Document:

EX-10.12

Table of Contents

 Exhibit 10.12 

 

					
		  	 Facility Number:
 Name of
Hotel:
 Address:
 City, Province, Postal
Code
 Date Sent:
	  	

 FRANCHISE AGREEMENT 

(CANADA) 
 BETWEEN

 [NAME OF FRANCHISEE] 

AND 
 BWI LICENSING,
INC. 

Table of Contents

 TABLE OF CONTENTS 

 

							
	1.0	  	DEFINITIONS	  	 	1	 
			
	2.0	  	GRANT OF LICENSE	  	 	6	 
			
	2.1	  	Non-Exclusive License	  	 	6	 
			
	2.2	  	Reserved Rights	  	 	6	 
			
	2.3	  	Area of Protection Provision	  	 	7	 
			
	2.4	  	Impact Rights	  	 	7	 
			
	3.0	  	TERM AND RENEWAL TERM	  	 	7	 
			
	3.1	  	Term	  	 	7	 
			
	3.2	  	Renewal Term	  	 	7	 
			
	3.3	  	Termination Rights	  	 	7	 
			
	4.0	  	OUR RESPONSIBILITIES	  	 	7	 
			
	4.1	  	Training	  	 	7	 
			
	4.2	  	Reservation Service	  	 	7	 
			
	4.3	  	Consultation	  	 	7	 
			
	4.4	  	Marketing	  	 	8	 
			
	4.5	  	Inspections/Compliance Assistance	  	 	8	 
			
	4.6	  	Manual	  	 	9	 
			
	4.7	  	Equipment and Supplies	  	 	9	 
			
	5.0	  	YOUR RESPONSIBILITIES	  	 	9	 
			
	5.1	  	Operational and Other Requirements	  	 	9	 
			
	5.2	  	Relocating the Hotel	  	 	12	 
			
	5.3	  	Changes to Standards	  	 	13	 
			
	6.0	  	RENOVATION WORK	  	 	13	 
			
	6.1	  	Necessary Consents	  	 	13	 
			
	6.2	  	Performance of Agreement	  	 	13	 
			
	6.3	  	Hotel Refurbishment and Room Addition	  	 	14	 
			
	7.0	  	MANAGEMENT OF THE HOTEL	  	 	14	 
			
	8.0	  	PAYMENT OF FEES	  	 	14	 
			
	8.1	  	Annual Dues	  	 	14	 
			
	8.2	  	Monthly Fees	  	 	14	 
			
	8.3	  	Advertising Assessment	  	 	14	 
			
	8.4	  	Marketing and Technology Fees	  	 	14	 
			
	8.5	  	Calculation and Payment of Fees	  	 	15	 

  
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	8.6	  	Other Fees, Charges and Expenses	  	 	15	 
			
	8.7	  	Taxes	  	 	15	 
			
	8.8	  	Application of Fees	  	 	15	 
			
	9.0	  	PROPRIETARY RIGHTS	  	 	16	 
			
	9.1	  	Our Proprietary Rights	  	 	16	 
			
	9.2	  	Trade Name, Use of the Marks	  	 	16	 
			
	9.3	  	Use of Trade Name and Marks	  	 	16	 
			
	9.4	  	Trademark Disputes	  	 	16	 
			
	9.5	  	Web Sites	  	 	17	 
			
	9.6	  	Covenant	  	 	17	 
			
	10.0	  	AUDIT, OWNERSHIP OF INFORMATION AND PRIVACY AND DATA PROTECTION	  	 	17	 
			
	10.1	  	Audit	  	 	17	 
			
	10.2	  	Ownership of Information	  	 	18	 
			
	10.3	  	Privacy and Data Protection	  	 	18	 
			
	11.0	  	CONDEMNATION AND CASUALTY	  	 	18	 
			
	11.1	  	Condemnation	  	 	18	 
			
	11.2	  	Casualty	  	 	18	 
			
	11.3	  	No Extensions of Term	  	 	19	 
			
	12.0	  	NOTICE OF INTENT TO MARKET	  	 	19	 
			
	13.0	  	TRANSFERS	  	 	19	 
			
	13.1	  	Our Transfer	  	 	19	 
			
	13.2	  	Your Transfer	  	 	19	 
			
	14.0	  	TERMINATION	  	 	22	 
			
	14.1	  	Termination with Opportunity to Cure	  	 	22	 
			
	14.2	  	Immediate Termination by Us	  	 	22	 
			
	14.3	  	Suspension Interim Remedies	  	 	23	 
			
	14.4	  	Liquidated Damages on Termination	  	 	23	 
			
	14.5	  	Your Obligations on Termination or Expiration	  	 	24	 
			
	15.0	  	INDEMNITY	  	 	25	 
			
	15.1	  	Your Indemnification Obligation	  	 	25	 
			
	15.2	  	“Claims” Defined	  	 	25	 
			
	15.3	  	Recovery Rights of Indemnified Parties	  	 	25	 
			
	15.4	  	Survival of Obligations	  	 	25	 

  
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	16.0	  	RELATIONSHIP OF THE PARTIES	  	 	25	 
			
	16.1	  	No Agency or Joint Employer Relationship	  	 	25	 
			
	16.2	  	Notices to Public Concerning Your Independent Status	  	 	26	 
			
	17.0	  	MISCELLANEOUS	  	 	26	 
			
	17.1	  	Severability and Interpretation	  	 	26	 
			
	17.2	  	Governing Law, Jurisdiction and Venue	  	 	27	 
			
	17.3	  	Waiver of Jury Trial and Punitive Damages	  	 	27	 
			
	17.4	  	Exclusive Benefit	  	 	27	 
			
	17.5	  	Entire Agreement	  	 	27	 
			
	17.6	  	Amendment and Waiver	  	 	27	 
			
	17.7	  	Consent; Business Judgment	  	 	28	 
			
	17.8	  	Notices	  	 	28	 
			
	17.9	  	Release	  	 	28	 
			
	17.10	  	Remedies Cumulative	  	 	29	 
			
	17.11	  	Limitations of Damages	  	 	29	 
			
	17.12	  	Economic Conditions Not a Defense	  	 	29	 
			
	17.13	  	Representations and Warranties	  	 	29	 
			
	17.14	  	Counterparts	  	 	30	 
			
	17.15	  	Sanctioned Persons and Anti-bribery Representations and Warranties	  	 	30	 
			
	17.16	  	Attorneys’ Fees and Costs	  	 	31	 
			
	17.17	  	Interest	  	 	31	 
			
	17.18	  	Successors and Assigns	  	 	31	 
			
	17.19	  	Our Delegation of Rights and Responsibility	  	 	31	 
			
	17.20	  	Receipt of Disclosure	  	 	31	 

  
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 FRANCHISE AGREEMENT 

(CANADA) 
 This Franchise Agreement,
entered into between BWI Licensing, Inc. (“we,” “us,” “our” or “Franchisor”)
and                             (“you,” “your” or
“Franchisee”) to include as set forth in the Addendum attached to this Agreement, is dated as of December 1, 2019. We and you may collectively be referred to as the “Parties.” 

INTRODUCTION 
 We and our Affiliates own,
license, lease, operate, manage and provide various services for the Best Western System. We grant licenses for selected, independently owned or leased hotel properties, to operate under a Brand as provided for under this Agreement. You have
expressed a desire to enter into this Agreement with us to obtain a license to use the designated Brand in the operation of the Hotel at the address or location described in the Addendum. 

NOW, THEREFORE, in consideration of the premises and the undertakings and commitments of each Party to the other Party in this Agreement, the Parties agree as
follows: 
 1.0 DEFINITIONS 

The following capitalized terms will have the meanings set forth after each term: 

“Advertising Assessments” means the Advertising Assessments we require from you which are set forth in the Addendum. 

“Affiliate” means any natural person or firm, corporation, partnership, limited liability company, association, trust or other entity which,
directly or indirectly, controls, is controlled by, or is under common Control with, the subject entity. 
 “Agreement” means this
Franchise Agreement, including any exhibits, attachments and addenda. 
 “Annual Dues” means the Annual Dues we require from you that are
set forth in the Addendum. 
 “Anti-Corruption Laws” means all applicable anti-corruption, anti-bribery, anti-money laundering, books and
records, and internal controls laws of Canada, the United States and the United Kingdom, including the Anti-Terrorism Act (Canada), the Corruption of Foreign Public Officials Act (Canada), the United States Foreign Corrupt Practices Act and the
United Kingdom Bribery Act of 2010. 
 “Area of Protection” has the meaning set forth in Exhibit 1. 

“Area of Protection Provision” has the meaning set forth in the Addendum and Exhibit 1. 

“Best Western Member” means a hotel that was a Best Western member on November 30, 2019, that is converting to a Best Western franchisee
effective December 1, 2019. 
 “Board of Directors” or “Board” mean the Best Western International, Inc. Board of
Directors, as elected by its shareholders. 
 “Brand” means the brand name you are licensed to use for your Hotel as set forth in the
Addendum (i.e., “Best Western”, “Best Western Plus”, “Best Western Premier”, “Vīb”, “GLō”, (Aiden”, “Sadie” or “Executive Residency by Best Western”). 

“BWI” means Best Western International, Inc. 

  
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 “Change of Ownership Application” means the application that is submitted to us by you or
the Transferee for a new franchise agreement in connection with a Change of Ownership Transfer. 
 “Change of Ownership Transfer” means any
proposed Transfer that results in a change of Control of Franchisee, the Hotel, or the Hotel Site and is not otherwise permitted by this Agreement, all as set out in Subsection 13.2.3. 

“Competing Brand” means a hotel brand or trade name that, in our sole business judgment, competes with the System, or any System Hotel. 

“Competitor” means any individual or entity that, at any time during the Term, whether directly or through an Affiliate, owns in whole or in
part, or is the licensor or franchisor of a Competing Brand, irrespective of the number of hotels owned, licensed or franchised under such Competing Brand name. A Competitor does not include an individual or entity that, directly or indirectly
through an Affiliate: (i) is a franchisee of a Competing Brand; or (ii) owns or operates one or more hotels that are not operated as a part of a licensed or franchised brand (e.g., one or more independent hotels). 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an
entity, or of the power to veto major policy decisions of an entity, whether through the ownership of voting securities, by contract, or otherwise. 

“Controlling Affiliate” means an Affiliate that directly or indirectly Controls the Hotel and/or Controls the entity that Controls the Hotel.

 “Designs and/or Plans” means your plans, layouts, specifications, drawings and designs for proposed furnishings, fixtures, equipment,
signs and decor of the Hotel that use and incorporate the Standards. 
 “Effective Date” means December 1, 2019. 

“Entities” means our present or future Affiliates and direct or indirect owners. 

“Equity Interest” means any direct or indirect legal or beneficial interest in the Franchisee, the Hotel and/or the Hotel Site. 

“Equity Owner” means the direct or indirect owner of an Equity Interest. 

“Expiration Date” has the meaning set forth in Section 3.1. 

“Fees” includes but is not limited to fees, dues and assessments we require from you (e.g., Annual Dues, Monthly Fees, Advertising
Assessments, and Marketing and Technology Fees). 
 “Financial and Operational Information” means all information concerning the Monthly
Fees, other revenues generated at the Hotel, room occupancy rates, reservation data and other financial and non-financial information we require. 

“Force Majeure” means an event causing a delay in our or your performance that is not the fault of or within the reasonable control of the
Party claiming Force Majeure. Force Majeure includes fire, floods, natural disasters, Acts of God, war, civil commotion, terrorist acts, and any governmental act or regulation beyond such Party’s reasonable control. Force Majeure does not
include the Franchisee’s financial inability to perform, inability to obtain financing, inability to obtain permits or any other similar events unique to the Franchisee or the Hotel, or to general economic downturn or conditions. 

“Government or Government Entity” means: (i) any agency, instrumentality, subdivision or other body of any national, federal,
provincial, regional, local or other government; (ii) any commercial or similar entities owned or controlled by such government, including any state-owned and state-operated companies; (iii) any political party; and (iv) any public
international organization. 

  
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 “Government Official” means the following: (i) officers and employees of any
Government; (ii) officers and employees of companies in which a Government owns an interest; (iii) any private person acting in an official capacity for or on behalf of any Government or Governmental Entity (such as a consultant retained
by a government agency); (iv) candidates for political office at any level; (v) political parties and their officials; (vi) officers, employees, or official representatives of public (quasi-governmental) international organizations (such
as the United Nations, World Bank, or International Monetary Fund). 
 “Gross Receipts Tax” means any gross receipts, sales, use, excise,
harmonized, value added or any similar tax. 
 “Guarantor” means your Voting Representative, who must sign the Form of Guaranty
guaranteeing your obligations under this Agreement or any of Your Agreements. 
 “Guest Rooms” means each rentable unit in the Hotel
generally used for overnight guest accommodations, the entrance to which is controlled by the same key, provided that adjacent rooms with connecting doors that can be locked and rented as separate units are considered separate Guest Rooms. The
initial number of approved Guest Rooms is set forth in the Addendum. 
 “Hotel” means the property you will operate under this Agreement
and includes all structures, facilities, appurtenances, furniture, fixtures, equipment, and entry, exit, parking and other areas located on the Hotel Site we have approved for your business or located on any land we approve in the future for
additions, signs, parking or other facilities. 
 “Hotel Site” means the real property on which the Hotel is located or to be located, as
approved by us. 
 “Impact Rights” has the meaning set forth in the Addendum and Exhibit 2. 

“Improper Payment” means: (a) any payment, offer, gift or promise to pay or authorization of the payment or transfer of other things of
value, including without limitation any portion of the compensation, fees or reimbursements received hereunder or the provision of any service, gift or entertainment, directly or indirectly to (i) a Government Official; (ii) any director,
officer, employee or commercial partner of a Party or its Affiliates; or, (iii) any other person at the suggestion, request or direction or for the benefit of any of the above-described persons and entities, for purposes of obtaining or
influencing official actions or decisions or securing any improper advantage in order to obtain, retain or direct business; (b) payments made and expenses incurred in connection with performance of obligations under this Agreement that are not
made and recorded with sufficient accuracy, detail, and control to meet the standards in applicable Anti-Corruption Laws; or, (c) any other transaction in violation of applicable Anti-Corruption Laws. 

“Indemnified Parties” means us and the Entities and our and their respective predecessors, successors and assigns, and the associated
officers, directors, employees, managers, insurers, and agents. 
 “Information” means all information we obtain from you or about the
Hotel or its guests or prospective guests under this Agreement or under any agreement ancillary to this Agreement, including agreements relating to the computerized reservation, revenue management, property management, and other systems we provide
or require, or otherwise related to the Hotel. Information includes, but is not limited to, Financial and Operational Information, Proprietary Information, and Personal Information. 

“Laws” means all public laws, statutes, by-laws, ordinances, orders, rules, regulations, permits,
licenses, certificates, authorizations, directions and requirements of all Governments and Government Entities having jurisdiction over the Hotel, Hotel Site or over Franchisee to operate the Hotel, which, now or hereafter, may apply to the
construction, renovation, completion, equipping, opening and operation of the Hotel, including any such laws or by-laws dealing with access to or within the Hotel by persons with disabilities. 

“Liquidated Damages” has the meaning set forth in Subsection 14.4. 

  
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 “Manual” means all written compilations of the Standards (in any form, including without
limitation, written or electronic) as determined by us in our sole business judgment. 
 “Marketing and Technology Fees” means the
Marketing and Technology Fees we require from you which are set forth in the Addendum. 
 “Marks” means the Brand and all other service
marks, copyrights, trademarks, trade dress, logos, insignia, emblems, symbols and designs (whether registered or unregistered), slogans, distinguishing characteristics, and trade names used in the System. 

“Monthly Fees” means the Monthly Fees we require from you which are set forth in the Addendum. 

“Open” means representing to the public that the Hotel is actually accommodating guests as a System Hotel. 

“Opening Date” means the day on which we authorize you to Open – December 1, 2019 unless otherwise agreed upon. 

“Other Business(es)” means any business activity we or the Entities engage in now or in the future, other than the licensing of the Hotel.

 “Other Hotels” means any hotel, motel, inn, lodging facility, conference center or other similar business, other than a System Hotel.

 “Permitted Transfer” means any Transfer by you or your Equity Owners as specified in Section 13.2 of this Agreement. 

“Person(s)” means a natural person or entity. 

“Personal Information” means any information that: (i) can be used (alone or when used in combination with other information within your
control) to identify, locate or contact an individual; or (ii) pertains in any way to an identified or identifiable individual. Personal Information can be in any media or format, including computerized or electronic records as well as
paper-based files. 
 “Privacy Laws” means any international, national, federal, provincial, state, or local law, code, rule or regulation
that regulates the processing of Personal Information in any way, including data protection laws, laws regulating marketing communications and/or electronic communications, information security regulations and security breach notification rules.

 “Property Room Revenue” means all revenues derived from the sale or rental of Guest Rooms (both transient and permanent) of the Hotel,
including revenue derived from the redemption of points or rewards under the loyalty programs in which the Hotel participates, amounts attributable to breakfast (where the guest room rate includes breakfast), and guaranteed no-show revenue and credit transactions, whether or not collected, at the actual rates charged, less allowances for any Guest Room rebates and overcharges, and will not include taxes collected directly from patrons
or guests. Group booking rebates, if any, paid by you or on your behalf to third-party groups for group stays must be included in, and not deducted from, the calculation of Property Room Revenue. 

“Proprietary Information” means all information or materials concerning the methods, techniques, plans, specifications, procedures, data,
systems and knowledge of and experience in the development, operation, marketing and licensing of the System, including the Standards and the Manual, whether developed by us, you, or a third party. 

“Publicly Traded Equity Interest” means any Equity Interest that is traded on any securities exchange or is quoted in any publication or
electronic reporting service maintained by the National Association of Securities Dealers, Inc., or any of its successors, or any equivalent or applicable Canadian organization. 

  
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 “Quality Re-Assessment Fee” has the meaning set
forth in Subsection 4.5. 
 “Renewal Term” has the meaning set forth in Section 3.2. 

“Renovation Work” means the renovation and/or construction work, if any, including purchasing and/or leasing and installation of all
fixtures, equipment, furnishings, furniture, signs, computer terminals and related equipment, supplies and other items that would be required of a new System Hotel under the Manual. 

“Reports” mean daily, monthly, quarterly and annual operating statements, profit and loss statements, balance sheets, and other financial and
non-financial reports we require. 
 “Reservation Service” means the reservation service we
designate in the Standards for use by System Hotels. 
 “RevPAR Index” is a measurement produced by Smith Travel Research, Inc., an
independent market research firm serving the travel industry, or to the extent Smith Travel Research Inc. (“STR”) is no longer in operation, a comparable independent market research firm serving the travel industry, that calculates
the fair share of the amount of available revenue a hotel (or hotel brand) receives relative to its competitive set within a given market. 
 “Room
Addition Fee” means $200 multiplied by the number of additional Guest Rooms you request to add to the Hotel in accordance with Subsection 6.3.3. 

“Sanctioned Person” means any person or entity (including financial institutions): (a) who is, or is owned or controlled by, or acting on
behalf of the Government of any country subject to comprehensive Canadian and U.S. sanctions in force and which currently include, Iran, North Korea, Sudan, and Syria (“Sanctioned Countries”); (b) located in, organized under the
laws of or ordinarily resident in Sanctioned Countries; (c) identified by any government or legal authority under applicable Trade Restrictions as a person with whom dealings and transactions by Franchisee and/or its Affiliates are prohibited
or restricted, including but not limited to persons designated under United Nations Security Council Resolutions, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) List of Specially Designated
Nationals and Other Blocked Persons and equivalent or similar designations in Canada; the U.S. Department of State’s lists of persons subject to non-proliferation sanctions and equivalent or similar lists
in Canada; the European Union Financial Sanctions List; and persons and entities subject to Special Measures regulations under Section 311 of the USA PATRIOT Act and the Bank Secrecy Act and equivalent or similar regulations and acts in Canada.

 “Securities” means any public offering, private placement or other sale of securities in the Franchisee, the Hotel or the Hotel Site.

 “Site” means domain names, the World Wide Web, the Internet, computer network/distribution systems, or other electronic communications
sites. 
 “Standards” means all standards, specifications, requirements, criteria, and policies that have been and are in the future
developed and compiled in accordance with this Agreement for use by you in connection with the design, construction, renovation, refurbishment, appearance, equipping, furnishing, supplying, opening, operating, maintaining, marketing, services,
service levels, quality, and quality assurance of System Hotels, including the Hotel, and for hotel advertising and accounting, whether contained in the Manual or set out in this Agreement or other written communication. 

“Successor Franchise Agreement” has the meaning set forth in Section 3.2. 

“System” or “Best Western System” means the elements, including know-how, that we
designate in our sole business judgment to distinguish hotels operating worldwide under the Brand that provide to the consuming public a similar, distinctive, high-quality hotel service. The System currently includes: the Brand, the Marks, the

  
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Trade Name, and the Standards; access to the Reservation Service; advertising, publicity and other marketing programs and materials; training programs and materials; and programs for our
inspection of the Hotel and consulting with you. 
 “System Hotels” means hotels in and outside of Canada operating under the System using
the Brand name. 
 “Term” has the meaning set forth in Section 3.1. 

“Trade Name” means the name of the Hotel set forth in the Addendum. 

“Trade Restrictions” means trade, economic or investment sanctions, export controls, anti-terrorism,
non-proliferation, anti-money laundering and similar restrictions in force pursuant to laws, rules and regulations imposed under Laws to which the Parties are subject. 

“Transfer” means in all its forms, any sale, lease, assignment, spin-off, transfer, encumbrance, or
other conveyance of a direct or indirect legal or beneficial interest. 
 “Transferee” means the proposed new franchisee resulting from a
Transfer. 
 “Transferor” means you as a Change of Ownership Transfer occurs. 

“Your Agreements” means any other agreement between you and us or any of the Entities related to this Agreement, the Hotel and/or the Hotel
Site. 
 “Voting Representative” means the “Equity Owner”, designated by you and approved by us, who is authorized to vote on
behalf of the Hotel.
 2.0 GRANT OF LICENSE 

2.1 Non-Exclusive License. We grant to you and you accept a
limited, non-exclusive license to use the Marks and the System during the Term at, and in connection with, the operation of the Hotel in accordance with the terms of this Agreement. The Brand that you may use
with regard to the operation and marketing of the Hotel as a System Hotel is designated in the Addendum. 

2.2 Reserved Rights. 

2.2.1 Except as detailed in the Addendum, this Agreement does not limit our right, or the right of the Entities, to engage in any Other
Business of any nature, whether in the lodging or hospitality industry or not, and whether under the Brand, a Competing Brand, or otherwise, even if they compete with the Hotel, the System, or the Brand, and whether we or the Entities start those
businesses, or purchase, merge with, acquire, are acquired by, come under common ownership with, or associate with, such Other Businesses. 

2.2.2 We may also (i) use or license to others all or part of the System; (ii) use the facilities, programs, services and/or
personnel used in connection with the System in Other Businesses; (iii) use the System, the Brand and the Marks in the Other Businesses; and, (iv) add, alter, delete or otherwise modify elements of the System. 

2.2.3 You acknowledge and agree that you have no rights to, and will not make any claims or demands for, damages or other relief
arising from or related to any of the foregoing activities, and you acknowledge and agree that such activities will not give rise to any liability on our part, including liability for claims for unfair competition, breach of contract, breach of any
applicable statutory, common law or implied covenant of good faith and fair dealing, or divided loyalty. 

  
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 2.3 Area of Protection Provision. The Area of
Protection that applies to your Hotel is set forth in the Addendum and Exhibit 1. 
 2.4 Impact
Rights. Your Impact Rights are set forth in the Addendum and Exhibit 2. 
 3.0 TERM AND RENEWAL TERM 

3.1 Term. The Term of the Agreement shall begin on the Effective Date and shall be twelve
(12) years, with an Expiration Date of November 
30, 2031, unless terminated earlier under the terms of this Agreement. 
 3.2 Renewal Term. If you
comply with the conditions set forth in this Section 3.2, you will have the right, but not the obligation, to enter into the form of franchise agreement we then use to grant franchises for System Hotels (modified as necessary to reflect the
fact that it is for a successor franchise) (a “Successor Franchise Agreement”) for one (1) additional franchise term of ten (10) years following the Term (a “Renewal Term”). The Successor Franchise Agreement will
contain provisions consistent with those contained in this Agreement except for (i) our right to charge an additional royalty fee of no more than one and one-half percent (1.5%) of Property Room Revenue;
and (ii) you and we will negotiate the Area of Protection for the Hotel for the Renewal Term to reflect then-current competitive market conditions. In order to enter into the Successor Franchise Agreement, you (and each of your owners) must:

 1. be in good standing (e.g., payment of Fees); 

2. be current as to the Standards (e.g., guest service, breakfast, high speed internet access, design, etc.); and, 

3. meet our then-current requirements for relevance and guest satisfaction in the Hotel’s market, which requirements may differ in each
market, considering the Hotel’s RevPAR Index, sentiment scores or other guest satisfaction ratings, social media ratings, and other factors then utilized by the hotel industry to determine relevance and guest satisfaction. 

3.3 Termination Rights. If you are not in default under this Agreement, you shall have the right to
terminate this Agreement, without the payment of any Liquidated Damages, on November 30, 2020 and November 30, 2021, upon providing at least three (3) months written notice to us prior to such date. In the event of termination
pursuant to this Section 
3.3, you shall be subject to all post-termination obligations as set forth in this Agreement. 
 4.0 OUR
RESPONSIBILITIES 
 We have the following responsibilities to you under this Agreement. We reserve the right to fulfill some or all of these
responsibilities through one of the Entities or through unrelated third parties, in our sole business judgment. We may require you to make payment for any resulting services or products directly to the provider. 

4.1 Training. We may specify certain required and optional training programs on providing
accommodations and related services and provide these programs at various locations. We may charge you for required training services and materials and for optional training services and materials we provide to you. You are responsible for all costs
incurred in attending these programs. 
 4.2 Reservation Service. We will furnish you with the
Reservation Service. The Reservation Service will be furnished to you on the same basis as it is furnished to other System Hotels and shall be the exclusive Reservation Service used at the Hotel at all times unless otherwise approved by us in
writing in our sole discretion. You will be required to participate in performance based marketing as determined by us from time to time. 

4.3 Consultation. We may offer consultation services and advice in areas such as operations and
marketing. We may establish fees in advance, or on a project-by-project basis, for any consultation service or advice you

  
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request, such as revenue management and sales support. You will be entitled to such services upon request and payment of any applicable fees. You acknowledge that, although we provide
consultation services and advice, you have exclusive day-to-day control of the business and operation of the Hotel and we do not in any way possess or exercise such
control. 
 4.4 Marketing. 

4.4.1 We will use commercially reasonable efforts to market the Hotel on our Reservation Service and any loyalty programs (e.g., Best
Western Rewards® (“BWR®”)) associated with the Best Western System. 

4.4.2 We will include the Hotel in advertising of System Hotels and in marketing programs in accordance with our general practice for
System Hotels. 
 4.4.3 We will use the Advertising Assessment and Marketing and Technology Fees paid to us to pay for various
programs to benefit the System, including: (i) advertising, promotions, publicity, public relations, market research, loyalty programs and other marketing programs; (ii) developing and maintaining the reservation service systems and
support, to include but not limited to detailing rates, availability, taxes, fees, hotel and room information, cancellation and no-show policies and other such related information; and
(iii) administrative costs and overhead related to the administration or direction of these projects and programs and other such services as we may determine from time to time. 

4.4.4 We will have the sole right to determine how and when we spend these funds, including sole control over the creative concepts,
materials and media used in the programs, the placement and allocation of advertising, and the selection of promotional programs. 

4.4.5 We may enter into, modify or terminate arrangements for development, marketing, operations, administrative, technical and support
functions, facilities, programs, services and/or personnel with any other entity, including any of the Entities or a third party. 

4.4.6 You acknowledge that the Advertising Assessment and Marketing and Technology Fees are intended for the benefit of the System and
will not simply be used to promote or benefit any one System Hotel or market. We will have no obligation in administering any activities paid for with the Advertising Assessment and Marketing and Technology Fees to make expenditures for you that are
equivalent or proportionate to your payments or to ensure that the Hotel benefits directly or proportionately from such expenditures. 

4.4.7 We may create any programs and allocate monies derived from the Advertising Assessment and Marketing and Technology Fees to any
regions or localities, as we consider appropriate in our sole business judgment. We may expend some or all of the Advertising Assessment and Marketing and Technology Fees outside of Canada. The aggregate of the Advertising Assessment and Marketing
and Technology Fees paid to us by System Hotels does not constitute a trust or “advertising fund” and we are not a fiduciary with respect to the Advertising Assessment and Marketing and Technology Fees paid by you and other System Hotels.

 4.4.8 We are not obligated to expend funds in excess of the amounts received from System Hotels. If any interest is earned on
unused Advertising Assessment and Marketing or Technology Fees, we will use the interest before using the principal. The Advertising Assessment and Marketing and Technology Fees do not cover your costs of participating in any optional marketing
programs and promotions offered by us in which you voluntarily choose to participate. The Advertising Assessment and Marketing and Technology Fees also do not cover the cost of operating the Hotel in accordance with the Standards. There are no
reimbursements or other funds to which you are entitled from the unused Advertising Assessment and Marketing and Technology Fees. 
 
4.5 Inspections/Compliance Assistance. We will administer a quality assurance program that will include periodic inspections - at least once every twelve (12) months upon at least twenty-four (24) hours’ notice—of the

  
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Hotel to ensure compliance with the Standards. You will permit us to inspect the Hotel and all associated facilities to determine if the Hotel is in compliance with the Standards. You will
cooperate with our representatives during these inspections. You will then take all steps necessary to correct any deficiencies within the times we establish from time to time, including any re-inspection or re-assessment with an associated Quality Re-Assessment Fee. You will provide complimentary accommodations for the quality assurance auditor each time we conduct an inspection,
to include visits to verify that deficiencies noted in a quality assurance evaluation report have been corrected or completed by the required dates of to verify completion of a design requirement. 

4.6 Manual. We will issue to you or make available the Manual and any revisions and updates we may
make to the Manual during the Term (either in writing or electronic form as may be determined from time to time). You agree to ensure that your copy of the Manual is, at all times, current and up to date. If there is any dispute as to your
compliance with the provisions of the Manual, the master copy of the Manual maintained at our principal office will control. There will be no charge for the Manual unless printed duplicates or copies are requested by you. 

4.7 Equipment and Supplies. We will make available to you for use in the Hotel various purchase,
lease or other arrangements for exterior signs, operating equipment, operating supplies, and furnishings, which we make available to other System Hotels. We and our Affiliates have the right to receive and retain profit on sales, leases or other
arrangements made with you and other franchisees, and payments or other consideration from suppliers on account of their actual or prospective dealings with you and other franchisees, and to use all amounts and other consideration that we and our
Affiliates receive without restriction (unless we and our Affiliates agree otherwise with the supplier) for any purposes we and our Affiliates deem appropriate. 

