Document:

EX-10.1

 EXHIBIT 10.1 

Dated 26 March 2018 

GOLDIE SERVICES COMPANY and 

SEYMOUR TRADING LIMITED 
 as
joint and several Borrowers 
 and 

THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 1 
 as
Lenders 
 and 
 NORDEA BANK
AB (PUBL), FILIAL I NORGE 
 SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) and 

NIBC BANK N.V. 
 as Mandated
Lead Arrangers 
 and 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 

as Agent and Security Trustee 

LOAN AGREEMENT 
 relating
to 
 a $14,300,000 term loan facility secured on 

m.vs. “SEAS 14” (tbr “NAVIOS SYMMETRY”) and “SEAS 7” (tbr “NAVIOS ALTAIR I”) 

 
 

 

 Index 
  

							
	Clause	 	 	  	Page	 
	 1
	 	Interpretation	  	 	1	 
	 2
	 	Loan Facility	  	 	20	 
	 3
	 	Position of the Lenders	  	 	20	 
	 4
	 	Drawdown	  	 	21	 
	 5
	 	Interest	  	 	22	 
	 6
	 	Interest Periods	  	 	25	 
	 7
	 	Default Interest	  	 	25	 
	 8
	 	Repayment and Prepayment	  	 	26	 
	 9
	 	Conditions Precedent	  	 	29	 
	 10
	 	Representations and Warranties	  	 	30	 
	 11
	 	General Undertakings	  	 	33	 
	 12
	 	Corporate Undertakings	  	 	39	 
	 13
	 	Insurance	  	 	40	 
	 14
	 	Ship covenants	  	 	47	 
	 15
	 	Security Cover	  	 	51	 
	 16
	 	Payments and Calculations	  	 	53	 
	 17
	 	Application of Receipts	  	 	55	 
	 18
	 	Application of Earnings	  	 	56	 
	 19
	 	Events of Default	  	 	57	 
	 20
	 	Fees and Expenses	  	 	63	 
	 21
	 	Indemnities	  	 	64	 
	 22
	 	No Set-off or Tax Deduction	  	 	66	 
	 23
	 	Illegality, etc.	  	 	69	 
	 24
	 	Increased Costs	  	 	69	 
	 25
	 	Set-off	  	 	71	 
	 26
	 	Transfers and Changes in Lending Offices	  	 	72	 
	 27
	 	Variations and Waivers by majority lenders	  	 	76	 
	 28
	 	Notices	  	 	77	 
	 29
	 	Supplemental	  	 	79	 
	 30
	 	Confidentiality	  	 	81	 
	 31
	 	Law and Jurisdiction	  	 	85	 
	 32
	 	Bail-In	  	 	86	 
	 Schedule 1 Lenders and Commitments
	  			
	 Schedule 2 Drawdown Notice
	  			
	 Schedule 3 Condition Precedent Documents
	  			
	 Schedule 4 Transfer Certificate
	  			
	 Schedule 5 Vessel Details
	  			
	 Execution Page
	  			

  

  

					
		  		  	

 THIS LOAN AGREEMENT is made on 26 March 2018 

PARTIES 
  

	(1)	GOLDIE SERVICES COMPANY and SEYMOUR TRADING LIMITED, each a corporation incorporated and existing under the laws of the Marshall Islands whose registered office at Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, as joint and several Borrowers. 

  

	(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1, as Lenders. 

  

	(3)	NIBC BANK N.V., acting through its office at Carnegieplein 4, 2517 KJ, The Hague, Netherlands as Mandated Lead Arranger A. 

 

	(4)	NORDEA BANK AB (PUBL), FILIAL I NORGE, acting through its office at Essendropsgate 7, 0368 Oslo, Norway as Mandated Lead Arranger B. 

 

	(5)	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), acting through its office at Kungsträdgardsgatan 8, 10640 Stockholm, Sweden as Mandated Lead Arranger C. 

 

	(6)	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), with its registered office at Kungsträdgardsgatan 8, 10640 Stockholm, Sweden as Agent and Security Trustee. 

WHEREAS 
 The Lenders have agreed to make available to the
Borrowers, in two advances, a senior secured term loan facility: 
  

	(A)	Advance A shall be in an amount equal to the lesser of (a) $7,150,000 and (b) 65 per cent. of the Purchase Price of Ship A which shall be made available for the purpose of financing part of the acquisition cost of
Ship A; and 

  

	(B)	Advance B shall be in an amount equal to the lesser of (a) $7,150,000 and (b) 65 per cent. of the Purchase Price of Ship B which shall be made available for the purpose of financing part of the acquisition cost of
Ship B. 

 IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Definitions 

 Subject to Clause 1.5, in this Agreement: 

“Account Bank” means Skandinaviska Enskilda Banken AB (Publ), acting through its office at One Carter Lane, London EC4V
5AN, United Kingdom; 
 “Account Pledge” means, in relation to each Earnings Account, a deed of pledge of that Earnings
Account in such form as the Lenders may approve or require, and in the plural means both of them; 
 “Advance A” means, in
relation to Ship A, an amount equal to the lesser of (i) $7,150,000 and (ii) 65 per cent. of the Purchase Price of that Ship, to be made available to the Borrowers in a single amount for the purpose of financing part of the acquisition cost of
Ship A; 

  

					
		  		  	

 “Advance B” means, in relation to Ship B, an amount equal to the lesser of (i)
$7,150,000 and (ii) 65 per cent. of the Purchase Price of that Ship, to be made available to the Borrowers in a single amount for the purpose of financing part of the acquisition cost of Ship B; 

“Advances” means, together, Advance A and Advance B or the principal amount of each borrowing by the Borrowers under this
Agreement and, in the singular, means either of them; 
 “Agency and Trust Deed” means the agency and trust deed executed or
to be executed between the Borrowers, the Lenders, the Mandated Lead Arrangers, the Agent and the Security Trustee in such form as the Lenders may approve or require; 

“Agent” means Skandinaviska Enskilda Banken AB (Publ), with its registered office at Kungsträdgardsgatan 8, 10640
Stockholm, Sweden, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 
 “Applicable Person” has
the meaning given in Clause 29.4; 
 “Approved Broker” means any of Arrow Valuations Ltd, Braemar ACM Shipbroking, H
Clarkson & Co. Ltd., Fearnleys, Simpson Spencer & Young and Maersk Broker K.S. (to include, in each case, their successors or assigns and such subsidiary or other company in the same corporate group through which valuations are
commonly issued by each of these brokers), or such other first-class independent broker as the Borrowers and the Agent (acting on the instructions of the Majority Lenders) may agree in writing from time to time; 

“Approved Flag” means, in relation to a Ship, the flag of Liberia or such other flag as the Agent (acting on the instructions
of the Lenders) may approve as the flag on which that Ship is or, as the case may be, shall be registered; 
 “Approved Flag
State” means, in relation to a Ship, the Republic of Liberia or any other country in which the Agent (acting on the instructions of the Lenders) may approve that Ship is or, as the case may be, shall be registered; 

“Approved Manager” means in respect of the commercial and technical management of either Ship, Navios Shipmanagement Inc., a
corporation incorporated in the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands, or any other company (for the avoidance of doubt, other than an affiliate of
Navios Shipmanagement Inc.) which the Agent (acting on the instructions of the Majority Lenders) may approve from time to time as the commercial and technical manager of either Ship; 

“Approved Manager’s Undertaking” means, in relation to a Ship, a letter of undertaking including, without limitation, an
assignment of the Approved Manager’s rights, title and interest in the Insurances of the relevant Ship executed or to be executed by the Approved Manager in favour of the Security Trustee agreeing certain matters in relation to the Approved
Manager serving as the manager of that Ship and subordinating the rights of the Approved Manager against that Ship and that Borrower to the rights of the Creditor Parties under the Finance Documents, in such form as the Security Trustee, with the
authorisation of the Lenders, may approve or require and, in the plural, means both of them; 
 “Availability Period” means
the period commencing on the date of this Agreement and ending on: 

  

					
		  	2	  	

	 	(a)	18 May 2018, or such later date as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowers; or 

  

	 	(b)	if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated; 

“Bail-In Action” means the exercise of any Write-down and Conversion Powers. 

“Bail-In Legislation” means: 

 

	 	(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and 

 

	 	(b)	in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. 

“Balloon Instalment” has the meaning given to it in Clause 8.1; 

“Basel III” means: 
  

	 	(a)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December
2010, each as amended, supplemented or restated; 

  

	 	(b)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text” published by the Basel
Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(c)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”; 

“Borrower” means each of Borrower A and Borrower B, and, in the plural, means both of them; 

“Borrower A” means Goldie Services Company a corporation incorporated and existing under the laws of the Marshall Islands
having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Borrower B” means Seymour Trading Company a corporation incorporated and existing under the laws of the Marshall Islands
having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 
 “Break
Costs” means the amount (if any) by which: 

  

					
		  	3	  	

	 	(a)	the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in an Advance or an Unpaid Sum to the last day of the current Interest Period in relation
to that Advance, the relevant part of that Advance or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds 
  

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market for a period starting on
the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

 “Business
Day” means a day on which banks are open in London, Athens, Oslo, Stockholm and Amsterdam and in respect of a day on which a payment is required to be made under a Finance Document, also in New York City; 

“Charterparty” means, in relation to a Ship, any charterparty in respect of that Ship of a duration exceeding or capable of
exceeding 12 months, made on terms and with a charterer acceptable in all respects to the Lenders; 
 “Charterparty
Assignment” means, in relation to a Ship, the deed of assignment of any Charterparty in favour of the Security Trustee, in such form as the Lenders may approve or require; 

“Code” means the United States Internal Revenue Code of 1986; 

“Commitment” means, in relation to a Lender, the amount set opposite its name in Schedule 1 or, as the case may require, the
amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments” means the aggregate of the Commitments of all the Lenders);

 “Common Units” has the meaning given to such term in the Third Amended and Restated Agreement of Limited Partnership of
the Corporate Guarantor; 
 “Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended
form of the Loan Market Association (LMA) or in any other form agreed between the Borrowers and the Agent; 
 “Confidential
Information” means all information relating to the Borrowers, any Security Party, the Group, the Finance Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or
which is received by a Creditor Party in relation to, or for the purpose of becoming a Creditor Party under, the Finance Documents or the Loan from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

					
		  	4	  	

	 	(b)	another Creditor Party, if the information was obtained by that Creditor Party directly or indirectly from any member of the Group or any of its advisers, in whatever form, and includes information given orally and any
document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes: 

  

	 	(i)	information that: 

  

	 	(A)	is or becomes public information other than as a direct or indirect result of any breach by that Creditor Party of Clause 30; or 

  

	 	(B)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

 

	 	(C)	is known by that Creditor Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Creditor Party after that date, from a source which
is, as far as that Creditor Party is aware, unconnected with the Group and which, in either case, as far as that Creditor Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and

  

	 	(ii)	any Funding Rate or any quotation supplied to the Agent by a Reference Bank; 

“Confidential Rate” means any quotation supplied to the Agent by a Reference Bank or any Funding Rate; 

“Contractual Currency” has the meaning given in Clause 21.5; 

“Contribution” means, in relation to a Lender, the part of the Loan which is owing to that Lender; 

“Corporate Guarantee” means the guarantee to be given by the Corporate Guarantor in favour of the Security Trustee,
guaranteeing the obligations of the Borrowers under this Agreement and the other Finance Documents, in such form as the Lenders may approve or require; 

“Corporate Guarantor” means Navios Maritime Partners L.P. a limited partnership formed in the Marshall Islands whose
registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 and listed on the New York Stock Exchange; 

“Creditor Party” means the Agent, the Security Trustee, any Mandated Lead Arranger or any Lender, whether as at the date of
this Agreement or at any later time; 
 “Designated Unitholders” means Mrs Angeliki Frangou either directly or indirectly
(through entities owned and controlled by her or trusts or foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. or any of its affiliates being, either individually or together, the ultimate beneficial owner(s) of, or
having ultimate control of the voting rights attaching to, at least 15 per cent. of all the Common Units in the Corporate Guarantor and in the plural means all of them; 

“Dollars” and “$” means the lawful currency for the time being of the United States of America; 

  

					
		  	5	  	

 “Drawdown Date” means, in relation to an Advance, the date requested by the
Borrowers for the Advance to be made, or (as the context requires) the date on which the Advance is actually made; 
 “Drawdown
Notice” means a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires); 

“Earnings” means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or
contingently) to the Borrower owning that Ship or the Security Trustee and which arise out of the use or operation of that Ship, including (but not limited to): 
  

	 	(a)	all freight, hire and passage moneys, compensation payable to that Borrower or the Security Trustee in the event of requisition of the Ship owned by it for hire, remuneration for salvage and towage services, demurrage
and detention moneys and damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship; 

  

	 	(b)	all moneys which are at any time payable under Insurances in respect of loss of earnings; and 

  

	 	(c)	if and whenever that Ship is employed on terms whereby any moneys falling within paragraphs (a) or (b) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling
or sharing arrangement which is attributable to that Ship; 

 “Earnings Account” means, in relation to a Ship,
an account in the name of the Borrower owning that Ship with the Account Bank which is approved by the Lenders in writing as the Earnings Account in respect of that Ship for the purposes of this Agreement, and, in the plural, means both of them;

 “EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway; 

“Environmental Claim” means: 
  

	 	(a)	any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law; or 

 

	 	(b)	any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident, 

and “claim” means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar
to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means in relation to a Ship: 

 

	 	(a)	any release of Environmentally Sensitive Material from that Ship; or 

  

					
		  	6	  	

	 	(b)	any incident in which Environmentally Sensitive Material is released from a vessel other than that Ship and which involves a collision between that Ship and such other vessel or some other incident of navigation or
operation, in either case, in connection with which that Ship is actually or potentially liable to be arrested, attached, detained and/or injuncted and/or that Ship and/or the Borrower which is the owner thereof and/or any operator or manager of
that Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or 

  

	 	(c)	any other incident in which Environmentally Sensitive Material is released otherwise than from that Ship and in connection with which that Ship is actually or potentially liable to be arrested and/or where the Borrower
which is the owner thereof and/or any operator or manager of that Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; 

“Environmental Law” means any law relating to pollution or protection of the environment, to the carriage of Environmentally
Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material; 
 “Environmentally Sensitive
Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous; 

“EU Bail-In Legislation Schedule” means the document described as such and published
by the Loan Market Association (or any successor person) from time to time; 
 “Event of Default” means any of the events or
circumstances described in Clause 19.1; 
 “FATCA” means: 

 

	 	(a)	sections 1471 to 1474 of the Code or any associated regulations; 

  

	 	(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or
regulation referred to in paragraph (a) above; or 

  

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction; 

 “FATCA Deduction” means a deduction or withholding from a payment
under any Finance Document required by or under FATCA; 
 “FATCA Exempt Party” means a party to a Finance Document that is
entitled to receive payments free from any FATCA Deduction; 
 “FATCA FFI” means a foreign financial institution as defined
in section 1471(d)(4) of the Code which, if any Creditor Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction; 

“Finance Documents” means: 
  

	 	(a)	this Agreement; 

  

					
		  	7	  	

	 	(b)	the Agency and Trust Deed; 

  

	 	(c)	the Corporate Guarantee; 

  

	 	(d)	the General Assignments; 

  

	 	(e)	the Mortgages; 

  

	 	(f)	the Account Pledges; 

  

	 	(g)	the Charterparty Assignments; 

  

	 	(h)	the Approved Manager’s Undertakings; 

  

	 	(i)	the Shares Pledges; and 

  

	 	(j)	any other document (whether creating a Security Interest or not) which is executed at any time by a Borrower, the Corporate Guarantor, the Approved Manager, the Shareholder or any other person as security for, or to
establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement or any of the other documents referred to in this definition; 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of the debtor: 

 

	 	(a)	for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor; 

  

	 	(b)	under any loan stock, bond, note or other security issued by the debtor; 

  

	 	(c)	under any acceptance credit, guarantee or letter of credit facility or dematerialised equivalent made available to the debtor; 

  

	 	(d)	under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	(e)	under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires
netting of mutual liabilities, the liability of the debtor for the net amount; or 

  

	 	(f)	under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within (a) to (e) if the references to the debtor referred to the other
person; 

 “Funding Rate” means any rate notified to the Agent by a Lender pursuant to Clause 5.9; 

“General Assignment” means, in relation to a Ship, a general assignment of the Earnings, the Insurances and any Requisition
Compensation, in such form as the Lenders may approve or require and in the plural means both of them; 

  

					
		  	8	  	

 “Group” means together, the Borrowers, the Corporate Guarantor and their wholly-
owned subsidiaries (direct or indirect) from time to time during the Security Period and “member of the Group” shall be construed accordingly; 

“IACS” means the International Association of Classification Societies; 

“Insurances” means in relation to a Ship: 
  

	 	(a)	all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, which are effected in respect of that Ship, the Earnings or otherwise in relation to it
whether before, on or after the date of this Agreement; and 

  

	 	(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of
insurance or entry has expired on or before the date of this Agreement; 

 “Interest Period” means a period
determined in accordance with Clause 6; 
 “Interpolated Screen Rate” means, in relation to LIBOR for an Interest Period,
the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than that Interest Period; and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds that Interest Period, 

each as of 11.00 a.m. (London time) on the Quotation Date for the currency of the Loan; 

each at or about 11 a.m. (London time) on the relevant Quotation Date; 

“ISM Code” means, in relation to its application to the Borrowers, the Ships and their operation: 

 

	 	(a)	‘The International Management Code for the Safe Operation of Ships and for Pollution Prevention’, currently known or referred to as the ‘ISM Code’, adopted by the Assembly of the International
Maritime Organisation by Resolution A.741(18) on 4 November 1993 and incorporated on 19 May 1994 into chapter IX of the International Convention for the Safety of Life at Sea 1974 (SOLAS 1974); and 

 

	 	(b)	all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the future issued by or on behalf of the International Maritime Organisation or any other entity with
responsibility for implementing the ISM Code, including without limitation, the ‘Guidelines on implementation or administering of the International Safety Management (ISM) Code by Administrations’ produced by the International Maritime
Organisations pursuant to Resolution A.788(19) adopted on 25 November 1995, 

 as the same may be amended, supplemented or
replaced from time to time; 

  

					
		  	9	  	

 “ISM Code Documentation” includes, in relation to a Ship: 

 

	 	(a)	the document of compliance (DOC) and safety management certificate (SMC) issued pursuant to the ISM Code within the periods specified by the ISM Code; and 

 

	 	(b)	all other documents and data which are relevant to the ISM SMS and its implementation and verification which the Agent may require; and 

 

	 	(c)	any other documents which are prepared or which are otherwise relevant to establish and maintain that Ship’s or that Borrower’s compliance with the ISM Code which the Agent may require; 

“ISM SMS” means the safety management system which is required to be developed, implemented and maintained under the ISM Code;

 “ISPS Code” means the International Ship and Port Facility Security Code constituted pursuant to resolution A.924 (22) of
the International Maritime Organisation (“IMO”) adopted by a Diplomatic conference of the IMO on Maritime Security on 13 December 2002 and now set out in Chapter XI-2 of the Safety of
Life at Sea Convention (SOLAS) 1974 (as amended) to take effect on 1 July 2004; 
 “ISSC” means a valid and current
International Ship Security Certificate issued under the ISPS Code; 
 “Lender” means: 

 

	 	(a)	a bank or financial institution listed in Schedule 1 and acting through its branch or office indicated in Schedule 1 (or through another branch notified to the Borrowers under Clause 26.13) unless it has delivered a
Transfer Certificate or Certificates covering the entire amounts of its Commitment and its Contribution; and 

  

	 	(b)	the holder for the time being of a Transfer Certificate; 

 “LIBOR” means, for
an Interest Period: 
  

	 	(a)	the applicable Screen Rate; 

  

	 	(b)	(if no Screen Rate is available for that Interest Period) the Interpolated Screen Rate; or 

  

	 	(c)	if: 

  

	 	(i)	no Screen Rate is available for the currency of the Loan; or 

  

	 	(ii)	no Screen Rate is available for that Interest Period and it is not possible to calculate an Interpolated Screen Rate, 

the Reference Bank Rate, 
 as
of, in the case of paragraphs (a) and (c) above, 11.00 a.m. (London time) on the Quotation Date for the currency of the Loan and for a period equal in length to that Interest Period and, if any such rate is below zero, LIBOR will be deemed to
be zero; 
 “Loan” means the principal amount for the time being outstanding under this Agreement; 

  

					
		  	10	  	

 “Major Casualty” means, in relation to a Ship, any casualty to that Ship in
respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency; 

Majority Lenders” means: 
  

	 	(a)	before an Advance has been made, Lenders whose Commitments total 66.66 per cent. of the Total Commitments; and 

  

