Document:

EX-4.1

 Exhibit 4.1 

 
  

SERIES 2019-3 SUPPLEMENT 

Dated as of September 23, 2019 

to 
 FOURTH AMENDED AND RESTATED

 POOLING AND SERVICING AGREEMENT 

Dated as of April 1, 2018 

$1,371,431,000 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 Series 2019-3 

 
  

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 2019-3 Certificateholders 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
			
	 ARTICLE I
	    	CREATION OF THE SERIES 2019-3 CERTIFICATES	  	 	1	 
			
	 Section 1.01.
	    	Designation	  	 	1	 
			
	 ARTICLE II
	    	DEFINITIONS	  	 	2	 
			
	 Section 2.01.
	    	Definitions	  	 	2	 
			
	 ARTICLE III
	    	SERVICING FEE	  	 	14	 
			
	 Section 3.01.
	    	Servicing Compensation	  	 	14	 
			
	 ARTICLE IV
	    	RIGHTS OF SERIES 2019-3 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	  	 	18	 
			
	 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	  	 	24	 
			
	 Section 4.08.
	    	Reallocated Principal Collections	  	 	25	 
			
	 Section 4.09.
	    	Excess Finance Charge Collections	  	 	26	 
			
	 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	  	 	29	 
			
	 Section 4.14.
	    	[Reserved]	  	 	30	 
			
	 ARTICLE V
	    	DISTRIBUTIONS AND REPORTS TO SERIES 2019-3 CERTIFICATEHOLDERS	  	 	30	 
			
	 Section 5.01.
	    	Distributions	  	 	30	 
			
	 Section 5.02.
	    	Reports and Statements to Series 2019-3 Certificateholders	  	 	31	 
			
	 ARTICLE VI
	    	PAY-OUT EVENTS	  	 	32	 
			
	 Section 6.01.
	    	Pay-Out Events	  	 	32	 
			
	 ARTICLE VII
	    	OPTIONAL REPURCHASE; SERIES TERMINATION	  	 	33	 
			
	 Section 7.01.
	    	Optional Repurchase	  	 	33	 
			
	 Section 7.02.
	    	Series Termination	  	 	34	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 ARTICLE VIII
	    	FINAL DISTRIBUTIONS	  	 	34	 
			
	 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	  	 	34	 
			
	 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 2019-3 SUPPLEMENT, dated as
of September 23, 2019 (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 2019-3 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 2019-3.” The Series 2019-3 Certificates shall be issued in
two Classes, the first of which shall be known as the “Class A Series 2019-3 2.00% Asset Backed Certificates” and the second of which shall be known as the “Class B Series 2019-3 2.20% 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 2019-3” 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 2019-3 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 2019-3 shall be included in Group I and
shall be a Principal Sharing Series. Series 2019-3 shall be an Excess Allocation Series. Series 2019-3 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 2019-3 shall be the October 2019 Distribution Date and the first Monthly
Period shall begin on and include the Closing Date and end on and include September 30, 2019. 

(c)      Except as expressly provided herein, (i) the provisions of Article VI and Article
XII of the Agreement relating to the registration, authentication, delivery, presentation, cancellation and surrender of Registered Certificates shall not be applicable to the Collateral Interest, and (ii) the provisions of Section 3.07 of
the Agreement shall not cause the Collateral Interest to be treated as debt for federal, state and local income and franchise tax purposes, but rather the Transferor intends, and together with the Collateral Interest Holder, agree to treat the
Collateral Interest for federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the Trust. 

  
 1 

 (d)      Pursuant to Section 6.03(c) of
the Agreement, the Transferor may, from time to time, increase the amount of the Series 2019-3 Certificates by issuing and selling additional Series 2019-3 Certificates.
Any additional Series 2019-3 Certificates so issued shall be treated, for all purpose, like the Series 2019-3 Certificates subject to the terms of the Agreement and this
Supplement. 
 (e)      Series 2019-3 shall be a
Repurchase Reporting Series. 
 (f)      Series
2019-3 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 2019-3 with respect to any Rating Agency (other than Standard & Poor’s) then
rating Series 2019-3. 
 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 2019-3 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 2019-3 in accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any other amounts which
pursuant to Section 4.05 or 4.07 of this Supplement are to be treated as Available Principal Collections with respect to the related Distribution Date. 

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

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

  
 2 

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

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

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

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

“Class A Certificate Rate” shall mean, for any
Interest Accrual Period with respect to the Class A Certificates, a per annum rate equal to 2.00%. 

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

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

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

“Class A Initial Invested Amount” shall mean $1,200,000,000. 

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

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

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

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

  
 3 

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

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

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

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

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

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

“Class B Certificate Rate” shall mean, for any
Interest Accrual Period with respect to the Class B Certificates, a per annum rate equal to 2.20%. 

“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 $51,429,000. 

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

  
 4 

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

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

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

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

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

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

“Class B Servicing Fee” shall have the meaning
specified in Section 3.01. 
 “Closing Date” shall mean September 23, 2019;
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 August 31, 2019. 

“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. 

  
 5 

“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
$120,002,000. 
 “Collateral Interest” shall mean a fractional undivided interest in
the Trust which shall consist of the right to receive, (i) to the extent necessary to make the required payments to the Collateral Interest Holder under this Supplement, the portion of Collections allocable thereto under the Agreement and this
Supplement and funds on deposit in the Collection Account allocable thereto pursuant to the Agreement and this Supplement and (ii) amounts available for payment to the Collateral Interest Holder pursuant to subsections 4.05(e), 4.05(f),
4.07(f), 4.07(k), 4.07(l), 4.12(e), 4.12(f), 8.01(b), 8.02(a) and 8.02(b) or any other provision of this Supplement. 

“Collateral Interest Holder” shall mean (i) initially, the
Transferor, (ii) following a Note Trust Transfer, the entity so designated in the applicable Transfer Agreement, and (iii) following any other transfer in accordance with Section 9.07, the applicable transferee. 

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

“Collateral Minimum Interest Rate” shall mean (i) initially, a per annum rate equal to 3.386%,
and (ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed 3.386% 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

  
 6 

 
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 $68,573,000. 

“Collateral Senior Interest Shortfall” shall have the meaning
specified in subsection 4.02(d). 
 “Collateral Senior
Invested Amount” shall mean, when used with respect to any date, an amount equal to the Collateral Senior Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest
Holder in respect of the Collateral Senior Invested Amount on all prior Distribution Dates, plus the principal amount of any additional Collateral Interest issued in respect of the Collateral Senior Invested Amount after the Closing Date in
accordance with Section 6.03(c) of the Agreement. 
 “Collateral Senior Minimum Interest Rate” shall
mean (i) initially, a per annum rate equal to 2.46%, and (ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this
Supplement, such rate shall not exceed 2.46% per annum. 
 “Collateral Senior Minimum Monthly
Interest” shall have the meaning specified in subsection 4.02(d). 
 “Collateral Senior Required
Amount” shall have the meaning set forth in subsection 4.04(c). 

“Collateral Servicing Fee” shall have the meaning set forth in
Section 3.01. 
 “Controlled Accumulation Amount” shall mean,
for any Distribution Date with respect to the Controlled Accumulation Period, $104,285,750; 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 August 2021 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 2019-3) 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. 

  
 7 

“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 October 15, 2019, 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 2019-3 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 2019-3 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
September 2022 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 

  
 8 

 
Series 2019-3 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
2019-3 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 2019-3 Additional Amounts for such Distribution Date and (b) for all other Series included in Group I, the sum of (i) the aggregate
net amount by which the Invested Amounts of such Series have been reduced as a result of investor charge-offs, subordination of principal collections and funding the investor default amounts in respect of any Class or Series Enhancement
interests of such Series as of such Distribution Date and (ii) if the applicable Supplements so provide, the aggregate unpaid amount of interest at the applicable certificate rates that has accrued on the amounts described in the preceding
clause (i) for such Distribution Date. 
 “Group
I Investor Default Amount” shall mean, with respect to any Distribution Date, the sum of (a) the Investor Default Amount for such Distribution Date and (b) the aggregate
amount of the investor default amounts for all other Series included in Group I for such Distribution Date. 

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

“Group I Investor Monthly Fees” shall mean with
respect to any Distribution Date, the sum of (a) Series 2019-3 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 2019-3 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 $1,371,431,000. 

“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. 

  
 9 

 “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 2019-3 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 2019-3 Allocable Finance Charge
Collections deposited in the Collection Account for the related Monthly Period. 

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

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

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

“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 2019-3 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 2019-3 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 2019-3 Allocation Percentage as 

  
 10 

 
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 2019-3, 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 2019-3. 

“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. 

“Reallocated Investor Finance Charge 
Collections” shall mean that portion of Group I Investor Finance Charge Collections allocated to Series 2019-3 pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any
Monthly Period, the product of (a) the Series 2019-3 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 2019-3 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 2019-3 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 

  
 11 

 
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 September 2020 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 March 2021 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. 

“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 2019-3” shall mean the Series of Certificates the terms of which are specified in this Supplement. 

“Series 2019-3 
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 2019-3 
Allocable Defaulted Amount” shall mean the Series Allocable Defaulted Amount with respect to Series 2019-3. 

“Series 2019-3 
Allocable Finance Charge Collections” shall mean the Series Allocable Finance Charge Collections with respect to Series 2019-3. 

  
 12 

“Series 2019-3 
Allocable Principal Collections” shall mean the Series Allocable Principal Collections with respect to Series 2019-3. 

“Series 2019-3 
Allocation Percentage” shall mean the Series Allocation Percentage with respect to Series 2019-3. 

“Series 2019-3 Certificate”
shall mean a Class A Certificate or a Class B Certificate or the Collateral Interest. 

“Series 2019-3 
Certificateholder” shall mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 2019-3 
Certificateholders’ Interest” shall mean the Certificateholders’ Interest for Series 2019-3, including the Collateral Interest. 

“Series 2019-3 
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 2019-3 Monthly Interest” shall mean the amounts determined
pursuant to subsections 4.02(a), (b) and (c). 

“Series 2019-3 
Principal Shortfall” shall have the meaning specified in Section 4.11. 

“Series 2019-3 
Termination Date” shall mean the April 2025 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 2019-3 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 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 September 23, 2019. 

“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 2019-3 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. 

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

(b)      Notwithstanding anything to the contrary in this Supplement or the Agreement, the term
“Rating Agency” shall mean, whenever used in this Supplement or the Agreement with respect to Series 2019-3, Fitch and Standard & Poor’s. As used in this
Supplement and in the Agreement with respect to Series 2019-3, “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 2019-3 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.” 

ARTICLE III 

Servicing Fee 

Section 3.01.      Servicing Compensation. The share of the
Servicing Fee allocable to the Series 2019-3 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 2019-3 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 2019-3 Certificateholders be liable for the share of the Servicing 

  
 14 

 
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 2019-3 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 2019-3 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 2019-3 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 2019-3 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. 
 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 2019-3 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 2019-3 Certificateholders. The Servicer shall, prior to the close of business on each Deposit Date, allocate to the Series
2019-3 Certificateholders the following amounts as set forth below: 

(i)        Allocations of 
Finance Charge Collections. The Servicer shall allocate to the Series 2019-3 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 2019-3 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 2019-3 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 

  
 15 

 
Allocation Percentage and (III) the Series 2019-3 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 2019-3 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 2019-3 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 2019-3 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 2019-3 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 2019-3 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 2019-3 Allocation Percentage and
(IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a
“Percentage Allocation”) shall be allocated to the Series 2019-3 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 2019-3 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 2019-3 Certificateholders and retained in the Collection Account until applied as 

  
 16 

 
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 2019-3 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 $1,466,666.67. 

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 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 $69,143.43. 
 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. 

  
 17 

 (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 Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $103,088.08;
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 2019-3 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 

  
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and the property credited thereto are held for the benefit of the Series 2019-3 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 2019-3 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 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 2019-3 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

  
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the power to withdraw funds from the Principal Funding Account for the purpose of making distributions to the Series 2019-3 Certificateholders. 