5.0 YOUR RESPONSIBILITIES 

5.1 Operational and Other Requirements. You must: 

5.1.1 after the Effective Date, operate the Hotel twenty-four (24) hours a day; 

5.1.2 operate the Hotel using the System, in compliance with this Agreement and the Standards, and in such a manner to provide
efficient, courteous, uniform, respectable and high-quality lodging and other services and conveniences to the public, consistent with our concept of providing quality accommodations at fair and reasonable prices. You acknowledge that, although we
provide the Standards, you have exclusive day-to-day control of the business and operation of the Hotel and we do not in any way possess or exercise such control and
shall maintain those requirements which may change from time to time. You will successfully complete all quality assurance assessments as may be required by us from time to time; 

5.1.3 maintain the premises, including coffee shops, restaurants, lounges, meeting/banquet rooms and other public areas, in a clean,
safe and orderly condition; 
 5.1.4 permit and participate in inspection of the Hotel and all associated facilities to determine if
the Hotel is in compliance with the Standards; 
 5.1.5 comply with the Standards, including our specifications for all amenities,
supplies, products and services as may be applicable. We may require you to purchase a particular brand of product or service to maintain the common identity and reputation of the Brand, and you will comply with such requirements. Unless we specify
otherwise, you may purchase products from any authorized source of distribution; however, we reserve the right, in our business judgment, to enter into purchasing arrangements for any particular products or services and to require that you purchase,
lease or otherwise acquire products and/or services from approved suppliers or distributors which may include or be limited to us and our Affiliates; 

5.1.6 comply with all design requirements as detailed in the Standards and associated references (e.g., Design Guidelines); 

  
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 5.1.7 install, display, and maintain signage displaying or containing the Brand name
and other distinguishing and identifying characteristics in accordance with Standards we establish for System Hotels; 
 5.1.8
participate in and pay all charges in connection with all required loyalty or frequency programs (e.g., BWR®); 

5.1.9 use the Reservation Service as the sole means of offering reservations to the public and to third parties for booking (e.g., you
may not use an individual Hotel website, booking engine, extranets, or channel manager); 
 5.1.10 provide to us all Hotel inventory
at the best available rate and with last room availability; 
 5.1.11 if the Hotel does not have an
on-site, full-service restaurant, provide a complimentary (free of charge) breakfast as detailed in the Standards; 

5.1.12 comply with Standards for the training of persons involved in the operation of the Hotel, including completion by the general
manager and other key personnel of the Hotel of a training program for operation of the Hotel under the System at sites we designate. You will pay us all fees and charges, if any, we require for your personnel to attend these training programs. You
are responsible for all travel, lodging and other expenses you or your employees incur in attending these programs; 
 5.1.13
purchase and maintain property management, revenue management, in-room entertainment (e.g., televisions and programs/channels), telecommunications, high-speed internet access, and other computer and
technology systems that we designate from time to time for the System or any portion of the System; 
 5.1.14 advertise and promote
the Hotel and related facilities and services on a local and regional basis in a first-class, dignified manner, using our identity and graphics Standards for all System Hotels, at your cost and expense. You must submit to us for our approval samples
of all advertising and promotional materials that we have not previously approved (including any materials in digital, electronic or computerized form or in any form of media that exists now or is developed in the future) before you produce or
distribute them. You will not begin using the materials until we approve them. You must immediately discontinue your use of any advertising or promotional material we disapprove, even if we previously approved the materials; 

5.1.15 participate in and pay all charges in connection with all required System guest complaint resolution programs, which programs
may include chargebacks to the Hotel for guest refunds or credits and all required System quality assurance programs, such as guest comment cards, customer surveys and mystery shopper programs. You must maintain minimum performance Standards and
scores for quality assurance programs we establish; 
 5.1.16 honor all recognized credit cards and credit vouchers issued for
general credit purposes that we require and enter into all necessary credit card and voucher agreements with the issuers of such cards or vouchers; 

5.1.17 participate in and use the Reservation Service, including any additions, enhancements, supplements or variants we develop or
adopt, and honor and give first priority on available rooms to all confirmed reservations referred to the Hotel through the Reservation Service. The only reservation service or system you may use for outgoing reservations referred by or from the
Hotel to other properties will be the Reservation Service or other reservation services we designate; 
 5.1.18 furnish accurate and
current Hotel information in a timely manner for publication and use in the Reservation Service; 
 5.1.19 comply with all Laws and,
on request, give evidence to us of compliance; 

  
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 5.1.20 participate in, and promptly pay all fees, commissions and charges associated
with, all travel agent commission programs and third-party reservation and distribution services (e.g., online travel agencies), all as required by the Standards and in accordance with the terms of these programs, all of which may be modified; 

5.1.21 not engage, directly or indirectly, in any cross-marketing or cross-promotion of the Hotel with any Other Hotel or related
business, without our prior written consent. You agree to refer guests and customers, wherever reasonably possible, only to System Hotels. We may require you to participate in programs designed to refer prospective customers to Other Hotels. You
must display all material, including brochures and promotional material we provide for System Hotels, and allow advertising and promotion only of System Hotels on the Hotel Site, unless we specifically direct you to include advertising or promotion
of Other Hotels; 
 5.1.22 treat as confidential the Standards, the Manual and all other Proprietary Information. You acknowledge and
agree that you do not acquire any interest in the Proprietary Information other than the right to utilize the same in the development and operation of the Hotel under the terms of this Agreement. You agree that you will not use the Proprietary
Information in any business or for any purpose other than in the development and operation of the Hotel under the System and will maintain the absolute confidentiality of the Proprietary Information during and after the Term. You will not make
unauthorized copies of any portion of the Proprietary Information; and will adopt and implement all procedures we may periodically establish in our business judgment to prevent unauthorized use or disclosure of the Proprietary Information, including
restrictions on disclosure to employees and the use of non-disclosure and non-competition clauses in agreements with employees, agents and independent contractors who
have access to the Proprietary Information; 
 5.1.23 not become a Competitor, or permit your Affiliate to become a Competitor, in
the hotel market segment applicable to your Brand, or any substantially equivalent market segment, as determined by STR (or, if STR is no longer in existence, STR’s successor or other such industry resource that is as equally as reputable as
STR); 
 5.1.24 own fee simple title (or long-term ground leasehold interest for a term at least equal to the Term) to the real
property and improvements that comprise the Hotel and the Hotel Site, or alternatively, at our request, cause the fee simple owner, or other third party acceptable to us, to provide its guaranty covering all of your obligations under this Agreement
in form and substance acceptable to us; 
 5.1.25 ensure that the Hotel and its personnel display a courteous and professional
attitude toward directors, officers and employees of BWI; 
 5.1.26 maintain legal possession and control of the Hotel and Hotel Site
for the Term and promptly deliver to us a copy of any notice of default you receive from any mortgagee, trustee under any deed of trust, or ground lessor for the Hotel, and on our request, provide any additional information we may request related to
any alleged default; 
 5.1.27 not directly or indirectly conduct or permit the marketing or sale of timeshares, vacation ownership,
fractional ownership, condominiums or like schemes at, or adjacent to, the Hotel; 
 5.1.28 participate in and pay all charges
related to our marketing programs (in addition to programs covered by the Monthly Fees, Advertising Assessment, and Marketing and Technology Fees), all guest frequency programs we require, and any optional programs that you opt into; 

5.1.29 honor the terms of any discount or promotional programs (including any frequent guest or loyalty program (e.g., BWR)) that we
offer to the public on your behalf, any room rate quoted to any guest at the time the guest makes an advance reservation, and any award certificates issued to Hotel guests participating in these programs. Further, while each System Hotel is
responsible for establishing rates at its Hotel, the Board may, in its sole discretion, establish discount or promotional programs providing for room discounts in an amount equal to or less than ten percent (10%) off of the Hotel’s published
rates and you must honor such 

  
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program. Any discount or promotional program providing for room discounts in an amount in excess of ten percent (10%) off of the Hotel’s published rates may only be implemented following an
affirmative vote of a majority of System Hotels, and if approved, you must honor such program. With regard to any such System Hotel vote, an affirmative vote of a majority of the votes cast shall result in passage, provided at least 33 1/3% of all
System Hotels vote in favor of the discount or promotional program. 
 5.1.30 if an overbooking occurs, be financially responsible
for the cost of an alternative accommodation at a comparable hotel for at least one (1) night, and arrange and pay for transportation to the alternative accommodation; 

5.1.31 maintain, at your expense, insurance of the types and in the minimum amounts we specify in the Standards. As of the Effective
Date, required types of insurance include, without limitation: commercial general liability insurance, automobile liability insurance (for owned, non-owned, and hired automobiles), cyber security insurance,
and statutory workers’ compensation insurance, each in the amount set forth in the Standards. All such insurance must be with insurers having the minimum ratings we specify, name as additional insureds the parties we specify in the Standards
(to include but not limited to Best Western International, Inc. and BWI Licensing, Inc.), and carry the endorsements and notice requirements we specify in the Standards. Upon request, you shall provide us with certificates and such other documents
that we request evidencing that you have obtained insurance policies that comply with the then-current insurance requirements set forth in the Standards; 

5.1.32 not share the business operations of the Hotel; 

5.1.33 promptly provide to us all information we reasonably request about you and your Affiliates (including your respective beneficial
owners, officers, directors, shareholders, partners or members) and/or the Hotel, title to the property on which the Hotel is constructed and any other property used by the Hotel; 

5.1.34 treat all employees and guests professionally, and with dignity and respect in order to protect the integrity and goodwill of
the Brand; 
 5.1.35 comply with the Best Western International, Inc. Human Rights Policy; and 

5.1.36 upon termination of the Agreement, consent to our contacting all guests with future reservations, to our notifying them that the
Hotel is no longer affiliated with the Brand, and to our offering alternative accommodations at a different System Hotel. 
 
5.2 Relocating the Hotel. You must operate the Hotel at the Hotel Site. You may, however, request to relocate the Hotel from the Hotel Site to another designated property you own an interest in (the “Designated Property”) if
ownership does not change more than 50%. The criteria that we will use to decide any such request include: 
  

	 	1.	 The Designated Property shall be within the same Area of Protection as the Hotel Site, and the distance between
the Hotel Site and the Designated Property shall not exceed: 

  

													
	 Property Type
	  	Primary Market	 	  	Secondary Market	 	  	Tertiary Market	 
	 Distance
	  	 	2 Miles	 	  	 	3 Miles	 	  	 	5 Miles	 

  

	 	2.	 The Designated Property shall not be in an Area of Protection of any franchisee (see Exhibit 1) nor where
any franchisee has the right to request an Impact Analysis (see Exhibit 2), unless any such franchisee waives any such right. 

  

	 	3.	 The Designated Property shall have an Area of Protection consistent with the criteria as described herein or as
determined by the Board of Directors. 

  
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	 	4.	 The Brand of the relocated Hotel at the Designated Property shall be the same as or higher than the Brand of
the Hotel at the Hotel Site. 

  

	 	5.	 The Designated Property must, in the opinion of the Board of Directors, provide improved representation in the
same relevant market. In evaluating this requirement, the Board of Directors may consider the Designated Property’s attributes, such as, but not limited to: superior facilities, improved location, stronger access to demand generators and
increased visibility. 

  

	 	6.	 The Hotel at the Designated Property shall meet or exceed BWI’s standards prior to relocating and
commencing operations as a System Hotel. 

  

	 	7.	 Pay a relocation fee and a fee for any increase in room count that must be submitted upon submission of your
request to relocate. A portion of the relocation fee is non-refundable immediately upon payment. The remainder is non-refundable upon execution of the new Franchise Agreement which you must sign for the Designated Property. 

 

	 	8.	 The Designated Property will be reviewed according to established policies and procedures.

  

	 	9.	 The request will be presented to the Board of Directors for approval or denial and reviewed in conjunction with
other relocation requests for the surrounding area or prospect property applications for the same area. 

  

	 	10.	 The Hotel must remain operating as a System Hotel in good standing at the Hotel Site, and continue to pay full
fees and dues, until the relocation is completed. At that time, the Hotel at the Hotel Site must discontinue operating as System Hotel. 

  

	 	11.	 The transition from the Hotel Site to the Designated Property must be seamless (e.g., installation of new
signage and removal of old signage being done as close to simultaneous as possible to eliminate the perception that Best Western is not being represented in a given area). 

 

	 	12.	 You must consistently adhere to the BWI policy of always referring guests to the nearest Best Western.

 5.3 Changes to Standards.We may, from time to time, change, add to, substitute
or remove certain Standards; provided, however, any amendment of the Standards will include a vetting process, such as consultation with advisory committees and governors. Further, the following Standards may only be amended by vote of System
Hotels: building exterior, public area and guest room design Standards, brand logo and signage Standards, and breakfast Standards. With regard to any such System Hotel vote, an affirmative vote of a majority of the votes cast shall result in passage
of the matter proposed, provided at least 33 1/3% of all System Hotels vote in favor of the proposal. Notwithstanding the right of System Hotels to vote to amend these Standards, the Board may amend any such Standard without a System Hotel vote if
the cost is less than or equal to $150 dollars per year per room and does not require the hiring of a “trade person” for implementation of the Standard. 

6.0 RENOVATION WORK 

6.1 Necessary Consents. 

6.1.1 You must comply with all design and brand standards as detailed in the Manual throughout the Term in accordance with agreed-to timelines. Before we approve your Designs and Plans, your architect or other certified professional must certify to us that the Designs and Plans comply with all Laws. You shall not commence any Renovation
Work unless and until we have issued our written consent in respect of the Designs and Plans, which consent will not be unreasonably withheld. Once we have issued our approval, no changes to the Designs and Plans shall be made without our consent.

 6.1.2 You are solely responsible for ensuring that the Designs and Plans (including Designs and Plans for Renovation Work) comply
with our then-current Standards, the Manual, and all Laws. 
 6.2 Performance of Agreement. You
must satisfy all of the terms and conditions of this Agreement, and equip, supply, staff and otherwise ensure the Hotel is operational and in compliance with our Standards. As a 

  
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result of your efforts to comply with the terms and conditions of this Agreement, you will incur significant expense and expend substantial time and effort. You acknowledge and agree that we will
have no liability or obligation to you for any losses, obligations, liabilities or expenses you incur if we do not authorize the Hotel to represent itself as a Hotel with our Brand on our Reservations Systems or if we terminate this Agreement
because you have not complied with the terms and conditions of this Agreement. 
 6.3 Hotel
Refurbishment and Room Addition. 
 6.3.1 We may periodically require you to modernize, rehabilitate and/or upgrade the
Hotel’s fixtures, equipment, furnishings, furniture, signs, computer hardware and software and related equipment, supplies and other items to meet the then-current Standards. You will make these changes at your sole cost and expense and in the
time frame we require. 
 6.3.2 You may not make any significant changes (including major changes in structure, design or decor) in
the Hotel. Minor redecoration and minor structural changes that comply with our Standards will not be considered significant. 
 6.3.3
You may not make any change in the number of approved Guest Rooms in the Addendum. If you wish to add additional Guest Rooms to the Hotel after the Effective Date, you must submit an application to obtain our consent. If we consent to the
addition of Guest Rooms at the Hotel, you must pay us our then-current Room Addition Fee. As a condition to our granting approval of your application, we may require you to modernize, rehabilitate or upgrade the Hotel in accordance with this
Subsection 6.3 of the Agreement. We may also require you to execute an amendment to this Agreement covering the terms and conditions of our consent to the addition of Guest Rooms. 

7.0 MANAGEMENT OF THE HOTEL 

7.1 You must at all times retain and exercise direct management control over the Hotel’s business. If you enter into a management
agreement or other similar arrangement for the operation of the Hotel or any part thereof (including without limitation, retail or food and/or beverage service facilities) with any natural person or entity, you are required to provide prior written
notice to us. Any such management agreement or other similar arrangement for operation of the Hotel or any part thereof shall in no way relieve, reduce, mitigate or waive any of the responsibilities you have under this Agreement, it being understood
that all such responsibilities and obligations shall remain yours at all times. You must provide us with all information we request from time to time regarding ownership, control and management of the Hotel. 

8.0 PAYMENT OF FEES 

8.1 Annual Dues. Upon execution of this Agreement, you shall pay the first year’s
(i.e., the time period from December 1, 2019 to December 1, 2020) Annual Dues to us in the amount set forth in the Addendum. On September 15, 2020 and on each subsequent September 15 during the Term, you shall pay us
the Annual Dues due for the following year of the Term. 
The Annual Dues are not refundable under any circumstances. 
 8.2 Monthly Fees. Beginning on the
Effective Date, you will pay to us for each month (or part of a month, including the final month you operate under this Agreement) the Monthly Fees, each of which is set forth in the Addendum. 

8.3 Advertising Assessment. Beginning on the Effective Date, you will pay to us for each month (or
part of a month, including the final month you operate under this Agreement) the Advertising Assessment, each of which is set forth in the Addendum. 

8.4 Marketing and Technology Fees. Beginning on the Effective Date, you will pay to us for each month
(or part of a month, including the final month you operate under this Agreement) the Marketing and Technology Fees, which is set forth in the Addendum. 

  
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 8.5 Calculation and Payment of Fees. 

8.5.1 Fees will be calculated in accordance with the accounting methods of the then-current GAAP or such other accounting methods
specified by us in the Manual. 
 8.5.2 Fees will be invoiced by us monthly and paid to us upon statement receipt at the place and in
the manner we designate and will be accompanied by our standard schedule setting forth in reasonable detail the computation Fees for such month. 

8.5.3 If there is a fire or other insured casualty that results in a reduction of Property Room Revenue, you will determine and pay us,
from the proceeds of any business interruption or other insurance applicable to loss of revenues, an amount equal to the forecasted Monthly Fees, Advertising Assessment, and Marketing and Technology Fees, based on the Property Room Revenue amounts
agreed on between you and your insurance company that would have been paid to us in the absence of the insured casualty. 
 8.5.4 In
the event that you owe us any funds, we have the right to offset any amounts we may owe you against the amount you owe. You agree to cooperate fully and comply, at your cost (which may include processing and late charges for payments made or
rejected), with any system implemented by us for the electronic or other debit or transfer of any amounts you owe us or any of the Entities pursuant this Agreement directly from the Hotel’s bank account to our designated bank account, and/or
other designated payee, including the execution of any pre-authorized payment or authorization forms required by us, your bank, or our bank. 

8.5.5 The payment of any amounts by you to us or the Entities under to this Agreement, or any other agreement entered into pursuant to
this Agreement, shall be made in United States dollars or, in our discretion, an equivalent amount in Canadian dollars, based on the spot currency exchange rate announced by our designated bank on the day before the date payment is to be
transmitted. 
 8.6 Other Fees, Charges and Expenses. You will timely pay all other amounts due us
or any of the Entities under this Agreement. 
 8.7 Taxes. If a Gross Receipts Tax is imposed on us
or the Entities based on payments made by you related to this Agreement, then you must reimburse us or the Entity for such Gross Receipts Tax to ensure that the amount we or the Entity retains, after paying the Gross Receipts Tax, equals the net
amount of the payments you are required to pay us or the Entity had such Gross Receipts Tax not been imposed. In the event that any amount payable by you to us under this Agreement, or any other agreement entered into pursuant to this
Agreement, is subject to withholding or other taxes that you are required to deduct from such payments, you shall be required to deduct such taxes and remit the same to the applicable Government Entity. Within the time required by
applicable Law, you must complete all forms prescribed by the applicable Governmental Entity in respect of taxes withheld or paid and provide copies thereof to us. You are responsible for and must indemnify and hold us, our directors,
officers, agents and employees harmless against any penalties, interest and expenses incurred by or assessed against us as a result of your failure to withhold such taxes or to timely remit them to the appropriate Government Entity. You
agree to fully and promptly cooperate with us to provide any information or records we request in connection with any application by us to any Government Entity with respect to you. 

8.8 Application of Fees. We may apply any amounts received from you to any amounts due under this
Agreement. 

  
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 9.0 PROPRIETARY RIGHTS 

9.1 Our Proprietary Rights. 

9.1.1 You will not contest, either directly or indirectly during or after the Term: 

9.1.1.1 our (and/or any Entities’) ownership of, rights to and interest in the System, Brand, Marks and any of their elements or
components, including present and future distinguishing characteristics and agree that neither you nor any design or construction professional engaged by you may use our Standards, our Manual or your approved Designs and Plans for any hotel or
lodging project other than the Hotel; 
 9.1.1.2 our sole right to grant licenses to use all or any elements or components of the
System; 
 9.1.1.3 that we (and/or the Entities) are the owner of (or the licensee of, with the right to sub-license) all right, title and interest in and to the Brand and the Marks used in any form and in any design, alone or in any combination, together with the goodwill they symbolize; or 

9.1.1.4 the validity or ownership of the Marks. 

9.1.2 You acknowledge that these Marks have acquired a secondary meaning which indicates that the Hotel, Brand and System are operated
by or with our approval. All improvements and additions to, or associated with, the System, all Marks, and all goodwill arising from your use of the System and the Marks, will inure to our benefit and become our property (or that of the applicable
Entities), even if you develop them. 
 9.1.3 You will not apply for or obtain any trademark or service mark registration of any of
the Marks or any confusingly similar marks in your name or on behalf of or for the benefit of anyone else. You acknowledge that you are not entitled to receive any payment or other value from us or from any of the Entities for any goodwill
associated with your use of the System or the Marks, or any elements or components of the System. 

9.2 Trade Name, Use of the Marks. 

9.2.1 Trade Name. 

9.2.1.1 The Hotel will be initially known by the Trade Name set forth in the Addendum. You may not change the Trade Name without our
specific prior written consent. 
 9.2.1.2 You acknowledge and agree that you are not acquiring the right to use any service marks,
copyrights, trademarks, trade dress, logos, designs, insignia, emblems, symbols, slogans, distinguishing characteristics, trade names, domain names or other marks or characteristics owned by us or licensed to us that we do not specifically designate
to be used in the System. 
 9.3 Use of Trade Name and Marks. You will operate under the Marks,
using the Trade Name, at the Hotel. You will not adopt any other names or marks in operating the Hotel without our approval. You will not, without our prior written consent, use any of the Marks (including the words “Best Western”),
trademarks, trade names or service marks, or any similar words or acronyms, in: 
 9.3.1 your corporate, partnership, business or
trade name; 
 9.3.2 any Internet-related name (including a domain name); or 

9.3.3 any business operated separately from the Hotel, including the name or identity of developments adjacent to or associated with
the Hotel. 
 9.4 Trademark Disputes. 

9.4.1 You will immediately notify us of any infringement or dilution of or challenge to your use of any of the Marks and will not,
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regarding any such infringement, dilution, challenge or claim. We will take the action we deem appropriate with respect to such challenges and claims and have the sole right to handle disputes
concerning use of all or any part of the Marks or the System. You will fully cooperate with us and any applicable Entity in these matters. We will reimburse you for expenses incurred by you as the direct result of activities undertaken by you at our
prior written request and specifically relating to the trademark dispute at issue. We will not reimburse you for any other expenses incurred by you for cooperating with us or the Entities. 

9.4.2 You appoint us as your exclusive
attorney-in-fact, to prosecute, defend and/or settle all disputes of this type at our sole option. You will sign any documents we or the applicable Entity believe are
necessary to prosecute, defend or settle any dispute or obtain protection for the Marks and the System and will assign to us any claims you may have related to these matters. Our decisions as to the prosecution, defense or settlement of the dispute
will be final. All recoveries made as a result of disputes regarding use of all or part of the System or the Marks will be for our account. 

9.5 Web Sites. 

9.5.1 You may not register, own, maintain or use any Sites that relate to the Best Western System or the Hotel, which include the
Marks, or have an independent booking engine. The only domain names, Sites, or Site contractors that you may use relating to the Hotel or this Agreement are those we assign or otherwise approve in writing. You acknowledge that you may not, without a
legal license or other legal right, post on your Sites any material in which any third party has any direct or indirect ownership interest. You must incorporate on your Sites any information we require in the manner we deem necessary to protect our
Marks. 
 9.5.2 Any use of the Marks on any Site must conform to our requirements, including the identity and graphics Standards for
all System Hotels. Given the changing nature of this technology, we have the right to withhold our approval, and to withdraw any prior approval, and to modify our requirements. 

9.6 Covenant. . 

9.6.1 You agree, as a direct covenant with us and the Entities, that you will comply with all of the provisions of this Agreement
related to the manner, terms and conditions of the use of the Marks and the termination of any right on your part to use any of the Marks. Any non-compliance by you with this covenant or the terms of this
Agreement related to the Marks, or any unauthorized or improper use of the System or the Marks, will cause irreparable damage to us and/or to the Entities and is a material breach of this Agreement. 

9.6.2 If you engage in such non-compliance or unauthorized and/or improper use of the System or
the Marks during or after the Term, we and any of the applicable Entities, along with the successors and assigns of each, will be entitled to both temporary and permanent injunctive and other equitable relief against you from any court of competent
jurisdiction, in addition to all other remedies we or the Entities may have at law. You consent to the entry of such temporary and permanent injunctions and other equitable relief. You must pay all costs and expenses, including reasonable
attorneys’ fees, expert fees, costs and other expenses of litigation that we and/or the Entities may incur in connection with your non-compliance with this covenant. 

10.0 AUDIT, OWNERSHIP OF INFORMATION AND PRIVACY AND DATA PROTECTION 

10.1 Audit 

10.1.1 We may require you to have Fees or other monies due to us computed and certified as accurate by a certified public accountant. We
may at any time during your business hours, and without prior notice to you, examine your Financial and Operational Information and other records. You agree to cooperate fully with our representatives and independent accountants in any audit. If any
audit discloses that you understated or underpaid any payment due to us, you agree to immediately pay us the amount of the understatement, plus our service 

  
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charges and interest (to be calculated as set forth in Section 17.17 below) on the understated amounts from the date originally due until the date of payment. Furthermore, if an examination
is necessary due to your failure to furnish reports, supporting records, or other information as required, or to furnish these items on timely basis, or if our audit reveals an underpayment to us in an amount greater than two percent (2%) of the
amount that you actually reported to us for the period examined, you agree to reimburse us for the costs of the examination, including, without limitation, the charges of attorneys and independent accountants and the travel expenses, room and board,
and compensation of our employees. These remedies are in addition to our other remedies and rights under this Agreement and Laws. 

10.1.2 If the audit discloses an overpayment, we will credit this overpayment against your future payments due under this Agreement,
without interest, or, if no future payments are due under this Agreement, we will promptly pay you the amount of the overpayment without interest. 

10.2 Ownership of Information. All Information we obtain from you and all revenues we derive from
such Information will be our property and Proprietary Information that we may use for any reason, including making a financial performance representation in our franchise disclosure documents. At your sole risk and responsibility, you may use
Information that you acquire from third parties in connection with operating the Hotel, such as Personal Information, at any time during or after the Term, to the extent that your use is permitted by and in accordance with Law. 

10.3 Privacy and Data Protection. You will: (i) comply with all applicable Privacy Laws;
(ii) comply with all Standards that relate to Privacy Laws and the privacy and security of Personal Information; (iii) refrain from any action or inaction that could cause us or the Entities to breach any Privacy Laws; (iv) take any
reasonable action we deem necessary in our business judgment to keep us and the Entities in compliance with the Privacy Laws, including obtaining consents and making disclosures; (v) ensure that your customer data collection practices, and the
use and marketing of such data, and measures adopted for the privacy and security thereof are consistent with BWI’s Privacy Policy as posted on its website at http://www.bestwestern.com, as amended from time to time by BWI; and
(vi) immediately report to us the theft or loss of Personal Information (other than the Personal Information of your own officers, directors, shareholders, employees or service providers). 

11.0 CONDEMNATION AND CASUALTY 

11.1 Condemnation. You must immediately inform us of any proposed taking of any portion of the Hotel
by expropriation or eminent domain. If, in our business judgment, the taking is significant enough to render the continued operation of the Hotel in accordance with the Standards and guest expectations impractical, then we may terminate this
Agreement on written notice to you and you will not pay us Liquidated Damages. If such taking, in our business judgment, does not require the termination of this Agreement, then you will make all necessary modifications to make the Hotel conform to
its condition, character and appearance immediately before such taking, according to Designs and Plans approved by us. You will take all measures to ensure that the resumption of normal operations at the Hotel is not unreasonably delayed. 

11.2 Casualty. 

11.2.1 You must immediately inform us if the Hotel is damaged by fire or other casualty. If the damage or repair requires closing the
Hotel, you may choose to repair or rebuild the Hotel according to the Standards, provided you: begin reconstruction within six (6) months after closing and reopen the Hotel for continuous business operations as soon as practicable (but in any
event no later than eighteen (18) months after the closing of the Hotel) and give us at least thirty (30) days notice of the projected date of reopening. Once the Hotel is closed, you will not promote the Hotel as a System Hotel or
otherwise identify the Hotel using any of the Marks. 
 11.2.2 You and we each have the right to terminate this Agreement if you
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(60) days written notice. We will not require you to pay Liquidated Damages unless you or one of your Affiliates own and/or operate a hotel at the Hotel Site under a lease, license or
franchise from a Competitor within three (3) years of the termination date in which case Liquidated Damages are owed as applicable for a cancellation not associated with a termination at a permissible window. 

11.3 No Extensions of Term. Nothing in this Section 11 will extend the Term. 

12.0 NOTICE OF INTENT TO MARKET 

Except in the case of a Transfer governed by Subsection 13.2.1 or 13.2.2 of this Agreement, if you or a Controlling Affiliate want to Transfer any Equity
Interest, you must give us written notice, concurrently with beginning your marketing efforts. 
 13.0 TRANSFERS

 13.1 Our Transfer. 

You acknowledge that we maintain a staff to manage and operate the System and that staff members can change as employees come and go. You
represent that you have not signed this Agreement in reliance on any particular shareholder, director, officer, member or employee remaining with us in that capacity. We may change our ownership or form and/or assign this Agreement or any interest
therein and any other agreement to a third party without restriction or consent from or notice to you. After our assignment of this Agreement to a third party who expressly assumes the obligations under this Agreement, we will be released and no
longer will have any performance or other obligations under this Agreement. 
 13.2 Your Transfer.
You understand and acknowledge that the rights and duties in this Agreement are personal to you and that we are entering into this Agreement in reliance on your business skill, financial capacity, and the personal character of you, your officers,
directors, partners, members, shareholders or trustees. A Transfer by you of any Equity Interest, or this Agreement, or any of your rights or obligations under this Agreement, or a Transfer by an Equity Owner is prohibited other than as expressly
permitted herein. 
 13.2.1 Transfers that Are Exempt from Transfer Limitations. The following Transfers are exempt from
transfer limitations if the Transferee, within thirty (30) days following the effective date of the change in equitable or lessee interest, completes and signs all forms and agreements then required by us, and pays to us all unpaid dues, fees,
assessments, and charges owed to us by the Transferor which are not then paid by the Transferor; and within such thirty (30) days, or under such more liberal schedules as we may determine, brings the Hotel to a condition which meets all of our
Standards, policies and requirements which would have been applicable to the Transferor. We may establish reasonable fees to cover our reasonable costs of any such transfer. 

13.2.1.1 Bona fide financing transactions not involving changes in actual control, such as mortgages, pledges and sale and leasebacks.

 13.2.1.2 Changes in the legal form of ownership, without an actual change in control, such as a transfer from individual owners
to a corporation where the sole owners of the stock of the corporation are the former individual owners. 
 13.2.1.3 A transfer of
equitable ownership or lessee interest (including interests transferred in trust) to a parent, spouse, brother, sister, child, stepchild or grandchild of the Transferor. 

13.2.1.4 On the death of Franchisee or an Equity Owner who is a natural person, this Agreement or the Equity Interest of the deceased
Equity Owner may Transfer in accordance with such person’s will or, if such person dies intestate, in accordance with laws of intestacy governing the distribution of such person’s estate, 

  
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provided that: (i) the transfer on death is to an immediate family member or to a legal entity formed by such family member(s); and (ii) within one (1) year after the death, such
family member(s) or entity meet all of our then-current requirements for an approved Transferee. 
 13.2.1.5 A Transfer to a bona
fide lender secured by the Hotel occasioned by a bona fide default, such as a mortgage foreclosure, trustee’s sale, transfer in lieu of foreclosure or termination of the lease under a sale and leaseback. 

13.2.1.6 Changes in stock ownership of a corporation whose stock is publicly traded. 

13.2.1.7 Issuance of new stock in a corporation or new limited partnership interest in a limited partnership occurring prior to
commencement of operation as a Hotel. 
 13.2.2 Permitted Transfers of a Partial Interest that Require Notice. The following
Transfer is permitted with prior written notice to us if the Permitted Transfer does not result in a change in Control of the Franchisee, the Hotel or the Hotel Site provided that after the transaction: 

13.2.2.1 Less than 50% of all Equity Interests in the Hotel or Franchisee will have changed hands within a 12-month period. 
 13.2.3 Change of Ownership Transfer. Any proposed Transfer that is not
described in Subsection 13.2.1 or 13.2.2 is a Change of Ownership Transfer (formerly known as an “automatic transfer” under the membership program). You are required to provide sixty (60) days’ notice, unless we agree otherwise,
of any Change of Ownership Transfer. You consent to (i) our communication with any third party we deem necessary about the Hotel in order for us to evaluate the proposed Change of Ownership Transfer, and (ii) our providing documents
regarding the historical performance and condition of the hotel to the Transferee. 
 13.2.3.1 To be eligible for a Change of
Ownership Transfer, the following are required: 
 a) the Hotel must have received two (2) passing scores for the past two
(2) regular inspections; 
 b) the Transferee must certify that the Transferor has provided the Transferee copies of the last three
(3) regular inspections, any and all BWI notices of probation or delinquency for the past twenty-four (24) months, and the then current design report; 

c) the Hotel is in compliance with the current design program; 

d) the Hotel is not past due of any conditions which would constitute a ground for default or cancellation; and 

e) the Transferor is not past due with regard to any and all financial obligations (e.g., dues, fees and assessments) to us. 