	 	(b)	after an Advance has been made, Lenders whose Contributions total 66.66 per cent. of the Loan; 

“Mandated Lead Arranger” means the Mandated Lead Arranger A, the Mandated Lead Arranger B or the Mandated Lead Arranger C and,
in the plural, means all of them; 
 “Mandated Lead Arranger A” means NIBC Bank N.V. acting through its office at
Carnegieplein 4, 2517 KJ, The Hague, Netherlands; 
 “Mandated Lead Arranger B” means Nordea Bank AB (Publ), filial i Norge
acting through its office at Essendropsgate 7, 0368 Oslo, Norway; 
 “Mandated Lead Arranger C” means Skandinaviska Enskilda
Banken AB (Publ) acting through its office at Kungsträdgardsgatan 8, 106 40 Stockholm, Sweden; 
 “Margin” means
3 per cent. per annum; 
 “Market Value” means the market value of the Ship determined from time to time in accordance
with Clause 15.4; 
 “Maturity Date” means, in respect of each Advance, the earlier of: 

 

	 	(i)	the date falling on the fifth anniversary of the relevant Drawdown Date; and 

  

	 	(ii)	18 May 2023; 

 “MOA” has the meaning given to that term in Schedule 5;

 “Mortgage” means, in relation to a Ship, the first preferred or, as the case may be, priority ship mortgage and, if
applicable, deed of covenant collateral thereto on that Ship, executed by the Borrower which is the owner thereof in favour of the Security Trustee or (as the case may be) the Lenders, in such form as the Lenders may approve or require and in the
plural means both of them; 
 “Negotiation Period” has the meaning given in Clause 5.9; 

“Notifying Lender” has the meaning given in Clause 23.1 or Clause 24.2 as the context requires; 

“Payment Currency” has the meaning given in Clause 21.5; 

“Permitted Security Interests” means: 
  

	 	(a)	Security Interests created by the Finance Documents; 

  

					
		  	11	  	

	 	(b)	liens for unpaid crew’s wages in accordance with usual maritime practice; 

  

	 	(c)	liens for salvage; 

  

	 	(d)	liens arising by operation of law for not more than 2 months’ prepaid hire under any charter in relation to a Ship not prohibited by this Agreement; 

 

	 	(e)	liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship,
provided such liens do not secure amounts more than 45 days overdue (unless the overdue amount is being contested by the relevant Borrower in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to
Clause 14.13(f); 

  

	 	(f)	any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for costs and expenses where the relevant Borrower is prosecuting
or defending such action in good faith by appropriate steps; and 

  

	 	(g)	Security Interests arising by operation of law in respect of taxes which are not overdue for payment other than taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have
been made; 

 “Pertinent Jurisdiction”, in relation to a company, means: 

 

	 	(a)	England and Wales; 

  

	 	(b)	the country under the laws of which the company is incorporated or formed; 

  

	 	(c)	a country in which the company’s central management and control is or has recently been exercised; 

  

	 	(d)	a country in which the overall net income of the company is subject to corporation tax, income tax or any similar tax; 

  

	 	(e)	a country in which assets of the company (other than securities issued by, or loans to, related companies) having a substantial value are situated, in which the company maintains a permanent place of business, or in
which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; and 

  

	 	(f)	a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company or which would have such jurisdiction if their assistance were requested by the courts of
a country referred to in paragraphs (b) or (c) above; 

 “Potential Event of Default” means an event or
circumstance which, with the giving of any notice, the lapse of time, a determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default; 

“Purchase Price” has the meaning given to that term in Schedule 5; 

  

					
		  	12	  	

 “Quotation Date” means, in relation to any Interest Period (or any other period
for which an interest rate is to be determined under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the London Interbank Market for deposits in the currency in relation to which such
rate is to be determined for delivery on the first day of that Interest Period or other period. 
 “Reference Bank” means,
in relation to the determination of LIBOR and any mandatory costs, Skandinaviska Enskilda Banken AB (Publ) and Nordea Bank Ab (Publ), filial i Norge or such other bank as may be appointed by the Agent after consultation with the Borrower; 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request by the Reference Banks, as the rate at which each Reference Bank could borrow funds in the London interbank market, in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank
offers for deposits in reasonable market size in that currency and for that period. 
 “Related Fund” means in relation to a
fund (the “first fund”), a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment
manager or investment adviser is an affiliate of the investment manager or investment adviser of the first fund. 
 “Relevant
Person” has the meaning given in Clause 19.9; 
 “Repayment Date” means a date on which a repayment is required to
be made under Clause 8; 
 “Repayment Instalment” has the meaning given to it in Clause 8.1; 

“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian; 

“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred
to in paragraph (b) of the definition of “Total Loss”; 
 “Resolution Authority” means any body which has
authority to exercise any Write-down and Conversion Powers; 
 “Restricted Party” means a person: 

 

	 	(a)	that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person); 

  

	 	(b)	that is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of, a country which is subject to Sanctions Laws; or 

 

	 	(c)	that is directly or indirectly owned or controlled by a person referred to in (a) and/or (b) above; or 

  

	 	(d)	with which any Lender is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws. 

  

					
		  	13	  	

 “Sanctions Authority” means the Norwegian state, the Swedish state, The
Netherlands, the United Nations, the European Union, the United Kingdom, the United States of America, the Monetary Authority of Singapore and the Hong Kong Monetary Authority and any authority acting on behalf of any of them in connection with
Sanctions Laws; 
 “Sanctions Laws” means the economic or financial sanctions laws and/or regulations, trade embargoes,
prohibitions, restrictive measures, decisions, Executive Orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority; 

“Sanctions List” means any list of persons or entities published in connection with Sanctions Laws by or on behalf of any
Sanctions Authority; 
 “Screen Rate” means the London interbank offered rate administrated by ICE Benchmark Administration
Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on the relevant pages of the Reuters screen (or any replacement Reuters page which displays that rate or on the appropriate
page of such other information service which publishes that rate from time to time in place of Reuters). If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation
with the Borrowers; 
 “Security Cover Ratio” means, at any relevant time, the aggregate of (i) the aggregate of the
Market Value of the Mortgaged Ships and (ii) the net realisable value of any additional security provided at that time under Clause 15, at that time expressed as a percentage of the Loan; 

“Secured Liabilities” means all liabilities which the Borrowers, the Security Parties or any of them have, at the date of this
Agreement or at any later time or times, under or by virtue of the Finance Documents or any judgment relating to the Finance Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or
variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country; 

“Security Interest” means: 
  

	 	(a)	a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind; and 

 

	 	(b)	the rights of the plaintiff under an action in rem in which the vessel concerned has been arrested or a writ has been issued or similar step taken. 

“Security Party” means the Corporate Guarantor, the Approved Manager, the Shareholder and any other person (except a Creditor
Party) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the final paragraph of the definition of “Finance Documents”; 

“Security Period” means the period commencing on the date of this Agreement and ending on the date on which the Agent notifies
the Borrowers, the Security Parties and the other Creditor Parties that: 
  

	 	(a)	all amounts which have become due for payment by a Borrower or any Security Party under the Finance Documents have been paid in full; 

 

	 	(b)	no amount is owing or has accrued (without yet having become due for payment) under any Finance Document; 

  

					
		  	14	  	

	 	(c)	no Borrower nor any Security Party has any future or contingent liability under Clause 20, 21 or 22 below or any other provision of this Agreement or another Finance Document; and 

 

	 	(d)	the Agent, the Security Trustee, the Mandated Lead Arrangers and the Lenders do not consider that there is a significant risk that any payment or transaction under a Finance Document would be set aside, or would have to
be reversed or adjusted, in any present or possible future bankruptcy of a Borrower or a Security Party or in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security
Interest created by a Finance Document; 

 “Security Trustee” means Skandinaviska Enskilda Banken AB (Publ)
with its registered office at Kungsträdgardsgatan 8, 10640 Stockholm, Sweden, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 

“Seller” has the meaning given to that term in Schedule 5; 

“Shares Pledge” means, in respect of all the issued shares in either Borrower, a pledge of such shares executed or to be
executed by the Shareholder in favour of the Security Trustee, in such form as the Lenders may approve or require and in the plural means both of them; 

“Shareholder” means Navios Maritime Operating L.L.C., a limited liability company formed and existing in the Republic of the
Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960; 

“Ship” means each of Ship A and Ship B, and, in the plural, means both of them; 

“Ship A” has the meaning given to that term in Schedule 5; 

“Ship B” has the meaning given to that term in Schedule 5; 

“Term B Loan” means the credit agreement dated as of 14 March 2017 (as amended, restated, supplemented or otherwise
modified from time to time), by and among the Corporate Guarantor and Navios Partners Finance (US) Inc., a Delaware corporation, as borrowers, the lenders from time to time party thereto and Morgan Stanley Senior Funding, Inc., as administrative
agent for the lenders; 
 “Total Loss” means in relation to a Ship: 

 

	 	(a)	actual, constructive, compromised, agreed or arranged total loss of that Ship; 

  

	 	(b)	any expropriation, confiscation, requisition or acquisition of that Ship whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is
effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority, excluding a requisition for hire for a fixed period not exceeding one year without any right to an
extension unless that Ship is within 30 days redelivered to the full control of the Borrower owning that Ship; 

  

	 	(c)	any condemnation of that Ship by any tribunal or by any person or person claiming to be a tribunal; and 

  

					
		  	15	  	

	 	(d)	any arrest, capture, seizure, confiscation or detention of that Ship (including any hijacking or theft) unless it is within the Relevant Period redelivered to the full control of the Borrower owning that Ship;

 “Relevant Period” means: 
  

	 	(i)	in the case of any arrest of a Ship, 1 month; and 

  

	 	(ii)	in the case of piracy or capture, seizure, confiscation or detention of a Ship (including any hijacking or theft), 90 days Provided that if the relevant underwriters confirm to the Agent in writing prior to the
end of the 90-day period referred to in (i) above that the relevant Ship is subject to an approved piracy insurance cover, the earlier of 270 days after the date on which that Ship is captured by pirates
and the date on which the piracy insurance cover expires; 

 “Total Loss Date” means in relation to a Ship:

  

	 	(a)	in the case of an actual loss, the date on which it occurred or, if that is unknown, the date when that Ship was last heard of; 

  

	 	(b)	in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earlier of: 

  

	 	(i)	the date on which a notice of abandonment is given to the insurers; and 

  

	 	(ii)	the date of any compromise, arrangement or agreement made by or on behalf of the Borrower owning that Ship, with that Ship’s insurers in which the insurers agree to treat that Ship as a total loss; and

  

	 	(c)	in the case of any other type of total loss, on the earlier of: 

  

	 	(i)	the date at which a total loss is subsequently admitted by such insurers; 

  

	 	(ii)	the date at which a total loss is subsequently adjudged by a competent court of law or arbitration tribunal to have occurred, if such insurers do not immediately admit such claim; or 

 

	 	(iii)	the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss occurred; 

“Transfer Certificate” has the meaning given in Clause 26.2; 

“Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Deed; 

“Unpaid Sum” means any sum due and payable but unpaid by a Borrower or any Security Party under the Finance Documents;

 “US” means the United States of America; 

“US GAAP” means generally accepted international accounting principles as from time to time in effect in the United States of
America; 
 “US Tax Obligor” means: 

  

					
		  	16	  	

	 	(a)	a person which is resident for tax purposes in the United States of America; or 

  

	 	(b)	a person some or all of whose payments under the Finance Documents are from sources within the United States for US federal income tax purposes; and 

“Write-down and Conversion Powers” means: 
  

	 	(a)	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in
relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and 

  

	 	(b)	in relation to any other applicable Bail-In Legislation: 

  

	 	(i)	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of
a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the
powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and 

  

	 	(ii)	any similar or analogous powers under that Bail-In Legislation. 

  

	1.2	Construction of certain terms 

 In this Agreement: 

“approved” means, for the purposes of the definition of “Total Loss” in Clause 1.1 and in Clause 13, approved in
writing by the Agent; 
 “asset” includes every kind of property, asset, interest or right, including any present, future or
contingent right to any revenues or other payment; 
 “company” includes any partnership, joint venture and unincorporated
association; 
 “consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing,
registration, notarisation and legalisation; 
 “contingent liability” means a liability which is not certain to arise
and/or the amount of which remains unascertained; 
 “document” includes a deed; also a letter or fax; 

“excess risks” means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges not
recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims; 

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value
added or other tax; 

  

					
		  	17	  	

 “law” includes any form of delegated legislation, any order or decree, any
treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation; 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise; 
 “months” shall be construed in accordance with Clause 1.3; 

“obligatory insurances” means, in relation to a Ship, all insurances effected, or which the Borrower owning that Ship, is
obliged to effect, under Clause 13 or any other provision of this Agreement or another Finance Document; 
 “parent company”
has the meaning given in Clause 1.4; 
 “person” includes any individual, any entity, any company; any state, political sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the
contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks covered by a protection and
indemnity association managed in London, including pollution risks, freight demurrage and defence risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and
machinery policies by reason of the incorporation therein of clause 1 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any
equivalent provision; 
 “regulation” includes any regulation, rule, official directive, request or guideline (either having
the force of law or compliance with which is reasonable in the ordinary course of business of the party concerned) of any governmental, intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation; 
 “subsidiary” has the meaning
given in Clause 1.4; 
 “successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to
any other person’s rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor
include a person to whom those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person; 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; 

  

					
		  	18	  	

 “war risks” means the risks according to Institute War and Strike Clauses (Hull
Time) (1/10/83) or (1/11/95), or equivalent conditions, including, but not limited to risk of mines, blocking and trapping, missing vessel, confiscation, piracy and all risks excluded from the standard form of English or other marine policy; and

 “which is continuing” or “is continuing”, a Potential Event of Default is continuing if it has not been
remedied or waived and an Event of Default is “continuing” if it has not been waived. 
  

	1.3	Meaning of “month” 

 A period of one or more “months” ends on the day
in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

 

	(a)	on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding
the numerically corresponding day; or 

  

	(b)	on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day,

 and “month” and “monthly” shall be construed accordingly. 

 

	1.4	Meaning of “subsidiary” 

 A company (S) is a subsidiary of another company
(P) if: 
  

	(a)	a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or

  

	(b)	P has direct or indirect control over a majority of the voting rights attached to the issued shares of S; 

and any company of which S is a subsidiary is a parent company of S Provided that there shall be excluded from this definition any
subsidiaries which are listed on a public stock exchange. 
  

	1.5	General Interpretation 

  

	(a)	In this Agreement: 

  

	 	(i)	references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the date of this Agreement or otherwise; 

 

	 	(ii)	references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise; and

  

	 	(iii)	words denoting the singular number shall include the plural and vice versa. 

  

					
		  	19	  	

	(b)	Clauses 1.1 to 1.4 and paragraph (a) of this Clause 1.5 apply unless the contrary intention appears. 

  

	(c)	References in Clause 1.1 to a document being in the form of a particular Appendix include references to that form with any modifications to that form which the Agent (with the authorisation of the Lenders in the case of
substantial modifications) approves or requires. 

  

	(d)	The clause headings shall not affect the interpretation of this Agreement. 

  

	2	LOAN FACILITY 

  

	2.1	Amount of loan facility 

 Subject to the other provisions of this Agreement, the Lenders
shall make available to the Borrowers a senior secured term loan facility in 2 Advances as follows: 
  

	(a)	Advance A shall be in an amount equal to the lesser of (a) $7,150,000 and (b) 65 per cent. of the Purchase Price of Ship A; and 

 

	(b)	Advance B shall be in an amount equal to the lesser of (a) $7,150,000 and (b) 65 per cent. of the Purchase Price of Ship B . 

  

	2.2	Lenders’ participations in Advances 

 Subject to the other provisions of this
Agreement, each Lender shall participate in each Advance in the proportion which, as at the Drawdown Date, its Commitment bears to the Total Commitments. 
  

	2.3	Purpose of Advances 

 The Borrowers undertake with each Creditor Party to use each
Advance to finance part of the acquisition cost of the Ship to which that Advance relates. 
  

	3	POSITION OF THE LENDERS 

  

	3.1	Interests of Lenders several 

 The rights of the Creditor Parties under this Agreement
are several; accordingly each Lender shall be entitled to sue for any amount which has become due and payable by the Borrowers to it under this Agreement without joining the Security Trustee or any other Creditor Party as additional parties in the
proceedings, save that the Security Interests created by any of the Finance Documents may only be enforced in accordance with Clause 19.2. 
  

	3.2	Proceedings by individual Creditor Party 

 However, without the prior consent of the
Lenders, no Creditor Party may bring proceedings in respect of: 
  

	(a)	any other liability or obligation of either Borrower or a Security Party under or connected with a Finance Document; or 

  

	(b)	any misrepresentation or breach of warranty by either Borrower or a Security Party in or connected with a Finance Document. 

  

					
		  	20	  	

	3.3	Obligations of Creditor Parties several 

 The obligations of the Lenders under this
Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in: 
  

	(a)	the obligations of the other Lenders being increased; nor 

  

	(b)	a Borrower, any Security Party or any other Lender being discharged (in whole or in part) from its obligations under any Finance Documents, 

and in no circumstances shall a Lender have any responsibility for a failure of another Lender to perform its obligations under this Agreement.

  

	3.4	Parties bound by certain actions of Lenders 

 Every Lender, either Borrower and each
Security Party shall be bound by: 
  

	(a)	any determination made, or action taken, by the Lenders under any provision of a Finance Document; 

  

	(b)	any instruction or authorisation given by the Lenders to the Agent or the Security Trustee under or in connection with any Finance Document; and 

 

	(c)	any action taken (or in good faith purportedly taken) by the Agent or the Security Trustee in accordance with such an instruction or authorisation. 

 

	3.5	Reliance on action of Agent 

 However, either Borrower and each Security Party: 

 

	(a)	shall be entitled to assume that the Lenders have duly given any instruction or authorisation which, under any provision of a Finance Document, is required in relation to any action which the Agent has taken or is about
to take; and 

  

	(b)	shall not be entitled to require any evidence that such an instruction or authorisation has been given. 

  

	3.6	Construction 

 In Clauses 3.4 and 3.5 references to action taken include (without
limitation) the granting of any waiver or consent, an approval of any document and an agreement to any matter. 
  

	4	DRAWDOWN 

  

	4.1	Request for Advance 

 Subject to the following conditions, the Borrowers may request an
Advance to be advanced by ensuring that the Agent receives a completed Drawdown Notice not later than 11.00 a.m. (Stockholm time) 2 Business Days prior to the intended Drawdown Date (or such other shorter period as the Lenders may agree). 

 

	4.2	Availability 

 The conditions referred to in Clause 4.1 are that: 

  

					
		  	21	  	

	(a)	the Drawdown Date has to be a Business Day during the Availability Period; 

  

	(b)	the amount of each Advance shall not exceed an amount equal to the lesser of: 

  

	 	(i)	65 per cent. of the Purchase Price of the Ship relevant to such Advance; 

  

	 	(ii)	in relation to each Advance, $7,150,000; and 

  

	(c)	the aggregate amount of the Advances shall not exceed the Total Commitments. 

  

	4.3	Notification to Lenders of receipt of a Drawdown Notice 

 The Agent shall promptly notify
the Lenders that it has received a Drawdown Notice and shall inform each Lender of: 
  

	(a)	the amount of the Advance and the Drawdown Date; 

  

	(b)	the amount of that Lender’s participation in the Advance; and 

  

	(c)	the duration of the first Interest Period. 

  

	4.4	Drawdown Notice irrevocable 

 A Drawdown Notice must be signed by an officer or other
authorised person of each Borrower; and once served a Drawdown Notice cannot be revoked without the prior consent of the Agent, acting on the authority of the Majority Lenders. 

 

	4.5	Lenders to make available Contributions 

 Subject to the provisions of this Agreement,
each Lender shall, on and with value on the Drawdown Date, make available to the Agent for the account of the Borrowers the amount due from that Lender under Clause 2.2. 
  

	4.6	Disbursement of Advance 

 Subject to the provisions of this Agreement, the Agent shall on
the Drawdown Date pay to the Borrowers the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrowers shall be made: 
  

	(a)	to the account which the Borrowers specify in the Drawdown Notice; and 

  

	(b)	in the like funds as the Agent received the payments from the Lenders. 

  

	5	INTEREST 

  

	5.1	Payment of normal interest 

 Subject to the provisions of this Agreement, interest on the
Loan in respect of each Interest Period shall be paid by the Borrowers on the last day of that Interest Period. 

  

					
		  	22	  	

	5.2	Normal rate of interest 

 Subject to the provisions of this Agreement, the rate of
interest on each Advance in respect of an Interest Period shall be the aggregate of (i) the Margin and (ii) LIBOR for that Interest Period subject to Clause 5.6 and 5.7. 

