closing Date) and (ii) the principal amount on deposit in the Special
Funding Account as of such last day (or with respect to the first Monthly Period, as of the Closing Date); provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs
the amount in (y)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but
excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition
Date or Removal Date to and including the last day of such Monthly Period. 
 “Group I” shall mean Series 2022-4 and each other Series specified in the related Supplement to be included in Group I. 

“Group I Investor Additional Amounts” shall mean,
with respect to any Distribution Date, the sum of (a) Series 2022-4 Additional Amounts for such Distribution Date and (b) for all other Series included in Group I, the sum of (i) the aggregate
net amount by which the Invested Amounts of such Series have been reduced as a result of investor charge-offs, subordination of principal collections and funding the investor default amounts in respect of any Class or Series Enhancement
interests of such Series as of such Distribution Date and (ii) if the applicable Supplements so provide, the aggregate unpaid amount of interest at the applicable certificate rates that has accrued on the amounts described in the preceding
clause (i) for such Distribution Date. 
 “Group
I Investor Default Amount” shall mean, with respect to any Distribution Date, the sum of (a) the Investor Default Amount for such Distribution Date and (b) the aggregate
amount of the investor default amounts for all other Series included in Group I for such Distribution Date. 

“Group
I Investor Finance Charge Collections” shall mean, with respect to any Distribution Date, the sum of (a) Investor Finance Charge Collections for such
Distribution Date and (b) the aggregate amount of the investor finance charge collections for all other Series included in Group I for such Distribution Date. 

  
 9 

 “Group
I Investor Monthly Fees” shall mean with respect to any Distribution Date, the sum of (a) Series 2022-4 Monthly Fees for such Distribution
Date and (b) the aggregate amount of the servicing fees, investor fees, fees payable to any Series Enhancer and any other similar fees, which are payable out of reallocated investor finance charge collections pursuant to the related
Supplements, for all other Series included in Group I for such Distribution Date. 
 “Group
I Investor Monthly Interest” shall mean, with respect to any Distribution Date, the sum of (a) Series 2022-4 Monthly Interest for such Distribution Date and (b) the
aggregate amount of monthly interest, including overdue monthly interest and interest on such overdue monthly interest, if such amounts are payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all
other Series included in Group I for such Distribution Date. 

“Initial Invested Amount” shall mean $1,142,859,000. 

“Interest Accrual Period” shall mean, with respect to any Distribution Date, the period (a) from and
including the Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) and (b) to but excluding such Distribution Date. 

“Invested Amount” shall mean, as of any date of determination, an amount equal to the sum
of (a) the Class A Invested Amount as of such date, (b) the Class B Invested Amount as of such date and (c) the Collateral Invested Amount as of such date. 

“Investment Letter” shall have the meaning specified in subsection 9.06(a). 

“Investor Charge-Offs” shall mean Class A Investor Charge-Offs, Class B Investor
Charge-Offs and Collateral Charge-Offs. 
 “Investor Default Amount”
shall mean, with respect to any Distribution Date, an amount equal to the product of (a) the Series 2022-4 Allocable Defaulted Amount for the related Monthly Period and (b) the Floating Allocation
Percentage for such Monthly Period. 

“Investor Finance Charge Collections” shall mean
with respect to any Distribution Date, an amount equal to the product of (a) the Floating Allocation Percentage for the related Monthly Period and (b) Series 2022-4 Allocable Finance Charge
Collections deposited in the Collection Account for the related Monthly Period. 

“Monthly Interest” shall mean, with respect to any Distribution Date, the Class A
Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date. 

“Monthly Receivables Percentage” shall mean, for any day, the percentage equivalent of a fraction, the
numerator of which is an amount equal to the sum of the aggregate amount of Principal Receivables outstanding in the Trust attributable to the Transferor or Account Owner with respect to which an Insolvency Event or a Transfer Restriction Event has
occurred, and the denominator of which is an amount equal to the sum of the aggregate amount of Principal Receivables outstanding in the Trust, in each as of the last day of the immediately preceding Monthly Period. 

“Monthly Servicing Fee” shall have the meaning specified in subsection
3.01. 
 “Note Trust Transfer” shall mean the transfer pursuant to the applicable Transfer Agreement of the
Collateral Interest by the Transferor to a trust established for the purpose of issuing notes collateralized by the Collateral Interest. 

  
 10 

“Pay-Out Event” shall mean any Pay-Out Event specified in Section 6.01. 
 “Permitted Assignee”
shall mean any Person who, if it were a Class B Certificateholder, the Collateral Interest Holder or a holder of an interest in the Trust, as applicable, would not cause the Trust to be taxable as a publicly traded partnership for federal
income tax purposes. 
 “Principal Allocation Percentage” shall mean,
with respect to any day during a Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for Series 2022-4 as of the last day of the immediately preceding Monthly Period (or, in the case of the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation Period, the Early
Amortization Period or any Partial Amortization Period, the Series Adjusted Invested Amount for Series 2022-4 as of the close of business on the date on which the Revolving Period shall have terminated and the
denominator of which is the product of (x) the sum of (i) the total amount of Principal Receivables in the Trust as of the last day of the immediately preceding Monthly Period (or with respect to the first Monthly Period, the total amount
of Principal Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, the Closing Date) and (y) the Series 2022-4 Allocation Percentage as of the last day of the immediately preceding Monthly Period; provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a
Removal Date occurs the amount in (x)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such
Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including
the related Addition Date or Removal Date to and including the last day of such Monthly Period; and provided further, that if after the commencement of the Controlled Accumulation Period a Pay-Out Event
occurs with respect to another Series that was designated in the Supplement therefor as a Series that is a “Paired Series” with respect to Series 2022-4, the Transferor may, by written notice
delivered to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the Adjusted Invested Amount as of the last day of the revolving period for such Paired
Series, (y) the Transferor shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such designation and shall have delivered copies of each such written notice to the
Servicer and the Trustee and (z) the Transferor shall have delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on the facts known to such officer at such time, in the reasonable belief of such
Transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay-Out Event, to occur
with respect to Series 2022-4. 

“Principal Funding Account” shall have the meaning specified in
subsection 4.03(a)(i). 

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

“Principal Funding Account Investment Proceeds” shall have the meaning
specified in subsection 4.03(a)(ii). 
 “Principal Funding Account
Investment Shortfall” shall mean, with respect to each Distribution Date during the Controlled Accumulation Period, the amount, if any, by which the Principal Funding Account Investment Proceeds are less than the Covered
Amount. 

  
 11 

“Reallocated Investor Finance Charge 
Collections” shall mean that portion of Group I Investor Finance Charge Collections allocated to Series 2022-4 pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any
Monthly Period, the product of (a) the Series 2022-4 Allocable Principal Collections deposited in the Collection Account for such Monthly Period and (b) the sum of the Class B Principal
Percentage and the Collateral Principal Percentage. 
 “Reassignment Amount” shall mean,
with respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Adjusted Invested Amount on such Distribution Date, plus (ii) Monthly
Interest for such Distribution Date and any Monthly Interest previously due but not distributed to the Series 2022-4 Certificateholders on a prior Distribution Date, plus (iii) the amount of
Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not distributed to the Series 2022-4 Certificateholders on a prior Distribution Date. 

“Required Accumulation Factor Number” shall be equal
to a fraction, rounded upwards to the nearest whole number, the numerator of which is one and the denominator of which is equal to the lowest monthly principal payment rate on the Accounts, expressed as a decimal, for the three months preceding the
date of such calculation. 
 “Required Amount” shall mean, with respect to any Monthly
Period, the sum of the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount. 

“Required Reserve Account Amount” shall mean, with
respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or
(2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferor, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferor shall have received the
prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written
notice to the Servicer and the Trustee. 
 “Reserve Account” shall have the meaning
specified in subsection 4.12(a). 

“Reserve Account Funding Date” shall mean the
Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the
Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the October 2023 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution
Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the April 2024 Monthly Period or any Monthly Period thereafter is less than 3%, the
Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage”
for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period. 

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

  
 12 

 “Reserve Draw Amount”
shall have the meaning specified in subsection 4.12(c). 
 “Revolving Period” shall mean
the period beginning at the close of business on the Series Cut-Off Date and ending on the earlier of (a) the close of business on the day immediately preceding the day the Controlled Accumulation Period
commences and (b) the close of business on the day immediately preceding the day the Early Amortization Period commences. 

“Series 2022-4” shall mean the Series of
Certificates the terms of which are specified in this Supplement. 
 “Series 2022-4 Additional Amounts” shall mean, with respect to any Distribution Date, the sum of the amounts determined pursuant to subsections 4.07(b), (e) and (i) for such
Distribution Date. 
 “Series 2022-4
Allocable Defaulted Amount” shall mean the Series Allocable Defaulted Amount with respect to Series 2022-4. 

“Series 2022-4
Allocable Finance Charge Collections” shall mean the Series Allocable Finance Charge Collections with respect to Series 2022-4. 

“Series 2022-4 
Allocable Principal Collections” shall mean the Series Allocable Principal Collections with respect to Series 2022-4. 

“Series 2022-4 
Allocation Percentage” shall mean the Series Allocation Percentage with respect to Series 2022-4. 

“Series 2022-4 Certificate”
shall mean a Class A Certificate or a Class B Certificate or the Collateral Interest. 

“Series 2022-4 
Certificateholder” shall mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 2022-4 
Certificateholders’ Interest” shall mean the Certificateholders’ Interest for Series 2022-4, including the Collateral Interest. 

“Series 2022-4 
Monthly Fees” shall mean, with respect to any Distribution Date, the amount determined pursuant to subsections 4.05(a)(ii), (b)(ii) and (c)(i) and subsection 4.07(g). 

“Series 2022-4 Monthly Interest” shall mean the amounts determined
pursuant to subsections 4.02(a), (b) and (c). 

“Series 2022-4 
Principal Shortfall” shall have the meaning specified in Section 4.11. 

“Series 2022-4 
Termination Date” shall mean the October 2027 Distribution Date. 

“Series Adjusted Portfolio Yield” shall mean, with
respect to any Monthly Period, the annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (a) Reallocated Investor Finance Charge Collections with respect to such Monthly Period, plus (b) the
amount of any Principal Funding Account Investment Proceeds for the related Distribution Date, plus (c) provided that each Rating Agency has consented in writing to the inclusion thereof in calculating the Series Adjusted
Portfolio Yield, any Excess Finance Charge Collections that are allocated to Series 2022-4 with respect to such Monthly Period, plus (d) the amount of funds, if any, withdrawn from the Reserve
Account which pursuant to subsection 4.12(d) are required to be deposited into the Collection Account and included as Class A Available Funds for the Distribution Date with respect to such Monthly Period, minus (e) the

  
 13 

 
Investor Default Amount for the Distribution Date with respect to such Monthly Period, and (B) the denominator of which is the Invested Amount as of the last day of the preceding Monthly
Period. 

“Series Cut-Off Date” shall
mean the close of business on November 3, 2022. 

“Series Invested Amount” shall mean, on any date of determination, an
amount equal to the Initial Invested Amount plus the aggregate initial principal amount of any additional Series 2022-4 Certificates issued pursuant to Section 6.03(c) of the Agreement. 

“Series Required Transferor Amount” shall mean an
amount equal to 7% of the Invested Amount. 
 “Servicing Base Amount”
shall have the meaning specified in Section 3.01. 

“Servicing Fee Rate” shall mean 2.0% per annum. 

“Special Payment Date” shall mean each Distribution Date with respect
to the Early Amortization Period. 
 “Transfer” shall have the meaning specified in subsection 9.06(a).

 “Transfer Agreement” shall mean, in connection with a Note Trust Transfer, if applicable, the transfer
and administration agreement entered into by RFC III, as transferor, TRS, as administrator, and the applicable trust established in connection with such Note Trust Transfer, as the same may be amended, supplemented or otherwise modified from time to
time. 
 “Transferor Percentage” shall mean 100% minus (a) the Floating
Allocation Percentage, when used at any time with respect to Finance Charge Receivables and Defaulted Receivables, or (b) the Principal Allocation Percentage, when used at any time with respect to Principal Receivables. 

(b)    Notwithstanding anything to the contrary in this Supplement or the Agreement, the term
“Rating Agency” shall mean, whenever used in this Supplement or the Agreement with respect to Series 2022-4, Fitch and Standard & Poor’s. As used in this
Supplement and in the Agreement with respect to Series 2022-4, “highest investment category” shall mean (i) in the case of Fitch, AAA or F1+, as applicable and (ii) in the case of
Standard & Poor’s, AAA or A-1+, as applicable. 

(c)    Each capitalized term defined herein shall relate to the Series
2022-4 Certificates and no other Series of Certificates issued by the Trust, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed
to them in the Agreement. In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Agreement, the terms and provisions of this Supplement shall govern. 

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

  
 14 

 ARTICLE III 

Servicing Fee 

Section 3.01.    Servicing Compensation. The share of the Servicing Fee
allocable to the Series 2022-4 Certificateholders with respect to any Distribution Date (the “Monthly Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the last day of the Monthly Period preceding such Distribution Date minus (ii) the
product of the amount, if any, on deposit in the Special Funding Account as of the last day of the Monthly Period preceding such Distribution Date and the Series 2022-4 Allocation Percentage with respect to
such Monthly Period (the amount calculated pursuant to this clause (b) is referred to as the “Servicing Base Amount”). The share of the Monthly Servicing Fee allocable to the Class A
Certificateholders with respect to any Distribution Date (the “Class A Servicing Fee”) shall be equal to one-twelfth of the product of (a) the
Class A Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Class B Certificateholders with respect to any Distribution Date (the
“Class B Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Class B Floating Percentage, (b) the Servicing
Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Collateral Interest with respect to any Distribution Date (the “Collateral Servicing Fee”) shall be
equal to one-twelfth of the product of the (a) Collateral Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The remainder of the Servicing Fee shall be paid by
the Holders of the Transferor Certificates or the investor certificateholders of other Series (as provided in the related Supplements) and in no event shall the Trust, the Trustee or the Series 2022-4
Certificateholders be liable for the share of the Servicing Fee to be paid by the Holders of the Transferor Certificates or the investor certificateholders of any other Series. To the extent that the Class A Servicing Fee, the Class B
Servicing Fee and the Collateral Servicing Fee are not paid in full pursuant to the preceding provisions of this Section 3.01, and Sections 4.05 and 4.07, they shall be paid by the Holders of the Transferor Certificates. 

ARTICLE IV 
 Rights of Series 2022-4 Certificateholders and 
 Allocation and Application of Collections 

Section 4.01.    Collections and Allocations. 

(a)        Allocations. Collections of Finance Charge Receivables and Principal
Receivables and Defaulted Receivables allocated to Series 2022-4 pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables reallocated from other Series in
Group I) shall be allocated and distributed or reallocated as set forth in this Article. 

(b)        Payments to the
Transferor. The Servicer shall on each Deposit Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts: 

(i)        an amount equal to the Transferor Percentage for the related
Monthly Period of Series 2022-4 Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and 

(ii)        an amount equal to the Transferor Percentage for the
related Monthly Period of Series 2022-4 Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to
the Trust on such Deposit Date) exceeds zero. 

  
 15 

 The withdrawals to be made from the Collection Account pursuant to this
subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement,
payment of the purchase price for the Series 2022-4 Certificateholders’ Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables
pursuant to Section 9.01 or 12.02 of the Agreement. 

(c)        Allocations to the
Series 2022-4 Certificateholders. The Servicer shall, prior to the close of business on each Deposit Date, allocate to the Series
2022-4 Certificateholders the following amounts as set forth below: 

(i)        Allocations of
Finance Charge Collections. The Servicer shall allocate to the Series 2022-4 Certificateholders and retain in the Collection Account for application as provided herein an amount
equal to the product of (A) the Floating Allocation Percentage and (B) the Series 2022-4 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited
in the Collection Account on such Deposit Date. 

(ii)        Allocations of
Principal Collections. The Servicer shall allocate to the Series 2022-4 Certificateholders the following amounts as set forth below: 

(x)        Allocations During
the Revolving Period. During the Revolving Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the
Principal Allocation Percentage and (III) the Series 2022-4 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such
Deposit Date, shall be allocated to the Series 2022-4 Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the
Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2022-4 Allocation Percentage and (IV) the aggregate amount of Collections of Principal
Receivables deposited in the Collection Account on such Deposit Date shall be allocated to the Series 2022-4 Certificateholders and first, if any other Principal Sharing Series is outstanding and in its
amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates;
provided, however, that such amount to be paid to the Holders of the Transferor Certificates on any Deposit Date shall be paid to such Holders only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount
(after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account. 

(y)        Allocations During
the Controlled Accumulation Period. During the Controlled Accumulation Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral
Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2022-4 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables
deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2022-4 Certificateholders and retained in the Collection Account until applied as provided herein and (B) an
amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation 

  
 16 

 
Percentage and (III) the Series 2022-4 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in
the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a “Percentage Allocation”) shall be allocated to the Series 2022-4 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that if the sum of such Percentage Allocation and all preceding Percentage Allocations
with respect to the same Monthly Period exceeds the Controlled Deposit Amount during the Controlled Accumulation Period for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any
other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and
second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and
otherwise shall be deposited in the Special Funding Account. 

(z)        Allocations During
the Early Amortization Period. During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series
2022-4 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2022-4 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested
Amount has been deposited into the Collection Account and allocated to the Series 2022-4 Certificateholders, the remainder that has not been so deposited and allocated shall be first, if any other Principal
Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to
the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be
deposited in the Special Funding Account. 

Section 4.02.        Determination of
Monthly Interest. 
 (a)        The amount of monthly interest
(“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record
Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $5,775,000.00. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the
“Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such
Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully
paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A
Certificate Rate and (y) 2.0% per annum and (ii) such Class A 

  
 17 

 
Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates.
Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. 

(b)        The amount of monthly interest (“Class B Monthly
Interest”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the
Class B Certificate Rate for such Distribution Date and (ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first
Distribution Date shall be an amount equal to $261,505.23; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding
Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such
period and a year of 360 days. 
 On the Determination Date preceding each Distribution Date, the Servicer shall determine
the excess, if any (the “Class B Interest Shortfall”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and
available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest
Shortfall is fully paid, an additional amount (“Class B Additional Interest”) equal to one-twelfth of the product of (i) the sum of
(x) the Class B Certificate Rate and (y) 2.0% per annum and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein
with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law.

 (c)        The amount of monthly interest (“Collateral Minimum Monthly
Interest”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the
Collateral Minimum Interest Rate and (ii) the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however,
that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate
described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Minimum Interest Rate was in effect during such period and a year of 360 days. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the
“Collateral Interest Shortfall”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available
to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall
is fully paid, an additional amount (“Collateral Additional Interest”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to
one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder).
Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. 

  
 18 

 (d)        The amount of monthly
interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first
Distribution Date shall be an amount equal to $381,334.29; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and
including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior
Minimum Interest Rate was in effect during such period and a year of 360 days. 
 On the Determination Date preceding each
Distribution Date, the Servicer shall determine an amount (the “Collateral Senior Interest Shortfall”) equal to (x) the aggregate Collateral Senior Minimum Monthly Interest for such Distribution Date
minus (y) the aggregate amount of funds allocated and available to pay such Collateral Senior Minimum Monthly Interest on such Distribution Date. If the Collateral Senior Interest Shortfall with respect to any Distribution Date is
greater than zero, on each subsequent Distribution Date until such Collateral Senior Interest Shortfall is fully paid, an additional amount (“Collateral Senior Additional Interest”) shall be payable as
provided herein with respect to the Collateral Senior Invested Amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) such Collateral Senior Interest
Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Senior Additional Interest shall be payable or distributed to the Collateral Interest Holder
only to the extent permitted by applicable law. 
 Section 4.03.    Principal
Funding Account; Controlled Accumulation Period. 

(a)        (i)    The Servicer, for the benefit of the Series 2022-4 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the “Principal Funding Account”),
bearing a designation clearly indicating that the funds deposited therein and the property credited thereto are held for the benefit of the Series 2022-4 Certificateholders. The Principal Funding Account shall
initially be established with The Bank of New York Mellon. 
 (ii)        At the
written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)), funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer (or its agent appointed
pursuant to Section 4.13(c)); provided, however, that if no such written direction is provided, funds on deposit in the Principal Funding Account shall remain uninvested. All such Eligible Investments shall be held by the Trustee for the
benefit of the Series 2022-4 Certificateholders; provided that on each Distribution Date all interest and other investment income (net of losses and investment expenses) (“Principal Funding
Account Investment Proceeds”) on funds on deposit therein shall be applied as set forth in paragraph (iii) below. Subject to the first sentence of this paragraph (a)(ii), funds on deposit in the Principal Funding Account shall be
invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Principal
Funding Account on a Transfer Date (which immediately precedes a Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight. No such Eligible Investment shall be disposed of prior to its maturity;
provided, however, that the Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with
respect to such Eligible Investment; provided further, however, that the Servicer shall deliver prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the
Trustee will not in any way be held liable by reason of any insufficiency in such Principal Funding Account resulting from any loss on any Eligible Investment included therein except for losses 

  
 19 

 
attributable to the Trustee’s failure to make payments on such Eligible Investments issued by the Trustee, in its commercial capacity, in accordance with their terms. 

(iii)        On each Distribution Date with respect to the Controlled Accumulation
Period, the Servicer shall direct the Trustee in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account Investment Proceeds then on deposit in the Principal Funding Account and
such Principal Funding Account Investment Proceeds shall be treated as a portion of Class A Available Funds and Class B Available Funds. 

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

(b)        (i)    The Trustee shall possess all right, title and
interest in all funds and property from time to time deposited in or credited to the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of
the Series 2022-4 Certificateholders. If, at any time, the Principal Funding Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such
longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Principal Funding Account meeting the conditions specified in paragraph (a)(i) above as an Eligible Deposit Account and shall transfer any
cash or any investments to such new Principal Funding Account. 

(ii)        Pursuant to the authority granted to the Servicer in subsection 3.01(b) of
the Agreement, the Servicer shall have the power to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Principal Funding Account for the purposes of carrying out the Servicer’s or Trustee’s
duties hereunder. Pursuant to the authority granted to the Paying Agent in Section 5.01 of this Supplement and Section 6.07 of the Agreement, the Paying Agent shall have the power to withdraw funds from the Principal Funding Account for
the purpose of making distributions to the Series 2022-4 Certificateholders. 

(c)        The Controlled Accumulation Period is scheduled to commence at the close of
business on the last day of the September 2024 Monthly Period; provided, however, that if the Controlled Accumulation Period Length (which shall be determined as described below) is less than 12 months, the date on which the Controlled
Accumulation Period actually commences will be delayed to the close of business on the last day of the month preceding the month that is the number of months prior to the Expected Final Payment Date at least equal to the Controlled Accumulation
Period Length and, as a result, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length. On the Determination Date immediately preceding the July 2024 Distribution Date, and
on each Determination Date thereafter that occurs prior to the Determination Date occurring in the Monthly Period in which the Controlled Accumulation Period commences, the Servicer will determine the
“Controlled Accumulation Period Length” which will equal the number of months such that the sum of the Controlled Accumulation Period Factors for each month during such period
will be equal to or greater than the Required Accumulation Factor Number; provided, however, that the Controlled Accumulation Period Length shall not be less than one month. Notwithstanding the foregoing, if the Controlled Accumulation Period
Length shall have been determined to be less than 12 months and, after the date on which such determination is made, a Pay-Out Event or Reinvestment Event (as those terms are defined in the Supplement for such
Series) shall occur with respect to any outstanding Principal Sharing Series other than Series 2022-4, the Controlled Accumulation Period will commence on the earlier of (i) the first day of the Monthly
Period immediately succeeding the date that such Pay-Out Event or Reinvestment Event shall have occurred with respect to such Series and (ii) the date on which the Controlled Accumulation Period is then
scheduled to commence. 

  
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 Section 4.04.    Required
Amount. 
 (a)        With respect to each Distribution Date, on the related
Determination Date, the Servicer shall determine the amount (the “Class A Required Amount”), if any, by which (x) the sum of (i) Class A Monthly Interest for such
Distribution Date, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders on a prior Distribution Date, (iii) any Class A Additional Interest for such Distribution Date and
(iv) any Class A Additional Interest previously due but not paid to the Class A Certificateholders on a prior Distribution Date, (v) if TRS or an Affiliate of TRS is no longer the Servicer, the Class A Servicing Fee for such
Distribution Date, (vi) if TRS or an Affiliate of TRS is no longer the Servicer, any Class A Servicing Fee previously due but not paid to the Servicer, and (vii) the Class A Investor Default Amount, if any, for such Distribution
Date exceeds (y) the Class A Available Funds. In the event that the difference between (x) the Class A Required Amount for such Distribution Date and (y) the amount of Excess Spread and Excess Finance Charge Collections
applied with respect thereto pursuant to subsection 4.07(a) on such Distribution Date is greater than zero, the Servicer shall give written notice to the Transferor and the Trustee of such excess Class A Required Amount on the date of
computation. 
 (b)        With respect to each Distribution Date, on the related
Determination Date, the Servicer shall determine the amount (the “Class B Required Amount”), if any, equal to the sum of (x) the amount, if any, by which (A) the sum of
(i) Class B Monthly Interest for such Distribution Date, (ii) any Class B Monthly Interest previously due but not paid to the Class B Certificateholders, (iii) Class B Additional Interest, if any, for such
Distribution Date, (iv) any Class B Additional Interest previously due but not paid to the Class B Certificateholders on a prior Distribution Date, (v) if TRS or an Affiliate of TRS is no longer the Servicer, the Class B
Servicing Fee for such Distribution Date and (vi) if TRS or an Affiliate of TRS is no longer the Servicer, any Class B Servicing Fee previously due but not paid to the Servicer exceeds (B) the Class B Available Funds and
(y) the Class B Investor Default Amount for such Distribution Date. In the event that the difference between (x) the Class B Required Amount for such Distribution Date and (y) the amount of Excess Spread and Excess Finance
Charge Collections applied with respect thereto pursuant to subsection 4.07(d) on such Distribution Date is greater than zero, the Servicer shall give written notice to the Transferor and the Trustee of such excess Class B Required Amount on
the date of computation. 
 (c)        With respect to each Distribution Date, on
the related Determination Date, the Servicer shall determine the amount (the “Collateral Senior Required Amount”), if any, by which (x) the sum of (i) if TRS or an Affiliate of TRS is no longer the Servicer, the Collateral
Servicing Fee for such Distribution Date, (ii) if TRS or an Affiliate of TRS is no longer the Servicer, any Collateral Servicing Fee previously due but not paid to the Servicer, (iii) Collateral Senior Minimum Monthly Interest for such
Distribution Date, (iv) any Collateral Senior Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, (v) Collateral Senior Additional Interest, if any, for such
Distribution Date, and (vi) any Collateral Senior Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date exceeds (y) the sum of (A) the amount of Collateral Available
Funds to be applied under Section 4.05(c)(i) on such Distribution Date and (B) the amount of Excess Spread and Excess Finance Charge Collections available to be applied pursuant to subsection 4.07(f) on such Distribution Date. In the event
that the Collateral Senior Required Amount is greater than zero, the Servicer shall give written notice to the Transferor and the Trustee of such Collateral Senior Required Amount on the date of computation. 

Section 4.05.        Application of Class A Available
Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of
Exhibit B, on each Distribution Date, Class A Available Funds, Class B Available Funds, Collateral Available Funds and 

  
 21 

 
Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date to make the following distributions: 

(a)        On each Distribution Date, an amount equal to the Class A Available
Funds with respect to such Distribution Date will be distributed or deposited in the following priority: 

(i)        an amount equal to Class A Monthly Interest for such
Distribution Date, plus the amount of any Class A Monthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for
such Distribution Date and any Class A Additional Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to the Class A
Certificateholders; 
 (ii)        if TRS or an Affiliate of TRS is
no longer the Servicer, an amount equal to the Class A Servicing Fee for such Distribution Date, plus the amount of any Class A Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be
distributed to the Servicer; 
 (iii)        an amount equal to the
Class A Investor Default Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date; and 

(iv)        the balance, if any, shall constitute Excess Spread and
shall be allocated and distributed or deposited as set forth in Section 4.07. 

(b)        On each Distribution Date, an amount equal to the Class B Available
Funds with respect to such Distribution Date will be distributed or deposited in the following priority: 

(i)        an amount equal to Class B Monthly Interest for such
Distribution Date, plus the amount of any Class B Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Additional Interest for
such Distribution Date and any Class B Additional Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to the Class B
Certificateholders; 
 (ii)        if TRS or an Affiliate of TRS is
no longer the Servicer, an amount equal to the Class B Servicing Fee for such Distribution Date, plus the amount of any Class B Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be
distributed to the Servicer; and 
 (iii)        the balance, if any,
shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07. 

(c)        On each Distribution Date, an amount equal to the Collateral Available
Funds with respect to such Distribution Date will be distributed or deposited in the following priority: 

(i)        if TRS or an Affiliate of TRS is no longer the Servicer, an
amount equal to the Collateral Servicing Fee for such Distribution Date, plus the amount of any Collateral Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be distributed to the Servicer;
and 

  
 22 

 (ii)        the
balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07. 

(d)        On each Distribution Date with respect to the Revolving Period, an amount
equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement. 

(e)        On each Distribution Date with respect to the Controlled Accumulation
Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed in the following order of priority: 

(i)        an amount equal to the lesser of (x) the Controlled
Deposit Amount and (y) the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount shall be deposited in the Principal Funding Account; 

(ii)        for each Distribution Date beginning on the Distribution
Date on which the Class B Invested Amount shall have been paid in full, an amount up to the Collateral Invested Amount shall be distributed to the Collateral Interest Holder; and 

(iii)        the balance of such Available Principal Collections shall
be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement. 

(f)        On each Distribution Date with respect to the Early Amortization Period, an
amount equal to Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority: 

(i)        an amount up to the Class A Adjusted Invested Amount on
such Distribution Date shall be deposited in the Principal Funding Account for distribution to the Class A Certificateholders; 

(ii)        for each Distribution Date beginning on the Distribution
Date on which the Class A Invested Amount is paid in full, an amount up to the Class B Adjusted Invested Amount on such Distribution Date shall be deposited in the Principal Funding Account for distribution to the Class B
Certificateholders; 
 (iii)        for each Distribution Date
beginning on the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount on such Distribution Date shall be distributed to the Collateral Interest Holder; and 

(iv)        for each Distribution Date, after giving effect to
paragraphs (i), (ii) and (iii) above, an amount equal to the balance, if any, of such Available Principal Collections will be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement. 

Section 4.06.    Defaulted Amounts; Investor
Charge-Offs. 
 (a)        On each Determination Date, the Servicer shall
calculate the Class A Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Required Amount for the related Monthly Period exceeds the sum of (x) the amount of Reallocated
Principal Collections allocated to Series 2022-4 with respect to such Monthly Period and (y) the amount 

  
 23 

 
of Excess Spread and the Excess Finance Charge Collections allocable to Series 2022-4 with respect to such Monthly Period, the Collateral Invested Amount,
if any, will be reduced by the amount of such excess, but not by more than the Class A Investor Default Amount for such Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the
Collateral Invested Amount will be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the
Class A Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date. In the event that such reduction would cause the Class B
Invested Amount to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but
not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the aggregate amount of the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such
Distribution Date (a “Class A Investor Charge-Off”). Class A Investor Charge-Offs shall thereafter be reimbursed and the
Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and
available for that purpose pursuant to subsection 4.07(b). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

(b)        On each Determination Date, the Servicer shall calculate the Class B
Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class B Required Amount for such Distribution Date exceeds the sum of (x) the amount of Excess Spread and Excess Finance Charge
Collections allocated to Series 2022-4 with respect to the related Monthly Period which are allocated and available to pay such amount pursuant to subsection 4.07(d) and (y) the Reallocated Principal
Collections allocable to the Collateral Interest and not required to pay the Class A Required Amount with respect to such Distribution Date, then the Collateral Invested Amount shall be reduced by the amount of such excess. In the event that
such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount shall be reduced to zero, and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount
would have been reduced below zero, but not by more than the excess, if any, of the Class B Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount with respect to such
Distribution Date (a “Class B Investor Charge-Off”). Class B Investor Charge-Offs shall thereafter be reimbursed and the
Class B Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class B Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and
available for that purpose pursuant to subsection 4.07(e). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

(c)        On each Determination Date, the Servicer shall calculate the Collateral
Default Amount. If on any Distribution Date the Collateral Default Amount for the previous Monthly Period exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-4
with respect to the related Monthly Period which are allocated and available to pay such amount pursuant to subsection 4.07(h), the Collateral Invested Amount will be reduced by the amount of such excess but not by more than the lesser of the
Collateral Default Amount and the Collateral Invested Amount for such Distribution Date (a “Collateral Charge-Off”). The Collateral Invested Amount will be reimbursed after any
reduction pursuant to this Section 4.06 on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available on such Distribution date for that purpose as described under subsection 4.07(i). 

  
 24 

 Section 4.07.    Excess
Spread; Excess Finance Charge Collections. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit B,
on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 2022-4 with respect to the related Monthly Period, to make the following distributions or deposits in the
following order of priority: 
 (a)        an amount equal to the Class A
Required Amount, if any, with respect to such Distribution Date shall be distributed by the Trustee to fund the Class A Required Amount in accordance with, and in the priority set forth in, subsections 4.05(a)(i), (ii) and (iii); 

(b)        an amount equal to the aggregate amount of Class A Investor
Charge-Offs which have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date; 

(c)        an amount equal to interest on the aggregate outstanding principal balance
of the Class B Certificates not otherwise distributed to the Class B Certificateholders pursuant to Section 4.05(b)(i), at a rate per annum equal to the Class B Certificate Rate, shall be distributed to the Class B
Certificateholders, except that interest previously due but not paid will accrue interest at a rate per annum equal to the Class B Certificate Rate plus 2% per annum; 

(d)        an amount equal to the Class B Required Amount, if any, with respect
to such Distribution Date will be (i) used to fund the Class B Required Amount and be applied in accordance with subsections 4.05(b)(i) and 4.05(b)(ii), and then (ii) an amount up to the Class B Investor Default Amount
will be treated and applied as Available Principal Collections for such Distribution Date; 

(e)        an amount equal to the aggregate amount by which the Class B Invested
Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of “Class B Invested Amount” in Section 2.01 of this Supplement (but not in excess of the aggregate amount of such reductions which have not been
previously reimbursed) shall be treated as a portion of Available Principal Collections for such Distribution Date; 

(f)        an amount equal to Collateral Senior Minimum Monthly Interest for such
Distribution Date, plus the amount of any Collateral Senior Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, plus the amount of any Collateral Senior Additional
Interest for such Distribution Date and any Collateral Senior Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to the Collateral Interest Holder; 

(g)        an amount equal to the Monthly Servicing Fee for such Distribution Date
that has not been paid to the Servicer and any Monthly Servicing Fee due but not paid to the Servicer on a prior Distribution Date shall be paid to the Servicer; 

(h)        an amount equal to the Collateral Default Amount, if any, for such
Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date; 

(i)        an amount equal to the aggregate amount by which the Collateral Invested
Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of “Collateral Invested Amount” (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be treated
as a portion of Available Principal Collections for such Distribution Date; 

(j)        on each Distribution Date from and after the Reserve Account Funding Date,
but prior to the date on which the Reserve Account terminates pursuant to subsection 4.12(f), an amount up to 

  
 25 

 
the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account; 

(k)        without duplication of any amount paid pursuant to Section 4.07(f), an
amount equal to the Collateral Minimum Monthly Interest for such Distribution Date, plus the amount of any Collateral Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date,
plus the amount of any Collateral Additional Interest for such Distribution Date and any Collateral Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to
the Collateral Interest Holder; and 
 (l)        (i) prior to a Note Trust
Transfer, the balance, if any, shall constitute a portion of Excess Finance Charge Collections for such Distribution Date and shall be available for allocation to other Excess Allocation Series in accordance with Section 4.09 hereof, if so
needed, or to the holders of the Transferor Certificates, and (ii) following a Note Trust Transfer the balance, if any, will be distributed to the Collateral Interest Holder. 

Section 4.08.    Reallocated Principal Collections. On each
Distribution Date, the Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit B, Reallocated Principal Collections with respect to such Distribution Date, to make
the following distributions or deposits in the following order of priority: 

(a)        an amount equal to the excess, if any, of (i) the Class A Required
Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-4 with respect to the related Monthly Period
shall be distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.05(a)(i), (ii) and (iii); 

(b)        an amount equal to the excess, if any, of (i) the Class B
Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsections 4.07(c) and (d) on
such Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in subsections 4.07(c) and (d); and 

(c)        an amount equal to the Collateral Senior Required Amount, if any, with
respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be
applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. 

All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any
such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. 

On each Distribution Date, the Collateral Invested Amount shall be reduced by the amount of Reallocated Principal Collections
for such Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to
subsection 4.08(c). In the event that such reduction would cause the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) to be a negative number, the Collateral Invested Amount (after giving
effect to any Collateral Charge-Offs for such Distribution Date) shall be reduced to 

  
 26 

 
zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero. In the event that the reallocation of
Reallocated Principal Collections would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be a negative number on any Distribution Date, Reallocated Principal
Collections shall be reallocated on such Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date)
to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

Section 4.09.    Excess Finance Charge Collections.
Series 2022-4 shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge Collections with respect to the Excess Allocation Series for any Distribution Date will
be allocated to Series 2022-4 in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess Allocation Series for such Distribution Date
and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2022-4 for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls
for all the Excess Allocation Series for such Distribution Date. The “Finance Charge Shortfall” for Series 2022-4 for any Distribution Date will be equal to the
excess, if any, of (a) the sum of (I) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and (II) following
a Note Trust Transfer, the full amount required to be paid, without duplication, from the portion of Available Funds (as such term is defined in the Transfer Agreement) allocable to Series 2022-4 in accordance
with the applicable Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to
a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if
any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. The amount of Excess Finance Charge Collections for Series 2022-4 for any Distribution Date shall be (i) initially, the balance remaining and so available pursuant to Section 4.07(l) and (ii) following a Note Trust Transfer, the amount so specified pursuant
to the Transfer Agreement. On each Distribution Date following a Note Trust Transfer, the Trustee shall deposit into the Collection Account for application in accordance with Section 4.05 of the Agreement the aggregate amount of Excess Finance
Charge Collections received by the Trustee pursuant to the applicable Transfer Agreement on such date. 

Section 4.10.    Reallocated Investor Finance
Charge Collections. 
 (a)        That portion of Group I Investor
Finance Charge Collections for any Distribution Date equal to the amount of Reallocated Investor Finance Charge Collections for such Distribution Date will be allocated to Series 2022-4 and will be distributed
as set forth in this Supplement. 
 (b)        Reallocated Investor Finance Charge
Collections with respect to any Distribution Date shall equal the sum of (i) the aggregate amount of Series 2022-4 Monthly Interest, Investor Default Amount, Series
2022-4 Monthly Fees and Series 2022-4 Additional Amounts for such Distribution Date and (ii) that portion of excess Group I Investor Finance Charge Collections to
be included in Reallocated Investor Finance Charge Collections pursuant to subsection (c) hereof; provided, however, that if the amount of Group I Investor Finance Charge Collections for such Distribution Date is less than the sum of
(w) Group I Investor Monthly Interest, (x) Group I Investor Default Amount, (y) Group I Investor Monthly Fees and (z) Group I Investor Additional Amounts, then Reallocated Investor Finance Charge Collections shall equal the sum
of the following amounts for such Distribution Date: 

  
 27 

 (A)        The
product of (I) Group I Investor Finance Charge Collections (up to the amount of Group I Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 2022-4 Monthly Interest and
the denominator of which is Group I Investor Monthly Interest; 

(B)        the product of (I) Group I Investor Finance Charge
Collections less the amount of Group I Investor Monthly Interest (up to the Group I Investor Default Amount) and (II) a fraction, the numerator of which is the Investor Default Amount and the denominator of which is the Group I Investor Default
Amount; 
 (C)        the product of (I) Group I Investor
Finance Charge Collections less the amount of Group I Investor Monthly Interest and the Group I Investor Default Amount (up to Group I Investor Monthly Fees) and (II) a fraction, the numerator of which is Series
2022-4 Monthly Fees and the denominator of which is Group I Investor Monthly Fees; and 

(D)        the product of (I) Group I Investor Finance Charge
Collections less the sum of (i) Group I Investor Monthly Interest, (ii) the Group I Investor Default Amount and (iii) Group I Investor Monthly Fees and (II) a fraction, the numerator of which is Series 2022-4 Additional Amounts and the denominator of which is Group I Investor Additional Amounts. 

(c)        If the amount of Group I Investor Finance Charge Collections for such
Distribution Date exceeds the sum of (i) Group I Investor Monthly Interest, (ii) Group I Investor Default Amount, (iii) Group I Investor Monthly Fees and (iv) Group I Investor Additional Amounts, then Reallocated Investor Finance
Charge Collections for such Distribution Date shall include an amount equal to the product of (x) the amount of such excess and (y) a fraction, the numerator of which is the Invested Amount as of the last day of the second preceding
Monthly Period (or, for Series 2022-4 only, with respect to the first Distribution Date, as of the Closing Date) and the denominator of which is the sum of such Invested Amount and the aggregate invested
amounts for all other Series included in Group I as of such last day (or, for Series 2022-4 only, with respect to the first Distribution Date, as of the Closing Date). 

Section 4.11.    Shared Principal Collections. Subject to
Section 4.04 of the Agreement, Shared Principal Collections for any Distribution Date will be allocated to Series 2022-4 in an amount equal to the product of (x) the aggregate amount of Shared
Principal Collections with respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 2022-4 Principal Shortfall for such Distribution Date
and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The “Series
2022-4 Principal Shortfall” will be equal to (a) for any Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution Date with respect
to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof
attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of Available Principal Collections for such Distribution
Date (excluding any portion thereof attributable to Shared Principal Collections). 

Section 4.12.    Reserve Account. 

(a)        The Servicer shall establish and maintain, in the name of the Trustee, on
behalf of the Trust, for the benefit of the Series 2022-4 Certificateholders, an Eligible Deposit Account (the “Reserve Account”) bearing a designation clearly indicating that
the funds deposited therein and the 

  
 28 

 
property credited thereto are held for the benefit of the Series 2022-4 Certificateholders. The Reserve Account shall initially be established with The
Bank of New York Mellon. The Trustee shall possess all right, title and interest in all funds and property from time to time deposited in or credited to the Reserve Account and in all proceeds thereof. The Reserve Account shall be under the sole
dominion and control of the Trustee for the benefit of the Series 2022-4 Certificateholders. If at any time the Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its
behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency shall consent) establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and
shall transfer any cash or any investments to such new Reserve Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount
at such time, for the purposes set forth in this Supplement, and (ii) on each Distribution Date (from and after the Reserve Account Funding Date) prior to the termination of the Reserve Account make a deposit into the Reserve Account in the
amount specified in, and otherwise in accordance with, subsection 4.07(j). 

(b)        Funds on deposit in the Reserve Account shall be invested at the written
direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)) by the Trustee in Eligible Investments; provided, however, that if no such written direction is provided, funds on deposit in the Reserve Account shall remain
uninvested. Subject to the immediately preceding sentence, funds on deposit in the Reserve Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall be invested in such investments
that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the Trustee shall sell, liquidate
or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment; provided further, however,
that the Servicer shall deliver prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by reason of any insufficiency
in such Reserve Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee’s failure to make payments on such Eligible Investments issued by the Trustee, in its commercial capacity,
in accordance with their terms. On each Distribution Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on funds on deposit in the Reserve Account shall be retained in the Reserve
Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account and treated as collections of Finance Charge Receivables
allocable to Series 2022-4. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Supplement, except as otherwise provided in the preceding
sentence, investment earnings on such funds shall be deemed not to be available or on deposit. 

(c)        On the Determination Date preceding each Distribution Date with respect to
the Controlled Accumulation Period and the first Special Payment Date, the Servicer shall calculate the “Reserve Draw Amount” which shall be equal to the excess, if any, of the Covered Amount with respect
to such Distribution Date or Special Payment Date over the Principal Funding Account Investment Proceeds with respect to such Distribution Date or Special Payment Date; provided, that such amount will be reduced to the extent that funds
otherwise would be available for deposit in the Reserve Account under subsection 4.07(j) with respect to such Distribution Date or Special Payment Date. 