13.2.3.2 The Change of Ownership Transfer is subject to the following conditions, all of which must be satisfied at or before the date
of closing the Change of Ownership Transfer (“Closing”): 
 a) the Transferee submits a Change of Ownership Application,
pays our then current Change of Ownership Transfer Fee, executes our then-current form of new franchise agreement and all ancillary forms, including a guaranty from a third party acceptable to us, if required; 

b) you as Transferor are not in default of the Agreement or any other agreements with us or our Affiliates; 

  
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 c) you or the Transferee pay all amounts due to us and the Entities through the date of the
Closing; 
 d) you and your owners execute our then-current form of voluntary termination agreement, which may include a release, in the
form prescribed by us, of (to the extent permitted by applicable Laws) any and all claims against us, the Entities, and their respective directors, officers, employees and agents, but excepting any claims under an applicable franchise law statute
(if any) that cannot be released; 
 e) you conclude to our satisfaction, or provide adequate security for, any suit, action, or proceeding
pending or threatened against you, us or any Entity with respect to the Hotel, which may result in liability on the part of us or any Entity; 

f) you, the Transferee and/or Transferee Equity Owner(s) submit to us all information related to the Transfer that we require, including
applications; 
 g) the Transferee executes a new franchise agreement with us, noting the new franchise agreement will generally have the
same terms and conditions as the transferor’s franchise agreement with the exception of discounted fees in certain circumstances (such fees being either: (A) with respect to the first transferee, as applicable, the lesser of (i) three
and one-half percent (3.5%) of Property Room Revenue (“PRR”) for a transferee with former Best Western Members as of July 1, 2016 having a minimum fifty percent (50%) financial interest
in the transferee property; or (ii) a percentage of PRR equal to the fees paid by the transferor expressed as a percentage of the hotel’s PRR for the twelve (12) months prior to such transfer plus one percent (1%); and (B) with
respect to any subsequent transferee, the lesser of (i) three and one-half percent (3.5%) of PRR for a transferee with former Best Western Members as of July 1, 2016 having a minimum fifty percent
(50%) financial ownership interest in the transferee property; or (ii) then-current fees for new franchisees); and 
 h) the
Transferee is neither a Sanctioned Person nor a Competitor. 
 13.2.4 Public Offering or Private Placement. 

Any offering by you of Securities requires our review if you use the Marks, or refer to us or this Agreement in your offering. All materials
required by any Law for the offer or sale of those Securities must be submitted to us for review at least sixty (60) days before the date you distribute those materials or file them with any Governmental Agency, including any materials to be
used in any offering exempt from registration under any securities laws. Any review will be subject to fees then charged at such time in the System. You must indemnify, defend and hold the Indemnified Parties free and harmless of and from any and
all liabilities, costs, damages, claims or expenses arising out of or related to the sale or offer of any of your Securities to the same extent as provided in Subsection 15 of this Agreement. 

13.2.5 Mortgages and Pledges to Lending Institutions. 

13.2.5.1 You or an equity owner may mortgage or pledge the Hotel or an equity interest to a lender that finances the acquisition,
development or operation of the hotel, without notifying us or obtaining our consent, if (i) you or the applicable equity owner are the sole borrower, and (ii) the loan is not secured by any other hotels or other collateral. You must
notify us of any other proposed mortgage or pledge. This Agreement may not be pledged as collateral. 
 13.2.5.2 We will evaluate
requests for “lender comfort letters” and issue any such document in a form satisfactory to us (e.g., which may include an estoppel and release of claims, excepting any claims under an applicable franchise law statute (if any) that cannot
be released). We charge a fee for the processing of a lender comfort letter. 

  
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 13.2.6 Commercial Leases. You may lease or sublease commercial space in the
Hotel, or enter into concession arrangements for operations in connection with the Hotel, in the ordinary course of business, subject to our right to review and approve the nature of the proposed business and the proposed brand and concept, all in
keeping with our Standards for System Hotels. 
 14.0 TERMINATION 

14.1 Termination with Opportunity to Cure. We may terminate this Agreement at any time before its
expiration under one or more of the following conditions by providing written notice to you and affording you a hearing before the Board such that you can show cause why this Agreement should not be terminated: 

14.1.1 failure to pay dues or other Fees, rentals, charges or assessments within the time set by this Agreement. 

14.1.2 failure to comply with the terms and conditions or to meet the standards as set forth in this Agreement or the Manual, to
include but not limited to: 
 14.1.2.1 receipt of two (2) consecutive inspection scores or Guest Rooms/Public Areas Condition
Report scores which are below 800 points; or 
 14.1.2.2 receipt of two (2) inspection scores or Guest Rooms/Public Areas
Condition Report scores less than 800 points during any eighteen (18) month period; or 
 14.1.2.3 receipt of three
(3) inspection scores or Guest Rooms/Public Areas Condition Report scores less than 800 points during any twenty-four (24) month period; or 

14.1.2.4 receipt of a single inspection score or Guest Rooms/Public Areas Condition Report scores less than 600 points. 

14.1.3 failure to operate, manage or maintain the System Hotel in such a way as to effect credit to us, BWI, and the System Hotels.

 When grounds exist to terminate this Agreement, the Board or its designee may in its sole discretion afford a cure period or “conditional
extension.” During any such cure period we may delay termination but suspend the Hotel from the reservation service and any reservation and/or website services provided through or by us, and divert reservations for your Hotel to other System
Hotels; remove the listing of the Hotel from any advertising we publish; disable all or any part of the software provided to you and/or may suspend any one (1) or more of the information technology and/or network services that we provide or
support; and charge you for costs related to suspending or disabling your right to use any software systems or technology we provided to you, together with intervention or administration fees. During any such restriction, full Fees continue to be
due and payable. 
 14.2 Immediate Termination by Us. This Agreement may be terminated by us
immediately (or at the earliest time permitted by applicable law) if: 
 14.2.1 the Hotel is leased or subleased; 

14.2.2 a lease of the Hotel terminates; 

14.2.3 if the Hotel is not leased, a change occurs of fifty percent (50%) or more of the equitable ownership of the System Hotel within
a 12-month period; 
 14.2.4 a change occurs of fifty percent (50%) or more of the equitable
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 14.2.5 if the Hotel is not leased, a change occurs of fifty percent (50%) or more of
the equitable ownership of the entity or entities owning the Hotel within a 12-month period; 

14.2.6 a change occurs of 50% or more of the equitable ownership of the entity or entities leasing the Hotel within a 12-month period; 
 14.2.7 a term or condition is not met, after the Board, having provided you
with an opportunity for a hearing, has found grounds exist for termination of this Agreement and you have not cured the default within the specified time period; 

14.2.8 you fail to maintain and provide proof of insurance coverage as required by the Manual; 

14.2.9 you do not meet a term or condition whose application was approved by the Board with specific requirements and time frames for
compliance and you have been advised that failure to meet any of these requirements will be grounds for automatic termination. 
 14.2.10
you contest in any court or proceeding our ownership of the System or any part of the System or the validity of any of the Marks; 

14.2.11 you or any Equity Owner with a controlling Equity Interest are or have been convicted of a felony, indictable offense, or any
other offense or conduct, if we determine in our business judgment it is likely to adversely reflect on or affect the Hotel, the System, us and/or any Entity; 

14.2.12 you conceal revenues, maintain false books and records of accounts, submit false reports or information to us or otherwise
attempt to defraud us; 
 14.2.13 you, your Affiliate or Guarantor are or become a Competitor; 

14.2.14 you Transfer any interest in yourself, this Agreement, the Hotel or the Hotel Site, other than in compliance with this
Agreement; 
 14.2.15 you, your Affiliate or Guarantor become a Sanctioned Person or are owned or controlled by a Sanctioned Person
or fail to comply with the provisions of Subsection 17.15; 
 14.2.16 your Guarantor breaches its guaranty to us; or 

14.2.17 a threat or danger to public health, welfare or safety results from the construction, maintenance, or operation of the Hotel.

 14.3 Suspension Interim Remedies. If you are in default of this Agreement, we may elect to
impose an interim remedy, including the suspension of our obligations under this Agreement and/or our or the Entities’ obligations under any other of your Agreements. 

14.4 Liquidated Damages on Termination. 

14.4.1 Liquidated Damages. You acknowledge and agree that the premature termination of this Agreement will cause substantial damage to
us. You agree that Liquidated Damages are not a penalty, but represent a reasonable and bona fide estimate of the minimum just and fair compensation for the damages we will suffer as the result of your failure to operate the Hotel for the Term. 

14.4.2 Calculation of Liquidated Damages. If this Agreement terminates before the Expiration Date, other than by you as permitted on
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notice to us by August 31, 2020 and August 31, 2021 respectively, you will pay Liquidated Damages to us as follows: 

The sum of the prior twelve (12) months: (i) Per Room Monthly Fees or Room Revenue Monthly Fees (as applicable); (ii) Advertising
Assessments; and (iii) Marketing and Technology Fees, divided by twelve (12) and then multiplied by twenty-four (24). Additionally, if a development incentive was received, repayment to us of a pro rata amount of the development incentive
based upon the number of months remaining in the Agreement’s term. 
 14.4.3 Payment of Liquidated Damages. Payment of
Liquidated Damages is due on the date of the termination of this Agreement. The payment of Liquidated Damages by you is only for the damage resulting from the premature termination of this Agreement and is in addition to, and not in lieu of, your
obligations to pay other amounts due under this Agreement and to comply strictly with all post-termination obligations. 
 
14.5 Your Obligations on Termination or Expiration. On termination or expiration of this Agreement, you will: 
 14.5.1
immediately upon termination or expiration of this Agreement, and on any later date that we determine the amounts due to us, you shall pay us all amounts owed to us (and our affiliates) which then are unpaid; 

14.5.2 immediately cease operating the Hotel as a System Hotel and cease using the System; 

14.5.3 immediately cease using the Marks, the Trade Name, and any confusingly similar names, marks, trade dress systems, insignia,
symbols, or other rights, procedures, and methods. You will deliver all goods and materials containing the Marks to us and we will have the sole and exclusive use of any items containing the Marks. You will immediately make any specified changes to
the location as we may reasonably require for this purpose, which will include removal of the signs, custom decorations, and promotional materials. You agree, at your expense, to take the action required to cancel all fictitious or assumed name or
equivalent registrations relating to your use of any Marks; 
 14.5.4 immediately cease representing yourself as then or formerly a
System Hotel or affiliated with the Brand; 
 14.5.5 immediately return all copies of the Manual and any other Proprietary
Information to us; 
 14.5.6 immediately cancel all assumed name or equivalent registrations relating to your use of any Mark, notify
the telephone company and all listing agencies and directory publishers including Internet domain name granting authorities, Internet service providers, global distribution systems, and web search engines of the termination or expiration of your
right to use the Marks, the Trade Name, and any telephone number, any classified or other telephone directory listings, Internet domain names, uniform resource locators, website names, electronic mail addresses and search engine metatags and
keywords associated with the Hotel, and authorize their transfer to us; 
 14.5.7 irrevocably assign and transfer to us (or to our
designee) all of your right, title and interest in any domain name listings and registrations that contain any reference to our Marks, System, or Brand; notify the applicable domain name registrars of the termination of your right to use any domain
name or Sites associated with the Marks or the Brand; and authorize and instruct the cancellation of the domain name, or transfer of the domain name to us (or our designee), as we specify. You will also delete all references to our Marks, System, or
Brand from any Sites you own, maintain or operate beyond the expiration or termination of this Agreement; and 
 14.5.8 you agree to
give us, within thirty (30) days after the expiration or termination of this Agreement, evidence satisfactory to us of your compliance with these obligations. 

  
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 15.0 INDEMNITY 

15.1 Your Indemnification Obligation. Beginning on the Effective Date, you agree to indemnify, defend,
and hold harmless us, our Affiliates, the Entities, and our and their respective shareholders, members, directors, officers, employees, agents, successors, assignees and insurers (the “Indemnified Parties”) against, and to reimburse
any one (1) or more of the Indemnified Parties for, all claims, obligations, and damages directly or indirectly (i) arising out of any breach by you or any third parties of this Agreement, Laws, the Manual or the Standards, (ii) the
Hotel’s operation, employment matters and the business you conduct under this Agreement (including, without limitation, any claimed occurrence at the Hotel including personal injury, death or property damage), (iii) your alleged or actual
infringement or violation of any patent, Mark or copyright or other proprietary right owned or controlled by third parties, or (iv) your breach of this Agreement, including, without limitation, those alleged to be or found to have been caused
by the Indemnified Party’s negligence, unless (and then only to the extent that) the claims, obligations, or damages are determined to be caused solely by our gross negligence or willful misconduct in a final, unappealable ruling issued by a
court or arbitrator with competent jurisdiction. You agree to give us and the Indemnified Parties written notice of any action, suit, proceeding, claim, demand, inquiry or investigation that could be the basis for a claim for indemnification by any
of the Indemnified Parties within three (3) days of your actual or constructive knowledge of it. The Indemnified Parties shall have the right, 

in their sole discretion to: (a) retain counsel of their own choosing to represent them with respect to any claim; and (b) control
the response thereto and the defense thereof, including the right to enter into settlements or take any other remedial, corrective, or other actions. You agree to give your full cooperation to the Indemnified Parties in assisting the Indemnified
Parties with the defense of any such claim, and to reimburse the Indemnified Parties for all of their costs and expenses in defending any such claim, including court costs and reasonable attorneys’ fees, within ten (10) days of the date of
each invoice delivered by the Indemnified Parties to you enumerating such costs, expenses and attorneys’ fees. 
 
15.2 “Claims” Defined. For purposes of this indemnification, “claims” include all obligations, damages (actual, consequential, or otherwise), and costs that any Indemnified Party reasonably
incurs in defending any claim against it, including, without limitation, reasonable accountants’, arbitrators’, attorneys’, and expert witness fees, costs of investigation and proof of facts, court costs, travel and living expenses,
and other expenses of litigation, arbitration, or alternative dispute resolution, regardless of whether litigation, arbitration, or alternative dispute resolution is commenced. 

15.3 Recovery Rights of Indemnified Parties. This indemnity will continue in full force and effect
subsequent to and notwithstanding this Agreement’s expiration, termination, non-renewal or actual or purported rescission. An Indemnified Party need not seek recovery from any insurer or other third
party, or otherwise mitigate its or their losses and expenses, in order to maintain and recover from third parties fully a claim against you under this subparagraph. You agree that a failure to pursue a recovery or mitigate a loss will not reduce or
alter the amounts that an Indemnified Party may recover from you under this subparagraph. Your or any of the other Indemnified Parties’ undertaking of defense and/or settlement will in no way diminish your obligation to indemnify us and the
other Indemnified Parties and to hold us and any of the Indemnified Parties harmless. 
 15.4 Survival
of Obligations. Your obligations under this Section 15 will survive expiration, termination, non-renewal or actual or purported rescission of this Agreement. 

16.0 RELATIONSHIP OF THE PARTIES 

16.1 No Agency or Joint Employer Relationship. You are an independent contractor and this Agreement
does not create a fiduciary, agency, partnership, joint venture, joint employer, employment or similar relationship. Neither party is the legal representative nor agent of, or has the power to obligate (or has the right to direct or supervise the
daily affairs of) the other for any purpose whatsoever. You acknowledge and agree, and will never contend otherwise, that you alone will exercise day-to-day control over
all operations, activities and elements of the Hotel and that under no circumstance shall we do so or be deemed to do so. You further 

  
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acknowledge and agree, and will never contend otherwise, that the various requirements, restrictions, prohibitions, specifications and procedures of the System which you are required to comply
with under this Agreement, whether set forth in the Standards or otherwise, do not directly or indirectly constitute, suggest, infer or imply that we control any aspect or element of the day-to-day operations of you or the Hotel, which you alone control, but only constitute standards you must adhere to when you are exercising control of the day-to-day operations of the Hotel. 
 You acknowledge and agree that we have no control (direct or
indirect) over, or responsibility for, any decision related to or affecting the employment or supervision of any person employed at or providing services in connection with the Hotel, including but not limited to recruitment, hiring, termination,
discipline, supervision, performance evaluation, payroll, setting of wages, schedules, workflow, qualifications, or productivity; the maintenance of personnel records; the provision of employment benefits; employee taxes; or the assignment of
responsibilities. 
 16.2 Notices to Public Concerning Your Independent Status. All contracts for
the Hotel’s operations and services at the Hotel will be in your name or in the name of your management company. You will not enter into or sign any contracts in our name or any Entity’s name or using the Marks or any acronyms or
variations of the Marks. You will disclose in all dealings with the public, suppliers and third parties that you are an independent entity and that we have no liability for your debts. 

17.0 MISCELLANEOUS 

17.1 Severability and Interpretation. 

17.1.1 Except as expressly provided to the contrary in this Agreement, each section, paragraph, term, and provision of this Agreement is
severable, and if, for any reason, any part is held to be invalid or contrary to or in conflict with any applicable present or future law or regulation in a final, unappealable ruling issued by any court, agency, or tribunal with competent
jurisdiction, that ruling will not impair the operation of, or otherwise affect, any other portions of this Agreement, which will continue to have full force and effect and bind the parties 

17.1.2 If any covenant which restricts competitive activity is deemed unenforceable by virtue of its scope in terms of area, business
activity prohibited, and/or length of time, but would be enforceable if modified, you and we agree that the covenant will be enforced to the fullest extent permissible under the laws and public policies applied in the jurisdiction whose law
determines the covenant’s validity. 
 17.1.3 If any applicable and binding law or rule of any jurisdiction requires more notice
than this Agreement requires, or if, under any applicable and binding law or rule of any jurisdiction, any provision of this Agreement or any Standard is invalid, unenforceable, or unlawful, the notice and/or other action required by the law or rule
will be substituted for the comparable provisions of this Agreement, and we may modify the invalid or unenforceable provision or Standard to the extent required to be valid and enforceable or delete the unlawful provision in its entirety. You agree
to be bound by any promise or covenant imposing the maximum duty the law permits which is subsumed within any provision of this Agreement, as though it were separately articulated in and made a part of this Agreement 

17.1.4 This Agreement will be interpreted without interpreting any provision in favor of or against either Party by reason of the
drafting of the provision, or either of our positions relative to the other. 
 17.1.5 Any covenant, term or provision of this
Agreement that provides for continuing obligations after the expiration or termination of this Agreement will survive any expiration or termination. 

17.1.6 Both parties have requested that the present agreement and all documents relating thereto be drafted in the English language.
Les parties aux présentes ont exigé que la présente convention et tout document afférent soient rédigés en langue anglaise. 

  
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 17.2 Governing Law, Jurisdiction and Venue. 

17.2.1 The Parties agree that, except to the extent governed by the United States Trademark Act of 1946 (Lanham Act; 15 U.S.C. 11 1050
et seq.), as amended, this Agreement will be governed by the laws of the State of Arizona without recourse to Arizona choice of law or conflicts of law principles. Nothing in this Section is intended to invoke the application of any franchise,
business opportunity, antitrust, “implied covenant,” unfair competition, fiduciary or any other doctrine of law of the State of Arizona or any other state that would not otherwise apply absent this Subsection 17.2.1. Provided that if your
Hotel is located in a province or territory with a franchise law statute, then the Agreement shall be governed by the Laws of the province or territory where the Hotel is located and the federal laws of Canada applicable therein. 

17.2.2 UNLESS WAIVED BY US IN WHOLE OR IN PART, THE COURTS LOCATED IN PHOENIX, ARIZONA, STATE OR FEDERAL, SHALL HAVE EXCLUSIVE
JURISDICTION TO HEAR AND DETERMINE ALL CLAIMS, DISPUTES AND ACTIONS ARISING FROM OR RELATED TO THIS AGREEMENT, ANY APPLICATION OR TO ANY RELATIONSHIP BETWEEN THE PARTIES HERETO AND VENUE SHALL BE IN THE COURTS LOCATED IN PHOENIX, ARIZONA. EACH PARTY
HERETO EXPRESSLY CONSENTS AND SUBMITS TO THE JURISDICTION OF SAID COURTS AND TO VENUE BEING IN PHOENIX, ARIZONA. PROVIDED THAT IF YOUR HOTEL IS LOCATED IN A PROVINCE OR TERRITORY WITH A FRANCHISE LAW STATUTE, THEN LITIGATION AND ALL CLAIMS, DISPUTES
AND ACTIONS ARISING FROM OR RELATED TO THIS AGREEMENT, ANY APPLICATION OR TO ANY RELATIONSHIP BETWEEN THE PARTIES HERETO SHALL BE CONDUCTED IN THE CITY THAT WE CHOOSE IN SUCH PROVINCE OR TERRITORY WHERE YOUR HOTEL IS LOCATED. 

17.3 Waiver of Jury Trial and Punitive Damages 

EXCEPT FOR YOUR OBLIGATION TO INDEMNIFY US FOR THIRD PARTY CLAIMS UNDER THIS AGREEMENT AND EXCEPT FOR PUNITIVE DAMAGES AVAILABLE TO EITHER PARTY UNDER
APPLICABLE LAW, WE AND YOU (AND YOUR OWNERS) WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO OR CLAIM FOR ANY PUNITIVE, EXEMPLARY, OR CONSEQUENTIAL DAMAGES AGAINST THE OTHER AND AGREE THAT, IN THE EVENT OF A DISPUTE BETWEEN US AND YOU, THE
PARTY MAKING A CLAIM WILL BE LIMITED TO EQUITABLE RELIEF AND TO RECOVERY OF ANY ACTUAL DAMAGES IT SUSTAINS. WE AND YOU IRREVOCABLY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM, WHETHER AT LAW OR IN EQUITY, BROUGHT BY EITHER OF US.

 17.4 Exclusive Benefit. 

This Agreement is exclusively for our and your benefit, and none of the obligations of you or us in this Agreement will run to, or be
enforceable by, any other party (except for any rights we assign or delegate to one of the Entities or covenants in favor of the Entities, which rights and covenants will run to and be enforceable by the Entities or their successors and assigns) or
give rise to liability to a third party, except as otherwise specifically set forth in this Agreement or any guarantee of this Agreement. 

17.5 Entire Agreement. This Agreement and all of its attachments, documents, schedules, exhibits, and
any other information specifically incorporated into this Agreement by reference will be construed together as the entire agreement between you and us with respect to the Hotel and any other aspect of our relationship and will supersede and cancel
any prior and/or contemporaneous discussions or writings between you and us. 
 17.6 Amendment and
Waiver. 
 17.6.1 No change, termination, or attempted waiver or cancellation of any provision of this Agreement will bind us
unless it is in writing, specifically designated as an amendment or waiver, and signed by one (1) of 

  
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our officers. We may condition our agreement to any amendment or waiver on receiving from you, in a form satisfactory to us, an estoppel and release of claims (excepting any claims under an
applicable franchise law statute (if any) that cannot be released) that you may have against us, the Entities, and related parties. 

17.6.2 Any waiver by us of a breach of any provision of this Agreement, or of any breach of any other requirement or policy of ours,
shall not operate or be construed as a waiver of any subsequent breach thereof. Any delay by us of enforcement of obligations shall not be deemed to be a waiver of the Entities’ right to enforce the obligation. 

17.7 Consent; Business Judgment. 

17.7.1 Wherever our consent or approval is required in this Agreement, unless the provision specifically indicates otherwise, we have
the right to withhold our approval at our option, in our business judgment, taking into consideration our assessment of the interests of the System overall. We may withhold any and all consents or approvals required by this Agreement if you are in
default or breach of this Agreement. Our approvals and consents will not be effective unless given in writing and signed by one of our duly authorized representatives. 

17.7.2 You agree not to make a claim for money damages based on any allegation that we have unreasonably withheld or delayed any
consent or approval to a proposed act by you under the terms of this Agreement. You also may not claim damages by way of set-off, counterclaim or defense for our withholding of consent. Your sole remedy for
the claim will be an action or proceeding to enforce the provisions of this Agreement by specific performance or by declaratory judgment. 

17.8 Notices. All notices provided for under this Agreement must be in writing and must be delivered
in person, by prepaid overnight commercial delivery service, or by prepaid overnight mail, registered or certified, with return-receipt requested. Any notice given to us under this Agreement shall be given in writing to BWI Licensing, Inc., 6201
North 24th Parkway, Phoenix, Arizona 85016-2023, Attention: Legal Department, or such other location as may be specified by us. We will send notices to your address set forth in the Addendum. If
you want to change the name or address for notice to you, you must do so in writing, signed by you or your duly authorized representative, designating a single address for notice. Notice will be deemed effective on the earlier of: 1) receipt or
first refusal of delivery; 2) one (1) day after posting if sent via overnight commercial delivery service or overnight United States mail or Canada Post; or 3) three (3) days after placement in the United States mail or Canada Post if
overnight delivery is not available to the notice address. Email correspondence shall not constitute a notice, consent, approval or other communication under this Agreement. Notwithstanding the foregoing, we may provide you with routine information,
invoices, the Manual and information regarding any other System requirements and/or programs and any changes to them, by regular mail, email, fax or by making them available to you on the internet, an extranet or other forms of digital media. 

17.9 Release. With the exception of claims under an applicable franchise law statute
(if any) that cannot be released, you, on your own behalf and on behalf of, as applicable, your officers, directors, managers, employees, heirs, administrators, insurers, executors, agents and representatives and their respective successors and
assigns hereby release, remise, acquit and forever discharge us and the Entities and our and their respective officers, directors, employees, managers, agents, representatives and their respective successors and assigns from any and all actions,
claims, causes of action, suits, rights, debts, liabilities, accounts, agreements, covenants, contracts, promises, warranties, judgments, executions, demands, damages, costs and expenses, whether known or unknown at this time, of any kind or nature,
absolute or contingent, existing at law or in equity, on account of any matter, cause or thing whatsoever that has happened, developed or occurred relating to this Agreement or the relationship between you and us. This release will survive the
termination, expiration, non-renewal or actual or purported rescission of this Agreement. 

  
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 17.10 Remedies Cumulative. The remedies provided in
this Agreement are cumulative. These remedies are not exclusive of any other remedies that you or we may be entitled to in case of any breach or threatened breach of the terms and provisions of this Agreement. 

17.11 Limitations of Damages. 

17.11.1 You, on your own behalf and on behalf of, as applicable, your officers, directors, managers, employees, heirs, administrators,
insurers, executors, agents and representatives and their respective successors and assigns hereby agree that you shall have no recourse of any kind against us and the Entities and our and their respective officers, directors, employees, managers,
agents, insurers, representatives and their respective successors and assigns for failure to activate the Hotel in our System unless you have strictly, absolutely, and timely complied with each and every requirement imposed upon you by us, to
include but not limited to those contained in this Agreement to our satisfaction. You agree that your sole remedy shall be limited to actual damages, which shall in no event exceed the Entrance Fees paid by you in connection with the submission of
the application and this Agreement. 
 17.11.2 You agree that if information related to the Hotel is omitted from the System or a
material error occurs in any Hotel listing on the System through our fault, your sole remedy shall be the refund, without interest, of the Annual Dues you paid for that single fiscal year during which such omission or error occurred. We shall have
no other liability in connection with or related to our providing reservation services or listings. 
 17.11.3 You agree that you
shall be limited to recovery of actual damages for any breach or default by us of any obligation or duty owed to you, and you further agree that our liability for any damages shall be limited to the amount of Monthly Fees actually paid by you in
connection with the Hotel and this Agreement during the single fiscal year in which the breach or default occurred. 
 
17.12 Economic Conditions Not a Defense. Neither general economic downturn or conditions nor your own financial inability to perform the terms of this Agreement will be a defense to an action by us or one of the Entities for your breach of
this Agreement. 
 17.13 Representations and Warranties. You warrant, represent and agree that all
statements in your franchise application in anticipation of the execution of this Agreement, and all other documents and information submitted to us by you or on your behalf are true, correct and complete as of the date of this Agreement. You
further represent and warrant to us that: 
 17.13.1 you have independently investigated the risks of operating the Hotel under the
Brand, including current and potential market conditions and competitive factors and risks, and have made an independent evaluation of all such matters and reviewed our franchise disclosure document, if applicable; 

17.13.2 neither we nor our representatives have made any promises, representations or agreements other than those provided in the
Agreement or in our franchise disclosure document provided to you in connection with the offer of this Agreement, if applicable, and you acknowledge that you are not relying on any promises, representations or agreements about us or the franchise
not expressly contained in this Agreement in making your decision to sign this Agreement; 
 17.13.3 you have the full legal power
authority and legal right to enter into this Agreement; 
 17.13.4 this Agreement constitutes a legal, valid and binding obligation
and your entry into, performance and observation of this Agreement will not constitute a breach or default of any agreement to which you are a party or of any Law; 

17.13.5 if you are a corporation, limited liability company, or other entity, you are, and throughout the Term will be, duly formed and
validly existing, in good standing in the jurisdiction in which you are organized, and are and will be authorized to do business in the jurisdiction in which the Hotel is located; and 

  
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 You hereby indemnify and hold us harmless from any breach of these representations and warranties. These
warranties and representations will survive the termination, expiration, non-renewal or actual or purported rescission of this Agreement. 

17.14 Counterparts. This Agreement may be signed in counterparts, each of which will be considered an
original. 
 17.15 Sanctioned Persons and Anti-bribery Representations and Warranties. 

17.15.1 You represent, warrant and covenant to us and the Entities, on a continuing basis, that: 

17.15.1.1 you (including your directors and officers, senior management and shareholders (or other Persons) having a controlling
interest in you), and any Controlling Affiliate of the Hotel or the Hotel Site are not, and are not owned or controlled by, or acting on behalf of, a Sanctioned Person or, to your actual knowledge, otherwise the target of Trade Restrictions; 

17.15.1.2 you have not and will not obtain, receive, transfer or provide any funds, property, debt, equity, or other financing related
to this Agreement and the Hotel or Hotel Site to/from a Person that qualifies as a Sanctioned Person or, to your actual or constructive knowledge, is otherwise the target of any applicable Trade Restrictions; 

17.15.1.3 you are familiar with the provisions of applicable Anti-Corruption Laws and shall comply with applicable Anti-Corruption
Laws in performance of your respective obligations under or in connection with this Agreement; 
 17.15.1.4 any funds received or
paid in connection with entry into or performance of this Agreement have not been and will not be derived from or commingled with the proceeds of any activities that are proscribed and punishable under the criminal laws of the United States or
Canada, and that you are not engaging in this transaction in furtherance of a criminal act, including acts in violation of applicable Anti-Corruption Laws; 

17.15.1.5 in preparation for and in entering into this Agreement, you have not made any Improper Payment or engaged in any acts or
transactions otherwise in violation of any applicable Anti-Corruption Laws, and, in connection with this Agreement or the performance of your obligations under this Agreement, you will not directly or indirectly make, offer to make, or authorize any
Improper Payment or engage in any acts or transactions otherwise in violation of any applicable Anti-Corruption Laws; 
 17.15.1.6
except as otherwise disclosed in writing to us, neither you, nor any of your direct or indirect shareholders (including legal or beneficial shareholders), officers, directors, employees, agents or other Persons designated by you to act on your
behalf or receive any benefit under this Agreement, is a Government Official. Furthermore, no Government Official has or will have any existing or inchoate legal or beneficial interest in this Agreement or any payments to be made under this
Agreement. You will notify us immediately in writing in the event of a change in the Government Official status of any such Persons; 

17.15.1.7 any statements, oral, written, electronic or otherwise, that you submit to us or to any third party in connection with the
representations, warranties, and covenants described in this Subsection 17.15 are truthful and accurate and do not contain any materially false or inaccurate statements; 

17.15.1.8 you will make reasonable efforts to assure that your respective appointed agents in relation to this Agreement comply in all
material respects with the representations, warranties, and covenants described in this Subsection 17.15; and 

  
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 17.15.2 You will notify us in writing immediately on the occurrence of any event
which would render the foregoing representations and warranties of this Subsection 17.15 incorrect. 

17.16 Attorneys’ Fees and Costs. If we incur costs and expenses due to your
failure to pay when due amounts owed to us, to submit when due any reports, information, or supporting records, or otherwise to comply with this Agreement, you agree, whether or not we initiate a formal legal proceeding, to reimburse us for all of
the costs and expenses that we incur, including, without limitation, reasonable accounting, attorneys’, arbitrators’, and related fees. 

17.17 Interest. Any sum owed to us or the Entities by you or paid by us or the Entities on your
behalf will bear interest from the date due until paid by you at the rate of eighteen percent (18%) per annum or, if lower, the maximum lawful rate. 

17.18 Successors and Assigns. The terms and provisions of this Agreement will inure to the benefit of
and be binding on the permitted successors and assigns of the Parties. 
 17.19 Our Delegation of
Rights and Responsibility. You agree that we have the right to delegate the performance of any portion or all of our obligations under this Agreement to third-party designees, whether these designees are
our agents or independent contractors with whom we have contracted to perform these obligations. If we do so, such third-party designees will be obligated to perform the delegated functions for you in compliance with this Agreement 

17.20 Receipt of Disclosure. If a franchise disclosure document was delivered to you because one was
required by applicable law, then you acknowledge that you have received from us, as one document at one time, in a manner permitted by applicable Laws, a copy of our franchise disclosure document, and the exhibits thereto, not less than fourteen
(14) days prior to the earlier of: (i) the date on which this Agreement or any other agreement relating thereto was executed, and (ii) the payment of any consideration by or on your behalf relating to this Agreement, and the franchise
associated therewith. 