(c)      The Controlled Accumulation Period is scheduled to commence at the close of business
on the last day of the August 2021 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 August 2021 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 2019-3, 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 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 

  
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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: 

(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: 

  
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 (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 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: 

  
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 (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 2019-3 with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections allocable to Series 2019-3 with respect to such Monthly Period, the Collateral Invested Amount, if any, will be reduced by the amount of such excess, but not by more than the Class A Investor Default Amount for such Distribution
Date. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the
Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested
Amount with respect to such Distribution Date. In the event that such reduction would cause the Class B Invested Amount to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A Invested Amount
shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the aggregate amount of
the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such Distribution Date (a
“Class A Investor Charge-Off”). Class A Investor Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount
increased (but not by an amount in excess of the aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose
pursuant to subsection 4.07(b). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

(b)      On each Determination Date, the Servicer shall calculate the Class B Investor
Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class B Required Amount for such Distribution Date exceeds the sum of (x) the amount of Excess Spread and Excess Finance Charge Collections
allocated to Series 2019-3 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 

  
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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 2019-3 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). 

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 2019-3 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; 

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

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

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

(a)      an amount equal to the excess, if any, of (i) the Class A Required Amount,
if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2019-3 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 

  
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(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. 

Section 4.09.      Excess Finance 
Charge Collections. Series 2019-3 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 2019-3 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 2019-3 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
2019-3 for any Distribution Date will be equal to the excess, if any, of (a) the sum of (I) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and
4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and (II) following a Note Trust Transfer, the full amount required to be paid, without duplication, from the portion of Available Funds (as such term is defined in the
Transfer Agreement) allocable to Series 2019-3 in accordance with the applicable Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of
(i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account
Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available
Funds with respect to such Distribution Date. The amount of Excess Finance Charge Collections for Series 2019-3 for any Distribution Date shall be (i) 

  
 26 

 
initially, the balance remaining and so available pursuant to Section 4.07(l) and (ii) following a Note Trust Transfer, the amount so specified pursuant to the Transfer Agreement. On
each Distribution Date following a Note Trust Transfer, the Trustee shall deposit into the Collection Account for application in accordance with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by
the Trustee pursuant to the applicable Transfer Agreement on such date. 

Section 4.10.      Reallocated Investor 
Finance Charge Collections. 
 (a)      That portion
of Group I Investor Finance Charge Collections for any Distribution Date equal to the amount of Reallocated Investor Finance Charge Collections for such Distribution Date will be allocated to Series 2019-3 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 2019-3 Monthly Interest, Investor Default Amount, Series
2019-3 Monthly Fees and Series 2019-3 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 2019-3 Monthly Interest and the
denominator of which is Group I Investor Monthly Interest; 
 (B)      the
product of (I) Group I Investor Finance Charge Collections less the amount of Group I Investor Monthly Interest (up to the Group I Investor Default Amount) and (II) a fraction, the numerator of which is the Investor Default Amount and the
denominator of which is the Group I Investor Default Amount; 
 (C)      the
product of (I) Group I Investor Finance Charge Collections less the amount of Group I Investor Monthly Interest and the Group I Investor Default Amount (up to Group I Investor Monthly Fees) and (II) a fraction, the numerator of which is
Series 2019-3 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
2019-3 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 2019-3 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 

  
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such last day (or, for Series 2019-3 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 2019-3 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 2019-3 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 2019-3 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 2019-3 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 2019-3 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 2019-3 Certificateholders. If at any time the Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency shall consent) establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash or
any investments to such new Reserve Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount at such time, for the
purposes set forth in this Supplement, and (ii) on each Distribution Date (from and after the Reserve Account Funding Date) prior to the termination of the Reserve Account make a deposit into the Reserve Account in the amount specified in, and
otherwise in accordance with, subsection 4.07(j). 
 (b)      Funds on deposit in the Reserve
Account shall be invested at the written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)) by the Trustee in Eligible Investments; provided, however, that if no such written direction is provided, funds on deposit
in the Reserve Account shall remain uninvested. Subject to the immediately preceding sentence, funds on deposit in the Reserve Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall
be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that
the Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment;
provided further, however, that the Servicer shall deliver prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held
liable by reason of any insufficiency in such Reserve Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee’s failure to make payments on

  
 28 

 
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 2019-3. 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 2019-3 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with respect to Series
2019-3, (iii) if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected Final Payment Date and (iv) the termination of the Trust pursuant to the
Agreement, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Class A Certificateholders which are payable from the Reserve Account as provided herein, shall withdraw
from the Reserve Account and pay to the Collateral Interest Holder all amounts, if any, on deposit in the Reserve Account and the Reserve Account shall be deemed to have terminated for purposes of this Supplement. 

Section 4.13.      Investment Instructions. 

(a)      Any investment instructions required to be given to the Trustee pursuant to the terms
hereof must be given to the Trustee no later than 10:30 a.m. (New York City time) on the date such investment is to be made. In the event the Trustee receives such investment instruction later than such time, the Trustee may, but shall have no
obligation to, make such investment. In the event the Trustee is unable to make an investment required in an investment instruction received by the Trustee after 10:30 a.m. (New York City time) on such day, such investment shall be made by the
Trustee on the next succeeding Business Day. In no event shall the Trustee be liable for any investment not made pursuant to investment instructions received after 10:30 a.m. (New York City time) on the day such investment is requested to be made.

  
 29 

 (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]. 

ARTICLE V 

Distributions and Reports to 

Series 2019-3 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 

  
 30 

 
date (unless there has been an optional repurchase of the Series 2019-3 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 2019-3 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 2019-3 Certificateholders hereunder shall be made by check mailed to each Series 2019-3 Certificateholder at such Series 2019-3 Certificateholder’s address appearing in the Certificate Register without presentation or surrender of any Series 2019-3 Certificate or the making of any notation
thereon; provided, however, that with respect to Series 2019-3 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 2019-3 Certificateholders. 

(a)      On each Distribution Date, the Paying Agent, on behalf of the Trustee, shall make
available, and shall forward to each Series 2019-3 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. 

  
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 (c)      A copy of each statement or
certificate provided pursuant to paragraph (a) or (b) may be obtained by any Series 2019-3 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 2020,
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 2019-3 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 2019-3 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 2019-3 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 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 2019-3
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 2019-3 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 2019-3 Certificates and as a result of which the interests of the Series 2019-3
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; 

  
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 (e)      a failure by the Transferor to
convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of the Agreement;

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

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

(h)      the Class A Invested Amount, the Class B Invested Amount or the Collateral
Invested Amount shall not be paid in full on the Expected Final Payment Date; 
 (i)      a
Transfer Restriction Event shall occur; 
 (j)      the occurrence of an Insolvency Event as
defined in the Receivables Purchase Agreement relating to the Account Owner; or 
 (k)      a
Transfer Restriction Event as defined in the Receivables Purchase Agreement shall occur between the Account Owner and the related Transferor; 

then, (A) in the case of any event described in subparagraph (c), (d) or (f), after the applicable grace period, if any, set forth in
such subparagraphs, either the Trustee or the Investor Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount of the Investor Certificates of this Series by notice then given in writing to the Transferor
and the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may declare that a Pay-Out Event has occurred with respect to this Series as of the date of such notice;
(B) in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the
Investor Certificateholders of this Series immediately upon the occurrence of such event; and (C) in the case of any event described in subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with
respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the
expiration of the 60-day grace period), but only to the extent that (x) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods
is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is less than 10%, and within 60 days following the occurrence of the
related Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables outstanding in the Trust does not at least equal the Required Minimum Principal Balance (without giving effect to Principal Receivables
attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer Restriction Event has occurred). 

ARTICLE VII 

Optional Repurchase; Series Termination 

Section 7.01.      Optional Repurchase. 

(a)      So long as the Transferor is the Servicer or an Affiliate of the Servicer, on any day
occurring on or after the date on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 2019-3 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 

  
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long-term unsecured debt obligations of such Transferor purchasing the Series 2019-3 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 2019-3 shall be reduced to zero and the Series 2019-3 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 February 2025 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
2019-3 Termination Date (after giving effect to all distributions required to be made on the Series 2019-3 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 2019-3 Termination Date. The Transferor, any Affiliate thereof, any agent thereof or any other party
consolidated with such Transferor for purposes of United States generally accepted accounting principles shall not be entitled to participate in such bidding process or to purchase the Receivables; provided, however, that, to the
extent the Collateral Interest Holder is not the Transferor, an Affiliate thereof, an agent thereof or any other party consolidated with the Transferor for purposes of United States generally accepted accounting principles, the Collateral Interest
Holder may participate in such bidding process. 
 (b)      The Servicer, on behalf of the
Trustee, shall sell such Receivables (or interests therein) on the Series 2019-3 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 2019-3 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 February 2025 Distribution Date to the Series 2019-3 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 2019-3 in connection with a reassignment of Receivables to the Transferor pursuant to Section 2.06 of the 

  
 34 

 
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 2019-3 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 2019-3 Certificateholders’ Interest deposited into the Collection Account pursuant to Section 7.02, the Trustee shall, in accordance with
the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to
any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class A
Certificateholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on
a prior Distribution Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on any prior
Distribution Date, will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the
Class B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest previously due but not distributed to the Class B
Certificateholders on a prior Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B
Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class B Certificateholders and (iii) the balance, if any, will be distributed to the Collateral Interest Holder. 

(c)      Notwithstanding anything to the contrary in this Supplement or the Agreement, all
amounts distributed to the Paying Agent pursuant to subsection 8.01(b) for payment to the Series 2019-3 Certificateholders shall be deemed distributed in full to the Series
2019-3 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. 

  
 35 

 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 2019-3 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 2019-3 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 2019-3 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 2019-3 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 2019-3 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and
(z) the Class A Floating Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Monthly Interest previously
due but not distributed to the Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but
not distributed to the Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2019-3 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 2019-3 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 2019-3 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 2019-3 

  
 36 

 
Certificateholders shall be distributed in full to the Series 2019-3 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 2019-3 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 2019-3 Certificateholder further agrees, upon request, to provide any certifications that may be required under applicable
law, regulations or procedures to evidence such status and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may be subject to United States withholding tax
(without any corresponding gross-up). Without limiting the foregoing, if a payment made under this Supplement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such
payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver to the Transferor and the Trustee, at the time or times prescribed by the Code and at such time
or times reasonably requested by the Transferor or the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Transferor or the
Trustee to comply with their respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold from such payment. In addition, the
Transferor shall deliver to the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Trustee, such documentation prescribed by the Code (including as prescribed by Code
Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Trustee to comply with its obligations under FATCA, and the Transferor understands that failure to provide such documentation may result in payments being
subject to United States withholding tax. The Trustee shall be entitled to deduct withholding tax imposed pursuant to FATCA, and shall have no obligation to gross up any payment or to pay any additional amount as a result of such withholding tax.
For these purposes, “FATCA” means Section 1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the U.S. Internal
Revenue Service thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and interpretations), any agreements entered into pursuant to 

  
 37 

 
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 2019-3 Certificates. Each Assignee will agree with the Transferor that: (a) such Assignee will deliver to the Transferor an Investment
Letter and (b) all of the statements made by such Assignee in its Investment Letter shall be true and correct as of the date made. 