(d)        In the event that for any Distribution Date the Reserve Draw Amount is
greater than zero, the Reserve Draw Amount, up to the Available Reserve Account Amount, shall be withdrawn from the Reserve Account on the related Transfer Date by the Trustee (acting in accordance with the instructions of the Servicer), deposited
into the Collection Account and included in Class A Available Funds for such Distribution Date. 

  
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 (e)        In the event that the
Reserve Account Surplus on any Distribution Date, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Distribution Date, is greater than zero, the Trustee, acting in accordance with the written
instructions of the Servicer, shall withdraw from the Reserve Account, and distribute to the Collateral Interest Holder, an amount equal to such Reserve Account Surplus. 

(f)        Upon the earliest to occur of (i) the day on which the Invested Amount
is paid in full to the Series 2022-4 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with
respect to Series 2022-4, (iii) if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected Final Payment Date and (iv) the termination of the Trust
pursuant to the Agreement, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Class A Certificateholders which are payable from the Reserve Account as provided herein,
shall withdraw from the Reserve Account and pay to the Collateral Interest Holder all amounts, if any, on deposit in the Reserve Account and the Reserve Account shall be deemed to have terminated for purposes of this Supplement. 

Section 4.13.    Investment Instructions. 

(a)        Any investment instructions required to be given to the Trustee pursuant to
the terms hereof must be given to the Trustee no later than 10:30 a.m. (New York City time) on the date such investment is to be made. In the event the Trustee receives such investment instruction later than such time, the Trustee may, but shall
have no obligation to, make such investment. In the event the Trustee is unable to make an investment required in an investment instruction received by the Trustee after 10:30 a.m. (New York City time) on such day, such investment shall be made by
the Trustee on the next succeeding Business Day. In no event shall the Trustee be liable for any investment not made pursuant to investment instructions received after 10:30 a.m. (New York City time) on the day such investment is requested to be
made. 
 (b)        The Trustee shall hold each Eligible Investment that constitutes
investment property through a securities intermediary, which securities intermediary shall agree with the Trustee that (i) such investment property at all times shall be credited to a securities account of the Trustee, (ii) all property
credited to such securities account shall be treated as a financial asset, (iii) such securities intermediary shall treat the Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account,
(iv) such securities intermediary shall comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (v) such securities intermediary shall not agree with any person or entity other
than the Trustee to comply with entitlement orders originated by any person or entity other than the Trustee, (vi) such securities account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than the Trustee), (vii) such agreement between such securities intermediary and the
Trustee shall be governed by the laws of the State of New York, and (viii) such securities intermediary’s jurisdiction for purposes of the Uniform Commercial Code shall be the State of New York. The Trustee shall maintain possession of
each other Eligible Investment in the State of New York, separate and apart from all other property held by the Trustee. Notwithstanding any other provision of this Supplement, the Trustee shall not hold any Eligible Investment through an agent
except as expressly permitted by this Section 4.13(b). Each term used in this Section 4.13(b) and defined in the New York Uniform Commercial Code shall have the meaning set forth in the New York Uniform Commercial Code. 

(c)        With respect to investments made by the Trustee pursuant to the terms
hereof, the Servicer may appoint as its agent under a separate agreement a registered investment advisor and authorize such agent to give instructions, which may be provided to the Trustee through S.W.I.F.T., on

  
 30 

 
behalf of the Servicer to the Trustee for funds to be invested and reinvested in one or more Eligible Investments. The Servicer shall provide the Trustee with a written direction certifying any
such appointment. The Trustee shall be entitled to conclusively rely on, and shall be protected in acting upon, instructions, which may be provided to the Trustee through S.W.I.F.T., received from such agent on behalf of the Servicer. 

Section 4.14.        [Reserved]. 

ARTICLE V 
 Distributions and
Reports to 
 Series 2022-4 Certificateholders 

Section 5.01.        Distributions. 

(a)        On each Distribution Date, the Paying Agent shall distribute to each
Class A Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class A Certificateholder’s pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay interest on the Class A Certificates pursuant to this Supplement. 

(b)        On each Special Payment Date and on the Expected Final Payment Date, the
Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class A Certificateholder of record on the related Record Date (other than as provided in
Section 12.02 of the Agreement) such Class A Certificateholder’s pro rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to
pay principal of the Class A Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class A Invested Amount on such date (unless there has been an optional repurchase of the Series 2022-4 Certificateholders’ Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 

(c)        On each Distribution Date, the Paying Agent shall distribute (in accordance
with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such
Class B Certificateholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on the Class B Certificates pursuant to this Supplement. 

(d)        On each Special Payment Date, and on the Expected Final Payment Date, the
Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in
Section 12.02 of the Agreement) such Class B Certificateholder’s pro rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to
pay principal of the Class B Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class B Invested Amount on such date (unless there has been an optional repurchase of the Series 2022-4 Certificateholders’ Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 

(e)        On each Distribution Date, the Trustee shall distribute to the Collateral
Interest Holder the aggregate amount payable to the Collateral Interest Holder pursuant to Sections 4.05, 4.07, 4.12, 8.01 and 8.02 to the Collateral Interest Holder’s account, as specified in writing by the Collateral Interest Holder, in
immediately available funds. 

  
 31 

 (f)        The distributions to be
made pursuant to this Section 5.01 are subject to the provisions of Sections 2.06, 9.02, 10.01 and 12.02 of the Agreement and Sections 8.01 and 8.02 of this Supplement. 

(g)        Except as provided in Section 12.02 of the Agreement with respect to a
final distribution, distributions to Series 2022-4 Certificateholders hereunder shall be made by check mailed to each Series 2022-4 Certificateholder at such Series 2022-4 Certificateholder’s address appearing in the Certificate Register without presentation or surrender of any Series 2022-4 Certificate or the making of any notation
thereon; provided, however, that with respect to Series 2022-4 Certificates registered in the name of a Clearing Agency, such distributions shall be made to such Clearing Agency in immediately available
funds. 
 (h)        The distributions to be made pursuant to this Section 5.01
are to be made pursuant to the written instructions of the Servicer substantially in the form of Exhibit B. 

Section 5.02.    Reports and Statements to
Series 2022-4 Certificateholders. 

(a)        On each Distribution Date, the Paying Agent, on behalf of the Trustee,
shall make available, and shall forward to each Series 2022-4 Certificateholder upon request, a statement substantially in the form of Exhibit C-1 to this
Supplement prepared by the Servicer and delivered to the Paying Agent. 

(b)        Not later than each Determination Date, the Servicer shall deliver to the
Trustee, the Paying Agent, the Transferor, each Rating Agency and the Collateral Interest Holder (i) a statement substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer
and (ii) a certificate of a Servicing Officer substantially in the form of Exhibit D. 

(c)        A copy of each statement or certificate provided pursuant to paragraph
(a) or (b) may be obtained by any Series 2022-4 Certificateholder or any Certificate Owner thereof by a request in writing to the Servicer. 

(d)        On or before January 31 of each calendar year, beginning with calendar
year 2023, the Paying Agent, on behalf of the Trustee, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2022-4 Certificateholder, a
statement substantially in the form of Exhibit C-2 to this Supplement to the extent prepared by the Servicer and delivered to the Paying Agent for such calendar year or the applicable portion thereof
during which such Person was a Series 2022-4 Certificateholder, together with such information as is required to be provided by a paying agent under the Code (including Forms 1099 and other customary tax
reporting information) and, to the extent prepared by the Servicer and delivered to the Paying Agent, such other information as is required to be provided by an issuer of indebtedness under the Code. The obligations of the Servicer and Paying Agent
to prepare and deliver the statement substantially in the form of Exhibit C-2 to this Supplement shall be deemed to have been satisfied to the extent that substantially comparable information shall be
provided by the Paying Agent pursuant to any requirements of the Code as from time to time in effect. 
 ARTICLE VI 

Pay-Out Events 

Section 6.01.    Pay-Out Events. If any
one of the following events shall occur with respect to the Series 2022-4 Certificates: 

  
 32 

 (a)        the occurrence of an
Insolvency Event relating to the Transferor or other holder of the Original Transferor Certificate; 

(b)        the Trust becomes an investment company within the meaning of the
Investment Company Act; 
 (c)        failure on the part of the Transferor
(i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to
observe or perform any other covenants or agreements of the Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2022-4 Certificateholders and
which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferor and the Trustee by any Holder
of the Series 2022-4 Certificates; 

(d)        any representation or warranty made by the Transferor in the Agreement or
this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material
respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor
by the Trustee, or to such Transferor and the Trustee by any Holder of the Series 2022-4 Certificates and as a result of which the interests of the Series 2022-4
Certificateholders are materially and adversely affected for such period; provided, however, that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if
the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the
provisions of the Agreement; 
 (e)        a failure by the Transferor to convey
Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of the Agreement; 

(f)        any Servicer Default which would have an Adverse Effect shall occur; 

(g)        the average Series Adjusted Portfolio Yield for any three consecutive
Monthly Periods is reduced to a rate which is less than the average of the Base Rates for such period; 

(h)        the Class A Invested Amount, the Class B Invested Amount or the
Collateral Invested Amount shall not be paid in full on the Expected Final Payment Date; 

(i)        a Transfer Restriction Event shall occur; 

(j)        the occurrence of an Insolvency Event as defined in the Receivables
Purchase Agreement relating to the Account Owner; or 
 (k)        a Transfer
Restriction Event as defined in the Receivables Purchase Agreement shall occur between the Account Owner and the related Transferor; 

then, (A) in the case of any event described in subparagraph (c), (d) or (f), after the applicable grace period, if any, set forth in
such subparagraphs, either the Trustee or the Investor Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount of the Investor Certificates of this Series by notice then given in writing to the Transferor
and the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may declare that a Pay-Out Event has occurred with 

  
 33 

 
respect to this Series as of the date of such notice; (B) in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event
shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event; and (C) in the case of any event described in
subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series
immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that (x) as of the date of
such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Receivables Percentage for the
immediately preceding three Monthly Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables outstanding in the Trust does not
at least equal the Required Minimum Principal Balance (without giving effect to Principal Receivables attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer Restriction Event has occurred).

 ARTICLE VII 
 Optional
Repurchase; Series Termination 

Section 7.01.    Optional Repurchase. 

(a)        So long as the Transferor is the Servicer or an Affiliate of the Servicer,
on any day occurring on or after the date on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 2022-4
Certificateholders’ Interest, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the
Distribution Date following such day. If, on the date on which the Transferor exercises such option, the long-term unsecured debt obligations of such Transferor purchasing the Series 2022-4
Certificateholders’ Interest is not rated at least in the third highest rating category by the Rating Agency, such Transferor shall deliver to the Trustee, with a copy to the Rating Agency, an Officer’s Certificate of such Transferor which
shall have attached to it the relevant fraudulent conveyance statute, if any, and set forth the factual basis for a conclusion that the exercise of such optional repurchase would not constitute a fraudulent conveyance of such Transferor. 

(b)        The Transferor shall give the Servicer and the Trustee at least 30 days
prior written notice of the date on which the Transferor intends to exercise such purchase option. Not later than 12:00 noon, New York City time, on such day the Transferor shall deposit the Reassignment Amount into the Collection Account in
immediately available funds. Such purchase option is subject to payment in full of the Reassignment Amount. Following the deposit of the Reassignment Amount into the Collection Amount in accordance with the foregoing, the Invested Amount for Series 2022-4 shall be reduced to zero and the Series 2022-4 Certificateholders shall have no further interest in the Receivables. The Reassignment Amount shall be distributed as set
forth in subsection 8.01(b). 
 Section 7.02.    Series Termination. 

(a)        If, on the August 2027 Distribution Date, the Invested Amount (after giving
effect to all changes therein on such date) would be greater than zero, the Servicer, on behalf of the Trustee, shall, within the 40-day period which begins on such Distribution Date, solicit bids for the sale
of Principal Receivables and the related Finance Charge Receivables (or interests therein) in an amount equal to the Invested Amount at the close of business on the last day of the Monthly Period preceding the Series
2022-4 Termination Date (after giving effect to all distributions required to be made on the Series 

  
 34 

 
2022-4 Termination Date, except pursuant to this Section 7.02). Such bids shall require that such sale shall (subject to subsection 7.02(b)) occur on
the Series 2022-4 Termination Date. The Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such Transferor for purposes of United States generally accepted accounting
principles shall not be entitled to participate in such bidding process or to purchase the Receivables; provided, however, that, to the extent the Collateral Interest Holder is not the Transferor, an Affiliate thereof, an agent thereof
or any other party consolidated with the Transferor for purposes of United States generally accepted accounting principles, the Collateral Interest Holder may participate in such bidding process. 

(b)    The Servicer, on behalf of the Trustee, shall sell such Receivables (or interests therein) on the
Series 2022-4 Termination Date to the bidder who made the highest cash purchase offer. The proceeds of any such sale shall be treated as Collections on the Receivables allocated to the Series 2022-4 Certificateholders pursuant to the Agreement and this Supplement; provided, however, that the Servicer shall determine conclusively the amount of such proceeds which are allocable to Finance Charge
Receivables and the amount of such proceeds which are allocable to Principal Receivables. During the period from the August 2027 Distribution Date to the Series 2022-4 Termination Date, the Servicer shall
continue to collect payments on the Receivables and allocate and deposit such Collections in accordance with the provisions of the Agreement and the Supplements. 

ARTICLE VIII 
 Final
Distributions 
 Section 8.01.     Sale of Receivables or Certificateholders’
Interest pursuant to Section 2.06 or 10.01 of the Agreement and Section 7.01 or 7.02 of this Supplement. 

(a)    (i)        The amount to be paid by the Transferor with
respect to Series 2022-4 in connection with a reassignment of Receivables to the Transferor pursuant to Section 2.06 of the Agreement shall equal the Reassignment Amount for the first Distribution Date
following the Monthly Period in which the reassignment obligation arises under the Agreement. 

(ii)        The amount to be paid by the Transferor with respect to
Series 2022-4 in connection with a repurchase of the Certificateholders’ Interest pursuant to Section 10.01 of the Agreement shall equal the sum of (x) the Reassignment Amount for the
Distribution Date of such repurchase and (y) the sum of (A) the excess, if any, of (I) a price equivalent to the average of bids quoted on the Record Date preceding the date of repurchase or, if not a Business Day, on the next
succeeding Business Day by at least two recognized dealers selected by the Trustee for the purchase by such dealers of a security which is similar to the Class A Certificates with a remaining maturity approximately equal to the remaining
maturity of the Class A Certificates and rated by each Rating Agency in the rating category originally assigned to the Class A Certificates over (II) the portion of the Reassignment Amount attributable to the Class A Certificates
and (B) the excess, if any, of (I) a price equivalent to the average of bids quoted on such Record Date, or if not a Business Day, on the next succeeding Business Day by at least two recognized dealers selected by the Trustee for the
purchase by such dealers of a security which is similar to the Class B Certificates with a remaining maturity approximately equal to the remaining maturity of the Class B Certificates and rated by each Rating Agency in the rating category
originally assigned to the Class B Certificates, if applicable, over (II) the portion of the Reassignment Amount attributable to the Class B Certificates. 

  
 35 

 (b)        With respect to the
Reassignment Amount deposited into the Collection Account pursuant to Section 7.01 or any amounts allocable to the Series 2022-4 Certificateholders’ Interest deposited into the Collection Account
pursuant to Section 7.02, the Trustee shall, in accordance with the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in
the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be
distributed to the Paying Agent for payment to the Class A Certificateholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously
due but not distributed to the Class A Certificateholders on a prior Distribution Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but
not distributed to the Class A Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution
Date will be distributed to the Paying Agent for payment to the Class B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest
previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest
previously due but not distributed to the Class B Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class B Certificateholders and (iii) the balance, if any, will be
distributed to the Collateral Interest Holder. 
 (c)        Notwithstanding
anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to subsection 8.01(b) for payment to the Series 2022-4 Certificateholders shall be deemed
distributed in full to the Series 2022-4 Certificateholders on the date on which such funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant
to Section 12.02 of the Agreement. 
 Section 8.02.    Distribution of Proceeds of Sale,
Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the Agreement. 

(a)        Not later than 12:00 noon, New York City time, on the Distribution Date
following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.01(b) of the Agreement, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and,
in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the Class A Invested Amount on such Distribution Date from the portion of the Insolvency
Proceeds allocated to Series 2022-4 Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such
distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2022-4 Allocable Principal Collections and (y) the Principal Allocation Percentage with
respect to the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2022-4
Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such
Insolvency Proceeds allocated to Series 2022-4 Allocable Principal Collections and (B) the Principal Allocation Percentage with respect to the related Monthly Period minus (y) the amount
distributed to the Paying Agent pursuant to clause (i) of this sentence and (iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder. 

(b)        Not later than 12:00 noon, New York City time, on such Distribution Date,
the Trustee shall in accordance with the written direction of the Servicer (in the following priority and, in 

  
 36 

 
each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly
Interest for such Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if
any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of
Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency
Proceeds allocated to Series 2022-4 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class A Floating
Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the
Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the
Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2022-4 Allocable Finance Charge Collections and distribute such amount to the Paying
Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series
2022-4 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating Percentage with respect to such
Monthly Period. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2022-4 Allocable Finance Charge Collections and (B) the Floating Allocation Percentage
with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Collateral Interest Holder. 

(c)        Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 2022-4 Certificateholders shall be distributed in full to the Series
2022-4 Certificateholders on the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

 ARTICLE IX 
 Miscellaneous
Provisions 
 Section 9.01.        Ratification
of Agreement. As supplemented by this Supplement, the Agreement is in all respects ratified and confirmed and the Agreement as so supplemented by this Supplement shall be read, taken and construed as one and the same instrument.

 Section 9.02.        Counterparts. This Supplement may be executed in
two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 

Section 9.03.        Governing Law. THIS SUPPLEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.04.        FATCA Matters. Each Certificate Owner and Series 2022-4 Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges that interest on the Certificates will be treated as United States source interest, and, as
such, 

  
 37 

 
United States withholding tax may apply. Each such Certificate Owner and Series 2022-4 Certificateholder further agrees, upon request, to provide any
certifications that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the
Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing, if a payment made under this Supplement would be subject to United States
federal withholding tax imposed by FATCA if the recipient of such payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver to the Transferor and the
Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Transferor or the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such
additional documentation reasonably requested by the Transferor or the Trustee to comply with their respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine
the amount to deduct and withhold from such payment. In addition, the Transferor shall deliver to the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Trustee, such documentation prescribed
by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Trustee to comply with its obligations under FATCA, and the Transferor understands that failure to provide such
documentation may result in payments being subject to United States withholding tax. The Trustee shall be entitled to deduct withholding tax imposed pursuant to FATCA, and shall have no obligation to gross up any payment or to pay any additional
amount as a result of such withholding tax. For these purposes, “FATCA” means Section 1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or
similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1),
and including any amendments made to FATCA after the date of this Supplement. 

Section 9.05.    Uncertificated Securities. The Collateral Interest shall be delivered in
uncertificated form. 
 Section 9.06.    Transfers of the Class B Certificate
and the Collateral Interest. 
 (a)        Unless otherwise consented to by the
Transferor, no portion of the Class B Certificates or the Collateral Interest or any interest therein may be sold, conveyed, assigned, hypothecated, pledged, participated, exchanged or otherwise transferred (each, a “Transfer”)
except in accordance with this Section 9.06 and only to a Permitted Assignee. Any attempted or purported transfer, assignment, exchange, conveyance, pledge, hypothecation or grant other than to a Permitted Assignee shall be void. Unless
otherwise consented to by the Transferor, no portion of the Collateral Interest or any interest therein may be Transferred to any Person (each such Person acquiring the Collateral Interest or any interest therein, an “Assignee”)
unless such Assignee shall have executed and delivered to the Transferor on or before the effective date of any Transfer a letter substantially in the form attached hereto as Exhibit E (an “Investment Letter”), executed by
such Assignee, with respect to the related Transfer to such Assignee of all or a portion of the Collateral Interest. 

(b)        Each Assignee will certify that the Collateral Interest or the interest
therein purchased by such Assignee will be acquired for investment only and not with a view to any public distribution thereof, and that such Assignee will not offer to sell or otherwise dispose of the Collateral Interest or any interest therein so
acquired by it in violation of any of the registration requirements of the Securities Act, or any applicable state or other securities laws. Each Assignee will acknowledge and agree that (i) it has no right to require the Transferor to register
under the Securities Act or any other securities law the Collateral Interest or the interest therein to be acquired by the Assignee and (ii) the sale 

  
 38 

 
of the Collateral Interest is not being made by means of the prospectus prepared in connection with the sale of the Series 2022-4 Certificates. Each
Assignee will agree with the Transferor that: (a) such Assignee will deliver to the Transferor an Investment Letter and (b) all of the statements made by such Assignee in its Investment Letter shall be true and correct as of the date made.

 (c)        No portion of the Collateral Interest or any interest therein may be
Transferred to, and each Assignee will certify that it is not, (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA and subject to Title I of ERISA), (b) any “plan” (as defined in and subject to
Section 4975 of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA) by reason of a plan’s investment in the entity, including, without
limitation, an insurance company general account. 
 [The signature page follows this page.] 

  
 39 

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

			
	AMERICAN EXPRESS RECEIVABLES
		 	FINANCING CORPORATION III LLC,
		 	as Transferor
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS TRAVEL RELATED
		 	SERVICES COMPANY, INC.,
		 	as Servicer
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON,
		 	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature page
– Series 2022-4 Supplement] 

					
		  	FORM OF CLASS A CERTIFICATE	  	EXHIBIT A-1

  

			
	REGISTERED	  	$                    1/
		
	No. R-                    	  	CUSIP No. 02582J JX9

 Unless this Class A Certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to American Express Receivables Financing Corporation III LLC or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-4 

CLASS A 4.95% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
October 2025 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/10,000ths undivided interest 
 in
Class A of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2022-4 

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated from time to
time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 
 AMERICAN EXPRESS TRAVEL RELATED SERVICES
COMPANY, INC., 
 and other assets and interests constituting Trust Assets under the Fourth Amended and Restated Pooling and Servicing Agreement referred to
below. 
 (Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express National Bank,
American Express Receivables Financing Corporation III LLC, or any of their respective affiliates) 
 This certifies that CEDE & CO. (the
“Class A Certificateholder”) is the registered owner of a fractional undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Fourth Amended and Restated Pooling and
Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 2022-4 Supplement, dated
as of November 3, 2022 (as amended and supplemented, the “Supplement”), among 
  

	1/	 Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

  
 A-1-1 

 
American Express Receivables Financing Corporation III LLC, as transferor (the “Transferor”), American Express Travel Related Services Company, Inc., as servicer, and The Bank of
New York Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the Trust consists of (i) the Transferor’s ownership interest in a portfolio of receivables (the “Receivables”)
existing in credit and charge accounts identified under the Agreement from time to time (the “Accounts”), (ii) all Receivables generated under the Accounts from time to time thereafter, (iii) funds collected or to be collected
from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account and any other Series Accounts and (v) all other assets and interests constituting
the Trust. The Holder of this Certificate is entitled to the benefits of the subordination of the Class B Certificates and the Collateral Interest to the extent provided in the Supplement. Although a summary of certain provisions of the
Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this Class A Certificate does not purport to summarize the Agreement and the Supplement and reference is made to
the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement
(without schedules) may be requested from the Trustee by writing to the 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 Agreement or the Supplement,
as applicable. 
 This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement and
the Supplement, to which Agreement and Supplement, each as amended and supplemented from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and is bound. 

It is the intent of the Transferor and the Class A Certificateholder that, for federal, state and local income and franchise tax
purposes, the Class A Certificates will qualify as indebtedness of the Transferor secured by the Receivables. The Class A Certificateholder, by the acceptance of this Class A Certificate, agrees to treat this Class A Certificate
for federal, state and local income and franchise tax purposes as debt of the Transferor. 
 In general, payments of principal with respect
to the Class A Certificates are limited to the Class A Invested Amount, which may be less than the unpaid principal balance of the Class A Certificates. The Expected Final Payment Date is the October 2025 Distribution Date, but
principal with respect to the Class A Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not
sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of
principal of the Class A Certificates will occur later than the Expected Final Payment Date. 
 Unless the certificate of
authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Transferor has caused this Class A Certificate to be duly
executed. 
  

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: November 3, 2022 

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2022-4 Class A Certificates described in
the within-mentioned Agreement and Supplement. 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-1-4 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-4 

CLASS A 4.95% ASSET BACKED CERTIFICATE 

Summary of Terms and Conditions 

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts advanced to
cardmembers as cash advances and Finance Charge Receivables. This Class A Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 2022-4 (the
“Series 2022-4 Certificates”), and one of a class thereof entitled Class A Series 2022-4 4.95% Asset Backed Certificates (the
“Class A Certificates”), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all
outstanding Series (the “Certificateholders’ Interest”) with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class A Certificates at any time in the
Principal Receivables in the Trust shall not exceed an amount equal to the Class A Invested Amount at such time. The Class A Initial Invested Amount is $1,000,000,000. The Class A Invested Amount on any date will be an amount equal to
(a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class A Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate
amount of Class A Investor Charge-Offs for all prior Distribution Dates over Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) of the Supplement prior to such date. 

Subject to the terms and conditions of the Agreement, the Transferor may, from time to time, direct the Trustee, on behalf of the Trust, to
issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets. 

On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder of record on the last day of the preceding
calendar month (each a “Record Date”) such Class A Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are payable to the
Class A Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class A Certificate will be made by the Paying Agent by check mailed to the address of the Class A Certificateholder of record
appearing in the Certificate Register without the presentation or surrender of this Class A Certificate or the making of any notation thereon (except for the final distribution in respect of this Class A Certificate) except that with
respect to Class A Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of this Class A Certificate
will be made only upon presentation and surrender of this Class A Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2022-4
Certificateholders in accordance with the Agreement and the Supplement. 
 On any day occurring on or after the day on which the Invested
Amount is reduced to 5% or less of the Initial Invested Amount, the Transferor has the option to repurchase the Series 2022-4 Certificateholders’ Interest in the Trust. The repurchase price will be equal
to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. Following the deposit of the
Reassignment Amount in the Collection Account, Series 2022-4 Certificateholders will not have any interest in the Receivables and the Series 2022-4 Certificates will
represent only the right to receive such Reassignment Amount. 

  
 A-1-5 

 This Class A Certificate does not represent an obligation of, or an interest in, the
Transferor or the Servicer or any affiliate of any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality. This Class A Certificate is limited in right of
payment to certain Collections with respect to the Receivables (and certain other amounts), all as more specifically set forth hereinabove and in the Agreement and the Supplement. 

The Class A Certificates are issuable only in minimum denominations of $100,000 and integral multiples of $1,000. The transfer of this
Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written
instrument of transfer, in a form satisfactory to the Trustee or the Transfer Agent and Registrar, duly executed by the Class A Certificateholder or such Class A Certificateholder’s attorney, and duly authorized in writing with such
signature guaranteed, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate fractional undivided interest will be issued to the designated transferee or transferees. 

As provided in the Agreement and subject to certain limitations therein set forth, Class A Certificates are exchangeable for new
Class A Certificates evidencing like aggregate fractional, undivided interests as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the
Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Servicer, the Transferor, the Trustee, the Paying Agent and the Transfer Agent and Registrar and any agent of any of them, may treat the
person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and none of the Servicer, the Transferor, the Trustee, the Paying Agent, the Transfer Agent and Registrar, or any agent of any of them, shall be
affected by notice to the contrary except in certain circumstances described in the Agreement. 
 THIS CLASS A CERTIFICATE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 A-1-6 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                         
                                        

 

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

		
	  
	  	
	(name and address of assignee)	  	

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

					
	Dated:
                                        	  		  	                                      
                          2/
			
		  		  	Signature Guaranteed:
			
		  		  	                                      
                          

  

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

  
 A-1-7 

 FORM OF CLASS B
CERTIFICATE                                       
                     EXHIBIT A-2 

THIS CLASS B CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF PERSONS INVESTING ASSETS OF A BENEFIT PLAN (AS DEFINED BELOW) OR AN INDIVIDUAL
RETIREMENT ACCOUNT OTHER THAN BY INSURANCE COMPANIES INVESTING ASSETS SOLELY OF THEIR GENERAL ACCOUNTS. 
  

					
	 REGISTERED
	  	  	$                        	3/ 
		
	 No.
R-                    
	  	 	CUSIP No. 02582J JY7	 

 Unless this Class B Certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to American Express Receivables Financing Corporation III LLC or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-4 

CLASS B 5.23% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
October 2025 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/42858/100ths undivided interest 

in Class B of the 
 AMERICAN
EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2022-4 
 Evidencing an undivided interest in certain assets of a trust,
the corpus of which consists primarily of an interest in receivables generated from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., 

and other assets and interests constituting Trust Assets under the Fourth Amended and Restated Pooling and Servicing Agreement referred to below. 

(Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express National Bank, American Express
Receivables Financing Corporation III LLC or any of their respective affiliates) 
  

 

	3/	 Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

  
 A-2-1 

 This certifies that CEDE & CO. (the “Class B
Certificateholder”) is the registered owner of a fractional, undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of
April 1, 2018 (as amended and restated and otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 2022-4 Supplement, dated as of November 3, 2022 (as
amended and supplemented, the “Supplement”), among American Express Receivables Financing Corporation III LLC, as transferor (the “Transferor”), American Express Travel Related Services Company, Inc., as servicer,
and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the Trust consists of (i) the Transferor’s ownership interest in a portfolio of receivables (the
“Receivables”) existing in credit and charge accounts identified under the Agreement from time to time (the “Accounts”), (ii) all Receivables generated under the Accounts from time to time thereafter,
(iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account, and any other Series Accounts and
(v) all other assets and interests constituting the Trust. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this
Class B Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the 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 Agreement or the Supplement, as applicable. 

This Class B Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement and the Supplement, to
which Agreement and Supplement, each as amended and supplemented from time to time, the Class B Certificateholder by virtue of the acceptance hereof assents and is bound. 

No Class B Certificate may be acquired by or for the account of any employee benefit plan, trust or account, including an individual
retirement account, that is subject to the Employee Retirement Income Security Act of 1974, as amended, or that is described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or an entity whose underlying assets include
plan assets by reason of a plan’s investment in such entity (a “Benefit Plan”), unless (i) such acquirer or holder is an insurance company, (ii) the source of funds used to acquire or hold such Certificate (or interest
therein) is an “insurance company general account” (as defined in U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60), and (iii) the conditions set
forth in Sections I and III of PTCE 95-60 have been satisfied. By acquiring any interest in this Class B Certificate, each applicable Certificate Owner shall be deemed to have represented and warranted
either (i) that it is not a Benefit Plan and is not acting for the account of any Benefit Plan or (ii) that (1) it is an insurance company, (2) the source of funds used to acquire or hold an interest in such Certificate is an
“insurance company general account” (as such term is defined in PTCE 95-60), and (3) the conditions set forth in Sections I and III of PTCE 95-60 have
been satisfied. 
 THIS CLASS B CERTIFICATE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A CERTIFICATES TO THE
EXTENT SPECIFIED IN THE SUPPLEMENT. 
 It is the intent of the Transferor and the Class B Certificateholder that, for federal,
state and local income and franchise tax purposes, the Class B Certificates will qualify as indebtedness of the Transferor secured by the Receivables. The Class B Certificateholder, by the acceptance of this Class B Certificate,
agrees to treat this Class B Certificate for federal, state and local income and franchise tax purposes as debt of the Transferor. 

  
 A-2-2 

 In general, payments of principal with respect to the Class B Certificates are limited
to the Class B Invested Amount, which may be less than the unpaid principal balance of the Class B Certificates. The Expected Final Payment Date is the October 2025 Distribution Date, but principal with respect to the Class B
Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to pay the Controlled Deposit
Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the Class B Certificates will
occur later than the Expected Final Payment Date. 
 Unless the certificate of authentication hereon has been executed by or on behalf of
the Trustee, by manual signature, this Class B Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  
 A-2-3 

 IN WITNESS WHEREOF, the Transferor has caused this Class B Certificate to be duly
executed. 
  

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Dated: November 3, 2022 

  
 A-2-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2022-4 Class B
Certificates described in the within mentioned Agreement and Supplement. 
  

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-2-5 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-4 

CLASS B 5.23% ASSET BACKED CERTIFICATE 

Summary of Terms and Conditions 

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts advanced to
cardmembers as cash advances and Finance Charge Receivables. This Class B Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 2022-4 (the
“Series 2022-4 Certificates”), and one of a class thereof entitled Class B Series 2022-4 5.23% Asset Backed Certificates (the
“Class B Certificates”), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all
outstanding Series (the “Certificateholders’ Interest”) with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class B Certificates at any time in the
Principal Receivables in the Trust shall not exceed an amount equal to the Class B Invested Amount at such time. The Class B Initial Invested Amount is $42,858,000. The Class B Invested Amount on any date will be an amount equal to
(a) the Class B Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class B Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate
amount of Class B Investor Charge-Offs for all prior Distribution Dates over Class B Investor Charge-Offs reimbursed, minus (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant
to subsection 4.08(a) of the Supplement (excluding any Reallocated Principal Collections that have resulted in a reduction in the Collateral Invested Amount pursuant to Section 4.08), minus (e) an amount equal to the amount by which
the Class B Invested Amount has been reduced to cover the Class A Investor Default Amount on all prior Distribution Dates, and plus (f) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-4 and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Class B Invested Amount
may not be reduced below zero. 
 Subject to the terms and conditions of the Agreement, the Transferor may, from time to time, direct the
Trustee, on behalf of the Trust, to issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets. 

On each Distribution Date, the Paying Agent shall distribute to each Class B Certificateholder of record on the last day of the
preceding calendar month (each a “Record Date”) such Class B Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are payable
to the Class B Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class B Certificate will be made by the Paying Agent by check mailed to the address of the Class B Certificateholder of
record appearing in the Certificate Register without the presentation or surrender of this Class B Certificate or the making of any notation thereon (except for the final distribution in respect of this Class B Certificate) except that
with respect to Class B Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of this Class B
Certificate will be made only upon presentation and surrender of this Class B Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series
2022-4 Certificateholders in accordance with the Agreement and the Supplement. 
 On any day
occurring on or after the day on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, the Transferor has the option to repurchase the Series 2022-4

  
 A-2-6 

 
Certificateholders’ Interest in the Trust. The repurchase price will be equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or
(b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date next following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series
2022-4 Certificateholders will not have any interest in the Receivables and the Series 2022-4 Certificates will represent only the right to receive such Reassignment
Amount. 
 This Class B Certificate does not represent an obligation of, or an interest in, the Transferor or the Servicer or any
affiliate of any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality. This Class B Certificate is limited in right of payment to certain Collections with
respect to the Receivables (and certain other amounts), all as more specifically set forth hereinabove and in the Agreement and the Supplement. 

The Class B Certificates are issuable only in minimum denominations of $100,000 and integral multiples of $1,000. The transfer of this
Class B Certificate shall be registered in the Certificate Register upon surrender of this Class B Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written
instrument of transfer, in a form satisfactory to the Trustee or the Transfer Agent and Registrar, duly executed by the Class B Certificateholder or such Class B Certificateholder’s attorney, and duly authorized in writing with such
signature guaranteed, and thereupon one or more new Class B Certificates of authorized denominations and for the same aggregate fractional undivided interest will be issued to the designated transferee or transferees. 

As provided in the Agreement and subject to certain limitations therein set forth, Class B Certificates are exchangeable for new
Class B Certificates evidencing like aggregate fractional undivided interests as requested by the Class B Certificateholder surrendering such Class B Certificates. No service charge may be imposed for any such exchange but the
Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Servicer, the Transferor, the Trustee, the Paying Agent and the Transfer Agent and Registrar and any agent of any of them, may treat the
person in whose name this Class B Certificate is registered as the owner hereof for all purposes, and none of the Servicer, the Transferor, the Trustee, the Paying Agent, the Transfer Agent and Registrar, or any agent of any of them, shall be
affected by notice to the contrary except in certain circumstances described in the Agreement. 
 THIS CLASS B CERTIFICATE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 A-2-7 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                 

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

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

			
	Dated:                                 	  	                                  
              4/
		
		  	Signature Guaranteed:                  
		
		  	                                  
                        

  
  
  

 
  

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

  
 A-2-8 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO THE TRUSTEE 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 SERIES 2022-4 

 
  

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as
Servicer pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among
TRS, American Express Receivables Financing Corporation III LLC, as transferor (the “Transferor”), and The Bank of New York Mellon (formerly The Bank of New York), as trustee (the “Trustee”), does hereby certify as
follows: 
 1.        Capitalized terms used in this Certificate have their respective meanings set
forth in the Pooling and Servicing Agreement or the Series 2022-4 Supplement, dated as of November 3, 2022, among TRS, the Transferor and the Trustee (as amended and supplemented, the
“Supplement”), as applicable. 
 2.        TRS is the Servicer. 

3.        The undersigned is a Servicing Officer. 

 

	I.	 INSTRUCTION TO MAKE A WITHDRAWAL 

Pursuant to subsections 4.05(a), (b) and (c), the Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection
Account on                 ,         , which date is a Distribution Date
under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts and (ii) to apply the
proceeds of such withdrawals in accordance with subsections 4.05(a), (b) and (c): 
 With respect to the Class A Certificates, 

 

			
	 A)        Pursuant to subsection 4.05(a)(i):
	 	
		
	 (1)    Interest at the Class A Certificate Rate for the related
Interest Accrual Period on the Class A Invested Amount
	 	$                
		
	 (2)    Class A Monthly Interest previously due but not paid
	 	$                

  
 B-1 

			
	 (3)    Class A Additional Interest and any Class A Additional Interest
due but not paid
	 	$                
		
	 B)        Pursuant to subsection 4.05(a)(ii):
	 	
		
	 (1)    The Class A Servicing Fee for the preceding Monthly Period, if
applicable
	 	$                
		
	 (2)    Accrued and unpaid Class A Servicing Fees, if applicable
	 	$                
		
	 C)        Pursuant to subsection 4.05(a)(iii):
	 	
		
	 (1)    Class A Investor Default Amount for the preceding Monthly
Period
	 	$                
		
	 With respect to the Class B Certificates,
	 	
		
	 A)        Pursuant to subsection 4.05(b)(i):
	 	
		
	 (1)    Interest at the Class B Certificate Rate for the related Interest
Accrual Period on the Class B Invested Amount
	 	$                
		
	 (2)    Class B Monthly Interest previously due but not paid
	 	$                
		
	 (3)    Class B Additional Interest and any Class B Additional Interest
previously due but not paid
	 	$                
		
	 B)        Pursuant to subsection 4.05(b)(ii):
	 	
		
	 (1)    The Class B Servicing Fee for the preceding Monthly Period, if
applicable
	 	$                
		
	 (2)    Accrued and unpaid Class B Servicing Fees, if applicable
	 	$                
		
	 With respect to the Collateral Interest
	 	
		
	 A)        Pursuant to subsection 4.05(c)(i):
	 	
		
	 (1)    The Collateral Servicing Fee for the preceding Monthly Period, if
applicable
	 	$                
		
	 (2)    Accrued and unpaid Collateral Servicing Fees, if
applicable
	 	$                

 Pursuant to subsections 4.05(d), (e) and (f), the Servicer hereby instructs the Trustee (i) to make
withdrawals from the Collection Account on                 , which date is a Distribution Date under the Supplement, in the aggregate amounts
(equal to the Available Principal Collections) as set forth 

  
 B-2 

 
below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals in accordance with subsections 4.05(d), (e) and (f): 

 

			
	 A)        Pursuant to subsection 4.05(d):
	 	
		
	 (1)    Amount to be treated as Shared Principal Collections
	 	$                
		
	 B)        Pursuant to subsection 4.05(e):
	 	
		
	 (1)    The lesser of the Controlled Deposit Amount and the sum of the
Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account
	 	$                
		
	 (2)    After the Class B Invested Amount is paid in full, the amount paid
to the Collateral Interest Holder (up to the Collateral Invested Amount)
	 	$                
		
	 (3)    Prior to the date the Class B Invested Amount is paid in full,
amount to be treated as Shared Principal Collections
	 	$                
		
	 C)        Pursuant to subsection 4.05(f):
	 	
		
	 (1)    An amount up to the Class A Adjusted Invested Amount deposited in
the Principal Funding Account
	 	$                
		
	 (2)    On and after the Distribution Date on which the Class A Invested
Amount is paid in full, an amount up to the Class B Invested Amount deposited in the Principal Funding Account
	 	$                
		
	 (3)    On and after the Distribution Date on which the Class B Invested
Amount is paid in full, an amount up to the Collateral Invested Amount distributed to the Collateral Interest Holder
	 	$                

 Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee to apply on
                , which is a Distribution Date under the Supplement, any Excess Spread and Excess Finance Charge Collections allocated to
Series 2022-4 as follows: 
  

			
	 A)        Pursuant to subsection 4.07(a):
	 	
		
	 Class A Required Amount applied in the priority set forth in subsections 4.05(a)(i), (ii) and (iii)
	 	$                

  
 B-3 

			
	 B)        Pursuant to subsection 4.07(b):
	 	
		
	 Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal
Collections
	 	$                
		
	 C)        Pursuant to subsection 4.07(c):
	 	
		
	 Interest accrued on aggregate outstanding principal balance of the Class B Certificates not otherwise distributed to
Class B Certificateholders pursuant to Section 4.05(b)(i)
	 	$                
		
	 D)        Pursuant to subsection 4.07(d):
	 	
		
	 Class B Required Amount applied in the priority set forth in subsections 4.05(b)(i) and (ii)
	 	$                
		
	 E)        Pursuant to subsection 4.07(d):
	 	
		
	 Amount (up to the Class B Investor Default) to be applied as Available Principal Collections
	 	$                
		
	 F)        Pursuant to subsection 4.07(e):
	 	
		
	 The amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the
definition thereof allocated to Available Principal Collections
	 	$                
		
	 G)        Pursuant to subsection 4.07(f):
	 	
		
	 (1)    Collateral Senior Minimum Monthly Interest
	 	$                
		
	 (2)    Collateral Senior Minimum Monthly Interest previously due but not
paid
	 	$                
		
	 (3)    Collateral Senior Additional Interest and any Collateral Senior
Additional Interest previously due and not paid
	 	$                
		
	 H)        Pursuant to subsection 4.07(g):
	 	
		
	 Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee
previously due but not paid to the Servicer
	 	$                
		
	 I)        Pursuant to subsection 4.07(h):
	 	
		
	 Collateral Default Amount allocated to Available Principal Collections
	 	$                

  
 B-4 

			
	 J)        Pursuant to subsection 4.07(i):
	 	
		
	 The amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the
definition thereof allocated to Available Principal Collections
	 	$                
		
	 K)        Pursuant to subsection 4.07(j):
	 	
		
	 The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve
Account
	 	$                
		
	 L)        Pursuant to subsection 4.07(k):
	 	
		
	 (1)    Remaining Collateral Minimum Monthly Interest
	 	$                
		
	 (2)    Remaining Collateral Minimum Monthly Interest previously due but
not paid
	 	$                
		
	 (3)    Remaining Collateral Additional Interest and any Collateral
Additional Interest previously due and not paid
	 	$                
		
	 M)        Pursuant to subsection 4.07(l):
	 	
		
	 [Prior to a Note Trust Transfer:
	 	
		
	 (1)    The amount to be treated as Excess Finance Charge Collections for
such Distribution Date and shall be available for allocation to other Excess Allocation Series
	 	$                
		
	 (2)    The amount distributed to the holders of the Transferor
Certificates
	 	$                ]
		
	 [Following a Note Trust Transfer:
	 	
		
	 The amount distributed to the Collateral Interest Holder
	 	$                ]

 Pursuant to Section 4.08, the Servicer does hereby instruct the Trustee to apply on
                , which is a Distribution Date under the Pooling and Servicing Agreement,
$                 of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available
Funds, Class B Available Funds, Collateral Available Funds, Excess Spread and Excess Finance Charge Collections thereto. 