  
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 ADDENDUM TO FRANCHISE AGREEMENT (CANADA) 

 

					
	Date:	  	  

			
	Effective Date:	  	December 1, 2019	  	
		
	Facility Number:	  	  

		
	Franchisor Name:	  	BWI Licensing, Inc., an Arizona Corporation
		
	Brand:	  	  

		
	Initial Approved Hotel Name (Trade Name):	  	  

		
	Franchisee Name and Address (Attn:	  	  

	Voting Representative):	  	  

	Address of Hotel:	  	  

	Initial Number of Approved Guest Rooms:	  	  

			
	Required Opening Date:	  	December 1, 2019	  	
		
	Expiration Date:	  	The Later of November 30, 2031 or the Expiration Date of the prior Membership Agreement
		
	Application Fee	  	None
		
	Initial Franchise Fee:	  	None
		
	Annual Dues:	  	 $1,888 for 20 rooms plus:

$63.47 per room for 21 to 50 rooms;
 $24.68 per room for
51 to 400 rooms; and
 $2.47 per room for rooms over 401 rooms.
  

*  The Board may increase Annual Dues no more than once per fiscal year. No such annual increase shall
exceed the lesser of (i) five percent (5%), or (ii) the rate of inflation of the previous year as measured by the U.S. Bureau of Labor Statistics Consumer Price Index (all items for all urban areas), unless a majority of all franchisees
vote to approve a greater increase.
  

	Monthly Fees (either the “Per Room Monthly Fee” or the “Room Revenue Monthly Fee” depending on the prior Membership Agreement between the parties):	  	 Per Room Monthly Fee consists of (i) the Fixed Fee, and (ii) the Reservation
Fee.
  
 Fixed Fee

 
 $1.66 per room per day for first 25 rooms plus:

$1.52 per room per day for 26 to 50 rooms;
 $1.39 per
room per day for 51 to 100 rooms;
 $1.36 per room per day for 101 to 150 rooms;

$1.32 per room per day for 151 to 400 rooms; and
 $1.32
per room per day for ten percent (10%) of rooms over 400.

  
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 Reservation Fee

 
 If Franchisee was a Best Western member from December 1, 2018 through
November 30, 2019, the Reservation Fee will be based on the number of room nights sold through the reservation system for that twelve (12) month period as a percentage of all Best Western net room nights sold times the Best Western total
reservation fees.
  
 If the Franchisee was not a Best Western member
December 1, 2018 through November 30, 2019, the Reservation Fee will be $.16 per room per day up to and including 400 rooms and $0.16 per room per day for ten percent (10%) of the rooms over 400 rooms.

 
 *  The Board may increase Per Room
Monthly Fees no more than once per fiscal year. No such annual increase shall exceed the lesser of (i) five percent (5%), or (ii) the rate of inflation of the previous year as measured by the U.S. Bureau of Labor Statistics Consumer Price
Index (all items for all urban areas), unless a majority of all System Hotels vote to approve a greater increase.
  

Or,
  

Room Revenue Monthly Fee
  

If as a Best Western member you did not qualify for the Per Room Monthly Fee, the Room Revenue Monthly Fee is the same percent of Property Room Revenue
(PRR) as stated in your prior Membership Agreement.

  

			
	 Advertising Assessment:
  

Marketing and Technology Fees:
	  	 $13.07 per room per month
  

*  The Board has the authority to increase the Advertising Assessment once each fiscal year, with no such
increase exceeding the greater of (i) two percent (2%) of the prior year’s assessment, or (ii) the rate of inflation for the previous year as measured by the U.S. Bureau of Labor Statistics Consumer Price Index (all items for all
urban areas).
  
 December 1, 2018: 1.23% of Property Room Revenue (comprised of
the sum of the Sales and Marketing Assessment of 0.4% of Property Room Revenue, the Technology Assessment of 0.5% of Property Room Revenue and the Technology and Marketing Assessment of 0.33% of Property Room Revenue).

 
 December 1, 2019: 1.56% of Property Room Revenue (comprised of the sum of the
Sales and Marketing Assessment of 0.4% of Property Room Revenue, the Technology Assessment of 0.5% of Property Room Revenue and the Technology and Marketing Assessment of 0.66% of Property Room
Revenue).

  
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 January 1, 2020: 1.66% of Property Room Revenue (comprised of
the sum of the Sales and Marketing Assessment of 0.5% of Property Room Revenue, the Technology Assessment of 0.5% of Property Room Revenue and the Technology and Marketing Assessment of 0.66% of Property Room Revenue).

 
 December 1, 2020: 2.00% of Property Room Revenue (comprised of the sum of the
Sales and Marketing Assessment of 0.5% of Property Room Revenue, the Technology Assessment of 0.5% of Property Room Revenue and the Technology and Marketing Assessment of 1.00% of Property Room Revenue).

 

		  	January 1, 2022: 2.10% of Property Room Revenue (comprised of the sum of the Sales and Marketing Assessment of 0.6% of Property Room Revenue, the Technology Assessment of 0.5% of Property Room Revenue, and the Marketing and
Technology Assessment of 1.00% of Property Room Revenue).

 Additional Requirements/Special Provisions: 
  

			
	Your Property Type:	  	                                      
                                         
         
		
	Your Property Market:	  	                                      
                                         
         
		
	Area of Protection Provision:	  	See Exhibit 1, unless otherwise agreed to by the Parties in the prior Membership Agreement
		
	Impact Rights:	  	See Exhibit 2, unless otherwise agreed to by the Parties in the prior Membership Agreement

 OTHER APPLICABLE TERMS: 

All dollar amounts are expressed as U.S. Dollars. 

  
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 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date. 

 

			
	FRANCHISEE:	  	FRANCHISOR:
		
	[INSERT FRANCHISEE ENTITY], a [INSERT TYPE OF ENTITY]	  	BWI Licensing, Inc., an Arizona Corporation

  

									
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Executed On:	 	  
	 		 	Executed On:	 	  

  
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 SCHEDULE 1 

Your Ownership Structure: 
  

					
	 Name (Shareholder, Partner, Member and
Manager)
	  	 Nature of Ownership Interest
	  	 % Interest

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

  
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 SCHEDULE 2 

Ownership Structure of Affiliate Fee Owner or Lessor/Sublessor of the Hotel or Hotel Site: 

 

					
	 Name (Shareholder, Partner, Member and
Manager)
	  	 Nature of Ownership Interest
	  	 % Interest

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

  
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 Exhibit 1 

Area of Protection Provision 
 Area
of Protection Provision 
 If you are a “Qualified Hotel” as defined below, neither we nor any of our affiliates will open,
or allow to open, a System Hotel of the Brand(s) designated under the heading “Area of Protection Radius Rules 1 through 7,” below, within a circular area around your Hotel, whose radius is measured from the center of the main entrance of
the lobby and is of a length determined by the (i) Area of Protection Radius Chart below and (ii) Area of Protection Radius Rules 1 through 7 below (the “Area of Protection”). 

A “Qualified Hotel” is a System Hotel that: 
  

	 	1.	 Is current on all dues, fees and assessments and has not been sixty (60) days past due on any of its dues,
fees, or assessments twice within the last twelve (12) months; 

  

	 	2.	 Its most recent three (3) quality assurance scores, or such lesser number of scores if the Hotel has not
yet received three (3) quality assurance scores, average at least fifty (50) points higher than the passing level as defined in the Manual; 

  

	 	3.	 Is not past due in meeting any conditions or requirements which would constitute grounds for cancelling or
terminating the Franchise Agreement; an 

  

	 	4.	 Is not a BW Signature Collection® hotel or a BW
Premier Collection® hotel. 

 Area of Protection Radius Chart 

Subject to Rule 1 through 7 below, Area of Protection radius protections are as follows: 

 

							
	 Property Type
	  	Primary
Market	  	Secondary
Market	  	Tertiary
Market
	 Airport
	  	1 Mile	  	2 Miles	  	4 Miles
	 Intown, Downtown, Urban
	  	0.25 Miles	  	1.25 Miles	  	3 Miles
	 Highway
	  	1.5 Miles	  	3 Miles	  	5 Miles
	 Resort
	  	1 Mile	  	2 Miles	  	4 Miles
	 Suburban
	  	1.5 Miles	  	2.5 Miles	  	4 Miles

 If a System Hotel applicant would be within the Area of Protection radius protection of an existing System Hotel, the Board
may alter the Area of Protection radius protection to equitably account for obstacles or barriers (e.g., mountains, lakes and major airports) that materially affect travel time or travel distance between a System Hotel and a System Hotel applicant,
although the existing System Hotel could request an Impact Analysis as described in Exhibit 2. 

  
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 Area of Protection Radius Rules 1 through 7 

With regard to applying the above Area of Protection radius protections to a Qualified Hotel, System Hotels shall be divided into the following color-coded
categories (“Category” or “Categories”) for purposes of applying Rules 1 through 7: 
  

 
 Midscale Best Western SureStay Brands Upper Midscale Best Western Plus BW Signature Collection Executive
Residency by Best Western GLo Aiden Upscale Boutique Vib Sadie Upscale Best Western Premier BW Premier Collection 
  

Rule 1: System Hotels of the Brands in the same Category will have full Area of Protection radius protection with respect to
System Hotels in the same Category. For example, a Best Western System Hotel will have full Area of Protection radius protection from a Best Western or SureStay System Hotel as both Brands are in the same “blue” Category. Accordingly, if
an existing Best Western System Hotel is in a suburban, primary market, a Best Western or SureStay System Hotel could not open within 1.5 miles (see Area of Protection Radius Chart above). 

Rule 2: System Hotels of the Brands in the blue and green Categories will have one-half
(1/2) of the Area of Protection radius protection with respect to System Hotels of the Brands in the other color Category (i.e., blue or green, respectively). For example, a Best Western Plus System Hotel (green Category) will have one half (1/2)
the Area of Protection radius protection from a Best Western System Hotel (blue Category) and vice versa. Accordingly, if a Best Western Plus System Hotel is in a resort, secondary market, a Best Western could not open within 1 mile (see Area of
Protection Radius Chart above). 
 Rule 3: System Hotels of the Brands in the blue and green Categories will not have any Area
of Protection radius protection from System Hotels of the Brands in the orange and red Categories. For example, a Vīb could be placed next to a Best Western System Hotel, although the Best Western System Hotel may request an Impact Analysis as
described in the section below. 
 Rule 4: System Hotels of the Brands in the orange and red Categories do not have Area of
Protection radius protection against any System Hotel in a different color Category, although they may request an Impact Analysis as described in the section below. 

Rule 5: Despite Rules 1, 2 and 3 above, if you operate a System Hotel under the Best Western Brand: (i) in a tertiary
market; (ii) with a city population of less than 15,000; and (iii) fewer than five (5) hotels that are listed in Smith Travel Research in the city, you will have full Area of Protection radius protection from all System Hotels in
every color Category. 

  
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 Rule 6: If a Best Western branded hotel converts to a SureStay branded hotel,
the Area of Protection radius protection will not apply to the SureStay branded hotel, which will instead have any protections granted to it as a SureStay branded hotel. 

Rule 7: BW Signature Collection®, BW Premier Collection® and SureStay® Brand System Hotels do not have Area of Protection radius protection or the right to request an Impact Analysis; but, Best
Western System Hotels have the protection as noted above (same color categories) and have full Impact Analysis rights. 
 If we develop a
new hotel brand after the Effective Date, such new hotel brand shall be added to the Category containing hotels of the most similar chain segment as determined by STR and the Area of Protection radius protection and Impact Analysis rights for such
Category shall apply with respect to such new hotel brand. 
 Except for our restrictions within your Hotel’s Area of Protection and
your right to request an Impact Analysis as described in Exhibit 2 below, we and our affiliates have the right to engage in any other businesses of any nature, whether in the lodging or hospitality industry or not, and whether under the Brand, a
competing brand, or otherwise, even if they compete with your Hotel, the System, or the Brand, and whether we or our affiliates start those businesses, or purchase, merge with, acquire, are acquired by, come under common ownership with, or associate
with, such other businesses. We may also use or license to others all or part of the System; use the facilities, programs, services and/or personnel used in connection with the System in other businesses; use the System, the Brand and the Marks in
other businesses; and add, alter, delete or otherwise modify elements of the System. 
 We are not restricted from soliciting or accepting
reservations from customers located inside your Area of Protection. We and our affiliates may use other channels of distribution, such as the Internet, catalog sales, telemarketing, or other direct marketing sales, to accept reservations under your
Hotel’s Brand and under other trademarks from customers located in your Area of Protection. We do not need to pay you any compensation for soliciting or accepting reservations from customers located inside your Area of Protection. You are not
restricted from soliciting reservations from customers located outside of your Area of Protection, except that all of your advertising is subject to our advance written approval. While you may accept reservations from customers located outside of
your Area of Protection, you may only do so through the approved reservation service we furnish to you. You may not use an individual hotel website, booking engine, extranet, channel manager or any other channel of distribution to accept
reservations. 

  
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 Exhibit 2 

Impact Rights 
 Impact Analysis
Rights 
 At least thirty (30) days before our consideration of a franchise application for a new System Hotel, we will give
written notice of the application to existing System Hotels within the following radius of the applicant property, taking into account the existing System Hotel’s property type and applicable mid-sized
hotel market category as set forth in the chart below: 
  

							
	Property Type	 	Primary
Market	 	Secondary Market	 	Tertiary
Market
	
Airport
	 	3 Miles	 	10 Miles	 	25 Miles
	
Downtown, Urban
	 	0.75 Miles	 	10 Miles	 	25 Miles
	
Highway
	 	4.5 Miles	 	10 Miles Metropolitan;

25 Miles Rural
	 	25 Miles
	
Resort
	 	3 Miles	 	10 Miles Metropolitan;
 25 Miles
Rural
	 	25 Miles
	
Suburban
	 	4.5 Miles	 	10 Miles Metropolitan;
 25 Miles
Rural
	 	25 Miles

 If your Hotel is within the applicable radius, you will have the right, within fifteen (15) days of the
mailing of the notice of the application, to request that an impact analysis be made concerning the effect of the applicant’s operations on the relevant market (“Impact Analysis”). 

The Impact Analysis will be conducted by an independent nationally or internationally recognized consulting firm familiar with and
knowledgeable about the hospitality business, which shall not be affiliated with, in any respect, us or any of our franchisees. The Impact Analysis will analyze the applicant’s prospect for success, the demand for the applicant’s services
in the relevant market and the incremental impact on existing franchisees within the relevant market, and provide such other information as we may request it include. For this purpose, incremental impact means the occupancy and revenue losses
(expressed as a percentage) projected to result from the operation of the applicant’s proposed System Hotel, less any occupancy and revenue losses projected to result to existing System Hotels in the relevant market from operation of the
property covered by the application as a non-System Hotel. 
 To the extent an Impact Analysis is
requested, we will consider the application upon the completion of the Impact Analysis. We may not approve any application unless we have: 

(a) Reviewed and analyzed any requested Impact Analysis; and 

(b) Determined that granting the application will not materially impair the ability of existing franchisees to compete with properties or other
hospitality services operated by non-franchisees in the relevant market. 
 New franchisee
applications may only be approved upon the favorable vote of at least five (5) Directors of the Board. In the event that ambiguity, conflict, or inadequate data exists in the application of the rules set forth above regarding an Area of
Protection radius protection and/or an Impact Analysis, the Board shall have the right in its sole discretion to resolve the conflict or ambiguity or select appropriate data on which to rely.  

  
 41EX-4.3

 Exhibit 4.3 

FORM OF 
 SERIES
20[●]-[●] INDENTURE SUPPLEMENT 
 Dated as of [●][●], 20[●] 

To 
 SECOND AMENDED AND
RESTATED MASTER INDENTURE 
 Dated as of September 23, 2016 

 
  

FIRST NATIONAL MASTER NOTE TRUST, 

Issuer, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

Indenture Trustee on behalf of the Noteholders 
  

 
  

FIRST NATIONAL MASTER NOTE TRUST 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  

		
	 CREATION OF THE SERIES 20[●]-[●] NOTES
	  	 	1	 
	
	ARTICLE II	  

		
	 DEFINITIONS
	  	 	1	 
	
	ARTICLE III	  

	NOTEHOLDER SERVICING FEE	  

			
	 Section 3.01.
	 	 Servicing Compensation
	  	 	18	 
	
	ARTICLE IV	  

	RIGHTS OF NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  

			
	 Section 4.01.
	 	 Collections and Allocations
	  	 	18	 
	 Section 4.02.
	 	 Determination of Monthly Interest
	  	 	21	 
	 Section 4.03.
	 	 Determination of Monthly Principal
	  	 	22	 
	 Section 4.04.
	 	 Application of Available Finance Charge Collections and Available Principal
Collections
	  	 	22	 
	 Section 4.05.
	 	 Investor Charge-Offs
	  	 	25	 
	 Section 4.06.
	 	 Reallocated Principal Collections
	  	 	25	 
	 Section 4.07.
	 	 Excess Finance Charge Collections
	  	 	26	 
	 Section 4.08.
	 	 Excess Principal Collections
	  	 	26	 
	 Section 4.09.
	 	 Certain Series Accounts
	  	 	27	 
	 Section 4.10.
	 	 Reserve Account
	  	 	28	 
	 Section 4.11.
	 	 Spread Account
	  	 	30	 
	 Section 4.12.
	 	 Investment Instructions
	  	 	31	 
	 Section 4.13.
	 	 Accumulation Period
	  	 	32	 
	 Section 4.14.
	 	 Suspension of Accumulation Period
	  	 	33	 
	 Section 4.15.
	 	 [Determination of LIBOR
	  	 	34	 
	 Section 4.16.
	 	 Interchange
	  	 	36	 
	 Section 4.17.
	 	 Foreign Accounts
	  	 	37	 
	 Section 4.18.
	 	 [Pre-Funding Account
	  	 	37	 
	 Section 4.19.
	 	 Asset Representations Review Triggers
	  	 	38	 
	 Section 4.20.
	 	 Appointment of Asset Representations Reviewer
	  	 	42	 
	 Section 4.21.
	 	 Dispute Resolution
	  	 	42	 
	 Section 4.22.
	 	 Investor Communication
	  	 	48	 
	
	ARTICLE V	  

	DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS	  

			
	 Section 5.01.
	 	 Delivery and Payment for the Series 20[●]-[●] Notes
	  	 	48	 
	 Section 5.02.
	 	 Distributions
	  	 	48	 
	 Section 5.03.
	 	 Reports and Statements to Series 20[●]-[●] Noteholders
	  	 	49	 
	 Section 5.04.
	 	 [Annual Servicer’s Certificate
	  	 	50	 
	 Section 5.05.
	 	 [Annual Independent Accountants Servicing Report
	  	 	51	 

							
	ARTICLE VI	  

		
	 SERIES 20[●]-[●] PAY OUT EVENTS
	  	 	52	 
	
	ARTICLE VII	  

	REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION	  

			
	 Section 7.01.
	 	 Optional Redemption of Series 20[●]-[●] Notes; Final Distributions
	  	 	53	 
	 Section 7.02.
	 	 Series Termination
	  	 	54	 
	
	ARTICLE VIII	  

	MISCELLANEOUS PROVISIONS	  

			
	 Section 8.01.
	 	 Ratification of Indenture; Amendments
	  	 	55	 
	 Section 8.02.
	 	 Amendments to Asset Representations Review Agreement
	  	 	55	 
	 Section 8.03.
	 	 Form of Delivery of the Notes
	  	 	55	 
	 Section 8.04.
	 	 Counterparts
	  	 	55	 
	 Section 8.05.
	 	 Governing Law
	  	 	55	 
	 Section 8.06.
	 	 Limitation of Liability
	  	 	55	 
	 Section 8.07.
	 	 Rights of Indenture Trustee
	  	 	56	 
	 Section 8.08.
	 	 Additional Requirements for Registration of and Limitations on Transfer and Exchange of
Notes
	  	 	56	 
	 Section 8.09.
	 	 Notices to Rating Agencies and Indenture Trustee
	  	 	56	 
			
	 EXHIBIT A-1
	 	 FORM OF CLASS A ASSET BACKED NOTE, SERIES 20[●]-[●]
	  			
	 EXHIBIT A-2
	 	 FORM OF CLASS B ASSET BACKED NOTE, SERIES 20[●]-[●]
	  			
	 EXHIBIT A-3
	 	 FORM OF CLASS C ASSET BACKED NOTE, SERIES 20[●]-[●]
	  			
	 EXHIBIT B
	 	 FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO INDENTURE TRUSTEE
	  			
	 EXHIBIT C
	 	 FORM OF MONTHLY REPORT TO NOTEHOLDERS
	  			
	 EXHIBIT D
	 	 FORM OF MONTHLY SERVICER’S CERTIFICATE
	  			
	 EXHIBIT E
	 	 FORM OF INVESTOR CERTIFICATION
	  			

  
 ii 

 FORM OF 

SERIES 20[●]-[●] INDENTURE SUPPLEMENT 

This SERIES 20[●]-[●] INDENTURE SUPPLEMENT, dated as of [●][●], 20[●]
(this “Indenture Supplement”), between FIRST NATIONAL MASTER NOTE TRUST, a statutory trust organized and existing under the laws of the State of Delaware (herein, “Issuer” or the “Trust”), and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as indenture trustee, not in its individual capacity, but solely as indenture trustee (herein, together with its successors in the trusts thereunder as provided in the Indenture referred to
below, “Indenture Trustee”) under the Second Amended and Restated Master Indenture, dated as of September 23, 2016 (the “Indenture”), between Issuer and Indenture Trustee. 

Pursuant to Section 2.11 of the Indenture, Transferor may direct Issuer to issue one or more Series of Notes. The Principal Terms of this
Series are set forth in this Indenture Supplement to the Indenture. 
 ARTICLE I 

CREATION OF THE SERIES 20[●]-[●] NOTES 

There is hereby created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as
“First National Master Note Trust, Series 20[●]-[●]” or the “Series 20[●]-[●] Notes”. The Series 20[●]-[●] Notes shall be issued in three Classes, known as the “Class A Asset Backed
Notes, Series 20[●]-[●],” the “Class B Asset Backed Notes, Series 20[●]-[●],” and the “Class C Asset Backed Notes, Series 20[●]-[●];” [provided, however, with respect to
Section 2.11(b)(vi) of the Indenture and the Tax Opinion specified therein, clause (d) of the defined term “Tax Opinion” shall not be a condition precedent to the issuance of the “Class B Asset Backed Notes, Series
20[●]-[●]” or the “Class C Asset Backed Notes, Series 20[●]-[●]”]. The Series 20[●]-[●] Notes are secured by the Collateral up to the Collateral Amount and any portion of the Collateral that
may be available to the Series 20[●]-[●] Notes under the Indenture and this Indenture Supplement. 
 [Series
20[●]-[●] shall be included in Group One and shall be a Principal Sharing Series. Series 20[●]-[●] shall be an Excess Allocation Series with respect to Group One only. Series 20[●]-[●] shall not be subordinated to
any other Series. Series 20[●]-[●] shall [not] be a Paired Series with Series 20[●]-[●]]. 
 ARTICLE II 

DEFINITIONS 
 Whenever
used in this Indenture 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. 

 “60+-Day Delinquency Rate” means,
with respect to any Monthly Period, the delinquency rate calculated as the ratio (expressed as a percentage) of the aggregate dollar amount of the 60+-Day Delinquent Receivables to the aggregate dollar amount
of all Receivables, measured as of the end of such Monthly Period. 
 “60+-Day Delinquent
Receivables” means, as of any date of determination, all Receivables (other than repurchased Receivables and Receivables arising in Defaulted Accounts) that are 60 or more days Delinquent as of the last day of the Monthly Period immediately
preceding such date of determination, as determined by Servicer in accordance with its customary servicing practices. 

“AAA” means the American Arbitration Association. 

“Accumulation Period” means, unless a Pay Out Event shall have occurred prior thereto, the period commencing at the opening
of business on the Controlled Accumulation Date and ending on the first to occur of (a) the commencement of the Rapid Amortization Period and (b) the Series Termination Date. 

“Accumulation Period Length” is defined in Section 4.13. 

“Accumulation Shortfall” means (a) for the first Distribution Date during the Accumulation Period, zero; and
(b) thereafter, for any Distribution Date during the Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous Distribution Date over the amount deposited into the Principal Accumulation Account pursuant to
Section 4.04(c)(i) for the previous Distribution Date. 
 “Allocation Percentage” means, with respect to any Monthly
Period, the percentage equivalent of a fraction: 
 (a)    the numerator of which shall be equal to: 

(i)    for Principal Collections during the Revolving Period, and for Finance Charge Collections during the
Revolving Period and the Accumulation Period, and for Default Amounts at any time, the Collateral Amount at the end of the last day of the Prior Monthly Period (or, in the case of the Monthly Period in which the Closing Date occurs, on the Closing
Date); or 
 (ii)    for Finance Charge Collections during the Rapid Amortization Period and for
Principal Collections during the Rapid Amortization Period and the Accumulation Period, the Collateral Amount at the end of the last day of the Revolving Period, or, with respect to Finance Charge Collections, if later, at the end of the last day of
the Accumulation Period; 
 provided, however, that prior to the occurrence of a Pay Out Event Transferor may, by written notice to Indenture
Trustee, Servicer and each Rating Agency, reduce the numerator used for purposes of allocating Principal Collections and Finance Charge Collections to Series 20[●]-[●] at any time if (x) the Series Rating Agency Condition shall have
been satisfied with respect to such reduction and (y) Transferor shall have delivered 

  
 2 

 
to Indenture Trustee an Officer’s Certificate to the effect that, based on the facts known to such officer at that time, in the reasonable belief of 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 cause a Pay Out Event to occur with respect to Series 20[●]-[●]; and provided, further, that Transferor may designate that the numerator for
Finance Charge Collections during the Rapid Amortization Period will be the Collateral Amount at the end of the last day of the Prior Monthly Period by notice to Servicer and Indenture Trustee, if the Series Rating Agency Condition has been met; and

 (b)    the denominator of which shall be the greater of (x) the Aggregate Principal Balance
determined as of the close of business on the last day of the Prior Monthly Period and (y) the sum of the numerators used to calculate the allocation percentages for allocations with respect to Finance Charge Collections, Principal Collections
or Default Amounts, as applicable, for all outstanding Series on such date of determination; provided, that if one or more Reset Dates occur in a Monthly Period, the denominator of the Allocation Percentage for the portion of the Monthly Period
falling on and after such Reset Date and prior to any subsequent Reset Date will be recalculated for such period using amounts determined as of the close of business on the subject Reset Date. 

[“Annual Servicer Certificate” is defined in Section 5.04(b).] 

“Asset Representations Review” means any review conducted by the Asset Representations Reviewer pursuant to Section 4.19
of this Indenture Supplement and the Asset Representations Review Agreement with respect to the Subject Receivables and the related Accounts for compliance with the Pool Asset Representations in order to determine, with respect to each Subject
Receivable and the related Account, whether the Pool Asset Representations were accurate in all material respects. 
 “Asset
Representations Review Agreement” means that certain Asset Representations Review Agreement, dated as of September 23, 2016 among RPA Seller, Transferor, Servicer, Issuer and the Asset Representations Reviewer, as the same may be
amended, amended and restated, modified or supplemented from time to time. 
 “Asset Representations Reviewer means FTI
Consulting, Inc., a Maryland corporation and its successors and any entity resulting from or surviving any consolidation or merger to which it or its successors may be a party, and any successor asset representations reviewer appointed as provided
in the Asset Representations Review Agreement. 
 “Asset Review Quorum” means the Noteholders evidencing at least five
percent (5%) of the Outstanding Amount of all Series of Notes Outstanding. 
 “Available Finance Charge Collections” means,
for any Monthly Period, an amount equal to the sum of (a) the Investor Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to Series 20[●]-[●] for such Monthly Period,
plus (c) Principal Accumulation Investment Earnings, if any, with respect to the related Transfer Date, plus (d) amounts on deposit in the Reserve Account and Spread Account deposited into the Finance Charge Account on the related Transfer
Date to be treated as Available Finance Charge Collections pursuant to Sections 4.10(b) or (d) [and] 4.11(g) [and 4.18(a)]. 

  
 3 

 “Available Principal Collections” means, for any Monthly Period, an amount
equal to the sum of (a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.06 are required to be
applied on the related Distribution Date, plus (c) any Excess Principal Collections allocated to Series 20[●]-[●] for such Monthly Period, plus (d) the aggregate amount to be treated as Available Principal Collections pursuant
to Section 4.04(a)(v) and (vi) for the related Distribution Date. 
 “Available Reserve Account Amount” means,
for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (including Investment Earnings to the extent retained in the Reserve Account pursuant to Section 4.10(b) on such date or any prior Transfer Date, and
before giving effect to any deposit to or withdrawal from the Reserve Account made or to be made on such date) and (b) the Required Reserve Account Amount for such Transfer Date. 

“Available Spread Account Amount” means, for any Transfer Date, an amount equal to the lesser of (a) the amount on
deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account
Amount, in each case on such Transfer Date. 
 “Base Rate” means, for any Monthly Period, the annualized percentage
equivalent of a fraction, (a) the numerator of which is equal to the sum of (i) the Monthly Interest and (ii) the Noteholder Servicing Fee (calculated by assuming that Interchange allocated to Series 20[●]-[●] equals or
exceeds Servicer Interchange for such Monthly Period), each with respect to the related Distribution Date, and (b) the denominator of which is the Collateral Amount plus amounts on deposit in the Principal Accumulation Account as of the first
day of such Monthly Period. 
 “Class A Default Interest” is defined in Section 4.02(a). 

“Class A Interest Shortfall” is defined in Section 4.02(a). 

“Class A Monthly Interest Payment” is defined in Section 4.02(a). 

“Class A Note Initial Principal Balance” means $[●]. 

“Class A Note Interest Rate” means a per annum rate of [●]% [in excess of LIBOR as determined on the
LIBOR Determination Date for the applicable Interest Period; provided, that if the rate per annum equal to [●]% in excess of LIBOR is less than 0.00%, then the Class A Note Interest Rate for such Interest Period will be deemed to
be 0.00%]. 
 “Class A Note Principal Balance” means, on any date of determination, an amount equal to
(a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class A Noteholders on or prior to such date. 

  
 4 

 “Class A Noteholder” means the Person in whose name a
Class A Note is registered in the Note Register. 
 “Class A Notes” means any one of the Notes
executed by Issuer and authenticated by or on behalf of Indenture Trustee, substantially in the form of Exhibit A-1. 

“Class A Required Amount” means, for any Distribution Date, an amount equal to the excess of the amounts
described in Section 4.04(a)(i) over the Available Finance Charge Collections applied to pay such amount pursuant to Section 4.04(a). 

“Class B Default Interest” is defined in Section 4.02(b). 

“Class B Interest Shortfall” is defined in Section 4.02(b). 

“Class B Monthly Interest Payment” is defined in Section 4.02(b). 

“Class B Note Initial Principal Balance” means $[●]. 

“Class B Note Interest Rate” means a per annum rate equal to [●]% [in excess of LIBOR as determined
on the LIBOR Determination Date for the applicable Interest Period; provided, that if the rate per annum equal to LIBOR is less than 0.00%, then the Class B Note Interest Rate for such Interest Period will be deemed to be 0.00%]. 

“Class B Note Principal Balance” means, on any date of determination, an amount equal to (a) the
Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class B Noteholders on or prior to such date. 

[“Class B Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of the date
hereof, by and among the Indenture Trustee, the Transferor, the Servicer and the Class B Noteholder (or Class B Noteholders) pursuant to which the Class B Noteholder (or Class B Noteholders) agreed to purchase the Class B
Notes, as such agreement may be amended, amended and restated, or otherwise modified.] 
 “Class B
Noteholder” means any Person in whose name a Class B Note is registered in the Note Register. 

“Class B Notes” means any one of the Notes executed by Issuer and authenticated by or on behalf of
Indenture Trustee, substantially in the form of Exhibit A-2. 

“Class B Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount
described in Section 4.04(a)(ii) over the Available Finance Charge Collections applied to pay such amount pursuant to Section 4.04(a). 

“Class C Default Interest” is defined in Section 4.02(c). 

“Class C Interest Shortfall” is defined in Section 4.02(c). 

“Class C Monthly Interest Payment” is defined in Section 4.02(c). 

  
 5 

 “Class C Note Initial Principal Balance” means
$[●]. 
 “Class C Note Interest Rate” means a per annum rate equal to [●]% [in excess of
LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period; provided, that if the rate per annum equal to LIBOR is less than 0.00%, then the Class C Note Interest Rate for such Interest Period will be deemed
to be 0.00%]. 
 “Class C Note Principal Balance” means, on any date of determination, an amount equal
to (a) the Class C Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class C Noteholders on or prior to such date. 

[“Class C Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of the date
hereof, by and among the Indenture Trustee, the Transferor, the Servicer and the Class C Noteholder (or Class C Noteholders) pursuant to which the Class C Noteholder (or Class C Noteholders) agreed to purchase the Class C
Notes, as such agreement may be amended, amended and restated, or otherwise modified.] 
 “Class C
Noteholder” means any Person in whose name a Class C Note is registered in the Note Register. 