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

  
 38 

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

			
	 AMERICAN EXPRESS RECEIVABLES

	        FINANCING CORPORATION III LLC,

	        as Transferor

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 AMERICAN EXPRESS TRAVEL RELATED

	        SERVICES COMPANY, INC.,

	        as Servicer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 THE BANK OF NEW YORK MELLON,

	        as Trustee

		
	 By:
	 	
                 

		 	 Name:

		 	 Title:

  
 [Signature page –
Series 2019-3 Supplement] 

					
		 	FORM OF CLASS A CERTIFICATE	  	EXHIBIT A-1

  

			
	 REGISTERED
	  	$                    1/
		
	 No. R-                
	  	CUSIP No. 02582J JM3

 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 2019-3 

CLASS A 2.00% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
September 2022 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/12,000ths undivided interest 
 in
Class A of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2019-3 

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 2019-3 Supplement, dated as of September 23, 2019 (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 September 2022 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: September 23, 2019 

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2019-3 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 2019-3 

CLASS A 2.00% 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 2019-3
(the “Series 2019-3 Certificates”), and one of a class thereof entitled Class A Series 2019-3 2.00% Asset Backed Certificates (the
“Class A Certificates”), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all
outstanding Series (the “Certificateholders’ Interest”) with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class A Certificates at any time in the
Principal Receivables in the Trust shall not exceed an amount equal to the Class A Invested Amount at such time. The Class A Initial Invested Amount is $1,200,000,000. 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 2019-3 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 2019-3 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 2019-3 Certificateholders will not have any interest in the Receivables and the Series 2019-3 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 JN1

 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 2019-3 

CLASS B 2.20% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
September 2022 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/51429/100ths undivided interest 
 in Class B of the 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2019-3 

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 2019-3 Supplement, dated as of September 23, 2019 (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 September 2022 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: September 23, 2019 

  
 A-2-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2019-3
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 2019-3 

CLASS B 2.20% 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 2019-3
(the “Series 2019-3 Certificates”), and one of a class thereof entitled Class B Series 2019-3 2.20% 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 $51,429,000. 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 2019-3 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 2019-3 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 2019-3

  
 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
2019-3 Certificateholders will not have any interest in the Receivables and the Series 2019-3 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 2019-3 

 
  

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 2019-3 Supplement, dated as of September 23, 2019, 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 2019-3 as follows: 
  

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

  
 B-3 

											
				
	 B)
	  	 Pursuant to subsection 4.07(b):
	  		  	             

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

  
 B-4 

											
				
	 J)
	  	 Pursuant to subsection 4.07(i):
	  		  	
				
		  	The amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections	  	 $                
	  	             

				
	 K)
	  	Pursuant to subsection 4.07(j):	  		  	
				
		  	The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account	  	 $                
	  	
				
	 L)
	  	Pursuant to subsection 4.07(k):	  		  	
					
		  	(1)	 	Remaining Collateral Minimum Monthly Interest	  	 $                
	  	
					
		  	(2)	 	Remaining Collateral Minimum Monthly Interest previously due but not paid	  	 $                
	  	
					
		  	(3)	 	Remaining Collateral Additional Interest and any Collateral Additional Interest previously due and not paid	  	 $                
	  	
				
	 M)
	  	Pursuant to subsection 4.07(l):	  		  	
					
		  	(1)	 	Prior to a Note Trust Transfer:	  		  	
						
		  		 	(A)	  	The amount to be treated as Excess Finance Charge Collections for such Distribution Date and shall be available for allocation to other Excess Allocation Series	  	 $                
	  	
						
		  		 	(B)	  	The amount distributed to the holders of the Transferor Certificates	  	 $                
	  	
					
		  	(2)	 	Following a Note Trust Transfer, the amount distributed to the Collateral Interest Holder	  	 $                
	  	

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

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 

  
 B-5 

 
Funding Account, as applicable, on                 , which date is a Payment Date under
the Supplement, the following amounts as set forth below: 
  

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

 III.      ACCRUED AND UNPAID AMOUNTS 

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

									
	 1.
	 	Subsection 4.06(a):	  		  	             

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

  
 B-6 

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

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

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

		 	 Name:

		 	 Title:

  
 B-7 

 EXHIBIT C-1 

FORM OF MONTHLY STATEMENT 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 
  

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

  
 C-1-1 

																			
	 B. SERIES
ALLOCATIONS

	
    

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

  

																					
	 C. GROUP
ALLOCATIONS

	
    

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

 
	 	 $_______

 
	 	 $_______

 
	 	 $_______

 
	 	 $_______

 
	 	 $_______

 
	 	 $____

 
	 	 $________

 
	 	 $________

 
	 	 $________

 

	
    

																			
	 	 	Group Investor Finance Charge Collections	 	Group Expenses                
        	 	Group Reallocable Investor Finance Charge Collections
	 Group ___
	 	$________	 	 	 	 
	 	 	 	 	 	 	 

  

											
	D. TRUST PERFORMANCE
	Delinquencies	  	 	  	Dollar Amount	  	Percentage of Ending Total Receivables	  	Number of Accounts	  	Percentage of Total Number of Accounts
	    	  	
31-60 Days Delinquent
  
	  	$_________	  	_________%	  	_________	  	_________%
	 	  	
61-90 Days Delinquent
  
	  	$_________	  	_________%	  	_________	  	_________%
	 	  	
91-120 Days Delinquent
  
	  	$_________	  	_________%	  	_________	  	_________%
	 	  	 120+ Days Delinquent

 
	  	$_________	  	_________%	  	 	  	_________%
	 	  	Total 30+ Days Delinquent	  	$_________	  	_________%	  	_________	  	_________%
	    

											
	Loss Experience:
	 	  	Ending Principal Receivables Balance	  	_________   
	 	  	Defaulted Amount	  	_________   
	 	  	Recoveries	  	_________   
	 	  	Net Default Amount	  	_________   
	 	  	Annualized Default Rate	  	            _________%
	 	  	Annualized Recovery Rate	  	_________%
	 	  	Annualized Default Rate, Net of Recoveries	  	_________%

  
 C-1-2 

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

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

	 [No activity to
report for reporting period.]

	 Most recent Form
ABS-15G:

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

	 
	
    

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

	 [No activity to
report for reporting period.]

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

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

	 
	
    

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

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

[ADDRESS]
 [PHONE NUMBER]

[EMAIL]]

					
	H. CREDIT RISK RETENTION	  	As of the last day of Monthly Period	  	As of the last day of Prior Monthly Period
	Required Seller’s Interest Amount	  	$________	  	$________
	Seller’s Interest Amount	  	$________
	Seller’s Interest Percentage	  	________%	  	________%

  
 C-1-3 

									
	 SERIES 2019-3
CERTIFICATES
  

	 A. INVESTOR/

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

FUNDING
 REQUIREMENTS
	  	CLASS A	  	CLASS B	  	COLLATERAL
INTEREST	  	TOTAL
	Principal Funding Account Balance	  	$____________	  	$____________	  	$____________	  	$____________
	Investment Proceeds for Monthly Period	  	$____________	  	$____________	  	$____________	  	$____________
	Required Reserve Account Amount	  	$____________	  	$____________	  	$____________	  	$____________
	Reserve Account Opening Balance	  	$____________	  	$____________	  	$____________	  	$____________
	Reserve Account Investment Proceeds retained per Section 4.12(b)	  	$____________	  	$____________	  	$____________	  	$____________
	Reserve Account Deposit	  	$____________	  	$____________	  	$____________	  	$____________
	Reserve Draw Amount	  	$____________	  	$____________	  	$____________	  	$____________
	Reserve Account Surplus (after giving effect to any principal distributions on the related Distribution Date)	  	$____________	  	$____________	  	$____________	  	$____________
	Reserve Account Closing Balance (after giving effect to any principal distributions and Reserve Account withdrawals on the related Distribution Date)	  	$____________	  	$____________	  	$____________	  	$____________
	LIBOR Determination Date	  	NA	  	NA	  	NA	  	NA

  
 C-1-4 

									
	Coupon _______to ______	  	_________%	  	_________%	  	_________%	  	_________%
	Monthly Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Outstanding Monthly Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Additional Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Total Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Investor Default Amount	  	$____________	  	$____________	  	$____________	  	$____________
	Investor Monthly Fees Due	  	$____________	  	$____________	  	$____________	  	$____________
	Investor Additional Amounts Due	  	$____________	  	$____________	  	$____________	  	$____________
	Total Due	  	$____________	  	$____________	  	$____________	  	$____________
	    	  	 	  	 	  	 	  	 
	Reallocated Investor Finance Charge Collections	  	 	  	 	  	 	  	$____________
	Interest and Principal Funding Investment Proceeds	  	 	  	 	  	 	  	$____________
	Interest on Reserve Account	  	 	  	 	  	 	  	$____________
	Series Adjusted Portfolio Yield	  	 	  	 	  	 	  	_________%
	Base Rate	  	 	  	 	  	 	  	_________%
	Excess Spread Percentage	  	 	  	 	  	 	  	_________%
	 	 	 	 	 
	    	  	 	  	 	  	 	  	 
	 C. CERTIFICATES –

BALANCES AND
 DISTRIBUTIONS
	  	CLASS A	  	CLASS B	  	COLLATERAL
INTEREST	  	TOTAL
	Beginning Certificates Balance	  	$____________	  	$____________	  	$____________	  	$____________
	Distributions of Interest	  	$____________	  	$____________	  	$____________	  	$____________
	Deposits to the Principal Funding Account	  	$____________	  	$____________	  	$____________	  	$____________
	Distributions of Principal	  	$____________	  	$____________	  	$____________	  	$____________
	Total Distributions	  	$____________	  	$____________	  	$____________	  	$____________
	Ending Certificates Balance	  	$____________	  	$____________	  	$____________	  	$____________

  
 C-1-5 

 
									
	 D)
	 	 Information regarding distributions on the Distribution Date in respect of the Class A Certificates per
$1,000 original certificate principal amount.
	  		  	
					
		 	 (1)
	 	 The total amount of the distribution:
	  	 $                
	  	
					
		 	 (2)
	 	 The amount of the distribution in respect of Class A Monthly Interest:
	  	 $                
	  	
					
		 	 (3)
	 	 The amount of the distribution in respect of Class A Outstanding Monthly Interest:
	  	 $                
	  	
					
		 	 (4)
	 	 The amount of the distribution in respect of Class A Additional Interest:
	  	 $                
	  	
					
		 	 (5)
	 	 The amount of the distribution in respect of principal of the Class A Certificates:
	  	 $                
	  	
				
	 E)
	 	 Class A Investor Charge-Offs and Reimbursement of Class A Investor Charge-Offs.
	  		  	
					
		 	 (1)
	 	 The total amount of Class A Investor Charge-Offs:
	  	 $                
	  	
					
		 	 (2)
	 	 The amount of Class A Investor Charge-Offs per $1,000 original certificate principal amount:
	  	 $                
	  	
					
		 	 (3)
	 	 The total amount reimbursed in respect of Class A Investor Charge-Offs:
	  	 $                
	  	
					
		 	 (4)
	 	 The amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original certificate principal
amount:
	  	 $                
	  	             

					
		 	 (5)
	 	 The amount, if any, by which the outstanding principal balance of the Class A Certificates exceeds the Class A
Invested Amount after giving effect to all transactions on such Distribution Date:
	  	 $                
	  	
				
	 F)
	 	 Information regarding distributions in respect of the Class B Certificates, per $1,000 original
certificate principal amount.
	  		  	
					
		 	 (1)
	 	 The total amount of the distribution in respect of Class B Certificates:
	  	 $                
	  	
					
		 	 (2)
	 	 The amount of the distribution in respect of Class B Monthly Interest:
	  	 $                
	  	

  
 C-1-6 

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

				
	 H)
	 	 Information regarding distributions on the Distribution Date to the Collateral Interest Holder.
	  		  	