  
 B-5 

	II.	 INSTRUCTION TO MAKE CERTAIN PAYMENTS 

Pursuant to Section 5.01 of the Series Supplement, the Servicer does hereby instruct the Trustee to pay in accordance with
Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, on                 , which date is a
Payment Date under the Supplement, the following amounts as set forth below: 
  

							
	A)	 	Pursuant to subsection 5.01(a):	 	
			
		 	Interest to be distributed to Class A Certificateholders	 	    $                                 
        
			
	B)	 	Pursuant to subsection 5.01(b):	 	
			
		 	On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders	 	    $                                 
        
			
	C)	 	Pursuant to subsection 5.01(c):	 	
			
		 	Interest to be distributed to Class B Certificateholders	 	    $                                 
        
			
	D)	 	Pursuant to subsection 5.01(d):	 	
			
		 	On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders	 	    $                                 
        
			
	E)	 	Pursuant to subsection 5.01(e):	 	
			
		 	Aggregate amount to be distributed to the Collateral Interest Holder	 	    $                                 
        

  

	III.	 ACCRUED AND UNPAID AMOUNTS 

After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and
unpaid with respect to all Monthly Periods preceding the current calendar month. 
  

							
	1.	 	Subsection 4.06(a):	 	
			
		 	The aggregate amount of all unreimbursed Class A Investor Charge-Offs	 	    $                                 
        
			
	2.	 	Subsection 4.06(a), (b) and 4.08(a):	 	
			
		 	The aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof	 	    $                                 
        

  
 B-6 

							
	3.	 	Subsection 4.06(a), (b), (c) and 4.08(a), (b) and (c):	 	
			
		 	The aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof	 	    $                                 
        

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

 

			
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-7 

 EXHIBIT C-1 

FORM OF MONTHLY STATEMENT 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 
  

							
	A. TRUST ACTIVITY	  	TRUST
TOTALS	 	  	  	  
	 Record Date
	  	 	 	 	  	 
	 Number
of days in Monthly Period
	  	_________	 	                              
          	  	                              
          
	 Beginning Number of Accounts
	  	_________	 	 	  	 
	Beginning Principal Receivable Balance, including any Additions, Removals, or Adjustments of Principal Receivables during the Monthly
Period	  	$________	 	 	  	 
	 a. Addition of Principal
Receivables
	  	$________	 	 	  	 
	 b.
Removal of Principal Receivables
	  	$________	 	 	  	 
	 c. Adjustments to Principal
Receivables
	  	$________	 	 	  	 
	 Special
Funding Account Balance
	  	$________	 	 	  	 
	 Beginning Total Principal Balance
	  	$________	 	 	  	 
	 Finance
Charge Collections (excluding Recoveries)
	  	$________	 	 	  	 
	 Collections of Discount Option
Receivables
	  	$________	 	 	  	 
	
Recoveries
	  	$________	 	 	  	 
	 Total Collections of Finance Charge
Receivables
	  	$________	 	 	  	 
	 Total
Collections of Principal Receivables
	  	$________	 	 	  	 
	 Monthly Payment Rate
	  	________%	 	 	  	 
	
Defaulted Amount
	  	$________	 	 	  	 
	 Annualized Default Rate
	  	________%	 	 	  	 
	
Annualized Default Rate, Net of Recoveries
	  	________%	 	 	  	 
	 Trust Portfolio Yield
	  	________%	 	 	  	 
	 New
Principal Receivables
	  	$________	 	 	  	 
	 Ending Number of Accounts
	  	 	 	 	  	 
	 Ending
Principal Receivables Balance
	  	$________	 	 	  	 
	 Ending Required Minimum Principal
Balance
	  	$________	 	 	  	 
	 Ending
Transferor Amount
	  	$________	 	 	  	 
	 Ending Special Funding Account
Balance
	  	$________	 	 	  	 
	
Ending Total Principal Balance
	  	$________	 	 	  	 
	
Ending Total Receivables
	  	$________	 	 	  	 

  
 C-1-1 

																																					
	B. SERIES ALLOCATIONS	
 

	 	 
	  	  	Invested
Amount	 	  	Adjusted
Invested
Amount	 	  	Principal
Funding
Account
Balance	 	  	Series
Required
Transferor
Amount	 	  	Series
Allocation
Percentage	 	 	Series
Allocable
Finance
Charge
Collections	 	  	Series
Allocable
Recoveries	 	  	Series
Allocable
Principal
Collections	 	  	Series
Allocable
Defaulted
Amount	 
	
Group ___
	  	$	________	 	  	$	______	 	  	$	______	 	  	$	______	 	  	 	______	% 	 	$	______	 	  	$	______	 	  	$	______	 	  	$	______	 
	 Other
	  	$	________	 	  	$	______	 	  	$	______	 	  	$	______	 	  	 	______	% 	 	$	______	 	  	$	______	 	  	$	______	 	  	$	______	 
	
Total
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	
Trust
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 	 

  

																																									
	C. GROUP ALLOCATIONS	
 

	  	  	Invested
Amount	 	  	Investor
Finance
Charge
Collections	 	  	Investor
Monthly
Interest	 	  	Investor
Default
Amount	 	  	Investor
Monthly
Fees	 	  	Investor
Additional
Amounts	 	  	Total	 	  	Reallocated
Investor
Finance
Charge
Collections	 	  	Investment
Funding
Account
Proceeds	 	  	Available
Excess	 
	 Group ___
	  	$	______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	____	 	  	$	________	 	  	$	________	 	  	$	________	 
	
Total
	  	$	______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	____	 	  	$	________	 	  	$	________	 	  	$	________	 
	 Trust Total
	  	$	______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	____	 	  	$	________	 	  	$	________	 	  	$	________	 
	 	 
	 	 	  	 
	Group Investor Finance Charge
Collections	 
 	  	 	Group Expenses	 	  	 
	Group Reallocable Investor Finance
Charge Collections	 
 
	
Group ___
	  
	  	 	$________	 
	 	 

  

															
	D. TRUST PERFORMANCE	
 

	Delinquencies	  	  	  	Dollar Amount  	  	Percentage of  
Ending Total
Receivables	 	Number of
Accounts	 	  	Percentage of
Total Number
of Accounts	 
	 	  	 31-60 Days
Delinquent
  
	  	$_________	  	_________%	 	 	_________	 	  	 	_________%	 
	 	  	
61-90 Days Delinquent

 
	  	$_________	  	_________%	 	 	_________	 	  	 	_________%	 
	 	  	 91-120 Days
Delinquent
  
	  	$_________	  	_________%	 	 	_________	 	  	 	_________%	 
	 	  	
120+ Days Delinquent
  
	  	$_________	  	_________%	 	 	_________	 	  	 	_________%	 
	 	  	 Total 30+ Days
Delinquent
  
	  	$_________	  	_________%	 	 	_________	 	  	 	_________%	 
	 	 
	
Loss Experience:
	
 

	 	  	 Ending Principal Receivables Balance
	 			 	  	 	___________	 
	 	  	 Defaulted
Amount
	 	 	 	 	  	 	___________	 
	 	  	 Recoveries
	 			 	  	 	___________	 
	 	  	 Net Default
Amount
	 	 	 	 	  	 	___________	 
	 	  	 Annualized Default Rate
	 			 	  	 	___________	% 
	 	  	 Annualized
Recovery Rate
	 	 	 	 	  	 	___________	% 
	 	  	 Annualized Default Rate, Net of
Recoveries
	 	 	 	 	  	 	___________	% 

  
 C-1-2 

									
	 	  	 Number of
Accounts Experiencing a Loss
	  	___________  
	                    	  	 Number of Accounts Experiencing a Recovery
	  	___________  
	 	  	 Average Net
Default Amount per Account Experiencing a Loss
	  	___________  
	  

  

	E. REPURCHASES AND REPLACEMENTS
	
Information required by Rule 15Ga-1(a) concerning the Trust:

	 [No activity to
report for reporting period.]

	
Most recent Form ABS-15G:

	
Form ABS-15G filed on _______ under CIK number _______

	  

  

	F. ASSET REVIEW
	 Information
required by Item 1121(d)(1) of Regulation AB concerning the Trust:

	
[No activity to report for reporting period.]

	 Information
required by Item 1121(d)(2) of Regulation AB concerning the Trust:

	
[There has been no change to the Asset Representation Reviewer during the reporting period.]

	  

  

	G. INVESTOR COMMUNICATION
	
Information required by Item 1121(e) of Regulation AB concerning the Trust:

	 [No activity to
report for reporting period.]
 [On [_________], 20[__], [______] received a request from [______] expressing an interest in
communicating with other investors with regard to the possible exercise of rights under [TRANSACTION AGREEMENT]. The requesting investor may be contacted at:

[ADDRESS]
 [PHONE NUMBER]

[EMAIL]]

	H. CREDIT RISK RETENTION	  	As of the last day of Monthly Period	  	
As of the last day of Prior Monthly Period

	
Required Seller’s Interest Amount
	  	 $________
	  	
$________

	
Seller’s Interest Amount
	  	 $________
	  	 
	
Seller’s Interest Percentage
	  	 ________%
	  	
________%

  
 C-1-3 

									
	SERIES 2022-4 CERTIFICATES
	 A. INVESTOR/

TRANSFEROR
 ALLOCATIONS
	 	SERIES ALLOCATIONS  	 	TOTAL
INVESTOR
INTEREST	 	TRANSFERORS’   INTEREST	 	 
	Beginning Invested Amount/Transferor Amount	 	
$____________
	 	
$____________
	 	
$____________
	 	 
	Beginning Adjusted Invested Amount	 	
$____________
	 	
$____________
	 	
$____________
	 	 
	Floating Allocation Percentage	 	
_________%
	 	
_________%
	 	
_________%
	 	 
	Principal Allocation Percentage	 	
_________%
	 	
_________%
	 	
_________%
	 	 
	Collections of Finance Charge Receivables	 	
$____________
	 	
$____________
	 	
$____________
	 	 
	Collections of Principal Receivables	 	
$____________
	 	
$____________
	 	
$____________
	 	 
	Defaulted Amount	 	
$____________
	 	
$____________
	 	
$____________
	 	 
	Ending Invested Amount/Transferor Amount	 	
$____________
	 	
$____________
	 	
$____________
	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	B. MONTHLY PERIOD
FUNDING
REQUIREMENTS	 	CLASS A	 	CLASS B	 	COLLATERAL INTEREST	 	TOTAL
	Principal Funding Account Balance	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Investment Proceeds for Monthly Period	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Required Reserve Account Amount	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Reserve Account Opening Balance	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Reserve Account Investment Proceeds retained per Section 4.12(b)	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Reserve Account Deposit	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Reserve Draw Amount	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Reserve Account Surplus (after giving effect to any principal distributions on the related Distribution Date)	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Reserve Account Closing Balance (after giving effect to any principal distributions and Reserve Account withdrawals on the related Distribution Date)	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	LIBOR Determination Date	 	NA	 	NA	 	NA	 	NA

  
 C-1-4 

									
	Coupon _______to ______	 	
_________%
	 	
_________%
	 	
_________%
	 	
_________%

	Monthly Interest Due	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Outstanding Monthly Interest Due	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Additional Interest Due	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Total Interest Due	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Investor Default Amount	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Investor Monthly Fees Due	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Investor Additional Amounts Due	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Total Due	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	 	 	 	 	 	 	 	 	 
	Reallocated Investor Finance Charge Collections	 	 	 	 	 	 	 	
$____________

	Interest and Principal Funding Investment Proceeds	 	 	 	 	 	 	 	
$____________

	Interest on Reserve Account	 	 	 	 	 	 	 	
$____________

	Series Adjusted Portfolio Yield	 	 	 	 	 	 	 	
_________%

	Base Rate	 	 	 	 	 	 	 	
_________%

	Excess Spread Percentage	 	 	 	 	 	 	 	
_________%

	 				 
	 	 		 		 		 	 
	C. CERTIFICATES – BALANCES AND DISTRIBUTIONS	 	CLASS A	 	CLASS B	 	COLLATERAL INTEREST	 	TOTAL
	Beginning Certificates Balance	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Distributions of Interest	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Deposits to the Principal Funding Account	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Distributions of Principal	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Total Distributions	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

	Ending Certificates Balance	 	
$____________
	 	
$____________
	 	
$____________
	 	
$____________

  
 C-1-5 

			
	 D)    Information regarding distributions on the Distribution Date in
respect of the Class A Certificates per $1,000 original certificate principal amount.
	 	
		
	 (1)    The total amount of the distribution:
	 	$                
		
	 (2)    The amount of the distribution in respect of Class A Monthly
Interest:
	 	$                
		
	 (3)    The amount of the distribution in respect of Class A Outstanding
Monthly Interest:
	 	$                
		
	 (4)    The amount of the distribution in respect of Class A Additional
Interest:
	 	$                
		
	 (5)    The amount of the distribution in respect of principal of the
Class A Certificates:
	 	$                
		
	 E)  Class A Investor Charge-Offs and Reimbursement of Class A Investor
Charge-Offs.
	 	
		
	 (1)    The total amount of Class A Investor Charge-Offs:
	 	$                
		
	 (2)    The amount of Class A Investor Charge-Offs per $1,000 original
certificate principal amount:
	 	$                
		
	 (3)    The total amount reimbursed in respect of Class A Investor
Charge-Offs:
	 	$                
		
	 (4)    The amount reimbursed in respect of Class A Investor Charge-Offs
per $1,000 original certificate principal amount:
	 	$                
		
	 (5)    The amount, if any, by which the outstanding principal balance of
the Class A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date:
	 	$                
		
	 F)   Information regarding distributions in respect of the Class B Certificates,
per $1,000 original certificate principal amount.
	 	
		
	 (1)    The total amount of the distribution in respect of Class B
Certificates:
	 	$                
		
	 (2)    The amount of the distribution in respect of Class B Monthly
Interest:
	 	$                

  
 C-1-6 

			
	 (3)    The amount of the distribution in respect of Class B Outstanding
Monthly Interest:
	 	$                
		
	 (4)    The amount of the distribution in respect of Class B Additional
Interest:
	 	$                
		
	 (5)    The amount of the distribution in respect of principal of the
Class B Certificates:
	 	$                
		
	 G)    Amount of reductions in Class B Invested Amount pursuant to clauses
(c), (d), and (e) of the definition of Class B Invested Amount on such Distribution Date.
	 	
		
	 (1)    The amount of reductions in Class B Invested Amount pursuant to
clauses (c), (d) and (e) of the definition of Class B Invested Amount:
	 	$                
		
	 (2)    The amount of the reductions in the Class B Invested Amount per
$1,000 original certificate principal amount:
	 	$                
		
	 (3)    The total amount reimbursed in respect of such reductions in the
Class B Invested Amount:
	 	$                
		
	 (4)    The amount reimbursed in respect of such reductions in the Class B
Invested Amount, per $1,000 original certificate principal amount:
	 	$                
		
	 (5)    The amount, if any, by which the outstanding principal balance of
the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date:
	 	$                
		
	 H)    Information regarding distributions on the Distribution Date to the
Collateral Interest Holder.
	 	
		
	 (1)    The total amount distributed to the Collateral Interest
Holder:
	 	$                
		
	 (2)    The amount of the distribution in respect of Collateral Minimum
Monthly Interest (including in respect of Collateral Senior Minimum Monthly Interest):
	 	$                
		
	 (3)    The amount of the distribution in respect of Collateral Senior
Additional Interest (including in respect of Collateral Additional Interest):
	 	$                

  
 C-1-7 

			
		
	 (4)    The amount distributed to the Collateral Interest Holder in
respect of principal on the Collateral Invested Amount:
	 	$                
		
	 (5)    The amount of the distribution to the Collateral Interest Holder
in respect of remaining Excess Spread:
	 	$                
		
	 I)    Amount of reductions in Collateral Invested Amount pursuant to
clauses (c), (d), and (e) of the definition of Collateral Invested Amount.
	 	
		
	 (1)    The amount of reductions in the Collateral Invested Amount
pursuant to clauses (c), (d) and (e) of the definition of Collateral Invested Amount:
	 	$                
		
	 (2)    The total amount reimbursed in respect of such reductions in the
Collateral Invested Amount:
	 	$                

  
 C1-8 

							
	J. APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS	 	 
	1. CLASS A AVAILABLE FUNDS	 	 	 	
$____________
	 	 
	
a.  Class A Monthly Interest

b. Class A Outstanding Monthly Interest

c.  Class A Additional Interest

d. Class A Investor Default Amount (treated as

AvailablePrincipal Collections)

e.  Excess Spread
	 	
$____________
	 	 
	 	
$____________
	 	 
	 	
$____________
	 	 
	 	
$____________
	 	 
	 	
$____________
	 	 
	 	
$____________
	 	 
	2. CLASS B AVAILABLE FUNDS	 	 	 	
$____________
	 	 
	
a.  Class B Monthly Interest

b. Class B Outstanding Monthly Interest

c.  Class B Additional Interest

d. Excess Spread
	 	
$____________
	 	 
	 	
$____________
	 	 
	 	
$____________
	 	 
	 	
$____________
	 	 
	3. COLLATERAL AVAILABLE FUNDS	 	 	 	
$____________
	 	 
	 a.  Excess
Spread
	 	
$____________
	 	 
	4. TOTAL EXCESS SPREAD	 	
$____________
	 	 
	 
	 
	K. REALLOCATED PRINCIPAL COLLECTIONS
	 1. Principal Allocation
Percentage
	 	 	 	
________%
	 	 
	 2. Series
2022-4 Allocable Principal Collections
	 	 	 	
$____________
	 	 
	 3. Principal Allocation Percentage of
Series
     2022-4 Allocable Principal
Collections
	 	 	 	
$____________
	 	 
	 4. Reallocated Principal Collections
Required to fund the Required Amount
	 	 	 	
$____________
	 	 
	 5. Item 3 minus Item 4
	 	 	 	
$____________
	 	 
	 6. Shared Principal Collections from
other Series allocated to Series 2022-4
	 	 	 	
$____________
	 	 
	 7. Other amounts treated as Available
Principal Collections
	 	 	 	
$____________
	 	 
	 8. Available Principal Collections (total
of items 5, 6 and 7)
	 	 	 	
$____________
	 	 
	 
	 
	L. APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
	 1. Collateral Invested Amount
	 	 	 	
$____________
	 	 
	 2. Required Collateral Invested
Amount
	 	 	 	
$____________
	 	 
	3. Excess of Collateral Invested Amount over Required Collateral Invested Amount	 	 	 	
$____________
	 	 
	 4. Treated as Shared Principal
Collections
	 	 	 	
$____________
	 	 
	 
	 
	M. APPLICATION OF PRINCIPAL COLLECTIONS DURING ACCUMULATION OR AMORTIZATION PERIOD
	 1. Principal Funding Account
	 	 	 	
$____________
	 	 
	 2. Excess of Collateral Invested Amount
over Required Collateral Invested Amount
	 	 	 	
$____________
	 	 
	 3. Distribution of Principal
	 	 	 	
$____________
	 	 

  
 C-1-9 

									
	 4.  Treated as Shared
Principal Collections
	  	 	  	
$____________
	  	 
	 
	 
	N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES
2022-4
	 1.  Excess
Spread
	  	 	  	
$____________
	  	 
	 2.  Excess Finance
Charge Collections
	  	 	  	
$____________
	  	 
	 3.  Applied to fund
Class A Required Amount
	  	 	  	
$____________
	  	 
	 4.  Class A
Investor Charge-Offs treated as Available Principal Collections
	  	 	  	
$____________
	  	 
	 5.  Applied to fund
overdue Class B Interest
	  	 	  	
$____________
	  	 
	 6.  Applied to fund
Class B Required Amount
	  	 	  	
$____________
	  	 
	 7.  Reduction of
Class B Invested Amount treated as Available Principal Collections
	  	 	  	
$____________
	  	 
	 8.  Applied to
Collateral Senior Minimum Monthly Interest
	  	 	  	
$____________
	  	 
	 9.  Applied to unpaid
Monthly Servicing Fee
	  	 	  	
$____________
	  	 
	 10. Collateral Default Amount
treated as Available Principal Collections
	  	 	  	
$____________
	  	 
	 11. Reduction of Collateral
Invested Amount treated as Available Principal Collections
	  	 	  	
$____________
	  	 
	 12. Deposited to Reserve
Account
	  	 	  	
$____________
	  	 
	 13. Applied to any remaining
Collateral Minimum Monthly Interest
	  	 	  	
$____________
	  	 
	 14. [Prior to a Note Trust
Transfer:
      (a) remaining Excess Spread applied as Excess Finance Charge
Collections
	  	 	  	
$____________
	  	 
	
     (b) remaining Excess Spread distributed to the holders of the Transferor
Certificates]
	  	 	  	
$____________
	  	 
	
     [Following a Note Trust Transfer: remaining Excess Spread distributed to Collateral
Interest Holder(s)]
	  	 	  	
$____________
	  	 
	 
	 
	O. YIELD AND BASE RATE
	 1.  Base Rate
	  	 	  	 	  	 	  	 
	 	  	a. Current Monthly Period	  	 	  	
________%
	  	 
	 	  	b. Prior Monthly Period	  	 	  	
________%
	  	 
	 	  	c. Second Prior Monthly Period	  	 	  	
________%
	  	 
	 2.  Three Month Average Base
Rate
	  	 	  	 	  	
________%
	  	 
	 3.  Series Adjusted Portfolio
Yield
	  	 	  	 	  	 	  	 
	 	  	a. Current Monthly Period	  	 	  	
________%
	  	 

  
 C-1-10 

									
	 	  	b. Prior Monthly Period	  	 	  	                %	  	    
	 	  	c. Second Prior Monthly Period  	  	 	  	                %	  	 
	4. Three Month average Series Adjusted Portfolio Yield	  	 	  		  	                %	  	 
	5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month average Base Rate?	  	 	  	 	  	[Yes/No]	  	 
	    	  	    	  	    	  	    	  	 
	P. REASSIGNMENT AMOUNT	  	 	  	 
	Adjusted Invested Amount	  	 	  	 	  	$                    	  	 
	Monthly Interest	  	 	  	 	  	$                    	  	 
	Monthly Interest previously due but not paid	  	 	  	 	  	$                    	  	 
	Additional Interest	  	 	  	 	  	$                    	  	 
	Additional Interest previously due but not paid	  	 	  	 	  	$                    	  	 
	Reassignment Amount	  	 	  	 	  	$                    	  	 

  
 C-1-11 

 EXHIBIT C-2 

FORM OF ANNUAL PAYMENT INFORMATION 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-4 

FOR THE YEAR ENDED DECEMBER 31, 20[    ] 

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer
pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American
Express Receivable Financing Corporation III LLC, as transferor (the “Transferor”) and The Bank of New York Mellon, as trustee (the “Trustee”), does hereby certify as follows: 

Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2022-4 Supplement, dated as of November 3, 2022, among TRS, the Transferor and the Trustee (as amended and supplemented, the “Supplement”), as applicable. 

Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from
the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31, 20[    ]: 

 

					
	A)	  	Pursuant to subsection 5.01(a):	  	    
			
		  	Interest distributed to Class A Certificateholders    	  	$            
			
	B)	  	Pursuant to subsection 5.01(b):	  	
			
		  	On the Expected Final Payment Date or a Special Payment Date, if applicable, principal distributed to the Class A Certificateholders	  	$            
			
	C)	  	Pursuant to subsection 5.01(c):	  	
			
		  	Interest distributed to Class B Certificateholders	  	$            
			
	D)	  	Pursuant to subsection 5.01(d):	  	
			
		  	On the Expected Final Payment Date or a Special Payment Date, if applicable, on or after the date Class A Invested Amount is paid in full, principal distributed to the Class B Certificateholders	  	$            
			
	E)	  	Pursuant to subsection 5.01(e):	  	
			
		  	Aggregate amount distributed to the Collateral Interest Holder in respect of interest	  	$            
			
		  	Aggregate amount distributed to the Collateral Interest Holder in respect of principal	  	$            

  
 C-2-1 

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

 

			
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 C-2-2 

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc., as Servicer
(“TRS”), pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), as
supplemented by the Series Supplements (as amended and supplemented, the “Series Supplements”), among TRS, as Servicer, American Express Receivables Financing Corporation III LLC, as Transferor, and The Bank of New York Mellon, as
Trustee, does hereby certify as follows: 
 1.    Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or the Series Supplement, as applicable. 
 2.    TRS is, as of the date hereof,
the Servicer under the Agreement. 
 3.    The undersigned is a Servicing Officer. 

4.    This Certificate relates to the Distribution Date occurring on
                
                , 20     and covers activity from
                
                , 20     through
                
                , 20    . 

5.    As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects
all its obligations under the Agreement through the Monthly Period preceding such Distribution Date [or, if there has been a default in the performance of any such obligation, set forth in detail the (i) nature of such default, (ii) the
action taken by the Servicer, if any, to remedy such default and (iii) the current status of each such default; if applicable, insert “None”]. 

6.    As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event occurred on or prior to such
Distribution Date. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this
     day of                 , 20    . 

 

			
	 AMERICAN EXPRESS TRAVEL RELATED

SERVICES COMPANY, INC.,
 as Servicer

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-1 

 EXHIBIT E 

FORM OF INVESTMENT LETTER 
 [Date]

  

	 	Re:	 American Express Credit Account Master Trust; 

Purchases of Series 2022-4 Collateral Interest 

Ladies and Gentlemen: 
 This letter (the
“Investment Letter”) is delivered by the undersigned (the “Purchaser”) pursuant to Section 9.06 of the Series 2022-4 Supplement, dated as of November 3, 2022 (the “Series
Supplement”) to Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), each among The Bank of New York Mellon,
as Trustee, American Express Receivables Financing Corporation III LLC, as Transferor, and American Express Travel Related Services Company, Inc., as Servicer. Capitalized terms used herein without definition shall have the meanings set forth in the
Agreement. The Purchaser represents to and agrees with the Transferor as follows: 
  

	 	(a)	 The Purchaser has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment in the Collateral Interest and is able to bear the economic risk of such investment. 

  

	 	(b)	 The Purchaser is an “accredited investor,” as defined in Rule 501, promulgated by the Securities and
Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), or is a sophisticated institutional investor. The Purchaser understands that the offering and sale of the Collateral
Interest has not been and will not be registered under the Securities Act and has not and will not be registered or qualified under any applicable “Blue Sky” law, and that the offering and sale of the Collateral Interest has not been
reviewed by, passed on or submitted to any federal or state agency or commission, securities exchange or other regulatory body. 

  

	 	(c)	 The Purchaser is acquiring an interest in the Collateral Interest without a view to any distribution, resale or
other transfer thereof except, with respect to any Collateral Interest or any interest or participation therein, as contemplated in the following sentence. The Purchaser will not resell or otherwise transfer any interest or participation in the
Collateral Interest, except in accordance with Section 9.06 of the Series Supplement and (i) in a transaction exempt from the registration requirements of the Securities Act and applicable state securities or “blue sky” laws;
(ii) to the Transferor or any affiliate of the Transferor; or (iii) to a person who the Purchaser reasonably believes is a qualified institutional buyer (within the meaning thereof in Rule 144A under the Securities Act) that is aware that
the resale or other transfer is being made in reliance upon Rule 144A. In connection therewith, the Purchaser hereby agrees that it will not resell or otherwise transfer the Collateral Interest or any interest therein unless the purchaser thereof
provides to the addressee hereof a letter substantially in the form hereof. 

  

	 	(d)	 No portion of the Collateral Interest or any interest therein may be Transferred, and each Assignee will
certify that it is not, (a) an “employee benefit plan” (as 

  
 E-1 

	 	
defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any “plan” (as defined in Section 4975(e)(1) of the Code) including individual
retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29
C.F.R. § 2510.3-101 or otherwise under ERISA) by reason of a plan’s investment in the entity, including, without limitation, an insurance company general account. 

 

	 	(e)	 This Investment Letter has been duly executed and delivered and constitutes the legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the
enforcement of creditors’ rights generally and general principles of equity. 

  

			
	 Very truly yours,

 
 [NAME OF PURCHASER]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC,

as Transferor

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 E-2EX-4.1

 Exhibit 4.1 

INDENTURE 
 by and among

 KANSAS GAS SERVICE SECURITIZATION I, L.L.C., 

Issuer 
 and 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 

Indenture Trustee 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

Securities Intermediary 

Dated as of             , 2022 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION; INCORPORATION BY REFERENCE
	  	 	2	 
			
	 SECTION 1.01.
	 	 Definitions and Rules of Construction
	  	 	2	 
	 SECTION 1.02.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	2	 
		
	 ARTICLE II THE SECURITIZED UTILITY TARIFF BONDS
	  	 	2	 
			
	 SECTION 2.01.
	 	 Form
	  	 	2	 
	 SECTION 2.02.
	 	 Denominations: Securitized Utility Tariff Bonds
	  	 	3	 
	 SECTION 2.03.
	 	 Execution, Authentication and Delivery
	  	 	4	 
	 SECTION 2.04.
	 	 Temporary Securitized Utility Tariff Bonds
	  	 	5	 
	 SECTION 2.05.
	 	 Registration; Registration of Transfer and Exchange of Securitized Utility Tariff
Bonds
	  	 	5	 
	 SECTION 2.06.
	 	 Mutilated, Destroyed, Lost or Stolen Securitized Utility Tariff Bonds
	  	 	7	 
	 SECTION 2.07.
	 	 Persons Deemed Owner
	  	 	7	 
	 SECTION 2.08.
	 	 Payment of Principal, Premium, if any, and Interest; Interest on Overdue Principal; Principal,
Premium, if any, and Interest Rights Preserved
	  	 	8	 
	 SECTION 2.09.
	 	 Cancellation
	  	 	9	 
	 SECTION 2.10.
	 	 Outstanding Amount; Authentication and Delivery of Securitized Utility Tariff Bonds
	  	 	9	 
	 SECTION 2.11.
	 	 Book-Entry Securitized Utility Tariff Bonds
	  	 	12	 
	 SECTION 2.12.
	 	 Notices to Clearing Agency
	  	 	13	 
	 SECTION 2.13.
	 	 Definitive Securitized Utility Tariff Bonds
	  	 	14	 
	 SECTION 2.14.
	 	 CUSIP Number
	  	 	14	 
	 SECTION 2.15.
	 	 Letter of Representations
	  	 	14	 
	 SECTION 2.16.
	 	 Tax Treatment
	  	 	14	 
	 SECTION 2.17.
	 	 State Pledge and Kansas Commission Pledge
	  	 	15	 
	 SECTION 2.18.
	 	 Security Interests
	  	 	16	 
		
	 ARTICLE III COVENANTS
	  	 	17	 
			
	 SECTION 3.01.
	 	 Payment of Principal, Premium, if any, and Interest
	  	 	17	 
	 SECTION 3.02.
	 	 Maintenance of Office or Agency
	  	 	18	 
	 SECTION 3.03.
	 	 Money for Payments To Be Held in Trust
	  	 	18	 
	 SECTION 3.04.
	 	 Existence
	  	 	19	 
	 SECTION 3.05.
	 	 Protection of Trust Estate
	  	 	19	 
	 SECTION 3.06.
	 	 Opinions as to Trust Estate
	  	 	20	 
	 SECTION 3.07.
	 	 Performance of Obligations; Servicing; SEC Filings
	  	 	21	 
	 SECTION 3.08.
	 	 Certain Negative Covenants
	  	 	23	 
	 SECTION 3.09.
	 	 Annual Statement as to Compliance
	  	 	24	 
	 SECTION 3.10.
	 	 Issuer May Consolidate, etc., Only on Certain Terms
	  	 	25	 
	 SECTION 3.11.
	 	 Successor or Transferee
	  	 	27	 
	 SECTION 3.12.
	 	 No Other Business
	  	 	27	 

  
 i 

							
	 SECTION 3.13.
	 	 No Borrowing
	  	 	27	 
	 SECTION 3.14.
	 	 Servicer’s Obligations
	  	 	27	 
	 SECTION 3.15.
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	27	 
	 SECTION 3.16.
	 	 Capital Expenditures
	  	 	27	 
	 SECTION 3.17.
	 	 Restricted Payments
	  	 	28	 
	 SECTION 3.18.
	 	 Notice of Events of Default
	  	 	28	 
	 SECTION 3.19.
	 	 Further Instruments and Acts
	  	 	28	 
	 SECTION 3.20.
	 	 Inspection
	  	 	28	 
	 SECTION 3.21.
	 	 [Reserved]
	  	 	29	 
	 SECTION 3.22.
	 	 [Reserved]
	  	 	29	 
	 SECTION 3.23.
	 	 Sale Agreement, Servicing Agreement, and Administration Agreement Covenants
	  	 	29	 
	 SECTION 3.24.
	 	 Taxes
	  	 	31	 
	 SECTION 3.25.
	 	 Notices from Holders
	  	 	31	 
	 SECTION 3.26.
	 	 Volcker Rule
	  	 	31	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	31	 
			
	 SECTION 4.01.
	 	 Satisfaction and Discharge of Indenture; Defeasance
	  	 	31	 
	 SECTION 4.02.
	 	 Conditions to Defeasance
	  	 	33	 
	 SECTION 4.03.
	 	 Application of Trust Money
	  	 	34	 
	 SECTION 4.04.
	 	 Repayment of Moneys Held by Paying Agent
	  	 	35	 
		
	 ARTICLE V REMEDIES
	  	 	35	 
			
	 SECTION 5.01.
	 	 Events of Default
	  	 	35	 
	 SECTION 5.02.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	36	 
	 SECTION 5.03.
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	37	 
	 SECTION 5.04.
	 	 Remedies; Priorities
	  	 	39	 
	 SECTION 5.05.
	 	 Optional Preservation of the Trust Estate
	  	 	40	 
	 SECTION 5.06.
	 	 Limitation of Suits
	  	 	41	 
	 SECTION 5.07.
	 	 Unconditional Rights of Holders To Receive Principal, Premium, if any, and Interest
	  	 	41	 
	 SECTION 5.08.
	 	 Restoration of Rights and Remedies
	  	 	42	 
	 SECTION 5.09.
	 	 Rights and Remedies Cumulative
	  	 	42	 
	 SECTION 5.10.
	 	 Delay or Omission Not a Waiver
	  	 	42	 
	 SECTION 5.11.
	 	 Control by Holders
	  	 	42	 
	 SECTION 5.12.
	 	 Waiver of Past Defaults
	  	 	43	 
	 SECTION 5.13.
	 	 Undertaking for Costs
	  	 	43	 
	 SECTION 5.14.
	 	 Waiver of Stay or Extension Laws
	  	 	44	 
	 SECTION 5.15.
	 	 Action on Securitized Utility Tariff Bonds
	  	 	44	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	44	 
			
	 SECTION 6.01.
	 	 Duties of Indenture Trustee
	  	 	44	 
	 SECTION 6.02.
	 	 Rights of Indenture Trustee
	  	 	46	 
	 SECTION 6.03.
	 	 Individual Rights of Indenture Trustee
	  	 	49	 
	 SECTION 6.04.
	 	 Indenture Trustee’s Disclaimer
	  	 	49	 
	 SECTION 6.05.
	 	 Notice of Defaults
	  	 	50	 

  
 ii 

							
	 SECTION 6.06.
	 	 Reports by Indenture Trustee to Holders
	  	 	50	 
	 SECTION 6.07.
	 	 Compensation and Indemnity
	  	 	51	 
	 SECTION 6.08.
	 	 Replacement of Indenture Trustee and Securities Intermediary
	  	 	52	 
	 SECTION 6.09.
	 	 Successor Indenture Trustee by Merger
	  	 	53	 
	 SECTION 6.10.
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	54	 
	 SECTION 6.11.
	 	 Eligibility; Disqualification
	  	 	55	 
	 SECTION 6.12.
	 	 Preferential Collection of Claims Against Issuer
	  	 	55	 
	 SECTION 6.13.
	 	 Representations and Warranties of Indenture Trustee
	  	 	55	 
	 SECTION 6.14.
	 	 Annual Report by Independent Registered Public Accountants
	  	 	55	 
	 SECTION 6.15.
	 	 Custody of Collateral
	  	 	56	 
	 SECTION 6.16.
	 	 FATCA
	  	 	56	 
		
	 ARTICLE VII HOLDERS’ LISTS AND REPORTS
	  	 	56	 
			
	 SECTION 7.01.
	 	 Issuer To Furnish Indenture Trustee Names and Addresses of Holders
	  	 	56	 
	 SECTION 7.02.
	 	 Preservation of Information; Communications to Holders
	  	 	57	 
	 SECTION 7.03.
	 	 Reports by Issuer
	  	 	57	 
	 SECTION 7.04.
	 	 Reports by Indenture Trustee
	  	 	58	 
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	58	 
			
	 SECTION 8.01.
	 	 Collection of Money
	  	 	58	 
	 SECTION 8.02.
	 	 Collection Account
	  	 	59	 
	 SECTION 8.03.
	 	 General Provisions Regarding the Collection Account
	  	 	62	 
	 SECTION 8.04.
	 	 Release of Trust Estate
	  	 	63	 
	 SECTION 8.05.
	 	 Opinion of Counsel
	  	 	64	 
	 SECTION 8.06.
	 	 Reports by Independent Registered Public Accountants
	  	 	64	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	65	 
			
	 SECTION 9.01.
	 	 Supplemental Indentures Without Consent of Holders
	  	 	65	 
	 SECTION 9.02.
	 	 Supplemental Indentures with Consent of Holders
	  	 	66	 
	 SECTION 9.03.
	 	 Kansas Commission Condition
	  	 	68	 
	 SECTION 9.04.
	 	 Execution of Supplemental Indentures
	  	 	69	 
	 SECTION 9.05.
	 	 Effect of Supplemental Indenture
	  	 	69	 
	 SECTION 9.06.
	 	 Conformity with Trust Indenture Act
	  	 	69	 
	 SECTION 9.07.
	 	 Reference in Securitized Utility Tariff Bonds to Supplemental Indentures
	  	 	69	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	69	 
			
	 SECTION 10.01.
	 	 Compliance Certificates and Opinions, etc
	  	 	69	 
	 SECTION 10.02.
	 	 Form of Documents Delivered to Indenture Trustee
	  	 	71	 
	 SECTION 10.03.
	 	 Acts of Holders
	  	 	72	 
	 SECTION 10.04.
	 	 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies
	  	 	72	 
	 SECTION 10.05.
	 	 Notices to Holders; Waiver
	  	 	73	 
	 SECTION 10.06.
	 	 Conflict with Trust Indenture Act
	  	 	74	 
	 SECTION 10.07.
	 	 Successors and Assigns
	  	 	74	 
	 SECTION 10.08.
	 	 Severability
	  	 	74	 
	 SECTION 10.09.
	 	 Benefits of Indenture
	  	 	74	 

  
 iii 

							
	 SECTION 10.10.
	 	 Legal Holidays
	  	 	74	 
	 SECTION 10.11.
	 	 GOVERNING LAW
	  	 	74	 
	 SECTION 10.12.
	 	 Counterparts
	  	 	75	 
	 SECTION 10.13.
	 	 Recording of Indenture
	  	 	75	 
	 SECTION 10.14.
	 	 No Recourse to Issuer
	  	 	75	 
	 SECTION 10.15.
	 	 Basic Documents
	  	 	75	 
	 SECTION 10.16.
	 	 No Petition
	  	 	75	 
	 SECTION 10.17.
	 	 Securities Intermediary
	  	 	76	 
	 SECTION 10.18.
	 	 Rule 17g-5 Compliance
	  	 	76	 
	 SECTION 10.19.
	 	 Submission to Non-Exclusive Jurisdiction; Waiver of
Jury Trial
	  	 	77	 
	 SECTION 10.20.
	 	 Certain Tax Laws
	  	 	77	 

 EXHIBITS 
  

	Exhibit A	 Form of Securitized Utility Tariff Bonds 

	Exhibit B	 Form of Series Supplement 

	Exhibit C	 Servicing Criteria to be Addressed by Indenture Trustee in Assessment of Compliance 

APPENDIX 
  

	Appendix A	 Definitions and Rules of Construction 

  
 iv 

 TRUST INDENTURE ACT CROSS REFERENCE TABLE 

 

					
	
TRUST INDENTURE ACT

SECTION
	  	 INDENTURE
SECTION

	310	 	(a)(1)	  	6.11
		 	(a)(2)	  	6.11
		 	(a)(3)	  	6.10(b)(i)
		 	(a)(4)	  	Not applicable
		 	(a)(5)	  	6.11
		 	(b)	  	6.11
	311	 	(a)	  	6.12
		 	(b)	  	6.12
	312	 	(a)	  	7.01 and 7.02
		 	(b)	  	7.02(b)
		 	(c)	  	7.02(c)
	313	 	(a)	  	7.04
		 	(b)(1)	  	7.04
		 	(b)(2)	  	7.04
		 	(c)	  	7.03(a) and 7.04
		 	(d)	  	Not applicable
	314	 	(a)	  	3.09, 4.01 and 7.03(a)
		 	(b)	  	3.06 and 4.01
		 	(c)(1)	  	2.10, 4.01, 8.04(b) and 10.01(a)
		 	(c)(2)	  	2.10, 4.01, 8.04(b) and 10.01(a)
		 	(c)(3)	  	2.10, 4.01 and 10.01(a)
		 	(d)	  	8.04(b) and 10.01
		 	(e)	  	10.01(a)
		 	(f)	  	10.01(a)
	315	 	(a)	  	6.01(b)(i) and 6.01(b)(ii)

  
 v 

					
	
TRUST INDENTURE ACT

SECTION
	  	 INDENTURE
SECTION

		 	(b)	  	6.05
		 	(c)	  	6.01(a)
		 	(d)	  	6.01(c)(i), 6.01(c)(ii) and 6.01(c)(iii)
		 	(e)	  	5.13
	316	 	(a) (last sentence)	  	Appendix A – definition of “Outstanding”
		 	(a)(1)(A)	  	5.11
		 	(a)(1)(B)	  	5.12
		 	(a)(2)	  	Not applicable
		 	(b)	  	5.07
		 	(c)	  	Appendix A – definition of “Record Date”
	317	 	(a)(1)	  	5.03(a)
		 	(a)(2)	  	5.03(c)(iv)
		 	(b)	  	3.03
	318	 	(a)	  	10.06
		 	(b)	  	10.06
		 	(c)	  	10.06

 THIS CROSS-REFERENCE TABLE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE PART OF THIS INDENTURE. 

  
 vi 

 This INDENTURE, dated as of
            , 2022, is by and among KANSAS GAS SERVICE SECURITIZATION I, L.L.C., a Delaware limited liability company (the “Issuer”), U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, in its capacity as indenture trustee for the benefit of the Holders (the “Indenture Trustee”), and U.S. BANK NATIONAL ASSOCIATION, in its capacity as securities intermediary (the “Securities Intermediary”). 

In consideration of the mutual agreements herein contained, each party hereto agrees as follows for the benefit of the other party hereto and
each of the Holders: 
 RECITALS OF THE ISSUER 

The Issuer has duly authorized the execution and delivery of this Indenture and the creation and issuance of the Securitized Utility Tariff
Bonds issuable hereunder, which will be of substantially the tenor set forth in the Series Supplement to this Indenture duly executed and delivered by the Issuer and the Indenture Trustee. 

The Securitized Utility Tariff Bonds shall be non-recourse obligations and shall be secured by the
Trust Estate, of which the principal asset is the Securitized Utility Tariff Property, and shall be payable solely out of the Securitized Utility Tariff Property and other assets in the Trust Estate. If and to the extent that the proceeds of the
Securitized Utility Tariff Property are insufficient to pay all amounts owing with respect to the Securitized Utility Tariff Bonds, then, except as otherwise expressly provided hereunder, the Holders shall have no Claim in respect of such
insufficiency against the Issuer or the Indenture Trustee, and the Holders, by their acceptance of the Securitized Utility Tariff Bonds, waive any such Claim. 