“Class C Notes” means any one of the Notes executed by Issuer and authenticated by or on behalf of
Indenture Trustee, substantially in the form of Exhibit A-3. 
 “Closing Date”
means [●][●], 20[●]. 
 “Collateral Amount” means, as of any date of determination, an amount equal to
the result of (a) the Initial Collateral Amount, minus (b) the amount of principal previously paid to the Series 20[●]-[●] Noteholders (other than any principal payments made from funds on deposit in the Spread Account), minus
(c) the balance on deposit in the Principal Accumulation Account, minus (d) the excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated Principal Collections over the
reimbursements of such amounts pursuant to Section 4.04(a)(vi) prior to such date. 
 “Controlled Accumulation Amount”
means, (a) for any Transfer Date with respect to the Accumulation Period an amount equal to one-[twelfth] of the Collateral Amount at the end of the Revolving Period; provided, however, that if the
Accumulation Period Length is determined to be less than [twelve (12)] months pursuant to Section 4.13 or 4.14, the Controlled Accumulation Amount shall be equal to (i) the Initial Collateral Amount divided by (ii) the Accumulation
Period Length; provided, further, that the Controlled Accumulation Amount for any Transfer Date shall not exceed the Note Principal Balance minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date. 

“Controlled Accumulation Date” means [●][●], 20[●], or such later date as is determined in accordance with
Sections 4.13 and 4.14. 
 “Controlled Deposit Amount” means, for any Transfer Date with respect to the Accumulation
Period, an amount equal to the sum of the Controlled Accumulation Amount for such Transfer Date and any existing Accumulation Shortfall. 

  
 6 

 “Corporate Trust Office” means, with respect to the Indenture Trustee, the
principal office at which the Indenture shall be administered, which office at the date of execution of this Indenture Supplement is located at (i) for note transfer purposes, U.S. Bank Corporate Trust, 111 Fillmore Ave. E, Mail Code: EP-MN-WS3D, St. Paul, Minnesota 55107, and (ii) for all other purposes, U.S. Bank National Association, 60 Livingston Avenue, Mail Code: EP-MN-WS3D, St. Paul, Minnesota, 55107, Attention: U.S. Bank Structured Finance/FNBO Series 20[●]-[●] Notes. 

“Covered Amount” means an amount, determined as of each Transfer Date for any Interest Period, equal to the sum of
(a) the product of (i) a fraction the numerator of which is the actual number of days in such Interest Period and the denominator of which is 360, times (ii) the Class A Note Interest Rate in effect with respect to such
Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account up to the Class A Note Principal Balance as of the Record Date preceding such Transfer Date, plus (b) the product of
(i) a fraction the numerator of which is [30] [the actual number of days in such Interest Period] and the denominator of which is 360, times (ii) the Class B Note Interest Rate in effect with respect to such Interest Period,
times (iii) the aggregate amount on deposit in the Principal Accumulation Account in excess of the Class A Principal Balance as of the Record Date preceding such Transfer Date up to the Class B Principal Balance as of the
Record Date preceding such Transfer Date, plus (c) the product of (i) a fraction the numerator of which is [30] [the actual number of days in such Interest Period] and the denominator of which is 360, times (ii) the
Class C Note Interest Rate in effect with respect to such Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account in excess of the sum of the Class A Principal Balance and the
Class B Principal Balance as of the Record Date preceding such Transfer Date. 
 “Default Amount” means, with respect
to any Transfer Date, the aggregate amount of Principal Receivables (other than Ineligible Receivables) in Accounts which became Defaulted Accounts during the Related Monthly Period. 

“Default Interest” means, for any Distribution Date, an amount equal to the sum of Class A Default Interest,
Class B Default Interest and Class C Default Interest for such Distribution Date. 
 “Delinquency Trigger” means
each occurrence, as determined by Servicer, where the Three-Month Average 60+-Day Delinquency Rate equals or exceeds the then current Delinquency Trigger Rate.” 

“Delinquency Trigger Rate” means, initially, [9.00]%, which percentage will be reviewed and may be adjusted from time to time
by Transferor pursuant to Section 4.19(b) of this Indenture Supplement. 
 [“Designated Maturity” means, for any LIBOR
Determination Date, one month; provided that LIBOR for the initial Interest Period will be determined by straight-line interpolation (based on the actual number of days in the initial Interest Period) between
two rates determined in accordance with the definition of LIBOR, one of which will be determined for a Designated Maturity of one month and the other of which will be determined for a Designated Maturity of two months.] 

  
 7 

 “Dilution” means any downward adjustment made by Servicer in the amount of
any Receivable (a) because of a rebate, refund, unauthorized charge, fraudulent or counterfeit charge or billing error to an Obligor, (b) because such Receivable was created in respect of merchandise which was refused or returned by an
Obligor or (c) for any other reason other than receiving Collections therefor or charging off such amount as uncollectible. 

“Distribution Account” is defined in Section 4.09(a). 

“Distribution Date” means [●][●], 20[●] and the 15th
day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

“Excess Servicing Fee” means, for each Distribution Date following a Servicer Default and the appointment of a Successor
Servicer, an amount equal to one-twelfth of the product of the Collateral Amount as of the last day of the preceding Monthly Period and the excess of the market rate servicing fee percentage determined by
Indenture Trustee over the Series Servicing Fee Percentage plus, if the Indenture Trustee is the Successor Servicer, an amount equal to the amount of the reduction to the applicable Noteholder Servicing Fee pursuant to the second proviso in
Section 3.01 which is attributable to the fact that Interchange included in Finance Charge Collections for the Related Monthly Period and allocated to Series 20[●]-[●] is less than Servicer Interchange for such Monthly Period.
Indenture Trustee may determine the market rate servicing fee percentage by soliciting three or more written bids from qualified successor servicers and averaging the rates offered in the bids. 

“Expected Principal Payment Date” means [●][●], 20[●]. 

“Finance Charge Account” is defined in Section 4.09(a). 

“Finance Charge Collections” means Collections of Finance Charge Receivables. 

“Finance Charge Shortfall” means, for any Distribution Date and the related Transfer Date, an amount equal to the excess, if
any, of (a) the full amount required to be deposited or distributed, without duplication, pursuant to [Section 4.04(a)(i) through (viii)] on such dates over (b) amounts available for such deposits and distributions from the Available
Finance Charge Collections for the Related Monthly Period (excluding any portion thereof attributable to Excess Finance Charge Collections) and the Spread Account. 

[“Foreign Account” means an Account, which as of July 31, 1995 (or, with respect to Additional Accounts, as of the
relevant Addition Date) was an Eligible Account, but subsequent to such date the Obligor of which has provided, as its most recent billing address, an address which is not located in the United States or its territories or possessions.] 

[“Funding Period” means the period commencing on the Closing Date and ending upon the first to occur of (x) the
commencement of the Rapid Amortization Period, (y) the date on which the Collateral Amount equals the Note Principal Balance and (z) [●][●], 20[●]] 

“Group One” means Series 20[●]-[●] and each other Series specified in the related Indenture Supplement to be
included in Group One. 

  
 8 

 “Initial Collateral Amount” means $[●] [plus the aggregate amount
paid to the Holder of the Transferor Interest pursuant to Section 4.18(d)]. 
 [“Initial
Pre-Funded Amount” means $[●].] 
 “Interest Period” means, for any
Distribution Date, the period 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) to but excluding such Distribution Date. 

“Investment Earnings” means, for any Transfer Date (and the related Distribution Date), all interest and earnings on
Permitted Investments included in the applicable Series Account (net of losses and investment expenses) during the period commencing on and including the Transfer Date immediately preceding such Transfer Date and ending on but excluding such
Transfer Date. 
 “Investor Charge-Offs” is defined in Section 4.05.

 “Investor Default Amount” means, with respect to any Monthly Period, an amount equal to the product of (a) the
Default Amount for such Monthly Period and (b) the Allocation Percentage for Default Amounts for such Monthly Period. 

“Investor Finance Charge Collections” means, with respect to any Date of Processing, an amount equal to the product of
(a) the Allocation Percentage for such Date of Processing and (b) Finance Charge Collections received on such date and, with respect to any Monthly Period, the aggregate of such sums for each Date of Processing in such Monthly Period. 

“Investor Principal Collections” means, with respect to any Date of Processing, an amount equal to the product of
(a) the Allocation Percentage for such Date of Processing and (b) Principal Collections received on such Date of Processing and, with respect to any Monthly Period, the aggregate of such sums for each Date of Processing in such Monthly
Period. 
 [“LIBOR” means, for any Interest Period, an interest rate per annum for such Interest Period determined in
accordance with the provisions of Section 4.15.] 
 [“LIBOR Determination Date” means (i) [●][●],
20[●] for the period from and including the Closing Date through and including [●][●], 20[●] and (ii) the second London Business Day prior to the commencement of the second and each subsequent Interest Period.] 

[“London Business Day” means any day on which dealings in deposits in United States dollars are transacted in the London
interbank market.] 
 “Monthly Interest” means, for any Distribution Date, the sum of the Class A Monthly Interest
Payment, the Class B Monthly Interest Payment, and the Class C Monthly Interest Payment for such Distribution Date. 

“Monthly Period” means the period from and including the first day of the calendar month preceding a related Distribution
Date to and including the last day of such calendar month[; provided that the Monthly Period related to the [●][●], 20[●] Distribution Date means the period from and including the Closing Date to and including [●][●],
20[●].] 

  
 9 

 “Monthly Principal” is defined in Section 4.03. 

“Monthly Principal Reallocation Amount” means, for any Monthly Period, an amount equal to the sum of: 

(a)    the lower of (i) the Class A Required Amount and (ii) the greater of (A)(x) the
product of (I) [●]% and (II) the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor
Charge-Offs for the Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date) and (B) zero; and 

(b)    the lower of (i) the sum of the Class B Required Amount and the Servicing Fee Required
Amount and (ii) the greater of (A)(x) the product of (I) [●]% and (II) the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving
effect to Investor Charge-Offs for the Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as determined pursuant to clause (a) above) and
(B) zero. 
 “Net Yield” means, with respect to any Monthly Period, Portfolio Yield with respect to such Monthly
Period minus the Base Rate with respect to such Monthly Period. 
 “Note Principal Balance” means, on any date of
determination, an amount equal to the sum of the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance or, with respect to a particular Class, the Class A Note Principal
Balance, the Class B Note Principal Balance or the Class C Note Principal Balance. 
 “Noteholder Servicing Fee”
is defined in Section 3.01. 
 [“Paired Series” means a Series that has been paired with Series
20[●]-[●] (which Series may be prefunded or partially prefunded or may be a Variable Interest) such that a reduction of the Collateral Amount results in (or permits) an increase of the collateral amount of the Paired Series.] 

“Permitted Investments” is defined in Annex A to the Indenture. 

“Pool Asset Representations” means, collectively, (i) the representations and warranties made by the Transferor relating
to the Receivables under Section 2.04(a)(viii) and (ix) of the Transfer and Servicing Agreement and (ii) the representations and warranties made by the RPA Seller relating to the Receivables under Section 4.02(a)(vii) and
(viii) of the Receivables Purchase Agreement. 
 “Portfolio Yield” means, for any Monthly Period, the annualized
percentage equivalent of a fraction, (a) the numerator of which is equal to (i) the Available Finance Charge Collections (excluding any Excess Finance Charge Collections and any amounts withdrawn from the [Spread Account], [or Pre-Funding Account] except that Excess Finance Charge Collections from other Series applied for the benefit of Series 20[●]-[●] Notes may be included if the Rating Agency Condition is met), minus
(ii) the Investor Default Amount and the Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is the Collateral Amount plus amounts on deposit in the Principal Accumulation Account as of the first day of such
Monthly Period. 

  
 10 

 [“Pre-Funded Amount” means, as of
any date of determination, the amount on deposit in the Pre-Funding Account (net of all Investment Earnings).] 

[“Pre-Funding Account” is defined in subsection 4.09(a).] 

“Principal Account” is defined in Section 4.09(a). 

“Principal Accumulation Account” is defined in Section 4.09(a). 

“Principal Accumulation Account Balance” means, for any date of determination, the principal amount, if any, on deposit in
the Principal Accumulation Account on such date of determination. 
 “Principal Accumulation Investment Earnings” means,
with respect to each Transfer Date, the Investment Earnings, if any, on funds in the Principal Accumulation Account. 
 “Principal
Collections” means Collections of Principal Receivables. 
 “Principal Shortfall” means (a) for any
Distribution Date (and related Transfer Date), with respect to the Revolving Period, zero, (b) for any Distribution Date (and related Transfer Date), with respect to the Accumulation Period, an amount equal to the excess, if any, of the
Controlled Deposit Amount with respect to such date over the amount of Available Principal Collections for the Related Monthly Period (excluding any portion thereof attributable to Excess Principal Collections) and (c) for any Distribution Date
(and related Transfer Date), with respect to the Rapid Amortization Period, an amount equal to the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for the Related Monthly
Period (excluding any portion thereof attributable to Excess Principal Collections). 
 “Prior Monthly Period” means the
period from and including the first day of the second calendar month immediately preceding a related Distribution Date to and including the last day of such calendar month. As an illustration, if the related Distribution Date is [●][●],
20[●], the Monthly Period is [●], 20[●] and the Prior Monthly Period is [●], 20[●]. 
 “QIB”
means a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. 
 “Qualified
Dispute Resolution Professional” means an attorney or retired judge that is independent, impartial, knowledgeable and experienced with the laws of the State of New York, specializing in commercial litigation with at least 15 years of
experience and whose name is on a list of neutral parties maintained by the AAA. 
 “Qualified Maturity Agreement” means an
agreement in which a Qualified Maturity Agreement Institution agrees to make a deposit into the Principal Accumulation Account on or before the Expected Principal Payment Date in an amount equal to the initial Note Principal Balance (reduced by any
amount on deposit in the Principal Accumulation Account. Each Qualified Maturity Agreement must satisfy the Series Rating Agency Condition. 

  
 11 

 “Qualified Maturity Agreement Institution” means a counterparty having short-term debt ratings of no less than [“P-1/A-1+” by Moody’s and Standard & Poor’s, respectively, or long-term unsecured ratings of no less than “Aa3” by Moody’s and “AA–” by Standard & Poor’s, or otherwise satisfies the Series Rating Agency Condition]. 

“Quarterly Net Yield” means, for any Distribution Date, the average of the Net Yields for each of the three preceding Monthly
Periods, and, for purposes of the [●] 20[●] and [●] 20[●] Distribution Dates, the Net Yields for [●] of 20[●] and [●] of 20[●] shall be deemed to be [●]% and [●]%, respectively. 

“Rapid Amortization Period” means the period commencing on the date on which a Trust Pay Out Event or a Series
20[●]-[●] Pay Out Event is deemed to occur and ending on the Series Termination Date. 
 “Rating Agency” means,
with respect to each outstanding Class of the Series 20[●]-[●] Notes and as of any date of determination, the rating agency or agencies, if any, selected by the Sponsor to rate such outstanding Class of the Series
20[●]-[●] Notes. 
 “Rating Agency Condition” means, with respect to any action subject to such condition, 

(a) when used in reference to all other Series of Notes, the notifications specified in the definition of “Rating Agency
Condition” in the indenture supplement with respect to such Series[; and] 
 (b)    when used with
reference to the [Class A Notes] [and the Class B Notes] [the Class B Notes and the Class C Notes], (i) that each Rating Agency shall have notified Issuer and Transferor in writing that the proposed action will not result in a
reduction or withdrawal of its rating[s] on the [Class A Notes] [and the Class B Notes] [the Class B Notes and the Class C Notes] or (ii) if at such time a Rating Agency has informed Issuer and Transferor that such Rating Agency
does not provide such notifications for transactions of this type, then as to such Rating Agency or Rating Agencies, Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior
to the effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable; and 

[(c)    when used in reference to the [Class B Notes and the Class C Notes] [the Class C Notes],
[the Class B Noteholders and the Class C Noteholders] [the Class C Noteholders] shall have consented in writing to such action; and] 

(d)    when used in reference to the Series 20[●]-[●] Notes, (i) with respect to the
[Class A Notes] [and the Class B Notes] [the Class B Notes and the Class C Notes], (A) that each Rating Agency shall have notified Issuer and Transferor in writing that the proposed action will not result in a reduction or withdrawal
of its rating[s] with respect 

  
 12 

 
to the [Class A Notes] [and the Class B Notes] [the Class B Notes and the Class C Notes] or (B) if at such time a Rating Agency has informed Issuer and Transferor that such
Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior to
the effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is practical and (ii) with respect to the [Class B Notes and the Class C Notes] [the Class C Notes], the [Class B
Noteholders and Class C Noteholders] [the Class C Noteholders] have consented in writing to such action. 
 [Neither the
Class B Notes nor the Class C Notes will be rated on the Closing Date.] 
 OR 

[The Class C Notes will not be rated on the Closing Date.] 

“Reallocated Principal Collections” means, for any Transfer Date, Investor Principal Collections applied in accordance with
Section 4.06 in an amount not to exceed the Monthly Principal Reallocation Amount for the Related Monthly Period. 

“Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and distributions otherwise to be
made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest previously due but not distributed to
the Series 20[●]-[●] Noteholders, plus (iii) the amount of Default Interest, if any, for the related Distribution Date and any Default Interest previously due but not distributed to the Series 20[●]-[●] Noteholders on a
prior Distribution Date. 
 [“Reference Banks” means four major banks in the London interbank market selected by Servicer.]

 “Representing Party” has the meaning assigned to such term in Section 4.21(a)(i) or Section 4.21(a)(ii) of
this Indenture Supplement, as the context requires. 
 “Repurchase Request” means either a TSA Repurchase Request or an RPA
Repurchase Request pursuant to Section 4.21(a)(i) or (ii) of this Indenture Supplement, as the context requires. 

“Requesting Party” has the meaning assigned to such term in Section 4.21(a)(i) or Section 4.21(a)(ii) of this
Indenture Supplement, as the context requires. 
 “Required Reserve Account Amount” means, for any Transfer Date on or
after the Reserve Account Funding Date, an amount equal to (a) [●]% of the Note Principal Balance or (b) any other amount designated by Transferor; provided, however, that if such designation is of a lesser amount, Transferor shall
(i) provide Servicer and Indenture Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts known
to such officer at 

  
 13 

 
such time, in the reasonable belief of 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 cause a Pay Out Event
to occur with respect to Series 20[●]-[●]. 
 “Required Retained Transferor Percentage” means, for purposes of
Series 20[●]-[●], [●]%. 
 “Required Spread Account Amount” means, for any date of determination,
(a) prior to the occurrence of a Pay Out Event, the product of (i) the Spread Account Percentage in effect on such date and (ii) the Initial Collateral Amount; provided that the Required Spread Account Amount shall not exceed the
Class C Note Principal Balance minus the excess, if any, of the Principal Accumulation Account Balance over the sum of the Class A Note Principal Balance and the Class B Note Principal Balance on such date of determination and
(b) after the occurrence of a Pay Out Event, an amount equal to the Class C Note Principal Balance on such date of determination. 

“Reserve Account” is defined in Section 4.09(a). 

“Reserve Account Funding Date” means the Transfer Date designated by Servicer which occurs not later than the earliest of
(a) the Transfer Date with respect to the Monthly Period which commences [three] months prior to the commencement of the Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.14); (b) the first
Transfer Date for which the Quarterly Net Yield is less than [●]%, but in such event the Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly Period which commences [twelve]
months prior to the commencement of the Accumulation Period; (c) the first Transfer Date for which the Quarterly Net Yield is less than [●]%, but in such event the Reserve Account Funding Date shall not be required to occur earlier than
the Transfer Date with respect to the Monthly Period which commences [six] months prior to the commencement of the Accumulation Period; and (d) the first Transfer Date for which the Quarterly Net Yield is less than [●]%, but in such event
the Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly Period which commences [four] months prior to the commencement of the Accumulation Period; provided, however, that subject to
satisfaction of the Rating Agency Condition, the Reserve Account Funding Date may be any date selected by Servicer; provided, further, that if a Qualified Maturity Agreement has been assigned to the Indenture Trustee in accordance with the
provisions of Section 4.14, the Reserve Account Funding Date shall be the Distribution Date immediately following the date on which a Qualified Maturity Agreement is terminated if (w) such Qualified Maturity Agreement is terminated because
the provider of such Qualified Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution, (x) such Qualified Maturity Agreement is terminated prior to the earlier of the Expected Principal Payment Date and the
commencement of the Rapid Amortization Period, (y) such Qualified Maturity Agreement is terminated after the later of the last day of the [●], [●] Monthly Period and, at the election of Transferor, the date to which the commencement
of the Accumulation Period may be postponed pursuant to Section 4.13 (as determined on the date of such termination) and (z) Transferor does not obtain a substitute Qualified Maturity Agreement. 

  
 14 

 “Reserve Account Surplus” means, as of any Transfer Date following the
Reserve Account Funding Date, the amount, if any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount. 

“Reserve Draw Amount” means, with respect to each Transfer Date relating to the Accumulation Period or the first Transfer
Date relating to the Rapid Amortization Period, the amount, if any, by which the Principal Accumulation Investment Earnings for such Transfer Date are less than the Covered Amount determined as of such Transfer Date. 

“Reset Date” means: 

(a)    each Addition Date, in each case relating to Additional Accounts; 

(b)    each Removal Date on which Principal Receivables are removed from the Trust; 

(c)    each date on which there is an increase in the outstanding balance of any Variable Interest; and

 (d)    each date on which a new Series or Class of Notes is issued. 

[“Reuters Screen LIBOR01 Page” means the display page currently so designated on the Thomson Reuters Service (or such page as
may replace that page in that service for the purpose of displaying comparable rates or prices).] 
 “Review Notice” means
any written notice delivered by Indenture Trustee to Transferor, Servicer and all of the Noteholders of Outstanding Notes pursuant to Section 4.19(d)(iv) of this Indenture Supplement to the effect that the requisite percentage of Noteholders
casting a vote have directed that an Asset Representations Review be undertaken and specifying the Review Satisfaction Date relating to such direction. 

“Review Satisfaction Date” has the meaning assigned to such term in Section 4.19(d)(iv) of this Indenture Supplement.

 “Revolving Period” means the period beginning on the Closing Date and ending at the close of business on the day
immediately preceding the earlier of the day the Accumulation Period commences or the day the Rapid Amortization Period commences. 

“RPA Repurchase Request” has the meaning assigned to such term in Section 4.21(a)(ii) of this Indenture Supplement. 

“Rules” means the Commercial Arbitration Rules and Mediation Procedures in effect on the date any third-party mediation or
third-party arbitration, as applicable, is initiated by the Requesting Party pursuant to Section 4.21(b) of this Indenture Supplement. 

“Series 20[●]-[●]” means the Series of Notes the terms of which are specified in this
Indenture Supplement. 

  
 15 

 “Series
20[●]-[●] Final Maturity Date” means the [●] [●], 20[●] Distribution Date. 

“Series 20[●]-[●] Note” means a Class A Note, a
Class B Note or a Class C Note. 
 “Series 20[●]-[●] Note Owner” means,
with respect to any Series 20[●]-[●] Note which is a Book-Entry Note, the Person who is the owner of such Book-Entry Note as reflected on the books of Clearing Agency, or on the Person maintaining an account with such Clearing Agency
(directly as a Clearing Agency Participant or as an Indirect Participant, in accordance with the rules of such Clearing Agency). 

“Series 20[●]-[●] Noteholder” means a Class A
Noteholder, a Class B Noteholder or a Class C Noteholder. 
 “Series 20[●]-[●] Pay
Out Event” is defined in the last paragraph of Article VI. 
 “Series Allocation Percentage” means, with respect
to any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the numerator used in determining the Allocation Percentage for Finance Charge Collections for that Monthly Period and the denominator of which is the sum of
the numerators used in determining the Allocation Percentage for Finance Charge Receivables for all outstanding Series for such Monthly Period; provided that if one or more Reset Dates occur in a Monthly Period, the Series Allocation Percentage will
be the percentage equivalent of a fraction, the numerator of which is an amount equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge Collections for Series 20[●]-[●] for each day during that
Monthly Period divided by the total number of days in such Monthly Period and the denominator of which is an amount equal to the sum of the numerators used in determining the Allocation Percentages for Finance Charge Receivables for all outstanding
Series for each day during such Monthly Period divided by the total number of days in such Monthly Period. 
 “Series Rating Agency
Condition” means, [(i)] when used in reference to the Class A Notes [and Class B Notes] [, Class B Notes and Class C Notes] and any action subject to such condition, (a) that each Rating Agency shall have notified
Issuer in writing that such action will not result in any reduction or withdrawal of the rating, if any, of outstanding class of the Series 20[●]-[●] Notes which such Rating Agency has rated at Sponsor’s request or (b) if at
such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such
Rating Agency or Rating Agencies at least 10 Business Days prior to the effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable; and 

[(ii) when used in reference to the [Class B Notes and the Class C Notes] [Class C Notes] and any action subject to such condition, the
written consent of the [Class B Noteholders and the Class C Noteholders] [Class C Noteholders] to such action.] 
 [Neither the
Class B Notes nor the Class C Notes will be rated on the Closing Date.] 
 “Series Servicing Fee Percentage”
means [2]% per annum. 

  
 16 

 “Series Termination Date” means the earlier to occur of (a) the date
on which the Note Principal Balance is paid in full and (b) the Series 20[●]-[●] Final Maturity Date. 
 “Servicer
Interchange” means, with respect to any Monthly Period, an amount equal to one-twelfth of the product of (a) [1.50]% and (b) the Collateral Amount as of the last day of the preceding Monthly
Period; provided, however, that Servicer Interchange for the [●] [●], 20[●] Distribution Date shall be $[●]. 

“Servicing Fee Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount described in
Section 4.04(a)(iii) over the Available Finance Charge Collections applied to pay such amount pursuant to Section 4.04(a). 

“Spread Account” is defined in Section 4.09(a). 

“Spread Account Deficiency” means the excess, if any, of the Required Spread Account Amount over the Available Spread Account
Amount. 
 “Spread Account Percentage” means, for any Distribution Date, the applicable percentage specified in the [Class
B] [Class C] Note Purchase Agreement. 
 “Subject Receivables” means, with respect to an Asset Representations Review
conducted by the Asset Representations Reviewer pursuant to Section 4.19 of this Indenture Supplement and the Asset Representations Review Agreement, the 60+-Day Delinquent Receivables arising in the
Accounts specified on an account schedule prepared by Servicer and delivered to Asset Representations Reviewer for the purposes of an Asset Representations Review. For the avoidance of doubt, on the date that the conditions for an Asset
Representations Review have been satisfied, any Receivable that is repurchased or reassigned to Transferor pursuant to the Transfer and Servicing Agreement or the RPA Seller pursuant to the Receivables Purchase Agreement, as applicable, on and after
such date will not be a Subject Receivable. 
 “Three-Month Average 60+-Day Delinquency
Rate” means, as of any date of determination, (a) the sum of the 60+-Day Delinquency Rates for three Monthly Periods immediately preceding such date of determination, divided by (b) three
(3). 
 “TSA Repurchase Request” has the meaning assigned to such term in Section 4.21(a)(i) of this Indenture
Supplement. 
 “Uncovered Dilution Amount” means, for any Distribution Date, an amount equal to the product of (a) the
Series Allocation Percentage for the Related Monthly Period times (b) the aggregate Dilutions occurring during that Monthly Period as to which any deposit is required to be made to the Excess Funding Account pursuant to Section 3.09 of the
Transfer and Servicing Agreement but has not been made (either directly by the Transferor or from Principal Collections otherwise distributable to the Transferor). 

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

  
 17 

 “Verified Note Owner” means a Series 20[●]-[●] Note Owner that
has provided Indenture Trustee with (i) a written certification that it is the beneficial owner of a specified Outstanding Amount of Series 20[●]-[●] Notes and (ii) a trade confirmation, an account statement, a letter from a
broker dealer acceptable to Indenture Trustee or other similar document acceptable to Indenture Trustee showing that such Series 20[●]-[●] Note Owner is a beneficial owner of such Outstanding Amount of Series 20[●]-[●] Notes.

 Each capitalized term defined herein shall relate to the Series 20[●]-[●] Notes and no other Series of Notes issued by
Issuer, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in Annex A to the Indenture. 

The interpretive rules specified in Section 1.02 of the Indenture also apply to this Indenture Supplement. If any term or provision
contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Indenture Supplement shall be controlling. 

ARTICLE III 
 NOTEHOLDER
SERVICING FEE 
 Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to
Series 20[●]-[●] for any Transfer Date (the “Noteholder Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Series Servicing Fee Percentage and (b) the
Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided, however, that with respect to the first Transfer Date, the Noteholder Servicing Fee shall be equal to $[●]; provided, further, that if FNBO or
Indenture Trustee is Servicer, the Noteholder Servicing Fee shall be reduced by the amount, if any, by which the Servicer Interchange for such Monthly Period exceeds the amount of Interchange included as Finance Charge Collections allocable to the
Series 20[●]-[●] Notes with respect to such Monthly Period pursuant to Section 4.16 of this Indenture Supplement. The remainder of the Servicing Fee shall be paid by the Holders of the Transferor Interest or the Noteholders of other
Series (as provided in the related Indenture Supplements) and in no event shall Issuer, Indenture Trustee or the Series 20[●]-[●] Noteholders be liable for the share of the Servicing Fee to be paid by the Holders of the Transferor
Interest or the Noteholders of any other Series. 
 ARTICLE IV 

RIGHTS OF NOTEHOLDERS AND ALLOCATION 

AND APPLICATION OF COLLECTIONS 

Section 4.01. Collections and Allocations. 

(a)    Finance Charge Collections, Principal Collections and Receivables in Defaulted Accounts shall be
allocated and distributed to Series 20[●]-[●] as set forth in this Article. 

  
 18 

 (b)    On each Date of Processing, Servicer shall
allocate to the Series 20[●]-[●] Noteholders the following amounts as set forth below: 

(i)    Allocations of Finance Charge Collections. An amount equal to the Investor Finance Charge
Collections processed on such Date of Processing shall be allocated to the Series 20[●]-[●] Noteholders and, first, deposited to the Finance Charge Account to the extent required by Section 8.04 of the Indenture and
Section 4.01(c) below, and, second, paid to the Holder of the Transferor Interest. 

(ii)    Allocations of Principal Collections. 

(A)    Allocations During the Revolving Period. 

(1)    During the Revolving Period an amount equal to the Investor Principal Collections processed on each
Date of Processing, shall be allocated to the Series 20[●]-[●] Noteholders and, first, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, deposited to and retained in the Principal
Account to the extent necessary for application as Excess Principal Collections for other Principal Sharing Series on the related Distribution Date, second, deposited to the Excess Funding Account to the extent necessary so that (x) the
Transferor Interest is not less than the Minimum Transferor Interest and (y) the aggregate Principal Receivables in the Trust equals or exceeds the Minimum Aggregate Principal Receivables and, third, paid to the holder or holders of the
Transferor Interest. 
 (2)    With respect to each Monthly Period falling in the Revolving Period, to
the extent that Investor Principal Collections allocated to the Series 20[●]-[●] Noteholders pursuant to this Section 4.01(b)(ii) are paid to Transferor, Transferor shall make an amount equal to the Reallocated Principal Collections
for the related Transfer Date available on that Transfer Date for application in accordance with Section 4.06. 

(B)    Allocations During the Accumulation Period. During the Accumulation Period an amount equal
to the Investor Principal Collections processed on each Date of Processing shall be allocated to the Series 20[●]-[●] Noteholders and deposited into the Principal Account in accordance with Section 8.04 of the Indenture and
Section 4.01(c). 
 (C)    Allocations During the Rapid Amortization Period. During the
Rapid Amortization Period, an amount equal to the Investor Principal Collections processed on each Date of Processing shall be allocated to the Series 20[●]-[●] Noteholders and deposited into the Principal Account until applied as
provided herein; provided, however, that after the date on 

  
 19 

 
which an amount of such Principal Collections equal to the Note Principal Balance has been deposited into the Principal Account, any Investor Principal Collections in excess of such amount shall
be, first, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, deposited to and retained in the Principal Account for application, to the extent necessary, as Excess Principal Collections to
other Principal Sharing Series on the related Distribution Date, second, deposited in the Excess Funding Account to the extent necessary so that (x) the Transferor Interest is not less than the Minimum Transferor Interest and (y) the
aggregate Principal Receivables in the Trust equals or exceeds the Minimum Aggregate Principal Receivables and, third, paid to the holder or holders of the Transferor Interest. 