 

	5.3	Payment of accrued interest 

 In the case of an Interest Period longer than 3 months,
accrued interest shall be paid every 3 months during that Interest Period and on the last day of that Interest Period. 
  

	5.4	Notification of Interest Periods and rates of normal interest 

 The Agent shall notify
the Borrowers and each Lender of: 
  

	(a)	each rate of interest; and 

  

	(b)	the duration of each Interest Period, 

 as soon as reasonably practicable after each is
determined. 
  

	5.5	Obligation of Reference Bank to quote 

 Each of the Reference Banks which is a Lender
shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of interest under this Agreement unless that Reference Bank ceases to be a Lender pursuant to Clause 26.2. 

 

	5.6	Absence of quotations by Reference Bank 

 If any Reference Bank fails to supply a
quotation, the relevant rate of interest shall be set in accordance with the following provisions of this Clause 5. 
  

	5.7	Market disruption 

 The following provisions of this Clause 5 apply if: 

 

	(a)	LIBOR is to be determined by reference to the Reference Banks and no Reference Bank does, before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide quotations to the Agent in order to fix
LIBOR; or 

  

	(b)	at least 1 Business Day before the start of an Interest Period, a Lender or Lenders (whose participation in an Advance or the relevant part of such Advance exceeds 35 per cent of that Advance or the relevant part
of such Advance) may notify the Agent that LIBOR fixed by the Agent would not accurately reflect the cost to that Lender or, as the case may be, those Lenders of funding its or their respective Contribution(s) (or any part of it) during the Interest
Period in the London Interbank Market at or about 11.00 a.m. (London time) on the Quotation Date for the Interest Period. 

  

	5.8	Notification of market disruption 

 The Agent shall promptly notify the Borrowers and
each of the Lenders stating the circumstances falling within Clause 5.7 which have caused its notice to be given in which case Clause 5.9 shall apply. 

  

					
		  	23	  	

	5.9	Cost of funds 

  

	(a)	If this Clause 5.9 applies, the rate of interest on the relevant Advance or the relevant part of that Advance for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

  

	 	(i)	the Margin; and 

  

	 	(ii)	the weighted average of the rates notified to the Agent by each Lender as soon as practicable and in any event within 5 Business Days of the first day of that Interest Period (or, if earlier, on the date falling 3
Business Days before the date on which interest is due to be paid in respect of that Interest Period) to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in that Advance or that part
of that Advance from whatever source it may reasonably select. 

  

	(b)	If this Clause 5.9 applies and the Agent or the Borrowers so require, the Agent, the Lenders and the Borrowers shall enter into negotiations (for a period of not more than 30 days after the date on which the Agent
serves its notice under Clause 5.8 (the “Negotiation Period”)) with a view to agreeing an alternative interest rate or (as the case may be) an alternative basis for the Lenders to fund or continue to fund their or its Contribution
during the Interest Period concerned. 

  

	(c)	Any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of the Lenders and the Borrowers, be binding on all parties. 

 

	5.10	Application of agreed alternative rate of interest 

 Any alternative interest rate or an
alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed. 
  

	5.11	Alternative rate of interest in absence of agreement 

 If an alternative interest rate or
alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, the Agent shall set an interest period, with the agreement of each Lender, and interest rate (which
shall be determined in accordance with Clause 5.9(a)); and the procedure provided for by this Clause 5.11 shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent. 

 

	5.12	Notice of prepayment 

 If the Borrowers do not agree with an interest rate set by the
Agent under Clause 5.11, the Borrowers may give the Agent not less than 10 Business Days’ notice of their intention to prepay at the end of the interest period set by the Agent. 

 

	5.13	Prepayment; termination of Commitments 

 A notice under Clause 5.12 shall be irrevocable;
the Agent shall promptly notify the Lenders of the Borrowers’ notice of intended prepayment; and on the last Business Day of the interest period set by the Agent, the Borrowers shall prepay (without premium or penalty) the relevant Advance or,
as the case may be, part of such Advance, together with accrued interest thereon at the applicable rate plus the Margin. 

  

					
		  	24	  	

	5.14	Application of prepayment 

 The provisions of Clause 8 shall apply in relation to the
prepayment. 
  

	6	INTEREST PERIODS 

  

	6.1	Commencement of Interest Periods 

 The first Interest Period applicable to an Advance
shall commence on the Drawdown Date applicable to that Advance and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period. 
  

	6.2	Duration of normal Interest Periods 

 Subject to Clauses 6.3 and 6.4, each Interest
Period shall be: 
  

	(a)	3 months; or 

  

	(b)	such other period as the Agent, with the authorisation of all Lenders, may agree with the Borrowers. 

  

	6.3	Duration of Interest Periods for Repayment Instalments 

 In respect of an amount due to
be repaid under Clause 8 on a particular Repayment Date, an Interest Period shall end on that Repayment Date. 
  

	6.4	Non-availability of matching deposits for Interest Period selected 

If, after the Borrowers have selected an Interest Period longer than 3 months, any Lender notifies the Agent by 11.00 a.m. (London time) on the
third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences,
the Interest Period shall be 3 months. 
  

	7	DEFAULT INTEREST 

  

	7.1	Payment of default interest on overdue amounts 

 The Borrowers shall pay interest in
accordance with the following provisions of this Clause 7 on any amount payable by either Borrower under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that
is: 
  

	(a)	the date on which the Finance Documents provide that such amount is due for payment; or 

  

	(b)	if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or 

  

	(c)	if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable. 

  

					
		  	25	  	

	7.2	Default rate of interest 

  

	(a)	If a Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment)
at a rate which, subject to paragraph (b) below, is 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part
of the relevant Advance in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting on the instructions of the Lenders). Any interest accruing under this Clause 7.2 shall be immediately payable
by the Borrowers on demand by the Agent. 

  

	(b)	If an Unpaid Sum consists of all or part of that Advance which became due on a day which was not the last day of an Interest Period relating to that Advance or that part of that Advance: 

 

	 	(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the relevant Advance or that part of that Advance; and 

 

	 	(ii)	the rate of interest applying to that Unpaid Sum during that first Interest Period shall be 2 per cent. per annum higher than the rate which would have applied if that Unpaid Sum had not become due.

  

	7.3	Notification of interest periods and default rates 

  

	(a)	The Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest under Clause 7. 

  

	(b)	The Agent shall promptly notify the Borrower of each Funding Rate relating to the relevant Advance, any part of that Advance or any Unpaid Sum. 

 

	7.4	Payment of accrued default interest 

 Subject to the other provisions of this Agreement,
any interest due under this Clause shall be paid on the last day of the period by reference to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 

 

	7.5	Compounding of default interest 

 Default interest (if unpaid) arising on an Unpaid Sum
will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable. 
  

	8	REPAYMENT AND PREPAYMENT 

  

	8.1	Amount of repayment instalments 

 The Borrowers shall repay each Advance by: 

 

	(a)	20 equal consecutive quarterly instalments, each in the amount of $298,000 (each a “Repayment Instalment” and, together, the “Repayment Instalments”); and

  

					
		  	26	  	

	(b)	a balloon instalment in the amount of $1,190,000 (the “Balloon Instalment”), 

Provided that in respect of either Advance, if the amount made available in respect of either Advance is less than $7,150,000 the
aggregate amount of the Repayment Instalments and the Balloon Instalment in respect of the relevant Advance shall be reduced by an amount equal to the undrawn amount on a pro rata basis. 

 

	8.2	Repayment Dates 

 The first Repayment Instalment in respect of each Advance shall be
repaid on the date falling 3 months after the Drawdown Date relating to that Advance with the remaining Repayment Instalments to be repaid at 3-monthly intervals thereafter and the last Repayment Instalment
together with the Balloon Instalment shall be paid on the relevant Maturity Date. 
  

	8.3	Final Repayment Date 

 On the final Repayment Date, the Borrowers shall additionally pay
to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document. 
  

	8.4	Voluntary prepayment 

 Subject to the following conditions, the Borrowers may prepay the
whole or any part of the Loan on the last day of an Interest Period in respect thereof. 
  

	8.5	Conditions for voluntary prepayment 

 The conditions referred to in Clause 8.3 are that:

  

	(a)	a partial prepayment shall be $1,000,000 or an integral multiple of $1,000,000 or such lesser amount as is acceptable to the Agent (acting on the instructions of the Majority Lenders); 

 

	(b)	the Agent has received from the Borrowers at least 3 Business Days’ prior written notice specifying: 

  

	 	(i)	the amount to be prepaid and the date on which the prepayment is to be made (such date shall be the last day of an Interest Period); 

 

	 	(ii)	whether such prepayment will be applied against one of the Advances, in which case the Borrowers will specify the Advance against which that prepayment should be applied. A failure by the Borrowers to make such a
designation shall result in the prepayment being applied proportionately between each Advance and thereafter pro rata against the Instalments in respect of each Advance which are at the time being outstanding and each Balloon Instalment; and

  

	(c)	the Borrowers have provided evidence satisfactory to the Agent that any consent required by the Borrowers or any Security Party in connection with the prepayment has been obtained and remains in force, and that any
requirement relevant to this Agreement which affects the Borrowers or any Security Party has been complied with and shall include a representation to that effect in the notice referred to in (b) above. 

  

					
		  	27	  	

	8.6	Effect of notice of prepayment 

 A prepayment notice may not be withdrawn or amended
without the consent of the Agent, given with the authority of the Majority Lenders, and the amount specified in the prepayment notice shall become due and payable by the Borrowers on the date for prepayment specified in the prepayment notice. 

 

	8.7	Notification of notice of prepayment 

 The Agent shall notify the Lenders promptly upon
receiving a prepayment notice, and shall provide any Lender which so requests with a copy of any document delivered by the Borrowers under Clause 8.5(c). 
  

	8.8	Mandatory prepayment 

 The Borrowers shall be obliged to prepay the Relevant Amount: 

 

	(a)	if a Ship is sold, on or before the date on which the sale is completed by delivery of that Ship to the buyer; or 

  

	(b)	if a Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss; or

  

	(c)	if, without the prior written consent of the Lenders, the Designated Unitholders cease to own, in aggregate, less than 15 per cent. of all the Common Units of the Corporate Guarantor; or 

 

	(d)	either Borrower ceases to be a wholly owned indirect subsidiary of the Corporate Guarantor. 

 In
this Clause 8.8 “Relevant Amount” means, in the case of: 
  

	 	(i)	paragraphs (a) and (b) an amount equal to the higher of: 

  

	 	(A)	the Loan multiplied by a fraction whose: 

  

	 	(1)	numerator is the Market Value of the Ship being sold or which has become a Total Loss on the date on which such sale is completed or, as the case may be, the date on which the Total Loss occurred; and 

 

	 	(2)	denominator is the aggregate Market Value of the Ships subject to a Mortgage (including the Ship which is being sold or has become a Total Loss) on the Total Loss Date; and 

 

	 	(B)	an amount, which after giving credit to the prepayment required to be made pursuant to this Clause 8.8, results in the Security Cover Ratio to be maintained pursuant to Clause 15.1 being no less than 120 per cent;
and 

  

	 	(ii)	paragraphs (c) and (d) the whole of the Loan. 

  

	8.9	Amounts payable on prepayment 

 A prepayment shall be made together with accrued interest
(and any other amount payable under Clause 21 below or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.1(b) but (subject to Clause
8.11) without premium or penalty. 

  

					
		  	28	  	

	8.10	Application of partial prepayment 

 Any prepayment shall be applied: 

 

	(a)	if made pursuant to Clause 8.4, first pro rata against the Repayment Instalments and secondly in reduction of the Balloon Instalment of the Advance being prepaid or in such other manner as the Agent (acting on the
instructions of the Lenders) may agree with the Borrowers; 

  

	(b)	if made pursuant to Clause 8.8: 

  

	 	(i)	FIRSTLY: against the Advance which has been used in part financing the relevant Ship and thereafter any balance shall be applied pro rata against the then outstanding Repayment Instalments and the Balloon Instalment of
the other Advance; and 

  

	 	(ii)	SECONDLY: pro rata towards repayment of any overdue interest, any Break Costs, any accrued interest relating to the Loan, any other costs, fees, expenses, commissions due under this Agreement; and 

 

	 	(iii)	THIRDLY: any surplus shall be released to the Borrowers Provided that no Event of Default or Potential Event of Default has occurred or is continuing. 

 

	(c)	If made pursuant to Clause 15.2, pro rata against the Advances and in relation to each Advance, pro rata against the Balloon Instalment and the Repayment Instalments of the Advance being prepaid or in such other manner
as the Agent (acting on the instructions of the Lenders) may agree with the Borrowers. 

  

	8.11	No reborrowing 

 No amount repaid or prepaid may be reborrowed. 

 

	9	CONDITIONS PRECEDENT 

  

	9.1	Documents, fees and no default 

 Each Lender’s obligation to contribute to an
Advance is subject to the following conditions precedent: 
  

	(a)	that on or before the date of this Agreement, the Lenders receive the documents described in Part A of Schedule 3 in a form and substance satisfactory to the Lenders and their lawyers; 

 

	(b)	that the Agent has received the arrangement fee on behalf of the Lenders referred to in Clause 20.1 and the first annual agency fee pursuant to Clause 20.2; 

 

	(c)	that, on or before the service of each Drawdown Notice, the Agent receives the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its lawyers; 

 

	(d)	that at the date of each Drawdown Notice and at each Drawdown Date: 

  

					
		  	29	  	

	 	(i)	no Event of Default or Potential Event of Default has occurred or is continuing or would result from the borrowing of the relevant Advance; and 

 

	 	(ii)	the representations and warranties in Clause 10 and those of the Borrowers or any Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with
reference to the circumstances then existing; 

  

	 	(iii)	none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and 

  

	 	(iv)	there has been no material adverse change in the business, management, condition (financial or otherwise), results of operations, state of affairs, operation, performance, prospects or properties of the Borrowers or
either of them and/or the Corporate Guarantor and its affiliates applying as at 31 December 2017; 

  

	(e)	that, if the ratio set out in Clause 15.1 were applied immediately following the making of an Advance, the Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause; and

  

	(f)	that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Agent may, with the authorisation of the
Majority Lenders, request by notice to the Borrowers prior to the Drawdown Date. 

  

	9.2	Waiver of conditions precedent 

 If the Majority Lenders, at their discretion, permit an
Advance to be borrowed before certain of the conditions referred to in Clause 9.1 are satisfied, the Borrowers shall ensure that those conditions are satisfied within 5 Business Days after the Drawdown Date (or such longer period as the Agent may,
with the authority of the Majority Lenders, specify). 
  

	10	REPRESENTATIONS AND WARRANTIES 

  

	10.1	General 

 Each Borrower represents and warrants (which representations and warranties
(other than the ones in Clauses 10.11 and 10.12) shall survive the execution of this Agreement and shall be deemed to be repeated throughout the Security Period on the first day of each Interest Period with respect to the facts and circumstances
then existing) to each Creditor Party as follows. 
  

	10.2	Status 

 Each Borrower is duly incorporated and validly existing and in good standing
under the laws of the Republic of the Marshall Islands. 
  

	10.3	Share capital and ownership 

 Each Borrower is authorised to issue 500 registered and/or
bearer shares, without par value, and the ownership of all those shares is held in registered form by the Shareholder, whose sole member is the Corporate Guarantor, free of any Security Interest or other claim. 

  

					
		  	30	  	

	10.4	Corporate power 

 Each Borrower has the corporate capacity, and has taken all corporate
action and obtained all consents necessary for it to: 
  

	(a)	execute the MOA to which it is a party, to purchase and pay for the Ship under that MOA and register that Ship in its name under Liberian flag; 

 

	(b)	continue to own the Ship owned by it under the relevant Approved Flag; 

  

	(c)	execute the Finance Documents to which that Borrower is a party; and 

  

	(d)	borrow under this Agreement and to make all the payments contemplated by, and to comply with, those Finance Documents to which that Borrower is a party. 

 

	10.5	Consents in force 

 All the consents referred to in Clause 10.4 remain in force and
nothing has occurred which makes any of them liable to revocation. 
  

	10.6	Legal validity; effective Security Interests 

 The Finance Documents to which that
Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents): 
  

	(a)	constitute that Borrower’s legal, valid and binding obligations enforceable against that Borrower in accordance with their respective terms; and 

 

	(b)	create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate, 

subject to any relevant insolvency laws affecting creditors’ rights generally. 

 

	10.7	No third party Security Interests 

 Without limiting the generality of Clause 10.6, at
the time of the execution and delivery of each Finance Document to which a Borrower is a party: 
  

	(a)	each Borrower will have the right to create all the Security Interests which that Finance Document purports to create; and 

  

	(b)	no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any asset to which any such Security Interest, by its terms,
relates. 

  

	10.8	No conflicts 

 The execution by a Borrower of each Finance Document to which it is a
party, and the borrowing by that Borrower of the Loan, and its compliance with each Finance Document to which it is a party will not involve or lead to a contravention of: 
  

	(a)	any law or regulation; or 

  

					
		  	31	  	

	(b)	the constitutional documents of that Borrower; or 

  

	(c)	any contractual or other obligation or restriction which is binding on that Borrower or any of its assets. 

  

	10.9	No withholding taxes 

 All payments which each Borrower is liable to make under the
Finance Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 
  

	10.10	No default 

 No Event of Default or Potential Event of Default has occurred and is
continuing or would result from the entry into, the performance of, or any transaction contemplated by, any Finance Document. 
  

	10.11	Information 

 All information which has been provided in writing by or on behalf of the
Borrowers or any member of the Group to any Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.5; all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.7;
and there has been no material adverse change in the financial position or state of affairs, operation, performance or prospects of the Borrowers or either of them or any Security Party (excluding the Approved Manager) as at 31 December 2017
from that disclosed to the Agent. 
  

	10.12	No litigation 

 No material, legal or administrative action involving either Borrower or
any Security Party (excluding the Approved Manager) has been commenced or taken or, to a Borrower’s knowledge, is likely to be commenced or taken. 
  

	10.13	Compliance with certain undertakings 

 At the date of this Agreement, each Borrower is in
compliance with Clauses 11.2, 11.4, 11.9 and 11.13. 
  

	10.14	Taxes paid 

 Each Borrower has paid all taxes applicable to, or imposed on or in relation
to that Borrower, its business or the Ship owned by it. 
  

	10.15	No money laundering; anti-bribery 

 None of the Borrowers, the Security Parties and the
Designated Unitholders nor any of their subsidiaries, directors or officers, or, to their best knowledge, any affiliate or employee of them, have engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or
anti-money laundering laws, regulations or rules in any applicable jurisdiction and each of the Borrowers, the Security Parties and the Designated Unitholders has instituted and maintains policies and procedures designed to prevent violation of such
laws, regulations and rules. 

  

					
		  	32	  	

	10.16	ISM Code, ISPS Code Compliance and Environmental Laws 

 All requirements of the ISM Code,
ISPS Code and Environmental Laws as they relate to the Borrowers, the Approved Manager and the Ships have been complied with. 
  

	10.17	No immunity 

 Neither Borrower, nor any of its assets is entitled to immunity on the
grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit attachment prior to judgement, execution or other enforcement). 

 

	10.18	Sanctions 

  

	(a)	Each Borrower, each Security Party and each other member of the Group and to the best of their knowledge (having made due inquiry), their joint ventures, and their respective directors, officers, employees, agents or
representatives has been and is in compliance with Sanctions Laws; 

  

	(b)	No Borrower, nor any Security Party, nor any other member of the Group, their joint ventures, and their respective directors, officers, employees, agents or representatives: 

 

	 	(i)	is a Restricted Party, or is involved in any transaction through which it is reasonably likely to become a Restricted Party; or 

  

	 	(ii)	is subject to or involved in any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws by any Sanctions Authority. 

 

	10.19	Insolvency 

 In relation to each Borrower, no corporate action, legal proceeding or other
procedure or step described in Clause 19.1(g) or creditors’ process described in that clause has been taken or, to its knowledge, threatened in relation to it, and none of the circumstances described in Clause 19.1(g) applies to it. 

 

	10.20	Validity and completeness of MOA 

  

	(a)	Each MOA constitutes valid, binding and enforceable obligations of the relevant Seller and the relevant Borrower respectively in accordance with its terms and: 

 

	(b)	the copy of that MOA delivered to the Agent before the date of this Agreement is a true and complete copy; and 

  

	(c)	no amendments or additions to that MOA have been agreed nor has the relevant Borrower or the relevant Seller waived any of their respective rights under that MOA. 

 

	11	GENERAL UNDERTAKINGS 

  

	11.1	General 

 Each Borrower undertakes with each Creditor Party to comply with the following
provisions of this Clause 11 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing. 