All things necessary to (a) make the Securitized Utility Tariff Bonds, when executed by the Issuer and authenticated and delivered by the
Indenture Trustee hereunder and duly issued by the Issuer, valid obligations, and (b) make this Indenture a valid agreement of the Issuer, in each case, in accordance with their respective terms, have been done. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That the Issuer, in consideration of the premises herein contained and of the purchase of the Securitized Utility Tariff Bonds by the Holders
and of other good and lawful consideration, the receipt and sufficiency of which are hereby acknowledged, and to secure, equally and ratably without prejudice, priority or distinction, except as specifically otherwise set forth in this Indenture,
the payment of the Securitized Utility Tariff Bonds, the payment of all other amounts due under or in connection with this Indenture (including all fees, expenses, counsel fees and other amounts due and owing to the Indenture Trustee) and the
performance and observance of all of the covenants and conditions contained herein or in the Securitized Utility Tariff Bonds, has hereby executed and delivered this Indenture and by these presents does hereby and by the Series Supplement will
convey, grant, assign, transfer and pledge, in each case, in and unto the Indenture Trustee, its successors and assigns forever, for the benefit of the Holders, all and singular, all of the Issuer’s right, title and interest in, to and under
any and all of the property described in the Series Supplement (such property herein referred to as “Trust Estate”). 
 AND IT IS
HEREBY COVENANTED, DECLARED AND AGREED between the parties hereto that the Securitized Utility Tariff Bonds are to be issued, countersigned and delivered 

  
 1 

 
and that all of the Trust Estate is to be held and applied, subject to the further covenants, conditions, releases, uses and trusts hereinafter set forth, and the Issuer, for itself and any
successor, does hereby covenant and agree to and with the Indenture Trustee and its successors in said trust, for the benefit of the Holders, as follows: 

ARTICLE I 
 DEFINITIONS AND RULES
OF CONSTRUCTION; INCORPORATION BY REFERENCE 
 SECTION 1.01.    Definitions and Rules of Construction.
Capitalized terms used but not otherwise defined in this Indenture shall have the respective meanings given to such terms in Appendix A, which is hereby incorporated by reference into this Indenture as if set forth fully in
this Indenture. Not all terms defined in Appendix A are used in this Indenture. The rules of construction set forth in Appendix A shall apply to this Indenture and are hereby incorporated by
reference into this Indenture as if set forth fully in this Indenture. 
 SECTION 1.02.    Incorporation by Reference
of Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act, that provision is incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act terms used in this Indenture
have the following meanings: 
 “indenture securities” means the Securitized Utility Tariff Bonds. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act
reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 ARTICLE II 

THE SECURITIZED UTILITY TARIFF BONDS 

SECTION 2.01.    Form. The Securitized Utility Tariff Bonds and the Indenture Trustee’s certificate of
authentication shall be in substantially the forms set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or by the Series Supplement and may have
such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Securitized Utility Tariff Bonds, as evidenced by their execution of
the Securitized Utility Tariff Bonds. 

  
 2 

 The Securitized Utility Tariff Bonds shall be typewritten, printed, lithographed or engraved
or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing the Securitized Utility Tariff Bonds, as evidenced by their execution of the Securitized Utility Tariff Bonds. 

Each Securitized Utility Tariff Bond shall be dated the date of its authentication. 

SECTION 2.02.    Denominations: Securitized Utility Tariff Bonds. The Securitized Utility Tariff Bonds shall be
issuable in the Authorized Denominations specified in the Series Supplement. 
 The Securitized Utility Tariff Bonds shall, at the election
of and as authorized by a Responsible Officer of the Issuer, and set forth in the Series Supplement, be issued in one or more tranches, and shall be designated generally as the “Series 2022-A Senior
Secured Securitized Utility Tariff Bonds” of the Issuer, with such further particular designations added or incorporated in such title for the Securitized Utility Tariff Bonds of any particular tranche as a Responsible Officer of the Issuer may
determine. All Securitized Utility Tariff Bonds shall be identical in all respects except for the denominations thereof, the Holder thereof, the numbering thereon and the legends thereon, unless the Securitized Utility Tariff Bonds are comprised of
one or more tranches, in which case all of the Securitized Utility Tariff Bonds of the same tranche shall be identical in all respects except for the denominations thereof, the Holder thereof, the numbering thereon, the legends thereon and the CUSIP
number thereon. All Securitized Utility Tariff Bonds of a particular tranche shall be in all respects equally and ratably entitled to the benefits hereof without preference, priority or distinction on account of the actual time or times of
authentication and delivery, all in accordance with the terms and provisions of this Indenture. 
 The Securitized Utility Tariff Bonds
shall be created by the Series Supplement authorized by a Responsible Officer of the Issuer, which shall specify and establish the terms and provisions thereof, including the following (which terms and provisions may differ as between tranches):

 (a)    designation of the tranches thereof; 

(b)    the principal amount of each tranche; 

(c)    the Bond Interest Rate of each tranche thereof or the formula, if any, used to calculate Bond Interest Rate or Bond
Interest Rates for each tranche thereof; 
 (d)    the Payment Dates for each tranche thereof; 

(e)    the Scheduled Payment Dates for each tranche; 

(f)    the Scheduled Final Payment Date(s) of each tranche; 

(g)    the Final Maturity Date of each tranche; 

(h)    the authentication and delivery date; 

  
 3 

 (i)    the Authorized Denominations; 

(j)    the Expected Sinking Fund Schedule of each tranche; 

(k)    the place or places for the payment of interest, principal and premium, if different than set forth in
Section 2.08; 
 (l)    any additional Holders; 

(m)    the identity of the Indenture Trustee; 

(n)    the Trust Estate; 

(o)    whether or not the Securitized Utility Tariff Bonds are to be Book-Entry Securitized Utility Tariff Bonds and the
extent to which Section 2.11 should apply; and 
 (p)    any other terms of the Securitized
Utility Tariff Bonds that are not inconsistent with the provisions of this Indenture. 
 SECTION 2.03.    Execution,
Authentication and Delivery. The Securitized Utility Tariff Bonds shall be executed on behalf of the Issuer by any of its Responsible Officers. The signature of any such Responsible Officer on the Securitized Utility Tariff Bonds may be manual,
electronic or facsimile. 
 Securitized Utility Tariff Bonds bearing the manual, electronic or facsimile signature of individuals who were
at any time Responsible Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of the Securitized Utility Tariff Bonds or did not
hold such offices at the date of the Securitized Utility Tariff Bonds. 
 At any time and from time to time after the execution and delivery
of this Indenture, the Issuer may deliver Securitized Utility Tariff Bonds executed by the Issuer to the Indenture Trustee pursuant to an Issuer Order for authentication; and the Indenture Trustee shall authenticate and deliver the Securitized
Utility Tariff Bonds as in this Indenture provided and not otherwise. 
 No Securitized Utility Tariff Bond shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there appears on such Securitized Utility Tariff Bond a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the
manual, electronic or facsimile signature of one of its authorized signatories, and such certificate upon any Securitized Utility Tariff Bond shall be conclusive evidence, and the only evidence, that such Securitized Utility Tariff Bond has been
duly authenticated and delivered hereunder. 
 The words “execution,” signed,” signature,” and words of like import in
this Indenture and the Series Supplement shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other
electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, 

  
 4 

 
any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and
any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

SECTION 2.04.    Temporary Securitized Utility Tariff Bonds. Pending the preparation of Definitive Securitized
Utility Tariff Bonds pursuant to Section 2.13, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, Temporary Securitized Utility Tariff Bonds that are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Securitized Utility Tariff Bonds in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture and the Series
Supplement as the officers executing the Securitized Utility Tariff Bonds may determine, as evidenced by their execution of the Securitized Utility Tariff Bonds. 

If Temporary Securitized Utility Tariff Bonds are issued, the Issuer will cause Definitive Securitized Utility Tariff Bonds to be prepared
without unreasonable delay. After the preparation of Definitive Securitized Utility Tariff Bonds, the Temporary Securitized Utility Tariff Bonds shall be exchangeable for Definitive Securitized Utility Tariff Bonds upon surrender of the Temporary
Securitized Utility Tariff Bonds at the office or agency of the Issuer to be maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more Temporary Securitized
Utility Tariff Bonds, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like tranche and principal amount of Definitive Securitized Utility Tariff Bonds of authorized denominations. Until so
delivered in exchange, the Temporary Securitized Utility Tariff Bonds shall in all respects be entitled to the same benefits under this Indenture as Definitive Securitized Utility Tariff Bonds. 

SECTION 2.05.    Registration; Registration of Transfer and Exchange of Securitized Utility Tariff Bonds. The
Issuer shall cause to be kept a register (the “Securitized Utility Tariff Bond Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securitized Utility
Tariff Bonds and the registration of transfers of the Securitized Utility Tariff Bonds. U.S. Bank Trust Company, National Association, shall be “Securitized Utility Tariff Bond Registrar” for the purpose of registering the
Securitized Utility Tariff Bonds and transfers of the Securitized Utility Tariff Bonds as herein provided. Upon any resignation of any Securitized Utility Tariff Bond Registrar, the Issuer shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Securitized Utility Tariff Bond Registrar. 
 If a Person other than the Indenture Trustee is
appointed by the Issuer as Securitized Utility Tariff Bond Registrar, the Issuer will give the Indenture Trustee and the Paying Agent, if not the Indenture Trustee, prompt written notice of the appointment of such Securitized Utility Tariff Bond
Registrar and of the location, and any change in the location, of the Securitized Utility Tariff Bond Register, and the Indenture Trustee and any such Paying Agent shall have the right to inspect the Securitized Utility Tariff Bond Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely conclusively upon a certificate 

  
 5 

 
executed on behalf of the Securitized Utility Tariff Bond Registrar by a Responsible Officer thereof as to the names and addresses of the Holders and the principal amounts and number of the
Securitized Utility Tariff Bonds (separately stated by tranche). 
 Upon surrender for registration of transfer of any Securitized Utility
Tariff Bond at the office or agency of the Issuer to be maintained as provided in Section 3.02, provided that the requirements of Section 8-401 of the UCC are met, the Issuer
shall execute, and the Indenture Trustee shall authenticate and the Holder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Securitized Utility Tariff Bonds in any Authorized
Denominations, of the same tranche and aggregate principal amount. 
 At the option of the Holder, Securitized Utility Tariff Bonds may be
exchanged for other Securitized Utility Tariff Bonds in any Authorized Denominations, of the same tranche and aggregate principal amount, upon surrender of the Securitized Utility Tariff Bonds to be exchanged at such office or agency as provided in
Section 3.02. Whenever any Securitized Utility Tariff Bonds are so surrendered for exchange, the Issuer shall, provided that the requirements of Section 8-401 of the UCC are met,
execute, and, upon any such execution, the Indenture Trustee shall authenticate and the Holder shall obtain from the Indenture Trustee, the Securitized Utility Tariff Bonds that the Holder making the exchange is entitled to receive. 

All Securitized Utility Tariff Bonds issued upon any registration of transfer or exchange of other Securitized Utility Tariff Bonds shall be
the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securitized Utility Tariff Bonds surrendered upon such registration of transfer or exchange. 

Every Securitized Utility Tariff Bond presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be
accompanied by: (a) a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an institution
that is a member of: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other signature guaranty program
acceptable to the Indenture Trustee; and (b) such other documents as the Indenture Trustee may require. 
 No service charge shall be
made to a Holder for any registration of transfer or exchange of Securitized Utility Tariff Bonds, but the Issuer or the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge or any fees or expenses
of the Indenture Trustee that may be imposed in connection with any registration of transfer or exchange of Securitized Utility Tariff Bonds, other than exchanges pursuant to Section 2.04 or
Section 2.06 not involving any transfer. 
 The preceding provisions of this
Section 2.05 notwithstanding, the Issuer shall not be required to make, and the Securitized Utility Tariff Bond Registrar need not register, transfers or exchanges of any Securitized Utility Tariff Bond that has been
submitted within fifteen (15) days preceding the due date for any payment with respect to such Securitized Utility Tariff Bond until after such due date has occurred. 

  
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 SECTION 2.06.    Mutilated, Destroyed, Lost or Stolen Securitized
Utility Tariff Bonds. If (a) any mutilated Securitized Utility Tariff Bond is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Securitized Utility
Tariff Bond and (b) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Securitized Utility
Tariff Bond Registrar or the Indenture Trustee that such Securitized Utility Tariff Bond has been acquired by a Protected Purchaser, the Issuer shall, provided that the requirements of Section 8-401 of
the UCC are met, execute, and, upon the Issuer’s written request, the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Securitized Utility Tariff Bond, a replacement
Securitized Utility Tariff Bond of like tranche and principal amount, bearing a number not contemporaneously outstanding; provided, however, that, if any such destroyed, lost or stolen Securitized Utility Tariff Bond, but not a
mutilated Securitized Utility Tariff Bond, shall have become or within seven (7) days shall be due and payable, instead of issuing a replacement Securitized Utility Tariff Bond, the Issuer may pay such destroyed, lost or stolen Securitized
Utility Tariff Bond when so due or payable without surrender thereof. If, after the delivery of such replacement Securitized Utility Tariff Bond or payment of a destroyed, lost or stolen Securitized Utility Tariff Bond pursuant to the proviso to the
preceding sentence, a Protected Purchaser of the original Securitized Utility Tariff Bond in lieu of which such replacement Securitized Utility Tariff Bond was issued presents for payment such original Securitized Utility Tariff Bond, the Issuer and
the Indenture Trustee shall be entitled to recover such replacement Securitized Utility Tariff Bond (or such payment) from the Person to whom it was delivered or any Person taking such replacement Securitized Utility Tariff Bond from such Person to
whom such replacement Securitized Utility Tariff Bond was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage,
cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Securitized
Utility Tariff Bond under this Section 2.06, the Issuer and/or the Indenture Trustee may require the payment by the Holder of such Securitized Utility Tariff Bond of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee and the Securitized Utility Tariff Bond Registrar and its counsel) in connection therewith. 

Every replacement Securitized Utility Tariff Bond issued pursuant to this Section 2.06 in replacement of any
mutilated, destroyed, lost or stolen Securitized Utility Tariff Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Securitized Utility Tariff Bond shall be found
at any time or enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securitized Utility Tariff Bonds duly issued hereunder. 

The provisions of this Section 2.06 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securitized Utility Tariff Bonds. 
 SECTION
2.07.    Persons Deemed Owner. Prior to due presentment for registration of transfer of any Securitized Utility Tariff Bond, the Issuer, the Indenture Trustee, the 

  
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Securitized Utility Tariff Bond Registrar and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Securitized Utility Tariff Bond is registered (as of the day
of determination) as the owner of such Securitized Utility Tariff Bond for the purpose of receiving payments of principal of and premium, if any, and interest on such Securitized Utility Tariff Bond and for all other purposes whatsoever, whether or
not such Securitized Utility Tariff Bond be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.08.    Payment of Principal, Premium, if any, and Interest; Interest on Overdue Principal; Principal,
Premium, if any, and Interest Rights Preserved. 
 (a)    The Securitized Utility Tariff Bonds shall accrue interest
as provided in the Series Supplement at the applicable Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any Securitized Utility Tariff Bond
that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such Securitized Utility Tariff Bond (or one or more Predecessor Securitized Utility Tariff Bonds) is registered on the Record Date
for the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder) in accordance with payment instructions delivered
to the Indenture Trustee by such Holder, and, with respect to Book-Entry Securitized Utility Tariff Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global
Securitized Utility Tariff Bond unless and until such Global Securitized Utility Tariff Bond is exchanged for Definitive Securitized Utility Tariff Bonds (in which event payments shall be made as provided above) and except for the final installment
of principal and premium, if any, payable with respect to such Securitized Utility Tariff Bond on a Payment Date, which shall be payable as provided below. 

(b)    The principal of each Securitized Utility Tariff Bond of each tranche shall be paid, to the extent funds are
available therefor in the Collection Account, in installments on each Payment Date specified in the Series Supplement; provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Sinking Fund
Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in the Expected Sinking Fund Schedule. Failure to pay principal in accordance with such Expected Sinking Fund Schedule because moneys are not available
pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however, that failure to pay the entire unpaid principal amount of the
Securitized Utility Tariff Bonds of a tranche upon the Final Maturity Date for the Securitized Utility Tariff Bonds of such tranche shall constitute an Event of Default under this Indenture as set forth in Section 5.01.
Notwithstanding the foregoing, the entire unpaid principal amount of the Securitized Utility Tariff Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or the Holders of Securitized Utility Tariff Bonds representing a majority of the Outstanding Amount of Securitized Utility Tariff Bonds have declared the Securitized Utility Tariff Bonds to be immediately due and payable in the
manner provided in Section 5.02. All payments of principal and premium, if any, on the Securitized Utility Tariff Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series
Supplement. Upon written notice from the Issuer, the Indenture Trustee shall notify the Person in 

  
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whose name a Securitized Utility Tariff Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of
principal of and premium, if any, and interest on the Securitized Utility Tariff Bond will be paid. Such notice shall be mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be
payable only upon presentation and surrender of such Securitized Utility Tariff Bond and shall specify the place where such Securitized Utility Tariff Bond may be presented and surrendered for payment of such installment. 

(c)    If interest on the Securitized Utility Tariff Bonds is not paid when due, such defaulted interest shall be paid
(plus interest on such defaulted interest at the applicable Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date. The Issuer shall fix or cause to be fixed any such Special Record Date and
Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest
(plus interest on such defaulted interest) to be paid. 
 SECTION 2.09.    Cancellation. All Securitized Utility
Tariff Bonds surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The
Issuer may at any time deliver to the Indenture Trustee for cancellation any Securitized Utility Tariff Bonds previously authenticated and delivered hereunder that the Issuer may have acquired in any manner whatsoever, and all Securitized Utility
Tariff Bonds so delivered shall be promptly canceled by the Indenture Trustee. No Securitized Utility Tariff Bonds shall be authenticated in lieu of or in exchange for any Securitized Utility Tariff Bonds canceled as provided in this
Section 2.09, except as expressly permitted by this Indenture. All canceled Securitized Utility Tariff Bonds may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time. 
 SECTION 2.10.    Outstanding Amount; Authentication and Delivery of Securitized Utility
Tariff Bonds. The aggregate Outstanding Amount of Securitized Utility Tariff Bonds that may be authenticated and delivered under this Indenture shall not exceed the aggregate of the amount of Securitized Utility Tariff Bonds that are authorized
in the Financing Order, but otherwise shall be unlimited. 
 Securitized Utility Tariff Bonds may at any time be executed by the Issuer and
delivered to the Indenture Trustee for authentication and thereupon the same shall be authenticated and delivered by the Indenture Trustee upon Issuer Request and upon delivery by the Issuer to the Indenture Trustee of the following: 

(a)    Issuer Action. An Issuer Order authorizing and directing the authentication and delivery of the Securitized
Utility Tariff Bonds by the Indenture Trustee and specifying the principal amount of Securitized Utility Tariff Bonds to be authenticated. 

(b)    Authorizations. Copies of (i) the Financing Order, which shall be in full force and effect and be
Final, (ii) certified resolutions of the Managers or Member of the Issuer authorizing the execution and delivery of the Series Supplement and the execution, authentication and delivery of the Securitized Utility Tariff Bonds and (iii) the
Series Supplement duly executed by the Issuer. 

  
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 (c)    Opinion Letters. An opinion letter or opinion letters,
which may be delivered by one or more counsel for the Issuer, for the Servicer, or for the Seller, dated the Closing Date, in each case subject to the customary exceptions, qualifications and assumptions contained therein, covering the following
opinion points (i) all conditions precedent provided for in this Indenture relating to (A) the authentication and delivery of the Securitized Utility Tariff Bonds and (B) the execution of the Series Supplement to this Indenture dated
the Closing Date have been complied with, (ii) the execution of the Series Supplement is permitted by this Indenture, (iii) such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental
hereto and any other requisite documents, and with respect to the execution and filing of any filings with the Kansas Commission, the Secretary of State of the State of Kansas or the Secretary of State of the State of Delaware pursuant to the
Securitization Act and the Financing Order, financing statements and continuation statements, as are necessary to perfect and make effective the Lien and the perfected security interest created by this Indenture and the Series Supplement, and, based
on a review of a current report of a search of the appropriate governmental filing office, no other Lien that can be perfected solely by the filing of financing statements under the applicable Uniform Commercial Code ranks equal or prior to the Lien
of the Indenture Trustee in the Trust Estate, and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make effective the Lien, together with the other Opinions of Counsel described in
Sections [●] through [●] of the Underwriting Agreement. 
 (d)    Authorizing Certificate. An
Officer’s Certificate, dated the Closing Date, of the Issuer certifying that (i) the Issuer has duly authorized the execution and delivery of this Indenture and the Series Supplement and the execution and delivery of the Securitized
Utility Tariff Bonds and (ii) the Series Supplement is in the form attached thereto and complies with the requirements of Section 2.02. 

(e)    The Trust Estate. The Issuer shall have made or caused to be made all filings with the Kansas Commission and
the Secretary of State of the State of Kansas pursuant to the Financing Order and the Securitization Act and all other filings necessary to perfect the Grant of the Trust Estate to the Indenture Trustee and the Lien of this Indenture and the Series
Supplement, including but not limited to UCC Financing Statements in Delaware or Kansas, as applicable. 

(f)    Certificates of the Issuer and the Seller. 

(i)    An Officer’s Certificate, dated as of the Closing Date: 

(A)    to the effect that (1) the Issuer is not in Default under this Indenture and that the issuance
of the Securitized Utility Tariff Bonds will not result in any Default or in any breach of any of the terms, conditions or provisions of or constitute a default under the Financing Order or any indenture, mortgage, credit agreement or other
agreement or instrument to which the Issuer is a party or by which it or its properties is bound or any order of any court or administrative agency 

  
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entered in any Proceeding to which the Issuer is a party or by which it or its properties may be bound or to which it or its properties may be subject and (2) all conditions precedent
provided in this Indenture relating to the execution, authentication and delivery of the Securitized Utility Tariff Bonds have been complied with; 

(B)    to the effect that the Issuer has not assigned any interest or participation in the Trust Estate
except for the Grant contained in this Indenture and the Series Supplement; the Issuer has the power and right to Grant the Trust Estate to the Indenture Trustee as security hereunder and thereunder; and the Issuer, subject to the terms of this
Indenture, has Granted to the Indenture Trustee a first priority perfected security interest in all of its right, title and interest in and to the Trust Estate free and clear of any Lien arising as a result of actions of the Issuer or through the
Issuer (except for any Lien created by the Issuer under the Basic Documents in favor of the Holders and in accordance with K.S.A. §66-1,245); 

(C)    to the effect that the Issuer has appointed the firm of Independent registered public accountants
as contemplated in Section 8.06; 
 (D)    to the effect that the Sale
Agreement, the Servicing Agreement, and the Administration Agreement are, to the knowledge of the Issuer (and assuming such agreements are enforceable against all parties thereto other than the Issuer and KGS), in full force and effect and, to the
knowledge of the Issuer, that no party is in default of its obligations under such agreements; 

(E)    certifying that the Securitized Utility Tariff Bonds have received the ratings from the Rating
Agencies if required by the Underwriting Agreement as a condition to the issuance of the Securitized Utility Tariff Bonds; and 

(F)    stating that (i) all conditions precedent provided for in this Indenture relating to
(a) the authentication and delivery of the Securitized Utility Tariff Bonds, and (b) the execution of the Series Supplement to this Indenture dated as of the date of this Indenture, have been complied with, (ii) the execution of the
Series Supplement to this Indenture dated as of the date of this Indenture is authorized or permitted by this Indenture, and (iii) the Issuer has delivered the documents required under this Section 2.10 and has
otherwise satisfied the requirements set out in this Section 2.10, including, but not limited to, complying with Section 2.10(f)(i) hereof. 

  
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 (ii)    An officer’s certificate from the Seller,
dated as of the Closing Date, to the effect that: 
 (A)    in the case of the Securitized Utility
Tariff Property identified in the Bill of Sale, immediately prior to the conveyance thereof to the Issuer pursuant to the Sale Agreement: the Seller was the original and the sole owner of the Securitized Utility Tariff Property, free and clear of
any Lien; the Seller had not assigned any interest or participation in the Securitized Utility Tariff Property and the proceeds thereof other than to the Issuer pursuant to the Sale Agreement; the Seller has the power, authority and right to own,
sell and assign such Securitized Utility Tariff Property and the proceeds thereof to the Issuer; and the Seller, subject to the terms of the Sale Agreement, has validly sold and assigned to the Issuer all of its right, title and interest in, to and
under the Securitized Utility Tariff Property and the proceeds thereof, free and clear of any Lien (except for any Lien created by the Issuer under the Basic Documents in favor of the Holders and in accordance with K.S.A. §66-1,245) and such sale and assignment is absolute and irrevocable and has been perfected; 

(B)    immediately prior to the conveyance of the Securitized Utility Tariff Property identified in the
Bill of Sale to the Issuer pursuant to the Sale Agreement, the attached copy of the Financing Order, creating the Securitized Utility Tariff Property is true and complete and is in full force and effect; and 

(C)    the Required Capital Amount has been deposited or caused to be deposited by the Seller with the
Indenture Trustee for crediting to the Capital Subaccount. 
 (g)    Requirements of Series Supplement. Such
other funds, accounts, documents, certificates, agreements, instruments or opinions as may be required by the terms of the Series Supplement. 

(h)    Other Requirements. Such other documents, certificates, agreements, instruments or opinions as the Indenture
Trustee may reasonably require. 
 SECTION 2.11.    Book-Entry Securitized Utility Tariff Bonds. Unless the
Series Supplement provides otherwise, all of the Securitized Utility Tariff Bonds shall be issued in Book-Entry Form, and the Issuer shall execute and the Indenture Trustee shall, in accordance with this Section 2.11 and
the Issuer Order, authenticate and deliver one or more Global Securitized Utility Tariff Bonds, evidencing the Securitized Utility Tariff Bonds, which (a) shall be an aggregate original principal amount equal to the aggregate original principal
amount of the Securitized Utility Tariff Bonds to be issued pursuant to the Issuer Order, (b) shall be registered in the name of the Clearing Agency therefor or its nominee, which shall initially be Cede & Co., as nominee for The
Depository Trust Company, the initial Clearing Agency, (c) shall be delivered by the Indenture Trustee pursuant to such Clearing Agency’s or such nominee’s instructions and (d) shall bear a legend substantially to the effect set
forth in Exhibit A to the Form of Series Supplement. 

  
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 Each Clearing Agency designated pursuant to this Section 2.11
must, at the time of its designation and at all times while it serves as Clearing Agency hereunder, be a “clearing agency” registered under the Exchange Act and any other applicable statute or regulation. 

No Holder of Securitized Utility Tariff Bonds issued in Book-Entry Form shall receive a Definitive Securitized Utility Tariff Bond
representing such Holder’s interest in any of the Securitized Utility Tariff Bonds, except as provided in Section 2.13. Unless (and until) certificated, fully registered Securitized Utility Tariff Bonds (the
“Definitive Securitized Utility Tariff Bonds”) have been issued to the Holders pursuant to Section 2.13 or pursuant to the Series Supplement relating thereto: 

(i)    the provisions of this Section 2.11 shall be in full force and effect;

 (ii)    the Issuer, the Servicer, the Paying Agent, the Securitized Utility Tariff Bond Registrar and
the Indenture Trustee may deal with the Clearing Agency for all purposes (including the making of distributions on the Securitized Utility Tariff Bonds and the giving of instructions or directions hereunder) as the authorized representative of the
Holders; 
 (iii)    to the extent that the provisions of this Section 2.11
conflict with any other provisions of this Indenture, the provisions of this Section 2.11 shall control; 

(iv)    the rights of Holders shall be exercised only through the Clearing Agency and the Clearing Agency
Participants and shall be limited to those established by applicable law and agreements between such Holders and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Letter of Representations, unless and until Definitive
Securitized Utility Tariff Bonds are issued pursuant to Section 2.13, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal of
and interest on the Book-Entry Securitized Utility Tariff Bonds to such Clearing Agency Participants; and 

(v)    whenever this Indenture requires or permits actions to be taken based upon instruction or directions
of the Holders evidencing a specified percentage of the Outstanding Amount of Securitized Utility Tariff Bonds, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from
the Holders and/or the Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Securitized Utility Tariff Bonds and has delivered such instructions to a Responsible Officer of the
Indenture Trustee. 
 SECTION 2.12.    Notices to Clearing Agency. Unless and until Definitive Securitized
Utility Tariff Bonds shall have been issued to Holders pursuant to Section 2.13, whenever notice, payment or other communications to the holders of Book-Entry Securitized Utility Tariff Bonds is required under this
Indenture, the Indenture Trustee, the Servicer and the Paying Agent, as applicable, shall make all such payments to, and give all such notices and communications specified herein, to the Clearing Agency. 

  
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 SECTION 2.13.    Definitive Securitized Utility Tariff Bonds. If
(a) (i) the Issuer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities under any Letter of Representations and (ii) the Issuer is unable to locate a
qualified successor Clearing Agency, (b) the Issuer, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default
hereunder, Holders holding a majority of the Outstanding Amount of Securitized Utility Tariff Bonds maintained as Book-Entry Securitized Utility Tariff Bonds advise the Indenture Trustee, the Issuer and the Clearing Agency (through the Clearing
Agency Participants) in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Holders, the Issuer shall notify the Clearing Agency, the Indenture Trustee and all such Holders in
writing of the occurrence of any such event and of the availability of Definitive Securitized Utility Tariff Bonds to the Holders requesting the same. Upon surrender to the Indenture Trustee of the Global Securitized Utility Tariff Bonds by the
Clearing Agency accompanied by registration instructions from such Clearing Agency for registration, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver, Definitive Securitized Utility Tariff Bonds in accordance with
the instructions of the Clearing Agency. None of the Issuer, the Securitized Utility Tariff Bond Registrar, the Paying Agent or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and
shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Securitized Utility Tariff Bonds, the Indenture Trustee shall recognize the Holders of the Definitive Securitized Utility Tariff Bonds as Holders hereunder
without need for any consent or acknowledgement from the Holders. 
 Definitive Securitized Utility Tariff Bonds will be transferable and
exchangeable at the offices of the Securitized Utility Tariff Bond Registrar. 
 SECTION 2.14.    CUSIP Number.
The Issuer in issuing any Securitized Utility Tariff Bonds may use a “CUSIP” number and, if so used, the Indenture Trustee shall use the CUSIP number provided to it by the Issuer in any notices to the Holders thereof as a convenience to
such Holders; provided, that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number printed in the notice or on the Securitized Utility Tariff Bonds and that reliance may be placed only
on the other identification numbers printed on the Securitized Utility Tariff Bonds. The Issuer shall promptly notify the Indenture Trustee in writing of any change in the CUSIP number with respect to any Securitized Utility Tariff Bond. 

SECTION 2.15.    Letter of Representations. The Issuer shall comply with the terms of each Letter of
Representations applicable to the Issuer. 
 SECTION 2.16.    Tax Treatment. The Issuer and the Indenture
Trustee, by entering into this Indenture, and the Holders and any Persons holding a beneficial interest in any Securitized Utility Tariff Bond, by acquiring any Securitized Utility Tariff Bond or interest therein, (a) express their intention
that, solely for the purposes of U.S. federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for the purposes of state, local and other taxes, the Securitized Utility Tariff Bonds qualify under applicable
tax law as indebtedness of the Member secured by the Trust Estate and (b) solely for the purposes of U.S. federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for purposes of state, local and other
taxes, so long as any of the Securitized Utility Tariff Bonds are outstanding, agree to treat the Securitized Utility Tariff Bonds as indebtedness of the Member secured by the Trust Estate unless otherwise required by appropriate taxing authorities.

  
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 SECTION 2.17.    State Pledge and Kansas Commission Pledge. Each
Securitized Utility Tariff Bond shall state that the Securitization Act provides that the State of Kansas and its agencies, including the Kansas Commission, “hereby pledge and agree with bondholders, the owners of securitized utility tariff
property and other financing parties that the state and its agencies shall not take any action listed in this section.1 This subsection does not preclude limitation or alteration if full
compensation is made by law for the full protection of the securitized utility tariff charges collected pursuant to a financing order and of the bondholders and any assignee or financing party entering into a contract with the public utility. The
prohibited actions are as follows: 
  

	 	(1)	 Altering the provisions of this section that authorize the commission to create an irrevocable contract right
or chose in action by the issuance of a financing order, to create securitized utility tariff property and to make the securitized utility tariff charges imposed by a financing order irrevocable, binding or nonbypassable charges for all existing and
future retail customers within the service area of the public utility; 

  

	 	(2)	 taking or permitting any action that impairs or would impair the value of securitized utility tariff property
or the security for the security utility tariff bonds or revises the securitized utility tariff costs for which recovery is authorized; 

  

	 	(3)	 impairing the rights and remedies of the bondholders, assignees and other financing parties in any way; or

  

	 	(4)	 except for changes made pursuant to the adjustment mechanism authorized under this section, reducing, altering
or impairing securitized utility tariff charges that are to be imposed, billed, charged, collected and remitted for the benefit of the bondholders, any assignee and any other financing parties until any and all principal, interest, premium,
financing costs and other fees, expenses or charges incurred and any contracts to be performed in connection with the related securitized utility tariff bonds have been paid and performed in full.” 

In addition, each Securitized Utility Tariff Bond shall state that the Financing Order provides that “the Kansas Commission affirms the pledge of the
State of Kansas set forth in K.S.A. § 66-1,252 and shall not take or permit any of the following actions that would impair the value of the Securitized Utility Tariff Property authorized by the Financing
Order, unless otherwise permitted by the Securitization Act: 
  

	 	•	 	 Alter the statute that authorizes the Commission to create an irrevocable contract right or chose in action by
the issuance of a Financing Order, to create securitized utility tariff property and to make the Securitized Utility Tariff Charges imposed by a Financing Order irrevocable, binding or nonbypassable charges for all existing and future sales
customers within the service area of the public utility; 

  

	1 	 K.S.A. § 66-1,252 

  
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	 	•	 	 Take any action that would impair the value of Securitized Utility Tariff Property or the security for the
Security Utility Tariff Bonds, or revises the Securitized Utility Tariff Costs for which recovery is authorized; impair the rights and remedies of the bondholders, assignees and other financing parties in any way; or, 

 

	 	•	 	 Except for changes made pursuant to the Adjustment Mechanism expressly allowed by law, reduce, alter, or impair
the Securitized Utility Tariff Charges to be imposed, billed, charged, collected, and remitted for the benefit of the bondholders, any assignee, and any other financing parties, until any and all principal, interest, premium, financing costs and
other fees, expenses or charges incurred and any contracts to be performed in connection with the related Securitized Utility Tariff Bonds have been paid and performed in full.” 

The Issuer hereby acknowledges that the purchase of any Securitized Utility Tariff Bond by a Holder or the purchase of any beneficial interest
in a Securitized Utility Tariff Bond by any Person and the Indenture Trustee’s obligations to perform hereunder are made in reliance on such agreement and pledge by the State of Kansas and the Kansas Commission. 

SECTION 2.18.    Security Interests. The Issuer hereby makes the following representations and warranties. Other
than the security interests granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, granted, sold, conveyed or otherwise assigned any interests or security interests in the Trust Estate and no security agreement,
financing statement or equivalent security or Lien instrument listing the Issuer as debtor covering all or any part of the Trust Estate is on file or of record in any jurisdiction, except such as may have been filed, recorded or made by the Issuer
in favor of the Indenture Trustee on behalf of the Holders in connection with this Indenture. This Indenture constitutes a valid and continuing Lien on, and first priority perfected security interest in, the Trust Estate in favor of the Indenture
Trustee on behalf of the Holders, which Lien and security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by
an implied covenant of good faith and fair dealing. With respect to the Trust Estate, this Indenture, together with the Series Supplement, creates a valid and continuing first priority perfected security interest (as defined in the UCC) in the Trust
Estate, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith
and fair dealing. The Issuer has good and marketable title to the Trust Estate free and clear of any Lien of any Person (except for any Lien created by the Issuer under the Basic Documents in favor of the Holders and in accordance with K.S.A. §66-1,245). All of the Trust Estate constitutes property or accounts, deposit accounts, investment property or general intangibles (as each such term is defined in the UCC), except that

  
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proceeds of the Trust Estate may also take the form of instruments. The Issuer has taken, or caused the Servicer to take, all action necessary to perfect the security interest in the Trust Estate
granted to the Indenture Trustee, for the benefit of the Holders. The Issuer has filed (or has caused the Servicer to file) all appropriate financing statements in the proper filing offices in the appropriate jurisdictions under applicable law in
order to perfect the security interest in the Trust Estate granted to the Indenture Trustee. The Issuer has not authorized the filing of and is not aware, after due inquiry, of any financing statements against the Issuer that include a description
of the Trust Estate other than those filed in favor of the Indenture Trustee. The Issuer is not aware of any judgment or tax lien filings against the Issuer. The Collection Account (including all Subaccounts thereof other than the Capital
Subaccount) constitutes a “securities account” within the meaning of the UCC and the Capital Subaccount constitutes a “deposit account” within the meaning of the UCC. The Issuer has taken all steps necessary to cause the
Securities Intermediary of each such securities account to identify in its records the Indenture Trustee as the Person having a security entitlement against the Securities Intermediary in such securities account, no Collection Account is in the name
of any Person other than the Indenture Trustee, and the Issuer has not consented to the Securities Intermediary of the Collection Account to comply with entitlement orders of any Person other than the Indenture Trustee. All of the Trust Estate
constituting investment property has been and will have been credited to the Collection Account or a Subaccount thereof, and the Securities Intermediary for the Collection Account has agreed to treat all assets credited to the Collection Account
(other than cash) as “financial assets” within the meaning of the UCC and cash will be allocated to the Capital Subaccount. Accordingly, the Indenture Trustee has a first priority perfected security interest in the Collection Account,
all funds and financial assets on deposit therein, and all securities entitlements relating thereto. The representations and warranties set forth in this Section 2.18 shall survive the execution and delivery of this
Indenture and the issuance of the Securitized Utility Tariff Bonds, shall be deemed re-made on each date on which any funds in the Collection Account are distributed to the Issuer as provided in
Section 8.04 or otherwise released from the Lien of this Indenture and may not be waived by any party hereto except pursuant to a supplemental indenture executed in accordance with Article IX and
as to which the Rating Agency Condition has been satisfied. 
 ARTICLE III 

COVENANTS 
 SECTION
3.01.    Payment of Principal, Premium, if any, and Interest. The principal of and premium, if any, and interest on the Securitized Utility Tariff Bonds shall be duly and punctually paid by the Issuer, or the Servicer on
behalf of the Issuer, in accordance with the terms of the Securitized Utility Tariff Bonds and this Indenture and the Series Supplement; provided, that, except on a Final Maturity Date of a tranche or upon the acceleration of the Securitized
Utility Tariff Bonds following the occurrence of an Event of Default, the Issuer shall only be obligated to pay the principal of such Securitized Utility Tariff Bonds on each Payment Date therefor to the extent moneys are available for such payment
pursuant to Section 8.02. Amounts properly withheld under the Code, the Treasury regulations promulgated thereunder or other tax laws by any Person from a payment to any Holder of interest or principal or premium, if any,
shall be considered as having been paid by the Issuer to such Holder for all purposes of this Indenture. 

  
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 SECTION 3.02.    Maintenance of Office or Agency. The Issuer
shall initially maintain in St. Paul, Minnesota an office or agency where Securitized Utility Tariff Bonds may be surrendered for registration of transfer or exchange. The Issuer shall give prompt written notice to the Indenture Trustee of the
location, and of any change in the location, of any such office or agency. The Issuer hereby initially appoints the Securitized Utility Tariff Bond Registrar to serve as its agent for the foregoing purposes. Notices or demands to or upon the Issuer
may be served at the Corporate Trust Office of the Indenture Trustee. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders may be made at
the office of the Indenture Trustee located at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders. 

SECTION 3.03.    Money for Payments To Be Held in Trust. As provided in Section 8.02(a),
all payments of amounts due and payable with respect to any Securitized Utility Tariff Bonds that are to be made from amounts withdrawn from the Collection Account pursuant to Section 8.02(e) shall be made on behalf of the
Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection Account for payments with respect to any Securitized Utility Tariff Bonds shall be paid over to the Issuer except as provided in this
Section 3.03 and Section 8.02. 
 Each Paying Agent shall meet the eligibility criteria
set forth for the Indenture Trustee under Section 6.11. The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall
agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.03, that such Paying Agent will: 

(a)    hold all sums held by it for the payment of amounts due with respect to the Securitized Utility Tariff Bonds in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(b)    give the Indenture Trustee unless the Indenture Trustee is the Paying Agent, the Kansas Commission and the Rating
Agencies written notice of any Default by the Issuer of which it has actual knowledge in the making of any payment required to be made with respect to the Securitized Utility Tariff Bonds; 

(c)    at any time during the continuance of any such Default, upon the written request of the Indenture Trustee,
forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d)    immediately, with
notice to the Rating Agencies, resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Securitized Utility Tariff Bonds if at any time the Paying Agent determines that it has ceased to meet
the standards required to be met by a Paying Agent at the time of such determination; and 
 (e)    comply with all
requirements of the Code, the Treasury regulations promulgated thereunder and other tax laws with respect to the withholding from any payments made by it on any Securitized Utility Tariff Bonds of any applicable withholding taxes imposed thereon and
with respect to any applicable reporting requirements in connection therewith. 

  
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 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon
which the sums were held by such Paying Agent; and, upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to applicable laws with respect to escheatment of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Securitized Utility Tariff Bond and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer upon receipt of an Issuer
Request; and, subject to Section 10.14, the Holder of such Securitized Utility Tariff Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the
amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Issuer, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.
The Indenture Trustee may also adopt and employ, at the written direction and expense of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose right to or interest in
moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

SECTION 3.04.    Existence. The Issuer shall keep in full effect its existence, rights and franchises as a limited
liability company under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep in full
effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Indenture, the other Basic Documents, the Securitized Utility Tariff Bonds, the Trust Estate and each other instrument or agreement referenced herein or therein. 

SECTION 3.05.    Protection of Trust Estate. The Issuer shall from time to time execute and deliver all such
supplements and amendments hereto and all filings with the Kansas Commission, the Secretary of State of the State of Kansas or the Secretary of State of the State of Delaware pursuant to the Financing Order or to the Securitization Act and all
financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable, to: 

(a)    maintain or preserve the Lien and security interest (and the priority thereof) of this Indenture or carry out more
effectively the purposes hereof; 

  
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 (b)    perfect, publish notice of or protect the validity of any Grant
made or to be made by this Indenture; 
 (c)    enforce any of the Trust Estate; 

(d)    preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Holders in the Trust
Estate against the Claims of all Persons, including a challenge by any party to the validity or enforceability of the Financing Order, the Securitized Utility Tariff Property or any proceeding relating thereto and institute any action or Proceeding
necessary to compel performance by the Kansas Commission or the State of Kansas of any of its obligations or duties under the Securitization Act, the State Pledge, the Kansas Commission Pledge, or the Financing Order, as the case may be; and 

(e)    pay any and all taxes levied or assessed upon all or any part of the Trust Estate. 

The Indenture Trustee is specifically permitted and authorized, but not required to file financing statements covering the Trust Estate, including financing
statements that describe the Trust Estate as “all assets” or “all personal property” of the Issuer; provided, however, that such authorization shall not be deemed to be an obligation and it being understood that the Indenture
Trustee shall not be responsible for filing any such financing statement unless directed to do so in accordance with the provisions of this Section 3.05 and shall have no obligations or any duty to prepare, authorize,
execute or file such documents. 
 SECTION 3.06.    Opinions as to Trust Estate. 

(a)    Not later than March 31 of each calendar year beginning with March 31, 2023, the Issuer shall furnish to
the Indenture Trustee an Opinion of Counsel of the Issuer either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the execution and filing of any filings with the Kansas Commission, the Secretary of State of the State of Kansas or the Secretary of State of
the State of Delaware pursuant to the Securitization Act and the Financing Order, financing statements and continuation statements, as are necessary to maintain the Lien and the perfected security interest created by this Indenture and the Series
Supplement and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to maintain the Lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any filings with the Kansas Commission, the Secretary of State of the
State of Kansas or the Secretary of State of the State of Delaware, financing statements and continuation statements that will, in the opinion of such counsel, be required within the 12-month period following
the date of such opinion to maintain the Lien and the perfected security interest created by this Indenture and the Series Supplement. 