					
		 	 (1)
	 	 The total amount distributed to the Collateral Interest Holder:
	  	 $                
	  	
					
		 	 (2)
	 	 The amount of the distribution in respect of Collateral Minimum Monthly Interest (including in respect of Collateral Senior
Minimum Monthly Interest):
	  	 $                
	  	
					
		 	 (3)
	 	 The amount of the distribution in respect of Collateral Senior
Additional Interest (including in respect of Collateral Additional Interest):
	  	 $                
	  	

  
 C-1-7 

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

					
		 	 (1)
	 	 The amount of reductions in the Collateral Invested Amount pursuant to clauses (c), (d) and (e) of the definition of
Collateral Invested Amount:
	  	 $                
	  	
					
		 	 (2)
	 	 The total amount reimbursed in respect of such reductions in the Collateral Invested Amount:
	  	 $                
	  	

  
 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 2019-3 Allocable Principal Collections
	  	 	  	
$____________
	  	 
	 3.  Principal
Allocation Percentage of Series
    2019-3
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 2019-3
	  	 	  	
$____________
	  	 
	 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 2019-3

	
1.  Excess Spread
	  	 	  	
$____________
	  	 
	
2.  Excess Finance Charge Collections
	  	 	  	
$____________
	  	 
	
3.  Applied to fund Class A Required Amount
	  	 	  	
$____________
	  	 
	
4.  Class A Investor Charge-Offs treated as

   Available Principal Collections
	  	 	  	
$____________
	  	 
	
5.  Applied to fund overdue Class B Interest
	  	 	  	
$____________
	  	 
	
6.  Applied to fund Class B Required Amount
	  	 	  	
$____________
	  	 
	
7.  Reduction of Class B Invested Amount treated

   as Available Principal Collections
	  	 	  	
$____________
	  	 
	
8.  Applied to Collateral Senior Minimum Monthly

   Interest
	  	 	  	
$____________
	  	 
	
9.  Applied to unpaid Monthly Servicing Fee
	  	 	  	
$____________
	  	 
	
10.  Collateral Default Amount treated as Available Principal
Collections
	  	 	  	
$____________
	  	 
	
11.  Reduction of Collateral Invested Amount treated as Available
Principal Collections
	  	 	  	
$____________
	  	 
	
12.  Deposited to Reserve Account
	  	 	  	
$____________
	  	 
	
13.  Applied to any remaining Collateral Minimum Monthly
Interest
	  	 	  	
$____________
	  	 
	
14A. (a) Prior to a Note Trust Transfer, remaining

      Excess Spread applied as Excess
Finance
       Charge Collections
	  	 	  	
$____________
	  	 
	 (b) Prior to a Note Trust Transfer,
remaining
       Excess Spread distributed
to the holders
       of the Transferor
Certificates
	  	 	  	
$____________
	  	 
	
14B. Following a Note Trust Transfer, remaining Excess Spread distributed to Collateral
Interest Holder(s)
	  	 	  	
$____________
	  	 
	 
	 
	 O. YIELD AND BASE
RATE

	
1.  Base Rate
	  	 	  	 	  	 	  	 
	 	  	 a. Current

Monthly Period
	  	 	  	 ________%
	  	 
	 	  	 b. Prior Monthly

Period
	  	 	  	 ________%
	  	 
	 	  	 c. Second Prior

Monthly Period
	  	 	  	 ________%
	  	 
	
2.  Three Month Average Base Rate
	  	 	  	 	  	 ________%
	  	 
	
3.  Series Adjusted Portfolio

Yield
	  	 	  	 	  	 	  	 
	 	  	 a. Current
	  	 	  	 	  	 

  
 C-1-10 

									
	 	  	 Monthly
Period
	  	 	  	 ________%
	  	 
	 	  	 b. Prior Monthly

Period
	  	 	  	 ________%
	  	 
	 	  	 c. Second Prior

Monthly Period
	  	 	  	 ________%
	  	 
	
4.  Three Month average

Series Adjusted Portfolio Yield
	  	 	  	 	  	 ________%
	  	 
	
5.  Is the 3 month average

Series Adjusted Portfolio Yield more than the 3 month average Base Rate?
	  	 	  	 	  	 [Yes/No]
	  	 
	 
	 
	 P. REASSIGNMENT
AMOUNT

	 Adjusted Invested Amount
	  	 	  	
$____________
	  	 
	 Monthly Interest
	  	 	  	
$____________
	  	 
	 Monthly Interest previously due but not paid
	  	 	  	
$____________
	  	 
	 Additional Interest
	  	 	  	
$____________
	  	 
	 Additional Interest previously due but not paid
	  	 	  	
$____________
	  	 
	 Reassignment Amount
	  	 	  	
$____________
	  	 

  
 C-1-11 

 EXHIBIT C-2 

FORM OF ANNUAL PAYMENT INFORMATION 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2019-3 

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 2019-3 Supplement, dated as of September 23, 2019, 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 2019-3 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 2019-3 Supplement, dated as of September 23, 2019 (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-2EX-4.2

 Exhibit 4.2 
  

 
  

SERIES 2019-4 SUPPLEMENT 

Dated as of September 23, 2019 

to 
 FOURTH AMENDED AND RESTATED

 POOLING AND SERVICING AGREEMENT 

Dated as of April 1, 2018 

$919,543,000 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 Series 2019-4 

 
  

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 2019-4 Certificateholders 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  	
CREATION OF THE SERIES 2019-4 CERTIFICATES
	  	 	1	 
	 Section 1.01.
	  	Designation	  	 	1	 
			
	 ARTICLE II
	  	 DEFINITIONS
	  	 	2	 
	 Section 2.01.
	  	Definitions	  	 	2	 
			
	 ARTICLE III
	  	 SERVICING FEE
	  	 	19	 
	 Section 3.01.
	  	Servicing Compensation	  	 	19	 
			
	 ARTICLE IV
	  	 RIGHTS OF SERIES 2019-4 CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF
COLLECTIONS
	  	 	20	 
	 Section 4.01.
	  	Collections and Allocations	  	 	20	 
			
	 Section 4.02.
	  	Determination of Monthly Interest	  	 	22	 
			
	 Section 4.03.
	  	Principal Funding Account; Controlled Accumulation Period	  	 	24	 
			
	 Section 4.04.
	  	Required Amount	  	 	26	 
			
	 Section 4.05.
	  	Application of Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections	  	 	27	 
			
	 Section 4.06.
	  	Defaulted Amounts; Investor Charge-Offs	  	 	29	 
			
	 Section 4.07.
	  	Excess Spread; Excess Finance Charge Collections	  	 	30	 
			
	 Section 4.08.
	  	Reallocated Principal Collections	  	 	31	 
			
	 Section 4.09.
	  	Excess Finance Charge Collections	  	 	32	 
			
	 Section 4.10.
	  	Reallocated Investor Finance Charge Collections	  	 	33	 
			
	 Section 4.11.
	  	Shared Principal Collections	  	 	34	 
			
	 Section 4.12.
	  	Reserve Account	  	 	34	 
			
	 Section 4.13.
	  	Investment Instructions	  	 	35	 
			
	 Section 4.14.
	  	Determination of Benchmark; Alternative to LIBOR	  	 	36	 
			
	 ARTICLE V
	  	 DISTRIBUTIONS AND REPORTS TO
SERIES 2019-4 CERTIFICATEHOLDERS
	  	 	38	 
	 Section 5.01.
	  	Distributions	  	 	38	 
			
	 Section 5.02.
	  	Reports and Statements to Series 2019-4 Certificateholders	  	 	39	 
			
	 ARTICLE VI
	  	 PAY-OUT EVENTS
	  	 	39	 
	 Section 6.01.
	  	Pay-Out Events	  	 	39	 
			
	 ARTICLE VII
	  	 OPTIONAL REPURCHASE; SERIES TERMINATION
	  	 	41	 
	 Section 7.01.
	  	Optional Repurchase	  	 	41	 
			
	 Section 7.02.
	  	Series Termination	  	 	41	 
			
	 ARTICLE VIII
	  	 FINAL DISTRIBUTIONS
	  	 	42	 

  
 -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	  	 	42	 
			
	 Section 8.02.
	  	Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the Agreement	  	 	43	 
			
	 ARTICLE IX
	  	 MISCELLANEOUS PROVISIONS
	  	 	44	 
	 Section 9.01.
	  	Ratification of Agreement	  	 	44	 
			
	 Section 9.02.
	  	Counterparts	  	 	44	 
			
	 Section 9.03.
	  	Governing Law	  	 	44	 
			
	 Section 9.04.
	  	[Reserved]	  	 	45	 
			
	 Section 9.05.
	  	FATCA Matters	  	 	45	 
			
	 Section 9.06.
	  	Uncertificated Securities	  	 	45	 
			
	 Section 9.07.
	  	Transfers of the Collateral Interest	  	 	45	 

 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 2019-4 SUPPLEMENT, dated as
of September 23, 2019 (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 2019-4 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 2019-4.” The Series 2019-4 Certificates
shall be issued in two Classes, the first of which shall be known as the “Class A Series 2019-4 Floating Rate Asset Backed Certificates” and the second of which shall be known as the
“Class B Series 2019-4 Floating Rate 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 2019-4” 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 2019-4 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
2019-4 shall be included in Group II and shall be a Principal Sharing Series. Series 2019-4 shall be an Excess Allocation Series. Series
2019-4 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 2019-4 shall be the October 2019 Distribution Date and the first Monthly Period shall begin on and include the Closing Date and end on and include September 30, 2019. 

(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

  
 1 

 
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 2019-4 Certificates by issuing and selling additional Series 2019-4 Certificates. Any
additional Series 2019-4 Certificates so issued shall be treated, for all purpose, like the Series 2019-4 Certificates subject to the terms of the Agreement and this
Supplement. 
 (e)        Series 2019-4
shall be a Repurchase Reporting Series. 
 (f)        Series 2019-4 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 2019-4 with respect to any Rating Agency (other than Standard &
Poor’s) then rating Series 2019-4. 
 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 2019-4 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 2019-4 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.

  
 2 

 “Base Rate” shall mean, with respect to
any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is equal to the sum of the Class A Monthly Interest, the Class B Monthly Interest (calculated as if the Class B Invested Amount equals the
outstanding principal balance of the Class B Certificates), the Collateral Minimum Monthly Interest and the Monthly Servicing 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. 
 “Benchmark” means (a) initially, LIBOR and (b) if a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by
the Servicer as of the applicable Benchmark Replacement Date: 

(a)        the sum of (i) Term SOFR and (ii) the Benchmark
Replacement Adjustment; 
 (b)        the sum of (i) the Prime
Card ABS Replacement Benchmark and (ii) the Benchmark Replacement Adjustment; 

(c)        the sum of (i) Compounded SOFR and (ii) the
Benchmark Replacement Adjustment; 
 (d)        the sum of
(i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement
Adjustment; and 
 (e)        the sum of (i) the alternate
rate of interest that has been selected by the Servicer in its reasonable discretion as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment. 

“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be
determined by the Servicer as of the applicable Benchmark Replacement Date: 

(a)        the spread adjustment, or method for calculating or
determining such spread adjustment (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; and 

(b)        the spread adjustment (which may be a positive or negative
value or zero) that has been selected by the Servicer in its reasonable discretion for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the timing and frequency of determining rates, the process of making payments of interest and other administrative matters) that the Servicer decides may be appropriate to reflect the
adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Servicer decides that adoption of any portion of such market practice is not administratively feasible or if the Servicer

  
 3 

 
determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Servicer determines is reasonably necessary). 

“Benchmark Replacement Date” means: 

(a)        in the case of clause (a) or (b) of the definition of
“Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to
provide the Benchmark; 
 (b)        in the case of clause
(c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; and 

(c)        in the case of clause (d) of the definition of
“Benchmark Transition Event,” a date specified by the Servicer. 
 For the avoidance of doubt, if the event
giving rise to the Benchmark Replacement Date occurs on an Interest Rate Determination Date, but earlier than the Reference Time for that Interest Rate Determination Date, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination. 
 “Benchmark Transition Event” means the occurrence of one or more
of the following events with respect to the then-current Benchmark: 

(a)        a public statement or publication of information by or on
behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the Benchmark; 

(b)        a public statement or publication of information by the
regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the
administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark
permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

(c)        a public statement or publication of information by the
regulatory supervisor for the administrator of the Benchmark, the Federal Reserve Board, the Federal Reserve Bank of New York or any regulator of AENB announcing that the Benchmark is no longer representative of the underlying market or economic
reality, may no longer be used or is otherwise no longer an appropriate or reliable Benchmark for floating rate debt; or 

(d)        either (i) the Servicer determines in its sole
discretion that LIBOR is no longer an appropriate or reliable Benchmark for the Series 2019-4 Certificates or (ii) the Servicer has determined to cease using LIBOR as a benchmark for its lending and
borrowing activities generally. 