  

					
		  	33	  	

	11.2	Title and negative pledge 

 Each Borrower will: 

 

	(a)	hold the legal title to, and own the entire beneficial interest in the Ship owned by it, the Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for those
created by the Finance Documents and the effect of assignments contained in the Finance Documents; 

  

	(b)	not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future; and 

 

	(c)	procure that its liabilities under the Finance Documents to which it is party do and will rank at least pari passu with all other present and future unsecured liabilities, except for liabilities which are mandatorily
preferred by law. 

  

	11.3	No disposal of assets 

 No Borrower will transfer, lease or otherwise dispose of: 

 

	(a)	all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or 

  

	(b)	any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation, 

but paragraph (a) does not apply to any charter of a Ship as to which Clause 14.13 applies. 

 

	11.4	No other liabilities or obligations to be incurred 

 No Borrower will incur any liability
or obligation except: 
  

	(a)	liabilities and obligations under the MOA and the Finance Documents to which it is a party; 

  

	(b)	under the unsecured guarantee issued by that Borrower in respect of obligations of the Corporate Guarantor under the Term B Loan; 

  

	(c)	subject to other provisions of this Agreement, liabilities or obligations reasonably incurred in the ordinary course of trading, maintaining, repairing, operating and chartering the Ship owned by it; and

  

	(d)	Financial Indebtedness to any other corporation which is a member of the Group or individual who is a shareholder or majority shareholder in a member of the Group Provided that such Financial Indebtedness shall
be fully subordinated to the Loan and the Borrower shall, promptly following the Agent’s demand, execute or procure the execution of any documents which the Agent specifies to create or maintain the subordination of the rights of the relevant
member of the Group against the relevant Borrower to those of the Creditor Parties under the Finance Documents. 

  

					
		  	34	  	

	11.5	Information provided to be accurate 

 All financial and other information which is
provided in writing by or on behalf of a Borrower under or in connection with any Finance Document will be true, correct, accurate and not misleading and will not omit any material fact or consideration. 

 

	11.6	Provision of financial statements 

 Each Borrower will send or procure that they are sent
to the Agent: 
  

	(a)	as soon as possible, but in no event later than 120 days after the end of each 6-month period ending on 30 June in each financial year of the Corporate Guarantor (commencing
with the 6-month period ending on 30 June 2018), the semi-annual unaudited consolidated accounts (including profit and loss statement, balance sheet and cash flow statement) of the Group duly certified as
to their correctness by an officer of the Corporate Guarantor; and 

  

	(b)	as soon as possible, but in no event later than 180 days after the end of each financial year of the Corporate Guarantor (commencing with the financial year ended on 31 December 2017), the annual audited
consolidated financial statements of the Group; and 

  

	(c)	promptly after each request by the Agent, such further financial information about that Borrower, the Ship owned by it and the Corporate Guarantor or any other member of the Group (including, but not limited to,
information regarding the charter arrangements, Financial Indebtedness and operating expenses) as the Agent may require. 

  

	11.7	Form of financial statements 

 All accounts (audited and unaudited) delivered under
Clause 11.6 will: 
  

	(a)	be prepared in accordance with all applicable laws and US GAAP; 

  

	(b)	give a true and fair view of the state of affairs of the relevant person at the date of those accounts and of its profit for the period to which those accounts relate; and 

 

	(c)	fully disclose or provide for all significant liabilities of the Group. 

  

	11.8	Shareholder notices 

 Each Borrower will send to the Agent following a request by the
Agent, and at the same time as they are despatched, copies of all communications which are despatched to that Borrower’s shareholders or any class of them. 
  

	11.9	Consents 

 Each Borrower will, and will procure that each Security Party will, maintain
in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required: 
  

	(a)	for that Borrower and that Security Party to perform its obligations under any Finance Document or any Charterparty to which it is party; 

 

	(b)	for the validity or enforceability of any Finance Document and any Charterparty to which it is party; and 

  

					
		  	35	  	

	(c)	for that Borrower to continue to own and operate the Ship owned by it, 

 and that Borrower will,
and will procure that each Security Party will, comply with the terms of all such consents. 
  

	11.10	Maintenance of Security Interests 

 Each Borrower will: 

 

	(a)	at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and 

 

	(b)	without limiting the generality of paragraph (a) above, at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in all Pertinent Jurisdictions, pay any stamp,
registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the opinion of the Majority Lenders, is or has become necessary or desirable for any Finance Document to
be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 

  

	11.11	Notification of litigation 

 Each Borrower will provide the Agent with details of any
legal or administrative action involving that Borrower, any Security Party, the Approved Manager, the Ship owned by it, the Earnings or the Insurances in respect of that Ship as soon as such action is instituted or it becomes apparent to that
Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of any Finance Document. 
  

	11.12	Principal place of business 

 Each Borrower will maintain its place of business, and keep
its corporate documents and records, at the address stated in Clause 28.2(a); and neither Borrower will establish, or do anything as a result of which it would be deemed to have, a place of business in the United States or the United Kingdom or in
any place other than its current place of business. 
  

	11.13	Confirmation of no default 

 The Borrower will, within 2 Business Days after service by
the Agent of a written request, serve on the Agent a notice which is signed by an officer of the Borrower and which: 
  

	(a)	states that no Event of Default or Potential Event of Default has occurred; or 

  

	(b)	states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. 

The Agent may serve requests under this Clause 11.13 from time to time; this Clause 11.13 does not affect the Borrowers’ obligations under
Clause 11.14. 

  

					
		  	36	  	

	11.14	Notification of default 

 Each Borrower will notify the Agent as soon as that Borrower
becomes aware of the occurrence of an Event of Default or a Potential Event of Default and will thereafter keep the Agent fully up-to-date with all developments. 

 

	11.15	Provision of further information 

 Each Borrower will, as soon as practicable after
receiving the request, provide the Agent with any additional financial or other information relating: 
  

	(a)	to that Borrower, the Ship owned by it, the Insurances, the Earnings or the Corporate Guarantor; or 

  

	(b)	to any other matter relevant to, or to any provision of, a Finance Document; 

  

	(c)	any information requested in respect of that Borrower, the Corporate Guarantor, the Shareholder and the Designated Unitholders in connection with the Creditor Parties’ and/or the Account Bank’s “Know your
customer” regulations, including, but not limited to information required pursuant to all applicable laws and regulations, including, without limitation, the laws of the European Union, Sweden, Norway, The Netherlands, United Kingdom and the
United States of America in connection with that Borrower, the Corporate Guarantor and any other Security Party and their respective beneficial owners, 

which may be requested by the Agent, the Security Trustee or any Lender at any time. 

 

	11.16	Provision of copies and translation of documents 

 Each Borrower will supply the Agent
with a sufficient number of copies of the documents referred to above to provide 1 copy for each Creditor Party; if the Agent so requires in respect of any of those documents, that Borrower will provide a certified English translation prepared by a
translator approved by the Agent. 
  

	11.17	“Know your customer” checks. If: 

  

	(a)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; 

 

	(b)	any change in the status of either Borrower or any Security Party after the date of this Agreement; or 

  

	(c)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Agent or any Lender (or, in the case of paragraph (c), any prospective new Lender) to comply with “know your customer” or
similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and
other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case of the event described in paragraph (c), on behalf of any prospective new Lender) in order for the
Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  

					
		  	37	  	

	11.18	Use of proceeds 

 No proceeds of either Advance of the Loan shall be made available,
directly or indirectly, to or for the benefit of a Restricted Person nor shall they otherwise be applied in a manner or for a purpose prohibited by Sanctions Laws. 
  

	11.19	Sanctions 

 Each Borrower shall ensure that neither of them, nor any Security Party, any
other member of the Group or to the best of their knowledge (having made due inquiry) any of their joint ventures, or their respective directors, officers employees, agents or representatives or any other persons acting on any of their behalf, is or
will become a Restricted Party. 
  

	11.20	Information: sanctions 

 The Borrowers shall, and shall procure that the Security Parties
shall, supply to the Agent: 
  

	(a)	promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws against it, any of its direct or indirect owners, subsidiaries, other members
of the Group, any of their joint ventures or any of their respective directors, officers, employees, agents or representatives, as well as information on what steps are being taken with regards to answer or oppose such. 

 

	(b)	promptly upon becoming aware that it, any of its direct or indirect owners, subsidiaries, other members of the Group, any of their joint ventures or any of their respective directors, officers, employees, agents or
representatives has become or is reasonably likely to become a Restricted Party. 

  

	11.21	Hedging of interest rate risks – Right of first refusal 

 The Borrowers hereby grant
to the Lenders a right of first refusal for the purpose of hedging any part of the interest rate risk under this Agreement throughout the Security Period. In the event that the Borrowers decide to hedge their exposure under this Agreement, they
shall enter into such documentation as may be required by the relevant Lender (in such capacity the “Swap Bank”) and the provisions of this Agreement will be amended to incorporate the amendments required, including, but not limited
to, Clause 17 reflecting pari passu sharing in the security and receipts between the Lenders and the Swap Bank. 
  

	11.22	No amendment to MOA 

 No Borrower will agree to any material amendment or supplement to,
or waive or fail to enforce, the MOA to which it is a party or any of its provisions. 
  

	11.23	Dividends 

 The Borrowers may make or pay any dividend or other distribution (in cash or
in kind) in respect of their share capital Provided that no Event of Default has occurred or is continuing or will result from the making or payment of such dividend or distribution. 

  

					
		  	38	  	

	11.24	No change in financial year 

 No Borrower shall and shall procure that no Security Party
will change the end of its financial year. 
  

	12	CORPORATE UNDERTAKINGS 

  

	12.1	General 

 Each Borrower also undertakes with each Creditor Party to comply with the
following provisions of this Clause 12 at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit. 
  

	12.2	Maintenance of status 

 Each Borrower will maintain its separate corporate existence as a
corporation and remain in good standing under the laws of the Republic of the Marshall Islands. 
  

	12.3	Negative undertakings 

 No Borrower will: 

 

	(a)	carry on any business other than the ownership, chartering and operation of the Ship owned by it; or 

  

	(b)	provide any form of credit or financial assistance or issue guarantees in favour of any other corporation or individual other than: 

  

	 	(i)	in the normal course of its business; and 

  

	 	(ii)	the unsecured guarantees issued by that Borrower in respect of obligations of the Corporate Guarantor under the Term B Loan, 

Provided that the corporation or individual to whom the of credit or financial assistance has been granted or in favour of whom the
guarantee has been issued fully subordinates its rights to the rights of the Creditor Parties under the Finance Documents on terms acceptable to the Agent; 
  

	(c)	provide any form of credit or financial assistance to: 

  

	 	(i)	a person who is directly or indirectly interested in that Borrower’s share or loan capital; or 

  

	 	(ii)	any company in or with which such a person is directly or indirectly interested or connected, 

or enter into any transaction with or involving such a person or company on terms which are, in any respect, less favourable to that Borrower
than those which it could obtain in a bargain made at arms’ length; or 
  

	(d)	open or maintain any account with any bank or financial institution except accounts with the Account Bank for the purposes of the Finance Documents and any accounts disclosed to the Agent on or prior to the date of this
Agreement; or 

  

					
		  	39	  	

	(e)	issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share capital; or 

  

	(f)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or European banks, or enter into any transaction in a derivative; or

  

	(g)	enter into any form of amalgamation, merger or de-merger or any form of reconstruction or reorganisation; or 

 

	(h)	change its legal name and shall procure that no Security Party will change its legal name. 

  

	13	INSURANCE 

  

	13.1	General 

 Each Borrower undertakes with each Creditor Party to comply with the following
provisions of this Clause 13 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing. 
  

	13.2	Maintenance of obligatory insurances 

 Each Borrower shall keep the Ship owned by it, at
all times during the Security Period, insured at the expense of that Borrower against: 
  

	(a)	fire and usual marine risks (including hull and machinery and excess risks); and 

  

	(b)	war risks; and 

  

	(c)	protection and indemnity mean the usual risks including liability for oil pollution and excess war risk P&I cover; and 

  

	(d)	any other risks against which the Lenders consider, having regard to practices and other circumstances prevailing at the relevant time, it would in the opinion of the Lenders be reasonable for that Borrower to insure
and which are specified by the Security Trustee by notice to that Borrower. 

  

	13.3	Terms of obligatory insurances 

 Each Borrower shall effect such insurances: 

 

	(a)	in Dollars; 

  

	(b)	in the case of fire and usual marine risks and war risks, in such amounts as shall from time to time be approved by the Agent but in any event in an amount not less than the greater of (i) the Market Value of the
Ship owned by it and (ii) an amount which, when aggregated with the amount for which the other Ship then subject to a Mortgage is insured, is equal to 120 per cent. of the Loan; and 

 

	(c)	in the case of hull and machinery risks, in an amount on an agreed value basis for its Ship which is not less than the greater of (i) an amount which, when aggregated with the agreed value of the insurances in
respect of hull and machinery risks on the other Ships then subject to a Mortgage is not less than the amount of the Loan; and (ii) 80 per cent. of the Market Value of that Ship (and the remaining 20 per cent of the Market Value of that
Ship may be taken out by way of hull and freight interest insurances); 

  

					
		  	40	  	

	(d)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of
protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); 

  

	(e)	in relation to protection and indemnity risks in respect of the relevant Ship’s full value and tonnage; 

  

	(f)	on such terms as shall from time to time be approved in writing by the Agent (including, without limitation, a blocking and trapping clause); and 

 

	(g)	through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations
which are members of the International Group of Protection and Indemnity Associations. 

  

	13.4	Further protections for the Creditor Parties 

 In addition to the terms set out in Clause
13.3, each Borrower shall procure that the obligatory insurances shall: 
  

	(a)	subject always to paragraph (b), name that Borrower as the sole named assured unless the interest of every other named assured is limited: 

 

	 	(i)	in respect of any obligatory insurances for hull and machinery and war risks; 

  

	 	(A)	to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and

  

	 	(B)	to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and 

 

	 	(ii)	in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically
against it; 

  

	(b)	name (or be amended to name) the Security Trustee as mortgagee for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the
Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance; 

  

	(c)	name the Security Trustee as sole loss payee with such directions for payment as the Security Trustee may specify; 

  

	(d)	provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without set-off, counterclaim or deductions or
condition whatsoever; 

  

					
		  	41	  	

	(e)	provide that the insurers shall waive, to the fullest extent permitted by English law, their entitlement (if any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies of the
Security Trustee in respect of any rights or interests (secured or not) held by or available to the Security Trustee in respect of the Secured Liabilities, until the Secured Liabilities shall have been fully repaid and discharged, except that the
insurers shall not be restricted by the terms of this paragraph (d) from making personal claims against persons (other than either Borrower or any Creditor Party) in circumstances where the insurers have fully discharged their liabilities and
obligations under the relevant obligatory insurances; 

  

	(f)	provide that such obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Trustee; 

 

	(g)	provide that the Security Trustee may make proof of loss if that Borrower fails to do so; and 

  

	(h)	provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the interest of the Security Trustee, or if any obligatory insurance is allowed to
lapse for non-payment of premium, such cancellation, charge or lapse shall not be effective with respect to the Security Trustee for 30 days (or 7 days in the case of war risks) after receipt by the Security
Trustee of prior written notice from the insurers of such cancellation, change or lapse. 

  

	13.5	Renewal of obligatory insurances 

 Each Borrower shall: 

 

	(a)	at least 14 days before the expiry of any obligatory insurance: 

  

	 	(i)	notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Borrower proposes to renew that insurance and of the proposed terms of
renewal; and 

  

	 	(ii)	in case of any substantial change in insurance cover, obtain the Lenders’ approval to the matters referred to in paragraph (i) above; 

 

	(b)	at least 7 days before the expiry of any obligatory insurance, renew the insurance; and 

  

	(c)	procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Security Trustee in writing of the terms
and conditions of the renewal. 

  

	13.6	Copies of policies; letters of undertaking 

 Each Borrower shall ensure that all approved
brokers provide the Security Trustee with copies of all policies relating to the obligatory insurances which they effect or renew and of a letter or letters or undertaking in a form required by the Lenders and including undertakings by the approved
brokers that: 
  

	(a)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 13.4; 

 

	(b)	they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause; 

  

					
		  	42	  	

	(c)	they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances; 

  

	(d)	they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower or its agents and,
in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and 

  

	(e)	they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by it under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect
of that Ship or otherwise, they waive any lien on the policies or, any sums received under them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security Trustee. 

 

	13.7	Copies of certificates of entry 

 Each Borrower shall ensure that any protection and
indemnity and/or war risks associations in which the Ship owned by it is entered provides the Security Trustee with: 
  

	(a)	a certified copy of the certificate of entry for that Ship; and 

  

	(b)	a letter or letters of undertaking in such form as may be required by the Lenders; and 

  

	(c)	where required to be issued under the terms of insurance/indemnity provided by that Borrower’s protection and indemnity association, a certified copy of each United States of America voyage quarterly declaration
(or other similar document or documents) made by that Borrower in relation to that Ship in accordance with the requirements of such protection and indemnity association; and 

 

	(d)	a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Ship. 

 

	13.8	Deposit of original policies 

 Each Borrower shall ensure that all policies relating to
obligatory insurances are deposited with the approved brokers through which the insurances are effected or renewed. 
  

	13.9	Payment of premiums 

 Each Borrower shall punctually pay all premiums or other sums
payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Security Trustee. 
  

	13.10	Guarantees 

 Each Borrower shall ensure that any guarantees required by a protection and
indemnity or war risks association are promptly issued and remain in full force and effect. 

  

					
		  	43	  	

	13.11	Restrictions on employment 

 No Borrower shall employ the Ship owned by it, nor permit
her to be employed, outside the cover provided by any obligatory insurances. 
  

	13.12	Compliance with terms of insurances 

 No Borrower shall either do or omit to do (or
permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable thereunder repayable in whole or in part; and in particular: 

 

	(a)	each Borrower shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 13.6(c)
above) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval; 

 

	(b)	no Borrower shall make any changes relating to the classification or classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances; 

 

	(c)	each Borrower shall make all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the
United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and 

  

	(d)	no Borrower shall employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances (including but not limited to any applicable laws and
Sanctions), without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	13.13	Alteration to terms of insurances 

 No Borrower shall make or agree to any alteration to
the terms of any obligatory insurance or waive any right relating to any obligatory insurance without the prior written consent of the Security Trustee. 
  

	13.14	Settlement of claims 

 No Borrower shall settle, compromise or abandon any claim under
any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable
in respect of the obligatory insurances. 
  

	13.15	Provision of copies of communications 

 Each Borrower shall provide the Security Trustee,
at the time of each such communication, copies of all written communications in case of, but not limited to, an Event of Default, Total Loss or Major Casualty between that Borrower and: 

 

	(a)	the approved brokers; and 

  

					
		  	44	  	

	(b)	the approved protection and indemnity and/or war risks associations; and 

  

	(c)	the approved insurance companies and/or underwriters, which relate directly or indirectly to: 

  

	 	(i)	that Borrower’s obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and 

 

	 	(ii)	any credit arrangements made between that Borrower and any of the persons referred to in paragraphs (a) or (b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.

  

	13.16	Provision of information 

 In addition, each Borrower shall promptly provide the Security
Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated person) requests for the purpose of: 
  

	(a)	obtaining or preparing any report from an independent marine insurance broker appointed by the Agent as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or 

 

	(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 13.17 below or dealing with or considering any matters relating to any such insurances, 

and that Borrower shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees and other expenses incurred by or for the
account of the Security Trustee in connection with any such report as is referred to in paragraph (a) above. 
  

	13.17	Mortgagee’s interest and additional perils insurances 

 The Security Trustee shall
be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate:

  

	(a)	a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 100 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection
with any Finance Document which directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in
respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: 

 

	 	(i)	any act or omission on the part of that Borrower, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any
such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; 

  

	 	(ii)	any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that
Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or 

  

					
		  	45	  	

	 	(iii)	any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing; 

 

	(b)	a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 100 per cent. of the Loan, providing for the indemnification of the Security Trustee against, among other things,
any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being
insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, 

 and the
Borrowers shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or
considering, any matter arising out of any such insurance. 
  

	13.18	Review of insurance requirements 

 The Lenders shall be entitled to review the
requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Lenders, significant and capable of affecting either Borrower or either Ship
and its or their Insurances (including, without limitation, changes in the availability or the cost of Insurances or the risks to which the Borrower owning that Ship may be subject), and may appoint insurance consultants in relation to this review
at the cost of the Borrowers, such review to be carried out at the Agent’s request, at any time during the Security Period if the Agent (acting on the instructions of the Lenders) considers necessary (the reasonable fees of the insurance
consultants to conduct such review shall be deducted from the Earnings Accounts (or either of them) and each Borrower hereby irrevocably authorises the Agent to debit its Earnings Account in order to pay such fees) Provided that the Borrowers
shall not be required to pay the fees of the insurance consultants to conduct such review more often than once a year unless an Event of Default has occurred. 
  