  
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 (b)    Prior to the effectiveness of any amendment to the Sale Agreement
or the Servicing Agreement, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel of external counsel of the Issuer either (i) stating that, in the opinion of such counsel, all filings, including UCC financing statements and
other filings with the Kansas Commission, the Secretary of State of the State of Kansas or the Secretary of State of the State of Delaware pursuant to the Securitization Act or the Financing Order have been executed and filed that are necessary
fully to preserve and protect the Lien and the perfected security interest created by this Indenture and the Series Supplement, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or
(ii) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect the Lien and the security interest. 

SECTION 3.07.    Performance of Obligations; Servicing; SEC Filings. 

(a)    The Issuer (i) shall diligently pursue any and all actions to enforce its rights under each instrument or
agreement included in the Trust Estate and (ii) shall not take any action and shall use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s covenants or obligations under
any such instrument or agreement or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except, in each case, as expressly
provided in this Indenture, the Series Supplement, the Sale Agreement, the Servicing Agreement, or such other instrument or agreement. 

(b)    The Issuer may contract with other Persons selected with due care to assist it in performing its duties under this
Indenture, and any performance of such duties by a Person identified to the Indenture Trustee herein or in an Officer’s Certificate shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with KGS to assist the
Issuer in performing its duties under this Indenture. 
 (c)    The Issuer shall punctually perform and observe all of
its obligations and agreements contained in this Indenture, the Series Supplement, the other Basic Documents and the instruments and agreements included in the Trust Estate, including filing or causing to be filed all filings with the Kansas
Commission, the Secretary of State of the State of Kansas or the Secretary of State of the State of Delaware pursuant to the Securitization Act or the Financing Order, all UCC financing statements and all continuation statements required to be filed
by it by the terms of this Indenture, the Series Supplement, the Sale Agreement and the Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

(d)    If the Issuer shall have knowledge of the occurrence of a Servicer Default under the Servicing Agreement, the
Issuer shall promptly give written notice thereof to the Indenture Trustee, the Kansas Commission and the Rating Agencies and shall specify in such notice the response or action, if any, the Issuer has taken or is taking with respect to such
Servicer Default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the Securitized Utility Tariff Property or the Securitized Utility Tariff
Charges, the Issuer shall take all reasonable steps available to it to remedy such failure. 

  
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 (e)    As promptly as possible after the giving of notice of termination
to the Servicer and the Rating Agencies of the Servicer’s rights and powers pursuant to Section 7.01 of the Servicing Agreement, the Indenture Trustee shall, at the written direction either (a) of the Holders evidencing a
majority of the Outstanding Amount of the Securitized Utility Tariff Bonds, or (b) of the Kansas Commission, appoint a successor Servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a
written assumption in a form acceptable to the Issuer. A Person shall qualify as a Successor Servicer only if such Person satisfies the requirements of the Servicing Agreement and the Financing Order relating to a Successor Servicer. If, within
thirty (30) days after the delivery of the notice referred to above, a new Servicer shall not have been appointed, the Indenture Trustee may, at the expense of the Issuer, petition the Kansas Commission or a court of competent jurisdiction to
appoint a Successor Servicer. In connection with any such appointment, KGS may make such arrangements for the compensation of such Successor Servicer as it and such successor shall agree, subject to the limitations set forth in Section 6.06 of
the Servicing Agreement and in the Financing Order. 
 (f)    Upon any termination of the Servicer’s rights and
powers pursuant to the Servicing Agreement, the Indenture Trustee shall promptly notify the Issuer, the Kansas Commission, the Holders and the Rating Agencies of such termination. As soon as a Successor Servicer is appointed, the Indenture Trustee
shall notify the Issuer, the Kansas Commission, the Holders and the Rating Agencies of such appointment, specifying in such notice the name and address of such Successor Servicer. 

(g)    The Issuer shall (or shall cause KGS to) post on its website (which for this purpose may be the website of any
direct or indirect parent company of the Issuer) and, to the extent consistent with the Issuer’s and KGS’s obligations under applicable law, file with or furnish to the SEC in periodic reports and other reports as are required from time to
time under Section 13 or Section 15(d) of the Exchange Act, the following information (other than any such information filed with the SEC and publicly available to investors unless the Issuer specifically requests such items to be posted)
with respect to the Outstanding Securitized Utility Tariff Bonds, in each case to the extent such information is reasonably available to the Issuer: 

(i)    a statement reporting the balances in the Collection Account and in each subaccount of the
Collection Account as of all Payment Dates (to be included on the next Form 10-D filed) and as of the end of each year (to be included on the next Form 10-K filed); 

(ii)    the Semi-Annual Servicer’s Certificate as required to be submitted pursuant to the Servicing
Agreement (to be filed with a Form 10-D, Form 10-K or Form 8-K, or successor forms thereto); 

(iii)    the Monthly Servicer’s Certificate as required to be submitted pursuant to the Servicing
Agreement; 
 (iv)    the text (or a link to the website where a reader can find the text) of each filing
of a True-Up Adjustment and the results of each such filing; 

  
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 (v)    any change in the long-term or short-term credit
ratings of the Servicer assigned by the Rating Agencies; 
 (vi)    material legislative enactment or
regulatory order or rule directly relevant to the Outstanding Securitized Utility Tariff Bonds (to be filed or furnished in a Form 8-K); and 

(vii)    any reports and other information that the Issuer is required to file with the SEC under the
Exchange Act, including but not limited to periodic and current reports related to the Securitized Utility Tariff Bonds consistent with the disclosure and reporting regime established in Regulation AB. 

Notwithstanding the foregoing, nothing herein shall preclude the Issuer from voluntarily suspending or terminating its filing obligations as Issuer with the
SEC to the extent permitted by applicable law. Any such reports or information delivered to the Indenture Trustee for purposes of this Section 3.07(g) is for informational purposes only, and the Indenture Trustee’s
receipt of such reports or information shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants
hereunder (as to which the Indenture Trustee is entitled to conclusively rely on an Officer’s Certificate). 

(h)    The Issuer shall direct the Indenture Trustee to post on the Indenture Trustee’s website for investors (based
solely on information set forth in the Semi-Annual Servicer’s Certificate) with respect to the Outstanding Securitized Utility Tariff Bonds, to the extent such information is set forth in the Semi-Annual Servicer’s Certificate, a statement
showing the balance of Outstanding Securitized Utility Tariff Bonds that reflects the actual payments made on the Securitized Utility Tariff Bonds during the applicable period. 

The address of the Indenture Trustee’s website for investors is https://pivot.usbank.com. The Indenture Trustee shall immediately notify the
Issuer, the Kansas Commission, the Holders and the Rating Agencies of any change to the address of the website for investors. 

(i)    The Issuer shall make all filings required under the Financing Order relating to the transfer of the ownership or
security interest in the Securitized Utility Tariff Property other than those required to be made by the Seller or the Servicer pursuant to the Basic Documents. 

SECTION 3.08.    Certain Negative Covenants. So long as Securitized Utility Tariff Bonds are Outstanding, the
Issuer shall not: 
 (a)    except as expressly permitted by this Indenture and the other Basic Documents, sell,
transfer, convey, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless in accordance with Article V; 

(b)    claim any credit on, or make any deduction from the principal or premium, if any, or interest payable in respect
of, the Securitized Utility Tariff Bonds (other than amounts properly withheld from such payments under the Code, the Treasury regulations promulgated thereunder or other tax laws) or assert any claim against any present or former Holder by reason
of the payment of the taxes levied or assessed upon any part of the Trust Estate; 

  
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 (c)    terminate its existence or dissolve or liquidate in whole or in
part, except in a transaction permitted by Section 3.10; 
 (d)    (i) permit the validity or
effectiveness of this Indenture or the other Basic Documents to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or
obligations with respect to the Securitized Utility Tariff Bonds under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Lien of this Indenture) to be created on or extend to or otherwise arise
upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens arising by operation of law with respect to amounts not yet due) or (iii) permit the Lien of this Indenture not to
constitute a valid first priority perfected security interest in the Trust Estate; 
 (e)    elect to be classified as
an association taxable as a corporation for U.S. federal income tax purposes or otherwise take any action, file any tax return or make any election inconsistent with the treatment of the Issuer, for U.S. federal income tax purposes and, to the
extent consistent with applicable state tax law, state income and franchise tax purposes, as a disregarded entity that is not separate from the sole owner of the Issuer; 

(f)    change its name, identity or structure or the location of its chief executive office or state of formation, unless
at least ten (10) Business Days prior to the effective date of any such change the Issuer delivers to the Indenture Trustee (with copies to the Rating Agencies) such documents, instruments or agreements, executed by the Issuer, as are necessary
to reflect such change and to continue the perfection of the security interest of this Indenture and the Series Supplement; 

(g)    take any action that is subject to a Rating Agency Condition without satisfying the Rating Agency Condition; 

(h)    except to the extent permitted by applicable law, voluntarily suspend or terminate its filing obligations with the
SEC as described in Section 3.07(g); or 
 (i)    issue any debt obligations other than the
Securitized Utility Tariff Bonds. 
 SECTION 3.09.    Annual Statement as to Compliance. The Issuer will deliver
to the Indenture Trustee, the Kansas Commission and the Rating Agencies not later than March 31 of each year (commencing with March 31, 2023), an Officer’s Certificate stating, as to the Responsible Officer signing such Officer’s
Certificate, that: 
 (a)    a review of the activities of the Issuer during the preceding twelve (12) months ended
December 31 (or, in the case of the first such Officer’s Certificate, since the date hereof) and of performance under this Indenture has been made; and 

(b)    to the best of such Responsible Officer’s knowledge, based on such review, the Issuer has in all material
respects complied with all conditions and covenants under this Indenture throughout such 12-month period (or such shorter period in the case of the first such Officer’s Certificate), or, if there has been
a default in the compliance of any such condition or covenant, specifying each such default known to such Responsible Officer and the nature and status thereof. 

  
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 SECTION 3.10.    Issuer May Consolidate, etc., Only on Certain
Terms. 
 (a)    The Issuer shall not consolidate or merge with or into any other Person or sell substantially all of
the assets of the Issuer to any other Person, unless: 
 (i)    the Person (if other than the Issuer)
formed by or surviving such consolidation or merger or to whom substantially all of the assets of the Issuer are sold shall (A) be a Person organized and existing under the laws of the United States of America or any State, (B) expressly
assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form and substance satisfactory to the Indenture Trustee, the performance or observance of every agreement and covenant of this Indenture and the Series
Supplement on the part of the Issuer to be performed or observed, all as provided herein and in the Series Supplement, and (C) assume all obligations and succeed to all rights of the Issuer under the Sale Agreement, the Servicing Agreement and
the other Basic Documents to which the Issuer is a party (or under which the Issuer has rights) pursuant to an assignment and assumption agreement executed and delivered to the Indenture Trustee; 

(ii)    immediately after giving effect to such merger or consolidation, no Default, Event of Default or
Servicer Default shall have occurred and be continuing; 
 (iii)    prior notice shall be given to the
Rating Agencies and the Rating Agency Condition shall have been satisfied with respect to such merger or consolidation; 

(iv)    the Issuer shall have delivered to KGS, the Indenture Trustee and the Rating Agencies an opinion or
opinions of outside tax counsel (as selected by the Issuer, in form and substance reasonably satisfactory to KGS and the Indenture Trustee, and which may be based on a ruling from the Internal Revenue Service) to the effect that the consolidation or
merger will not result in a material adverse U.S. federal or state income tax consequence to the Issuer, KGS, the Indenture Trustee or the then-existing Holders; 

(v)    any action as is necessary to maintain the Lien and the perfected security interest in the Trust
Estate created by this Indenture and the Series Supplement shall have been taken as evidenced by an Opinion of Counsel of external counsel of the Issuer delivered to the Indenture Trustee; and 

(vi)    the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an
Opinion of Counsel of external counsel of the Issuer each stating that such consolidation or merger and such supplemental indenture comply with this Indenture and the Series Supplement and that all conditions precedent herein provided for in this
Section 3.10(a) with respect to such transaction have been complied with (including any filing required by the Exchange Act). 

  
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 (b)    Except as specifically provided herein, the Issuer shall not
sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets included in the Trust Estate, to any Person, unless: 

(i)    the Person that acquires the properties and assets of the Issuer, the conveyance or transfer of
which is hereby restricted, (A) shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form and substance satisfactory to the Indenture Trustee, the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided
herein and in the Series Supplement, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of shall be subject and subordinate to the
rights of Holders, (D) unless otherwise provided in the supplemental indenture referred to in Section 3.10(b)(i)(B), expressly agrees to indemnify, defend and hold harmless the Issuer and the Indenture Trustee against
and from any loss, liability or expense arising under or related to this Indenture, the Series Supplement and the Securitized Utility Tariff Bonds, (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of
Persons, then one specified Person) shall make all filings with the SEC (and any other appropriate Person) required by the Exchange Act in connection with the Trust Estate and the Securitized Utility Tariff Bonds and (F) if such sale,
conveyance, exchange, transfer or disposal relates to the Issuer’s rights and obligations under the Sale Agreement or the Servicing Agreement, assumes all obligations and succeeds to all rights of the Issuer under the Sale Agreement and the
Servicing Agreement, as applicable; 
 (ii)    immediately after giving effect to such transaction, no
Default, Event of Default or Servicer Default shall have occurred and be continuing; 
 (iii)    the
Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv)    the Issuer
shall have delivered to KGS, the Indenture Trustee and the Rating Agencies an opinion or opinions of outside tax counsel (as selected by the Issuer, in form and substance reasonably satisfactory to KGS, and which may be based on a ruling from the
Internal Revenue Service) to the effect that the disposition will not result in a material adverse U.S. federal or state income tax consequence to the Issuer, KGS, the Indenture Trustee or the then-existing Holders; 

(v)    any action as is necessary to maintain the Lien and the perfected security interest in the Trust
Estate created by this Indenture shall have been taken as evidenced by an Opinion of Counsel of external counsel of the Issuer delivered to the Indenture Trustee; and 

(vi)    the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an
Opinion of Counsel of external counsel of the Issuer each stating that such sale, conveyance, exchange, transfer or other disposition and such supplemental 

  
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indenture comply with this Indenture and that all conditions precedent herein provided for in this Section 3.10(b) with respect to such transaction have been complied
with (including any filing required by the Exchange Act). 
 SECTION 3.11.    Successor or Transferee. 

(a)    Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had
been named as the Issuer herein. 
 (b)    Except as set forth in Section 6.07, upon a sale,
conveyance, exchange, transfer or other disposition of all the assets and properties of the Issuer in accordance with Section 3.10(b), the Issuer will be released from every covenant and agreement of this Indenture and the
other Basic Documents to be observed or performed on the part of the Issuer with respect to the Securitized Utility Tariff Bonds and the Securitized Utility Tariff Property immediately following the consummation of such acquisition upon the delivery
of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuer is to be so released. 

SECTION 3.12.    No Other Business. The Issuer shall not engage in any business other than financing, purchasing,
owning, administering, managing and servicing the Securitized Utility Tariff Property and the assets in the Trust Estate and the issuance of the Securitized Utility Tariff Bonds in the manner contemplated by the Financing Order and this Indenture
and the other Basic Documents and activities incidental thereto. 
 SECTION 3.13.    No Borrowing. The Issuer
shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Securitized Utility Tariff Bonds permitted by this Indenture and any other indebtedness expressly permitted by or
arising under the Basic Documents. 
 SECTION 3.14.    Servicer’s Obligations. The Issuer
shall enforce the Servicer’s compliance with and performance of all of the Servicer’s material obligations under the Servicing Agreement. 

SECTION 3.15.    Guarantees, Loans, Advances and Other Liabilities. Except as otherwise contemplated by the Sale
Agreement, the Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently
to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.16.    Capital Expenditures. Other than the purchase of Securitized Utility Tariff Property from the
Seller under the Sale Agreement, the Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

  
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 SECTION 3.17.    Restricted Payments. Except as provided in
Section 8.04(c), the Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to
any owner of an interest in the Issuer or otherwise with respect to any ownership or equity interest or similar security in or of the Issuer, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or
similar security or (c) set aside or otherwise segregate any amounts for any such purpose; provided, however, that, if no Event of Default shall have occurred and be continuing or would be caused thereby, the Issuer may make, or
cause to be made, any such distributions to any owner of an interest in the Issuer or otherwise with respect to any ownership or equity interest or similar security in or of the Issuer using funds distributed to the Issuer pursuant to
Section 8.02(e)(x) to the extent that such distributions would not cause the balance of the Capital Subaccount to decline below the Required Capital Amount. The Issuer will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with this Indenture and the other Basic Documents. 
 SECTION
3.18.    Notice of Events of Default. The Issuer agrees to give the Indenture Trustee, the Kansas Commission and the Rating Agencies prompt written notice in the form of an Officer’s Certificate of each Default or
Event of Default hereunder as provided in Section 5.01, and upon the actual knowledge of a Responsible Officer of the Issuer thereof each default on the part of the Seller or the Servicer of its obligations under the Sale
Agreement or the Servicing Agreement, respectively. 
 SECTION 3.19.    Further Instruments and Acts. Upon
request of the Indenture Trustee or as required by applicable law, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this
Indenture and to maintain the first priority perfected security interest of the Indenture Trustee in the Trust Estate. 
 SECTION
3.20.    Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee and any representative of the Kansas Commission or Public Staff, during the Issuer’s
normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited annually by Independent registered public accountants, and to
discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and Independent registered public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee, the
Kansas Commission and Public Staff shall hold and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by applicable law (and all reasonable applications for confidential
treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. Notwithstanding anything herein to the contrary, the preceding sentence shall
not be construed to prohibit (a) disclosure of any and all information that is or becomes publicly known, or information obtained by the Indenture Trustee from sources other than the Issuer, provided such parties are rightfully in possession of
such information, (b) disclosure of any and all information (i) if required to do so by any applicable statute, law, rule or regulation, (ii) pursuant to any subpoena, civil investigative demand or similar demand or request of any
court or regulatory authority exercising its proper jurisdiction, (iii) in any preliminary or final prospectus, registration statement or other document 

  
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a copy of which has been filed with the SEC, (iv) to any affiliate, independent or internal auditor, agent, employee or attorney of the Indenture Trustee having a need to know the same,
provided that such parties agree to be bound by the confidentiality provisions contained in this Section 3.20, or (v) to any Rating Agency or (c) any other disclosure authorized by the Issuer. 

SECTION 3.21.    [Reserved.] 

SECTION 3.22.    [Reserved.] 

SECTION 3.23.    Sale Agreement, Servicing Agreement, and Administration Agreement Covenants. 

(a)    The Issuer agrees to take all such lawful actions to enforce its rights under the Sale Agreement, the Servicing
Agreement, the Administration Agreement and the other Basic Documents, and to compel or secure the performance and observance by the Seller, the Servicer and the Administrator of each of their respective obligations to the Issuer under or in
connection with the Sale Agreement, the Servicing Agreement, the Administration Agreement and the other Basic Documents in accordance with the terms thereof. So long as no Event of Default occurs and is continuing, but subject to
Section 3.23(f), the Issuer may exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale Agreement, the Servicing Agreement and the Administration
Agreement; provided, that such action shall not adversely affect the interests of the Holders in any material respect. 

(b)    If an Event of Default occurs and is continuing, the Indenture Trustee may, and at the direction (which direction
shall be in writing) of the Holders of not less than a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds affected thereby or the Kansas Commission, shall, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller, the Administrator and the Servicer, as the case may be, under or in connection with the Sale Agreement, the Servicing Agreement and the Administration Agreement, including the right or power to take any action to compel or
secure performance or observance by the Seller, the Administrator or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale Agreement, the
Servicing Agreement and the Administration Agreement, and any right of the Issuer to take such action shall be suspended. 

(c)    Except as set forth in Section 3.23(d), the Administration Agreement, the Sale Agreement
and the Servicing Agreement may be amended in accordance with the provisions thereof, so long as the Rating Agency Condition is satisfied in connection therewith, at any time and from time to time, without the consent of the Holders, and with the
consent of the Indenture Trustee; provided, that the Indenture Trustee shall provide such consent upon receipt of an Officer’s Certificate evidencing satisfaction of such Rating Agency Condition, an Opinion of Counsel of external counsel
of the Issuer evidencing that such amendment is in accordance with the provisions of such Basic Document and, if the amendment increases Ongoing Financing Costs, satisfaction of the Kansas Commission Condition (as described in
Section 9.03 hereof, or alternatively, if applicable, Section 13 of the Administration Agreement, Section 6.01(a) of the Sale Agreement or Section 8.01(a) of the Servicing Agreement). 

  
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 (d)    Except as set forth in Section 3.23(e),
if the Issuer, the Seller, the Administrator, the Servicer or any other party to the respective agreement proposes to amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, waiver, supplement, termination
or surrender of, the terms of the Sale Agreement, the Administration Agreement, or the Servicing Agreement, or waive timely performance or observance by the Seller, the Administrator, the Servicer or any other party under the Sale Agreement, the
Administration Agreement, or the Servicing Agreement, in each case in such a way as would materially and adversely affect the interests of any Holder of Securitized Utility Tariff Bonds, the Issuer shall first notify the Rating Agencies of the
proposed amendment, modification, waiver, supplement, termination or surrender and shall promptly notify the Indenture Trustee, the Paying Agent (if not the Indenture Trustee), the Securitized Utility Tariff Bond Register (if not the Indenture
Trustee), the Kansas Commission and the Holders in writing of the proposed amendment, modification, waiver, supplement, termination or surrender and whether the Rating Agency Condition has been satisfied with respect thereto (or, pursuant to an
Issuer Request, the Indenture Trustee shall so notify the Holders on the Issuer’s behalf). The Indenture Trustee shall consent to such proposed amendment, modification, waiver, supplement, termination or surrender only if the Rating Agency
Condition is satisfied and only with the (i) prior written consent of the Holders of not less than a majority of the Outstanding Amount of Securitized Utility Tariff Bonds materially and adversely affected thereby and (ii) if such proposed
amendment, modification, waiver, supplement, termination or surrender increases Ongoing Financing Costs, satisfaction of the Kansas Commission Condition (as described in Section 9.03 hereof, or alternatively, if applicable,
Section 13 of the Administration Agreement, Section 6.01(a) of the Sale Agreement or Section 8.01(a) of the Servicing Agreement). If any such amendment, modification, waiver, supplement, termination or surrender shall be so consented
to by the Indenture Trustee or such Holders, the Issuer agrees to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as shall be necessary or appropriate in the circumstances. 

(e)    If the Issuer or the Servicer proposes to amend, modify, waive, supplement, terminate or surrender, or to agree to
any material amendment, modification, waiver, supplement, termination or surrender of, the process for True-Up Adjustments, the Issuer shall notify the Indenture Trustee and the Holders and, when required, the
Kansas Commission in writing of such proposal (or, pursuant to an Issuer Request, the Indenture Trustee shall so notify the Holders on the Issuer’s behalf), and the Indenture Trustee shall consent thereto with the prior written consent of the
Holders of not less than a majority of the Outstanding Amount of Securitized Utility Tariff Bonds affected thereby and only (i) if the Rating Agency Condition has been satisfied with respect thereto and (ii) if such proposed amendment,
modification, waiver, supplement, termination or surrender increases Ongoing Financing Costs, satisfaction of the Kansas Commission Condition (as described in Section 9.03). 

(f)    Promptly following a default by the Seller under the Sale Agreement or by the Administrator under the
Administration Agreement, or the occurrence of a Servicer Default under the Servicing Agreement, and at the Issuer’s expense, the Issuer agrees to take all such lawful actions as the Indenture Trustee may request to compel or secure the
performance and observance by each of the Seller, the Administrator or the Servicer, of their obligations under and in accordance with the Sale Agreement, the Servicing Agreement and the Administration Agreement, as the case may be, in accordance
with the terms thereof, and to exercise any and all 

  
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rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with such agreements to the extent and in the manner directed by the Indenture Trustee, including
the transmission of notices of any default by the Seller, the Administrator or the Servicer, respectively, thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance of their obligations under
the Sale Agreement, the Servicing Agreement or the Administration Agreement. 
 SECTION 3.24.    Taxes. So long
as any of the Securitized Utility Tariff Bonds are Outstanding, the Issuer shall pay all taxes, assessments and governmental charges imposed upon it or any of its properties or assets or with respect to any of its franchises, business, income or
property before any penalty accrues thereon if the failure to pay any such taxes, assessments and governmental charges would, after any applicable grace periods, notices or other similar requirements, result in a Lien on the Trust Estate;
provided, that no such tax need be paid if the Issuer is contesting the same in good faith by appropriate Proceedings promptly instituted and diligently conducted and if the Issuer has established appropriate reserves as shall be required in
conformity with generally accepted accounting principles. 
 SECTION 3.25.    Notices from Holders. The Issuer
shall promptly transmit any notice received by it from the Holders to the Indenture Trustee. 
 SECTION
3.26.    Volcker Rule. The Issuer is structured so as not to be a “covered fund” under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, commonly known as the “Volcker Rule.” 
 ARTICLE IV 

SATISFACTION AND DISCHARGE; DEFEASANCE 

SECTION 4.01.    Satisfaction and Discharge of Indenture; Defeasance. 

(a)    This Indenture shall cease to be of further effect with respect to the Securitized Utility Tariff Bonds, and the
Indenture Trustee, on reasonable written demand of and at the expense of the Issuer, shall execute instruments acknowledging satisfaction and discharge of this Indenture with respect to the Securitized Utility Tariff Bonds, when: 

(i)    Either: 

(A)    all Securitized Utility Tariff Bonds theretofore authenticated and delivered (other than
(1) Securitized Utility Tariff Bonds that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (2) Securitized Utility Tariff Bonds for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in the last paragraph of Section 3.03) have been delivered to
the Indenture Trustee for cancellation; or 

  
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 (B)    either (1) the Scheduled Final Payment Date
has occurred with respect to all Securitized Utility Tariff Bonds not theretofore delivered to the Indenture Trustee for cancellation or (2) the Securitized Utility Tariff Bonds will be due and payable on the Scheduled Final Payment Date within
one year, and, in any such case, the Issuer has irrevocably deposited or caused to be irrevocably deposited in trust with the Indenture Trustee (i) cash and/or (ii) U.S. Government Obligations that through the scheduled payments of
principal and interest in respect thereof in accordance with their terms are in an amount sufficient to pay principal of and premium, if any, and interest on the Securitized Utility Tariff Bonds not theretofore delivered to the Indenture Trustee for
cancellation, Ongoing Financing Costs and all other sums payable hereunder by the Issuer with respect to the Securitized Utility Tariff Bonds when scheduled to be paid and to discharge the entire indebtedness on the Securitized Utility Tariff Bonds
when due; 
 (ii)    the Issuer has paid or caused to be paid all other sums payable hereunder by the
Issuer; and 
 (iii)    pursuant to Section 10.04, the Issuer has delivered to
the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel of external counsel of the Issuer and (if required by the Trust Indenture Act or the Indenture Trustee) an Independent Certificate from a firm of registered public
accountants, each meeting the applicable requirements of Section 10.01(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the
Securitized Utility Tariff Bonds have been complied with. 
 (b)    Subject to Section 4.01(c)
and Section 4.02, the Issuer at any time may terminate (i) all its obligations under this Indenture with respect to the Securitized Utility Tariff Bonds (“Legal Defeasance Option”) or (ii) its
obligations under Section 3.04, Section 3.05, Section 3.06, Section 3.07, Section 3.08,
Section 3.09, Section 3.10, Section 3.12, Section 3.13, Section 3.14, Section 3.15,
Section 3.16, Section 3.17, Section 3.18 and Section 3.19 and the operation of Section 5.01(c) with respect to the
Securitized Utility Tariff Bonds (“Covenant Defeasance Option”). The Issuer may exercise the Legal Defeasance Option with respect to the Securitized Utility Tariff Bonds notwithstanding its prior exercise of the Covenant Defeasance
Option. 
 If the Issuer exercises the Legal Defeasance Option, the maturity of the Securitized Utility Tariff Bonds may not be accelerated
because of an Event of Default. If the Issuer exercises the Covenant Defeasance Option, the maturity of the Securitized Utility Tariff Bonds may not be accelerated because of an Event of Default specified in
Section 5.01(c). 
 Upon satisfaction of the conditions set forth herein to the exercise of the Legal Defeasance
Option or the Covenant Defeasance Option of the Securitized Utility Tariff Bonds, the Indenture Trustee, on reasonable written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of
the obligations that are terminated pursuant to such exercise. 

  
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 (c)    Notwithstanding Section 4.01(a) and
Section 4.01(b), (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Securitized Utility Tariff Bonds, (iii) rights of Holders to receive payments of
principal, premium, if any, and interest, (iv) Section 4.03 and Section 4.04, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.03) and (vi) the rights of Holders as beneficiaries hereof with respect to the property
deposited with the Indenture Trustee payable to all or any of them, each shall survive until the Securitized Utility Tariff Bonds as to which this Indenture or certain obligations hereunder have been satisfied and discharged pursuant to
Section 4.01(a) or Section 4.01(b). Thereafter the obligations, rights, indemnities and immunities in Section 6.07 and Section 4.04 shall
survive. 
 SECTION 4.02.    Conditions to Defeasance. The Issuer may exercise the Legal Defeasance Option or the
Covenant Defeasance Option with respect to the Securitized Utility Tariff Bonds only if: 
 (a)    the Issuer has
irrevocably deposited or caused to be irrevocably deposited in trust with the Indenture Trustee (i) cash or (ii) U.S. Government Obligations that through the scheduled payments of principal and interest in respect thereof in accordance
with their terms are in an amount sufficient to pay principal, interest and premium, if any, on the Securitized Utility Tariff Bonds not therefore delivered to the Indenture Trustee for cancellation and Ongoing Financing Costs and all other sums
payable hereunder by the Issuer with respect to the Securitized Utility Tariff Bonds when scheduled to be paid and to discharge the entire indebtedness on the Securitized Utility Tariff Bonds when due; 

(b)    the Issuer delivers to the Indenture Trustee a certificate from a nationally recognized firm of Independent
registered public accountants expressing its opinion that the payments of principal of and interest on the deposited U.S. Government Obligations when due and without reinvestment plus any deposited cash will provide cash at such times and in such
amounts (but, in the case of the Legal Defeasance Option only, not more than such amounts) as will be sufficient to pay in respect of the Securitized Utility Tariff Bonds (i) principal in accordance with the Expected Sinking Fund Schedule
therefor, (ii) interest when due and (iii) Ongoing Financing Costs and all other sums payable hereunder by the Issuer with respect to the Securitized Utility Tariff Bonds; 

(c)    in the case of the Legal Defeasance Option, ninety-five (95) days after the deposit is made and during the
ninety-five (95)-day period no Default specified in Section 5.01(e) or Section 5.01(f) occurs that is continuing at the end of the period; 

(d)    no Default has occurred and is continuing on the day of such deposit and after giving effect thereto; 

(e)    in the case of an exercise of the Legal Defeasance Option, the Issuer shall have delivered to the Indenture Trustee
an Opinion of Counsel of external counsel of the Issuer 

  
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stating that (i) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of execution of this Indenture, there has
been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result
of such legal defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred; 

(f)    in the case of an exercise of the Covenant Defeasance Option, the Issuer shall have delivered to the Indenture
Trustee an Opinion of Counsel of external counsel of the Issuer to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; 

(g)    the Issuer delivers to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent to the Legal Defeasance Option or the Covenant Defeasance Option, as applicable, have been complied with as required by this Article IV; 

(h)    the Issuer delivers to the Indenture Trustee an Opinion of Counsel of external counsel of the Issuer to the effect
that: (i) in a case under the Bankruptcy Code in which KGS (or any of its Affiliates, other than the Issuer) is the debtor, the court would hold that the deposited cash or U.S. Government Obligations would not be in the bankruptcy estate of KGS
(or any of its Affiliates, other than the Issuer, that deposited the moneys or U.S. Government Obligations); and (ii) in the event KGS (or any of its Affiliates, other than the Issuer, that deposited the moneys or U.S. Government Obligations)
were to be a debtor in a case under the Bankruptcy Code, the court would not disregard the separate legal existence of KGS (or any of its Affiliates, other than the Issuer, that deposited the moneys or U.S. Government Obligations) and the Issuer so
as to order substantive consolidation under the Bankruptcy Code of the Issuer’s assets and liabilities with the assets and liabilities of KGS or such other Affiliate; and 

(i)    the Rating Agency Condition shall have been satisfied with respect to the exercise of any Legal Defeasance Option
or Covenant Defeasance Option. 
 Notwithstanding any other provision of this Section 4.02, no delivery of moneys or U.S.
Government Obligations to the Indenture Trustee shall terminate any obligation of the Issuer to the Indenture Trustee under this Indenture or the Series Supplement or any obligation of the Issuer to apply such moneys or U.S. Government Obligations
under Section 4.03 until principal of and premium, if any, and interest on the Securitized Utility Tariff Bonds shall have been paid in accordance with the provisions of this Indenture and the Series Supplement. 

SECTION 4.03.    Application of Trust Money. All moneys or U.S. Government Obligations deposited with the Indenture
Trustee pursuant to Section 4.01 or Section 4.02 shall be held in trust and applied by it, in accordance with the provisions of the Securitized Utility Tariff Bonds and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of all sums due and to become due thereon for 

  
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principal, premium, if any, and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Servicing Agreement or required by applicable law.
Notwithstanding anything to the contrary in this Article IV, the Indenture Trustee shall deliver or pay to the Issuer from time to time upon Issuer Request any moneys or U.S. Government Obligations held by it pursuant to
Section 4.02 that, in the opinion of a nationally recognized firm of Independent registered public accountants expressed in a written certification thereof delivered to the Indenture Trustee (and not at the cost or expense
of the Indenture Trustee), are in excess of the amount thereof that would be required to be deposited for the purpose for which such moneys or U.S. Government Obligations were deposited; provided, that any such payment shall be subject to the
satisfaction of the Rating Agency Condition. 
 SECTION 4.04.    Repayment of Moneys Held by Paying Agent. In
connection with the satisfaction and discharge of this Indenture or the Covenant Defeasance Option or Legal Defeasance Option with respect to Securitized Utility Tariff Bonds, all moneys then held by any Paying Agent other than the Indenture Trustee
under the provisions of this Indenture shall, upon written demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all
further liability with respect to such moneys. 
 ARTICLE V 

REMEDIES 
 SECTION
5.01.    Events of Default. “Event of Default” means any one or more of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a)    default in the payment of any interest on any Securitized Utility Tariff Bond when the same becomes due and payable
(whether such failure to pay interest is caused by a shortfall in Securitized Utility Tariff Charges received or otherwise), and such default shall continue for a period of five (5) Business Days; 

(b)    default in the payment of the then unpaid principal of any Securitized Utility Tariff Bond on the Final Maturity
Date; 
 (c)    default in the observance or performance of any covenant or agreement of the Issuer made in this
Indenture (other than defaults specified in Section 5.01(a) or Section 5.01(b)), and such default shall continue or not be cured, for a period of thirty (30) days after the earlier of
(i) the date that there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least twenty-five (25) percent of the Outstanding Amount
of the Securitized Utility Tariff Bonds, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder or (ii) the date that the Issuer has actual knowledge of
the default; 

  
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 (d)    any representation or warranty of the Issuer made in this
Indenture, the Series Supplement or in any certificate or other writing delivered pursuant hereto or the Series Supplement or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been
made, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured, within thirty (30) days after the earlier of (i) the date that there shall have
been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least twenty-five (25) percent of the Outstanding Amount of the Securitized Utility Tariff
Bonds, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder or (ii) the date the Issuer has actual knowledge of the
default; 
 (e)    the filing of a decree or order for relief by a court having jurisdiction in the premises in respect
of the Issuer or any substantial part of the Trust Estate in an involuntary case or Proceeding under any applicable U.S. federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such
decree or order shall remain unstayed and in effect for a period of ninety (90) consecutive days; 
 (f)    the
commencement by the Issuer of a voluntary case under any applicable U.S. federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case
or Proceeding under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust
Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the
foregoing; or 
 (g)    any act or failure to act by the State of Kansas or any of its agencies (including the Kansas
Commission), officers or employees that violates the State Pledge or the Kansas Commission Pledge, as the case may be, or is not in material accordance with the State Pledge or the Kansas Commission Pledge. 

The Issuer shall deliver to a Responsible Officer of the Indenture Trustee and to the Rating Agencies, within five (5) days after a
Responsible Officer of the Issuer has knowledge of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event (i) that is an Event of Default under Section 5.01(a),
Section 5.01(b), Section 5.01(f), or Section 5.01(g) or (ii) that with the giving of notice, the lapse of time, or both, would become an Event of Default under
Section 5.01(c), Section 5.01(d) or Section 5.01(e), including, in each case, the status of such Default or Event of Default and what action the Issuer is taking or
proposes to take with respect thereto. 
 SECTION 5.02.    Acceleration of Maturity; Rescission and Annulment. If
an Event of Default (other than an Event of Default under Section 5.01(g)) should occur and be continuing, then and in every such case the Indenture Trustee or the Holders representing not less than a majority of the
Outstanding Amount of the Securitized Utility Tariff Bonds may declare the 

  
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Securitized Utility Tariff Bonds to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee and the Kansas Commission if given by Holders), and upon any
such declaration the unpaid principal amount of the Securitized Utility Tariff Bonds, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has
been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders representing a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds, by written notice to the Issuer, the
Kansas Commission and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

(a)    the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay: 

(i)    all payments of principal of and premium, if any, and interest on all Securitized Utility Tariff
Bonds due and owing at such time as if such Event of Default had not occurred and was not continuing and all other amounts that would then be due hereunder or upon the Securitized Utility Tariff Bonds if the Event of Default giving rise to such
acceleration had not occurred and was not continuing; and 
 (ii)    all sums paid or advanced by the
Indenture Trustee hereunder and the reasonable compensation, indemnities and expenses of the Indenture Trustee; provided, that, the Indenture Trustee shall not be obligated to pay or advance any sums hereunder from its own funds after
an Event of Default, disbursements and advances of the Indenture Trustee and its agents and counsel; and 
 (b)    all
Events of Default, other than the nonpayment of the principal of the Securitized Utility Tariff Bonds that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 

No such rescission shall affect any subsequent default or impair any right consequent thereto. 

SECTION 5.03.    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a)    If an Event of Default under Section 5.01(a) or Section 5.01(b)
has occurred and is continuing, subject to Section 10.16, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may
prosecute such Proceeding to judgment or final decree, and, subject to the limitations on recourse set forth herein, may enforce the same against the Issuer or other obligor upon the Securitized Utility Tariff Bonds and collect in the manner
provided by applicable law out of the property of the Issuer or other obligor upon the Securitized Utility Tariff Bonds wherever situated the moneys payable, or the Trust Estate and the proceeds thereof, the whole amount then due and payable on the
Securitized Utility Tariff Bonds for principal, premium, if any, and interest, with interest upon the overdue principal and premium, if any, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments
of interest, at the respective rate 

  
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borne by the Securitized Utility Tariff Bonds and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b)    If an
Event of Default (other than an Event of Default under Section 5.01(g)) occurs and is continuing, the Indenture Trustee shall, as more particularly provided in Section 5.04, proceed to protect and
enforce its rights and the rights of the Holders, by such appropriate Proceedings as the Indenture Trustee (subject to Section 5.11) shall deem most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture and the Series
Supplement or by applicable law, including foreclosing or otherwise enforcing the Lien of the Trust Estate or applying to the Kansas Commission or a court of competent jurisdiction for sequestration of revenues arising with respect to the
Securitized Utility Tariff Property. 
 (c)    If an Event of Default under Section 5.01(e) or
Section 5.01(f) has occurred and is continuing, the Indenture Trustee, irrespective of whether the principal of any Securitized Utility Tariff Bonds shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.03, shall be entitled and empowered, by intervention in any Proceedings related to such
Event of Default or otherwise: 
 (i)    to file and prove a claim or claims for the whole amount of
principal, premium, if any, and interest owing and unpaid in respect of the Securitized Utility Tariff Bonds and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the
Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Holders allowed in such Proceedings; 

(ii)    unless prohibited by applicable law and regulations, to vote on behalf of the Holders in any
election of a trustee in bankruptcy, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii)    to collect and receive any moneys or other property payable or deliverable on any such claims and
to distribute all amounts received with respect to the claims of the Holders and of the Indenture Trustee on their behalf; and 

(iv)    to file such proofs of claim and other papers and documents as may be necessary or advisable in
order to have the claims of the Indenture Trustee or the Holders allowed in any Proceeding relative to the Issuer, its creditors and its property; 
 and
any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Holders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the
making of payments directly to such Holders, 

  
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to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents,
attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith. 

(d)    Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securitized Utility Tariff Bonds or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect
of the claim of any Holder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(e)    All rights of action and of asserting claims under this Indenture, or under any of the Securitized Utility Tariff
Bonds, may be enforced by the Indenture Trustee without the possession of any of the Securitized Utility Tariff Bonds or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the Holders. 
 SECTION 5.04.    Remedies;
Priorities. 
 (a)    If an Event of Default (other than an Event of Default under
Section 5.01(g)) shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section 5.05): 

(i)    institute Proceedings in its own name and as trustee of an express trust for the collection of all
amounts then payable on the Securitized Utility Tariff Bonds or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, and, subject to the limitations on recovery set forth herein, enforce any judgment
obtained, and collect from the Issuer or any other obligor moneys adjudged due, upon the Securitized Utility Tariff Bonds; 

(ii)    institute Proceedings from time to time for the complete or partial foreclosure of this Indenture
with respect to the Trust Estate; 
 (iii)    exercise any remedies of a secured party under the UCC, the
Securitization Act or any other applicable law and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders; 

(iv)    at the written direction of the Holders of not less than a majority of the Outstanding Amount of
the Securitized Utility Tariff Bonds, either sell all or a portion of the Trust Estate or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by applicable law, or elect that the Issuer
maintain possession of all or a portion of the Trust Estate pursuant to Section 5.05 and at the written direction of the Holders of not less than a majority of the Outstanding Amount of the

  
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Securitized Utility Tariff Bonds then Outstanding and declared to have been due and payable, continue to apply the Securitized Utility Tariff Charges and apply distributions on the Trust Estate
as if there had been no declaration of acceleration; and 
 (v)    exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Seller, the Administrator or the Servicer under or in connection with, and pursuant to the terms of, the Sale Agreement, the Administration Agreement or the Servicing Agreement; 

provided, however, that the Indenture Trustee may not sell or otherwise liquidate any portion of the Trust Estate following such an Event of
Default, other than an Event of Default described in Section 5.01(a) or Section 5.01(b), unless (A) the Holders of 100 percent of the Outstanding Amount of the Securitized Utility Tariff
Bonds consent thereto, (B) the proceeds of such sale or liquidation distributable to the Holders are sufficient to discharge in full all amounts then due and unpaid upon the Securitized Utility Tariff Bonds for principal, premium, if any, and
interest after taking into account payment of all amounts due prior thereto pursuant to the priorities set forth in Section 8.02(e) or (C) the Indenture Trustee determines that the Trust Estate will not continue to
provide sufficient funds for all payments on the Securitized Utility Tariff Bonds as they would have become due if the Securitized Utility Tariff Bonds had not been declared due and payable, and the Indenture Trustee obtains the written consent of
Holders of at least two-thirds (2/3) of the Outstanding Amount of the Securitized Utility Tariff Bonds. In determining such sufficiency or insufficiency with respect to clause (B) above and clause
(C) above, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose, at Issuer’s expense. 
 (b)    If an Event of Default under
Section 5.01(g) shall have occurred and be continuing, the Indenture Trustee, for the benefit of the Holders, shall be entitled and empowered, to the extent permitted by applicable law, to institute or participate in
Proceedings necessary to compel performance of or to enforce the State Pledge or the Kansas Commission Pledge, as the case may be, and to collect any monetary damages incurred by the Holders or the Indenture Trustee as a result of any such Event of
Default, and may prosecute any such Proceeding to final judgment or decree. Such remedy shall be the only remedy that the Indenture Trustee may exercise if the only Event of Default that has occurred and is continuing is an Event of Default under
Section 5.01(g). 
 (c)    If the Indenture Trustee collects any money pursuant to this
Article V, it shall pay out such money in accordance with the priorities set forth in Section 8.02(e) without regard to the Indenture Trustee Cap. 