(c)    During any period when Servicer is permitted by Section 8.04 of the Indenture to make a single
monthly deposit to the Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.01(a) and (b) with respect to any Monthly Period need not be deposited into the Collection Account or any Series Account prior to the
related Transfer Date, and, when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if FNBO is Servicer, Servicer, and (y) shall be deposited into the Finance Charge Account (in the case of
Finance Charge Collections) and the Principal Account (in the case of Collections of Principal Receivables (not including any Excess Principal Collections allocated to Series 20[●]-[●] pursuant to Section 8.05 of the Indenture)).
The exception to the daily deposit requirements provided by the second paragraph of Section 8.04(a) of the Indenture shall not be available during any Monthly Period during the Rapid Amortization Period, or at any time that (A) the
Transferor Interest is less than the Minimum Transferor Interest, (B) the Available Spread Account Amount is less than the Required Spread Account Amount or (C) the aggregate Principal Receivables in the Trust is less than the Minimum
Aggregate Principal Receivables. For purposes of the second paragraph of Section 8.04(a) of the Indenture, the amount of Principal Collections required to be deposited or distributed on or prior to the related Distribution Date during the
Accumulation Period shall include an amount equal to the Controlled Deposit Amount. 
 Notwithstanding the provisions of the
second paragraph of Section 8.04(a) of the Indenture, all Finance Charge Collections for each Monthly Period shall be deposited daily to the Finance Charge Account and retained therein until the delivery of the statement required by
Section 5.03(b). On or after delivery of such statement, Finance Charge Collections for the Related Monthly Period which are not required to be deposited or distributed pursuant to such statement may be withdrawn by Servicer. 

(d)    On any date, Servicer may withdraw from the Collection Account or any Series Account any amounts
inadvertently deposited in such account that should have not been so deposited. 

  
 20 

 Section 4.02. Determination of Monthly Interest. 

(a)    The amount of monthly interest (“Class A Monthly Interest Payment”) distributable
from the Distribution Account with respect to the Class A Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest
Period] and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class A Note Principal Balance as of the close of business on the last day
of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance). 

On the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class A
Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(a) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If
the Class A Interest Shortfall for 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 Default Interest”) equal
to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect
to the related Interest Period and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes.
Notwithstanding anything to the contrary herein, Class A Default Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law. 

(b)    The amount of monthly interest (“Class B Monthly Interest Payment”) distributable
from the Distribution Account with respect to the Class B Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which [30] [is the actual number of days in the related Interest
Period] and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class B Note Principal Balance as of the close of business on the last day
of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance). 

On the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class B
Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(b) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such
amount. If the Class B Interest Shortfall for 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 Default
Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times (B) the Class B Note Interest Rate
in effect with respect to the related Interest Period and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the
Class B Notes. Notwithstanding anything to the contrary herein, Class B Default Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law. 

  
 21 

 (c)    The amount of monthly interest
(“Class C Monthly Interest Payment”) distributable from the Distribution Account with respect to the Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of
which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times (B) the Class C Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class C
Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class C Note Initial Principal Balance). 

On the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class C
Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(c) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such
amount. If the Class C Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class C Interest Shortfall is fully paid, an additional amount (“Class C Default
Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times (B) the Class C Note Interest Rate
in effect with respect to the related Interest Period and (ii) such Class C Interest Shortfall (or the portion thereof which has not been paid to the Class C Noteholders) shall be payable as provided herein with respect to the
Class C Notes. Notwithstanding anything to the contrary herein, Class C Default Interest shall be payable or distributed to the Class C Noteholders only to the extent permitted by applicable law. 

Section 4.03. Determination of Monthly Principal. The amount of monthly principal to be transferred from the
Principal Account to the Principal Accumulation Account or the Distribution Account, as applicable, with respect to the Notes on each Transfer Date (the “Monthly Principal”), beginning with the Transfer Date in the month following the
month in which the Accumulation Period or, if earlier, the Rapid Amortization Period, begins, shall be equal to the least of (i) the Available Principal Collections on deposit in the Principal Account with respect to such Transfer Date,
(ii) for each Transfer Date with respect to the Accumulation Period, the Controlled Deposit Amount for such Transfer Date, (iii) the Collateral Amount (after taking into account any adjustments to be made on such Distribution Date pursuant
to Sections 4.05 and 4.06) prior to any deposit into the Principal Accumulation Account on such Transfer Date, and (iv) the Note Principal Balance, minus any amount already on deposit in the Principal Accumulation Account on such Transfer
Date. 
 Section 4.04. Application of Available Finance Charge Collections and Available Principal
Collections. On or before each Transfer Date, Servicer shall instruct Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw or deposit and Indenture Trustee, acting in accordance with such
instructions, shall withdraw or deposit on such Transfer Date or the related Distribution Date, as applicable, to the extent of 

  
 22 

 
available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows: 

(a)    On each Transfer Date, an amount equal to the Available Finance Charge Collections for the Related
Monthly Period will be withdrawn from the Finance Charge Account and distributed, deposited or paid by Indenture Trustee in the following priority: 

(i)    an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any
Class A Interest Shortfall, plus the amount of any Class A Default Interest for such Distribution Date, plus the amount of any Class A Default Interest previously due but not distributed to Class A Noteholders on a prior
Distribution Date shall be deposited into the Distribution Account for distribution to the Class A Noteholders; 

(ii)    an amount equal to Class B Monthly Interest Payment for such Distribution Date, plus any
Class B Interest Shortfall, plus the amount of any Class B Default Interest for such Distribution Date, plus the amount of any Class B Default Interest previously due but not distributed to Class B Noteholders on a prior
Distribution Date shall be deposited into the Distribution Account for distribution to the Class B Noteholders; 

(iii)    an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any
Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Transfer Date, shall be distributed to Servicer; 

(iv)    an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any
Class C Interest Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior
Distribution Date shall be deposited into the Distribution Account for distribution to the Class C Noteholders; 

(v)    an amount equal to the sum of the Investor Default Amount and any Uncovered Dilution Amount for such
Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and deposited into the Principal Account for application pursuant to this Section 4.04; 

(vi)    an amount equal to the sum of the aggregate amounts of Investor
Charge-Offs and Reallocated Principal Collections which have not been previously reimbursed pursuant to this clause (vi) of Section 4.04(a) shall be treated as a portion of Available Principal
Collections for such Distribution Date and deposited into the Principal Account for application pursuant to this Section 4.04; 

(vii)    on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on
which the Reserve Account terminates as described in Section 4.10(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; 

  
 23 

 (viii)    an amount equal to the excess, if any, of the
Required Spread Account Amount over the Available Spread Account Amount shall be deposited into the Spread Account; 

(ix)    all remaining amounts will constitute a portion of Excess Finance Charge Collections for such
Distribution Date to be applied in accordance with Section 4.07; [and] 
 (x)    [any other amount
required to be paid or deposited under the terms of the Class B Note Purchase Agreement shall be so paid or deposited;] 

(xi)    [any other amount required to be paid or deposited under the terms of the Class C Note
Purchase Agreement shall be so paid or deposited; and] 
 [x][xii]    any remaining amount to be paid to
Transferor. 
 (b)    On each Transfer Date with respect to the Revolving Period, the Available Principal
Collections for the Related Monthly Period on deposit in the Principal Account shall be withdrawn to be treated as Excess Principal Collections for such Distribution Date and applied in accordance with Section 4.08 and Section 8.05 of the
Indenture. 
 (c)    On each Transfer Date with respect to the Accumulation Period or the Rapid
Amortization Period, an amount equal to the Available Principal Collections for the Related Monthly Period shall be withdrawn from the Principal Account and distributed or deposited in the following order of priority: 

(i)    on each Transfer Date with respect to the Accumulation Period, an amount equal to the Monthly
Principal for such Transfer Date shall be deposited into the Principal Accumulation Account; 

(ii)    on each Transfer Date with respect to the Rapid Amortization Period, an amount equal to the Monthly
Principal for such Transfer Date shall be deposited into the Distribution Account for distribution ratably to the Class A Noteholders until the Class A Note Principal Balance has been paid in full; 

(iii)    on each Transfer Date with respect to the Rapid Amortization Period, after giving effect to
clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account for distribution ratably to the Class B Noteholders until the Class B Note Principal Balance has been paid
in full; 
 (iv)    on each Transfer Date with respect to the Rapid Amortization Period, after giving
effect to clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account for distribution ratably to the Class C Noteholders until the Class C Note
Principal Balance has been paid in full; 

  
 24 

 (v)    on each Transfer Date, an amount equal to any
other amounts payable, first, to the Class B Noteholders under the Class B Note Purchase Agreement and second, to the Class C Noteholders under the Class C Note Purchase Agreement; and 

(vi)    on each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, the
balance of such Available Principal Collections remaining after giving effect to clauses (i) through (v) above shall be retained in the Principal Account to be treated as Excess Principal Collections and applied in accordance with
Section 4.08. 
 (d)    On each Distribution Date, Indenture Trustee shall make distributions from
the Distribution Account in accordance with Section 5.02 as follows: (i) to the Class A Noteholders, the amount deposited into the Distribution Account pursuant to Section 4.04(a)(i) and (c)(ii); (ii) to the Class B Noteholders, the amount
deposited into the Distribution Account pursuant to Section 4.04(a)(ii), [ and (x)] and (c)(iii); and (iii) to the Class C Noteholders, the amount deposited into the Distribution Account pursuant to Section 4.04(a)(iv), [and (xi)] and
(c)(iv). 
 (e)    On the earlier to occur of (i) the first Transfer Date during the Rapid
Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, Indenture Trustee shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to
pay, first, to the Class A Noteholders, until paid in full, second, to the Class B Noteholders, until paid in full, and, third, to the Class C Noteholders, until paid in full, the amounts deposited into the Principal Accumulation
Account pursuant to Section 4.04(c)(i). In accordance with Section 5.02, on the related Distribution Date, Indenture Trustee shall pay from the Distribution Account to the Class A Noteholders, the Class B Noteholders and the
Class C Noteholders, as applicable, the amounts deposited into the Distribution Account for the account of such Noteholders pursuant to this Section 4.04(e). 

[INSERT INFORMATION FOR DISTRIBUTIONS FROM THE PRE-FUNDING ACCOUNT, IF USED.] 

Section 4.05. Investor Charge-Offs. On each Determination
Date, Servicer shall calculate the Investor Default Amount and any Uncovered Dilution Amount for the related Distribution Date. If, on any Distribution Date, the sum of the Investor Default Amount and any Uncovered Dilution Amount for such
Distribution Date exceeds the amount of Available Finance Charge Collections allocated with respect thereto pursuant to Section 4.04(a)(v) with respect to such Distribution Date, the Collateral Amount will be reduced (but not below zero) by the
amount of such excess (such reduction, an “Investor Charge-Off”). 

Section 4.06. Reallocated Principal Collections. On each Transfer Date, Servicer shall apply, or shall
instruct Indenture Trustee in writing to apply, Investor Principal Collections with respect to such Transfer Date, in an amount not to exceed the Monthly Principal Reallocation Amount for the Related Monthly Period, to fund any deficiency in amounts
otherwise available 

  
 25 

 
for deposit and distribution pursuant to and in the priority set forth in [Section 4.04(a)(i), (ii) and (iii)], after giving effect to any application of funds from the Spread Account
pursuant to Section 4.11, any application of funds from the Reserve Account pursuant to Section 4.10 and after allocation and application of Excess Finance Charge Collections pursuant to Section 4.07 to cover such payments. On each
Transfer Date, the Collateral Amount shall be reduced by the amount of such Reallocated Principal Collections, if any, for such Transfer Date. 

Section 4.07. Excess Finance Charge Collections. 

(a)    Excess Finance Charge Collections from all Excess Allocation Series in Group One will be allocated
to cover any Finance Charge Shortfall or finance charge shortfalls for other Excess Allocation Series in Group One pursuant to Section 8.06 of the Indenture except that, following a Servicer Default and the appointment of a Successor Servicer,
Excess Finance Charge Collections remaining after their application to cover Finance Charge Shortfalls and other finance charge shortfalls for Group One, shall be paid to the Successor Servicer to pay any unpaid Excess Servicing Fees or other
unpaid excess servicing fees for all Excess Allocation Series in Group One prior to any distribution to the holder or holders of the Transferor Interest. If the remaining Excess Finance Charge Collections do not exceed the aggregate amount of such
unpaid fees, the remaining Excess Finance Charge Collections shall be allocated among the Group One Excess Allocation Series pro rata based on the amount of unpaid excess servicing fees for each such Series. Excess Finance Charge Collections with
respect to Group One shall be allocated to Series 20[●]-[●] in accordance with this Section 4.07, without regard to whether the Rating Agency Condition has been met for purposes of the definition of “Portfolio Yield.” On
each Transfer Date, Indenture Trustee, at the written direction of the Servicer, shall deposit Excess Finance Charge Collections allocated to Series 20[●]-[●] to the Finance Charge Account prior to the applications to be made pursuant to
Section 4.04. 
 (b)    Any Excess Finance Charge Collections relating to the Series
20[●]-[●] Notes remaining after the application thereof as specified in this Section 4.07(a) above, if any, [shall be applied, first, pursuant to Section 4.04(a)(x) and (xi) hereof and second, the remaining balance, if
any, shall be paid to Transferor pursuant to Section 4.04(a)(xii) hereof] [shall be paid to Transferor pursuant to subsection 4.04(a)(x) hereof]. 

Section 4.08. Excess Principal Collections. Excess Principal Collections from all Principal Sharing Series in
Group One will be allocated to cover any Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.05 of the Indenture. If (i) any Principal Shortfall remains after such allocation,
(ii) any Series in Group One is in an Amortization Period and (iii) the amount on deposit in the Excess Funding Account is greater than zero, amounts on deposit in the Excess Funding Account will be treated as Excess Principal Collections
and allocated to cover any remaining Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.03 of the Indenture. Indenture Trustee, at the written direction of the Servicer, shall
deposit Excess Principal Collections allocated to Series 20[●]-[●] to the Principal Accumulation Account or the Distribution Account, as applicable. 

  
 26 

 Section 4.09. Certain Series Accounts. 

(a)    Paying Agent or Paying Agent on behalf of the Indenture Trustee shall establish and maintain with a
Qualified Institution, which may be Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Noteholders, six segregated trust accounts with such Qualified Institution (the “Finance Charge Account,” the
“Principal Account,” the “Principal Accumulation Account,” the “Distribution Account,” the “Spread Account” [and] the “Reserve Account [and the “Pre-Funding
Account”],”) each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20[●]-[●] Noteholders. The Finance Charge Account, the Principal Account, the Principal
Accumulation Account, the Distribution Account, [the Pre-Funding Account,] the Reserve Account and the Spread Account are hereby designated as the Series Accounts for the Series 20[●]-[●] Notes.
Except as otherwise provided in Section 4.11, Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in each Series Account and in all proceeds thereof. Except as otherwise provided in
Section 4.11, each Series Account shall be under the sole dominion and control of Indenture Trustee for the benefit of the Series 20[●]-[●] Noteholders. If at any time the institution holding a Series Account ceases to be a
Qualified Institution, Transferor shall notify Indenture Trustee in writing, and Indenture Trustee upon being notified (or Servicer on its behalf) shall, within ten (10) Business Days, establish a new Series Account meeting the conditions
specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Series Account. Indenture Trustee, at the written direction of Servicer, shall make withdrawals from and deposits to each Series Account from
time to time, in the amounts and for the purposes set forth in this Indenture Supplement. Indenture Trustee at all times shall maintain accurate records reflecting each transaction in each Series Account, so long as such accounts are established and
maintained with Indenture Trustee. 
 (b)    [Except as otherwise provided in Section 4.18, ]
[F][f]unds on deposit in each Series Account from time to time shall be invested and reinvested at the written direction of Servicer by Indenture Trustee in Permitted Investments that will mature so that such funds will be available for withdrawal
on or prior to the following Transfer Date. In the absence of such direction, such funds shall remain uninvested. The Indenture Trustee shall not be held liable for the performance of any Permitted Investments made in accordance with the terms
hereof. 
 On each Transfer Date with respect to the Accumulation Period and on the first Transfer Date with respect to the
Rapid Amortization Period, Indenture Trustee, acting at Servicer’s direction given on or before such Transfer Date, shall transfer from the Principal Accumulation Account to the Finance Charge Account the Principal Accumulation Investment
Earnings on deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in accordance with Section 4.04(a). 

Principal Accumulation Investment Earnings (including reinvested interest) shall not be considered part of the amounts on
deposit in the Principal Accumulation Account for purposes of this Indenture Supplement. 

  
 27 

 On each Distribution Date, all Investment Earnings on funds on deposit in
the Principal Account, the Finance Charge Account and the Distribution Account shall be deposited by Indenture Trustee in a separate deposit account with a Qualified Institution in the name of Servicer, or a Person designated in writing by Servicer,
which shall not constitute a part of the Trust, or shall otherwise be turned over by Indenture Trustee to Servicer. 

(c)    Indenture Trustee shall hold such of the Permitted Investments of funds in any Series Account as
consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of Minnesota. Indenture Trustee shall hold such of the Permitted Investments as constitutes investment property
through a securities intermediary, which securities intermediary shall agree with Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of Indenture Trustee, (b) such securities
intermediary shall treat Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset,
(d) such securities intermediary shall comply with entitlement orders originated by Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity
other than Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest or right of set-off in favor of such securities intermediary or anyone claiming through it (other than Indenture Trustee), and (g) such agreement shall be governed by the laws of the State of New York. Terms used in
the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. Except as permitted by this Section 4.09(c), Indenture Trustee shall not hold Permitted
Investments through an agent or nominee. 
 (d)    No Permitted Investment in any Series Account shall be
disposed of prior to its maturity unless Servicer so directs and either (i) such disposal will not result in a loss of all or part of the principal portion of such Permitted Investment or (ii) prior to the maturity of such Permitted
Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Permitted Investment. 

Section 4.10. Reserve Account. 

(a)    Indenture Trustee, at the written direction of 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 Indenture Supplement, and (ii) on each Transfer Date (from and after the Reserve Account Funding Date)
prior to termination of the Reserve Account, make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(a)(vii). 

(b)    On each Transfer Date, all Investment Earnings accrued since the preceding Transfer Date on funds on
deposit in the Reserve Account shall be retained in 

  
 28 

 
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 into the Finance Charge
Account and included in Available Finance Charge Collections for the Related Monthly Period. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture Supplement, Investment
Earnings on such funds shall be deemed not to be available or on deposit, except amounts retained pursuant to the preceding sentence. 

(c)    On or before each Transfer Date with respect to the Accumulation Period and on or before the first
Transfer Date with respect to the Rapid Amortization Period, Servicer shall calculate the Reserve Draw Amount; provided, however, that such amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve
Account under Section 4.04(a)(vii) with respect to such Transfer Date. 
 (d)    If for any Transfer
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 such Transfer Date by Indenture Trustee (acting in accordance with the written
instructions of Servicer) and deposited into the Finance Charge Account for application as Available Finance Charge Collections for the Related Monthly Period. 

(e)    If the Reserve Account Surplus on any Transfer Date, after giving effect to all deposits to and
withdrawals from the Reserve Account with respect to such Transfer Date, is greater than zero, Indenture Trustee, acting in accordance with the written instructions of Servicer, shall withdraw from the Reserve Account an amount equal to such Reserve
Account Surplus and (i) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required Spread Account Amount, and (ii) distribute any such amounts remaining after
application pursuant to Section 4.10(e)(i) to the Holder of the Transferor Interest. 
 (f)    Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the first Transfer Date relating to the Rapid Amortization Period and (iii) the Transfer Date immediately preceding
the Expected Principal Payment Date, Indenture Trustee, acting in accordance with the written instructions of Servicer, after the prior payment of all amounts owing to the Series 20[●]-[●] Noteholders that are payable from the Reserve
Account as provided herein, shall withdraw from the Reserve Account all amounts, if any, on deposit in the Reserve Account and (A) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less
than the Required Spread Account Amount, and (B) distribute any such amounts remaining after application pursuant to Section 4.10(f)(A) to the Holder of the Transferor Interest. The Reserve Account shall thereafter be deemed to have
terminated for purposes of this Indenture Supplement. Funds on deposit in the Reserve Account at any time that the Accumulation Period is suspended pursuant to Section 4.14 shall remain on deposit until applied in accordance with
Section 4.10(d), (e) or (f). 

  
 29 

 Section 4.11. Spread Account. 

(a)    Paying Agent or Paying Agent on behalf of Indenture Trustee shall establish and maintain the Spread
Account for the benefit of the Class C Noteholders and the Holder of the Transferor Interest, with an account designation clearly indicating that the funds deposited therein are held for the benefit of the Class C Noteholders and the
Holder of the Transferor Interest. The Spread Account shall be under the sole dominion and control of Indenture Trustee for the benefit of the Class C Noteholders and the Holder of the Transferor Interest. Indenture Trustee, at the written
direction of Servicer, shall (i) make withdrawals from the Spread Account from time to time in an amount up to the Available Spread Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each
Transfer Date prior to termination of the Spread Account, make a deposit into the Spread Account in the amount specified in, and otherwise in accordance with, Section 4.11(f). The Issuer will [make no] deposit into the Spread Account on the
Closing Date [an amount equal to the Required Spread Account Amount]. 
 (b)    On each Transfer Date
(but subject to Section 4.11(c), (d), (e) and (f)), the Investment Earnings, if any, accrued since the preceding Transfer Date on funds on deposit in the Spread Account shall be paid to the Holder of the Transferor Interest by Indenture Trustee
upon written direction of Servicer. For purposes of determining the availability of funds or the balance in the Spread Account for any reason under this Indenture Supplement (subject to Section 4.11(c), (d), (e) and (f)), all Investment
Earnings shall be deemed not to be available or on deposit; provided that after the maturity of the Series 20[●]-[●] Notes has been accelerated as a result of an Event of Default, all Investment Earnings shall be added to the balance on
deposit in the Spread Account and treated like the rest of the Available Spread Account Amount. 

(c)    If, on any Transfer Date, the aggregate amount of Available Finance Charge Collections otherwise
available for application pursuant to Section 4.04(a)(iv) is less than the aggregate amount required to be deposited into the Distribution Account pursuant to Section 4.04(a)(iv), Indenture Trustee, at the written direction of Servicer,
shall (i) withdraw from the Spread Account the amount of such deficiency up to the Available Spread Account Amount and, if the Available Spread Account Amount is less than such deficiency, the Indenture Trustee shall also withdraw Investment
Earnings credited to the Spread Account in an amount so that the total amount withdrawn equals such deficiency, and (ii) deposit such amount into the Distribution Account for payment to the Class C Noteholders in respect of interest on the
Class C Notes pursuant to Section 5.02(c). 
 (d)    On the Series 20[●]-[●] Final
Maturity Date or, if sooner, the date on which the Class A Note Principal Balance and the Class B Note Principal Balance have been paid in full, after applying any funds on deposit in the Spread Account as described in
Section 4.11(c), Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account an amount equal to the lesser of (i) the Class C Note Principal Balance (after any payments to be made pursuant to
Section 4.04(c) on such date) and (ii) the Available Spread Account Amount and, if the amount so withdrawn is not 

  
 30 

 
sufficient to reduce the Class C Note Principal Balance to zero, shall also withdraw Investment Earnings credited to the Spread Account up to the amount required to reduce the Class C
Note Principal Balance to zero. Indenture Trustee, upon the written direction of Servicer, or Servicer, shall deposit such amounts into the Distribution Account for distribution to the Class C Noteholders in accordance with
Section 5.02(c). 
 (e)    On the earlier to occur of (i) the Series 20[●]-[●]
Final Maturity Date and (ii) the day following the occurrence of an Event of Default with respect to Series 20[●]-[●] and acceleration of the maturity of the Series 20[●]-[●] Notes pursuant to Section 5.03 of the
Indenture, Servicer shall withdraw from the Spread Account an amount equal to the Available Spread Account Amount and Indenture Trustee or Servicer shall deposit such amounts into the Distribution Account for distribution to the Class C
Noteholders until the Class C Note Principal Balance is paid in full, [then to the Class A Noteholders until the Class A Note Principal Balance is paid in full], [and then to the Class B Noteholders until the Class B Note
Principal Balance is paid in full], [in that order of priority,] in accordance with Section 5.02, to fund any shortfalls in amounts owed to such Noteholders. 

(f)    If on any Transfer Date, after giving effect to all withdrawals from the Spread Account, the
Available Spread Account Amount is less than the Required Spread Account Amount then in effect, (i) Available Finance Charge Collections shall be deposited into the Spread Account pursuant to Section 4.04(a)(viii) up to the amount of the
Spread Account Deficiency, (ii) to the extent available, funds shall be withdrawn from the Reserve Account and deposited to the Spread Account pursuant to Section 4.10(e)(i) up to the amount of the Spread Account Deficiency and
(iii) to the extent available, funds shall be withdrawn from the Reserve Account and deposited to the Spread Account pursuant to Section 4.10(f)(A) up to the amount of the Spread Account Deficiency. If, after giving effect to the deposits
specified in clauses (i), (ii) and (iii) of this paragraph (f) of Section 4.11, there is still a Spread Account Deficiency, Investment Earnings on the Spread Account shall be held and not distributed pursuant to Section 4.11(b)
until such Spread Account Deficiency is reduced to zero through subsequent deposits pursuant to Section 4.04(a)(viii) and clauses (ii) and (iii) of this Section 4.11(f). 

(g)    If, after giving effect to all deposits to and withdrawals from the Spread Account with respect to
any Transfer Date, the amount on deposit in the Spread Account exceeds the Required Spread Account Amount, Indenture Trustee acting in accordance with the instructions of Servicer, shall withdraw an amount equal to such excess and deposit it into
the Finance Charge Account for application as Available Finance Charge Collections. On the date on which the Class C Note Principal Balance has been paid in full, after making any payments to the Noteholders required pursuant to
Section 4.11(c), (d) and (e), Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account all amounts then remaining in the Spread Account and pay such amounts to the Holder of the Transferor Interest. 

Section 4.12. Investment Instructions. Any investment instructions required to be given to Indenture Trustee
pursuant to the terms hereof must be given to Indenture Trustee no 

  
 31 

 
later than 11:00 a.m., New York City time, on the date such investment is to be made. In the event Indenture Trustee receives such investment instruction later than such time, Indenture
Trustee may, but shall have no obligation to, make such investment. In the event Indenture Trustee is unable to make an investment required in an investment instruction received by Indenture Trustee after 11:00 a.m., New York City time, on
such day, such investment shall be made by Indenture Trustee on the next succeeding Business Day. In no event shall Indenture Trustee be liable for any investment not made pursuant to investment instructions received after 11:00 a.m.,
New York City time, on the day such investment is requested to be made. 
 Section 4.13. Accumulation
Period. The Accumulation Period is scheduled to commence at the beginning of business on [●] [●], 20[●]; provided that if the Accumulation Period Length (determined as described below) on any Determination Date on or after the
[●] 20[●] Determination Date is less than [twelve] months, the date on which the Accumulation Period actually commences will be changed to the first Business Day of the month that is the number of whole months prior to the month in which
the Expected Principal Payment Date occurs equal to the Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Accumulation Period will equal the Accumulation Period Length); provided that
(i) the length of the Accumulation Period will not be less than [one] month[s], (ii) such determination of the Accumulation Period Length shall be made on each Determination Date on and after the [●] 20[●] Determination Date
but prior to the commencement of the Accumulation Period, and any postponement of the Accumulation Period shall be subject to the subsequent lengthening of the Accumulation Period to the Accumulation Period Length determined on any subsequent
Determination Date, but the Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Indenture Supplement to the contrary, no postponement of the
commencement of the Accumulation Period shall be made after a Pay Out Event shall have occurred and be continuing with respect to any other Series. The “Accumulation Period Length” will mean a number of whole months such that the amount
available for distribution of principal on the Series 20[●]-[●] Notes on the Expected Principal Payment Date is expected to equal or exceed the sum of the Class A Note Principal Balance, the Class B Note Principal Balance and
the Class C Note Principal Balance, assuming for this purpose that (1) the payment rate with respect to Principal Collections remains constant at the lowest level of such payment rate during the [twelve] preceding Monthly Periods (or such
lower payment rate as Servicer may select), (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the Excess Funding Account, if any) remains constant at the level on such date of determination,
(3) no Pay Out Event with respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such date of determination) will be subsequently issued. Servicer shall calculate the Accumulation
Period Length on each Determination Date on and after the [●] 20[●] Determination Date as necessary to determine whether the Accumulation Period is postponed and to set the Reserve Account Funding Date. If the calculation results in a
postponement, Servicer shall provide notice in writing to Indenture Trustee, Transferor, Issuer and each Rating Agency. Any notice by Servicer confirming the postponement of the Accumulation Period pursuant to this Section 4.13 shall specify
(i) the Accumulation Period Length, (ii) the commencement date of the Accumulation Period and (iii) the Controlled Accumulation Amount with respect to each Monthly Period during the Accumulation Period. The method for determining the
Accumulation Period Length may be changed if the Rating Agency Condition is met. 

  
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 Section 4.14. Suspension of Accumulation Period. 

(a)    Servicer may elect to suspend the commencement of the Accumulation Period with prior written notice
to the Rating Agencies, at any time prior to the Distribution Date preceding the Expected Principal Payment Date. The commencement of the Accumulation Period shall be suspended upon delivery by Servicer to Indenture Trustee of (i) an
Officer’s Certificate stating that Servicer has elected to suspend the commencement of the Accumulation Period and that all conditions precedent to such suspension set forth in this Section 4.14 have been satisfied, (ii) a copy of an
executed Qualified Maturity Agreement and (iii) an Opinion of Counsel addressed to Indenture Trustee as to the due authorization, execution and delivery and the validity and enforceability of such Qualified Maturity Agreement. Issuer does
hereby transfer, assign, set-over, and otherwise convey to Indenture Trustee for the benefit of the Series 20[●]-[●] Noteholders, without recourse, all of its rights under any Qualified Maturity
Agreement obtained in accordance with this Section 4.14 and all proceeds thereof. Such property shall constitute part of the Trust Estate and Collateral for all purposes of the Indenture. The foregoing transfer, assignment, set-over and conveyance does not constitute and is not intended to result in a creation or an assumption by Indenture Trustee or any Noteholder of any obligation of Issuer or any other Person in connection with a
Qualified Maturity Agreement or under any agreement or instrument relating thereto. Each Qualified Maturity Agreement must satisfy the Series Rating Agency Condition. 

Indenture Trustee hereby acknowledges its acceptance, to the extent validly transferred, assigned, set-over or otherwise conveyed to Indenture Trustee, for the benefit of the Series 20[●]-[●] Noteholders, of all of the rights previously held by Issuer under any Qualified Maturity Agreement obtained by
Issuer and all proceeds thereof, and declares that it shall hold such rights upon the trust set forth herein and in the Indenture, and subject to the terms hereof and thereof, for the benefit of the Series 20[●]-[●] Noteholders. 

(b)    Each Qualified Maturity Agreement shall obligate the provider to deposit into the Principal
Accumulation Account on or before the Expected Principal Payment Date an amount equal to the initial Note Principal Balance (reduced by any amount on deposit in the Principal Accumulation Account); provided, however, that Issuer may instead elect to
fund all or a portion of such deposits with the proceeds of the issuance of a new Series or with the Available Principal Collections with respect to such Transfer Date. The amounts so deposited shall be applied on the Expected Principal Payment Date
pursuant to Section 4.04(c) as if the commencement of the Accumulation Period had not been suspended. The Qualified Maturity Agreement may require that during the period when the Accumulation Period is suspended, upon the occurrence of certain
events, Available Principal Collections will be deposited into the Principal Accumulation Account. 

(c)    Each Qualified Maturity Agreement shall terminate at the close of business on the Expected Principal
Payment Date; provided, however, that Servicer may terminate a Qualified Maturity Agreement prior to such Distribution Date, with notice to each Rating Agency, if (i) the Available Reserve Account Amount equals the Required Reserve Account
Amount and (ii) one of the following events occurs: (A) Issuer obtains a 

  
 33 

 
substitute Qualified Maturity Agreement which satisfies the Series Rating Agency Condition, (B) the provider of the Qualified Maturity Agreement ceases to qualify as a Qualified Maturity
Agreement Institution and Issuer is unable to obtain a substitute Qualified Maturity Agreement which satisfies the Series Rating Agency Condition, (C) a Pay Out Event occurs or (D) an event which may be declared to be a Pay Out Event
occurs, whether or not it is declared. In addition, if the available Reserve Account Amount equals the Required Reserve Account Amount, Servicer may terminate a Qualified Maturity Agreement prior to the later of (1) the date on which the
Accumulation Period was scheduled to begin, before giving effect to the suspension of the Accumulation Period, and (2) the date to which the commencement of the Accumulation Period is postponed pursuant to Section 4.13 (as determined on
the Determination Date preceding the date of such termination), in which case the commencement of the Accumulation Period shall be determined as if the commencement had not been postponed. In the event that the provider of a Qualified Maturity
Agreement ceases to qualify as a Qualified Maturity Agreement Institution, Servicer shall use its best efforts to obtain a substitute Qualified Maturity Agreement which satisfies the Series Rating Agency Condition, unless a substitute Qualified
Maturity Agreement is not required for any of the reasons listed in this paragraph (c) of this Section 4.14. 