	13.19	Modification of insurance requirements 

 The Security Trustee shall notify the Borrowers
of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the
Borrowers as an amendment to this Clause 13 and shall bind the Borrowers accordingly. 
  

	13.20	Compliance with mortgagee’s instructions 

 The Security Trustee shall be entitled
(without prejudice to or limitation of any other rights which it may have or acquire under any Finance Document) to require a Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the
Borrower owning that Ship implements any amendments to the terms of the obligatory insurances and any operational changes required as a result of a notice served under Clause 13.19. 

  

					
		  	46	  	

	14	SHIP COVENANTS 

  

	14.1	General 

 Each Borrower also undertakes with each Creditor Party to comply with the
following provisions of this Clause 14 at all times during the Security Period except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit in writing. 

 

	14.2	Ship’s name and registration 

 Each Borrower shall keep the Ship owned by it
registered in its name under an Approved Flag; shall not do or allow to be done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry of that Ship. 

 

	14.3	Repair and classification 

 Each Borrower shall keep the Ship owned by it in a good, safe
and seaworthy condition and state of repair: 
  

	(a)	consistent with first-class ship ownership and management practice; 

  

	(b)	so as to maintain the highest class with a classification society which is a member of IACS acceptable to the Agent (acting with the authorisation of the Lenders) free of overdue recommendations and conditions of such
classification society; 

  

	(c)	so as to comply with all laws and regulations applicable to vessels registered at ports of the Approved Flag State or to vessels trading to any jurisdiction to which such Ship may trade from time to time, including but
not limited to the ISM Code and the ISM Code Documentation and the ISPS Code; and 

  

	(d)	each Borrower shall use its best efforts to allow the Agent (or its agents), at any time, to inspect the original class and related records of that Borrower and the Ship owned by it electronically (through the
classification society directly) and to take copies of such records. 

  

	14.4	Modification 

 Neither Borrower shall make any modification or repairs to, or replacement
of, the Ship or equipment installed on the Ship owned by it which would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value. 

 

	14.5	Removal of parts 

 Neither Borrower shall remove any material part of the Ship owned by
it, or any item of equipment installed on, that Ship unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security
Interest or any right in favour of any person other than the Security Trustee and becomes on installation on the relevant Ship the property of that Borrower and subject to the security constituted by the relevant Mortgage Provided that each
Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to its Ship. 

  

					
		  	47	  	

	14.6	Surveys 

 Each Borrower shall submit the Ship owned by it regularly to all periodical or
other surveys which may be required for classification purposes and, if so required by the Lenders provide the Security Trustee, with copies of all survey reports. 
  

	14.7	Technical Survey 

 Without prejudice to each Borrower’s obligations pursuant to
Clause 14.6, each Borrower promptly following the request of the Agent (acting on the instructions of the Majority Lenders) will, submit the Ship for a technical survey by an independent surveyor or surveyors appointed by the Agent (provided such
technical survey does not interfere with the ordinary trading of the Ship owned by it). All fees and expenses incurred in relation to the appointment of the surveyor or surveyors and the preparation and issue of all technical reports pursuant to
this Clause 14.7 shall be for the account of the Borrowers. 
  

	14.8	Inspection 

 Each Borrower shall permit the Security Trustee (by surveyors or other
persons appointed by it for that purpose) to board the Ship owned by it at all times (but in any event without interfering with the ordinary trading of the Ship owned by it) to inspect its condition or to satisfy themselves about proposed or
executed repairs, shall afford all proper facilities for such inspections and pay to the Agent the amount of all fees, costs and expenses incurred in respect of such inspections Provided that so long as no Event of Default shall have occurred
that Borrower shall not be obliged to pay any fees and expenses in respect of more than one inspection of its Ship in any calendar year. 
  

	14.9	Prevention of and release from arrest 

 Each Borrower shall promptly discharge: 

 

	(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship owned by it, the Earnings or the Insurances; 

 

	(b)	all taxes, dues and other amounts charged in respect of the Ship owned by it, the Earnings or the Insurances; and 

  

	(c)	all other outgoings whatsoever in respect of the Ship owned by it, the Earnings or the Insurances, 

and, forthwith upon receiving notice of the arrest of that Ship, or of her detention in exercise or purported exercise of any lien or claim,
that Borrower shall procure her release by providing bail or otherwise as the circumstances may require. 
  

	14.10	Compliance with laws etc. 

 The Borrowers shall (and shall ensure that each Security
Party and each other member of the Group and their respective directors, officers, employees, as well as any manager and charterer of either Ship): 
  

	(a)	comply with all laws or regulations: 

  

	 	(i)	applicable to its business; and 

  

					
		  	48	  	

	 	(ii)	applicable to the Ship owned, chartered or managed by it, its ownership, employment, operation, management and registration. 

including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions Laws and the laws of the state of registration of that Ship; 

 

	(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environment Approvals; 

  

	(c)	without limiting paragraph (a) above, not employ that Ship nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code,
all Environmental Laws and all Sanctions Laws; and 

  

	(d)	in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit it to enter or trade to any zone which is declared a war zone by any government or by that Ship’s war risks
insurers unless the prior written consent of the Lenders has been given and that Borrower has (at its expense) effected any special, additional or modified insurance cover which the Lenders may require. 

 

	14.11	Provision of information 

 Each Borrower shall promptly provide the Security Trustee with
any information which the Lenders request regarding: 
  

	(a)	the Ship owned by it, its employment, position and engagements; 

  

	(b)	the Earnings and payments and amounts due to that Ship’s master and crew of that Ship; 

  

	(c)	any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made in respect of that Ship; 

 

	(d)	any towages and salvages; 

  

	(e)	any intended dry-docking of that Ship; 

  

	(f)	that Borrower’s, the Approved Manager’s compliance or the compliance of that Ship with the ISM Code and the ISPS Code; and 

 

	(g)	any other information which the Creditor Parties (or any of them) may reasonably request, 

 and,
upon the Security Trustee’s request, provide copies of any current charter relating to that Ship, and copies of that Borrower’s or the Approved Manager’s Document of Compliance or any other document issued under ISM Code
Documentation. 
  

	14.12	Notification of certain events 

 Each Borrower shall immediately notify the Security
Trustee by letter of: 
  

	(a)	any casualty which is or is likely to be or to become a Major Casualty; 

  

	(b)	any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; 

  

					
		  	49	  	

	(c)	any requirement or recommendation made by any insurer or classification society or by any competent authority which is not complied with in accordance with its terms; 

 

	(d)	any arrest or detention of the Ship owned by it, any exercise or purported exercise of any lien on the Ship or its Earnings or any requisition of such Ship for hire; 

 

	(e)	any dry docking of the Ship owned by it; 

  

	(f)	any Environmental Claim made against that Borrower or in connection with the Ship owned by it, or any Environmental Incident; 

  

	(g)	any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, the Approved Manager or otherwise in connection with the Ship owned by it; or 

 

	(h)	any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, 

and that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall
require of that Borrower’s, the Approved Manager’s or any other person’s response to any of those events or matters. 
  

	14.13	Restrictions on chartering, appointment of managers etc. 

 Neither Borrower shall, in
relation to the Ship owned by it: 
  

	(a)	let that Ship on demise charter for any period; 

  

	(b)	enter into any charter in relation to that Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; 

 

	(c)	charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; 

  

	(d)	appoint a manager of that Ship other than the Approved Manager or agree to any material alteration to the terms of the Approved Manager’s appointment which could lead to an Event of Default (“material
alterations” to include, without limitation, alterations concerning fees, duration and parties); 

  

	(e)	de-activate or lay up that Ship; or 

  

	(f)	put that Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first
given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or her Earnings for the cost of such work or otherwise. 

 

	14.14	Notice of Mortgage 

 Each Borrower shall keep the Mortgage relative to its Ship
registered against its Ship as a valid first priority or the case may be preferred mortgage, carry on board that Ship a certified copy of that Mortgage and place and maintain in a conspicuous place in the navigation room and the Master’s cabin
of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower to the Security Trustee. 

  

					
		  	50	  	

	14.15	Sharing of Earnings 

 Neither Borrower shall: 

 

	(a)	enter into any agreement or arrangement for the sharing of any Earnings; 

  

	(b)	enter into any agreement or arrangement for the postponement of any date on which any Earnings are due; the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of that
Borrower to any Earnings; or 

  

	(c)	enter into any agreement or arrangement for the release of, or adverse alteration to, any guarantee or Security Interest relating to any Earnings. 

 

	14.16	Time Charter Assignment 

 If a Borrower enters into any Charterparty, that Borrower
shall, at the request of the Agent, execute in favour of the Security Trustee a Charterparty Assignment, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4 and 5 of Part A and 6 of Part B of
Schedule 3 hereof as the Agent may require. 
  

	14.17	ISM Code, ISPS Code compliance and Environmental Laws 

 All requirements of the ISM Code,
ISPS Code and Environmental Laws as they relate to each Borrower, the Approved Manager, the Ship owned by the relevant Borrower shall be complied with at all times. 
  

	15	SECURITY COVER 

  

	15.1	Minimum required security cover 

 Clause 15.2 applies if the Agent (acting on the
instructions of the Lenders) notifies the Borrowers that the Security Cover Ratio is below 120 per cent.. 
  

	15.2	Provision of additional security; prepayment 

 If the Agent serves a notice on the
Borrowers under Clause 15.1 the Borrowers shall prepay such part (at least) of the Loan as will eliminate the shortfall on or before the date falling 45 days after the date on which the Agent’s notice is served under Clause 15.1 (the
“Prepayment Date”) unless at least 1 Business Day before the Prepayment Date it has provided, or ensured that a third party has provided, additional security which, in the reasonable opinion of the Lenders, has a net
realisable value at least equal to the shortfall is documented in such terms as the Agent, acting reasonably, may approve or require and, for this purpose, it is agreed that acceptable additional security shall include cash collateral in Dollars
(which shall be valued at par). 
 In this Clause 15.2 “security” means a Security Interest over an asset or assets (whether
securing a Borrower’s liabilities under the Finance Documents or a guarantee in respect of those liabilities), or a guarantee, letter of credit or other security (including any cash pledged to the Security Trustee) in respect of that
Borrower’s liabilities under the Finance Documents. 

  

					
		  	51	  	

	15.3	Requirement for additional documents 

 The Borrowers shall not be deemed to have complied
with Clause 15.2 above until the Agent has received in connection with the additional security certified copies of documents of the kinds referred to in paragraphs 3, 4 and 5 of Schedule 3, Part A and such legal opinions in terms acceptable to the
Majority Lenders from such lawyers as they may select. 
  

	15.4	Valuation of Ship 

 The market value of a Ship at any date is that shown (i) in a
valuation or (ii) (at the Lenders’ request acting in their sole discretion) by taking the average of 2 valuations, in each case prepared: 
  

	(a)	as at a date not more than 30 days previously; 

  

	(b)	by an Approved Broker selected by and appointed by the Borrower (unless the Borrower has not appointed an Approved Broker within 14 days of the Agent’s request in which case the Agent will be entitled to select and
appoint an Approved Broker); 

  

	(c)	with or without physical inspection of that Ship (as the Agent may require); and 

  

	(d)	on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment (as the
Agent may require). 

  

	15.5	Value of additional security 

 The net realisable value of any additional security which
is provided under Clause 15.1 and which consists of a Security Interest over a vessel shall be that shown by a valuation complying with the requirements of Clause 15.4. 
  

	15.6	Valuations binding 

 Any valuation under Clause 15.2, 15.4 or 15.5 shall be binding and
conclusive as regards the Borrowers, as shall be any valuation which the Majority Lenders make of a security which does not consist of or include a Security Interest. 
  

	15.7	Provision of information 

 The Borrowers shall promptly provide the Agent and any
Approved Broker or expert acting under Clause 15.4 or 15.5 with any information which the Agent or the Approved Broker or expert may request for the purposes of the valuation; and, if the Borrowers fail to provide the information by the date
specified in the request, the valuation may be made on any basis and assumptions which the Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 

 

	15.8	Payment of valuation expenses 

 Without prejudice to the generality of the
Borrowers’ obligations under Clauses 20.3, 20.4 and 20.5, the Borrowers shall, on demand, pay the Agent the amount of the fees and expenses of any Approved Broker or expert instructed by the Agent under this Clause and all legal and other
expenses incurred by any Creditor Party in connection with any matter arising out of this Clause Provided that so long as no Event of Default shall have occurred and is 

  

					
		  	52	  	

	 	
continuing all valuations of each Ship commissioned by the Agent for the purposes of this Clause 15 which confirm that the Borrowers have satisfied the test in Clause 15.1, neither Borrower shall
be obliged to pay the fees and expenses in respect of more than one valuation or (as applicable) one set of valuations of the Ship owned by it in any calendar year. 

 

	15.9	Frequency of valuations 

 The Borrowers acknowledge and agree that the Agent may
commission valuation(s) of either Ship on a quarterly basis or at such times as the Agent may reasonably request (including, without limitation, on the occurrence of an Event of Default). 

 

	16	PAYMENTS AND CALCULATIONS 

  

	16.1	Currency and method of payments 

 All payments to be made: 

 

	(a)	by the Lenders to the Agent; or 

  

	(b)	by either Borrower to the Agent, the Security Trustee or any Lender, 

 under a Finance Document
shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it: 
  

	 	(i)	by not later than 11.00 a.m. (New York City time) on the due date; 

  

	 	(ii)	in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time
for the settlement of international transactions of the type contemplated by this Agreement); 

  

	 	(iii)	to the account of Agent, as the Agent may from time to time notify to the Borrowers and the other Creditor Parties; and 

  

	 	(iv)	in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrowers and the other Creditor Parties. 

 

	16.2	Payment on non-Business Day 

 If any payment by
either Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 
  

	(a)	the due date shall be extended to the next succeeding Business Day; or 

  

	(b)	if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day, 

and interest shall be payable during any extension under paragraph (a) at the rate payable on the original due date. 

  

					
		  	53	  	

	16.3	Basis for calculation of periodic payments 

 All interest and any other payments under
any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

 

	16.4	Distribution of payments to Creditor Parties 

 Subject to Clauses 16.5, 16.6 and 16.7:

  

	(a)	any amount received by the Agent under a Finance Document for distribution or remittance to a Lender or the Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security
Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have notified to the Agent not less than 5 Business Days previously; and 

 

	(b)	amounts to be applied in satisfying amounts of a particular category which are due to the Lenders generally shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it.

  

	16.5	Permitted deductions by Agent 

 Notwithstanding any other provision of this Agreement or
any other Finance Document, the Agent may, before making an amount available to a Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent
is then entitled under any Finance Document to require that Lender to pay on demand. 
  

	16.6	Agent only obliged to pay when monies received 

 Notwithstanding any other provision of
this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrowers or any Lender any sum which the Agent is expecting to receive for remittance or distribution to the Borrowers or that Lender until the
Agent has satisfied itself that it has received that sum. 
  

	16.7	Refund to Agent of monies not received 

 If and to the extent that the Agent makes
available a sum to the Borrowers or a Lender, without first having received that sum, the Borrowers or (as the case may be) the Lender concerned shall, on demand: 
  

	(a)	refund the sum in full to the Agent; and 

  

	(b)	pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before
receiving it. 

  

	16.8	Agent may assume receipt 

 Clause 16.7 shall not affect any claim which the Agent has
under the law of restitution, and applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available. 

  

					
		  	54	  	

	16.9	Creditor Party accounts 

 Each Creditor Party shall maintain accounts showing the amounts
owing to it by the Borrowers and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrowers and any Security Party. 
  

	16.10	Agent’s memorandum account 

 The Agent shall maintain a memorandum account showing
the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender from the Borrowers and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrowers
and any Security Party. 
  

	16.11	Accounts prima facie evidence 

 If any accounts maintained under Clauses 16.9 and 16.10
show an amount to be owing by a Borrower or a Security Party to a Creditor Party, those accounts shall be prima facie evidence that that amount is owing to that Creditor Party. 

 

	17	APPLICATION OF RECEIPTS 

  

	17.1	Normal order of application 

 Except as any Finance Document may otherwise provide, any
sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied: 
  

	(a)	FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the following proportions: 

  

	 	(i)	first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at (ii) and (iii) below (including, but
without limitation, all amounts payable by either Borrower under Clauses 20, 21 and 22 of this Agreement or by either Borrower or any Security Party under any corresponding or similar provision in any other Finance Document); 

 

	 	(ii)	secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents; and 

 

	 	(iii)	thirdly, in or towards satisfaction of the Loan; 

  

	(b)	SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but which the Agent, by notice to the Borrowers (or either of them), the Security Parties and the other
Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the foregoing provisions of this Clause 17.1(a);

  

	(c)	THIRDLY: in or towards satisfaction of any amounts representing management fees then due and payable by the Borrowers (or either of them) to the Approved Manager in connection with the Ships; and 

  

					
		  	55	  	

	(d)	FOURTHLY: any surplus shall be paid to the Borrowers (or either of them) or to any other person appearing to be entitled to it. 

  

	17.2	Variation of order of application 

 The Agent may, with the authorisation of the Majority
Lenders by notice to the Borrowers, the Security Parties and the other Creditor Parties provide for a different manner of application from that set out in Clause 17.1 either as regards a specified sum or sums or as regards sums in a specified
category or categories. 
  

	17.3	Notice of variation of order of application 

 The Agent may give notices under Clause
17.2 from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which
the notice is served. 
  

	17.4	Appropriation rights overridden 

 This Clause 17 and any notice which the Agent gives
under Clause 17.2 shall override any right of appropriation possessed, and any appropriation made, by either Borrower or any Security Party. 
  

	18	APPLICATION OF EARNINGS 

  

	18.1	Payment of Earnings 

 Each Borrower undertakes with each Creditor Party that, throughout
the Security Period (and subject only to the provisions of the General Assignment to which it is a party): 
  

	(a)	it shall maintain the Earnings Accounts opened in its name (whether individually or jointly) with the Account Bank; and 

  

	(b)	it shall ensure that all Earnings of the Ship owned by it are paid to the Earnings Account for that Ship. 

  

	18.2	Application of Earnings 

 Each Borrower undertakes with the Lenders that money from time
to time credited to, or for the time being standing to the credit of, its Earnings Account shall, unless and until an Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), be available for
application in the following manner: 
  

	(a)	in or towards making payments of all amounts due and payable by the Borrowers under this Agreement (other than payments of principal and interest); 

 

	(b)	in or towards satisfaction of all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents; 

 

	(c)	in or towards satisfaction of the Loan; 

  

					
		  	56	  	

	(d)	in or towards making payments of all fees due to the Approved Manager and thereafter meeting the costs and expenses from time to time incurred by or on behalf of a Borrower in connection with the operation of the Ship
owned by it; and 

  

	(e)	as to any surplus from time to time arising on an Earnings Account following application as aforesaid, to be paid to the Borrower owning that Ship or to whomsoever it may direct. 

 

	18.3	Location of account 

 Each Borrower shall promptly: 

 

	(a)	comply with any requirement of the Agent as to the location or re-location of its Earnings Account; and 

 

	(b)	execute any documents which the Agent specifies to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other
rights in relation to) its Earnings Account. 

  

	18.4	Debits for expenses etc. 

 The Agent shall be entitled (but not obliged) from time to
time to debit the Earnings Accounts without prior notice in order to discharge any amount due and payable under Clause 20 or 21 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 20 or 21. 

 

	18.5	Borrowers’ obligations unaffected 

 The provisions of this Clause 18 (as distinct
from a distribution effected under Clause Error! Reference source not found.) do not affect: 
  

	(a)	the liability of the Borrowers to make payments of principal and interest on the due dates; or 

  

	(b)	any other liability or obligation of the Borrowers or any Security Party under any Finance Document. 

  

	18.6	Restriction on withdrawal 

 During the Security Period a Borrower may withdraw any sum
from its Earnings Account unless and until an Event of Default has occurred and is continuing. 
  