SECTION 5.05.    Optional Preservation of the Trust Estate. If the Securitized Utility Tariff Bonds have been
declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain
possession of all or a portion of the Trust Estate. It is the desire of the parties hereto and the Holders that there be at all times sufficient funds for the payment of principal of and premium, if any, and interest on the Securitized Utility
Tariff Bonds, and the Indenture Trustee shall take such desire into account when determining 

  
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whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate or sell or liquidate the same, the Indenture Trustee may, but need
not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

SECTION 5.06.    Limitation of Suits. No Holder of any Securitized Utility Tariff Bond shall have any right to
institute any Proceeding, judicial or otherwise, to avail itself of any remedies provided in the Securitization Act or to avail itself of the right to foreclose on the Trust Estate or otherwise enforce the Lien and the security interest on the Trust
Estate with respect to this Indenture and the Series Supplement, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a)    such Holder previously has given written notice to the Indenture Trustee of a continuing Event of Default; 

(b)    the Holders of not less than a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds have made
written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

(c)    such Holder or Holders have offered to the Indenture Trustee security or indemnity satisfactory to it against the
costs, expenses and liabilities to be incurred in complying with such request; 
 (d)    the Indenture Trustee for sixty
(60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 

(e)    no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60)-day period by the Holders of not less than a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds; 

it being understood and intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided. 

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two (2) or more groups of
Holders, each representing less than a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds, the Indenture Trustee in its sole discretion may file a petition with a court of competent jurisdiction to resolve such conflict or
determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 SECTION
5.07.    Unconditional Rights of Holders To Receive Principal, Premium, if any, and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Securitized Utility Tariff Bond shall have the right,
which is absolute and unconditional, 

  
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(a) to receive payment of (i) the interest, if any, on such Securitized Utility Tariff Bond on the due dates thereof expressed in such Securitized Utility Tariff Bond or in this Indenture or
(ii) the unpaid principal, if any, of the Securitized Utility Tariff Bonds on the Final Maturity Date and (b) to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such
Holder. 
 SECTION 5.08.    Restoration of Rights and Remedies. If the Indenture Trustee or any Holder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Holder, then and in every such
case the Issuer, the Indenture Trustee and the Holders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Holders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.09.    Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
applicable law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10.    Delay or
Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by applicable law to the Indenture Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Holders, as the case may be. 
 SECTION 5.11.    Control by
Holders. The Holders of not less than a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Securitized Utility Tariff Bonds or exercising any trust or power conferred on the Indenture Trustee with respect to the Securitized Utility Tariff Bonds; provided, that: 

(a)    such direction shall not be in conflict with any rule of applicable law or with this Indenture or the Series
Supplement and shall not involve the Indenture Trustee in any personal liability or expense; 
 (b)    subject to other
conditions specified in Section 5.04, any direction to the Indenture Trustee to sell or liquidate any of the Trust Estate shall be by the Holders representing not less than 100 percent of the Outstanding Amount of the
Securitized Utility Tariff Bonds; 

  
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 (c)    if the conditions set forth in
Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to Section 5.05, then any direction to the Indenture Trustee by Holders representing less than
100 percent of the Outstanding Amount of the Securitized Utility Tariff Bonds to sell or liquidate the Trust Estate or any portion thereof shall be of no force and effect; and 

(d)    the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent
with such direction; 
 provided, however, that the Indenture Trustee’s duties shall be subject to
Section 6.01, and the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Holders not consenting to such action. Furthermore and
without limiting the foregoing, the Indenture Trustee shall not be required to take any action for which it reasonably believes that it will not be indemnified to its satisfaction against any cost, expense, loss or liabilities. 

SECTION 5.12.    Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the
Securitized Utility Tariff Bonds as provided in Section 5.02, the Holders representing a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds, by written notice to the Indenture Trustee, may waive any
past Default or Event of Default and its consequences except a Default (a) in payment of principal of or premium, if any, or interest on any of the Securitized Utility Tariff Bonds or (b) in respect of a covenant or provision hereof that
cannot be modified or amended without the consent of the Holder of each Securitized Utility Tariff Bond. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders shall be restored to their former positions and rights
hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

SECTION 5.13.    Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Securitized
Utility Tariff Bond by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 5.13 shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Holder, or group of Holders, in each case holding in the aggregate more than ten (10) percent
of the Outstanding Amount of the Securitized Utility Tariff Bonds or (c) any suit instituted by any Holder for the enforcement of the payment of (i) interest on any Securitized Utility Tariff Bond on or after the due dates expressed in
such Securitized Utility Tariff Bond and in this Indenture or (ii) the unpaid principal, if any, of any Securitized Utility Tariff Bond on or after the Final Maturity Date for the Securitized Utility Tariff Bonds. 

  
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 SECTION 5.14.    Waiver of Stay or Extension Laws. The Issuer
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon or plead or, in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter
in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.15.    Action on Securitized Utility Tariff Bonds. The Indenture Trustee’s right to seek and recover
judgment on the Securitized Utility Tariff Bonds or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Holders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or any other
assets of the Issuer. 
 ARTICLE VI 

THE INDENTURE TRUSTEE 
 SECTION
6.01.    Duties of Indenture Trustee. 
 (a)    If an Event of Default has occurred and is
continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. 
 (b)    Except during the continuance of an Event of Default: 

(i)    the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 

(ii)    in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

  
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 (c)    The Indenture Trustee may not be relieved from liability for its
own negligent action, its own bad faith, its own negligent failure to act or its own willful misconduct, except that: 

(i)    this Section 6.01(c) does not limit the effect of
Section 6.01(b); 
 (ii)    the Indenture Trustee shall not be liable for any
error of judgment made in good faith by the Indenture Trustee unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it hereunder. 
 (d)    Every provision of this Indenture that in
any way relates to the Indenture Trustee is subject to Section 6.01(a), Section 6.01(b) and Section 6.01(c). 

(e)    The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee
may agree in writing with the Issuer. 
 (f)    Money held by the Indenture Trustee need not be segregated from other
funds held by the Indenture Trustee except to the extent required by applicable law or the terms of this Indenture, the Sale Agreement, the Servicing Agreement or the Administration Agreement. 

(g)    No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or indemnity satisfactory to it against such
risk or liability is not reasonably assured to it. 
 (h)    Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.01 and to the provisions of the Trust Indenture Act. 

(i)    In the event that U.S. Bank Trust Company, National Association is also acting as Paying Agent or Securitized
Utility Tariff Bond Registrar hereunder, the protections of this Article VI shall also be afforded to U.S. Bank Trust Company, National Association in its capacity as Paying Agent or Securitized Utility Tariff Bond
Registrar. 
 (j)    Except for the express duties of the Indenture Trustee with respect to the administrative functions
set forth in the Basic Documents, the Indenture Trustee shall have no obligation to administer, service or collect the Securitized Utility Tariff Property or to maintain, monitor or otherwise supervise the administration, servicing or collection of
the Securitized Utility Tariff Charges. 
 (k)    Under no circumstance shall the Indenture Trustee be liable for any
indebtedness of the Issuer, the Servicer or the Seller evidenced by or arising under the Securitized Utility Tariff Bonds or the Basic Documents. None of the provisions of this Indenture shall in any event require the Indenture Trustee to perform or
be responsible for the performance of any of the Servicer’s obligations under the Basic Documents. 

  
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 (l)    Commencing with March 15, 2023, on or before March 15th of
each fiscal year ending December 31, so long as the Issuer is required to file Exchange Act reports, the Indenture Trustee shall (i) deliver to the Issuer a report (in form and substance reasonably satisfactory to the Issuer and addressed
to the Issuer and signed by an authorized officer of the Indenture Trustee) regarding the Indenture Trustee’s assessment of compliance, during the preceding fiscal year ended December 31, with each of the applicable servicing criteria
specified on Exhibit C as required under Rule 13a-18 and Rule 15d-18 under the Exchange Act and Item 1122 of Regulation AB and (ii) deliver to the Issuer a
report of an Independent registered public accounting firm reasonably acceptable to the Issuer that attests to and reports on, in accordance with Rule 1-02(a)(3) and Rule
2-02(g) of Regulation S-X under the Securities Act and the Exchange Act, the assessment of compliance made by the Indenture Trustee and delivered pursuant to
Section 6.01(l)(i). 
 (m)    The Indenture Trustee shall not be required to take any action
it is directed to take under this Indenture if the Indenture Trustee determines in good faith that the action so directed is inconsistent with this Indenture, any other Basic Document or applicable law, or would involve the Indenture Trustee in
personal liability. 
 (n)    In no event shall the Indenture Trustee be liable for failure to perform its duties
hereunder or under any other Basic Document if such failure is a direct result of another party’s failure to perform its obligations hereunder or thereunder. 

(o)    Any discretion, permissive right or privilege of the Indenture Trustee hereunder shall not be deemed to be or
otherwise construed as a duty or obligation. 
 SECTION 6.02.    Rights of Indenture Trustee. 

(a)    The Indenture Trustee may conclusively rely and shall be fully protected in relying on any document (including
electronic documents and communications delivered in accordance with the terms of this Indenture) believed by it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter
stated in such document. 
 (b)    Before the Indenture Trustee acts or refrains from acting, it may require and shall
be entitled to receive an Officer’s Certificate or an Opinion of Counsel, which counsel may be an employee of or counsel to the Issuer or the Seller and which shall be reasonably satisfactory to the Indenture Trustee, or, in the Indenture
Trustee’s sole judgment, external counsel of the Issuer (at no cost or expense to the Indenture Trustee) that such action is required or permitted hereunder. The Indenture Trustee shall not be liable for any action it takes or omits to take in
good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
 (c)    The Indenture Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on

  
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the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. The Indenture Trustee shall give prompt written notice to the
Issuer, in which case the Issuer shall then give prompt written notice to the Rating Agencies, of the appointment of any such agent, custodian or nominee to whom it delegates any of its express duties under this Indenture; provided, that the
Indenture Trustee shall not be obligated to give such notice (i) if the Issuer or the Holders have directed the Indenture Trustee to appoint such agent, custodian or nominee (in which event the Issuer shall give prompt notice to the Rating
Agencies of any such direction) or (ii) of the appointment of any agents, custodians or nominees made at any time that an Event of Default of the Issuer has occurred and is continuing. 

(d)    The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith that it believes
to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e)    The Indenture Trustee may consult with counsel, accountants and other experts, and the advice or opinion of such
counsel with respect to legal matters and such accountants or other experts with respect to other matters relating to this Indenture and the Securitized Utility Tariff Bonds shall be full and complete authorization and protection from liability in
respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel, accountants and other experts. Any reasonable fees of such counsel, accountants or other experts incurred by
the Indenture Trustee shall be payable to the Indenture Trustee from amounts held in the Collection Account in accordance with the provisions set forth in Section 8.02(e). 

(f)    The Indenture Trustee shall be under no obligation (i) to take any action or exercise any of the rights or
powers vested in it by this Indenture or any other Basic Document at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture and the Series Supplement, or (ii) to institute, conduct or defend any
litigation hereunder or thereunder or in relation hereto or thereto, or to investigate any matter, at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture and the Series Supplement or otherwise, unless
requested to do so by Holders holding not less than 25% of the Outstanding Amount of Securitized Utility Tariff Bonds and such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses
and liabilities that may be incurred. 
 (g)    The Indenture Trustee may conclusively rely and shall be protected in
acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties. 
 (h)    Any request or direction of
the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or an Issuer Order. 
 (i)    Whenever
in the administration of this Indenture the Indenture Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate. 

  
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 (j)    The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document. 

(k)    In no event shall the Indenture Trustee be responsible or liable for punitive, special, indirect or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(l)    In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, epidemics, pandemics, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Indenture Trustee shall use reasonable efforts that are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(m)    The Indenture Trustee shall not be deemed to have notice of any Servicer Default, Default or Event of Default
unless it has actual knowledge or written notice of any event which is in fact such a Default is received by a Responsible Officer of the Indenture Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the
Securitized Utility Tariff Bonds and this Indenture. 
 (n)    The rights, privileges, protections, immunities and
benefits given to the Indenture Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder. 
 (o)    Beyond the exercise of reasonable care in the custody thereof, the Indenture
Trustee will have no duty as to any Trust Estate in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto.
The Indenture Trustee will be deemed to have exercised reasonable care in the custody of the Trust Estate in its possession if the Trust Estate is accorded treatment substantially equal to that which it accords its own property, and the Indenture
Trustee will not be liable or responsible for any loss or diminution in the value of any of the Trust Estate by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Indenture Trustee in good faith.

 (p)    The Indenture Trustee will not be responsible for the existence, genuineness or value of any of the Trust
Estate or for the validity, sufficiency, perfection, priority or enforceability of the Liens in any of the Trust Estate, except to the extent such action or omission constitutes negligence or willful misconduct on the part of the Indenture Trustee.
The Indenture 

  
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Trustee shall not be responsible for the validity of the title of any grantor to the collateral, for insuring the Trust Estate or for the payment of taxes, charges, assessments or Liens upon the
Trust Estate or otherwise as to the maintenance of the Lien of the Trust Estate. 
 (q)    In the event that the
Indenture Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any obligation for the benefit of another, which in the Indenture Trustee’s sole
discretion may cause the Indenture Trustee, as applicable, to be considered an “owner or operator” under any environmental laws or otherwise cause the Indenture Trustee to incur, or be exposed to, any environmental liability or any
liability under any other federal, state or local law, the Indenture Trustee reserves the right, instead of taking such action, either to resign as Indenture Trustee or to arrange for the transfer of the title or control of the asset to a court
appointed receiver. The Indenture Trustee will not be liable to any person for any environmental claims or any environmental liabilities or contribution actions under any federal, state or local law, rule or regulation by reason of the Indenture
Trustee’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. 

SECTION 6.03.    Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other
capacity may become the owner or pledgee of Securitized Utility Tariff Bonds and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Securitized Utility Tariff
Bond Registrar, co-registrar or co-paying agent or agent appointed under Section 3.02 may do the same with like rights. However, the Indenture
Trustee must comply with Section 6.11 and Section 6.12. 
 SECTION
6.04.    Indenture Trustee’s Disclaimer. 
 (a)    The Indenture Trustee
shall not be responsible for and makes no representation (other than as set forth in Section 6.13) as to the validity or adequacy of this Indenture or the Securitized Utility Tariff Bonds, it shall not be accountable for
the Issuer’s use of the proceeds from the Securitized Utility Tariff Bonds, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Securitized Utility
Tariff Bonds or in the Securitized Utility Tariff Bonds other than the Indenture Trustee’s certificate of authentication. The Indenture Trustee shall not be responsible for the form, character, genuineness, sufficiency, value or validity of any
of the Trust Estate (or for the perfection or priority of the Liens thereon), or for or in respect of the validity or sufficiency of the Securitized Utility Tariff Bonds (other than the certificate of authentication for the Securitized Utility
Tariff Bonds) or the Basic Documents, and the Indenture Trustee shall in no event assume or incur any liability, duty or obligation to any Holder, other than as expressly provided in this Indenture. The Indenture Trustee shall not be liable for the
default or misconduct of the Issuer, the Seller or the Servicer under the Basic Documents or otherwise, and the Indenture Trustee shall have no obligation or liability to perform the obligations of the Issuer or such Persons. 

(b)    The Indenture Trustee shall not be responsible for (i) the validity of the title of the Issuer to the Trust
Estate, (ii) insuring the Trust Estate or (iii) the payment of taxes, charges, assessments or Liens upon the Trust Estate or otherwise as to the maintenance of the Trust Estate. The Indenture Trustee shall have no duty to ascertain or
inquire as to the performance or 

  
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observance of any of the terms of this Indenture or any of the other Basic Documents. The Indenture Trustee shall not be responsible for filing any financing or continuation statements or
recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Trust Estate. 

SECTION 6.05.    Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a
Responsible Officer of the Indenture Trustee or a Responsible Officer of the Indenture Trustee has been notified in writing of such Default, the Indenture Trustee shall deliver to each Rating Agency, to the Kansas Commission (pursuant to
Section 10.04(e)) and each Holder of Securitized Utility Tariff Bonds notice of the Default within ten (10) Business Days after actual notice of such Default was received by a Responsible Officer of the Indenture
Trustee (provided that the Indenture Trustee shall give the Rating Agencies prompt notice of any payment default in respect of the Securitized Utility Tariff Bonds). Except in the case of a Default in payment of principal of and premium, if any, or
interest on any Securitized Utility Tariff Bond, the Indenture Trustee may withhold the notice of the Default if and so long as a committee of its Responsible Officers in good faith determines that withholding such notice is in the interests of
Holders. In no event shall the Indenture Trustee be deemed to have knowledge of a Default (other than a Default in payment of principal of and premium, if any, or interest on any Securitized Utility Tariff Bond) unless a Responsible Officer of the
Indenture Trustee shall have actual knowledge of a Default or shall have received written notice thereof. 
 SECTION
6.06.    Reports by Indenture Trustee to Holders. 
 (a)    So long as Securitized Utility
Tariff Bonds are Outstanding and the Indenture Trustee is the Securitized Utility Tariff Bond Registrar and Paying Agent, upon the written request of any Holder or the Issuer, within the prescribed period of time for tax reporting purposes after the
end of each calendar year, the Indenture Trustee shall deliver to each relevant current or former Holder such information in its possession as may be required to enable such Holder to prepare its U.S. federal income and any applicable local or state
tax returns. If the Securitized Utility Tariff Bond Registrar and Paying Agent is other than the Indenture Trustee, such Securitized Utility Tariff Bond Registrar and Paying Agent, within the prescribed period of time for tax reporting purposes
after the end of each calendar year, shall deliver to each relevant current or former Holder such information in its possession as may be required to enable such Holder to prepare its U.S. federal income and any applicable local or state tax
returns. 
 (b)    On or prior to each Payment Date or Special Payment Date therefor, the Indenture Trustee will make
available electronically on its reporting website to each Holder of the Securitized Utility Tariff Bonds on such Payment Date or Special Payment Date and the Kansas Commission a statement as provided and prepared by the Servicer, which will include
(to the extent applicable) the following information (and any other information so specified in the Series Supplement) as to the Securitized Utility Tariff Bonds with respect to such Payment Date or Special Payment Date or the period since the
previous Payment Date, as applicable: 
 (i)    the amount of the payment to Holders allocable to
principal, if any; 
 (ii)    the amount of the payment to Holders allocable to interest; 

  
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 (iii)    the aggregate Outstanding Amount of the
Securitized Utility Tariff Bonds, before and after giving effect to any payments allocated to principal reported under Section 6.06(b)(i); 

(iv)    the difference, if any, between the amount specified in
Section 6.06(b)(iii) and the Outstanding Amount specified in the related Expected Sinking Fund Schedule; 

(v)    any other transfers and payments to be made on such Payment Date or Special Payment Date, including
amounts paid to the Indenture Trustee and to the Servicer; and 
 (vi)    the amounts on deposit in the
Capital Subaccount and the Excess Funds Subaccount, after giving effect to the foregoing payments. 
 (c)    The Issuer
shall send a copy of each of the Certificate of Compliance delivered to it pursuant to Section 3.02(a) of the Servicing Agreement and the Annual Accountant’s Report delivered to it pursuant to Section 3.03(a) of the Servicing
Agreement to the Kansas Commission, the Rating Agencies, the Indenture Trustee and to the Servicer for posting on the 17g-5 Website in accordance with Rule 17g-5 under
the Exchange Act. A copy of such certificate and report may be obtained by any Holder by a request in writing to the Indenture Trustee. 

SECTION 6.07.    Compensation and Indemnity. The Issuer shall pay to the Indenture Trustee from time to time
reasonable compensation for its services. The Indenture Trustee’s compensation shall not, to the extent permitted by applicable law, be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall indemnify and hold harmless
the Indenture Trustee and its officers, directors, employees and agents from and against any and all cost, damage, loss, liability, tax or expense (including reasonable fees and expenses of its agents, counsel, accountants and experts and any
reasonable out-of-pocket expenses) directly or indirectly incurred by the Indenture Trustee or such Persons in connection with the administration and the enforcement of
this Indenture (including the Issuer’s indemnification obligations under this Section 6.07), the Series Supplement and the other Basic Documents and the Indenture Trustee’s rights, powers, duties and obligations
under this Indenture, the Series Supplement and the other Basic Documents and the performance of its duties hereunder, including the cost and expense of enforcing this Indenture (including this Section) and defending itself against any claim or
liability in connection with the exercise of such duties, and thereunder and obligations under or pursuant to this Indenture, the Series Supplement and the other Basic Documents other than any such tax on the compensation of the Indenture Trustee
for its services as Indenture Trustee. The Indenture Trustee shall notify the Issuer as soon as is reasonably practicable of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer shall not relieve the
Issuer of its obligations hereunder. The Issuer shall defend the claim, the Indenture Trustee may have separate counsel, and the Issuer shall pay the reasonable fees and expenses of such counsel. Notwithstanding the foregoing or any other provision
of this Indenture, the Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 

  
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 The payment obligations to the Indenture Trustee pursuant to this
Section 6.07 shall survive the termination or satisfaction and discharge of this Indenture and Series Supplement or the earlier resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.01(e) or Section 5.01(f) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy
Code or any other applicable U.S. federal or state bankruptcy, insolvency or similar law. 
 SECTION
6.08.    Replacement of Indenture Trustee and Securities Intermediary. 
 (a)    The Indenture
Trustee may resign at any time upon thirty (30) days’ prior written notice to the Issuer subject to Section 6.08(c). The Holders of not less than a majority of the Outstanding Amount of the Securitized Utility
Tariff Bonds may remove the Indenture Trustee by so notifying the Indenture Trustee in writing not less than thirty-one (31) days prior to the date of removal and may appoint a successor Indenture
Trustee. The Issuer shall remove the Indenture Trustee if: 
 (i)    the Indenture Trustee fails to
comply with Section 6.11; 
 (ii)    the Indenture Trustee is adjudged a
bankrupt or insolvent; 
 (iii)    a receiver or other public officer takes charge of the Indenture
Trustee or its property; 
 (iv)    the Indenture Trustee otherwise becomes incapable of acting; or 

(v)    the Indenture Trustee fails to provide to the Issuer any information reasonably requested by the
Issuer pertaining to the Indenture Trustee and necessary for the Issuer or KGS to comply with its respective reporting obligations under the Exchange Act and Regulation AB and such failure is not resolved to the Issuer’s and the Indenture
Trustee’s mutual satisfaction within a reasonable period of time. 
 Any removal or resignation of the Indenture Trustee shall also constitute a
removal or resignation of the Securities Intermediary. 
 (b)    If the Indenture Trustee gives notice of resignation or
is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee and
a successor Securities Intermediary. 
 (c)    Each of the successor Indenture Trustee and the successor Securities
Intermediary shall deliver a written acceptance of its appointment as the Indenture Trustee and as the Securities Intermediary, as applicable, to the retiring Indenture Trustee, the retiring Securities Intermediary and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee and the retiring Securities Intermediary shall become effective, and the successor 

  
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Indenture Trustee and the successor Securities Intermediary shall have all the rights, powers and duties of the Indenture Trustee and Securities Intermediary, as applicable, under this Indenture
and the other Basic Documents. No resignation or removal of the Indenture Trustee pursuant to this Section 6.08 shall become effective until acceptance of the appointment by a successor Indenture Trustee having the
qualifications set forth in Section 6.11. Notice of any such appointment shall be promptly given to each Rating Agency by the successor Indenture Trustee. The successor Indenture Trustee shall mail a notice of its
succession to Holders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

(d)    If a successor Indenture Trustee or a successor Securities Intermediary does not take office within sixty
(60) days after the retiring Indenture Trustee or the retiring Securities Intermediary, as the case may be, resigns or is removed, the retiring Indenture Trustee or the retiring Securities Intermediary, as the case may be, the Issuer or the
Holders of a majority in Outstanding Amount of the Securitized Utility Tariff Bonds may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee or a successor Securities Intermediary, as the case may be.

 (e)    If the Indenture Trustee fails to comply with Section 6.11, any Holder may petition
any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

(f)    Notwithstanding the replacement of the Indenture Trustee or the Securities Intermediary pursuant to this
Section 6.08, the Issuer’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee and the retiring Securities Intermediary. 

SECTION 6.09.    Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be
the successor Indenture Trustee; provided, however, that, if such successor Indenture Trustee is not eligible under Section 6.11, then the successor Indenture Trustee shall be replaced in accordance with
Section 6.08. Notice of any such event shall be promptly given to each Rating Agency by the successor Indenture Trustee. 

In case at the time such successor or successors by merger, conversion, consolidation or transfer shall succeed to the trusts created by this
Indenture any of the Securitized Utility Tariff Bonds shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver the Securitized
Utility Tariff Bonds so authenticated; and, in case at that time any of the Securitized Utility Tariff Bonds shall not have been authenticated, any successor to the Indenture Trustee may authenticate the Securitized Utility Tariff Bonds either in
the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force that it is anywhere in the Securitized Utility Tariff Bonds or in this Indenture
provided that the certificate of the Indenture Trustee shall have. 

  
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 SECTION 6.10.    Appointment of
Co-Trustee or Separate Trustee. 
 (a)    Notwithstanding any other
provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the trust created
by this Indenture or the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Holders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this
Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Holders of the appointment of any co-trustee or separate trustee shall be required
under Section 6.08. Notice of any such appointment shall be promptly given to each Rating Agency and to the Kansas Commission by the Indenture Trustee. 

(b)    Every separate trustee and co-trustee shall, to the extent permitted by
applicable law, be appointed and act subject to the following provisions and conditions: 
 (i)    all
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act),
except to the extent that under any applicable law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Indenture Trustee; 
 (ii)    no trustee hereunder shall be personally
liable by reason of any act or omission of any other trustee hereunder; and 
 (iii)    the Indenture
Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c)    Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of
the then-separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to
this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to
the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

  
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 (d)    Any separate trustee or
co-trustee may at any time constitute the Indenture Trustee, its agent or its attorney-in-fact with full power and authority, to
the extent not prohibited by applicable law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by applicable law, without the appointment of a new or successor indenture
trustee. 
 SECTION 6.11.    Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the
requirements of Section 310(a)(1) of the Trust Indenture Act, Section 310(a)(5) of the Trust Indenture Act and Rule 3a-7 of the Investment Company Act. The Indenture Trustee shall have a combined
capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long-term debt rating from each of Moody’s and Fitch in one of its generic rating categories that signifies
investment grade. The Indenture Trustee shall comply with Section 310(b) of the Trust Indenture Act, including the optional provision permitted by the second sentence of Section 310(b)(9) of the Trust Indenture Act; provided,
however, that there shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set
forth in Section 310(b)(1) of the Trust Indenture Act are met. 
 SECTION 6.12.    Preferential Collection of
Claims Against Issuer. The Indenture Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. An Indenture Trustee who has resigned or
been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated therein. 
 SECTION
6.13.    Representations and Warranties of Indenture Trustee. The Indenture Trustee hereby represents and warrants as of the date hereof that: 

(a)    the Indenture Trustee is a national banking association validly existing under the laws of the United States of
America; and 
 (b)    the Indenture Trustee has full power, authority and legal right to execute, deliver and perform
its obligations under this Indenture and the other Basic Documents to which the Indenture Trustee is a party and has taken all necessary action to authorize the execution, delivery and performance of obligations by it of this Indenture and such
other Basic Documents. 
 SECTION 6.14.    Annual Report by Independent Registered Public Accountants. The
Indenture Trustee hereby covenants that it will cooperate in a reasonable manner with any request by the Issuer or the Servicer in good faith in connection with the attestation by the firm of Independent registered public accountants performing the
procedures required under Section 3.03 of the Servicing Agreement, it being understood and agreed that the Indenture Trustee will so cooperate in conclusive reliance upon the direction of the Issuer or the Servicer, and the Indenture Trustee
makes no independent inquiry or investigation to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 

  
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 SECTION 6.15.    Custody of Collateral. The Indenture Trustee
shall hold such of the Trust Estate (and any other collateral that may be granted to the Indenture Trustee) as consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit and advices of credit in the State of New
York. The Indenture Trustee shall hold such of the Trust Estate as constitute investment property through the Securities Intermediary (which, as of the date hereof, is U.S. Bank National Association). The initial Securities Intermediary hereby
agrees (and each future Securities Intermediary shall agree) with the Indenture Trustee that (a) such investment property (other than cash) shall at all times be credited to a securities account in the name of the Indenture Trustee,
(b) the Securities Intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property (other than cash) credited to such securities
account shall be treated as a financial asset, (d) the Securities Intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other Person, (e) the Securities Intermediary will
not agree with any Person other than the Indenture Trustee to comply with entitlement orders originated by such other Person, (f) such securities accounts and the property credited thereto shall not be subject to any Lien or right of set-off in favor of the Securities Intermediary or anyone claiming through it (other than the Indenture Trustee) and (g) such agreement shall be governed by the internal laws of the State of New York. Terms
used in the preceding sentence that are defined in the UCC and not otherwise defined herein shall have the meaning set forth in the UCC. Except as permitted by this Section 6.15 or elsewhere in this Indenture, the Indenture
Trustee shall not hold the Trust Estate through an agent or a nominee. 
 SECTION 6.16.    FATCA. The Issuer
agrees (i) to provide the Indenture Trustee with such reasonable information as it has in its possession to enable the Indenture Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements
described in Section 1471(b) of the Internal Revenue Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code and any regulations, or agreements thereunder or official interpretations thereof
(“Applicable FATCA Law”), and (ii) that the Indenture Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable FATCA Law, for which the
Indenture Trustee shall not have any liability. 
 ARTICLE VII 

HOLDERS’ LISTS AND REPORTS 

SECTION 7.01.    Issuer To Furnish Indenture Trustee Names and Addresses of Holders. The Issuer will furnish or
cause to be furnished to the Indenture Trustee (a) not more than five (5) days after the earlier of (i) each Record Date and (ii) six (6) months after the last Record Date, a list, in such form as the Indenture Trustee may
reasonably require, of the names and addresses of the Holders as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a
list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that, so long as the Indenture Trustee is the Securitized Utility Tariff Bond Registrar, no
such list shall be required to be furnished. 

  
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 SECTION 7.02.    Preservation of Information; Communications to
Holders. 
 (a)    The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of the Holders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders received by the Indenture Trustee in its capacity as
Securitized Utility Tariff Bond Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 

(b)    Holders may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders with respect
to their rights under this Indenture or under the Securitized Utility Tariff Bonds. In addition, upon the written request of any Holder or group of Holders or of all Outstanding Securitized Utility Tariff Bonds evidencing at least ten
(10) percent of the Outstanding Amount of the Securitized Utility Tariff Bonds, as applicable, the Indenture Trustee shall afford the Holder or Holders making such request a copy of a current list of Holders for purposes of communicating with
other Holders with respect to their rights hereunder; provided, that the Indenture Trustee gives prior written notice to the Issuer of such request. 

(c)    The Issuer, the Indenture Trustee and the Securitized Utility Tariff Bond Registrar shall have the protection of
Section 312(c) of the Trust Indenture Act. 
 SECTION 7.03.    Reports by Issuer. 

(a)    The Issuer shall: 

(i)    so long as the Issuer or KGS (or ONE Gas, Inc. if KGS is not a separate SEC registrant) is required
to file such documents with the SEC, provide to the Indenture Trustee and the Kansas Commission, within fifteen (15) days after the Issuer is required to file the same with the SEC, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) that the Issuer or KGS (or ONE Gas, Inc. if KGS is not a separate SEC registrant) may be required to file with
the SEC pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii)    provide to the Indenture
Trustee and the Kansas Commission and file with the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such additional information, documents and reports with respect to compliance by the Issuer with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(iii)    provide to the Indenture Trustee (and the Indenture Trustee shall transmit to all Holders
described in Section 313(c) of the Trust Indenture Act) and the Kansas Commission, such summaries of any information, documents and reports required to be filed by the Issuer pursuant to Section 7.03(a)(i) and
Section 7.03(a)(ii) as may be required by rules and regulations prescribed from time to time by the SEC. 
 Except
as may be provided by Section 313(c) of the Trust Indenture Act, the Issuer may fulfill its obligation to provide the materials described in this Section 7.03(a) by providing

  
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such materials in electronic format, and the Issuer shall be deemed to have provided such materials to the Indenture Trustee and the Kansas Commission if such materials are available on the
SEC’s EDGAR website (or any successor SEC website). 
 (b)    Unless the Issuer otherwise determines, the fiscal
year of the Issuer shall end on December 31 of each year, and the Issuer will promptly notify the Indenture Trustee regarding any change in fiscal year. 

(c)    Delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and
the Indenture Trustee’s receipt of such shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of
its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 
 SECTION
7.04.    Reports by Indenture Trustee. If required by Section 313(a) of the Trust Indenture Act, within sixty (60) days after March 31 of each year, commencing with March 31, 2023, the Indenture Trustee
shall send to each Holder as required by Section 313(c) of the Trust Indenture Act a brief report dated as of such date that complies with Section 313(a) of the Trust Indenture Act. The Indenture Trustee also shall comply with
Section 313(b) of the Trust Indenture Act; provided, however, that the initial report if required to be so issued shall be delivered not more than twelve (12) months after the initial issuance of the Securitized Utility
Tariff Bonds. 
 A copy of each report at the time of its sending to Holders shall be filed by the Servicer with the SEC and each stock exchange, if any, on
which the Securitized Utility Tariff Bonds are listed. The Issuer shall notify the Indenture Trustee in writing if and when the Securitized Utility Tariff Bonds are listed on any stock exchange. 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 SECTION 8.01.    Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture and the other Basic Documents. The Indenture Trustee shall apply all such money received by it as provided in this Indenture within two (2) Business Days. Except as otherwise expressly provided in
this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or
performance, subject to Article VI, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture
and any right to proceed thereafter as provided in Article V. 

  
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 SECTION 8.02.    Collection Account. 

(a)    On or prior to the Closing Date, the Indenture Trustee shall open or cause to be opened with the Securities
Intermediary or at another Eligible Institution, one or more segregated non-interest bearing trust accounts in the Indenture Trustee’s name for the deposit of Securitized Utility Tariff Charges and
all other amounts received with respect to the Trust Estate (the “Collection Account” and collectively, the “Collection Accounts”). The Securities Intermediary shall hold the Collection Account for the benefit of
the Holders, the Indenture Trustee and the other persons indemnified hereunder. Initially the Collection Account shall be divided into three subaccounts, which need not be separate accounts: a general subaccount (the “General
Subaccount”); an excess funds subaccount (the “Excess Funds Subaccount”); a capital subaccount (the “Capital Subaccount” and, together with the General Subaccount and the Excess Funds Subaccount, the
“Subaccounts”). For administrative purposes, the Subaccounts may be established by the Securities Intermediary as separate accounts. Such separate Subaccounts will be recognized individually as a Subaccount and collectively as the
“Collection Account”. Prior to or concurrently with the issuance of the Securitized Utility Tariff Bonds, the Member shall deposit into the Capital Subaccount an amount equal to the Required Capital Amount and shall not come from the
proceeds of the sale of the Securitized Utility Tariff Bonds. Unless otherwise provided herein, all amounts in the Collection Account not allocated to any other subaccount shall be allocated to the General Subaccount. Prior to the initial Payment
Date, all amounts in the Collection Account (other than funds deposited into the Capital Subaccount up to the Required Capital Amount) shall be allocated to the General Subaccount. All references to the Collection Account shall be deemed to include
reference to all Subaccounts contained therein. Withdrawals from and deposits to each of the Subaccounts of the Collection Account shall be made as set forth in Sections 8.02(d) and 8.02(e). The Collection Account shall at all times be
maintained in an Eligible Account and will be under the sole dominion and exclusive control of the Indenture Trustee, and only the Indenture Trustee shall have access to the Collection Account for the purpose of making deposits in and withdrawals
from the Collection Account in accordance with this Indenture. Funds in the Collection Account shall not be commingled with any other moneys. All moneys deposited from time to time in the Collection Account, all deposits therein pursuant to this
Indenture and all investments made in Eligible Investments as directed in writing by the Issuer with such moneys, including all income or other gain from such investments, shall be held by the Indenture Trustee in the Collection Account as part of
the Trust Estate as herein provided. The Indenture Trustee and the Securities Intermediary shall have no liability in respect of losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity or its date of
redemption or the failure of the Issuer or the Servicer to provide timely written investment direction. 
 (b)    The
Securities Intermediary hereby confirms that (i) the Collection Account is, or at inception will be established as, a “securities account” as such term is defined in
Section 8-501(a) of the UCC, (ii) it is a “securities intermediary” (as such term is defined in Section 8-102(a)(14) of the UCC) and is
acting in such capacity with respect to such accounts, (iii) the Indenture Trustee for the benefit of the Holders is the sole “entitlement holder” (as such term is defined in
Section 8-102(a)(7) of the UCC) with respect to such accounts and (iv) no other Person shall have the right to give “entitlement orders” (as such term is defined in Section 8-102(a)(8)) with respect to such accounts. The Securities Intermediary hereby further agrees that each item of property (whether investment property, financial asset, security, instrument or cash)
received by it 

  
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will be credited to the Collection Account and shall be treated by it as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC. Notwithstanding anything to the contrary, the State of New York shall be deemed to be the jurisdiction of the Securities Intermediary for purposes of Section 8-110 of the UCC, and the Collection Account (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York. 

(c)    The Indenture Trustee shall have sole dominion and exclusive control over all moneys in the Collection Account and
shall apply such amounts therein as provided in this Section 8.02. 
 (d)    Securitized
Utility Tariff Charge Collections shall be deposited in the General Subaccount as provided in Section 6.11 of the Servicing Agreement. All deposits to and withdrawals from the Collection Account, all allocations to the Subaccounts of the
Collection Account and any amounts to be paid to the Servicer under Section 8.02(e) shall be made by the Indenture Trustee in accordance with the written instructions provided by the Servicer in the Monthly Servicer’s
Certificate or the Semi-Annual Servicer’s Certificate. 
 (e)    On each Payment Date for the Securitized Utility
Tariff Bonds, the Indenture Trustee shall apply all amounts on deposit in the Collection Account, including all Investment Earnings thereon, solely in accordance with the related Semi-Annual Servicer’s Certificate, in the following priority:

 (i)    payment of the Indenture Trustee’s fees, expenses and outstanding indemnity amounts shall
be paid to the Indenture Trustee (subject to Section 6.07) in an amount not to exceed $200,000 in any 12-month period (the “Indenture Trustee Cap”); provided,
however, that the Indenture Trustee Cap shall be disregarded and inapplicable upon the acceleration of the Securitized Utility Tariff Bonds following the occurrence of an Event of Default; 

(ii)    payment of the Servicing Fee with respect to such Payment Date, plus any unpaid Servicing Fees for
prior Payment Dates shall be paid to the Servicer; 
 (iii)    payment of the Administration Fee for such
Payment Date shall be paid to the Administrator and the Independent Manager Fee for such Payment Date shall be paid to the Independent Managers, and in each case with any unpaid Administration Fees or Independent Manager Fees from prior Payment
Dates; 
 (iv)    payment of all other ordinary periodic Operating Expenses for such Payment Date not
described above shall be paid to the parties to which such Operating Expenses are owed; 
 (v)    payment
of Periodic Interest for such Payment Date with respect to the Securitized Utility Tariff Bonds, including any overdue Periodic Interest (together with, to the extent lawful, interest on such overdue Periodic Interest at the applicable Bond Interest
Rate), with respect to the Securitized Utility Tariff Bonds shall be paid to the Holders of Securitized Utility Tariff Bonds; 

  
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 (vi)    payment of the principal due to be paid on the
Securitized Utility Tariff Bonds on the Final Maturity Date or as a result of an acceleration upon an Event of Default shall be paid to the Holders of Securitized Utility Tariff Bonds; 

(vii)    payment of the principal then scheduled to be paid on such Payment Date in accordance with the
Expected Sinking Fund Schedule, including any principal that was scheduled to be paid on a prior Payment Date but was not paid as scheduled, with respect to the Securitized Utility Tariff Bonds shall be paid to the Holders of Securitized Utility
Tariff Bonds; 
 (viii)    payment of any other unpaid Operating Expenses (including any such amounts
owed to the Indenture Trustee, but unpaid due to the limitation in Section 8.02(e)(i)) and any remaining amounts owed pursuant to the Basic Documents shall be paid to the parties, pro rata, to which such Operating Expenses
or remaining amounts are owed; 
 (ix)    replenishment of the amount, if any, by which the Required
Capital Amount exceeds the amount in the Capital Subaccount as of such Payment Date shall be allocated to the Capital Subaccount; 

(x)    the Return on Invested Capital then due and payable shall be paid to KGS; 

(xi)    the balance, if any, shall be allocated to the Excess Funds Subaccount; and 

(xii)    after the Securitized Utility Tariff Bonds have been paid in full and discharged, and all of the
other foregoing amounts are paid in full, together with all amounts due and payable to the Indenture Trustee under Section 6.07 or otherwise, the balance (including all amounts then held in the Capital Subaccount and the
Excess Funds Subaccount), if any, shall be paid to the Issuer, free from the Lien of this Indenture, which amounts (other than an amount equal to the Required Capital Amount plus any unpaid Return on Invested Capital) will be distributed to KGS and
credited to Customers in the form of a credit to their natural gas bills. 
 All payments to the Holders pursuant to
Section 8.02(e)(v) and Section 8.02(e)(vi) shall be made to such Holders pro rata based on the respective amounts of interest and/or principal owed, unless, the Series Supplement provides
otherwise. Payments in respect of principal of and premium, if any, and interest on the Securitized Utility Tariff Bonds will be made on a pro rata basis among all the Holders. In the case of an Event of Default, then, in accordance with
Section 5.04(c), in respect of any application of moneys pursuant to Section 8.02(e)(v) or Section 8.02(e)(vi), moneys will be applied pursuant to
Section 8.02(e)(v) and Section 8.02(e)(vi), as the case may be, in such order, on a pro rata basis, based upon the interest or the principal owed. 

(f)    If on any Payment Date, or, for any amounts payable under Section 8.02(e)(i),
Section 8.02(e)(ii), Section 8.02(e)(iii) and Section 8.02(e)(iv), on any Business Day, funds on deposit in the General Subaccount are insufficient to make the payments
contemplated by Section 8.02(e)(i), Section 8.02(e)(ii), Section 8.02(e)(iii), Section 8.02(e)(iv), Section 8.02(e)(v),
Section 8.02(e)(vi), Section 8.02(e)(vii), Section 8.02(e)(viii) and Section 8.02(e)(ix), the Indenture Trustee shall, solely in accordance with
the Semi-Annual Servicer’s 

  
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Certificate, (i) first, draw from amounts on deposit in the Excess Funds Subaccount, and (ii) second, draw from amounts on deposit in the Capital Subaccount, in each case, up to the
amount of such shortfall in order to make the payments contemplated by Section 8.02(e)(i), Section 8.02(e)(ii), Section 8.02(e)(iii),
Section 8.02(e)(iv), Section 8.02(e)(v), Section 8.02(e)(vi), Section 8.02(e)(vii) and Section 8.02(e)(viii). In
addition, if on any Payment Date funds on deposit in the General Subaccount are insufficient to make the allocations contemplated by Section 8.02(e)(ix), the Indenture Trustee shall draw, solely in accordance with the
Semi-Annual Servicer’s Certificate, any amounts on deposit in the Excess Funds Subaccount to make such allocations to the Capital Subaccount. 

(g)    On any Business Day upon which the Indenture Trustee receives a written request from the Administrator stating that
any Operating Expense payable by the Issuer (but only as described in Section 8.02(e)(i), Section 8.02(e)(ii), Section 8.02(e)(iii) and
Section 8.02(e)(iv)) will become due and payable prior to the next Payment Date, and setting forth the amount and nature of such Operating Expense and the date such Operating Expense is due, as well as any supporting
documentation that the Indenture Trustee may reasonably request, the Indenture Trustee, upon receipt of such information, will make payment of such Operating Expenses on or before the date such payment is due from amounts on deposit in the General
Subaccount, the Excess Funds Subaccount and the Capital Subaccount, in that order and only to the extent required to make such payment. 

SECTION 8.03.    General Provisions Regarding the Collection Account. 