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

  
 4 

“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, (i) initially, a per annum rate equal to LIBOR plus 0.24%, and (ii) following a Benchmark Transition Event and its related Benchmark Replacement Date, the rate
determined in accordance with the provisions of Section 4.14; provided that if the rate specified in clause (i) or clause (ii) is less than 0.00% for any Interest Accrual Period, then the Class A Certificate Rate for such
Interest Accrual Period shall be deemed to be 0.00%. 

“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 $800,000,000. 

“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. 

  
 5 

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

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

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

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

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

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

“Class B Certificate Rate” shall mean, for any
Interest Accrual Period with respect to the Class B Certificates, (A)(i) initially, a per annum rate equal to LIBOR plus 0.44; and (ii) following a Benchmark Transition Event and its related Benchmark Replacement Date, the rate
determined in accordance with the provisions of Section 4.14; provided, however, that if the rate specified in clause (i) or clause (ii) is less than 0.00% for any Interest Accrual Period, then the Class B
Certificate Rate for such Interest Accrual Period shall be deemed to be 0.00%; and (B) upon the satisfaction of the Class B Certificate Rate Adjustment Conditions, the modified rate as described in the definition thereof. 

“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 the rate specified in clause (A)(i) or clause (A)(ii), as applicable, of the definition of “Class B Certificate Rate,” (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 

  
 6 

 
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 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 $29,886,000. 

“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. 

  
 7 

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

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

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

“Class B Servicing Fee” shall have the meaning
specified in Section 3.01. 
 “Closing Date” shall mean September 23, 2019;
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 August 31, 2019. 

“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
$89,657,000. 
 “Collateral Interest” shall mean a fractional undivided interest in the
Trust which shall consist of the right to receive, (i) to the extent necessary to make the required payments to the Collateral Interest Holder under this Supplement, the portion of Collections allocable thereto under the Agreement and this
Supplement and funds on deposit in the Collection Account allocable thereto pursuant to the Agreement and this Supplement and (ii) amounts available for payment to the Collateral Interest Holder pursuant to subsections 4.05(e), 4.05(f),
4.07(f), 4.07(k), 4.07(l), 4.12(e), 4.12(f), 8.01(b), 8.02(a) and 8.02(b) or any other provision of this Supplement. 

  
 8 

“Collateral Interest Holder” shall mean (i) initially, the
Transferor, (ii) following a Note Trust Transfer, the entity so designated in the applicable Transfer Agreement, and (iii) following any other transfer in accordance with Section 9.07, the applicable transferee. 

“Collateral Interest Shortfall” shall have the meaning specified in
subsection 4.02(c). 
 “Collateral Invested Amount” shall mean, when
used with respect to any date, an amount equal to (a) the Collateral Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Collateral Interest Holder prior to such date, minus (c) the
aggregate amount of Collateral Charge-Offs for all prior Distribution Dates pursuant to subsection 4.06(c), minus (d) the aggregate amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to
Section 4.08 allocable to the Collateral Invested Amount, minus (e) an amount equal to the amount by which the Collateral Invested Amount has been reduced on all prior Distribution Dates pursuant to subsections 4.06(a) and (b),
plus (f) the amount allocated and available on all prior Distribution Dates pursuant to subsection 4.07(i), for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e), and plus
(g) the principal amount of any additional Collateral Interest issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; provided, however, that the Collateral Invested Amount shall not be reduced below
zero. 
 “Collateral Minimum Interest Rate” shall mean: (A) (i) initially, a per annum rate
equal to LIBOR plus 1.484%, and (ii) following a Benchmark Transition Event and its related Benchmark Replacement Date, the rate determined in accordance with the provisions of Section 4.14; provided that if the rate specified in
clause (i) or clause (ii) is less than 0.00% for any Interest Accrual Period, then the Collateral Minimum Interest Rate for such Interest Accrual Period shall be deemed to be 0.00%; and (B) following a Note Trust Transfer, the rate
specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed the rate specified in clause (A)(i) or clause (A)(ii), as applicable. 

“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 $59,771,000. 

“Collateral Senior Interest Shortfall” shall have the meaning
specified in subsection 4.02(d). 

  
 9 

 “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: (A) (i) initially, a per annum rate equal to LIBOR plus 0.75%, and (ii) following a Benchmark Transition Event and its related Benchmark Replacement Date, the rate determined in accordance with the provisions of
Section 4.14; provided that if the rate specified in clause (i) or clause (ii) is less than 0.00% for any Interest Accrual Period, then the Collateral Senior Minimum Interest Rate for such Interest Accrual Period shall be
deemed to be 0.00%; and (B) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed the rate
specified in clause (A)(i) or clause (A)(ii), as applicable. 
 “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. 
 “Compounded SOFR” means, for any Interest Accrual Period, the compounded average, in
arrears, of the SOFRs for each day of such Interest Accrual Period, as determined on the Interest Rate Determination Date for such Interest Accrual Period, with the rate, or methodology for this rate, and conventions for this rate (which will
include a five Business Day suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Accrual Period, such that the SOFR on the Interest Rate Determination Date will apply for each day in the
Interest Accrual Period following the Interest Rate Determination Date) being established by the Servicer in accordance with: 

(a)        the rate, or methodology for this rate, and conventions
for this rate selected or recommended by the Relevant Governmental Body for determining Compounded SOFR; or 

(b)        if, and to the extent that, the Servicer determines that
Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Servicer in its reasonable discretion. 

“Controlled Accumulation Amount” shall mean, for any Distribution Date
with respect to the Controlled Accumulation Period, $69,157,166.67; 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 August 2020 

  
 10 

 
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 2019-4) 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, the product of (i) the
Class A Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is 360 and,
(iii) 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, the product of
(i) the Class B Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is
360 and (iii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B Certificates. 

“Corresponding Tenor” means, with respect to a Benchmark Replacement, a tenor (including overnight) having
approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 

“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 October 15, 2019, 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 

  
 11 

 
2019-4 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 2019-4 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
September 2021 Distribution Date. 
 “Federal Reserve Bank of New York’s Website” means the website
of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 

“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 2019-4 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 II” shall mean Series
2019-4 and each other Series specified in the related Supplement to be included in Group II. 

“Group II Investor Additional Amounts” shall mean,
with respect to any Distribution Date, the sum of (a) Series 2019-4 Additional Amounts for such Distribution Date and (b) for all other Series included in Group II, 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. 

  
 12 

 “Group
II 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 II for such Distribution Date. 

“Group
II 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 II for such Distribution Date. 

“Group II Investor Monthly Fees” shall mean with
respect to any Distribution Date, the sum of (a) Series 2019-4 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 II for such Distribution Date. 

“Group II Investor Monthly Interest” shall mean, with respect to any Distribution Date,
the sum of (a) Series 2019-4 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 II for such Distribution Date. 

“Initial Invested Amount” shall mean $919,543,000. 

“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 2019-4 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 2019-4 Allocable Finance Charge
Collections deposited in the Collection Account for the related Monthly Period. 
 “Interest Rate Determination
Date” means (a) if the Benchmark is LIBOR, the LIBOR Determination Date, (b) if the Benchmark is Term SOFR, the date that is two Business Days before the first day of the applicable Interest Accrual Period, (c) if the
Benchmark is Compounded SOFR, the date that is five Business Days before the last day of the applicable Interest Accrual Period and (d) if the Benchmark is any other rate, the date determined by the Servicer according to subsection 4.14(c).

  
 13 

 “LIBOR” shall mean, as of any LIBOR Determination Date,
the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of the relevant Interest Accrual Period) which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If
such rate does not appear on Reuters Screen LIBOR01 Page, the rate for that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00
a.m., London time on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference
Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of such quotations. If fewer than two quotations are provided as requested, the rate for
that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading
European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If fewer than four major banks in New York City so selected by the Servicer are quoting rates as provided in the immediately preceding
sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period. 

“LIBOR Determination Date” shall mean (i) for the period from and including the Closing Date to but
excluding October 15, 2019, the second London Business Day prior to the Closing Date and (ii) for every other Interest Accrual Period, the second London Business Day prior to the commencement of such Interest Accrual Period. 

“London Business Day” shall mean any day on which dealings in deposits in United States dollars are
transacted in the London interbank market. 
 “Monthly Interest” shall mean, with
respect to any Distribution Date, the Class A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date. 

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

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

“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. 

“Prime Card ABS Replacement Benchmark” means a non-LIBOR rate used
in one or more public offerings of securities by the Trust after the issuance of the Series 2019-4 Certificates or, if at 

  
 14 

 
the time of the Benchmark Transition Event the Trust has not yet publicly issued securities using a non-LIBOR rate as a benchmark, a non-LIBOR rate selected by the Servicer that has been used as a benchmark in a comparable floating rate credit card asset-backed securities offering under a Form SF-3 shelf
registration statement. 
 “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
2019-4 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 2019-4 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 2019-4 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
2019-4, 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 2019-4. 

“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. 

  
 15 

“Reallocated Investor Finance Charge 
Collections” shall mean that portion of Group II Investor Finance Charge Collections allocated to Series 2019-4 pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any
Monthly Period, the product of (a) the Series 2019-4 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 2019-4 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 2019-4 Certificateholders on a prior Distribution
Date. 
 “Reference Banks” shall mean four major banks in the London interbank market selected by the
Servicer. 
 “Reference Time” means, for an Interest Accrual Period, (a) if the Benchmark is LIBOR,
11:00 a.m. (London time) on the Interest Rate Determination Date, and (b) if the Benchmark is a rate other than LIBOR, the time on the Interest Rate Determination Date determined by the Servicer in accordance with Section 4.14. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or
a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or any successor thereto. 

“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 

  
 16 

 
Accumulation Period, (b) 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 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 March 2020 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. 

“Reserve Draw Amount” shall have the meaning specified in subsection
4.12(c). 
 “Reuters Screen LIBOR01 Page” shall mean the display page currently designated as page LIBOR01
on the Reuters Screen (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“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 2019-4” shall mean the Series of Certificates the terms of which are specified in this Supplement. 

“Series 2019-4 
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 2019-4 
Allocable Defaulted Amount” shall mean the Series Allocable Defaulted Amount with respect to Series 2019-4. 

“Series 2019-4 
Allocable Finance Charge Collections” shall mean the Series Allocable Finance Charge Collections with respect to Series 2019-4. 

“Series 2019-4 
Allocable Principal Collections” shall mean the Series Allocable Principal Collections with respect to Series 2019-4. 

“Series 2019-4 
Allocation Percentage” shall mean the Series Allocation Percentage with respect to Series 2019-4. 

“Series 2019-4 Certificate”
shall mean a Class A Certificate or a Class B Certificate or the Collateral Interest. 

“Series 2019-4 
Certificateholder” shall mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 2019-4 
Certificateholders’ Interest” shall mean the Certificateholders’ Interest for Series 2019-4, including the Collateral Interest. 

  
 17 

“Series 2019-4 
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 2019-4 Monthly Interest” shall mean the amounts determined
pursuant to subsections 4.02(a), (b) and (d). 

“Series 2019-4 
Principal Shortfall” shall have the meaning specified in Section 4.11. 

“Series 2019-4 
Termination Date” shall mean the April 2024 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 2019-4 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 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 September 23, 2019. 

“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 2019-4 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. 
 “SOFR” means, with respect to any day, the secured overnight financing rate published for
such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Special Payment Date” shall mean each Distribution Date with respect
to the Early Amortization Period. 
 “Term SOFR” means the forward-looking term rate for the applicable
Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Transfer” shall have the meaning specified in subsection 9.07(a). 

“Transfer Agreement” shall mean, in connection with a Note Trust Transfer, if applicable, the transfer and
administration agreement entered into by RFC III, as transferor, TRS, as administrator, and the applicable trust established in connection with such Note Trust Transfer, as the same may be amended, supplemented or otherwise modified from time to
time. 