	19	EVENTS OF DEFAULT 

  

	19.1	Events of Default 

 An Event of Default occurs if: 

 

	(a)	either Borrower or any Security Party fails to pay when due or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance Document; or 

 

	(b)	any breach occurs of Clause 9.2, 10.15, 10.18, 11.2, 11.3, 11.19, 11.20, 12.2, 12.3, 13.2, 13.3, 14.2, 14.10 (insofar as that Clause relates to Sanctions Laws) or 15.2 or clause 12.3 (Financial Covenants) of the
Corporate Guarantee; or 

  

					
		  	57	  	

	(c)	any breach by either Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b) above) if, in the opinion of the Majority Lenders, such
default is capable of remedy, and such default continues unremedied 14 days after the earlier of (i) written notice from the Agent requesting action to remedy the same and (ii) either Borrower becoming aware of such breach; or

  

	(d)	(subject to any applicable grace period specified in the Finance Document) any breach by either Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs
(a), (b) or (c) above); or 

  

	(e)	any representation, warranty or statement made or repeated by, or by an officer of, either Borrower or a Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance
Document is untrue or misleading when it is made or repeated; or 

  

	(f)	any of the following occurs in relation to any Financial Indebtedness of a Relevant Person (for an amount exceeding, in the case of the Corporate Guarantor $10,000,000 (or the equivalent in any other currency) in
aggregate): 

  

	 	(i)	any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand; or 

  

	 	(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any event of default unless the Relevant Person
is contesting the declaration of an event of default or of the Financial Indebtedness becoming due and payable in good faith and on substantial grounds by appropriate proceedings and adequate reserves have been set aside for its payment if such
proceedings fail; or 

  

	 	(iii)	a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by the lessor or owner as a consequence of any termination event; or 

 

	 	(iv)	any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of
a Relevant Person ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being required, in respect of such a facility as a result of any event of default;
or 

  

	 	(v)	any Security Interest securing any Financial Indebtedness of a Relevant Person becomes enforceable; or 

  

	(g)	any of the following occurs in relation to a Relevant Person: 

  

	 	(i)	a Relevant Person becomes, in the reasonable opinion of the Lenders, unable to pay its debts as they fall due; or 

  

	 	(ii)	any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or distress (in respect of a sum of, or sums aggregating, $10,000,000 or more, in the case of the Corporate
Guarantor, or the equivalent in another currency) and such execution, attachment, arrest, sequestration or distress is not withdrawn or discharged within thirty (30) days; or 

  

					
		  	58	  	

	 	(iii)	any administrative or other receiver is appointed over any asset of a Relevant Person; or 

  

	 	(iv)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person; or 

  

	 	(v)	any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in
any proceedings, by a lawyer acting for a Relevant Person; or 

  

	 	(vi)	a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made in relation to a Relevant Person or a winding up resolution is passed by a Relevant Person; or 

 

	 	(vii)	a resolution is passed, an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by (aa) a Relevant Person, (bb) the members or directors of a
Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person, or (dd) a government minister or public or regulatory authority of a Pertinent Jurisdiction for or with a
view to the winding up of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person, or that or another Relevant Person ceasing or suspending business operations or
payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than either Borrower or the Corporate Guarantor which is, or is to be, effected for the purposes of an amalgamation or
reconstruction previously approved by the Majority Lenders and effected not later than 3 months after the commencement of the winding up; or 

  

	 	(viii)	an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which
together relate to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction,
unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds and not with a view to some other insolvency law procedure being implemented instead and either (aa)
the application or petition is dismissed or withdrawn within 60 days of being made or presented, or (bb) within 60 days of the administration notice being given or filed, or the other relevant steps being taken, other action is taken which will
ensure that there will be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way and without being the subject of any actual, interim or pending insolvency law procedure; or

  

	 	(ix)	a Relevant Person or its directors take any steps (whether by making or presenting an application or petition to a court, or submitting or presenting a document setting out a proposal or proposed terms, or otherwise)
with a view to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of payments, reorganisation of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value)
of creditors or of any class of them or any such moratorium, suspension or deferral of payments, reorganisation or arrangement is effected by court order, by the filing of documents with a court, by means of a contract or in any other way at all; or

  

					
		  	59	  	

	 	(x)	any meeting of the members or directors, or of any committee of the board or senior management, of a Relevant Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take any
action of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the members, directors or such a committee resolve or agree that such an action or step should be taken or should be
taken if certain conditions materialise or fail to materialise; or 

  

	 	(xi)	in a country other than England, any event occurs, any proceedings are opened or commenced or any step is taken which, in the reasonable opinion of the Majority Lenders is similar to any of the foregoing; or

  

	(h)	either Borrower or any Security Party ceases or suspends carrying on its business or a part of its business which, in the reasonable opinion of the Majority Lenders, is material in the context of this Agreement; or

  

	(i)	it becomes unlawful in any Pertinent Jurisdiction or impossible: 

  

	 	(i)	for either Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider material under a Finance Document; or

  

	 	(ii)	for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or 

 

	(j)	any official consent necessary to enable either Borrower to own, operate or charter the Ship owned by it or to enable either Borrower or any Security Party to comply with any provision which the Majority Lenders
reasonably consider material of a Finance Document or an MOA is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled, unless the relevant Borrower contests any
denial, expiration or revocation (other than with respect to a Finance Documents) and on the condition that, in the reasonable opinion of the Majority Lenders (i) there are real prospects of such contest being successfully granted/upheld by the
relevant Borrower (ii) such contest being made in good faith; or 

  

	(k)	it appears to the Majority Lenders that, without their prior written consent: 

  

	 	(i)	a change has occurred or probably has occurred after the date of this Agreement in the legal or direct beneficial ownership of any of the shares in either Borrower or the Shareholder in the voting rights attaching to
any of those shares; or 

  

	 	(ii)	the units of the Corporate Guarantor cease to be listed on the New York Stock Exchange (NYSE) or any other US or European stock exchange acceptable to the Agent; or 

 

	(l)	any provision which the Majority Lenders consider material of a Finance Document proves to have been or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or
becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or any other third party claim or interest; or 

  

					
		  	60	  	

	(m)	the security constituted by a Finance Document is in any way imperilled or in jeopardy; or 

  

	(n)	any other event occurs or any other circumstances arise or develop including, without limitation: 

  

	 	(i)	a material adverse change in the business, condition (financial or otherwise), operation, state of affairs or prospects of either Borrower, the Corporate Guarantor or the Group; or 

 

	 	(ii)	any accident or other event involving either Ship or another vessel owned, chartered or operated by a Relevant Person, 

in the light of which the Majority Lenders reasonably consider that there is a significant risk that any Security Party is, or will later
become, unable to discharge its liabilities under the Finance Documents as they fall due or the enforceability of any Finance Document may be adversely affected. 
  

	19.2	Actions following an Event of Default 

 On, or at any time after, the occurrence of an
Event of Default: 
  

	(a)	the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

  

	 	(i)	serve on the Borrowers a notice stating that all or part of the Commitments and all other obligations of each Lender to the Borrowers under this Agreement are terminated; and/or 

 

	 	(ii)	serve on the Borrowers a notice stating that all or part of the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand;
and/or 

  

	 	(iii)	take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii) above, the Agent and/or the Lenders are entitled to take under any Finance Document or any
applicable law; and/or 

  

	(b)	the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under
paragraph (a) (i) or (ii) above, the Security Trustee, the Agent, the Mandated Lead Arrangers and/or the Majority Lenders are entitled to take under any Finance Document or any applicable law. 

 

	19.3	Termination of Commitments 

 On the service of a notice under paragraph (a)(i) of Clause
19.2, the Commitments and all other obligations of each Lender to the Borrowers under this Agreement shall terminate. 
  

	19.4	Acceleration of Loan 

 On the service of a notice under paragraph (a)(ii) of Clause 19.2,
the Loan, all accrued interest and all other amounts accrued or owing from the Borrowers or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand.

  

					
		  	61	  	

	19.5	Multiple notices; action without notice 

 The Agent may serve notices under paragraphs
(a) (i) and (ii) of Clause 19.2 simultaneously or on different dates and it and/or the Security Trustee may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after the service of both
or either of such notices. 
  

	19.6	Notification of Creditor Parties and Security Parties 

 The Agent shall send to each
Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on the Borrowers under Clause 19.2; but the notice shall become effective when it is served on the Borrowers, and no failure or delay by the
Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the Borrowers or any Security Party with any form of claim or defence. 

 

	19.7	Creditor Party’s rights unimpaired 

 Nothing in this Clause shall be taken to impair
or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law; and, in particular, this Clause is without prejudice to Clause 3.1. 

 

	19.8	Exclusion of Creditor Party Liability 

 No Creditor Party, and no receiver or manager
appointed by the Security Trustee, shall have any liability to the Borrowers or a Security Party: 
  

	(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

  

	(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the
value of such an asset, 

 except that this does not exempt a Creditor Party or a receiver or manager from liability for losses
shown to have been caused by the gross negligence or the wilful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such receiver’s or manager’s own partners or employees. 

 

	19.9	Relevant Persons 

 In this Clause 19, a “Relevant Person” means a
Borrower, a Security Party (excluding the Approved Manager), and any company which is a subsidiary of either Borrower or of a Security Party or of which either Borrower is a subsidiary. 

 

	19.10	Interpretation 

 In Clause 19.1(g) references to an event of default or a termination
event include any event, howsoever described, which is similar to an event of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(h) “petition” includes an application. 

  

					
		  	62	  	

	20	FEES AND EXPENSES 

  

	20.1	Arrangement fee 

 The Borrowers shall pay to the Agent within 2 Business Days of the date
of this Agreement, a non-refundable arrangement fee in the amount of $143,000 (representing 1.00 per cent. of the Total Commitments) for distribution among the Lenders pro rata to their Commitments. 

 

	20.2	Agency fee 

 The Borrowers shall pay to the Agent within 2 Business Days of the date of
this Agreement and on each anniversary thereof a non-refundable annual fee in the amount of $20,000. 
  

	20.3	Costs of negotiation, preparation etc. 

 The Borrowers shall pay to the Agent on its
demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a
Finance Document or a related document (including, without limitation, out of pocket expenses, legal fees and any related VAT). 
  

	20.4	Costs of variations, amendments, enforcement etc. 

 The Borrowers shall pay to the Agent,
on the Agent’s demand, the amount of all documented expenses incurred by a Creditor Party in connection with: 
  

	(a)	any amendment or supplement to a Finance Document, or any proposal for such an amendment to be made; 

  

	(b)	any consent or waiver by the Lenders, the Majority Lenders or the Creditor Party concerned under or in connection with a Finance Document, or any request for such a consent or waiver; 

 

	(c)	the valuation of any security provided or offered under Clause 15 or any other matter relating to such security; 

  

	(d)	where the Agent, acting on the instructions of the Majority Lenders, considers that there has been a material change to the insurances in respect of a Ship, the review of the insurances of a Ship pursuant to Clause
13.18; 

  

	(e)	the opinions of the independent insurance consultant referred to in paragraph 5 of Part B, Schedule 3; and 

  

	(f)	any step taken by any Lender concerned with a view to the protection, exercise or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose. 

There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules
of court or any taxation or other procedure carried out under such rules. 

  

					
		  	63	  	

	20.5	Documentary taxes 

 The Borrowers shall promptly pay any tax payable on or by reference
to any Finance Document, and shall, on the Agent’s demand, fully indemnify each Creditor Party against any liabilities, claims losses and expenses resulting from any failure or delay by the Borrowers to pay such a tax. 

 

	20.6	Certification of amounts 

 A notice which is signed by two officers of a Creditor Party,
which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount,
is due shall be prima facie evidence that the amount, or aggregate amount, is due. 
  

	21	INDEMNITIES 

  

	21.1	Indemnities regarding borrowing and repayment of Loan 

 The Borrowers shall fully
indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that
Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with: 
  

	(a)	an Advance not being borrowed on the date specified in the Drawdown Notice for any reason other than a default by the Lender claiming the indemnity; 

 

	(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period or other relevant period including, without limitation, where such receipt or recovery is
made as a result of the voluntary or mandatory repayment or prepayment of the Loan, or any part thereof; 

  

	(c)	any failure (for whatever reason) by the Borrowers to make payment of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest paid by the
Borrowers on the amount concerned under Clause 7); 

  

	(d)	any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by the
Agent or any Lender as a result of conduct of any Borrower any Security Party or any of their partners, directors, officers, employees, agents or advisors, that violates any Sanctions Laws; and 

 

	(e)	the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of the Loan under Clause 19, 

and in respect of any tax (other than tax on its overall net income or a FATCA Deduction) for which a Creditor Party is liable in connection
with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 
 Without
prejudice to its generality, this Clause 21.1 covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, any Environmental Law or any
Sanctions Laws. 

  

					
		  	64	  	

	21.2	Break costs 

  

	(a)	The Borrowers shall, within 3 Business Days of demand by a Creditor Party, pay to that Creditor Party its Break Costs attributable to all or any part of the relevant Advance or Unpaid Sum being paid by a Borrower on a
day other than the last day of an Interest Period for that Advance, the relevant part of that Advance or that Unpaid Sum. 

  

	(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. 

 

	21.3	Miscellaneous indemnities 

 The Borrowers shall fully indemnify each Creditor Party
severally on their respective demands in respect of all claims, demands, proceedings, liabilities, taxes, losses and expenses of every kind (“liability items”) which may be made or brought against, or incurred by, a Creditor Party,
in any country, in relation to: 
  

	(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance
Document; and 

  

	(b)	any other event, matter or question which occurs or arises at any time during the Security Period and which has any connection with, or any bearing on, any Finance Document, any payment or other transaction relating to
a Finance Document or any asset covered (or previously covered) by a Security Interest created (or intended to be created) by a Finance Document, 

other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the dishonesty or wilful
misconduct of the officers or employees of the Creditor Party concerned. 
  

	21.4	Extension of indemnities; environmental indemnity 

 Without prejudice to its generality,
Clause 21.2(a) covers: 
  

	(a)	any matter which would be covered by Clause 21.2(a) if any of the references in that Clause to a Lender were a reference to the Agent or (as the case may be) to the Security Trustee; and 

 

	(b)	any liability items which arise, or are asserted, under or in connection with any law relating to safety at sea, pollution or the protection of the environment, the ISM Code, the ISPS Code or any Environmental Law.

  

	21.5	Currency indemnity 

 If any sum due from a Borrower or any Security Party to a Creditor
Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into
another currency (the “Payment Currency”) for the purpose of: 

  

					
		  	65	  	

	(a)	making or lodging any claim or proof against a Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or 

 

	(b)	obtaining an order or judgment from any court or other tribunal; or 

  

	(c)	enforcing any such order or judgment, 

 the Borrowers shall indemnify the Creditor Party
concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency. 

In this Clause 21.5, the “available rate of exchange” means the rate at which the Creditor Party concerned is able at the
opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency. 

This Clause 21.5 creates a separate liability of each Borrower which is distinct from its other liabilities under the Finance Documents and
which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.6	Certification of amounts 

 A notice which is signed by 2 officers of a Creditor Party,
which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown of the amounts due) the matters in respect of which the amount, or
aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due. 
  

	21.7	Sums deemed due to a Lender 

 For the purposes of this Clause 21, a sum payable by the
Borrowers to the Agent or the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender. 
  

	21.8	Sanctions 

  

	(a)	The Borrowers shall, within three (3) Business Days of demand by a Creditor Party, indemnify each Creditor Party against any cost, loss or liability incurred by it as a result of any civil penalty or fine against,
and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred in connection with the defence thereof by, the Agent or any Lender as a result of conduct of the Borrowers or any Security Party or any of their
partners, directors, officers, employees, agents or advisors, that violates any Sanctions. 

  

	(b)	The indemnity in Clause 21.8(a) above shall cover any losses incurred by each Creditor Party in any jurisdiction arising or asserted under or in connection with any law relating to any Sanctions. 

 

	22	NO SET-OFF OR TAX DEDUCTION 

  

	22.1	No deductions 

 All amounts due from the Borrowers under a Finance Document shall be
paid: 
  

	(a)	without any form of set-off, cross-claim or condition; and 

  

					
		  	66	  	

	(b)	free and clear of any tax deduction except a tax deduction which a Borrower is required by law to make. 

  

	22.2	Grossing-up for taxes 

 If a Borrower is required
by law to make a tax deduction from any payment: 
  

	(a)	that Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

  

	(b)	that Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises; and 

 

	(c)	the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and retains (free from any liability relating to the tax deduction) a net amount which,
after the tax deduction, is equal to the full amount which it would otherwise have received. 

  

	22.3	Evidence of payment of taxes 

 Within 1 month after making any tax deduction, the
Borrower concerned shall deliver to the Agent documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority. 
  

	22.4	Exclusion of tax on overall net income 

 In this Clause 22 “tax
deduction” means any deduction or withholding for or on account of any present or future tax except tax on a Creditor Party’s overall net income or a FATCA Deduction. 

 

	22.5	FATCA information 

  

	(a)	Subject to paragraph (c) below, each party to the Finance Documents shall, within 5 Business Days of a reasonable request by another party to the Finance Documents: 

 

	 	(i)	confirm to that other party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; and 

  

	 	(ii)	supply to that other party such forms, documentation and other information relating to its status under FATCA as that other party reasonably requests for the purposes of that other party’s compliance with FATCA;
and 

  

	 	(iii)	supply to that other party such forms, documentation and other information relating to its status as that other party reasonably requests for the purposes of that other party’s compliance with any other law,
regulation or exchange of information regime; 

  

	(b)	if a party to any Finance Document confirms to another party pursuant to sub-paragraph (i) of paragraph (a) above that it is a FATCA Exempt Party and it subsequently
becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall notify that other party reasonably promptly; 

  

					
		  	67	  	

	(c)	paragraph (a) above shall not oblige any Creditor Party, and paragraph (a)(iii) above shall not oblige any other Party to a Finance Document, to do anything which would or might in its reasonable opinion constitute
a breach of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality; 

  

	(d)	if a party to any Finance Document fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above
(including, for the avoidance of doubt, where paragraph (c) above applies), then such party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party until such time as the party in question provides the
requested confirmation, forms, documentation or other information. 

  

	(e)	If a Borrower is or becomes a US Tax Obligor or a FATCA FFI, it shall as soon as reasonably practicable inform the Agent of the same; 

 

	(f)	Where the Agent reasonably believes that its obligations under FATCA require it, the relevant Borrower or the relevant Security Party shall provide the Agent, upon request, with a
W-8 BEN-E form (or any successor form) or any other forms or documentation the Agent may reasonably require, as soon as reasonably practicable. The Agent shall not be
liable for any action which it takes or refrains from taking under or in connection with this paragraph (f); 

  

	(g)	If a Borrower is or becomes a US Tax Obligor or a FATCA FFI, or where the Agent reasonably believes that its obligations under FATCA require it, each Creditor Party shall, within 10 Business Days of the date of a
request from the Agent supply to the Agent: 

  

	 	(i)	a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); and/or 

 

	 	(ii)	any withholding statement and other documentation, authorisations and waivers as the Agent may require to certify or establish the status of such Creditor Party under FATCA, 

the Agent shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it receives from a
Creditor Party pursuant to this paragraph (g) to that Borrower or the relevant Security Party and shall be entitled to rely on any such withholding certificate, withholding statement, documentation, authorisations and waivers provided without
further verification. The Agent shall not be liable for any action which it takes or refrains from taking under or in connection with this paragraph (g); and 
  

	(h)	The Borrowers, each Security Party and each Creditor Party agrees that if any withholding certificate, withholding statement, documentation, authorisations and waivers provided to the Agent pursuant to paragraphs
(f) to (g) above is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly notify the Agent in writing of its legal
inability to do so. The Agent shall, if applicable, provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrowers or the relevant Security Party. The Agent shall not be liable for
any action which it takes or refrains from taking under or in connection with this paragraph (h). 

  

					
		  	68	  	

	22.6	FATCA Deduction 

  

	(a)	Each party to a Finance Document may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and shall not be required to increase any payment in
respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	(b)	Each party to a Finance Document shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the party to a Finance
Document to whom it is making the payment and, in addition, shall notify the Borrowers and the Agent and the Agent shall notify the other Creditor Parties. 

  

	23	ILLEGALITY, ETC 

  

	23.1	Illegality 

 This Clause 23 applies if a Lender (the “Notifying Lender”)
notifies the Agent that it has become, or will with effect from a specified date, become: 
  

	(a)	unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or 

 

	(b)	contrary to, or inconsistent with, any regulation, 

 for the Notifying Lender to maintain or
give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement. 
  

	23.2	Notification of illegality 

 The Agent shall promptly notify the Borrowers, the Security
Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1 which the Agent receives from the Notifying Lender. 
  

	23.3	Prepayment; termination of Commitment 

 On the Agent notifying the Borrowers under Clause
23.2, the Notifying Lender’s Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrowers
shall prepay the Notifying Lender’s Contribution in accordance with Clause 8. 
  

	24	INCREASED COSTS 

  

	24.1	Increased costs 

  

	(a)	Each Borrower shall, within 3 Business Days of a demand by the Agent, pay for the account of a Creditor Party the amount of any Increased Costs incurred by that Creditor Party or any of its affiliates as a result of:

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or 

  

					
		  	69	  	

	 	(ii)	compliance with any law or regulation made, 

 after the date of this Agreement. 