(a)    So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in
the Collection Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuer Order; provided, however, that such Eligible Investments shall not mature or be redeemed later than the Business Day
prior to the next Payment Date or Special Payment Date, if applicable, for the Securitized Utility Tariff Bonds. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in
such Collection Account, and any loss resulting from such investments shall be charged to the Collection Account. The Issuer will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any Collection
Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction
to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel of external counsel of the Issuer (at the Issuer’s cost and expense) to
such effect. In no event shall the Indenture Trustee be liable for the selection of Eligible Investments or for investment losses incurred thereon. The Indenture Trustee shall have no liability in respect of losses incurred as a result of the
liquidation of any Eligible Investment prior to its stated maturity or its date of redemption or the failure of the Issuer or the Servicer to provide timely and specific written investment direction. The Indenture Trustee shall have no obligation to
invest or reinvest any amounts held hereunder in the absence of written investment direction pursuant to an Issuer Order, in which case such amounts shall remain uninvested. 

(b)    Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in the Collection Account resulting from any loss on any 

  
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Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (c)    If (i) the
Issuer shall have failed to give written investment directions for any funds on deposit in the Collection Account to the Indenture Trustee by 11:00 a.m. New York City time (or such other time as may be agreed by the Issuer and Indenture Trustee) on
any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Securitized Utility Tariff Bonds but the Securitized Utility Tariff Bonds shall not have been declared due and payable pursuant to
Section 5.02, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in such Collection Account in Eligible Investments specified in the most recent written investment directions
delivered by the Issuer to the Indenture Trustee; provided, that if the Issuer has never delivered written investment directions to the Indenture Trustee, the Indenture Trustee shall not invest or reinvest such funds in any investments. 

(d)    The parties hereto acknowledge that the Servicer may, pursuant to the Servicing Agreement, select Eligible
Investments on behalf of the Issuer; provided, however, that any such investment direction on behalf of the Issuer must be given in writing to the Indenture Trustee. 

(e)    Except as otherwise provided hereunder or agreed in writing among the parties hereto, the Issuer shall retain the
authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any Eligible Investments held hereunder, and, in general, to exercise each and every other power or right
with respect to each such asset or investment as Persons generally have and enjoy with respect to their own assets and investment, including power to vote upon any Eligible Investments. 

SECTION 8.04.    Release of Trust Estate. 

(a)    So long as the Issuer is not in Default hereunder and no Default or Event of Default hereunder would occur as a
result of such action, the Issuer, through the Servicer, may collect, sell or otherwise dispose of written-off receivables, at any time and from time to time in the ordinary course of business, without any
notice to, or release or consent by, the Indenture Trustee, but only as and to the extent permitted by the Basic Documents; provided, however, that any and all proceeds of such dispositions shall become part of the Trust Estate and be
deposited to the General Subaccount immediately upon receipt thereof by the Issuer or any other Person, including the Servicer. Without limiting the foregoing, the Servicer, may, at any time and from time to time without any notice to, or release or
consent by, the Indenture Trustee, sell or otherwise dispose of any part of the Trust Estate previously written-off as a defaulted or uncollectible account in accordance with the terms of the Servicing
Agreement and the requirements of the proviso in the preceding sentence. 
 (b)    Subject to the payment of its fees
and expenses to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the 

  
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provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the
Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this
Section 8.04(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel of external counsel of the Issuer (at the Issuer’s cost and expense) and (if required by the
Trust Indenture Act) Independent Certificates in accordance with Section 314(c) of the Trust Indenture Act and Section 314(d)(1) of the Trust Indenture Act meeting the applicable requirements of Section 10.01.

 (c)    The Indenture Trustee shall, at such time as there are no Securitized Utility Tariff Bonds Outstanding, and
all other Financing Costs are paid in full, and all sums due and payable to the Indenture Trustee pursuant to Section 6.07 or otherwise have been paid, release any remaining portion of the Trust Estate from the Lien of this
Indenture and release to the Issuer or any other Person entitled thereto any funds or investments then on deposit in or credited to the Collection Account consistent with Section 8.02(e)(xii). 

SECTION 8.05.    Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) days’ notice
when requested by the Issuer to take any action pursuant to Section 8.04, accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, as a condition to such action, an Opinion of Counsel
of external counsel of the Issuer, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the
taking of such action have been complied with and such action will not materially and adversely impair the security for the Securitized Utility Tariff Bonds or the rights of the Holders in contravention of the provisions of this Indenture and the
Series Supplement; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on
the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

SECTION 8.06.    Reports by Independent Registered Public Accountants. As of the date hereof, the Issuer shall
appoint a firm of Independent registered public accountants of recognized national reputation for purposes of preparing and delivering the reports or certificates of such accountants required by this Indenture and the Series Supplement. In the event
such firm requires the Indenture Trustee to agree to the procedures performed by such firm, the Issuer shall direct the Indenture Trustee in writing to so agree, it being understood and agreed that the Indenture Trustee will deliver such letter of
agreement in conclusive reliance upon the direction of the Issuer, and the Indenture Trustee makes no independent inquiry or investigation to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such
procedures. Upon any resignation by, or termination by the Issuer of, such firm, the Issuer shall provide written notice thereof to the Indenture Trustee and shall promptly appoint a successor thereto that shall also be a firm of Independent
registered public accountants of recognized national reputation. If the Issuer shall fail to appoint a successor to a firm of Independent registered public accountants that has resigned or been terminated within fifteen (15) days after such
resignation or termination, the Servicer shall promptly notify the Issuer of such failure in writing. If the Issuer shall not have appointed a successor within ten (10) days thereafter, the Servicer shall promptly appoint a successor firm of
Independent registered public accountants of recognized national reputation. The fees of such Independent registered public accountants and its successor shall be payable by the Issuer. 

  
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 ARTICLE IX 

SUPPLEMENTAL INDENTURES 
 SECTION
9.01.    Supplemental Indentures Without Consent of Holders. 
 (a)    Without the consent of
the Holders of any Securitized Utility Tariff Bonds but with prior notice to the Rating Agencies, and, with respect to amendments that would increase Ongoing Financing Costs, with the consent or deemed consent of the Kansas Commission (other than
with respect to the Series Supplement establishing the Securitized Utility Tariff Bonds), the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i)    to correct or amplify the description of any property at any time subject to the Lien of this
Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to the Lien of this Indenture additional property; 

(ii)    to evidence the succession, in compliance with the applicable provisions hereof, of another Person
to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Securitized Utility Tariff Bonds; 

(iii)    to add to the covenants of the Issuer, for the benefit of the Holders, or to surrender any right
or power herein conferred upon the Issuer; 
 (iv)    to convey, transfer, assign, mortgage or pledge any
property to or with the Indenture Trustee; 
 (v)    to cure any ambiguity or mistake, to correct or
supplement any provision herein or in any supplemental indenture, including the Series Supplement, that may be inconsistent with any other provision herein or in any supplemental indenture, including the Series Supplement or the final prospectus
relating to the offering of the Securitized Utility Tariff Bonds filed with the SEC on                  , 2022, or to make any other provisions with respect to matters
or questions arising under this Indenture or in any supplemental indenture; provided, that (A) such action shall not, as evidenced by an Opinion of Counsel of external counsel of the Issuer, adversely affect in any material respect the
interests of the Holders or to surrender any right or power therein conferred upon the Issuer and (B) the Rating Agency Condition shall have been satisfied with respect thereto; 

(vi)    to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with
respect to the Securitized Utility Tariff Bonds and to add to or 

  
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change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Article VI; 
 (vii)    to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act and to add to this Indenture such other provisions as may be expressly required by the Trust Indenture Act; 

(viii)    to qualify the Securitized Utility Tariff Bonds for registration with a Clearing Agency; 

(ix)    to satisfy any Rating Agency requirements; and 

(x)    to authorize the appointment of any Person for the Securitized Utility Tariff Bonds required or
advisable with the listing of the Securitized Utility Tariff Bonds on any stock exchange and otherwise amend this Indenture to incorporate changes requested or required by any government authority, stock exchange authority or fiduciary for the
Securitized Utility Tariff Bonds in connection with such listing. 
 The Indenture Trustee is hereby authorized to join in the execution of
any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

(b)    The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of
the Holders, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the
Holders under this Indenture; provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel of nationally recognized counsel of the Issuer experienced in structured finance transactions, adversely affect
in any material respect the interests of the Holders and (ii) the Rating Agency Condition shall have been satisfied with respect thereto. 

SECTION 9.02.    Supplemental Indentures with Consent of Holders. The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, also may, with prior notice to the Rating Agencies and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Securitized Utility Tariff Bonds, by Act of such Holders delivered to
the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Securitized Utility Tariff Bond: 

(i)    change the date of payment of any installment of principal of or premium, if any, or interest on any
Securitized Utility Tariff Bond, or reduce the principal amount thereof, the interest rate thereon or premium, if any, with respect thereto; 

  
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 (ii)    change the provisions of this Indenture and the
Series Supplement relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or premium, if any, or interest on the Securitized Utility Tariff Bonds, or change any place of payment
where, or the coin or currency in which, any Securitized Utility Tariff Bond or the interest thereon is payable; 

(iii)    reduce the percentage of the Outstanding Amount of the Securitized Utility Tariff Bonds, the
consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences provided for in this Indenture; 
 (iv)    reduce the percentage of the Outstanding Amount
of the Securitized Utility Tariff Bonds required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04; 

(v)    modify any provision of this Section 9.02 or any provision of the other
Basic Documents similarly specifying the rights of the Holders to consent to modification thereof, except to increase any percentage specified herein or to provide that those provisions of this Indenture or the other Basic Documents referenced in
this Section 9.02 cannot be modified or waived without the consent of the Holder of each Outstanding Securitized Utility Tariff Bond affected thereby; 

(vi)    modify any of the provisions of this Indenture in such manner as to affect the calculation of the
amount of any payment of interest, principal or premium, if any, due and payable on any Securitized Utility Tariff Bond on any Payment Date (including the calculation of any of the individual components of such calculation) or change the Expected
Sinking Fund Schedule or Final Maturity Date of the Securitized Utility Tariff Bonds; 

(vii)    decrease the Required Capital Amount; 

(viii)    permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture
with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Securitized Utility Tariff Bond of
the security provided by the Lien of this Indenture; 
 (ix)    cause any material adverse U.S. federal
income tax consequence to the Seller, the Issuer, the Managers, the Indenture Trustee or the then-existing Holders; or 

(x)    impair the right to institute suit for the enforcement of the provisions of this Indenture regarding
payment or application of funds. 
 It shall not be necessary for any Act of Holders under this Section 9.02 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section 9.02, the Issuer shall mail to the Rating Agencies a copy of such supplemental indenture and to the Holders to which such supplemental indenture relates either a copy of such supplemental
indenture or a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture. 
 SECTION 9.03.    Kansas Commission Condition. Notwithstanding anything to the contrary
in Section 9.01 or 9.02, no indenture or indentures supplemental to this Indenture (other than the Series Supplement which shall not be subject to the Kansas Commission Condition (as described in this
Section 9.03)) shall be effective if such supplemental indenture or indentures increases Ongoing Financing Costs, except upon satisfaction of the conditions precedent in this Section 9.03. 

(a)    The Issuer may submit the proposed amendment, modification, waiver, supplement, termination, surrender or
supplemental indenture, as the case may be, to the Kansas Commission by delivering to the Kansas Commission’s Executive Director a written request for such consent, which request shall contain: 

(i)    a reference to Docket No. 22-KGSG-466-TAR and a statement as to the possible effect of the proposed amendment, modification, waiver, supplement, termination, surrender or supplemental indenture, as the case may be, on Ongoing
Financing Costs (as defined in the Financing Order); 
 (ii)    an Officer’s Certificate stating
that the proposed amendment, modification, waiver, supplement, termination, surrender or supplemental indenture, as the case may be, has been approved by all parties to this Indenture, and if applicable, the Holders; and 

(iii)    a statement identifying the individual to whom the Kansas Commission or its staff is to address
its consent to the proposed amendment, modification, waiver, supplement, termination, surrender or supplemental indenture, as the case may be, or request additional time. 

(b)    Any proposed amendment, modification, waiver, supplement, termination, surrender or supplemental indenture, as the
case may be, requiring the consent of the Kansas Commission as provided in this Section 9.03 shall become effective on the later of: 

(i)    the date proposed by the parties to the proposed amendment, modification, waiver, supplement,
termination, surrender or supplemental indenture, as the case may be; or 

(ii)    thirty-one (31) days after such submission of the
proposed amendment, modification, waiver, supplement, termination, surrender or supplemental indenture, as the case may be, to the Kansas Commission unless the Kansas Commission issues an order disapproving the amendment within a thirty (30)-day period. 

  
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 SECTION 9.04.    Execution of Supplemental Indentures. In
executing any supplemental indenture permitted by this Article IX or the modifications thereby of the Trust Estate, the Indenture Trustee shall be entitled to receive and be fully protected in relying upon an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized and permitted by this Indenture and all conditions precedent, if any, provided for in this Indenture relating to such supplemental indenture or modification have been
satisfied. The Indenture Trustee and the Securities Intermediary may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s or the Securities Intermediary’s own rights, duties,
liabilities or immunities under this Indenture or otherwise. 
 SECTION 9.05.    Effect of Supplemental
Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.06.    Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental
indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.07.    Reference in Securitized Utility Tariff Bonds to Supplemental Indentures. Securitized Utility
Tariff Bonds authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Securitized Utility Tariff Bonds so modified as to conform, in the opinion of the Issuer, to any such supplemental indenture may be prepared
and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Securitized Utility Tariff Bonds. 

ARTICLE X 
 MISCELLANEOUS 

SECTION 10.01.    Compliance Certificates and Opinions, etc. 

(a)    Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of
this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with,
(ii) an Opinion of Counsel stating that in the opinion of such counsel the amendment is authorized and permitted and all such conditions precedent, if any, have been complied with and (iii) (if required by the Trust Indenture Act) an
Independent Certificate from a firm of registered public accountants meeting the applicable requirements of this Section 10.01, except that, in the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

  
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 Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (i)    a statement that each signatory of such
certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (iii)    a statement that,
in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv)    a statement as to whether, in the opinion of each such signatory, such condition or covenant has
been complied with. 
 (b)    Prior to the deposit of any collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 10.01(a) or elsewhere in this
Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuer of the Trust
Estate or other property or securities to be so deposited. 
 (c)    Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in Section 10.01(b), the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the
Issuer, as set forth in the certificates delivered pursuant to Section 10.01(b) and this Section 10.01(c), is ten (10) percent or more of the Outstanding Amount of the Securitized Utility
Tariff Bonds, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than the lesser of (A) $25,000 or
(B) one (1) percent of the Outstanding Amount of the Securitized Utility Tariff Bonds. 
 (d)    Whenever any
property or securities are to be released from the Lien of this Indenture other than pursuant to Section 8.02(e), the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating
the opinion of each individual signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release
will not impair the security under this Indenture in contravention of the provisions hereof. 

  
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 (e)    Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in Section 10.01(d), the Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value of the property or securities with respect thereto, or securities released from the Lien of this Indenture (other than pursuant to Section 8.02(e)) since the commencement
of the then-current calendar year, as set forth in the certificates required by Section 10.01(d) and this Section 10.01(e), equals ten (10) percent or more of the Outstanding Amount of the
Securitized Utility Tariff Bonds, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than the lesser of (A) $25,000
or (B) one (1) percent of the then Outstanding Amount of the Securitized Utility Tariff Bonds. 

(f)    Notwithstanding any other provision of this Section 10.01, the Indenture Trustee may
(A) collect, liquidate, sell or otherwise dispose of the Securitized Utility Tariff Property and other assets in the Trust Estate as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the
Collection Account as and to the extent permitted or required by the Basic Documents. 
 SECTION 10.02.    Form of
Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of a Responsible Officer of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of a Responsible Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Servicer or the Issuer stating that the information with respect to such factual matters is in the possession of the Servicer or the Issuer, unless such counsel knows,
or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the
Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency
of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely conclusively upon the truth and accuracy of any statement or opinion contained in any such document as provided in
Article VI. 

  
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 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

SECTION 10.03.    Acts of Holders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing, and except as herein otherwise expressly provided such
action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 10.03. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that
the Indenture Trustee deems sufficient. 
 (c)    The ownership of Securitized Utility Tariff Bonds shall be proved by
the Securitized Utility Tariff Bond Register. 
 (d)    Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Securitized Utility Tariff Bond shall bind the Holder of every Securitized Utility Tariff Bond issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done,
omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Securitized Utility Tariff Bond. 

SECTION 10.04.    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies. Any notice, report or other
communication given hereunder shall be in writing and shall be effective (i) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of
delivery indicated on the return receipt, (ii) upon receipt when sent by an overnight courier, (iii) on the date personally delivered to an authorized officer of the party to which sent or (iv) on the date transmitted by facsimile or
other electronic transmission with a confirmation of receipt in all cases, addressed as follows: 
 (a)    in the case
of the Issuer, to Kansas Gas Service Securitization I, L.L.C., 15 East Fifth Street, Suite 2662, Tulsa, Oklahoma 74103, Attention: Manager; 

(b)    in the case of the Indenture Trustee, to the Corporate Trust Office of the Indenture Trustee; 

(c)    in the case of Moody’s, to Moody’s Investors Service, Inc., ABS/RMBS Monitoring Department,
25th Floor, 7 World Trade Center, 250 Greenwich Street, New York, 

  
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New York 10007, Email: ABSCORMonitoring@moodys.com (for notices) and servicereports@moodys.com (for servicer reports and other reports) (all notices and reports to be delivered to
Moody’s in writing by email); 
 (d)    in the case of Fitch, to Fitch, Ratings, Inc., 300 West 57th Street, New
York, New York 10019, Attention: ABS Surveillance, Telephone: (212) 908-0500; and 

(e)    in the case of the Kansas Commission, to 1500 SW Arrowhead Road, Topeka, Kansas 66604-4027, Attention: Executive
Director. 
 Each party hereto may, by notice given in accordance herewith to the other party or parties hereto, designate any further or
different address to which subsequent notices, reports and other communications shall be sent. 
 The Indenture Trustee agrees to accept and
act upon instructions or directions pursuant to this Indenture sent by the Issuer by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that
(a) subsequent to such transmission of written instructions, upon request, the Issuer shall provide the originally executed instructions or directions to the Indenture Trustee in a timely manner, and (b) such originally executed
instructions or directions shall be signed by an authorized representative of the Issuer providing such instructions or directions. If the Issuer elects to give the Indenture Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Indenture Trustee in its discretion elects to act upon such instructions, the Indenture Trustee’s understanding of such instructions shall be deemed controlling. The
Indenture Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Indenture Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Indenture Trustee, including without limitation the risk of the
Indenture Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 SECTION
10.05.    Notices to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class, postage prepaid, or otherwise delivered in accordance with DTC’s procedures, to each Holder affected by such event, at such Holder’s address as it appears on the Securitized Utility Tariff Bond Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such a waiver. 

  
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 In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event of Holders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating
Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder and shall not under any circumstance constitute a Default or Event of Default. 

SECTION 10.06.    Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of Sections 310 through 317 of the Trust Indenture Act that impose duties on any Person (including the provisions automatically
deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

SECTION 10.07.    Successors and Assigns. All covenants and agreements in this Indenture and the Securitized
Utility Tariff Bonds by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

SECTION 10.08.    Severability. Any provision in this Indenture or in the Securitized Utility Tariff Bonds that is
prohibited, invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, invalidity, illegality or unenforceability without invalidating the remainder of such provision (if
any) or the remaining provisions hereof (unless such construction shall be unreasonable), and any such prohibition, invalidity, illegality or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. 
 SECTION 10.09.    Benefits of Indenture. Nothing in this Indenture or in the Securitized
Utility Tariff Bonds, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders, and any other party secured hereunder, and any other Person with an ownership interest in any part of
the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION
10.10.    Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Securitized Utility Tariff Bonds or this Indenture) payment
need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

SECTION 10.11.    GOVERNING LAW. This Indenture shall be governed by and construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions (other than Section 5-1401 of the New York General Obligations Law and 

  
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Sections 9-301 through 9-306 of the NY UCC), and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws; provided, that the creation, attachment and perfection of any Liens created hereunder in the Securitized Utility Tariff Property or the other assets of the Trust Estate, and all rights and
remedies of the Indenture Trustee and the Holders with respect to the Securitized Utility Tariff Property, shall be governed by the laws of the State of Kansas. 

SECTION 10.12.    Counterparts. This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION
10.13.    Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of
Counsel at the Issuer’s cost and expense to the effect that such recording is necessary either for the protection of the Holders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture
Trustee under this Indenture. For the avoidance of doubt, the Indenture Trustee shall not be responsible or liable for recording this Indenture. 

SECTION 10.14.    No Recourse to Issuer. No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer or the Indenture Trustee on the Securitized Utility Tariff Bonds or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (a) the Issuer, other than from the
Trust Estate, (b) any owner of a membership interest in the Issuer (including KGS) or (c) any shareholder, partner, owner, beneficiary, agent, officer or employee of the Indenture Trustee, the Managers or any owner of a membership interest
in the Issuer (including KGS) in its respective individual capacity, or of any successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly agreed in writing. Notwithstanding
any provision of this Indenture or the Series Supplement to the contrary, Holders shall look only to the Trust Estate with respect to any amounts due to the Holders hereunder and under the Securitized Utility Tariff Bonds and, in the event the Trust
Estate is insufficient to pay in full the amounts owed on the Securitized Utility Tariff Bonds, shall have no recourse against the Issuer in respect of such insufficiency. Each Holder by accepting a Securitized Utility Tariff Bond specifically
confirms the nonrecourse nature of these obligations and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securitized Utility Tariff Bonds. 

SECTION 10.15.    Basic Documents. The Indenture Trustee is hereby authorized and directed to execute and deliver
the Servicing Agreement and the Sale Agreement and to execute and deliver any other Basic Document that it is requested to acknowledge and accept. 

SECTION 10.16.    No Petition. The Indenture Trustee, by entering into this Indenture, and each Holder, by
accepting a Securitized Utility Tariff Bond (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the date that is one year and one day after the termination of this Indenture, acquiesce, petition or
otherwise invoke or cause the Issuer or any Manager to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any bankruptcy or insolvency law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar 

  
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official of the Issuer or any substantial part of its property, or ordering the dissolution, winding up or liquidation of the affairs of the Issuer. Nothing in this
Section 10.16 shall preclude, or be deemed to estop, such Holder or the Indenture Trustee (a) from taking or omitting to take any action prior to such date in (i) any case or Proceeding voluntarily filed or
commenced by or on behalf of the Issuer under or pursuant to any such law or (ii) any involuntary case or Proceeding pertaining to the Issuer that is filed or commenced by or on behalf of a Person other than such Holder and is not joined in by
such Holder (or any Person to which such Holder shall have assigned, transferred or otherwise conveyed any part of the obligations of the Issuer hereunder) under or pursuant to any such law or (b) from commencing or prosecuting any legal action
that is not an involuntary case or Proceeding under or pursuant to any such law against the Issuer or any of its properties. 
 SECTION
10.17.    Securities Intermediary. The Securities Intermediary, in acting under this Indenture, is entitled to all rights, benefits, protections, immunities and indemnities accorded to U.S. Bank Trust Company, National
Association, in its capacity as Indenture Trustee under this Indenture. 
 SECTION 10.18.    Rule 17g-5 Compliance. 
 (a)    The Indenture Trustee agrees that any notice, report,
request for satisfaction of the Rating Agency Condition, document or other information provided by the Indenture Trustee to any Rating Agency under this Indenture or any other Basic Document to which it is a party for the purpose of determining or
confirming the credit rating of the Securitized Utility Tariff Bonds or undertaking credit rating surveillance of the Securitized Utility Tariff Bonds shall be provided, substantially concurrently, to the Servicer for posting on a password-protected
website (the “17g-5 Website”). The Servicer shall be responsible for posting all of the information on the 17g-5 Website. 

(b)    The Indenture Trustee will not be responsible for creating or maintaining the
17g-5 Website, posting any information to the 17g-5 Website or assuring that the 17g-5 Website complies with the requirements of
this Indenture, Rule 17g-5 under the Exchange Act or any other law or regulation. In no event shall the Indenture Trustee be deemed to make any representation in respect of the content of the 17g-5 Website or compliance by the 17g-5 Website with this Indenture, Rule 17g-5 under the Exchange Act or any other law or regulation.
The Indenture Trustee shall have no obligation to engage in or respond to any oral communications with respect to the transactions contemplated hereby, any transaction documents relating hereto or in any way relating to the Securitized Utility
Tariff Bonds or for the purposes of determining the initial credit rating of the Securitized Utility Tariff Bonds or undertaking credit rating surveillance of the Securitized Utility Tariff Bonds with any Rating Agency or any of its respective
officers, directors or employees. The Indenture Trustee shall not be responsible or liable for the dissemination of any identification numbers or passwords for the 17g-5 Website, including by the Servicer, the
Rating Agencies, a nationally recognized statistical rating organization (“NRSRO”), any of their respective agents or any other party. Additionally, the Indenture Trustee shall not be liable for the use of the information posted on
the 17g-5 Website, whether by the Servicer, the Rating Agencies, an NRSRO or any other third party that may gain access to the 17g-5 Website or the information posted
thereon. 

  
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 SECTION 10.19.    Submission to
Non-Exclusive Jurisdiction; Waiver of Jury Trial. Each of the Issuer and the Indenture Trustee and each Holder (by its acceptance of the Securitized Utility Tariff Bonds) hereby irrevocably submits to the non-exclusive jurisdiction of any New York State court sitting in The Borough of Manhattan in The City of New York or any U.S. federal court sitting in The Borough of Manhattan in The City of New York in respect of
any suit, action or proceeding arising out of or relating to this Indenture and the Securitized Utility Tariff Bonds and irrevocably accepts for itself and in respect of its respective property, generally and unconditionally, jurisdiction of the
aforesaid courts. Each of the Issuer, the Indenture Trustee and each Holder (by its acceptance of the Securitized Utility Tariff Bonds) irrevocably waives, to the fullest extent that it may effectively do so under applicable law, trial by jury. 

SECTION 10.20.    Certain Tax Laws. In order to comply with applicable tax laws, rules and regulations (inclusive
of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time to which a foreign financial institution, issuer, trustee, paying agent, holder or other institution is or has agreed to be subject
related to the Basic Documents, the Issuer agrees (a) to provide to the Indenture Trustee sufficient information about Holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so as
to enable the Indenture Trustee to determine whether it has tax-related obligations under such applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by
competent authorities) and (b) that the Indenture Trustee shall be entitled to make any withholding or deduction from payments under the Basic Documents to the extent necessary to comply with such applicable tax laws, rules and regulations
(inclusive of directives, guidelines and interpretations promulgated by competent authorities) for which the Indenture Trustee shall not have any liability. 

{SIGNATURE PAGE FOLLOWS} 

  
 77 

 IN WITNESS WHEREOF, the Issuer, the Indenture Trustee and the Securities Intermediary have
caused this Indenture to be duly executed by their respective officers thereunto duly authorized, all as of the day and year first above written. 
  

			
	KANSAS GAS SERVICE SECURITIZATION I, L.L.C., as Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Indenture Trustee 

		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity, but solely in its capacity as Securities Intermediary

		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Indenture 

 EXHIBIT A 

FORM OF SECURITIZED UTILITY TARIFF BOND 

See attached. 

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OR ENTITY IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
  

			
	No. {                    }	  	${            }
	Tranche A	  	CUSIP No.: {                    }

 THE PRINCIPAL OF THIS SERIES 2022-A, TRANCHE A SENIOR SECURED SECURITIZED UTILITY
TARIFF BOND, (THIS “SECURITIZED UTILITY TARIFF BOND”) WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SECURITIZED UTILITY TARIFF BOND AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE. THE HOLDER OF THIS SECURITIZED UTILITY TARIFF BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE TRUST ESTATE, AS DESCRIBED IN THE INDENTURE, FOR PAYMENT OF ANY AMOUNTS DUE HEREUNDER. ALL OBLIGATIONS OF THE ISSUER
OF THIS SECURITIZED UTILITY TARIFF BOND UNDER THE TERMS OF THE INDENTURE WILL BE RELEASED AND DISCHARGED UPON PAYMENT IN FULL HEREOF OR AS OTHERWISE PROVIDED IN SECTION 3.10(b) OR ARTICLE IV OF THE INDENTURE. THE
HOLDER OF THIS SECURITIZED UTILITY TARIFF BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE PAYMENT IN FULL OF THIS SECURITIZED UTILITY TARIFF BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON
IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL
PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR
(II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH

 
HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW OR (B) FROM COMMENCING OR PROSECUTING ANY
LEGAL ACTION THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. 
 NEITHER THE
FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF KANSAS IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS TRANCHE A SERIES 2022-A SENIOR SECURED SECURITIZED UTILITY TARIFF BOND.

 KANSAS GAS SERVICE SECURITIZATION I, L.L.C. 

SERIES 2022-A SENIOR SECURED SECURITIZED UTILITY TARIFF BONDS, 

TRANCHE A 
  

															
	     BOND

INTEREST
    RATE
	 	  	ORIGINAL
PRINCIPAL
AMOUNT	 	  	SCHEDULED
FINAL
PAYMENT
DATE	 	  	FINAL
MATURITY
DATE	 
	 	{    }%	 	  	$	{            }	 	  	 	{            }, 20{    }	 	  	 	{            }, 20{    }	 

 Kansas Gas Service Securitization I, L.L.C., a limited liability company created under the laws of the State
of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to {        }, or registered assigns, the Original Principal Amount shown above in semi-annual
installments on the Payment Dates and in the amounts specified below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided below and
ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each {                    }
and {                    } or, if any such day is not a Business Day, the next Business Day, commencing on
{                    }, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each, a
“Payment Date”), on the principal amount of this Securitized Utility Tariff Bond. Interest on this Securitized Utility Tariff Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid
to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Securitized Utility Tariff Bond shall be paid in the manner specified below. 

The principal of and interest on this Securitized Utility Tariff Bond are payable in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Securitized Utility Tariff Bond shall be applied first to interest due and payable on this Securitized Utility
Tariff Bond as provided above and then to the unpaid principal of and premium, if any, on this Securitized Utility Tariff Bond, all in the manner set forth in the Indenture. 

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual, electronic or facsimile signature, this Securitized Utility Tariff Bond shall not be entitled to any benefit under the Indenture referred to below or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually,
electronically or in facsimile, by its Responsible Officer. 
  

									
	Date:                     , 2022	 	    	 	    	 	KANSAS GAS SERVICE SECURITIZATION I, L.L.C.,
		 		 		 	as Issuer
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

 INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 
 Dated:
            , 20     
 This is one of the Series 2022-A, Tranche A Senior Secured Securitized Utility Tariff Bonds, designated above and referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK TRUST COMPANY, NATIONAL
	ASSOCIATION,
as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 This Senior Secured Securitized Utility Tariff Bond, Series
2022-A, Tranche A is one of a duly authorized issue of Series 2022-A Senior Secured Securitized Utility Tariff Bonds of the Issuer (herein called the “Series 2022-A Bonds”). The Series 2022-A Bonds have been issued under that certain Indenture dated as of
                , 2022 (as supplemented by the Series Supplement (as defined below), the “Indenture”), by and among the Issuer, U.S. Bank Trust Company,
National Association, not in its individual capacity, but solely in its capacity as indenture trustee (the “Indenture Trustee”, which term includes any successor indenture trustee under the Indenture), and U.S. Bank National
Association as securities intermediary (the “Securities Intermediary”, which term includes any successor securities intermediary under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Series 2022-A Bonds. For purposes herein, “Series
Supplement” means that certain Series Supplement dated as of                     , 2022 between the Issuer and the Indenture Trustee. All
terms used in this Series 2022-A Bond that are defined in the Indenture, as amended, restated, supplemented or otherwise modified from time to time, shall have the meanings assigned to such terms in the
Indenture. 
 All of the Series 2022-A Bonds are equally and ratably secured by the Trust Estate
pledged as security therefor as provided in the Indenture. 
 The principal of this Series 2022-A
Bond shall be payable on each Payment Date only to the extent that amounts in the Collection Account for the Series 2022-A Bonds are available therefor, and only until the outstanding principal balance thereof
on the preceding Payment Date (after giving effect to all payments of principal, if any, made on the preceding Payment Date) has been reduced to the principal balance specified in the Expected Amortization Schedule that is attached to the Series
Supplement as Schedule A, unless payable earlier because an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders representing a majority of the Outstanding Amount of the Series 2022-A Bonds have declared the Series 2022-A Bonds to be immediately due and payable in accordance with Section 5.02 of the Indenture (unless such
declaration shall have been rescinded and annulled in accordance with Section 5.02 of the Indenture). However, actual principal payments may be made in lesser than expected amounts and at later than expected times as
determined pursuant to Section 8.02 of the Indenture. The entire unpaid principal amount of this Series 2022-A Bond shall be due and payable on the Final Maturity Date hereof.
Notwithstanding the foregoing, the entire unpaid principal amount of the Series 2022-A Bonds shall be due and payable, if not then previously paid, on the date on which an Event of Default shall have occurred
and be continuing and the Indenture Trustee or the Holders of the Series 2022-A Bonds representing a majority of the Outstanding Amount of the Series 2022-A Bonds have
declared the Series 2022-A Bonds to be immediately due and payable in the manner provided in Section 5.02 of the Indenture (unless such declaration shall have been rescinded and
annulled in accordance with Section 5.02 of the Indenture). All principal payments on the Series 2022-A Bonds shall be made pro rata to the Holders of the Series 2022-A Bonds entitled thereto based on the respective principal amounts of the Series 2022-A Bonds held by them. 

Payments of interest on this Series 2022-A Bond due and payable on each Payment Date, together with
the installment of principal or premium, if any, shall be made by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder of this Series 

 
2022-A Bond (or one or more Predecessor Series 2022-A Bonds) on the Securitized Utility Tariff Bond Register as of
the close of business on the Record Date or in such other manner as may be provided in the Indenture or the Series Supplement, except that (a) upon application to the Indenture Trustee by any Holder owning a Global Securitized Utility Tariff
Bond evidencing this Series 2022-A Bond not later than the applicable Record Date, payment will be made by wire transfer to an account maintained by such Holder, and (b) if this Series 2022-A Bond is held in Book-Entry Form, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global Securitized Utility Tariff Bond
evidencing this Series 2022-A Bond unless and until such Global Securitized Utility Tariff Bond is exchanged for Definitive Securitized Utility Tariff Bonds (in which event payments shall be made as provided
above) and except for the final installment of principal and premium, if any, payable with respect to this Series 2022-A Bond on a Payment Date, which shall be payable as provided below. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Securitized Utility Tariff Bond Register as of the applicable Record Date without requiring that this Series 2022-A Bond
be submitted for notation of payment. Any reduction in the principal amount of this Series 2022-A Bond (or any one or more Predecessor Series 2022-A Bonds) effected by
any payments made on any Payment Date shall be binding upon all future Holders of this Series 2022-A Bond and of any Series 2022-A Bond issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then-remaining unpaid principal amount of this Series 2022-A Bond on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by
notice sent no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of this Series 2022-A Bond and
shall specify the place where this Series 2022-A Bond may be presented and surrendered for payment of such installment. 

The Issuer shall pay interest on overdue installments of interest at the Bond Interest Rate to the extent lawful. 

This Series 2022-A Bond is a “securitized utility tariff bond” as such term is defined in
the Securitization Act. Principal and interest on this Series 2022-A Bond are payable from and secured primarily by the Securitized Utility Tariff Property authorized by the Financing Order. 

The Securitization Act provides that the State of Kansas and its agencies, including the Kansas Commission, “hereby pledge and agree with
bondholders, the owners of securitized utility tariff property and other financing parties that the state and its agencies shall not take any action listed in this section.2 This subsection does
not preclude limitation or alteration if full compensation is made by law for the full protection of the securitized utility tariff charges collected pursuant to a financing order and of the bondholders and any assignee or financing party entering
into a contract with the public utility. The prohibited actions are as follows: 
  

	 	(1)	 Altering the provisions of this section that authorize the commission to create an irrevocable contract right
or chose in action by the issuance of a financing order, to

  

	2 	 K.S.A. § 66-1,252

	 	
create securitized utility tariff property and to make the securitized utility tariff charges imposed by a financing order irrevocable, binding or nonbypassable charges for all existing and
future retail customers within the service area of the public utility; 

  

	 	(2)	 taking or permitting any action that impairs or would impair the value of securitized utility tariff property
or the security for the security utility tariff bonds or revises the securitized utility tariff costs for which recovery is authorized; 

  

	 	(3)	 impairing the rights and remedies of the bondholders, assignees and other financing parties in any way; or

  

	 	(4)	 except for changes made pursuant to the adjustment mechanism authorized under this section, reducing, altering
or impairing securitized utility tariff charges that are to be imposed, billed, charged, collected and remitted for the benefit of the bondholders, any assignee and any other financing parties until any and all principal, interest, premium,
financing costs and other fees, expenses or charges incurred and any contracts to be performed in connection with the related securitized utility tariff bonds have been paid and performed in full.” 

In addition, the Financing Order provides that “the Kansas Commission affirms the pledge of the State of Kansas set forth in K.S.A. § 66-1,252 and shall not take or permit any of the following actions that would impair the value of the Securitized Utility Tariff Property authorized by the Financing Order, unless otherwise permitted by the
Securitization Act: 
  

	 	•	 	 Alter the statute that authorizes the Commission to create an irrevocable contract right or chose in action by
the issuance of a Financing Order, to create securitized utility tariff property and to make the Securitized Utility Tariff Charges imposed by a Financing Order irrevocable, binding or nonbypassable charges for all existing and future sales
customers within the service area of the public utility; 

  

	 	•	 	 Take any action that would impair the value of Securitized Utility Tariff Property or the security for the
Security Utility Tariff Bonds, or revises the Securitized Utility Tariff Costs for which recovery is authorized; 

  

	 	•	 	 impair the rights and remedies of the bondholders, assignees and other financing parties in any way; or,

  

	 	•	 	 Except for changes made pursuant to the Adjustment Mechanism expressly allowed by law, reduce, alter, or impair
the Securitized Utility Tariff Charges to be imposed, billed, charged, collected, and remitted for the benefit of the bondholders, any assignee, and any other financing parties, until any and all principal, interest, premium, financing costs and
other fees, expenses or charges incurred and any contracts to be performed in connection with the related Securitized Utility Tariff Bonds have been paid and performed in full.” 

 The Issuer acknowledges that the purchase of this Series
2022-A Bond by the Holder hereof or the purchase of any beneficial interest herein by any Person are made in reliance on the foregoing pledges by the State of Kansas and the Kansas Commission. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Series
2022-A Bond may be registered on the Securitized Utility Tariff Bond Register upon surrender of this Series 2022-A Bond for registration of transfer at the office or
agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by, (a) a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by the Holder hereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by an institution which is a member of one the following recognized signature guaranty programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock
Exchange Medallion Program (MSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other signature guaranty program acceptable to the Indenture Trustee, and (b) such other documents as the Indenture Trustee may require, and
thereupon one or more new Series 2022-A Bonds of Authorized Denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Series 2022-A Bond, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange, other than exchanges pursuant to Section 2.04 or Section 2.06 of the Indenture not involving any transfer. 

Each Holder, by acceptance of a Series 2022-A Bond, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Series 2022-A Bonds or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) any owner of a membership interest in the Issuer (including KGS) or (b) any shareholder, partner, owner, beneficiary, agent, officer or employee of the Indenture Trustee, the Managers or any owner of a
membership interest in the Issuer (including KGS) in its respective individual or corporate capacities, or of any successor or assign of any of them in their individual or corporate capacities, except as any such Person may have expressly agreed in
writing. Each Holder by accepting a Series 2022-A Bond specifically confirms the nonrecourse nature of these obligations and waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Series 2022-A Bonds. 
 Prior to the due presentment for
registration of transfer of this Series 2022-A Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Series 2022-A Bond is registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and premium, if any, and interest on this Series
2022-A Bond and for all other purposes whatsoever, whether or not this Series 2022-A Bond be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders under the Indenture at any time by the Issuer with the consent of the Holders representing a majority of the Outstanding Amount of all Series 2022-A Securitized Utility Tariff Bonds at the time outstanding and upon the satisfaction of the Rating Agency Condition and the Kansas Commission 

 
Condition. The Indenture also contains provisions permitting the Holders representing specified percentages of the Outstanding Amount of the Series 2022-A
Securitized Utility Tariff Bonds, on behalf of the Holders of all the Series 2022-A Securitized Utility Tariff Bonds, with the satisfaction of the Kansas Commission Condition, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Series 2022-A Bond (or any one of more
Predecessor Series 2022-A Bonds) shall be conclusive and binding upon such Holder and upon all future Holders of this Series 2022-A Bond and of any Series 2022-A Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Series
2022-A Bond. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders issued thereunder, but with the
satisfaction of the Kansas Commission Condition. 
 The Indenture contains provisions for defeasance at any time of (a) the entire
indebtedness of the Issuer on a Series 2022-A Securitized Utility Tariff Bond and (b) certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions
set forth in the Indenture, which provisions apply to this Series 2022-A Bond. 
 The term
“Issuer” as used in this Series 2022-A Bond includes any successor to the Issuer under the Indenture. 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders under the Indenture. 
 The Series 2022-A Bonds are issuable only in registered form
in denominations as provided in the Indenture and the Series Supplement subject to certain limitations therein set forth. 
 This Series 2022-A Bond, the Indenture and the Series Supplement shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions (other than Section 5-1401 of the New York General Obligations Law and Sections 9-301 through 9-306 of the NY UCC), and the obligations,
rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws; provided, that the creation, attachment and perfection of any Liens created under the Indenture in the Securitized Utility Tariff
Property or the other assets of the Trust Estate, and all rights and remedies of the Indenture Trustee and the Holders with respect to the Securitized Utility Tariff Property, shall be governed by the laws of the State of Kansas. 

Each Holder (by its acceptance of this Series 2022-A Bond) hereby irrevocably submits to the non-exclusive jurisdiction of any New York State court sitting in The Borough of Manhattan in The City of New York or any U.S. federal court sitting in The Borough of Manhattan in The City of New York in respect of
any suit, action or proceeding arising out of or relating to this Series 2022-A Bond and irrevocably accepts for itself and in respect of its respective property, generally and unconditionally, jurisdiction of
the aforesaid courts. Each Holder (by its acceptance of this Series 2022-A Bond) irrevocably waives, to the fullest extent that it may effectively do so under applicable law, trial by jury. 

 No reference herein to the Indenture and no provision of this Series 2022-A Bond or of the Indenture shall alter or impair the obligation, which is absolute and unconditional, to pay the principal of and interest on this Series 2022-A Bond at
the times, place and rate and in the coin or currency herein prescribed. 
 The Issuer and the Indenture Trustee, by entering into the
Indenture, and the Holders and any Persons holding a beneficial interest in any Series 2022-A Bond, by acquiring any Series 2022-A Bond or interest therein,
(a) express their intention that, solely for the purpose of U.S. federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for the purpose of state, local and other taxes, the Series 2022-A Bonds qualify under applicable tax law as indebtedness of the sole owner of the Issuer secured by the Trust Estate and (b) solely for purposes of U.S. federal taxes and, to the extent consistent with
applicable state, local and other tax law, solely for purposes of state, local and other taxes, so long as any of the Series 2022-A Bonds are outstanding, agree to treat the Series 2022-A Bonds as indebtedness of the sole owner of the Issuer secured by the Trust Estate unless otherwise required by appropriate taxing authorities. 

 ABBREVIATIONS 

The following abbreviations, when used above on this Series 2022-A Securitized Utility Tariff Bond,
shall be construed as though they were written out in full according to applicable laws or regulations. 
  

			
	TEN COM	  	as tenants in common
		
	TEN ENT	  	as tenants by the entireties
		
	JT TEN	  	 as joint tenants with right of survivorship and not as tenants

in common

		
	UNIF GIFT MIN ACT	  	
                          
               Custodian
                                        

        (Custodian)                
                                (minor)

		  	Under Uniform Gifts to Minor Act
(                                        
)
		  	                                      
                                      (State)

 Additional abbreviations may also be used though not in the above list. 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee
                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 
 the within
Series 2022-A Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Series 2022-A Bond on the books kept for registration
thereof, with full power of substitution in the premises. 
  