(d)    If a Qualified Maturity Agreement is terminated prior to the earlier of the Expected Principal
Payment Date and the commencement of the Rapid Amortization Period and Issuer does not obtain a substitute Qualified Maturity Agreement which satisfies the Series Rating Agency Condition, the Accumulation Period shall commence on the latest of
(i) the beginning of business on [●] [●], 20[●], (ii) the date to which the commencement of the Accumulation Period is postponed pursuant to Section 4.l4 (as determined on the date of such termination) and
(iii) the first day of the Monthly Period following the date of such termination. The Issuer shall notify the Rating Agencies if it intends to terminate a Qualified Maturity Agreement prior to the Expected Principal Payment Date. 

Section 4.15. [Determination of LIBOR. 

(a)    On each LIBOR Determination Date in respect of an Interest Period, Indenture Trustee shall determine
LIBOR on the basis of the rate for deposits in United States dollars for a period of the Designated Maturity 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 shall 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 of the Designated Maturity. Servicer shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such
quotations are provided, the rate for that Interest Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that Interest Period will be the arithmetic mean of the
rates quoted by 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 of the Designated
Maturity. 

  
 34 

 
If LIBOR cannot be determined in accordance with these procedures, LIBOR will be the rate determined on the prior LIBOR Determination Date when LIBOR was able to be determined. 

(b)    If, with respect to any Interest Period, the Servicer determines that LIBOR has been discontinued
and that an alternative reference rate has been selected by the central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof), or identified through any other applicable regulatory or
legislative action or guidance, that is consistent with accepted market practice, the Servicer will direct the Indenture Trustee to use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date and for each future
LIBOR Determination Date unless and until directed otherwise. As part of such substitution, the Servicer may make, or direct the Indenture Trustee to make, such adjustments to the alternative rate or the spread thereon, as well as the business day
convention, interest determination dates and related provisions and definitions, in each case that are consistent with accepted market practice or applicable regulatory or legislative action or guidance for the use of such alternative rate for
securities such as the Series 20[•]-[•] Notes, as determined by the Servicer in its sole discretion. 

(c)    If, with respect to any Interest Period, the Servicer determines that LIBOR has been discontinued,
but that there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, the Servicer may, in its sole discretion, determine the alternative rate and make any adjustments thereon, which determinations shall be
binding on the Indenture Trustee and the Series 20[•]-[•] Noteholders, and direct the Indenture Trustee to use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date and for each future LIBOR Determination
Date unless and until directed otherwise. 
 (d)    If, with respect to any Interest Period, the Servicer
determines that LIBOR has been discontinued, but for any reason an alternative rate has not been identified in accordance with Section 4.15(b) above and cannot be determined in accordance with Section 4.15(c) above, LIBOR shall be equal to
such rate on the LIBOR Determination Date when LIBOR was last available on the Reuters Screen LIBOR01 Page, as determined by the Servicer. 

(e)    The Class A Note Interest Rate, Class B Note Interest Rate and Class C Note Interest
Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning Indenture Trustee at its Corporate Trust Office at (800) 934-6802 or such other telephone
number as shall be designated by Indenture Trustee for such purpose. 
 (f)    On each LIBOR
Determination Date, if LIBOR for the following Interest Period has been determined by Indenture Trustee pursuant to this Section 4.15, Indenture Trustee shall send to Servicer by email, notification of LIBOR for the following Interest Period.

  
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 (g)    For the avoidance of doubt: (i) in no event
shall the Indenture Trustee be responsible for (x) determining LIBOR or any substitute for LIBOR if such rate does not appear on Reuters Screen LIBOR01 Page or on a comparable system as is customarily used to quote LIBOR or such substitute for
LIBOR or (y) unless so directed by the Servicer, making any adjustments to the day count, the business day convention, the definition of business day, the interest determination date, the applicable spread for any Class of Notes or any
other relevant methodology for calculating such industry-accepted substitute or successor base rate, including any adjustment factor the Servicer determines is needed to make such industry-accepted substitute
or successor base rate comparable to LIBOR, in a manner that is consistent with industry-accepted practices for such industry-accepted substitute or successor base rate;
and (ii) in connection with any of the matters referenced in clause (i) the Indenture Trustee shall be entitled to conclusively rely on any determinations made by the Servicer in regards to such matters and shall have no liability for such
actions taken at the direction of the Servicer.] 
 Section 4.16. Interchange. On or prior to each Determination
Date, Transferor shall cause FNBO to notify Servicer of the amount of Interchange to be included as Finance Charge Collections allocable to the Series 20[●]-[●] Notes with respect to the Related Monthly Period, which amount shall be
equal to the product of: 
 (a)    the total amount of Interchange paid or payable to FNBO with respect
to such Related Monthly Period; 
 (b)    a fraction the numerator of which is the volume during the
Related Monthly Period of sales net of cash advances on the Accounts and the denominator of which is the amount of sales net of cash advances during the Related Monthly Period on all VISA and MasterCard accounts owned by FNBO; and 

(c)    the Allocation Percentage for Finance Charge Collections with respect to such Related Monthly
Period. 
 On each Transfer Date, Transferor shall pay to Servicer, and Servicer shall deposit into the Finance Charge Account, in immediately available
funds, an amount equal to the Interchange to be so included as Finance Charge Collections allocable to the Series 20[●]-[●] Notes with respect to the Related Monthly Period. Transferor hereby assigns, sets over, conveys, pledges and
grants a security interest and lien to Indenture Trustee for the benefit of the Series 20[●]-[●] Noteholders its security interest in Interchange and the proceeds of Interchange, as set forth in this Section 4.16. In connection with
the foregoing grant of a security interest, this Indenture Supplement shall constitute a security agreement under applicable law. To the extent that an Indenture Supplement for a related Series, other than Series 20[●]-[●], assigns, sets
over, conveys, pledges or grants a security interest in Interchange allocable to the Trust, all Notes of any such Series (except that any Series may be subordinated to the Series 20[●]-[●] Notes to the extent specified in any such
Indenture Supplement) and the Series 20[●]-[●] Notes shall rank pari passu and be equally and ratably entitled in accordance with their respective allocation percentages for Finance Charge Collections as provided herein to the
benefits of such Interchange without preference or priority on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Indenture Supplement and other related Indenture Supplements.

  
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 Section 4.17. Foreign Accounts. So long as any Series
20[●]-[●] Notes are Outstanding, Receivables arising in Foreign Accounts shall constitute Eligible Receivables for all purposes except that, to the extent that such Receivables exceed 1% (or any higher percentage as to which the Rating
Agency Condition has been met) of the aggregate Principal Receivables as of the most recently ended Monthly Period, such Receivables may not be counted for purposes of determining compliance with the tests for the Minimum Transferor Interest and the
Minimum Aggregate Principal Receivables. 
 Section 4.18. [Pre-Funding
Account. 
 (a)    Transferor shall on the Closing Date deposit into the Pre-Funding Account the Initial Pre-Funded Amount from the proceeds of the sale of the Series 20[●]-[●] Notes. On each Transfer Date, Indenture Trustee, acting in
accordance with written instructions from Servicer, shall withdraw from the Pre-Funding Account and deposit into the Finance Charge Account all Investment Earnings on the
Pre-Funded Amount with respect to the Prior Monthly Period. Such Investment Earnings shall be deemed to be Finance Charge Collections allocated to Series 20[●]-[●]. Investment Earnings on funds on
deposit in the Pre-Funding Account shall not be considered part of the Pre-Funded Amount for purposes of this Indenture Supplement. 

(b)    Funds on deposit in the Pre-Funding Account on the Closing
Date and thereafter shall be invested at the written direction of Servicer by Indenture Trustee in Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the Business Day preceding the next increase
in the Collateral Amount pursuant to subsection 4.18(d) or, if earlier, on the next succeeding Transfer Date. 

(c)    If the Pre-Funded Amount exceeds zero at the end of the
Funding Period, on the first Distribution Date on or after the last day of the Funding Period, Servicer shall apply or shall instruct Indenture Trustee to apply the Pre-Funded Amount to the payment by
Indenture Trustee of principal on the Series 20[●]-[●] Notes [on a pro rata basis based on the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance.] 

(d)    On each Distribution Date during the Funding Period, the Initial Collateral Amount shall increase to
the extent that the Transferor Interest will not be less than the Minimum Transferor Interest on such date (in each case after giving effect to all changes to occur on that date, including the change resulting from the operation of this
Section 4.18); provided, however, that the Initial Collateral Amount shall in no event exceed the Note Principal Balance. Upon any increase in the Initial Collateral Amount pursuant to this Section 4.18, Servicer shall instruct Indenture
Trustee in writing to withdraw from the Pre-Funding Account and pay to the Holder of the Transferor Interest no later than the next succeeding Business Day an amount equal to the amount of such increase in the
Initial Collateral Amount.] 

  
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 Section 4.19. Asset Representations Review Triggers. 

(a)    Delinquency Trigger. Transferor, on behalf of Issuer, shall provide written notice to
Indenture Trustee and disclose the occurrence of a Delinquency Trigger in the distribution report on Form 10-D relating to the Monthly Period in which the Delinquency Trigger occurred. 

(b)    Adjustment of Delinquency Trigger Rate. Transferor shall review and may adjust the
Delinquency Trigger Rate upon the occurrence of any of the following events: 
 (i)    the filing of a
new registration statement with the Commission relating to any Notes to be offered and sold from time to time by Issuer; or 

(ii)    a change in law or regulation (including any new or revised interpretation of an existing law or
regulation) that, in Transferor’s judgment, could reasonably be expected to have a material effect on the delinquency rate for Obligor payments on the Accounts or the manner by which delinquencies are defined or determined; provided, however,
that for so long as a Delinquency Trigger has occurred and is continuing, a review of the Delinquency Trigger Rate that would otherwise be required as specified above will be delayed until the date on which Transferor shall, on behalf of Issuer,
report in the applicable distribution report on Form 10-D that the Delinquency Trigger is no longer continuing. 

In case of a review of the Delinquency Trigger Rate undertaken upon the occurrence of an event described in this Section 4.19(b)(i) above, Transferor may
increase or decrease the Delinquency Trigger Rate by any amount it reasonably determines to be appropriate based upon the composition of the Receivables at the time of the review. For the avoidance of doubt and with respect to this
Section 4.19(b)(i) above, the Delinquency Trigger Rate may be reviewed and adjusted upon the filing of a new shelf registration and not upon the filing of a post-effective amendment to a prior shelf filing. In the case of a review undertaken
upon the occurrence of an event described in this Section 4.19(b)(ii) above, Transferor may increase or decrease the Delinquency Trigger Rate by any amount it reasonably determines to be appropriate as a result of the related change in law or
regulation (including any new or revised interpretation of an existing law or regulation). 

(c)    Disclosure of Adjusted Delinquency Trigger Rate on Form
10-D. Transferor shall, on behalf of Issuer, disclose the Delinquency Trigger Rate, as adjusted, in the distribution report on Form 10-D for the Monthly Period
in which such adjustment occurs, which report shall also include a description of how the adjusted Delinquency Trigger Rate was deemed to be appropriate pursuant to Section 3.11(a)(iii) of the Transfer and Servicing Agreement. 

  
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 (d)    Noteholder Action to Initiate an Asset
Representations Review. 
 (i)    Within 90 days following the date upon which Transferor
discloses, on behalf of Issuer, the occurrence of a Delinquency Trigger on a distribution report on Form 10-D, the Noteholders holding at least 5% of the Outstanding Amount of all Series of Notes Outstanding
as of the date of the Form 10-D filing, may submit a written petition to Indenture Trustee directing that a vote be taken on whether to initiate an Asset Representations Review. Such written petition shall
specify the related Delinquency Trigger and Form 10-D filing that gave rise to the Noteholders’ direction. For the avoidance of doubt, as long as a Delinquency Trigger has occurred and is continuing, a
new 90-day petition period shall commence each month, beginning on the date on which Transferor discloses in the related distribution report on Form 10-D that the
Delinquency Trigger is continuing. 
 (ii)    If the requisite number of Noteholders submit a written
petition to Indenture Trustee directing that a vote be taken in accordance with this Section 4.19(d)(i) above, Indenture Trustee shall (A) promptly provide written notice of such direction to all Noteholders of Outstanding Notes at their
addresses appearing in the Note Register and (B) conduct a solicitation of votes of all Noteholders of Outstanding Notes to initiate an Asset Representations Review, which solicitation of votes shall remain open for a 90-day period which begins upon the date Indenture Trustee provided notice of the direction to the Noteholders. [With respect to Outstanding Notes that are Book-Entry Notes held through DTC, Indenture Trustee shall
conduct the vote pursuant to the voting guidelines promulgated by DTC relating to Notes registered in the name of its nominee, as described in clause (iii) of this Section 4.19(d) below.] [With respect to Outstanding Notes that are
Book-Entry Notes held through a Clearing Agency other than DTC or a Foreign Clearing Agency, Indenture Trustee shall conduct the vote pursuant to the voting guidelines promulgated by such Clearing Agency or Foreign Clearing Agency.] 

(iii)    [With respect to Outstanding Notes which are Book-Entry Notes held through DTC, DTC uses a proxy
service for voting purposes. Once DTC is notified, it creates an electronic proxy. DTC transfers the right to vote with respect to the related securities via the proxy to the DTC participants that hold positions with respect to the securities in
question as of the record date. A DTC participant is responsible for informing the beneficial owner of any action that requires a vote. The beneficial owner instructs the DTC participant via a proxy card or voting instruction form how to vote their
interest, and the DTC participant then casts the vote in accordance with the instructions from the beneficial owner.] [Reserved.] 

(iv)    If a vote in which an Asset Review Quorum participates occurs within the 90-day period pursuant to this Section 4.19(d)(ii) above and the Noteholders holding more than 50% of the Outstanding Amount of all Notes casting a vote direct that an Asset Representations Review be undertaken
(the 

  
 39 

 
“Review Satisfaction Date”), then Indenture Trustee shall promptly provide a Review Notice to Transferor, Servicer and all Noteholders of Outstanding Notes in the same manner described
above. For the purpose of determining whether the requisite percentage of Noteholders have given any direction, notice or consent under this Section 4.19: 

(A)    any Notes which Indenture Trustee knows are owned by Issuer, FNBO, Servicer, Transferor, any other
Holder of the Transferor Interest, the Asset Representations Reviewer or any of their respective Affiliates will be disregarded and deemed not to be Outstanding, 

(B)    any Notes so owned that have been pledged in good faith will not be disregarded and may be regarded
as Outstanding if the pledgee establishes to Indenture Trustee’s satisfaction the pledgee’s right so to act with respect to such Notes and that the pledgee is the Issuer, FNBO, Servicer, Transferor, any other Holder of the Transferor
Interest, the Asset Representations Reviewer or an Affiliate of any of Issuer, FNBO, Servicer, Transferor, any other Holder of the Transferor Interest or the Asset Representations Reviewer; and 

(C)    if any Noteholder who is not a record holder as reflected on the Note Register seeks to give a
direction, notice or consent, Indenture Trustee shall require such Noteholder to provide verification documents to confirm that it is a Verified Note Owner. 

(v)    Upon receipt of a Review Notice from Indenture Trustee as specified in this Section 4.19(d)(iv)
above, Servicer will promptly provide a copy of the Review Notice to the Asset Representations Reviewer and an Asset Representations Review will commence in accordance with the terms of the Asset Representations Review Agreement. In addition,
Transferor will include, in the Issuer’s distribution report on Form 10-D relating to the Monthly Period in which a vote described in this Section 4.19(d)(ii) above has occurred, a description of the
events which occurred during such Monthly Period that triggered the Asset Representations Review pursuant to Section 3.11(a)(iv)(A) of the Transfer and Servicing Agreement. 

(e)    Certain Restrictions Relating to Petitions, Votes and Asset Representations Reviews.
Notwithstanding any provisions of this Section 4.19 to the contrary, and subject to additional requirements and conditions set forth in this Section 4.19, for so long as a petition to direct that a vote be taken, a vote itself, or an Asset
Representations Review is underway in accordance with this Section 4.19(d)(i) above, this Section 4.19(d)(ii) above or the terms of the Asset Representations Review Agreement, respectively, the requisite number of Noteholders may not
initiate another 

  
 40 

 
petition, vote or Asset Representations Review unless and until such prior petition, vote or Asset Representations Review is completed. For the purposes of this Section 4.19(e): 

(i)    a petition will be considered completed only (A) if the petition does not result in a vote,
(B) if a vote occurs, such vote does not result in an Asset Representations Review or (C) if an Asset Representations Review occurs, at such time as Transferor, on behalf of Issuer, includes a summary of the Asset Representations
Reviewer’s final report setting forth the findings of its Asset Representations Review in a distribution report on Form 10-D in accordance with the terms of the Asset Representations Review Agreement;

 (ii)    a vote will be considered completed only (A) if the vote does not result in an Asset
Representations Review or (B) if an Asset Representations Review occurs, at such time as Transferor, on behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting forth the findings of its Asset
Representations Review in a distribution report on Form 10-D in accordance with the terms of the Asset Representations Review Agreement; and 

(iii)    an Asset Representations Review will be considered completed only at such time as Transferor, on
behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting forth the findings of its Asset Representations Review in a distribution report on Form 10-D in accordance
with the terms of the Asset Representations Review Agreement. 
 (f)    Cooperation with Asset
Representations Reviewer. Each of Indenture Trustee, Transferor, Servicer and Issuer hereby agrees to cooperate with Asset Representations Reviewer in the event an Asset Representations Review is commenced pursuant to this Section 4.19
and the Asset Representations Review Agreement and shall provide Asset Representations Reviewer with any documents or other information in its possession that is reasonably requested by Asset Representations Reviewer in connection with the Asset
Representations Review. 
 (g)    Procedures following Completion of Asset
Representations Review. Upon completion of an Asset Representations Review undertaken in accordance with the terms of the Asset Representations Review Agreement, Transferor will review Asset Representations Reviewer’s findings and
conclusions in its report relating to the Asset Representations Review and make a determination whether any non-compliance with Pool Asset Representations identified in such report constitutes a breach of any
contractual provision in the Transfer and Servicing Agreement or the Receivables Purchase Agreement, as applicable. If Transferor determines that such breach has occurred, it will provide written notice of such breach to Servicer, Indenture Trustee,
Owner Trustee, RPA Seller, if applicable, and each Enhancement Provider, if any. 

(h)    Resignation or Termination of Asset Representations Reviewer. If Asset Representations
Reviewer gives notice of its intent to resign or Servicer terminates the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the office of the Asset Representation Reviewer for
any reason, (the Asset Representations Reviewer in such event being referred to as the retiring Asset Representations Reviewer), Servicer shall engage and Issuer shall appoint a successor Asset Representations Reviewer in accordance with the
provisions of the Asset Representations Review Agreement. 

  
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 (i)    Expenses of Indenture Trustee; No Agency
Relationship. Any expenses incurred by Indenture Trustee in connection with a petition, a vote or an Asset Representations Review shall be subject to reimbursement pursuant to Section 6.07 of the Indenture. For the avoidance of
doubt, nothing in this Indenture Supplement should be construed to require Indenture Trustee to monitor the obligations or the actions of Asset Representations Reviewer or hold Indenture Trustee liable for the performance of Asset Representations
Reviewer or the failure of Asset Representations Reviewer to perform any obligation, duty or agreement in the manner or on the day required to be performed by Asset Representations Reviewer under the Asset Representations Review Agreement. 

Section 4.20. Appointment of Asset Representations Reviewer. Pursuant to the Asset Representations Review
Agreement, Servicer has engaged and Issuer has appointed FTI Consulting, Inc., a Maryland corporation, as the Asset Representations Reviewer to perform the obligations of the Asset Representations Reviewer set forth therein and herein, respectively.
Issuer hereby represents and warrants that the Asset Representations Reviewer (a) is not an Affiliate of FNBO, Transferor, Indenture Trustee or Owner Trustee and (b) has not been hired by FNBO to perform any
pre-closing due diligence work relating to the Receivables. 
 Section 4.21. Dispute
Resolution. 
 (a)    Notice of the Requesting Party to Refer Matter to Third-Party Mediation
or Third-Party Arbitration.  
 (i)    Repurchase Request Relating to the Transfer and
Servicing Agreement. If any Receivable is subject to repurchase by Transferor pursuant to Section 2.04 of the Transfer and Servicing Agreement and such repurchase is not resolved in accordance with the terms of the Transfer and Servicing
Agreement, then Indenture Trustee (at the direction of any Series 20[●]-[●] Noteholder or any Verified Note Owner), any Series 20[●]-[●] Noteholder or any Verified Note Owner (a “Requesting Party”) may submit, to
Transferor (a “Representing Party”), a written notice that the Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation and warranty (a “TSA “Repurchase Request”) and if such
TSA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such TSA Repurchase Request, then the Requesting Party shall have
the right to refer the matter, at its discretion, to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the
dispute resolution method selected by the Requesting Party. 
 (ii)    Repurchase Request Relating to
the Receivables Purchase Agreement. If any Receivable is subject to repurchase by RPA Seller pursuant to Section 6.01 or Section 6.02 of the Receivables Purchase Agreement, as applicable, and such repurchase is not resolved in
accordance with the terms of 

  
 42 

 
the Receivables Purchase Agreement, then Transferor, Indenture Trustee (at the direction of any Series 20[●]-[●] Noteholder or any Verified Note Owner), any Series
20[●]-[●] Noteholder or any Verified Note Owner (a “Requesting Party”) may submit to RPA Seller (a “Representing Party”), a written notice that the Representing Party is obligated to repurchase the Receivable due to
an alleged breach of a representation and warranty (a “RPA Repurchase Request”) and if such RPA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the
Representing Party’s receipt of such RPA Repurchase Request, then the Requesting Party shall have the right to refer the matter, at its discretion, to either third-party mediation (including non-binding
arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the dispute resolution method selected by the Requesting Party. 

For the purposes of this Section 4.21, clauses (iii), (iv), (v) and (vi) of paragraph (a) of this Section 4.21, paragraph
(b) of this Section 4.21, paragraph (c) of this Section 4.21 and paragraph (d) of this Section 4.21 apply to Section 4.21(a)(i) and (ii), as applicable. Hereafter, the defined term “Repurchase Request”
refers to either a TSA Repurchase Request or a RPA Repurchase Request, as the context requires. 

(iii)    At the end of the 180-day period described above, the
Representing Party may provide notice informing the Requesting Party of the status of its Repurchase Request or, in the absence of such notice, the Requesting Party may presume its Repurchase Request remains unresolved. 

(iv)    The Requesting Party must provide written notice of its intention to refer the matter to either
third-party mediation (including non-binding arbitration) or third-party binding arbitration to the Representing Party within 30 calendar days following such
180th day. 
 (v)    Dispute resolution to resolve
repurchase obligations will be available to the Requesting Party regardless of whether the requisite percentage of Noteholders voted to direct an Asset Representations Review or whether the Delinquency Trigger has occurred. 

(vi)    To the extent a Series 20[●]-[●] Note Owner is a Requesting Party, the Series
20[●]-[●] Note Owner must be a Verified Note Owner. The Series 20[●]-[●] Note Owner shall submit a copy of its Repurchase Request and the verification documentation specified in Article II of this Indenture Supplement under
the defined term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner has provided Indenture Trustee with evidence that it is a Verified Note Owner and shall provide such evidence to the
Issuer. 

  
 43 

 (b)    Provisions Applicable to Third-Party
Mediation. If the Requesting Party selects third-party mediation as the resolution method, the following provisions apply: 

(i)    The mediation will be administered by the AAA pursuant to the Rules. However, if any of the Rules
are inconsistent with the procedures applicable to third-party mediation or third-party arbitration in this Section 4.21, the procedures in this Section 4.21 shall control. 

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

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

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

(v)    A failure by the Requesting Party and the Representing Party to resolve the disputed matter through
mediation shall not preclude either party from seeking a resolution through the initiation of a judicial proceeding in a court of competent jurisdiction, subject to Section 4.21(d) below. 

(c)    Provisions Applicable to Third-Party Arbitration. If the Requesting Party selects
third-party arbitration as the resolution method, the following provisions will apply: 
 (i)    The
arbitration will be held in accordance with the United States Arbitration Act, notwithstanding any choice of law provision in the Indenture, and under the auspices of the AAA and in accordance with the Rules. However, if any of the Rules are
inconsistent with the procedures applicable to third-party arbitration in this Section 4.21, the procedures in this Section 4.21 shall control. 

(ii)    If the Repurchase Request involves the repurchase of an aggregate amount of Receivables of less
than five percent (5%) of the total Principal Receivables in the Trust as of the date of the Repurchase Request, a single arbitrator will be used. That arbitrator must be a Qualified Dispute Resolution Professional. Upon being supplied a list of at
least ten potential arbitrators that are each Qualified Dispute Resolution Professionals by the AAA, each of the Requesting Party and the Representing Party (as defined below) will have to the right to exercise two peremptory challenges within 14
days and to rank the 

  
 44 

 
remaining potential arbitrators in order of preference. The AAA will select the arbitrator from the remaining potential arbitrators on the list, respecting the preference choices of the parties
to the extent possible. 
 (iii)    If the Repurchase Request involves the repurchase of an aggregate
amount of Receivables equal to or in excess of five percent (5%) of the total Principal Receivables in the Trust as of the date of the Repurchase Request, a three-arbitrator panel will be used. The arbitral panel will consist of three Qualified
Dispute Resolution Professionals, (a) one to be appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of arbitration, (b) one to be appointed by the Representing Party
within five Business Days of the Requesting Party’s appointment of an arbitrator, and (c) the third arbitrator, who will preside over the arbitral panel, to be chosen by the two party-appointed arbitrators, within five Business Days of the
Representing Party’s appointment of an arbitrator. If any party fails to appoint an arbitrator or the two party-arbitrators fail to appoint a third within the relevant time periods, then the appointments will be made by the AAA pursuant to the
Rules. 
 (iv)    Each arbitrator selected for any arbitration will abide by the Code of Ethics for
Arbitrators in Commercial Disputes in effect at the time the arbitration is initiated. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of
interest or likely to preclude completion of the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias, conflict of interest or other serious potential for conflict. 

(v)    The Requesting Party and Representing Party each agree that it is their intention that after
consulting with the parties, the arbitrator or arbitral panel, as applicable, will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the proceeding and completing the
arbitration within 30 days after the appointment of the arbitrator or arbitral panel, as applicable. The arbitrator or the arbitral panel, as applicable, will have the authority to schedule, hear and determine any and all motions, including
dispositive and discovery motions, in accordance with New York law then in effect (including prehearings and post hearing motions), and will do so on the motion of any party to the arbitration. Notwithstanding any other discovery that may be
available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be limited to the following discovery in the arbitration: 

(A)    Consistent with the expedited nature of arbitration, the Requesting Party and the Representing
Party will, upon the written request of the other party, promptly provide the other with copies of documents relevant to the issues raised by any claim or counterclaim on which the producing party may rely in support of or opposition to the claim or
defense. 

  
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 (B)    At the request of a party, the arbitrator or the
arbitral panel, as applicable, shall have the discretion to order examination by deposition of witnesses to the extent the arbitrator or the arbitral panel deems such additional discovery relevant and appropriate. Depositions shall be limited to a
maximum of three (3) per party and shall be held within thirty (30) calendar days of the making of the request. Additional depositions may be scheduled only with the permission of the arbitrator or the arbitral panel, and for good cause
shown. Each deposition shall be limited to a maximum of three (3) hours duration. All objections are served for the arbitration hearing except for objections based on privilege and proprietary or confidential information. 

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

(vi)    The Requesting Party and the Representing Party each agree that it is their intention that the
arbitrator or the arbitral panel, as applicable, will resolve the dispute in accordance with the terms of the Transfer and Servicing Agreement or the Receivables Purchase Agreement, as applicable, and may not modify the Transfer and Servicing
Agreement or the Receivables Purchase Agreement, as applicable, in any way. The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive damages or consequential damages in any arbitration conducted. The Requesting
Party and the Representing Party each agree that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine and award the costs of the arbitration (including the fees of the arbitrator or the arbitral panel, as
applicable, the cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator or the arbitral panel, as applicable, in its reasonable discretion. For
the avoidance of doubt, in no event will Indenture Trustee (when acting as Requesting Party at the direction of Series 20[●]-[●] Noteholders) be liable in its individual capacity for such costs. The determination of the arbitrator or the
arbitral panel, as applicable, must be consistent with Sections 4.03 and 9.13 of the Transfer and Servicing Agreement or Sections 6.01 or 6.02, as applicable, of the Receivables Purchase Agreement, as the case may be, and will be in writing and
counterpart copies will be promptly delivered to the 

  
 46 

 
parties. The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the arbitral panel, as applicable, upon the motion and at the
expense of either party. Following that single reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered in and may be
enforce in, any court of competent jurisdiction, except in the case of fraud or corruption of the process. 

(vii)    By selecting third-party binding arbitration, the Requesting Party is giving up the right to sue
in court, including the right to trial by jury. 
 (viii)    No Person may bring a putative or certified
class action to arbitration. 
 (d)    Provisions Applicable to Third-Party Mediations and
Third-Party Arbitrations. The following provisions will apply to both third-party mediations and third party arbitrations: 

(i)    Any mediation or arbitration will be held in New York, New York. 

(ii)    Notwithstanding the dispute resolution provisions in this Section 4.21, the parties will have
the right to seek a temporary restraining order, a preliminary injunction or attachment order from a competent court of law, provided such relief would otherwise be available by law. 

(iii)    The details and/or the existence of any unfulfilled Repurchase Request, any informal meetings,
mediations or arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase request, and any discovery
undertaken in connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding; provided, however, that any discovery taken in
connection with any arbitration will be admissible in that particular arbitration. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts,
accountants and other agents and representatives, as reasonably required in connection with the related resolution procedure), except as otherwise required by law, regulatory requirement or court order. If any party to a resolution procedure
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide
the other party with the opportunity to object to the production of its confidential information. Any third party who receives confidential information (other than a governmental regulatory body) must, at the conclusion of the proceedings, submit an
affidavit that all such confidential information and any copies thereof were destroyed in a manner to protect such information from any subsequent disclosure. 

  
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 Section 4.22. Investor Communication. 

(a)    Following receipt of a written request by either Issuer or Indenture Trustee during any Monthly
Period (or receipt of written notice from Transferor that Transferor has received such a written request) from a Series 20[●]-[●] Noteholder or a Series 20[●]-[●] Note Owner (subject to the provisions of Section 4.22(b))
seeking to communicate with other Noteholders or Note Owners regarding the exercising their contractual rights under the terms of the Transaction Documents, either Issuer or Indenture Trustee shall provide a copy of the request to the other and
Indenture Trustee shall notify Transferor of any such request received by Issuer or Indenture Trustee. Issuer shall cause Transferor to include in the distribution report on Form 10-D relating to the Monthly
Period in which the request was received: (a) the name of the Series 20[●]-[●] Noteholder or Series 20[●]-[●] Note Owner, as applicable, delivering such request; (b) the date upon which the request was received;
(c) a statement to the effect that Issuer, Indenture Trustee or Transferor, as applicable, has in fact received such a request from a Series 20[●]-[●] Noteholder or a Series 20[●]-[●] Note Owner, as applicable, and that
such Series 20[●]-[●] Noteholder or Series 20[●]-[●] Note Owner, as applicable, is interested in communicating with other Noteholders or Note Owners with regard to the possible exercise of rights under the Transaction
Documents; and (d) a description of the method that other Noteholders or Note Owners may use to contact the requesting Series 20[●]-[●] Noteholder or Series 20[●]-[●] Note Owner, as applicable. 

(b)    If Issuer, Indenture Trustee or Transferor receives such request from a Series 20[●]-[●]
Note Owner, each of Issuer, Indenture Trustee and Transferor are entitled to verify that such Series 20[●]-[●] Note Owner is a Verified Note Owner prior to Transferor’s inclusion of any request from such Series 20[●]-[●]
Note Owner in any distribution report on Form 10-D. Such Series 20[●]-[●] Note Owner shall submit the verification documents specified in Article II of this Indenture Supplement under the defined
term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner has provided Indenture Trustee with evidence that it is a Verified Note Owner and shall provide such evidence to the Issuer. All
expenses relating to investor communication requests shall be paid by the Servicer from its own funds. 
 ARTICLE V 

DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS 

Section 5.01. Delivery and Payment for the Series
20[●]-[●] Notes. Issuer shall execute and issue, and Indenture Trustee shall authenticate, the Series 20[●]-[●] Notes in accordance with Section 2.03 of
the Indenture. Indenture Trustee shall deliver the Series 20[●]-[●] Notes to or upon the written order of Issuer when so authenticated. 

Section 5.02. Distributions. 

(a)    On each Distribution Date, Indenture Trustee shall distribute to each Class A Noteholder of
record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such
Distribution Date and that are payable to the Class A Noteholders pursuant to this Indenture Supplement. 