 

	(b)	In this Agreement, “Increased Costs” means: 

  

	 	(i)	a reduction in the rate of return from the Loan or on a Creditor Party’s (or its affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or
suffered by a Creditor Party or any of its affiliates to the extent that it is attributable to that Creditor Party having entered into its Commitment or funding or performing its obligations under any Finance Document and, for the avoidance of
doubt, includes any Increased Costs incurred or suffered by a Creditor Party or any of its affiliates as a result of or with connection to Basel III or any other changes in relevant reporting standards, 

but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (aa) (or a parent company of it)
or (bb) an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or (cc) a FATCA Deduction. 
  

	24.2	Increased cost claims 

  

	(a)	A Creditor Party (the “Notifying Lender”) intending to make a claim pursuant to Clause 24.1 shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify
the Borrower. 

  

	(b)	Each Creditor Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 

 

	24.3	Notification to Borrowers of claim for increased costs 

 The Agent shall promptly notify
the Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.2. 
  

	24.4	Payment of increased costs 

 The Borrowers shall pay to the Agent, on the Agent’s
demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 

 

	24.5	Notice of prepayment 

 If the Borrowers are not willing to continue to compensate the
Notifying Lender for the increased cost under Clause 24.4, the Borrowers may give the Agent not less than 15 days’ notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period and/or to cancel
the Notifying Lender’s Available Commitment. 

  

					
		  	70	  	

	24.6	Prepayment; termination of Commitment 

 A notice under Clause 24.5 shall be irrevocable;
the Agent shall promptly notify the Notifying Lender of the Borrowers’ notice of intended prepayment; and: 
  

	(a)	on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and 

  

	(b)	on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate
plus the Margin. 

  

	24.7	Application of prepayment 

 Clause 8 shall apply in relation to the prepayment. 

 

	25	SET-OFF 

  

	25.1	Application of credit balances 

 Each Creditor Party may without prior notice: 

 

	(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of a Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then
due from that Borrower to that Creditor Party under any of the Finance Documents; and 

  

	(b)	for that purpose: 

  

	 	(i)	break, or alter the maturity of, all or any part of a deposit of that Borrower; 

  

	 	(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; and 

  

	 	(iii)	enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate. 

 

	25.2	Existing rights unaffected 

 No Creditor Party shall be obliged to exercise any of its
rights under Clause 25.1; and those rights shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is
entitled (whether under the general law or any document). 
  

	25.3	Sums deemed due to a Lender 

 For the purposes of this Clause 25, a sum payable by the
Borrowers to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the
Lenders shall be treated as a sum due to such Lender. 

  

					
		  	71	  	

	25.4	No Security Interest 

 This Clause 25 gives the Creditor Parties a contractual right of
set off only and does not create any equitable charge or other Security Interest over any credit balance of either Borrower. 
  

	26	TRANSFERS AND CHANGES IN LENDING OFFICES 

  

	26.1	Transfer by Borrowers and the Corporate Guarantor 

 No Borrower may and the Borrowers
shall procure that the Corporate Guarantor will not, without the consent of the Agent, given on the instructions of all the Lenders: 
  

	(a)	transfer any of its rights or obligations under any Finance Document; or 

  

	(b)	enter into any merger, de-merger or other reorganisation, or carry out any other act, as a result of which any of its rights or liabilities would vest in, or pass to, another
person. 

  

	26.2	Transfer by a Lender 

 Subject to Clause 26.4, a Lender (the “Transferor
Lender”) may, with the prior written consent of the Borrowers acting on the instructions of the Corporate Guarantor (such consent not to be unreasonably withheld or delayed), at any time allow: 

 

	(a)	its rights in respect of all or part of its Contribution; or 

  

	(b)	its obligations in respect of all or part of its Commitment; or 

  

	(c)	a combination of (a) and (b), 

 to be (in the case of its rights) transferred to, or (in
the case of its obligations) assumed by, another bank or financial institution (a “Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 4 with any modifications approved or required
by the Agent (a “Transfer Certificate”) executed by the Transferor Lender and the Transferee Lender Provided that the consent of the Borrowers shall not be required: 

 

	 	(i)	if an Event of Default has occurred; or 

  

	 	(ii)	the Transferee Lender is an existing Lender or an affiliate of an existing Lender or a bank or financial institution which is regularly engaged in or established for the purpose of making, purchasing or investing in
loans, securities or other financial assets in the shipping sector. 

 However any rights and obligations of the Transferor
Lender in its capacity as Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Deed. 

  

					
		  	72	  	

	26.3	Transfer Certificate, delivery and notification 

 As soon as reasonably practicable after
a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective): 
  

	(a)	sign the Transfer Certificate on behalf of itself, each Borrower, the Security Parties, the Security Trustee and each of the other Lenders, upon completion of its “know your customer” checks in relation to the
relevant Transferee Lender; 

  

	(b)	on behalf of the Transferee Lender, send to each Borrower and each Security Party letters or faxes notifying them of the Transfer Certificate and attaching a copy of it; and 

 

	(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above. 

  

	26.4	Effective Date of Transfer Certificate 

 A Transfer Certificate becomes effective on the
date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent under Clause 26.3 on or before that date. 
  

	26.5	No transfer without Transfer Certificate 

 No assignment or transfer of any right or
obligation of a Lender under any Finance Document is binding on, or effective in relation to, either Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

 

	26.6	Effect of Transfer Certificate 

 A Transfer Certificate takes effect in accordance with
English law as follows: 
  

	(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee
Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrowers or any Security Party had against the Transferor Lender; 

 

	(b)	the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate; 

  

	(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an amount specified in the Transfer Certificate; 

 

	(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the Lenders generally, including those about pro-rata sharing and the
exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than those relating to exclusion of liability), the
Transferor Lender ceases to be bound by them; 

  

	(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the
transferor, assuming that any defects in the transferor’s title and any rights or equities of either Borrower or any Security Party against the Transferor Lender had not existed; 

 

	(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under
Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and 

  

					
		  	73	  	

	(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled
to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount. 

The rights and equities of either Borrower or any Security Party referred to above include, but are not limited to, any right of set off and
any other kind of cross-claim. 
  

	26.7	Maintenance of register of Lenders 

 During the Security Period the Agent shall maintain
a register in which it shall record the name, Commitment, Contribution and administrative details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4)
of the Transfer Certificate; and the Agent shall make the register available for inspection by any Lender, the Security Trustee and the Borrowers during normal banking hours, subject to receiving at least 3 Business Days prior notice not more than
once a month. 
  

	26.8	Reliance on register of Lenders 

 The entries on that register shall, in the absence of
manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the
Finance Documents for all purposes relating to the Finance Documents. 
  

	26.9	Authorisation of Agent to sign Transfer Certificates 

 The Borrowers, the Security
Trustee and each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf. 
  

	26.10	Registration fee 

 In respect of any Transfer Certificate, the Agent shall be entitled to
recover a registration fee of $2,500 (and all costs, fees and expenses incidental to the transfer (including, but not limited to legal fees and expenses)) from the Transferor Lender or the Transferee Lender (as agreed by them). 

 

	26.11	Sub-participation; subrogation assignment 

 A
Lender may sub-participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice to, the Borrowers, any Security Party, the
Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them. 

  

					
		  	74	  	

	26.12	Disclosure of information 

 Subject to Clause 26.4, a Lender may, disclose to a potential
Transferee Lender or, to any sub-participant any information which the Lender has received in relation to the Borrowers, any Security Party or their affairs under or in connection with any Finance Document,
unless the information is clearly of a confidential nature in which case the consent of the Corporate Guarantor would be required Provided that a potential Transferee Lender or any sub-participant to
whom disclosure is made agrees to be bound by the terms of the confidentiality undertaking in this Clause 26.12 by way of a confidentiality agreement in a form acceptable to the Borrowers. 

The Borrowers agree that the terms and conditions of this Agreement shall remain confidential and shall not, or shall procure that the
Corporate Guarantor shall not, disclose (whether, without limitation, in writing or orally) to third parties (other than any disclosure to the Corporate Guarantor’s shareholders, officers, employees or professional advisers Provided that
the person to whom disclosure is made agrees to be bound by the terms of the confidentiality undertaking in this Clause 26.12 any information required to be disclosed by law, regulation or any governmental or competent regulatory authority
(including without limitation, any securities exchange), provided that, to the extent reasonably practicable, the Corporate Guarantor shall inform the Agent on the proposed form, timing, nature and purpose of the disclosure) the existence of this
Agreement or the terms and conditions contained herein without the prior written consent of the Lenders. 
  

	26.13	Change of lending office 

 A Lender may change its lending office by giving notice to the
Agent and the change shall become effective on the later of: 
  

	(a)	the date on which the Agent receives the notice; and 

  

	(b)	the date, if any, specified in the notice as the date on which the change will come into effect. 

  

	26.14	Notification 

 On receiving such a notice, the Agent shall notify the Borrowers and the
Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice. 

 

	26.15	Security over Lenders’ rights. 

 In addition to the other rights provided to Lenders
under this Clause 26, each Lender may without consulting with or obtaining consent from either Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise)
all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 
  

	(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and 

  

	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as
security for those obligations or securities; 

  

					
		  	75	  	

 except that no such charge, assignment or Security Interest shall: 

 

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents;
or 

  

	 	(ii)	require any payments to be made by the Borrowers or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

  

	27	VARIATIONS AND WAIVERS BY MAJORITY LENDERS 

  

	27.1	Variations, waivers etc. by Lenders 

 Subject to Clause 27.2, a document shall be
effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party’s rights or remedies under such a provision or the general law, only if the document is signed, or specifically agreed to in writing, by the
Borrowers and the Agent and/or the Security Trustee (acting on behalf of the requisite Lenders) and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party. 

 

	27.2	Variations, waivers etc. requiring agreement of all Lenders 

 However, as regards the
following, Clause 27.1 applies as if the words “by the Agent on behalf of the Majority Lenders” were replaced by the words “by or on behalf of every Lender”: 

 

	(a)	a change in the purpose of the Loan; 

  

	(b)	a reduction in the Margin; 

  

	(c)	a postponement to the date for, or a reduction in the amount of, any payment of principal, interest, fees or other sum payable under this Agreement; 

 

	(d)	an increase in any Lender’s Commitment; 

  

	(e)	a change to the definition of “Majority Lenders”; 

  

	(f)	a change in any of the provisions in Clause 8.8 dealing with circumstances in which a mandatory prepayment arises; 

  

	(g)	a change to the financial covenants set out in clause 12.3 (Financial Covenants) of the Corporate Guarantee; 

  

	(h)	a change to the Security Cover Ratio to be maintained pursuant to clause 15.1; 

  

	(i)	a change to Clause 3, Clause 23 or this Clause 27; 

  

	(j)	a change of the currency of any amount payable under the Finance Documents; 

  

	(k)	a waiver of any breach of any of the provisions set out in Clause 10.18, Clause 11.18, Clause 11.19 or Clause 11.20; 

  

					
		  	76	  	

	(l)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; and 

 

	(m)	any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender’s consent is required. 

 

	27.3	Exclusion of other or implied variations 

 Except for a document which satisfies the
requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in
the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 

 

	(a)	a provision of this Agreement or another Finance Document; or 

  

	(b)	an Event of Default; or 

  

	(c)	a breach by either Borrower or a Security Party of an obligation under a Finance Document or the general law; or 

  

	(d)	any right or remedy conferred by any Finance Document or by the general law, and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or
remedy to be exercised, within a certain or reasonable time. 

  

	28	NOTICES 

  

	28.1	General 

 Unless otherwise specifically provided, any notice under or in connection with
any Finance Document shall be given by letter or fax; and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly. 

 

	28.2	Addresses for communications 

 A notice shall be sent: 

 

					
	(a)        	 	to a Borrower:	  	c/o Navios Shipmanagement Inc.
		 		  	85 Akti Miaouli
		 		  	Piraeus 185 38
		 		  	Fax No: +30 210 4172070
			
		 	for the attention of:    	  	Vassiliki Papaefthymiou
			
		 		  	E-mail: vpapaefthymiou@Navios.com
			
	(b)	 	to a Lender:	  	At the address below its name in Schedule 1 or (as the case may require) in the relevant Transfer Certificate.
			
	(c)	 	to the Agent	  	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

  

					
		  	77	  	

					
		 	and the Security Trustee:    	  	One Carter Lane
		 		  	London EC4V 5AN 
		 		  	United Kingdom
		 		  	E-mail:    agency@seb.co.uk
			
		 	for the attention of:	  	Loans Agency
		 	with a copy to:	  	
			
		 	for the attention of:	  	SEB Structured Credit Operations
		 		  	Email: sco@seb.se

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or
the Security Trustee, the Borrowers, the Lenders and the Security Parties. 
  

	28.3	Effective date of notices 

 Subject to Clauses 28.4 and 28.5: 

 

	(a)	a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered; and 

 

	(b)	a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its transmission is completed. 

  

	28.4	Service outside business hours 

 However, if under Clause 28.3 a notice would be deemed
to be served: 
  

	(a)	on a day which is not a business day in the place of receipt; or 

  

	(b)	on such a business day, but after 5 p.m. local time, 

 the notice shall (subject to Clause 28.5)
be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business day. 
  

	28.5	Illegible notices 

 Clauses 28.3 and 28.4 do not apply if the recipient of a notice
notifies the sender within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 

 

	28.6	Valid notices 

 A notice under or in connection with a Finance Document shall not be
invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 

 

	(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or 

  

					
		  	78	  	

	(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been. 

 

	28.7	English language 

 Any notice under or in connection with a Finance Document shall be in
English. 
  

	28.8	Meaning of “notice” 

 In this Clause “notice” includes any demand,
consent, authorisation, approval, instruction, waiver or other communication. 
  

	29	SUPPLEMENTAL 

  

	29.1	Rights cumulative, non-exclusive 

 The rights and
remedies which the Finance Documents give to each Creditor Party are: 
  

	(a)	cumulative; 

  

	(b)	may be exercised as often as appears expedient; and 

  

	(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law. 

 

	29.2	Severability of provisions 

 If any provision of a Finance Document is or subsequently
becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 

 

	29.3	Third party rights 

 A person who is not a party to this Agreement has no right under the
Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 
  

	29.4	Waiver of Banking Secrecy 

 The Borrowers hereby irrevocably authorise and give consent
to each Creditor Party and, each of its affiliates, and their respective subsidiaries, branches and representative offices and their respective directors, officers, employees and agents (the “Authorised Persons” and each an
“Authorised Person”), to disclose and transmit to the Applicable Persons, whether orally, in writing or by any other means, information and documents which relates to, or are connected with, the Borrowers, their beneficial owner,
any other member of the Group, their business, dealings or assets (the “Information”), from time to time and to the extent that the Authorised Person deems such disclosure or transmission to be necessary or desirable for or
incidental to the carrying out of its duties, obligations, commitments and activities whether arising under contract or by operation of law and/or consolidated supervision and risk management policy, to the extent that the Information is covered by
banking secrecy under any applicable law in general and banking secrecy rules in England, the Netherlands, Norway and Sweden in particular and/or: 

  

					
		  	79	  	

	(a)	necessary or desirable for the purposes of its internal cross-selling enabling the Borrowers and/or any other member of the Group to benefit from the Creditor Party’s or any other Authorised Person’s business
activities; and/or 

  

	(b)	necessary or desirable to insure a risk related to the Borrowers and/or any other member of the Group; and/or 

  

	(c)	necessary or desirable to syndicate a risk related to the Borrowers and/or any other member of the Group; and/or 

  

	(d)	necessary or desirable to securitise a risk related to the Borrowers and/or any other member of the Group; and/or 

  

	(e)	necessary or desirable to open an account or to start a business relation with the Creditor Party’s or any other Authorised Person’s parent company or any of its subsidiaries or branches. 

In this Clause 29.4, “Applicable Person” means any or all of the following persons: 

 

	 	(i)	any authority or person against which, pursuant to any applicable law, administrative order or court ruling, banking secrecy may not be validly asserted by an Authorised Person; 

 

	 	(ii)	each Creditor Party or any other Authorised Person’s parent company, any of its subsidiaries, branches or representative offices; 

 

	 	(iii)	any rating agency, auditor, insurance and reinsurance company, broker or professional adviser, to the extent such entity or person is bound by a statutory or contractual duty of confidentiality; 

 

	 	(iv)	any financial institution and institutional or other investor who is or might be involved in securitisation schemes, hedging agreements, participations, credit derivatives or any other risk transfer or sharing
arrangements, including, inter alia, a bank and/or other financial institution’s participation in, or syndication in respect of, the Loan; 

  

	 	(v)	any potential assignee or transferee or person who has entered into or is proposing to enter into contractual arrangements with the Authorised Person in relation to a Borrower; and 

 

	 	(vi)	any external computer services provider, for the purpose of maintenance or repair of a Creditor Party’s or any other Authorised Person’s computer systems and date provided that such external computer services
provider is bound by the confidentiality policy of such Creditor Party. 

  

	29.5	Reference Banks 

 If a Reference Bank (or, if a Reference Bank is not a Lender, the
Lender of which it is an affiliate) ceases to be a Lender, the Agent may (in consultation with the Borrowers) appoint another Lender or an affiliate of a Lender to replace that Reference Bank. 

  

					
		  	80	  	

	29.6	Role of Reference Banks 

  

	(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the Agent but may do so at the Agent’s request. 

 

	(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any quotation provided to the Agent. 

 

	(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any quotation provided to the Agent, and any officer, employee or agent of each Reference Bank may rely on this clause subject to clause
29.3 and the provisions of the Third Parties Act. 

  

	29.7	Third party Reference Banks 

 Any Reference Bank which is not a party to this Agreement
may rely on Clause 29.6 subject to Clause 29.3 and the provisions of the Third Parties Act. 
  

	29.8	Counterparts 

 A Finance Document may be executed in any number of counterparts. 

 

	30	CONFIDENTIALITY 

  

	30.1	Confidential Information 

 Each Creditor Party agrees to keep all Confidential
Information confidential and not to disclose it to anyone, save to the extent permitted by Clauses 30.2 and 30.3 and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own
confidential information taking also into account the public nature of the Corporate Guarantor. 
  

	30.2	Disclosure of Confidential Information 

 Any Creditor Party may disclose: 

 

	(a)	to any of its affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Creditor Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information; 

  

	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed)
it as Agent and, in each case, to any of that person’s affiliates, Related Funds, Representatives and professional advisers; 

  

					
		  	81	  	

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which
payments are to be made or may be made by reference to, one or more Finance Documents and/or the Borrowers and/or any Security Party and to any of that person’s affiliates, Related Funds, Representatives and professional advisers;

  

	 	(iii)	appointed by any Creditor Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(vii)	to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates a Security Interest (or may do so) pursuant to Clause 26; 

 

	 	(viii)	who is a party to a Finance Document, a member of the Group or any related entity of the Borrowers or any Security Party; or 

  

	 	(ix)	with the consent of the Borrowers; 

 in each case, such Confidential Information as that
Creditor Party shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party, it is not practicable so to do in the circumstances; 

  

					
		  	82	  	

	(c)	to any person appointed by that Creditor Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred
to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Creditor Party; and 

  

	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Borrowers and/or the Security Parties. 

  

	30.3	Disclosure to numbering service providers 

  

	(a)	Any Creditor Party may disclose to any national or international numbering service provider appointed by that Creditor Party to provide identification numbering services in respect of this Agreement, the Loan and/or the
Borrowers and/or the Security Parties the following information: 

  

	 	(i)	names of the Borrowers and the Security Parties; 

  

	 	(ii)	country of domicile of the Borrowers and the Security Parties; 

  

	 	(iii)	place of incorporation of the Borrowers and the Security Parties; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	governing law; 

  

	 	(vi)	the names of the Agent and each Mandated Lead Arranger; 

  

	 	(vii)	date of each amendment and restatement of this Agreement; 

  

	 	(viii)	amount of the Loan; 

  

	 	(ix)	amount of Total Commitments; 

  

	 	(x)	currency of the Loan; 

  

	 	(xi)	type of facility; 

  

	 	(xii)	ranking of facility; 

  

	 	(xiii)	final Repayment Date; 

  

					
		  	83	  	

	 	(xiv)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and 

  

	 	(xv)	such other information agreed between such Creditor Party and the Borrowers, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	(b)	The parties to this Agreement acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or the Borrowers and/or any Security Party by a numbering service provider and the information
associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

 

	(c)	The Borrowers represent that none of the information set out in paragraphs (a)(i) to (a)(xv) above is, nor will at any time be, unpublished price-sensitive information. 

 

	(d)	The Agent shall notify the Borrowers and the other Creditor Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Loan and/or the Borrowers and/or the Security Parties; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Loan and/or the Borrowers and/or the Security Parties by such numbering service provider. 

 

	30.4	Entire agreement 

 This Clause 30 constitutes the entire agreement between the parties to
this Agreement in relation to the obligations of the Creditor Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	30.5	Inside information 

 Each of the Creditor Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Creditor Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	30.6	Notification of disclosure 

 Each of the Creditor Parties agrees (to the extent permitted
by law and regulation) to inform the Borrowers: 
  

	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 30.2 except where such disclosure is made to any of the persons referred to in that paragraph during the
ordinary course of its supervisory or regulatory function; and 

  

	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 30. 