  
 18 

 “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. 
 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark
Replacement Adjustment. 
 (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 2019-4, Fitch and
Standard & Poor’s. As used in this Supplement and in the Agreement with respect to Series 2019-4, “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 2019-4 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.” 

ARTICLE III 

Servicing Fee 

Section 3.01.    Servicing Compensation. The share of the Servicing Fee
allocable to the Series 2019-4 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 2019-4 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 2019-4 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 

  
 19 

 
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 2019-4 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 2019-4 pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables
reallocated from other Series in Group II) 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 2019-4 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 2019-4 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. 
 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 2019-4 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 2019-4 Certificateholders.    The Servicer shall, prior to the close of business on each Deposit Date, allocate to the
Series 2019-4 Certificateholders the following amounts as set forth below: 

(i)        Allocations of 
Finance Charge Collections.    The Servicer shall allocate to the Series 2019-4 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 2019-4 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 2019-4 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 

  
 20 

 
Allocation Percentage and (III) the Series 2019-4 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 2019-4 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 2019-4 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 2019-4 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 2019-4 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 2019-4 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 2019-4 Allocation
Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a
“Percentage Allocation”) shall be allocated to the Series 2019-4 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 2019-4 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 2019-4 

  
 21 

 
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 2019-4 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 the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but
excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the
immediately preceding Record Date. 
 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 the product of (i) a fraction, the numerator of which is the
actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360,
(ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) 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 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 the product of (i) a fraction, the
numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the
denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided, however,
that in the event the Class B Certificate Rate has been modified upon the satisfaction of the Class B Certificate Rate Adjustment Conditions 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. 

  
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 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 the product of (i) a fraction, the numerator of
which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of
which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) 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 the product of (i) (A) a fraction, the
numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the
denominator of which is 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to
(but excluding) such Distribution Date, 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)(B) 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 the product of
(i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360 and
(B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, 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 the product of (i) (A) a fraction, the numerator of
which is the actual number of days in the period from (and including) the immediately preceding Distribution Date 

  
 23 

 
(or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest
Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral
Senior Invested Amount; 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)(B) 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 the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date
to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding)
such Distribution Date, 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 2019-4 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 2019-4 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 2019-4 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 

  
 24 

 
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 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 2019-4 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 2019-4 Certificateholders. 

(c)        The Controlled Accumulation Period is scheduled to commence at the close
of business on the last day of the August 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 August 2020 Distribution Date, and
on each Determination Date thereafter that occurs prior to the Determination 

  
 25 

 
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 2019-4, 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 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 

  
 26 

 
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: 

(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; 

  
 27 

 (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 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 

  
 28 

 
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 2019-4 with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections allocable to Series
2019-4 with respect to such Monthly Period, the Collateral Invested Amount, if any, will be reduced by the amount of such excess, but not by more than the Class A Investor Default Amount for such
Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero and the Class B Invested Amount shall be reduced by the amount by
which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral
Invested Amount with respect to such Distribution Date. In the event that such reduction would cause the Class B Invested Amount to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A Invested
Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the aggregate
amount of the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such Distribution Date (a
“Class A Investor Charge-Off”). Class A Investor Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount
increased (but not by an amount in excess of the aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose
pursuant to subsection 4.07(b). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

(b)        On each Determination Date, the Servicer shall calculate the Class B
Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class B Required Amount for such Distribution Date exceeds the sum of (x) the amount of Excess Spread and Excess Finance Charge
Collections allocated to Series 2019-4 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

  
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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 2019-4
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).

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 2019-4 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 

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

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

(a)        an amount equal to the excess, if any, of (i) the Class A
Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2019-4 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 

  
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(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. 

Section 4.09.    Excess Finance Charge 
Collections. Series 2019-4 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 2019-4 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 2019-4 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 2019-4 for any
Distribution Date will be equal to the excess, if any, of (a) the sum of (I) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such
Distribution Date and (II) following a Note Trust Transfer, the full amount required to be paid, without duplication, from the portion of Available Funds (as such term is defined in the Transfer Agreement) allocable to Series 2019-4 in accordance with the applicable Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge
Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such
Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date.

  
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The amount of Excess Finance Charge Collections for Series 2019-4 for any Distribution Date shall be (i) initially, the balance remaining and so
available pursuant to Section 4.07(l) and (ii) following a Note Trust Transfer, the amount so specified pursuant to the Transfer Agreement. On each Distribution Date following a Note Trust Transfer, the Trustee shall deposit into the
Collection Account for application in accordance with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the applicable Transfer Agreement on such date. 

Section 4.10.    Reallocated Investor 
Finance Charge Collections. 

(a)        That portion of Group II 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 2019-4 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 2019-4 Monthly Interest, Investor Default Amount, Series 2019-4 Monthly Fees and Series 2019-4 Additional Amounts for such Distribution Date and (ii) that portion of excess Group II 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 II Investor Finance Charge Collections for such Distribution Date is less than the sum of (w) Group II Investor Monthly Interest, (x) Group II Investor
Default Amount, (y) Group II Investor Monthly Fees and (z) Group II 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 II Investor Finance Charge
Collections (up to the amount of Group II Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 2019-4 Monthly Interest and the denominator of which is Group II Investor Monthly
Interest; 
 (B)        the product of (I) Group II Investor
Finance Charge Collections less the amount of Group II Investor Monthly Interest (up to the Group II Investor Default Amount) and (II) a fraction, the numerator of which is the Investor Default Amount and the denominator of which is the Group
II Investor Default Amount; 
 (C)        the product of
(I) Group II Investor Finance Charge Collections less the amount of Group II Investor Monthly Interest and the Group II Investor Default Amount (up to Group II Investor Monthly Fees) and (II) a fraction, the numerator of which is Series 2019-4 Monthly Fees and the denominator of which is Group II Investor Monthly Fees; and 

(D)        the product of (I) Group II Investor Finance Charge
Collections less the sum of (i) Group II Investor Monthly Interest, (ii) the Group II Investor Default Amount and (iii) Group II Investor Monthly Fees and (II) a fraction, the numerator of which is Series 2019-4 Additional Amounts and the denominator of which is Group II Investor Additional Amounts. 

(c)        If the amount of Group II Investor Finance Charge Collections for such
Distribution Date exceeds the sum of (i) Group II Investor Monthly Interest, (ii) Group II Investor Default Amount, (iii) Group II Investor Monthly Fees and (iv) Group II 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 2019-4 only, with 

  
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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 II as of such last day (or, for Series 2019-4 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 2019-4 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 2019-4 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 2019-4 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 2019-4 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 2019-4 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 2019-4 Certificateholders. If at any time the Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency shall consent) establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash or
any investments to such new Reserve Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount at such time, for the
purposes set forth in this Supplement, and (ii) on each Distribution Date (from and after the Reserve Account Funding Date) prior to the termination of the Reserve Account make a deposit into the Reserve Account in the amount specified in, and
otherwise in accordance with, subsection 4.07(j). 
 (b)        Funds on deposit in
the Reserve Account shall be invested at the written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)) by the Trustee in Eligible Investments; provided, however, that if no such written direction is provided,
funds on deposit in the Reserve Account shall remain uninvested. Subject to the immediately preceding sentence, funds on deposit in the Reserve Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such
Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity;
provided, however, that the Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with
respect to such Eligible Investment; provided further, however, that the Servicer shall deliver prompt written notice to the Trustee of any such default; and 

  
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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 2019-4. 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 2019-4 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with
respect to Series 2019-4, (iii) if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected Final Payment Date and (iv) the termination of the Trust
pursuant to the Agreement, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Class A Certificateholders which are payable from the Reserve Account as provided herein,
shall withdraw from the Reserve Account and pay to the Collateral Interest Holder all amounts, if any, on deposit in the Reserve Account and the Reserve Account shall be deemed to have terminated for purposes of this Supplement. 

Section 4.13.    Investment Instructions. 

(a)        Any investment instructions required to be given to the Trustee pursuant
to the terms hereof must be given to the Trustee no later than 10:30 a.m. (New York City time) on the date such investment is to be made. In the event the Trustee receives such investment instruction later than such time, the Trustee may, but shall
have no obligation to, make such investment. In the event the Trustee is unable to make an investment required in an investment instruction received by the Trustee after 10:30 a.m. 

  
 35 

 
(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.    Determination of Benchmark; Alternative to LIBOR. 

(a)        If the Benchmark is LIBOR, on each LIBOR Determination Date, the Trustee
will determine LIBOR for the related Interest Accrual Period pursuant to the definition of LIBOR set forth in Section 2.01. Upon such determination, the Trustee shall promptly notify the Servicer of LIBOR for such LIBOR Determination Date. On
each such LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferor and the Servicer by email or other electronic transmission, notification of LIBOR for the following Interest Accrual Period. If the
Benchmark is any rate other than LIBOR, the Servicer shall send a notification of the Benchmark for the related Interest Accrual Period to the Transferor and the Trustee and include such notification in the monthly statement provided pursuant to
subsection 5.02(a). The Servicer shall determine, and promptly notify the Transferor and the Trustee of, the Class A Certificate Rate, the Class B Certificate Rate, the Collateral Minimum Interest Rate and the Collateral Senior Minimum
Interest Rate for the applicable Interest Accrual Period. All determinations of the Benchmark (other than LIBOR), the Class A Certificate Rate, the Class B Certificate Rate, the Collateral Minimum Interest Rate and the Collateral Senior
Minimum Interest Rate by the Servicer and all determinations of LIBOR by the Trustee, as applicable, in the absence of manifest error, will be conclusive and binding on the Certificateholders. 

  
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 (b)        If the Servicer
determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current
Benchmark for all purposes relating to the Series 2019-4 Certificates in respect of such determination on such date and all determinations on all subsequent dates; provided that the Servicer may in its
sole discretion delay the date on which the Benchmark Replacement will apply to a date not later than the first day of the second full Interest Accrual Period following the related Benchmark Replacement Date. However, if the initial Benchmark
Replacement is any rate other than Term SOFR and the Servicer later determines that Term SOFR can be determined, at the option of the Servicer, Term SOFR shall become the new Unadjusted Benchmark Replacement and will, together with a new Benchmark
Replacement Adjustment for Term SOFR, replace the then-current Benchmark on the next Interest Rate Determination Date for Term SOFR. If the Servicer does not provide a Benchmark Replacement for any Interest Accrual Period after the occurrence of a
Benchmark Transition Event and its related Benchmark Replacement Date, then, for purposes of calculating the Class A Certificate Rate, the Class B Certificate Rate, the Collateral Minimum Interest Rate and the Collateral Senior Minimum
Interest Rate for any Interest Accrual Period, the Benchmark shall be LIBOR, which shall be calculated pursuant to the definition of LIBOR set forth in Section 2.01. 

(c)        In connection with the implementation of a Benchmark Replacement, the
Servicer shall have the right to make Benchmark Replacement Conforming Changes from time to time. 

(d)        Promptly following the determination of a Benchmark Replacement and/or the
making of any Benchmark Replacement Conforming Changes, the Servicer will notify the Transferor and the Trustee and provide them with the relevant information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and
any such Benchmark Replacement Conforming Changes and will also include such information in the monthly statement provided pursuant to subsection 5.02(a). Notwithstanding anything in the Agreement or this Supplement to the contrary, upon the
delivery of such notice and the inclusion of such information in the monthly statement, the Agreement, this Supplement and/or any other relevant transaction document will be deemed to have been amended to reflect such Unadjusted Benchmark
Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the provisions of Section 13.01 of the Agreement or the amendment provisions of any other relevant transaction
document. 
 (e)        Any determination, decision or election that may be made by
the Servicer in connection with this Section 4.14 (or pursuant to any capitalized term used in this Section 4.14 or in any such capitalized term), including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, shall be conclusive and binding absent manifest error, may be made in the
Servicer’s sole discretion, and, notwithstanding anything to the contrary in the Agreement, this Supplement and/or any other relevant transaction document, will become effective without consent from any other party. None of the Transferor, the
Servicer, the Trust, the Trustee, AENB, the underwriters of the Series 2019-4 Certificates or any Affiliate shall have any liability for any determination made by or on behalf of the Servicer pursuant to this
Section 4.14 (or pursuant to any capitalized term used in this Section 4.14 or in any such capitalized term), and each Certificateholder, by its acceptance of a Series 2019-4 Certificate or a
beneficial interest in a Series 2019-4 Certificate, will be deemed to waive and release any and all claims against the Transferor, the Servicer, the Trust, the Trustee, AENB, the underwriters of the Series 2019-4 Certificates or any Affiliate relating to any such determinations. 