									
	Dated:                     	 	        	 	        	 	        	 	  

Signature Guaranteed:

					
		 		 		 		 	  

 The signature to this assignment must correspond with the name of the registered owner as it appears on the within Series 2022-A Bond in every particular, without alteration, enlargement or any change whatsoever. 
 NOTE: Signature(s) must be
guaranteed by an institution that is a member of: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other
signature guaranty program acceptable to the Indenture Trustee. 

 EXHIBIT B 

FORM OF SERIES SUPPLEMENT 
 See
attached. 

 This SERIES SUPPLEMENT, dated as of
                 , 2022 (this “Supplement”), is by and between KANSAS GAS SERVICE SECURITIZATION I, L.L.C., a limited liability company created under
the laws of the State of Delaware (the “Issuer”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (“Bank”), not in its individual capacity, but solely in its capacity as indenture trustee (the “Indenture
Trustee”) for the benefit of the Secured Parties under the Indenture dated as of                  , 2022 (the “Indenture”), by and among the
Issuer, the Indenture Trustee and U.S. Bank National Association in its capacity as securities intermediary. 
 PRELIMINARY STATEMENT 

Section 9.01 of the Indenture provides, among other things, that the Issuer and the Indenture Trustee may at any
time enter into an indenture supplemental to the Indenture for the purposes of authorizing the issuance by the Issuer of a Series of the Securitized Utility Tariff Bonds and specifying the terms thereof. The Issuer has duly authorized the creation
of a Series of the Securitized Utility Tariff Bonds with an initial aggregate principal amount of ${        } to be known as Series 2022-A Senior Secured Securitized
Utility Tariff Bonds (the “Series 2022-A Securitized Utility Tariff Bonds”), and the Issuer and the Indenture Trustee are executing and delivering this Supplement in order to provide for the
Series 2022-A Securitized Utility Tariff Bonds. 
 All terms used in this Supplement that are
defined in the Indenture, either directly or by reference therein, have the meanings assigned to them therein, except to the extent such terms are defined or modified in this Supplement or the context clearly requires otherwise. In the event that
any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Supplement shall govern. 

GRANTING CLAUSE 
 With respect to
the Series 2022-A Securitized Utility Tariff Bonds, the Issuer hereby Grants to the Indenture Trustee, as Indenture Trustee for the benefit of the Secured Parties of the Series
2022-A Securitized Utility Tariff Bonds, all of the Issuer’s right, title and interest (whether now owned or hereafter acquired or arising) in and to (a) the Securitized Utility Tariff Property
created under and pursuant to the Financing Order and the Securitization Act, and transferred by the Seller to the Issuer on the date hereof pursuant to the Sale Agreement (including, to the fullest extent permitted by applicable law, the right to
impose, bill, charge, collect and receive the Securitized Utility Tariff Charges, the right to obtain periodic adjustments to the Securitized Utility Tariff Charges, and all revenue, collections, claims, rights to payments, payments, money and
proceeds arising out of the rights and interests created under the Financing Order), (b) all Securitized Utility Tariff Charges related to the Securitized Utility Tariff Property, (c) the Sale Agreement and the Bill of Sale executed in
connection therewith and all property and interests in property transferred under the Sale Agreement and the Bill of Sale with respect to the Securitized Utility Tariff Property and the Series 2022-A
Securitized Utility Tariff Bonds, (d) the Servicing Agreement, the Administration Agreement and any subservicing, agency, intercreditor, administration or collection agreements executed in connection therewith, to the extent related to the
Securitized Utility Tariff Property and the Series 2022-A Securitized Utility Tariff Bonds, (e) 

 
the Collection Account for the Series 2022-A Securitized Utility Tariff Bonds, all Subaccounts thereof and all amounts of cash, instruments, investment
property or other assets on deposit therein or credited thereto from time to time or purchased with funds from the collection account and all financial assets and securities entitlements carried therein or credited thereto, (f) all rights to
compel the Servicer to file for and obtain periodic adjustments to the Securitized Utility Tariff Charges in accordance with the Securitization Act and the Financing Order, (g) all of the other property of the Issuer, other than any cash
released to the Issuer by the Indenture Trustee semi-annually from earnings on the Capital Subaccount, (h) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing, whether such claims,
demands, causes and choses in action constitute Securitized Utility Tariff Property, accounts, general intangibles, instruments, contract rights, chattel paper or proceeds of such items or any other form of property, (i) all payments on or
under and all proceeds in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property of any or all of the foregoing, all cash proceeds, accounts, accounts
receivable, general intangibles, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, payment intangibles,
letter-of-credit rights, investment property, commercial tort claims, documents, rights to payment of any and every kind, and other forms of obligations and receivables,
instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing, and (j) all payments on or under, and all proceeds in respect of, any or all of the foregoing (the
“Trust Estate”), it being understood that the following do not constitute the Trust Estate: (x) cash that has been released pursuant to the terms of the Indenture, including Section 8.02(e)(x)
of the Indenture and, following retirement of all Outstanding Series 2022-A Securitized Utility Tariff Bonds, pursuant to Section 8.02(e)(xii) of the Indenture, (y) amounts
deposited with the Issuer on the Closing Date, for payment of costs of issuance with respect to the Series 2022-A Securitized Utility Tariff Bonds (together with any interest earnings thereon) or
(z) proceeds from the sale of the Series 2022-A Securitized Utility Tariff Bonds required to pay the purchase price for the Securitized Utility Tariff Property and paid pursuant to the Sale Agreement and
upfront Financing Costs, it being understood that such amounts described in clause (x) and clause (y) above shall not be subject to Section 3.17 of the Indenture. This Supplement covers the foregoing
described portion of the Securitized Utility Tariff Property described in the Financing Order. 
 The foregoing Grant is made in trust to
secure the Secured Obligations equally and ratably without prejudice, priority or distinction, except as expressly provided in the Indenture, to secure compliance with the provisions of the Indenture with respect to the Series 2022-A Securitized Utility Tariff Bonds, all as provided in the Indenture and to secure the performance by the Issuer of all of its obligations under the Indenture. The Indenture and this Supplement constitute a
security agreement within the meaning of the Securitization Act and under the UCC to the extent that the provisions of the UCC are applicable hereto. 

The Indenture Trustee, as indenture trustee on behalf of the Holders, acknowledges such Grant and accepts the trusts under this Supplement and
the Indenture in accordance with the provisions of this Supplement and the Indenture. 
 SECTION
1.    Designation. The Series 2022-A Securitized Utility Tariff Bonds shall be designated generally as the 2022-A Senior Secured Securitized
Utility Tariff Bonds, and further denominated as Tranche A. 

 SECTION 2.    Initial Principal Amount; Bond Interest Rate; Scheduled
Final Payment Date; Final Maturity Date; Required Capital Amount. The Series 2022-A Securitized Utility Tariff Bonds of Tranche A shall have the initial principal amount, bear interest at the rates per
annum (the “Bond Interest Rate”) and shall have the Scheduled Final Payment Date and the Final Maturity Date set forth below: 
  

																			
	 Weighted
Average
    Life
	 	  	Initial
Principal
Amount	 	  	Bond
Interest
Rate	 	 	Scheduled
Final Payment
Date	 	  	Final
Maturity
Date	 
	 	{    }	 	  	$	{            }	 	  	 	{        }	% 	 	 	{            }, 20{    }	 	  	 	{            }, 20{    }	 

 The Bond Interest Rate shall be computed by the Issuer on the basis of a 360-day year
of twelve 30-day months. 
 The Required Capital Amount for the Series
2022-A Securitized Utility Tariff Bonds shall be equal to 0.50% of the initial principal amount thereof. 

SECTION 3.    Authentication Date; Payment Dates; Expected Amortization Schedule for Principal; Periodic Interest;
Book-Entry Securitized Utility Tariff Bonds. 
 (a)    Authentication Date. The Series 2022-A Securitized Utility Tariff Bonds that are authenticated and delivered by the Indenture Trustee to or upon the order of the Issuer on
{                    } (the “Closing Date”) shall have as their date of authentication
{                    }. 

(b)    Payment Dates. The “Payment Dates” for the Series
2022-A Securitized Utility Tariff Bonds are {                    } and
{                    } of each year or, if any such date is not a Business Day, the next Business Day, commencing on
{            }, 2023 and continuing until the earlier of repayment of the Series 2022-A Securitized Utility Tariff Bonds in full and the Final
Maturity Date. 
 (c)    Expected Amortization Schedule for Principal. Unless an Event of Default shall have
occurred and be continuing, on each Payment Date, the Indenture Trustee shall distribute to the Holders of record as of the related Record Date amounts payable pursuant to Section 8.02(e) of the Indenture as principal to
the holders of the Series 2022-A Securitized Utility Tariff Bonds; provided, however, that in no event shall a principal payment pursuant to this Section 3(c) on the
Series 2022-A Securitized Utility Tariff Bonds on a Payment Date be greater than the amount necessary to reduce the Outstanding Amount of the Series 2022-A Securitized
Utility Tariff Bonds to the amount specified in the Expected Amortization Schedule that is attached as Schedule A hereto for the Series 2022-A Securitized Utility Tariff Bonds and Payment Date. 

(d)    Periodic Interest. “Periodic Interest” will be payable on the Series 2022-A Securitized Utility Tariff Bonds on each Payment Date in an amount equal to one-half of the product of (i) the applicable Bond Interest Rate and (ii) the
Outstanding Amount of the Series 2022-A Securitized Utility Tariff Bonds as of the close of business on the preceding Payment Date after giving effect to all payments of principal made to the Holders of the
Series 2022-A Securitized Utility Tariff Bonds on such preceding Payment Date; provided, however, that, with respect to the initial Payment Date, or if no payment has yet been made, interest on
the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date. 

 (e)    Book-Entry Securitized Utility Tariff Bonds. The Series 2022-A Securitized Utility Tariff Bonds shall be Book-Entry Securitized Utility Tariff Bonds, and the applicable provisions of Section 2.11 of the Indenture shall apply to the Series 2022-A Securitized Utility Tariff Bonds. 
 SECTION 4.    Authorized
Denominations. The Series 2022-A Securitized Utility Tariff Bonds shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof, except for one bond, which may be a
smaller denomination (the “Authorized Denominations”). 
 SECTION 5.    Delivery and Payment for the
Series 2022-A Securitized Utility Tariff Bonds; Form of the Series 2022-A Securitized Utility Tariff Bonds. The Indenture Trustee shall deliver the Series 2022-A Securitized Utility Tariff Bonds to the Issuer when authenticated in accordance with Section 2.03 of the Indenture. The Series 2022-A
Securitized Utility Tariff Bonds shall be in the form of Exhibit A hereto. 
 SECTION 6.    Ratification of
Indenture. As supplemented by this Supplement, the Indenture is in all respects ratified and confirmed and the Indenture, as so supplemented by this Supplement, shall be read, taken and construed as one and the same instrument. This Supplement
amends, modifies and supplements the Indenture only insofar as it relates to the Series 2022-A Securitized Utility Tariff Bonds. 

SECTION 7.    Counterparts. This Supplement may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 8.    Governing Law. This Supplement shall be governed by and construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions (other than Section 5-1401 of the New York General Obligations Law and Sections
9-301 through 9-306 of the NY UCC), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws;
provided, that, except as set forth in Section 8.02(b) of the Indenture, the creation, attachment and perfection of any Liens created under the Indenture in the Securitized Utility Tariff Property or the other
assets of the Trust Estate, and all rights and remedies of the Indenture Trustee and the Holders with respect to the Securitized Utility Tariff Property, shall be governed by the laws of the State of Kansas. 

SECTION 9.    Issuer Obligation. No recourse may be taken directly or indirectly by the Holders with respect to the
obligations of the Issuer on the Series 2022-A Securitized Utility Tariff Bonds, under the Indenture or this Supplement or any certificate or other writing delivered in connection herewith or therewith,
against (a) any owner of a beneficial interest in the Issuer (including KGS) or (b) any shareholder, partner, owner, beneficiary, officer, director, employee or agent of the Indenture Trustee, the Managers or any owner of a beneficial
interest in the Issuer 

 
(including KGS) in its individual capacity, or of any successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly
agreed. Each Holder by accepting a Series 2022-A Securitized Utility Tariff Bond specifically confirms the nonrecourse nature of these obligations and waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Series 2022-A Securitized Utility Tariff Bonds. 

SECTION 10.    Indenture Trustee Disclaimer. The Indenture Trustee is not responsible for the validity or
sufficiency of this Supplement or for the recitals contained herein. 
 SECTION 11.    Submission to Non-Exclusive Jurisdiction; Waiver of Jury Trial. Each of the Issuer and the Indenture Trustee and each Holder (by its acceptance of the Securitized Utility Tariff Bonds) hereby irrevocably submits to the non-exclusive jurisdiction of any New York State court sitting in The Borough of Manhattan in The City of New York or any U.S. federal court sitting in The Borough of Manhattan in The City of New York in respect of
any suit, action or proceeding arising out of or relating to this Supplement and the Series 2022-A Securitized Utility Tariff Bonds and irrevocably accepts for itself and in respect of its respective property,
generally and unconditionally, jurisdiction of the aforesaid courts. Each of the Issuer, the Indenture Trustee and each Holder (by its acceptance of the Series 2022-A Securitized Utility Tariff Bonds)
irrevocably waives, to the fullest extent that it may effectively do so under applicable law, trial by jury. 

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Supplement to be
duly executed by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 KANSAS GAS SERVICE SECURITIZATION I, L.L.C.,

as Issuer

		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. BANK TRUST COMPANY, NATIONAL
	 ASSOCIATION,
 not in its individual
capacity, but solely in its capacity as Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE A 

TO SERIES SUPPLEMENT 
 EXPECTED
SINKING FUND SCHEDULE 
 EXPECTED AMORTIZATION SCHEDULE 
  

					
	 Date
	  	Tranche A	 
	 Closing Date
	  	$	{            }	 
	 {            },
202    
	  	$	{            }	 
	 {            },
202    
	  	$	{            }	 
	 {            },
202    
	  	$	{            }	 

 EXHIBIT A 

TO SERIES SUPPLEMENT 
 FORM OF
TRANCHE A OF SERIES 2022-A SENIOR SECURED SECURITIZED UTILITY 
 TARIFF BONDS 

{                    } 

 EXHIBIT C 

SERVICING CRITERIA TO BE ADDRESSED 

BY INDENTURE TRUSTEE IN ASSESSMENT OF COMPLIANCE 
  

					
	 Regulation AB
Reference
	  	 Servicing Criteria
	 	 Applicable Indenture

Trustee Responsibility

		  	General Servicing Considerations	 	
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	 	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	 	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	 	
			
	1122(d)(1)(v)	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	 	
			
		  	Cash Collection and Administration	 	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction
agreements.	 	X
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 	X
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	 	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	 	X
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) under the Exchange Act.	 	X
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	 	
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are: (A) mathematically accurate;
(B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation;
and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 	
			
		  	Investor Remittances and Reporting	 	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the SEC, are maintained in accordance with the transaction agreements and applicable SEC requirements. Specifically, such reports: (A) are prepared in accordance with timeframes
and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the SEC as required by its rules and regulations; and
(D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.	 	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	 	X
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	 	X

  
 C-1 

					
	 Regulation AB
Reference
	  	 Servicing Criteria
	 	 Applicable Indenture

Trustee Responsibility

			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 	X
			
		  	Pool Asset Administration	 	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	 	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	 	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	 	
			
	1122(d)(4)(v)	  	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	 	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	 	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	 	
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets, including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary
(e.g., illness or unemployment).	 	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	 	
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related pool assets, or such other number of days specified in the transaction agreements.	 	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	 	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	 	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 	

  
 C-2 

 APPENDIX A 

DEFINITIONS 
 This is
Appendix A to the Indenture. 
 A. Defined Terms. As used in the Indenture, the following terms have the following
meanings: 
 “17g-5 Website” means the password-protected website on which the
Servicer shall post any notice, report, request for satisfaction of the Rating Agency Condition, document or other information provided by the Indenture Trustee to any Rating Agency under the Indenture or any other Basic Document to which it is a
party for the purpose of determining or confirming the credit rating of the Securitized Utility Tariff Bonds or undertaking credit rating surveillance. 

“Act” means an instrument or instruments embodying and evidencing a request, demand, authorization, direction, notice,
consent, waiver or other action provided by the Indenture to be given or taken by Holders. 
 “Administration Agreement”
means the Administration Agreement, dated as of the date hereof, by and between KGS, as Administrator, and the Issuer. 

“Administration Fee” is defined in Section 2 of the Administration Agreement. 

“Administrator” means KGS. 

“Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common
control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such specified Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Applicable FATCA Law” means Sections 1471 through 1474 of the Internal Revenue Code and any regulations, or agreements
thereunder or official interpretations thereof. 
 “Authorized Denominations” means denominations of $2,000 and integral
multiples of $1,000 in excess thereof, which the Series 2022-A Securitized Utility Tariff Bonds shall be issuable in, except for one bond, which may be a smaller denomination. 

“Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. §§ 101 et seq.). 

“Basic Documents” means the Indenture, the Series Supplement, the Certificate of Formation, the LLC Agreement, the
Administration Agreement, the Sale Agreement, the Bill of Sale, the Servicing Agreement, each Letter of Representations, the Underwriting Agreement and all other documents and certificates delivered in connection therewith. 

“Bill of Sale” means a bill of sale substantially in the form of Exhibit A to the Sale Agreement delivered pursuant to
Section 2.02(i) of the Sale Agreement. 

  
 A-1 

 “Bond Interest Rate” means the rates per annum at which the Securitized
Utility Tariff Bonds will bear interest, as set forth in the Series Supplement. 
 “Book-Entry Form” means, with respect to
any Securitized Utility Tariff Bond, that such Securitized Utility Tariff Bond is not certificated and the ownership and transfers thereof shall be made through book entries by a Clearing Agency as described in Section 2.11
of the Indenture and the Series Supplement pursuant to which such Securitized Utility Tariff Bond was issued. 
 “Book-Entry
Securitized Utility Tariff Bonds” means any Securitized Utility Tariff Bonds issued in Book-Entry Form; provided, however, that, after the occurrence of a condition whereupon book-entry registration and transfer are no
longer permitted and Definitive Securitized Utility Tariff Bonds are to be issued to the Holder of such Securitized Utility Tariff Bonds, such Securitized Utility Tariff Bonds shall no longer be “Book-Entry Securitized Utility Tariff
Bonds”. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New
York, New York, Chicago, Illinois or Tulsa, Oklahoma, are, or The Depository Trust Company is, required or authorized by law or executive order to remain closed. 

“Capital Subaccount” means the capital subaccount established by the Indenture Trustee pursuant to
Section 8.02(a) of the Indenture. 
 “Certificate of Formation” means the Certificate of
Formation of the Issuer filed with the Secretary of State of the State of Delaware on August 30, 2022 pursuant to which the Issuer was formed. 

“Claim” means a “claim” as defined in Section 101(5) of the Bankruptcy Code. 

“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the
Exchange Act. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person
for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Closing Date” means the date on which the Securitized Utility Tariff Bonds are originally issued in accordance with
Section 2.10 of the Indenture and the Series Supplement. 
 “Code” means Internal Revenue Code.

 “Collection Account” means one or more segregated trust accounts opened by the Issuer in the Indenture Trustee’s
name for the deposit of Securitized Utility Tariff Charges and all other amounts received with respect to the Trust Estate. 

“Corporate Trust Office of the Indenture Trustee” means the office of the Indenture Trustee at which at any particular time
its corporate trust business shall be administered, which, office (for all purposes other than registration of transfers of Securitized Utility Tariff Bonds) as of the Closing Date is located at U.S. Bank Trust Company, National Association, 190 S.
LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Kansas Gas Service Securitization I, L.L.C., and for registration of transfers of Securitized Utility Tariff Bonds, the office is
located at U.S. Bank Trust Company, National Association, 111 Fillmore Avenue East, St. Paul, Minnesota 55107, Attention: Bondholder Services, or at such other address as the Indenture Trustee may designate from time to time by notice to the Holders
of the Securitized Utility Tariff Bonds and the Issuer, or the principal corporate trust office of any successor trustee by like notice. 

  
 A-2 

 “Covenant Defeasance Option” has the meaning set forth in
Section 4.01(b) of the Indenture. 
 “Customer” means an
end-use Customer (as such term is defined in the Financing Order) who purchases natural gas for consumption from KGS. 

“Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 

“Definitive Securitized Utility Tariff Bonds” has the meaning set forth in Section 2.13 of the
Indenture. 
 “Delaware UCC” means the Uniform Commercial Code as in effect in the State of Delaware. 

“Eligible Account” means a segregated non-interest-bearing trust account with an
Eligible Institution. 
 “Eligible Institution” means: 

(a) the corporate trust department of the Indenture Trustee, so long as the Indenture Trustee has either a short-term credit rating from
Moody’s and Fitch of at least “P-1” and “F1”, respectively, or a long-term credit rating from Moody’s and Fitch of at least “A2” and “A”, respectively; or 

(b) a depository institution organized under the laws of the United States of America or any state or the District of Columbia or domestic
branch of a foreign bank whose deposits are insured by the Federal Deposit Insurance Corporation: 
 (i)     which has
either (A) a long-term unsecured debt rating of “A2” or higher by Moody’s and “A” or higher by Fitch, or (B) a short-term issuer rating of “P-1” or higher by
Moody’s and “F1” or higher by Fitch, or any other long-term, short-term or certificate of deposit rating acceptable to Moody’s and Fitch and 

(ii)     whose deposits are insured by the Federal Deposit Insurance Corporation; 

provided, however, that if an Eligible Institution then being utilized for any purposes under the Indenture or the Series
Supplement no longer meets the definition of Eligible Institution, then the Issuer shall replace such Eligible Institution within sixty (60) days of such Eligible Institution no longer meeting the definition of Eligible Institution. 

If so qualified under clause (b)(i)(A) above, the Indenture Trustee may be considered an Eligible Institution for purposes of establishing and
maintaining the Collection Account. 
 “Eligible Investments” means instruments or investment property that evidence: 

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

  
 A-3 

 (b) demand deposits, time deposits or certificates of deposit of any depository institution
or trust company incorporated under the laws of the United States of America or any state thereof, or any domestic branch of a foreign bank, and subject to supervision and examination by U.S. federal or state banking authorities, so long as the
commercial paper or other short-term unsecured debt obligations of such depository institution are, at the time of deposit, rated not less than “P-1” and “F1” or their equivalents by each
of Moody’s and Fitch, or such lower rating as will not result in the downgrading or withdrawal of the ratings of the Securitized Utility Tariff Bonds; provided, however, that if any such depository institution, trust company or domestic branch
of a foreign bank no longer meets the requirements set forth above, then the Issuer shall replace such depository institution, trust company or domestic branch of a foreign bank within sixty (60) days of such depository institution, trust
company or domestic branch of a foreign bank no longer meeting such requirements; 
 (c) commercial paper (including commercial paper of the
Indenture Trustee, acting in its commercial capacity, and other commercial paper issued by KGS or any of its affiliates) having, at the time of investment or contractual commitment to invest, a rating of least
“P-1” and “F1” or their equivalents by each of Moody’s and Fitch or such lower rating as not result in the downgrading or withdrawal of the ratings of the Securitized Utility Tariff
Bonds; 
 (d) investments in money market funds having a rating from Moody’s and, if Fitch provides a rating thereon, Fitch, of “Aaa-mf” and “AAA”, respectively, including funds for which the Indenture Trustee or any of its Affiliates act as investment manager or advisor; 

(e) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America
or its agencies or instrumentalities, entered into with Eligible Institutions; 
 (f) repurchase obligations with respect to any security or
whole loan entered into with an Eligible Institution or with a registered broker-dealer acting as principal that has either a short-term credit rating from Moody’s and Fitch of at least “P-1”
and “F1”, respectively, or a long-term credit rating from Moody’s and Fitch of at least “A2” and “A”, respectively; provided, however, that if any such Eligible Institution or registered broker-dealer no longer
meets the requirements set forth above, then the Issuer shall replace such Eligible Institution or registered broker-dealer within sixty (60) days of such Eligible Institution or registered broker-dealer no longer meeting such requirements; or

 (g) any other investment permitted by each of the Rating Agencies. 

Notwithstanding the foregoing: (1) no investments which mature in 30 days or more will be Eligible Investments unless the issuer thereof
has either a short-term credit rating of at least “P-1” from Moody’s or a long-term unsecured debt rating of at least “A1” from Moody’s and has at least a debt rating of
“F1+” or “AA-” from Fitch; (2) no investments described in clauses (b) through (d) above which have maturities of more than 30 days but less than or equal to 3
months will be Eligible Investments unless the issuer thereof has a long-term unsecured debt rating of at least “A1” from Moody’s and a short-term credit rating of at
least “P-1” from Moody’s; and (3) 

  
 A-4 

 
no investments described in clauses (b) through (d) above which have maturities of more than 3 months will be Eligible Investments unless the issuer thereof has a long-term credit
rating of at least “A1” from Moody’s and a short-term unsecured debt rating of at least “P-1” from Moody’s. 

“Event of Default” has the meaning set forth in Section 5.01 of the Indenture. 

“Excess Funds Subaccount” means the excess funds subaccount established by the Indenture Trustee pursuant to
Section 8.02(a) of the Indenture. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Expected Amortization Schedule” means the expected amortization schedule in Schedule A to the Series
Supplement. 
 “Expected Sinking Fund Schedule” means the expected sinking fund schedule in Schedule A to the Series
Supplement. 
 “Final Maturity Date” means the final maturity date of the Securitized Utility Tariff Bonds as specified in
the Series Supplement. 
 “Financing Costs” means all financing costs as defined in K.S.A. 66-1,240(a)(10), as amended, of the Securitization Act allowed to be recovered by KGS under the Financing Order. 

“Financing Order” means the financing order issued by the Kansas Commission to KGS on August 18, 2022, in Docket No. 22-KGSG-466-TAR authorizing the creation of the Securitized Utility Tariff Property and the issuance of the Securitized Utility Tariff
Bonds. 
 “Fitch” means Fitch Ratings, Inc. or any successor in interest. References to Fitch are effective so long as
Fitch is a rating agency. 
 “General Subaccount” means the general subaccount established by the Indenture Trustee
pursuant to Section 8.02(a) of the Indenture. 
 “Global Securitized Utility Tariff Bonds” means
one or more bonds evidencing the Securitized Utility Tariff Bonds, which (a) shall be an aggregate original principal amount equal to the aggregate original principal amount of the Securitized Utility Tariff Bonds to be issued pursuant to the
Issuer Order, (b) shall be registered in the name of the Clearing Agency therefor or its nominee, (c) shall be delivered by the Indenture Trustee pursuant to such Clearing Agency’s or such nominee’s instructions and
(d) shall bear a legend substantially to the effect set forth in Exhibit A to the Form of Series Supplement. 

“Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, grant, transfer, create, grant a
lien upon, a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture and the Series Supplement. A Grant of the Trust Estate shall include all rights, powers
and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for payments in respect of the Trust Estate and all other moneys payable
thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise and generally to do and receive anything
that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 “Holders” means the
holders of the Securitized Utility Tariff Bonds. 

  
 A-5 

 “indenture securities” means the Securitized Utility Tariff Bonds. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means the Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“Indenture Trustee” means U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee
for the benefit of the Holders, or any other indenture trustee for the benefit of the Holders, under the Indenture. 
 “Indenture
Trustee Cap” has the meaning set forth in Section 8.02(e)(i) of the Indenture. 

“Independent” means, when used with respect to any specified Person, that the Person: 

(a) is in fact independent of the Issuer, any other obligor upon the Securitized Utility Tariff Bonds, the Servicer and any Affiliate of any
of the foregoing Persons, 
 (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any
such other obligor, the Servicer or any Affiliate of any of the foregoing Persons and 
 (c) is not connected with the Issuer, any such
other obligor, the Servicer or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 

“Independent Certificate” means a certificate to be delivered to the Indenture Trustee under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuer Order and consented to by the Indenture Trustee, and such
certificate shall state that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof. 

“Independent Manager Fee” is the annual fee to be paid to each Independent Manager as determined in accordance with the LLC
Agreement, and shall initially be $3,500 per annum. 
 “Independent Manager” is defined in Appendix A of the LLC Agreement.

 “Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Investment Earnings” means investment earnings on funds deposited in the Collection Account net of losses and investment
expenses. 
 “Issuer” means Kansas Gas Service Securitization I, L.L.C., a Delaware limited liability company, or any
successor thereto pursuant to the Indenture. 
 “Issuer Order” means a written order signed in the name of the Issuer by
any one of its Responsible Officers and delivered to the Indenture Trustee or the Paying Agent, as applicable. 

  
 A-6 

 “Issuer Request” means a written request signed in the name of the Issuer
by any one of its Responsible Officers and delivered to the Indenture Trustee or the Paying Agent, as applicable. 
 “Kansas
Commission” means the State Corporation Commission of the State of Kansas or any successor entity thereto. 
 “Kansas
Commission Condition” has the meaning set forth in Section 9.03 of the Indenture. 
 “Kansas
Commission Pledge” means the pledge of the Kansas Commission found in Part V(159) of the Financing Order. 
 “Kansas
UCC” means the Uniform Commercial Code as in effect in the State of Kansas. 
 “KGS” means Kansas Gas Service, a
division of ONE Gas, Inc. 
 “Legal Defeasance Option” has the meaning set forth in
Section 4.01(b) of the Indenture. 
 “Letter of Representations” means any agreement between the
Issuer and an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act, pertaining to the Securitized Utility Tariff Bonds, as the same may be amended, supplemented, restated or otherwise modified
from time to time. 
 “Lien” means a security interest, lien, charge, pledge, equity or encumbrance of any kind. 

“LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of Kansas Gas Service Securitization I,
L.L.C., dated as of             , 2022. 
 “Manager” means each
manager of the Issuer under the LLC Agreement. 
 “Member” has the meaning specified in the first paragraph of the LLC
Agreement. 
 “Monthly Servicer’s Certificate” is defined in Section 3.01(b)(i) of the Servicing Agreement. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor in interest. References to Moody’s are
effective so long as Moody’s is a rating agency. 
 “NRSRO” means a nationally recognized statistical rating
organization. 
 “obligor” means, on the Securitized Utility Tariff Bonds, the Issuer and any other obligor on the
Securitized Utility Tariff Bonds. 
 “Officer’s Certificate” means a certificate signed by a Responsible Officer of
the Issuer under the circumstances described in, and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, and delivered to the Indenture Trustee. 

“Ongoing Financing Costs” means the Financing Costs described as such in the Financing Order, including Operating Expenses
and any other costs identified in the Basic Documents; provided, however, that Ongoing Financing Costs do not include the Issuer’s costs of issuance of the Securitized Utility Tariff Bonds. 

  
 A-7 

 “Operating Expenses” means, with respect to the Issuer, all fees, costs and
expenses owed by the Issuer with respect to the Securitized Utility Tariff Bonds, including all amounts owed by the Issuer to the Indenture Trustee (including any indemnity payments to the Indenture Trustee), the Servicing Fee, the Administration
Fee, the costs and expenses incurred by the Seller in connection with the performance of the Seller’s obligations under Section 4.08 of the Sale Agreement, the costs and expenses incurred by the Servicer in connection with the performance
of the Servicer’s obligations under Section 5.02(d) of the Servicing Agreement, the fees payable by the Issuer to the independent manager of the Issuer, administrative expenses, including external legal and external accounting fees,
ratings maintenance fees, and all other costs and expenses recoverable by the Issuer under the terms of the Financing Order. 

“Opinion of Counsel” means one or more written opinions of counsel who may be an employee of or counsel to the Servicer or
the Issuer, which counsel shall be reasonably acceptable to the Indenture Trustee, the Kansas Commission, the Issuer or the Rating Agencies, as applicable, and which shall be in form reasonably satisfactory to the Indenture Trustee, if applicable.

 “Outstanding” with respect to Securitized Utility Tariff Bonds means, as of the date of determination, all Securitized
Utility Tariff Bonds theretofore authenticated and delivered under the Indenture except: 
 (a) Securitized Utility Tariff Bonds theretofore
canceled by the Securitized Utility Tariff Bond Registrar or delivered to the Securitized Utility Tariff Bond Registrar for cancellation; 

(b) Securitized Utility Tariff Bonds or portions thereof the payment for which money in the necessary amount has been theretofore deposited
with the Indenture Trustee or any Paying Agent in trust for the Holders of such Securitized Utility Tariff Bonds; provided, however, that if such Securitized Utility Tariff Bonds are to be redeemed, notice of such redemption has been
duly given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee; and 
 (c) Securitized Utility Tariff
Bonds in exchange for or in lieu of other Securitized Utility Tariff Bonds which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Securitized Utility Tariff
Bonds are held by a bona fide purchaser; 
 provided that in determining whether the Holders of the requisite Outstanding Amount of the Securitized
Utility Tariff Bonds have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Securitized Utility Tariff Bonds owned by the Issuer, any other obligor upon the Securitized Utility
Tariff Bonds, KGS or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be fully protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securitized Utility Tariff Bonds that a Responsible Officer of the Indenture Trustee knows to be so owned shall be so disregarded. Securitized Utility Tariff Bonds so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Securitized Utility Tariff Bonds and that the pledgee is not the
Issuer, any other obligor upon the Securitized Utility Tariff Bonds, the Servicer or any Affiliate of any of the foregoing Persons. 

  
 A-8 

 “Outstanding Amount” means the aggregate principal amount of all
Outstanding Securitized Utility Tariff Bonds, Outstanding at the date of determination. 
 “Outstanding Securitized Utility Tariff
Bonds” means the Securitized Utility Tariff Bonds Outstanding at the date of determination. 
 “Paying Agent”
means the entity so designated in Section 3.03 of the Indenture or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is
authorized by the Issuer to make the payments of principal of or premium, if any, or interest on the Securitized Utility Tariff Bonds on behalf of the Issuer. 

“Payment Date” has the meaning set forth in Section 3(b) of the Series Supplement. 

“Periodic Interest” means the interest payable on the Securitized Utility Tariff Bonds on each Payment Date in an amount
equal to one-half of the product of (i) the applicable Bond Interest Rate and (ii) the Outstanding Amount of the Securitized Utility Tariff Bonds as of the close of business on the preceding Payment
Date after giving effect to all payments of principal made to the Holders of the Securitized Utility Tariff Bonds on such preceding Payment Date; provided, however, that, with respect to the initial Payment Date, or if no payment has
yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date. 

“Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust
(including any beneficiary thereof), business trust, limited liability company, unincorporated organization or government or any agency or political subdivision thereof. 

“Predecessor Securitized Utility Tariff Bonds” means, with respect to any particular Securitized Utility Tariff Bond, every
previous Securitized Utility Tariff Bond evidencing all or a portion of the same debt as that evidenced by such particular Securitized Utility Tariff Bond, and, for the purpose of this definition, any Securitized Utility Tariff Bond authenticated
and delivered under Section 2.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Securitized Utility Tariff Bond shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
Securitized Utility Tariff Bond. 
 “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding. 
 “Protected Purchaser” means has the meaning specified in
Section 8-303 of the UCC. 
 “Rating Agency” means, with respect to the
Securitized Utility Tariff Bonds, any of Moody’s or Fitch that provides a rating with respect to the Securitized Utility Tariff Bonds. If no such organization (or successor) is any longer in existence, “Rating Agency” shall be
a nationally recognized statistical rating organization or other comparable Person designated by the Issuer, notice of which designation shall be given to the Indenture Trustee and the Servicer. 

“Rating Agency Condition” means, with respect to any action, at least ten Business Days’ prior written notification to
each Rating Agency of such action, and written confirmation 

  
 A-9 

 
from each of Fitch and Moody’s to the Servicer, the Indenture Trustee and the Issuer that such action will not result in a suspension, reduction or withdrawal of the then current rating by
such Rating Agency of the Securitized Utility Tariff Bonds; provided, that, if, within such ten Business Day period, a Rating Agency has neither replied to such notification nor responded in a manner that indicates that such Rating Agency is
reviewing and considering the notification, then (a) the Issuer shall be required to confirm that such Rating Agency has received the Rating Agency Condition request, and if it has, promptly request the related Rating Agency Condition
confirmation and (b) if the Rating Agency neither replies to such notification nor responds in a manner that indicates it is reviewing and considering the notification within five Business Days following such second request, the applicable
Rating Agency Condition requirement shall not be deemed to apply to such Rating Agency. For the purposes of this definition, any confirmation, request, acknowledgment or approval that is required to be in writing may be in the form of electronic
mail or a press release (which may contain a general waiver of a Rating Agency’s right to review or consent). 
 “Record
Date” means one Business Day prior to the applicable Payment Date. 
 “Registered Holder” means the Person in
whose name a Securitized Utility Tariff Bond is registered on the Securitized Utility Tariff Bond Register. 
 “Required Capital
Amount” means the amount specified as such in the Series Supplement therefor. 
 “Responsible Officer” means, with
respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Director, Trust Officer, Assistant Vice President, Secretary, Assistant Secretary, or any other officer of the
Indenture Trustee having direct responsibility for the administration of the Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject, and with respect to the Issuer, any officer, including President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer, of the Issuer, or any Manager. 

“Return on Invested Capital” means, for any Payment Date, the sum of (i) rate of return, payable to KGS, on its Capital
Contribution equal to KGS’s cost of capital, which as of the date of the Indenture is 8.6012%, plus (ii) any Return on Invested Capital not paid on any prior Payment Date. 

“Sale Agreement” means the Securitized Utility Tariff Property Purchase and Sale Agreement, dated as of the date hereof, by
and between the Issuer and KGS, and acknowledged and accepted by the Indenture Trustee, as the same may be amended and supplemented from time to time. 

“Scheduled Final Payment Date” means the date when all interest and principal is scheduled to be paid on the Securitized
Utility Tariff Bonds in accordance with the Expected Sinking Fund Schedule, as specified in the Series Supplement. 
 “Scheduled
Payment Dates” means, with respect to the Securitized Utility Tariff Bonds, each Payment Date on which principal is to be paid in accordance with the Expected Sinking Fund Schedule. 

  
 A-10 

 “SEC” means the Securities and Exchange Commission. 

“Securities Intermediary” means U.S. Bank National Association, a national banking association, solely in the capacity of a
“securities intermediary” as defined in the NY UCC and Federal Book-Entry Regulations or any successor securities intermediary under the Indenture. 

“Securitized Utility Tariff Bond Register” means the register provided by the Issuer pursuant to
Section 2.05 of the Indenture. 
 “Securitized Utility Tariff Bond Registrar” means U.S. Bank
Trust Company, National Association for the purpose of registering the Securitized Utility Tariff Bond and transfers of Securitized Utility Tariff Bonds pursuant to Section 2.05 of the Indenture. 

“Securitized Utility Tariff Bonds” means any of the Series 2022-A Senior Secured
Securitized Utility Tariff Bonds, Tranche A issued by the Issuer pursuant to the Indenture. 
 “Securitized Utility Tariff Charge
Collections” means Securitized Utility Tariff Charges actually received by the Servicer to be remitted to the Collection Account. 

“Securitized Utility Tariff Charges” means the nonbypassable amounts to be charged to any existing or future sales customer
located within KGS’s service area, approved by the Commission in the Financing Order that may be collected by the Servicer, its successors, assignees or other collection agents as provided for in the Financing Order. 

“Securitized Utility Tariff Property” means all Securitized Utility Tariff Property as defined in K.S.A. 66-1,240(a)(22). of the Securitization Act created pursuant to the Financing Order or a Subsequent Financing Order and under the Securitization Act, including the right to impose, bill, charge, collect and receive
the Securitized Utility Tariff Charges authorized under the Financing Order and to obtain periodic adjustments of the Securitized Utility Tariff Charges and all revenue, collections, claims, rights to payments, payments, money, or proceeds arising
from the rights and interests specified in K.S.A. 66-1,240(a)(22) of the Securitization Act, regardless of whether such revenues, collections, claims, rights to payments, money, or proceeds are imposed,
billed, received, collected, or maintained together with or commingled with other revenues, collections, rights to payment, payments, money or proceeds. 

“Securitization Act” means the laws of the State of Kansas adopted in 2021 enacted at Kansas Statutes Annotated
(“K.S.A.”) 66-1,240 et. seq. 
 “Seller” means KGS, or its
successor, in its capacity as seller of the Securitized Utility Tariff Property to the Issuer pursuant to the Sale Agreement. 

“Semi-Annual Servicer’s Certificate” is defined in Section 4.01(c)(ii) of the Servicing Agreement. 

“Series Supplement” means an indenture supplemental to the Indenture in the form attached as Exhibit B to the
Indenture that authorizes the issuance of Securitized Utility Tariff Bonds. 
 “Servicer” means KGS. 

“Servicer Default” is defined in Section 7.01 of the Servicing Agreement. 

  
 A-11 

 “Servicing Agreement” means the Securitized Utility Tariff Property
Servicing Agreement, dated as of the date hereof, by and between the Issuer and KGS, and acknowledged and accepted by the Indenture Trustee, as the same may be amended and supplemented from time to time. 

“Servicing Fee” means the fee payable by the Issuer to the Servicer on each Payment Date with respect to the Securitized
Utility Tariff Bonds, in an amount specified in Section 6.06(a) of the Servicing Agreement. 
 “Special Payment Date”
means the date on which, with respect to the Securitized Utility Tariff Bonds, any payment of principal of or interest (including any interest accruing upon default) on, or any other amount in respect of, the Securitized Utility Tariff Bonds that is
not actually paid within five days of the Payment Date applicable thereto is to be made by the Indenture Trustee to the Holders. 

“Special Record Date” means the date at least fifteen (15) Business Days prior to the Special Payment Date. 

“Subaccount” means, individually, the General Subaccount, the Excess Funds Subaccount, and the Capital Subaccount. 

“Successor Servicer” means (i) a successor to KGS pursuant to Section 6.03 of the Servicing Agreement or
(ii) a successor Servicer appointed by the Indenture Trustee pursuant to Section 7.02 of the Servicing Agreement which in each case will succeed to all the rights and duties of the Servicer under the Servicing Agreement. 

“Temporary Securitized Utility Tariff Bonds” means Securitized Utility Tariff Bonds executed and, upon the receipt of an
Issuer Order, authenticated and delivered by the Indenture Trustee pending the preparation of Definitive Securitized Utility Tariff Bonds pursuant to Section 2.04 of the Indenture. 

“True-Up Adjustment” means an adjustment to the Securitized Utility Tariff Charges in
accordance with Section 4.01(b) of the Servicing Agreement. 
 “Trust Estate” has the meaning set forth in the Series
Supplement. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force on the Closing Date, unless
otherwise specifically provided. 
 “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction. 

“Underwriting Agreement” means the Underwriting Agreement, dated
            , 2022, by and among the Issuer, KGS, and the representatives of the several Underwriters named therein, as the same may be amended, supplemented or modified from time to time,
with respect to the issuance of the Securitized Utility Tariff Bonds. 
 B. Other Terms. All accounting terms not specifically
defined herein shall be construed in accordance with United States generally accepted accounting principles. To the extent that the definitions of accounting terms in the Indenture are inconsistent with the meanings of such terms under generally
accepted accounting principles or regulatory accounting principles, the definitions contained in the Indenture shall control. As used in the Indenture, the term “including” means “including without limitation,” and other
forms of the verb “to include” have correlative meanings. All references to any Person shall include such Person’s permitted successors. 

  
 A-12 

 C. Computation of Time Periods. Unless otherwise stated in the Indenture, in the
computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”. 

D. Reference; Captions. The words “hereof”, “herein” and “hereunder” and words of similar import
when used in the Indenture shall refer to the Indenture as a whole and not to any particular provision of the Indenture; and references to “Section”, “subsection”, “Schedule” and
“Exhibit” in the Indenture are references to Sections, subsections, Schedules and Exhibits in or to the Indenture unless otherwise specified in the Indenture. The various captions (including the tables of contents) in the Indenture
are provided solely for convenience of reference and shall not affect the meaning or interpretation of the Indenture. 
 E. The definitions
contained in this Appendix A 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 forms of such terms. 

  
 A-13

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