  

					
		  	84	  	

	30.7	Continuing obligations 

 The obligations in this Clause 30 are continuing and, in
particular, shall survive and remain binding on each Creditor Party for a period of 12 months from the earlier of: 
  

	(a)	the date on which all amounts payable by the Borrowers and the Security Parties under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be
available; and 

  

	(b)	the date on which such Creditor Party otherwise ceases to be a Creditor Party. 

  

	31	LAW AND JURISDICTION 

  

	31.1	English law 

 This Agreement and any
non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law. 

 

	31.2	Exclusive English jurisdiction 

 Subject to Clause 31.3, the courts of England shall have
exclusive jurisdiction to settle any Dispute. 
  

	31.3	Choice of forum for the exclusive benefit of the Creditor Parties 

 Clause 31.2 is for
the exclusive benefit of the Creditor Parties, each of which reserves the right: 
  

	(a)	to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and 

 

	(b)	to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings in England. 

Neither Borrower shall commence any proceedings in any country other than England in relation to a Dispute. 

 

	31.4	Process agent 

 Each Borrower irrevocably appoints HFW Nominees Ltd at their office for
the time being, presently at Friary Court, 65 Crutched Friars, London, EC3N 2AE, England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with
a Dispute. 
  

	31.5	Creditor Party rights unaffected 

 Nothing in this Clause 31 shall exclude or limit any
right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar
or related matter in any jurisdiction. 

  

					
		  	85	  	

	31.6	Meaning of “proceedings” and “Dispute” 

 In this Clause 31,
“proceedings” means proceedings of any kind, including an application for a provisional or protective measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a
dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement. 

 

	32	BAIL-IN 

  

	32.1	Contractual recognition of bail-in 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance
Document, each party hereto acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant
Resolution Authority and acknowledges and accepts to be bound by the effect of: 
  

	(a)	any Bail-In Action in relation to any such liability, including (without limitation): 

  

	 	(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability; 

 

	 	(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and 

 

	 	(iii)	a cancellation of any such liability; and 

  

	(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  

					
		  	86	  	

 EXECUTION PAGE 
  

			
	BORROWERS	  	
		
	SIGNED by Maria Trivela, attorney-in-fact	  	) /s/ Maria Trivela
	for and on behalf of	  	)
	GOLDIE SERVICES COMPANY	  	)
		
	SIGNED by Maria Trivela, attorney-in-fact	  	) /s/ Maria Trivela
	for and on behalf of	  	)
	SEYMOUR TRADING LIMITED	  	)
		
	LENDERS	  	
		
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	SKANDINAVISKA ENSKILDA	  	)
	BANKEN AB (Publ)	  	)
		
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	NORDEA BANK AB (PUBL),	  	)
	FILIAL I NORGE	  	)
		
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	NIBC BANK N.V.	  	)
		
	MANDATED LEAD ARRANGERS	  	
		
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	SKANDINAVISKA ENSKILDA	  	)
	BANKEN AB (PUBL)	  	)

			
		  	
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	NORDEA BANK AB (PUBL),	  	)
	FILIAL I NORGE	  	)
		
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	NIBC BANK N.V.	  	)
		
	AGENT	  	
		
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	SKANDINAVISKA ENSKILDA	  	)
	BANKEN AB (Publ)	  	)
		
	SECURITY TRUSTEE	  	
		
	SIGNED by Christina Economides	  	) /s/ Christina Economides
	for and on behalf of	  	)
	SKANDINAVISKA ENSKILDA	  	)
	BANKEN AB (PUBL)	  	)
		
	Witness to all the above	  	)
	Signature        /s/ Aikaterina Dimitriou	  	)
	Name: Aikaterina Dimitriou	  	
	Address: Watson Farley & Williams	  	
	 348 Syngrou Avenue
	  	
	 176 74 Kallithea
	  	
	 Athens - GreeceEX-4.1

 Exhibit 4.1 

Execution Copy 
  

 
  

SERIES 2018-4 SUPPLEMENT 

Dated as of May 21, 2018 
 to

 FOURTH AMENDED AND RESTATED 

POOLING AND SERVICING AGREEMENT 

Dated as of April 1, 2018 

$1,028,573,000 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 Series 2018-4 

 
  

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 2018-4 Certificateholders 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  	CREATION OF THE SERIES 2018-4 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 2018-4 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	  	 	20	 
			
	 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]	  	 	30	 
			
	 ARTICLE V
	  	DISTRIBUTIONS AND REPORTS TO SERIES 2018- 4 CERTIFICATEHOLDERS	  	 	31	 
			
	 Section 5.01.
	  	Distributions	  	 	31	 
			
	 Section 5.02.
	  	Reports and Statements to Series 2018-4 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	 
			
	 ARTICLE VIII
	  	 FINAL DISTRIBUTIONS
	  	 	35	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
		  		  	 	Page	 
	 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.
	  	[Reserved]	  	 	37	 
			
	 Section 9.05.
	  	FATCA Matters	  	 	37	 
			
	 Section 9.06.
	  	Uncertificated Securities	  	 	38	 
			
	 Section 9.07.
	  	Transfers of 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 2018-4 SUPPLEMENT, dated as of
May 21, 2018 (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 2018-4 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 2018-4.” The Series 2018-4 Certificates
shall be issued in two Classes, the first of which shall be known as the “Class A Series 2018-4 2.99% Asset Backed Certificates” and the second of which shall be known as the “Class B
Series 2018-4 3.18% 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 2018-4” 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 2018-4 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 2018-4 shall be included in
Group I and shall be a Principal Sharing Series. Series 2018-4 shall be an Excess Allocation Series. Series 2018-4 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 2018-4 shall be the June 2018 Distribution Date and the first Monthly
Period shall begin on and include the Closing Date and end on and include May 31, 2018. 

(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. 

(d)        Pursuant to Section 6.03(c) of the Agreement, the Transferor may,
from time to time, increase the amount of the Series 2018-4 Certificates by issuing and selling additional Series 2018-4

  
 1 

 
Certificates. Any additional Series 2018-4 Certificates so issued shall be treated, for all purpose, like the Series
2018-4 Certificates subject to the terms of the Agreement and this Supplement. 

(e)        Series 2018-4 shall be a
Repurchase Reporting Series. 
 (f)        Series
2018-4 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 2018-4 with respect to any Rating Agency (other than Standard &
Poor’s) then rating Series 2018-4. 
 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 9.07(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 Series 2018-4 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 2018-4 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 Senior Minimum Monthly Interest and the Monthly Servicing 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. 

  
 2 

“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 2.99%. 

“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 $900,000,000. 

“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. 

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

  
 3 

“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 3.18%; 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 3.18%; (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 modified Class B
Certificate Rate is a fixed rate or a “qualified floating rate” (within the meaning of Treasury Regulations section 1.1275-5) otherwise meeting such relevant requirements as would cause the
Class B Certificates to constitute variable rate debt instruments (within the meaning of Treasury Regulations section 1.1275-5, including without limitation paragraph (a)(4) thereof) and determined under
procedures consistent with those applicable to reset bonds (as described in Treasury Regulations section 1.1275-5(f)) such that, in either case, the fair market value of the Class B Certificates will be
the Class B Invested Amount; (v) 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 (v), 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; (vi) the Transferor shall provide to the Trustee
an Opinion of Counsel to the effect that such modification shall not adversely affect the status of the Class B Certificates as debt for federal income tax purposes; (vii) if the modified Class B Certificate

  
 4 

 
Rate is a fixed rate or a rate based on an index other than LIBOR, the Transferor shall provide two days’ notice of such modified rate to the Rating Agencies; and (viii) if the modified
Class B Certificate Rate is a fixed rate or a rate based on an index other than LIBOR, the Transferor shall certify in the related notice to the Trustee that the Rating Agencies have been notified pursuant to clause (vii) above. 

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

“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 $38,572,000. 

“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 

  
 5 

 
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. 
 “Closing Date” shall mean May 21, 2018;
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 April 30, 2018. 

“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
$90,001,000. 
 “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 4.07(k), 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 the entity so designated in
the Transfer Agreement. 
 “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 

  
 6 

 
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. 

“Collateral Minimum Interest Rate” shall mean the rate specified in the Transfer Agreement (as modified as
described therein); provided that for purposes of this Supplement, such rate shall not exceed 4.432% 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 $51,429,000. 

“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 the rate specified in the Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed 3.42% 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. 

  
 7 

“Controlled Accumulation Amount” shall mean, for any Distribution Date
with respect to the Controlled Accumulation Period, $78,214,333.34; 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) 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 April 2020 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 2018-4) 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 June 15, 2018, 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 

  
 8 

 
2018-4 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 2018-4 Termination Date. 
 “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 May
2021 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 2018-4 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 2018-4 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 2018-4 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. 

  
 9 

 “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. 

“Group I Investor Monthly Fees” shall mean with
respect to any Distribution Date, the sum of (a) Series 2018-4 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 2018-4 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 $1,028,573,000. 

“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 9.07(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 2018-4 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 2018-4 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. 

  
 10 

 “Monthly Servicing Fee”
shall have the meaning specified in subsection 3.01. 

“Pay-Out Event” shall mean any Pay-Out Event specified in Section 6.01. 
 “Permitted Assignee”
shall mean any Person who, if it were 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 2018-4 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 2018-4 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 2018-4 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 2018-4, 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 2018-4. 

“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 2018-4 pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any
Monthly Period, the product of (a) the Series 2018-4 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 2018-4 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 2018-4 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 May 2019 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 November 2019 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 2018-4” shall mean the Series of
Certificates the terms of which are specified in this Supplement. 
 “Series 2018-4 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 2018-4 
Allocable Defaulted Amount” shall mean the Series Allocable Defaulted Amount with respect to Series 2018-4. 

“Series 2018-4 
Allocable Finance Charge Collections” shall mean the Series Allocable Finance Charge Collections with respect to Series 2018-4. 

“Series 2018-4 
Allocable Principal Collections” shall mean the Series Allocable Principal Collections with respect to Series 2018-4. 

“Series 2018-4 
Allocation Percentage” shall mean the Series Allocation Percentage with respect to Series 2018-4. 

“Series 2018-4 Certificate”
shall mean a Class A Certificate or a Class B Certificate or the Collateral Interest. 

“Series 2018-4 
Certificateholder” shall mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 2018-4 
Certificateholders’ Interest” shall mean the Certificateholders’ Interest for Series 2018-4, including the Collateral Interest. 

“Series 2018-4 
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 2018-4 Monthly Interest” shall mean the amounts determined
pursuant to subsections 4.02(a), (b) and (d). 

“Series 2018-4 
Principal Shortfall” shall have the meaning specified in Section 4.11. 

“Series 2018-4 
Termination Date” shall mean the December 2023 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 2018-4 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 May 21, 2018. 

“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 2018-4 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 9.07(a). 
 “Transfer Agreement” shall mean the Transfer and Administration Agreement, dated as
of May 21, 2018, among RFC III, as transferor, TRS, as administrator, and the American Express Credit Account Secured Note Trust 2018-4, as issuer, 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 2018-4, Fitch and
Standard & Poor’s. As used in this Supplement and in the Agreement with respect to Series 2018-4, “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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 Certificateholders. The Servicer shall, prior to the close of business on each Deposit Date, allocate to the Series 2018-4 Certificateholders the following amounts as set forth below: 

(i)        Allocations of 
Finance Charge Collections. The Servicer shall allocate to the Series 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 Allocation
Percentage and (IV) the 

  
 16 

 
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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 $1,794,000.00. 

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 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 

  
 17 

 
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 $81,772.64; 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. 

(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 

  
 18 

 
Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $117,258.12; 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 2018-4 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 2018-4 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
2018-4 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 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 

  
 19 

 
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 2018-4 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 2018-4 Certificateholders. 

(c)        The Controlled Accumulation Period is scheduled to commence at the close
of business on the last day of the April 2020 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 April 2020 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 2018-4, 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. 
 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 

  
 20 

 
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 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: 

  
 21 

 (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 
 (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 

  
 22 

 
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 2018-4 with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections allocable to Series
2018-4 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

  
 23 

 
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 2018-4 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 2018-4
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 2018-4 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; and 

(k)        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 2018-4 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 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. 

  
 26 

Section 4.09.    Excess Finance Charge 
Collections. Series 2018-4 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 2018-4 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 2018-4 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 2018-4 for any
Distribution Date will be equal to the excess, if any, of (a) 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
the full amount required to be paid, without duplication, pursuant to subsections 3.02(a)(iii) and 3.02(a)(iv) of the 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 2018-4 for any Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer Agreement.
On each Distribution Date, 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
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 2018-4 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 2018-4 Monthly Interest, Investor Default Amount, Series 2018-4 Monthly Fees and Series 2018-4 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: 

(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 2018-4 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

  
 27 

 
Series 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 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 2018-4 Certificateholders, an Eligible Deposit Account (the “Reserve Account”) bearing a designation clearly indicating
that the funds deposited therein and the property credited thereto are held for the benefit of the Series 2018-4 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 2018-4 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) 

  
 28 

 
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 2018-4. 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. 

(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 2018-4 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with
respect to Series 2018-4, (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 

  
 29 

 
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 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]. 

  
 30 

 ARTICLE V 

Distributions and Reports to 

Series 2018-4 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 2018-4 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 2018-4 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. 
 (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 2018-4 Certificateholders hereunder shall be made by check mailed to each Series 2018-4 Certificateholder at such Series 2018-4 Certificateholder’s address appearing in the Certificate Register without presentation or surrender of any Series 2018-4 Certificate or the making of

  
 31 

 
any notation thereon; provided, however, that with respect to Series 2018-4 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 2018-4 Certificateholders. 

(a)        On each Distribution Date, the Paying Agent, on behalf of the Trustee,
shall make available, and shall forward to each Series 2018-4 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 2018-4 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 2019, 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 2018-4 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 2018-4 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 2018-4 Certificates: 

(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

  
 32 

 
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
2018-4 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 2018-4 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 2018-4 Certificates and as a result of which the interests of the Series 2018-4
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 Agreements 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 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 

  
 33 

 
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 2018-4
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 2018-4
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 2018-4 shall be reduced to zero and the Series 2018-4 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 October 2023 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 2018-4 Termination Date (after giving effect to all distributions required to be made on the Series 2018-4 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 2018-4 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. 

  
 34 

 (b)        The Servicer, on behalf of
the Trustee, shall sell such Receivables (or interests therein) on the Series 2018-4 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 2018-4 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 October 2023 Distribution Date to the Series 2018-4 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 2018-4 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 2018-4 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 over (II) the portion of the Reassignment Amount attributable to the Class B Certificates. 

(b)        With respect to the Reassignment Amount deposited into the Collection
Account pursuant to Section 7.01 or any amounts allocable to the Series 2018-4 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 

  
 35 

 
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 2018-4 Certificateholders shall be deemed distributed in full to the Series 2018-4 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 2018-4 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 2018-4 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 2018-4
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 2018-4 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 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 2018-4 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

  
 36 

 
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
2018-4 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 2018-4 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 2018-4
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 2018-4 Certificateholders shall be distributed in
full to the Series 2018-4 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.    [Reserved]. 

Section 9.05.    FATCA Matters. Each Certificate Owner and Series 2018-4 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, United States withholding tax may apply. Each such Certificate Owner and Series 2018-4 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 

  
 37 

 
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 9.06.    Uncertificated Securities. The Collateral Interest shall be delivered in
uncertificated form. 
 Section 9.07.    Transfers of the Collateral Interest. 

(a)        Unless otherwise consented to by the Transferor, no portion of 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 9.07 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 of the Collateral Interest is not being made by
means of the prospectus prepared in connection with the sale of the Series 2018-4 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. 

  
 38 

 [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:	 	/s/ Denise D. Roberts
		 	Name: Denise D. Roberts
		 	Title:   President
	
	 AMERICAN EXPRESS TRAVEL RELATED

          SERVICES COMPANY, INC.,

	          as Servicer
		
	By:	 	/s/ David L. Yowan
		 	Name: David L. Yowan
		 	Title:   Treasurer
	
	 THE BANK OF NEW YORK MELLON,

          as Trustee

		
	By:	 	/s/ Michael D. Commisso
		 	 Name: Michael D. Commisso

		 	 Title:   Vice President

 [Signature page – Series 2018-4 Supplement] 

					
		 	FORM OF CLASS A CERTIFICATE	 	EXHIBIT A-1
			
	 REGISTERED
	 		 	$                    1/
			
	 No. R-              
	 		 	CUSIP No. 02582J HZ6

 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 2018-4 

CLASS A 2.99% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
May 2021 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/9,000ths undivided interest 
 in
Class A of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2018-4 

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 2018-4 Supplement, dated
as of May 21, 2018 (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 May 2021 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: May 21, 2018 

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2018-4 Class A
Certificates described in the within-mentioned Agreement and Supplement. 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:  	 	 
		 	Authorized Signatory
		
		 	or
		
	By:	 	 
		 	 as Authenticating Agent
 for the
Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 A-1-4 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2018-4 

CLASS A 2.99% 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 2018-4
(the “Series 2018-4 Certificates”), and one of a class thereof entitled Class A Series 2018-4 2.99% 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 $900,000,000. 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 2018-4 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 2018-4 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 2018-4 Certificateholders will not have any interest in the Receivables and the Series 2018-4 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 JA9

 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 2018-4 

CLASS B 3.18% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
May 2021 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/38572/100 ths undivided interest

 in Class B of the 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2018-4 

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 2018-4 Supplement, dated as of May 21, 2018 (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 May 2021 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: May 21, 2018 

  
 A-2-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2018-4
Class B Certificates described in the within mentioned Agreement and Supplement. 
  

			
	THE BANK OF NEW YORK MELLON,
as Trustee
		
	By:  	 	  

		 	Authorized Signatory
		 	
		 	
	or	 	

 
			
		
	By:  	 	  

		 	as Authenticating Agent
for the Trustee

 
			
		
	By:  	 	  

		 	Authorized Signatory

  
 A-2-5 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2018-4 

CLASS B 3.18% 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 2018-4
(the “Series 2018-4 Certificates”), and one of a class thereof entitled Class B Series 2018-4 3.18% 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 $38,572,000. 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 2018-4 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 2018-4 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 2018-4

  
 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
2018-4 Certificateholders will not have any interest in the Receivables and the Series 2018-4 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 2018-4 

 
  

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 2018-4 Supplement, dated as of May 21, 2018, 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 2018-4 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):	  	
				
		  		  	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. 
  

	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	  	$                

  
 B-5 

									
				
		  	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	  	$                
				
		  	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-6 

 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 (1)
	 	 	 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 ___	 	$________
	     

	(1) Series 2009-D-II, Series 2016-E-I and Series 2016-E-II do not share in group allocations with other series. Therefore,
certain figures set forth in section “B. Series Allocations” above, which include Series 2009-D-II, Series 2016-E-I and Series 2016-E-II, will not equal the corresponding figures set forth in this section “C. Group
Allocations.”

  

											
	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	  	_________%

  
 C-1-2 

									
	 	 	Annualized Recovery Rate	  	_________%  
	 	 	Annualized Default Rate, Net of Recoveries	  	                  %  

	 	 	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 2018-4 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 Senior Minimum
Monthly Interest:
	 	 $
	 	 
			
	 (3)   The amount of the distribution in respect of Collateral Senior Additional
Interest:
	 	 $
	 	 
			
	 (4)   The amount distributed to the Collateral Interest Holder in respect of
principal on the Collateral Invested Amount:
	 	 $
	 	 

  
 C-1-7 

					
	 (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:
	 	 $
	 	 

  
 C-1-8 

							
	 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
	 		 	
$                    
	 	 
	     Available Principal
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 2018-4 Allocable Principal Collections
	 	 	 	
$                    
	 	 
	 3.
Principal Allocation Percentage of Series
     2018-4 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
2018-4
	 	 	 	
$                    
	 	 
	 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 2018-4

	 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. 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
	 	 	  	________%	 	 
	 	 	 b. Prior Monthly

Period
	 	 	  	________%	 	 
	 	 	 c. Second Prior

Monthly Period
	 	 	  	________%	 	 
	4. Three Month average Series Adjusted Portfolio Yield	 	 	 	 	  	________%	 	 

  
 C-1-10 

									
	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 2018-4 

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 2018-4 Supplement, dated as of May 21, 2018, 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 2018-4 Collateral Interest 

Ladies and Gentlemen: 

This letter (the “Investment Letter”) is delivered by the undersigned (the “Purchaser”) pursuant to
Section 9.07 of the Series 2018-4 Supplement, dated as of May 21, 2018 (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 9.07 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-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]