(f)        The Class A Certificate Rate, the Class B Certificate Rate, the
Collateral Minimum Interest Rate and the Collateral Senior Minimum Interest Rate applicable to the then current 

  
 37 

 
and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (212) 815-6258. 
 ARTICLE V 

Distributions and Reports to 

Series 2019-4 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 2019-4 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 2019-4 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. 

  
 38 

 (g)        Except as provided in
Section 12.02 of the Agreement with respect to a final distribution, distributions to Series 2019-4 Certificateholders hereunder shall be made by check mailed to each Series
2019-4 Certificateholder at such Series 2019-4 Certificateholder’s address appearing in the Certificate Register without presentation or surrender of any Series 2019-4 Certificate or the making of any notation thereon; provided, however, that with respect to Series 2019-4 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 2019-4 Certificateholders. 

(a)        On each Distribution Date, the Paying Agent, on behalf of the Trustee,
shall make available, and shall forward to each Series 2019-4 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 2019-4 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 2020, 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 2019-4 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 2019-4 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 2019-4 Certificates: 

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

  
 39 

 (b)        the Trust becomes an
investment company within the meaning of the Investment Company Act; 

(c)        failure on the part of the Transferor (i) to make any payment or
deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other
covenants or agreements of the Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2019-4 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 2019-4 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 2019-4 Certificates and as a result of which the
interests of the Series 2019-4 Certificateholders are materially and adversely affected for such period; provided, however, that a Pay-Out Event pursuant to
this subsection 6.01(d) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period (or such longer period not to exceed an
additional 60 days as the Trustee may specify) in accordance with the provisions of the Agreement; 

(e)        a failure by the Transferor to convey Receivables in Additional Accounts
or Participation Interests to the Trust within five Business Days after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of the Agreement; 

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

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

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

(i)        a Transfer Restriction Event shall occur; 

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

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

  
 40 

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

ARTICLE VII 

Optional Repurchase; Series Termination 

Section 7.01.    Optional Repurchase. 

(a)        So long as the Transferor is the Servicer or an Affiliate of the Servicer,
on any day occurring on or after the date on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 2019-4
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 2019-4
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 2019-4 shall be reduced to zero and the Series 2019-4 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 February 2024 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 2019-4 Termination Date (after giving effect to all distributions required to be made on the Series 

  
 41 

 
2019-4 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 2019-4 Termination Date. The Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such Transferor for purposes of United States generally accepted accounting
principles shall not be entitled to participate in such bidding process or to purchase the Receivables; provided, however, that, to the extent the Collateral Interest Holder is not the Transferor, an Affiliate thereof, an agent thereof
or any other party consolidated with the Transferor for purposes of United States generally accepted accounting principles, the Collateral Interest Holder may participate in such bidding process. 

(b)        The Servicer, on behalf of the Trustee, shall sell such Receivables (or
interests therein) on the Series 2019-4 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 2019-4 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 February 2024 Distribution Date to the Series 2019-4 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 2019-4 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 2019-4 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. 

  
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 (b)        With respect to the
Reassignment Amount deposited into the Collection Account pursuant to Section 7.01 or any amounts allocable to the Series 2019-4 Certificateholders’ Interest deposited into the Collection Account
pursuant to Section 7.02, the Trustee shall, in accordance with the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in
the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be
distributed to the Paying Agent for payment to the Class A Certificateholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously due but
not distributed to the Class A Certificateholders on a prior Distribution Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not
distributed to the Class A Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution Date
will be distributed to the Paying Agent for payment to the Class B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest
previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest
previously due but not distributed to the Class B Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class B Certificateholders and (iii) the balance, if any, will be
distributed to the Collateral Interest Holder. 
 (c)        Notwithstanding
anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to subsection 8.01(b) for payment to the Series 2019-4 Certificateholders shall be deemed
distributed in full to the Series 2019-4 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 2019-4 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 2019-4 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 2019-4
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 2019-4 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. 

  
 43 

 (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 2019-4 Allocable Finance Charge Collections, (y) the
Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class A Floating Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest
for such Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such
Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2019-4 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 2019-4 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 2019-4
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 2019-4 Certificateholders shall be distributed in
full to the Series 2019-4 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. 

  
 44 

 Section 9.04.    [Reserved]. 

Section 9.05.    FATCA Matters. 

Each Certificate Owner and Series 2019-4 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 2019-4 Certificateholder further agrees, upon request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status and understands that if
it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may be subject to United States withholding tax (without any corresponding gross-up).
Without limiting the foregoing, if a payment made under this Supplement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment were to fail to comply with FATCA (including the requirements of Code
Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver to the Transferor and the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Transferor or the Trustee, such
documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Transferor or the Trustee to comply with their respective obligations under FATCA, to
determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold from such payment. In addition, the Transferor shall deliver to the Trustee, at the time or times
prescribed by the Code and at such time or times reasonably requested by the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by
the Trustee to comply with its obligations under FATCA, and the Transferor understands that failure to provide such documentation may result in payments being subject to United States withholding tax. The Trustee shall be entitled to deduct
withholding tax imposed pursuant to FATCA, and shall have no obligation to gross up any payment or to pay any additional amount as a result of such withholding tax. For these purposes, “FATCA” means Section 1471 through 1474 of the
Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes
under such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA after the date of this Supplement. 

Section 9.06.    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. 

  
 45 

 (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 2019-4 Certificates. Each Assignee will agree with the Transferor that: (a) such Assignee will deliver to the
Transferor an Investment Letter and (b) all of the statements made by such Assignee in its Investment Letter shall be true and correct as of the date made. 

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

  
 46 

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

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

		 	Name:
		 	Title:

  

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

		 	Name:
		 	Title:

  

			
	THE BANK OF NEW YORK MELLON,
		 	as Trustee
		
	By:   	 	  

		 	Name:
		 	Title:

  
 [Signature page –
Series 2019-4 Supplement] 

					
		  	FORM OF CLASS A CERTIFICATE	  	EXHIBIT A-1

  

					
	 REGISTERED
	  		  	$                    1/
			
	 No. R-                
	  		  	CUSIP No. 02582J JP6

 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 2019-4 
 CLASS A FLOATING
RATE ASSET BACKED CERTIFICATE 
 Expected Final Payment Date: 

The September 2021 Distribution Date 

Each $100,000 minimum denomination represents a 

1/8,000ths undivided interest 
 in
Class A of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2019-4 

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 2019-4 Supplement, dated as of September 23, 2019 (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 September 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: September 23, 2019 

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2019-4 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 2019-4 
 CLASS A FLOATING
RATE 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 2019-4 (the “Series 2019-4
Certificates”), and one of a class thereof entitled Class A Series 2019-4 Floating Rate 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 $800,000,000. 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 2019-4 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 2019-4 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 2019-4 Certificateholders will not have any interest in the Receivables and the Series 2019-4 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 JQ4

 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 2019-4 
 CLASS B FLOATING
RATE ASSET BACKED CERTIFICATE 
 Expected Final Payment Date: 

The September 2021 Distribution Date 

Each $100,000 minimum denomination represents a 

1/29886/100ths undivided interest

 in Class B of the 
 AMERICAN
EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2019-4 
 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 2019-4 Supplement, dated as of September 23, 2019 (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 September 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: September 23, 2019	 		 		 	

  
 A-2-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2019-4 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 2019-4 
 CLASS B FLOATING
RATE 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 2019-4 (the “Series 2019-4
Certificates”), and one of a class thereof entitled Class B Series 2019-4 Floating Rate 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
$29,886,000. 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 2019-4 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 2019-4 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 2019-4 

  
 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 2019-4 Certificateholders will not have
any interest in the Receivables and the Series 2019-4 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 2019-4 
  

 

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 2019-4 Supplement, dated as of September 23, 2019, 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 2019-4 as follows: 

									
		
	 A)
	 	Pursuant to subsection 4.07(a):	  

			
		 	Class A Required Amount applied in the priority set forth in subsections 4.05(a)(i), (ii) and (iii)	  	$	________	 

  
 B-3 

									
		
	 B)
	 	Pursuant to subsection 4.07(b):	  

			
		 	Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections	  	$	________	 
		
	 C)
	 	Pursuant to subsection 4.07(c):	  

			
		 	Interest accrued on aggregate outstanding principal balance of the Class B Certificates not otherwise distributed to Class B Certificateholders pursuant to Section 4.05(b)(i)	  	$	________	 
		
	 D)
	 	Pursuant to subsection 4.07(d):	  

			
		 	Class B Required Amount applied in the priority set forth in subsections 4.05(b)(i) and (ii)	  	$	________	 
		
	 E)
	 	Pursuant to subsection 4.07(d):	  

			
		 	Amount (up to the Class B Investor Default) to be applied as Available Principal Collections	  	$	________	 
		
	 F)
	 	Pursuant to subsection 4.07(e):	  

			
		 	The amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections	  	$	________	 
		
	 G)
	 	Pursuant to subsection 4.07(f):	  

				
		 	(1)	 	Collateral Senior Minimum Monthly Interest	  	$	________	 
				
		 	(2)	 	Collateral Senior Minimum Monthly Interest previously due but not paid	  	$	________	 
				
		 	(3)	 	Collateral Senior Additional Interest and any Collateral Senior Additional Interest previously due and not paid	  	$	________	 
		
	 H)
	 	Pursuant to subsection 4.07(g):	  

			
		 	Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer	  	$	________	 
		
	 I)
	 	Pursuant to subsection 4.07(h):	  

			
		 	Collateral Default Amount allocated to Available Principal Collections	  	$	________	 

  
 B-4 

									
			
	 J)
	 	Pursuant to subsection 4.07(i):	  			
			
		 	The amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections	  	$	________	 
		
	 K)
	 	Pursuant to subsection 4.07(j):	  

			
		 	The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account	  	$	________	 
		
	 L)
	 	Pursuant to subsection 4.07(k):	  

				
		 	(1)	 	Remaining Collateral Minimum Monthly Interest	  	$	________	 
				
		 	(2)	 	Remaining Collateral Minimum Monthly Interest previously due but not paid	  	$	________	 
				
		 	(3)	 	Remaining Collateral Additional Interest and any Collateral Additional Interest previously due and not paid	  	$	________	 
		
	 M)
	 	Pursuant to subsection 4.07(l):	  

				
		 	(1)	 	Prior to a Note Trust Transfer:	  			
				
		 		 	 (A)  The amount to be treated as Excess Finance Charge Collections
for such Distribution Date and shall be available for allocation to other Excess Allocation Series
	  	$	________	 
				
		 		 	 (B)  The amount distributed to the holders of the Transferor
Certificates
	  	$	________	 
				
		 	(2)	 	Following a Note Trust Transfer, the amount distributed to the Collateral Interest Holder	  	$	________	 

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

	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 

  
 B-5 

 
Funding Account, as applicable, on                     , which date is a Payment Date
under the Supplement, the following amounts as set forth below: 

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

  

	III.	 ACCRUED AND UNPAID AMOUNTS 

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

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

  
 B-6 

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

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

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

  
 B-7 

 EXHIBIT C-1 

FORM OF MONTHLY STATEMENT 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 
  

							
	A. TRUST ACTIVITY	  	 TRUST

TOTALS            
	  	  	  	  
	 Record Date
	  	________	  	 	  	 
	 Number of days in Monthly Period
	  	________	  	 	  	 
	 Beginning Number of Accounts
	  	________	  	 	  	 
	Beginning Principal Receivable Balance, including any Additions, Removals, or Adjustments of Principal Receivables during the Monthly Period	  	 $________

 
	  	 	  	 
	   a.  Addition of Principal
Receivables
	  	
$________
	  	 	  	 
	   b.  Removal of Principal
Receivables
	  	
$________
	  	 	  	 
	   c.  Adjustments to Principal
Receivables
	  	
$________
	  	 	  	 
	 Special Funding Account Balance
	  	$________	  	 	  	 
	 Beginning Total Principal Balance
	  	$________	  	 	  	 
	 Finance Charge Collections (excluding Recoveries)
	  	$________	  	 	  	 
	 Collections of Discount Option Receivables
	  	$________	  	 	  	 
	 Recoveries
	  	$________	  	 	  	 
	 Total Collections of Finance Charge Receivables
	  	$________	  	 	  	 
	 Total Collections of Principal Receivables
	  	$________	  	 	  	 
	 Monthly Payment Rate
	  	________%	  	 	  	 
	 Defaulted Amount
	  	$________	  	 	  	 
	 Annualized Default Rate
	  	________%	  	 	  	 
	 Annualized Default Rate, Net of Recoveries
	  	________%	  	 	  	 
	 Trust Portfolio Yield
	  	________%	  	 	  	 
	 New Principal Receivables
	  	$________	  	 	  	 
	 Ending Number of Accounts
	  	________	  	 	  	 
	 Ending Principal Receivables Balance
	  	$________	  	 	  	 
	 Ending Required Minimum Principal Balance
	  	$________	  	 	  	 
	 Ending Transferor Amount
	  	$________	  	 	  	 
	 Ending Special Funding Account Balance
	  	$________	  	 	  	 
	 Ending Total Principal Balance
	  	$________	  	 	  	 
	 Ending Total Receivables
	  	$________	  	 	  	 

  
 C-1-1 

																			
	B. SERIES ALLOCATIONS
	  
	 	  	 Invested
Amount      
	  	 Adjusted Invested
Amount    
	  	 Principal  
Funding Account Balance  
	  	 Series Required
Transferor   Amount
	  	 Series Allocation
Percentage  
	  	 Series Allocable
Finance Charge Collections 
	  	 Series Allocable
Recoveries  
	  	 Series Allocable
Principal Collections    
	  	
Series Allocable Defaulted     Amount

	 Group ___
	  	$________	  	$______	  	$______	  	$______	  	______%	  	$______	  	$______	  	$______	  	$______
	 Other
	  	$________	  	$______	  	$______	  	$______	  	______%	  	$______	  	$______	  	$______	  	$______
	 Total
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Trust
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 

  

																					
	C. GROUP
ALLOCATIONS
	 	  	 Invested
Amount  
	  	 Investor Finance
Charge Collections  
	  	 Investor
Monthly   Interest
	  	 Investor Default
Amount  
	  	 Investor
Monthly   Fees
	  	 Investor
Additional   Amounts
	  	
Total  
	  	
Reallocated   Investor Finance Charge Collections
	  	
Investment   Funding Account Proceeds
	  	
Available       Excess

	 Group ___
	  	$______	  	$_______	  	$_______	  	$_______	  	$_______	  	$_______	  	$____	  	$________	  	$________	  	$________
	 Total
	  	$______	  	$_______	  	$_______	  	$_______	  	$_______	  	$_______	  	$____	  	$________	  	$________	  	$________
	
Trust Total        
	  	$______	  	$_______	  	$_______	  	$_______	  	$_______	  	$_______	  	$____	  	$________	  	$________	  	$________
	 
	 	  	
Group Investor Finance Charge    

Collections
	  	Group Expenses	  	Group Reallocable Investor Finance Charge Collections
	 Group ___
	  	$________	  	 	  	 
	 

  

											
	D. TRUST
PERFORMANCE
	 Delinquencies
	  	 	  	
Dollar Amount  
	 	Percentage of   Ending Total Receivables	  	
Number of   Accounts
	  	
Percentage of   Total Number of Accounts

	 	  	 31-60 Days
Delinquent
  
	  	
$_________
	 	
_________%
	  	 _________
	  	
_________%

	 	  	 61-90 Days
Delinquent
  
	  	
$_________
	 	
_________%
	  	 _________
	  	
_________%

	 	  	 91-120 Days
Delinquent
  
	  	
$_________
	 	
_________%
	  	 _________
	  	
_________%

	 	  	 120+ Days
Delinquent
  
	  	
$_________
	 	
_________%
	  	 _________
	  	
_________%

	 	  	 Total 30+ Days Delinquent

 
	  	
$_________
	 	
_________%
	  	 _________
	  	
_________%

	 	  		  		 		  		  	 

											
	 Loss Experience:
	  	 	  	 	 	 	  	 	  	 
	 	  	 Ending
Principal Receivables Balance
	  	                
_________        
	 	  	
Defaulted Amount
	  	                
_________        
	 	  	
Recoveries
	  	                
_________        
	 	  	 Net
Default Amount
	  	                
_________        
	 	  	
Annualized Default Rate
	  	                
_________%    
	 	  	
Annualized Recovery Rate
	  	                
_________%    
	 	  	
Annualized Default Rate, Net of Recoveries
	  	                
_________%    

  
 C-1-2 

					
	 	  	 Number of Accounts
Experiencing a Loss
	  	          
                              
	
                   
             
	  	 Number of Accounts
Experiencing a Recovery
	  	          
                              
	 	  	 Average Net
Default Amount per Account Experiencing a Loss
	  	          
                              
	 	 	 
	 	  	 	  	 
	E. REPURCHASES AND REPLACEMENTS
	 Information required by Rule 15Ga-1(a)
concerning the Trust:

	 [No activity to
report for reporting period.]

	 Most recent Form ABS-15G:

	 Form ABS-15G filed on
            under CIK number             

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

	 [No activity to
report for reporting period.]

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

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

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

	 
	
[No activity to report for reporting period.]

[On [                ], 20[__],
[            ] received a request from [            ] expressing an interest in communicating with other investors
with regard to the possible exercise of rights under [TRANSACTION AGREEMENT]. The requesting investor may be contacted at:
 [ADDRESS]

[PHONE NUMBER]

[EMAIL]]

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

	 Required Seller’s Interest Amount
	  	 $________
	  	
$________

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

  
 C-1-3 

									
	 SERIES 2019-4
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	  	   ____________	  	   ____________	  	   ____________	  	   ____________

  
 C-1-4 

									
	 Coupon _______to ______

 
	  	_________%	  	_________%	  	_________%	  	_________%
	Monthly Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Outstanding Monthly Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Additional Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Total Interest Due	  	$____________	  	$____________	  	$____________	  	$____________
	Investor Default Amount	  	$____________	  	$____________	  	$____________	  	$____________
	Investor Monthly Fees Due	  	$____________	  	$____________	  	$____________	  	$____________
	Investor Additional Amounts Due	  	$____________	  	$____________	  	$____________	  	$____________
	Total Due	  	$____________	  	$____________	  	$____________	  	$____________
	 	  	 	  	 	  	 	  	 
	Reallocated Investor Finance Charge Collections	  	 	  	 	  	 	  	$____________
	Interest and Principal Funding Investment Proceeds	  	 	  	 	  	 	  	$____________
	Interest on Reserve Account	  	 	  	 	  	 	  	$____________
	Series Adjusted Portfolio Yield	  	 	  	 	  	 	  	_________%
	Base Rate	  	 	  	 	  	 	  	_________%
	Excess Spread Percentage	  	 	  	 	  	 	  	_________%
	         

        

	 C. CERTIFICATES –

BALANCES AND
 DISTRIBUTIONS
	  	CLASS A	  	CLASS B	  	COLLATERAL INTEREST	  	TOTAL
	Beginning Certificates Balance	  	$____________	  	$____________	  	$____________	  	$____________
	Distributions of Interest	  	$____________	  	$____________	  	$____________	  	$____________
	Deposits to the Principal Funding Account	  	$____________	  	$____________	  	$____________	  	$____________
	Distributions of Principal	  	$____________	  	$____________	  	$____________	  	$____________
	Total Distributions	  	$____________	  	$____________	  	$____________	  	$____________
	Ending Certificates Balance	  	$____________	  	$____________	  	$____________	  	$____________

  
 C-1-5 

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

  
 C-1-6 

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

  
 C-1-7 

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

  
 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 2019-4 Allocable Principal
Collections
	  	 	  	$____________	  	 
	 3. Principal Allocation Percentage of Series
2019-4 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 2019-4
	  	 	  	$____________	  	 
	 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 2019-4
	 1. Excess Spread
	  	 	  	$____________	  	 
	 2. Excess Finance Charge
Collections
	  	 	  	$____________	  	 
	 3. Applied to fund Class A
Required Amount
	  	 	  	$____________	  	 
	 4. Class A Investor
Charge-Offs treated as Available Principal Collections
	  	 	  	$____________	  	 
	 5. Applied to fund overdue Class B
Interest
	  	 	  	$____________	  	 
	 6. Applied to fund Class B Required
Amount
	  	 	  	$____________	  	 
	 7. Reduction of Class B Invested
Amount treated as Available Principal Collections
	  	 	  	$____________	  	 
	 8. Applied to Collateral Senior
Minimum Monthly Interest
	  	 	  	$____________	  	 
	 9. Applied to unpaid Monthly
Servicing Fee
	  	 	  	$____________	  	 
	 10. Collateral Default Amount
treated as Available Principal Collections
	  	 	  	$____________	  	 
	 11. Reduction of Collateral
Invested Amount treated as Available Principal Collections
	  	 	  	$____________	  	 
	 12. Deposited to Reserve
Account
	  	 	  	$____________	  	 
	 13. Applied to any remaining
Collateral Minimum Monthly Interest
	  	 	  	$____________	  	 
	 14A. (a) Prior to a Note Trust
Transfer, remaining Excess Spread applied as Excess Finance Charge Collections
	  	 	  	$____________	  	 
	
         (b) Prior to a Note Trust Transfer, remaining Excess Spread
distributed to the holders of the Transferor Certificates
	  	 	  	$____________	  	 
	 14B.  Following a Note Trust
Transfer, remaining Excess Spread distributed to Collateral Interest Holder(s)
	  	 	  	$____________	  	 
	
        

        

	O. YIELD AND BASE RATE
	 1. Base Rate
	  	 	  	 	  	 	  	 
	 	  	a. Current Monthly Period	  	 	  	________%	  	 
	 	  	b. Prior Monthly Period	  	 	  	________%	  	 
	 	  	c. Second Prior Monthly Period	  	 	  	________%	  	 
	 	  	 	  	 	  	 	  	 
	 2. Three Month Average Base Rate
	  	 	  	 	  	________%	  	 
	 3. Series Adjusted Portfolio Yield
	  	 	  	 	  	 	  	 
	 	  	a. Current	  	                   
     	  	 	  	               
         

  
 C-1-10 

									
	 	  	Monthly Period	  	                   
     	  	________%	  	               
         
	 	  	b. Prior Monthly Period	  	 	  	________%	  	 
	 	  	c. Second Prior Monthly Period	  	 	  	________%	  	 
	4. Three Month average Series Adjusted Portfolio Yield	  	 	  	 	  	________%	  	 
	5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month average Base Rate?	  	 	  	 	  	[Yes/No]	  	 
	
        

        

	P. REASSIGNMENT AMOUNT
	 Adjusted Invested Amount
	  	 	  	$____________	  	 
	 Monthly Interest
	  	 	  	$____________	  	 
	 Monthly Interest previously due but
not paid
	  	 	  	$____________	  	 
	 Additional Interest
	  	 	  	$____________	  	 
	 Additional Interest previously due
but not paid
	  	 	  	$____________	  	 
	 Reassignment Amount
	  	 	  	$____________	  	 

  

  
 C-1-11 

 EXHIBIT C-2 

FORM OF ANNUAL PAYMENT INFORMATION 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2019-4 
 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 2019-4 Supplement, dated as of September 23, 2019, 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 2019-4 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 2019-4 Supplement, dated as of September 23, 2019 (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

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