  
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 (b)    On each Distribution Date, Indenture Trustee
shall distribute to each Class B Noteholder of record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution
Account that are allocated and available on such Distribution Date and that are payable to the Class B Noteholders pursuant to this Indenture Supplement. 

(c)    On each Distribution Date, Indenture Trustee shall distribute to each Class C Noteholder of
record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such Class C Noteholder’s pro rata share of the amounts on deposit in the Distribution Account (including amounts withdrawn from the Spread
Account at the times and in the amounts specified in Section 4.11) that are allocated and available on such Distribution Date and that are payable to the Class C Noteholders pursuant to this Indenture Supplement. 

(d)    The distributions to be made pursuant to this Section 5.02 are subject to the provisions of
Sections 6.01 and 7.01 of the Transfer and Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this Indenture Supplement. 

(e)    Except as provided in Section 11.02 of the Indenture with respect to a final distribution,
distributions to Series 20[●]-[●] Noteholders hereunder shall be made by (i) check mailed to each Series 20[●]-[●] Noteholder (at such Noteholder’s address as it appears in the Note Register), except that for any
Series 20[●]-[●] Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made by wire transfer of immediately available funds and (ii) without presentation or surrender of any Series
20[●]-[●] Note or the making of any notation thereon. 
 Section 5.03. Reports and Statements to Series
20[●]-[●] Noteholders. 

(a)    The Indenture Trustee shall make the statement substantially in the form of Exhibit C prepared
by Servicer publicly available to the Series 20[●]-[●] Note Owners on its internet website. The Indenture Trustee’s website shall be initially located at https://pivot.usbank.com or at such other address as shall be specified by the
Indenture Trustee to the Series 20[●]-[●] Noteholders, the parties to the Transaction Documents and the Issuer (who shall promptly notify the same to the Rating Agencies, if any). Prior to obtaining access to the Indenture Trustee’s
website, the Indenture Trustee may require each Series 20[●]-[●] Note Owner to register with the Indenture Trustee using an electronic form available on the website. As part of the registration process, each Series 20[●]-[●]
Note Owner may be required to accept such terms, conditions and disclaimers and provide such certifications as the Indenture Trustee may, from time to time, require in accordance with its policies and procedures. The Indenture Trustee will make no
representations or warranties as to the accuracy or completeness of information provided by it that was based, in whole or in part, on information received from third parties, and 

  
 49 

 
will assume no responsibility for such information. The Indenture Trustee shall not be liable for the dissemination of information in accordance with the terms of this Indenture Supplement. The
Indenture Trustee will not be deemed to have knowledge of any information posted on its website solely by virtue of such posting. In addition, the Indenture Trustee may disclaim responsibility for any information for which it is not the original
source. Assistance in using the Indenture Trustee’s website may be obtained by calling its customer service desk at (866) 252-4360 and any Series 20[●]-[●] Noteholder or Series
20[●]-[●] Note Owner with questions may direct them to the Indenture Trustee’s bondholder services group at (800) 934-6802. 

(b)    Not later than the second Business Day preceding each Distribution Date, Servicer shall deliver to
Owner Trustee, Indenture Trustee, Paying Agent, any Enhancement Provider and each Rating Agency (i) a statement substantially in the form of Exhibit B prepared by Servicer and (ii) a certificate of an Authorized Officer substantially
in the form of Exhibit D; provided that Servicer may amend the form of Exhibit B from time to time, with the prior written consent of Indenture Trustee and provided further, that the information set forth in Section III of
Exhibit B may be provided once for all outstanding Series. 
 (c)    A copy of each statement
provided pursuant to paragraph (a) may be obtained by any Series 20[●]-[●] Noteholder by a request in writing to Servicer. 

(d)    On or before January 31 of each calendar year, beginning with January 31, 2019, Indenture
Trustee shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 20[●]-[●] Noteholder, a statement prepared by Servicer containing the information which is required to be
contained in the statement to Series 20[●]-[●] Noteholders, as set forth in paragraph (a) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Series 20[●]-[●]
Noteholder, together with other information as is required to be provided by an issuer of indebtedness under the Code. Such obligation of Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by Servicer pursuant to any requirements of the Code as from time to time in effect. 

Section 5.04. [Annual Servicer’s Certificate. 

(a)    For as long as Transferor is required to report under the Exchange Act and in order to comply with
Item 1122(d) and Item 1123 of Regulation AB, respectively, Servicer will provide the Servicing Criteria Compliance Report pursuant to Section 3.05(b) of the Transfer and Servicing Agreement and the Servicer Compliance Certificate pursuant to
Section 3.05 (a) of the Transfer and Servicing Agreement. To the extent Servicer is not obligated to provide the Servicing Criteria Compliance Report and the Servicer Compliance Certificate under the Transfer and Servicing Agreement, Servicer
may, at its option, continue to provide the Servicing Criteria Compliance Report and the Servicer Compliance Certificate, each, in the time and manner specified in Section 3.05 of the Transfer and Servicing Agreement or Servicer may provide, on
an annual basis, the certificate described in paragraph (b) of this Section 5.04. 

  
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 (b)    On or before March 31 of each calendar year,
Servicer will deliver to the Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency an Officer’s Certificate stating that (a) a review of the activities of Servicer during the
12-month period ending on December 31 of the prior calendar year, and of its performance under the Transfer and Servicing Agreement was made under the supervision of the officer signing such certificate,
(b) to the best of such officer’s knowledge based on such review, Servicer has fully performed all its obligations under the Transfer and Servicing Agreement throughout such period, or, if there has been a default in the performance of any
such obligation, specifying each such default known to such officer and the nature and status thereof, (c) during such period, for each outstanding Series, Servicer prepared the monthly items required by Section 3.04(b) of the Transfer and
Servicing Agreement and each other monthly report required by the applicable Indenture Supplement in accordance with Section 3.04(b) of the Transfer and Servicing Agreement and the applicable provisions of each such Indenture Supplement,
(d) the amounts included in such reports agree with the computer records of Servicer and (e) the calculated amounts included in such reports are mathematically correct and made in accordance with the applicable definitions in the Transfer
and Servicing Agreement and the other applicable Transaction Documents (the “Annual Servicer Certificate.”) A copy of the Annual Servicer Certificate may be obtained by any Series 20[●]-[●] Noteholder by a request in writing to
Indenture Trustee addressed to the Corporate Trust Office.] 
 Section 5.05. [Annual Independent Accountants Servicing Report.

 (a)    For as long as Transferor is required to report under the Exchange Act and in order to comply
with Item 1123 of Regulation AB, Servicer shall, pursuant to Section 3.06(a) of the Transfer and Servicing Agreement, provide to Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency, a copy of the attestation report
specified in Section 3.06(a) of the Transfer and Servicing Agreement. To the extent Servicer is not obligated to provide an attestation report under the Transfer and Servicing Agreement, Servicer may, at its option, continue to provide such
attestation report, in the time and manner specified in Section 3.06(a) of the Transfer and Servicing Agreement or Servicer may provide, on an annual basis, the accountants servicing report described in paragraph (b) of this
Section 5.05. 
 (b)    On or before March 31 of each fiscal year, Servicer shall provide to
Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency, a copy of the report required by 12 C.F.R. § 363.3(b) (or any comparable successor regulation) from a firm of nationally recognized independent certified
public accountants (who may also render other services to Servicer or Transferor) to the effect that, in accordance with attestation standards established by the American Institute of Certified Public Accountants, such firm has examined
Servicer’s assertion that it maintained effective internal accounting controls during the preceding calendar year, and that such firm is of the opinion that Servicer’s assertion is fairly stated in all material respects, based on the
criteria established in “Internal Control–Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. A copy of such report may be obtained by any Series 20[●]-[●] Noteholder by a
request in writing to Indenture Trustee addressed to the Corporate Trust Office.] 

  
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 ARTICLE VI 

SERIES 20[●]-[●] PAY OUT EVENTS 

If any one of the following events shall occur with respect to the Series 20[●]-[●] Notes: 

(a)    failure on the part of Transferor (i) to make any payment or deposit required to be made by it
by the terms of the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five (5) Business Days after the date such payment or deposit is required to be made therein or herein or
(ii) duly to observe or perform in any material respect any other of its covenants or agreements set forth in the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement, which failure has a material adverse effect on the
Series 20[●]-[●] Noteholders which continues unremedied for a period of sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Transferor by Indenture
Trustee, or to Transferor and Indenture Trustee by Holders of Series 20[●]-[●] Notes evidencing more than 25% of the Note Principal Balance and which continues to materially and adversely affect the interests of the Series
20[●]-[●] Noteholders; 
 (b)    any representation or warranty made by Transferor under the
Transfer and Servicing Agreement, or any supplement to either of them, 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
sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Transferor by Indenture Trustee, or to Transferor and Indenture Trustee by Holders of Series
20[●]-[●] Notes evidencing more than 25% of the Note Principal Balance and as a result of which the interests of the Noteholders are materially and adversely affected and continue to be materially and adversely affected for such period;
provided, however, that a Series 20[●]-[●] Pay Out Event pursuant to this paragraph (b) of Article VI shall not be deemed to have occurred hereunder if Transferor has accepted reassignment of the related Receivable, or all of
such Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing Agreement; 

(c)    a failure by Transferor under the Transfer and Servicing Agreement to convey Receivables arising
under Additional Accounts to the Trust within five Business Days after the day on which it is required to convey such Receivables pursuant to Section 2.06(a) of the Transfer and Servicing Agreement provided that such failure shall not give
rise to a Pay Out Event if, prior to the date on which such conveyance was required to be completed, Transferor causes a reduction in the invested amount of any Variable Interest to occur, so that, after giving effect to that reduction, the
Transferor Interest is not less than the Minimum Transferor Interest and the Aggregate Principal Receivables are not less than the Minimum Aggregate Principal Receivables; 

(d)    any Servicer Default shall occur that would have a material adverse effect on the Series
20[●]-[●] Noteholders; 

  
 52 

 (e)    the Portfolio Yield averaged over three
consecutive Monthly Periods is less than the Base Rate averaged over such period; 
 (f)    the Note
Principal Balance shall not be paid in full on the Expected Principal Payment Date; 
 (g)    without
limiting the foregoing, the occurrence of an Event of Default with respect to Series 20[●]-[●] pursuant to Section 5.02 of the Indenture and acceleration of the maturity of the Series 20[●]-[●] Notes pursuant to
Section 5.03 of the Indenture; or 
 (h)    the occurrence of a Trust Pay Out Event as defined in
the Indenture; 
 then, in the case of any event described in paragraphs (a), (b) or (d) of this Article VI, after the applicable grace period, if any,
set forth in such paragraphs, either Indenture Trustee or the holders of Series 20[●]-[●] Notes evidencing more than 50% of the aggregate unpaid principal amount of Series 20[●]-[●] Notes by notice then given in writing to
Transferor and Servicer (and to Indenture Trustee if given by the Series 20[●]-[●] Noteholders) may declare that a “Series Pay Out Event” with respect to Series 20[●]-[●] (a “Series 20[●]-[●] Pay
Out Event”) has occurred as of the date of such notice, and, in the case of any event described in paragraphs (c), (e), (f), (g) or (h) of this Article VI, a Series 20[●]-[●] Pay Out Event shall occur without any notice or
other action on the part of Indenture Trustee or the Series 20[●]-[●] Noteholders immediately upon the occurrence of such event. 

ARTICLE VII 

REDEMPTION; 
 FINAL
DISTRIBUTIONS; SERIES TERMINATION 
 Section 7.01. Optional Redemption of Series
20[●]-[●] Notes; Final Distributions. 

(a)    On any day occurring on or after the date on which the outstanding principal balance of the Series
20[●]-[●] Notes is reduced to 10% or less of the initial Note Principal Balance of the Series 20[●]-[●] Notes, Servicer shall have the option to direct Transferor to redeem the Series 20[●]-[●] Notes, 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. This
option shall not be exercisable if the purchase price (reduced by the amount on deposit in the Principal Accumulation Account available for distribution to Noteholders) exceeds the lesser of the estimated fair value, or the par value plus accrued
interest, of a portion of the Receivables in Eligible Accounts then designated to the Trust equal to the Collateral Amount. 

(b)    Servicer shall give Indenture Trustee at least thirty (30) days’ prior written notice
of the date on which Servicer intends to direct Transferor to make such optional redemption. Not later than 12:00 noon, New York City time, on such day Transferor shall deposit into the Finance Charge Account and Principal Account, as
applicable, in immediately available funds the excess of the Reassignment Amount over the amount, if any, on deposit in the Principal Accumulation Account. Such redemption option is 

  
 53 

 
subject to payment in full of the Reassignment Amount. Following such deposit into the Finance Charge Account and Principal Account in accordance with the foregoing, the Collateral Amount for
Series 20[●]-[●] shall be reduced to zero and the Series 20[●]-[●] Noteholders shall have no further security interest in the Receivables. The Reassignment Amount shall be distributed as set forth in paragraph (d) of
this Section 7.01. 
 (c)    The amount to be paid by Transferor with respect to Series
20[●]-[●] in connection with a reassignment of Receivables to Transferor pursuant to Section 2.04(e) of the Transfer and Servicing Agreement shall equal the Reassignment Amount for the Distribution Date related to the Reassignment
Date. 
 (d)    With respect to (a) the Reassignment Amount deposited into the Finance Charge
Account and Principal Account pursuant to this Section 7.01 or (b) the proceeds of any sale of Receivables pursuant to Section 5.05(a)(iii) of the Indenture with respect to Series 20[●]-[●], Indenture Trustee shall, in
accordance with the written direction of Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make 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 Note Principal Balance on such Distribution Date will be distributed to the Class A
Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest Payment for such Distribution Date, (B) any Class A Interest Shortfall for such Distribution Date and (C) the amount of Class A Default
Interest, if any, for such Distribution Date and any Class A Default Interest previously due but not distributed to the Class A Noteholders on any prior Distribution Date, will be distributed to the Class A Noteholders,
(ii) (x) the Class B Note Principal Balance on such Distribution Date will be distributed to the Class B Noteholders and (y) an amount equal to the sum of (A) Class B Monthly Interest Payment for such Distribution
Date, (B) any Class B Interest Shortfall for such Distribution Date and (C) the amount of Class B Default Interest, if any, for such Distribution Date and any Class B Default Interest previously due but not distributed to
the Class B Noteholders on any prior Distribution Date, will be distributed to the Class B Noteholders, (iii) (x) the Class C Note Principal Balance on such Distribution Date will be distributed to the Class C
Noteholders and (y) an amount equal to the sum of (A) Class C Monthly Interest Payment for such Distribution Date, (B) any Class C Interest Shortfall for such Distribution Date, (C) the amount of Class C Default
Interest, if any, for such Distribution Date and any Class C Default Interest previously due but not distributed to the Class C Noteholders on any prior Distribution Date will be distributed to the Class C Noteholders and
(iv) any excess shall be released to Issuer. 
 Section 7.02. Series Termination. On the Series
20[●]-[●] Final Maturity Date, the unpaid principal amount of the Series 20[●]-[●] Notes shall be due and payable, and the right of the Series 20[●]-[●] Noteholders to receive payments from Issuer will be limited
solely to the right to receive payments pursuant to Section 5.05 of the Indenture. References to the Series Termination Date in Articles IV and V of the Indenture shall be deemed to be references to the Series 20[●]-[●] Final
Maturity Date. 

  
 54 

 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.01. Ratification of Indenture; Amendments. As supplemented by this Indenture Supplement, the
Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. This Indenture Supplement may be amended only by a Supplemental
Indenture entered in accordance with the terms of Section 10.01 or 10.02 of the Indenture. For purposes of the application of Section 10.02 of the Indenture to any amendment of this Indenture Supplement, the Series 20[●]-[●]
Noteholders shall be the only Noteholders whose vote shall be required. Notwithstanding the provisions of Section 10.02 of the Indenture and Section 9.01(b) of the Transfer and Servicing Agreement, this Indenture Supplement may be amended
to increase the Series Servicing Fee Percentage with the consent of the Holders of Notes representing more than 662⁄3% of the principal balance of each
Class of the Outstanding Series 20[●]-[●] Notes and upon compliance with the other provisions of such sections, as applicable, including satisfaction of the Series Rating Agency Condition. 

Section 8.02. Amendments to Asset Representations Review Agreement. The Indenture Trustee and each Series
20[●]-[●] Noteholder, by its acceptance of a Series 20[●]-[●] Note, acknowledge that RPA Seller, Transferor, Servicer, Issuer and the Asset Representations Reviewer may amend the Asset Representations Review Agreement,
including the content of any exhibit or schedule to the Asset Representations Review Agreement, without the consent of the Indenture Trustee or any Holders of the Series 20[●]-[●] Notes; provided that such amendment shall not, in the
reasonable belief of Transferor, adversely affect in any material respect the interests of the Series 20[●]-[●] Noteholders or Indenture Trustee (as evidenced by an Officer’s Certificate of Transferor delivered to Servicer and
Indenture Trustee). 
 Section 8.03. Form of Delivery of the Notes. The Class A Notes[, the
Class B Notes and the Class C Notes] shall be Book-Entry Notes and shall be delivered as Registered Notes to U.S. Bank National Association, as agent for [DTC, Clearstream and Euroclear Bank
S.A./N.V.,] as provided in Sections 2.01, 2.03 and 2.12 of the Indenture. [The Class B Notes [and the Class C Notes] shall be Definitive Notes and shall be registered in the Note Register in the name of the purchaser or purchasers
identified in the applicable Note Purchase Agreement.] 
 Section 8.04. Counterparts. This Indenture
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 8.05. Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEBRASKA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 8.06. Limitation of Liability. Notwithstanding any other provision herein or elsewhere, this
Indenture Supplement has been executed and delivered by Wilmington Trust 

  
 55 

 
Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in
respect of the representations, warranties, or obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of Issuer, and for all purposes of this Indenture Supplement and each other
document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

Section 8.07. Rights of Indenture Trustee. For the avoidance of doubt, the Indenture Trustee undertakes to
perform only such duties as are specifically set forth in this Indenture Supplement, the Indenture and the other Transaction Documents and as such, shall have no obligation or responsibility to monitor or enforce compliance with Regulation RR, nor
shall it be liable to any Person for any violation of Regulation RR; provided, that nothing in this Section 8.07 shall alter the Indenture Trustee’s duties, obligations or standard of care as set forth in the Indenture, this Indenture
Supplement and the other Transaction Documents. Indenture Trustee shall have herein the same rights, protections, indemnities and immunities as specified in the Indenture. 

Section 8.08. Additional Requirements for Registration of and Limitations on Transfer and Exchange
of Notes. [All transfers will be subject to the transfer restrictions set forth in the Notes.] 

(a)    All transfers will be subject to the transfer restrictions set forth in the Notes, as set forth as
Exhibits A-1, A-2 and A-3, as applicable. The [Class B Notes and Class C Notes] [Class C Notes] may be subject to additional
transfer restrictions as set forth in the [applicable] Note Purchase Agreement. 
 (b)    The [Class B
Notes and Class C Notes] [Class C Notes] have not been, and will not be, registered under the Securities Act or any state securities law. The [Class B Notes and the Class C Notes] [Class C Notes] will be offered and sold only to
“accredited investors,” as defined in Rule 501 promulgated under the Securities Act, purchasing for their own accounts or to an “accredited investor” purchasing for a single account (which is an institutional “accredited
investor”) as to which the purchaser exercises sole investment discretion. No reoffer, resale, pledge or other transfer of any [Class B Notes and Class C Notes] [Class C Notes] or any interest therein or participation thereof subsequent to
the initial purchase from the Transferor will be made unless such resale or transfer is made pursuant to Rule 144A under the Securities Act to a Person whom the seller of the [Class B Notes or Class C Notes] [Class C Notes] reasonably believes
is a QIB purchasing for its own account or a QIB purchasing for the account of a QIB, whom the seller has informed, in each case, that the reoffer, resale, pledge or other transfer is being made in reliance Rule 144A and Transferor delivers to
Indenture Trustee a Certificate in the form of Exhibit E.] 
 Section 8.09. Notices to Rating Agencies and
Indenture Trustee. (a) Where this Indenture Supplement, the Indenture or any other Transaction Agreement provides for notice to the Rating Agencies, such notice shall be sufficiently given to each Rating Agency (unless otherwise herein or
therein expressly provided) if in writing and mailed by first class mail, postage prepaid, or delivered by a national overnight courier service, or delivered by facsimile transmission to such mailing address or facsimile number as may be provided by
such Rating Agency. 

  
 56 

 (b)    Where this Indenture Supplement, the Indenture or
any other Transaction provides for notice to the Indenture Trustee, such notice shall be sufficient for every purpose thereunder or hereunder if made, given, furnished or filed, in writing, by facsimile transmission, or by courier or overnight
delivery to its Corporate Trust Office, or any other address or through other means acceptable to Indenture Trustee previously furnished in writing in accordance with Section 12.04 of the Indenture. 

[Remainder of page intentionally left blank] 

  
 57 

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

			
	 FIRST NATIONAL MASTER NOTE TRUST,

as Issuer

		
	By	 	Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
		
	By	 	
                     
                                         
       

	Name	 	  

	Title	 	  

	
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By	 	
                     
                                        

	Name	 	  

	Title	 	  

 

			
	Acknowledged and Accepted:
	
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 FIRST NATIONAL FUNDING LLC,
 as
Transferor

		
	By:	 	 First National Funding Corporation,
 its
Managing Member

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT A-1 

FORM OF 
 CLASS A ASSET
BACKED NOTE, SERIES 20[●]-[●] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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. 
 THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR
ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR
LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS
A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREES TO TREAT THE CLASS A NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME. 
 THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGES THAT IT IS NOT PART OF THE
ISSUER’S “EXPANDED GROUP” WITHIN THE MEANING OF TREASURY REGULATIONS UNDER SECTION 385 OF THE CODE, OR IT HAS OBTAINED AND PROVIDED AN OPINION OF NATIONALLY RECOGNIZED TAX COUNSEL EXPERIENCED IN SUCH MATTERS THAT UNDER THE EXISTING
LAW, ITS ACQUISITION OF A NOTE WILL NOT CAUSE SECTION 385 OF THE CODE, AND THE TREASURY REGULATIONS PROMULGATED THEREUNDER, TO APPLY TO THE CLASS A NOTE. 

THE HOLDER OF THIS CLASS A NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN
ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT
PLAN OR PLAN IN SUCH ENTITY, OR A GOVERNMENTAL PLAN, NON U.S. PLAN OR CHURCH PLAN SUBJECT 

 
TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE; OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE
CLASS A NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, NON U.S. PLAN OR CHURCH PLAN, A NON-EXEMPT VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW). 

  
 A1-2 

			
	REGISTERED	  	$[●]*
	No. [●]	  	CUSIP NO. [●]
		  	ISIN NO. [●]

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES 20[●]-[●] 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by the Second Amended and
Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions, the principal sum of [●] DOLLARS, or such greater or
lesser amount as determined in accordance with the Indenture, on the [●] [●], 20[●] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid principal amount of this Note at
the Class A Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year [of twelve 30-day months] [and the actual number of days elapsed]. Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by or on behalf of Indenture Trustee, by manual signature, this Note shall
not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

This Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the
Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of
Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

 
  

	* 	 Denominations of $[100,000][1,000] and integral multiples of $1,000 in excess thereof. 

  
 A1-3 

 IN WITNESS WHEREOF, Issuer has caused this Class A Note to be duly executed. 

 

			
	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
		
	By	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

 
			
		
	By	 	
                     

	Name	 	  

	Title	 	  

 Dated: [●] [●], 20[●] 

  
 A1-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class A Notes described in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By	 	  

		 	Authorized Signatory

 
			
	Dated	 	  

  
 A1-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES 20[●]-[●] 

SUMMARY OF TERMS AND CONDITIONS 

This Class A Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series
20[●]-[●] (the “Series 20[●]-[●] Notes”), issued under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and U.S. Bank National
Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of [●] [●], 20[●] (the “Indenture Supplement”), and representing the right to receive certain
payments from Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in
this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class B Notes and the Class C Notes will also be issued under the Indenture. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of Issuer allocated to the payment of this
Note for payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of Indenture Trustee as expressly provided in the Indenture,
subject to any liability under the Indenture. 
 This Note does not purport to summarize the Indenture and reference is made to the
Indenture for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of Indenture Trustee. 

THIS CLASS A NOTE REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE COLLATERAL UP TO THE COLLATERAL AMOUNT AND
ANY OTHER PORTION OF THE COLLATERAL THAT MAY BE AVAILABLE FOR YOUR SERIES OF NOTES UNDER THE INDENTURE. THIS CLASS A NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF
OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

Issuer, Transferor, Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee shall treat the person in whose name this
Class A Note is registered as the owner hereof for all purposes, and neither Issuer, Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture Trustee shall be affected by notice to the contrary. 

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

  
 A1-6 

 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:
                                         
                                         
      	 	  
	 	** 
		 	Signature Guaranteed:	 	

  
  

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

  
 A1-7 

 EXHIBIT A-2 

FORM OF 
 CLASS B ASSET
BACKED NOTE, SERIES 20[●]-[●] 
 [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.] [FOR USE IF CLASS B NOTE IS A BOOK-ENTRY NOTE.] 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS
PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.] [FOR USE IF CLASS B NOTE IS ISSUED AS A DEFINITIVE NOTE AND PRIVATELY
PLACED.] 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST
NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE
TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREES TO TREAT THE CLASS B NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS B NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 

 
OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR (V) A PERSON
INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 

  
 A2-2 

			
	REGISTERED	  	$[●]*
	No. [●]	  	CUSIP NO. [●]
	 	  	ISIN NO. [●]

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES 20[●]-[●] 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended and
Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to [Cede & Co.] [●], or registered assigns, subject to the following provisions, the principal sum of [●] DOLLARS, or such
greater or lesser amount as determined in accordance with the Indenture, on the [●] [●], 20[●] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid principal amount of
this Note at the Class B Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year [of twelve 30-day months] [and the actual number of days elapsed]. Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by or on behalf of Indenture Trustee, by manual signature, this Note shall
not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

This Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the
Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of
Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE
INDENTURE SUPPLEMENT. 
  
  

	*	 Denominations of $[100,000][1,000] and integral multiples of $1,000 in excess thereof. 

  
 A2-3 

 IN WITNESS WHEREOF, Issuer has caused this Class B Note to be duly executed. 

 

			
	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
		
	By	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By	 	  

	Name	 	  

	Title	 	  

 Dated: [●] [●], 20[●] 

  
 A2-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class B Notes described in the within-mentioned Indenture. 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

		
	By	 	
                     
                                         
  

		 	 Authorized Signatory

			
	 Dated
	 	
                     
           

  
 A2-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES 20[●]-[●] 

SUMMARY OF TERMS AND CONDITIONS 

This Class B Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series
20[●]-[●] (the “Series 20[●]-[●] Notes”), issued under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and U.S. Bank National
Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of [●] [●], 20[●] (the “Indenture Supplement”), and representing the right to receive certain
payments from Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in
this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes and the Class C Notes will also be issued under the Indenture. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of Issuer allocated to the payment of this
Note for payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of Indenture Trustee as expressly provided in the Indenture,
subject to any liability under the Indenture. 
 This Note does not purport to summarize the Indenture and reference is made to the
Indenture for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of Indenture Trustee. 

THIS CLASS B NOTE REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE COLLATERAL UP TO THE COLLATERAL AMOUNT AND
ANY OTHER PORTION OF THE COLLATERAL THAT MAY BE AVAILABLE FOR YOUR SERIES OF NOTES UNDER THE INDENTURE. THIS CLASS B NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF
OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

Issuer, Transferor, Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee shall treat the person in whose name this
Class B Note is registered as the owner hereof for all purposes, and neither Issuer, Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture Trustee shall be affected by notice to the contrary. 

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

  
 A2-6 

 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:
	 	  
	 		    	  
	 	** 
		 		 		    	Signature Guaranteed:	 	

  
  

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

  
 A2-7 

 EXHIBIT A-3 

FORM OF 
 CLASS C ASSET
BACKED NOTE, SERIES 20[●]-[●] 
 [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.] [FOR USE IF CLASS C NOTE IS A BOOK-ENTRY NOTE.] 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS
PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.[ [FOR USE IF THE CLASS C NOTE IS ISSUED AS A DEFINITIVE NOTE AND PRIVATELY
PLACED.] 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST
NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE
TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREES TO TREAT THE CLASS C NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 

 
4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR (V) A PERSON
INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 

  
 A3-2 

			
	REGISTERED	  	$[●]*
	No. [●]	  	CUSIP NO. [●]
		  	ISIN NO. [●]

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES 20[●]-[●] 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended and
Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to [Cede & Co.] [●], or registered assigns, subject to the following provisions, the principal sum of [●] DOLLARS, or such
greater or lesser amount as determined in accordance with the Indenture, on the [●] [●], 20[●] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid principal amount of
this Note at the Class C Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year [of twelve 30-day months] [and the actual number of days elapsed]. Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by or on behalf of Indenture Trustee, by manual signature, this Note shall
not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

This Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the
Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of
Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES AND THE CLASS B NOTES TO THE
EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT. 
  
  

	* 	 Denominations of $[100,000][1,000] and integral multiples of $1,000 in excess thereof. 

  
 A3-3 

 IN WITNESS WHEREOF, Issuer has caused this Class C Note to be duly executed. 

 

			
	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
		
	By	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By	 	
                     
                                         
                   

	Name	 	  

	Title	 	  

 Dated: [●] [●], 20[●] 

  
 A3-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Class C Notes described in the within-mentioned Indenture. 

 

			
	 U.S. BANK NATIONAL ASSOCIATION, as

Indenture Trustee

		
	By	 	  

		 	Authorized Signatory

 
			
	Dated	 	  

  
 A3-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES 20[●]-[●] 

SUMMARY OF TERMS AND CONDITIONS 

This Class C Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series
20[●]-[●] (the “Series 20[●]-[●] Notes”), issued under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and U.S. Bank National
Association, as indenture trustee (“Indenture Trustee”), as supplemented by the Indenture Supplement dated as of [●] [●], 20[●] (the “Indenture Supplement”), and representing the right to receive certain
payments from Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in
this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes and the Class B Notes will also be issued under the Indenture. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of Issuer allocated to the payment of this
Note for payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of Indenture Trustee as expressly provided in the Indenture,
subject to any liability under the Indenture. 
 This Note does not purport to summarize the Indenture and reference is made to the
Indenture for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of Indenture Trustee. 

THIS CLASS C NOTE REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE COLLATERAL UP TO THE COLLATERAL AMOUNT AND
ANY OTHER PORTION OF THE COLLATERAL THAT MAY BE AVAILABLE FOR YOUR SERIES OF NOTES UNDER THE INDENTURE. THIS CLASS C NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF
OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

Issuer, Transferor, Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee shall treat the person in whose name this
Class C Note is registered as the owner hereof for all purposes, and neither Issuer, Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture Trustee shall be affected by notice to the contrary. 

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

  
 A3-6 

 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:	 	  
	 		 	  
	 	** 
		 		 		 	Signature Guaranteed:	 	

  
  

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

  
 A3-7 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO INDENTURE TRUSTEE 

FIRST NATIONAL MASTER NOTE TRUST 

SERIES 20[●]-[●] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer and First National
Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 A.    Capitalized
terms used in this Certificate have their respective meanings set forth in the Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Indenture”), between Issuer and U.S. Bank National Association, as
indenture trustee (“Indenture Trustee”), as supplemented by the Series 20[●]-[●] Indenture Supplement dated as of [●] [●], 20[●] between Issuer and Indenture Trustee (as amended and supplemented, the
“Indenture Supplement”). 
 B.    FNBO is Servicer. 

C.    The undersigned is an Authorized Officer of Servicer. 

I.    INSTRUCTION TO MAKE [DEPOSITS AND] WITHDRAWALS ON THE TRANSFER DATE ON
            , 20    . 
 [From the aggregate
Collections wired to the Indenture Trustee with respect to the Related Monthly Period on the Transfer Date, the Indenture Trustee shall make deposits to the Series Accounts for Series 20[●]-[●] as follows: 

 

					
	 To the Finance Charge Account
	  	$	             	 
	 To the Principal Account
	  	$	             	 

 [TO BE USED IF SERVICER IS PERMITTED TO MAKE MONTHLY DEPOSITS PURSUANT TO THE TRANSFER AND SERVICING
AGREEMENT.] 
 Pursuant to Section 4.09, Servicer does hereby instruct Indenture Trustee to transfer from the Principal Accumulation
Account to the Finance Charge Account, the Principal Accumulation Investment Earnings on deposit in the Principal Accumulation Account, if any, [and the Investment Earnings on deposit in the Pre-Funding
Account] for application as Available Finance Charge Collections in the following amount[s] and to deposit Investment Earnings, if any, on the funds on deposit in the Principal Account, the Finance Charge Account and the Distribution Account to an
account designated by Servicer all on the Transfer Date specified above: 
  

					
	 Investment Earnings from Principal Accumulation Account to the Finance Charge Account
	  	$	             	 
	 [Investment Earnings from Pre-Funding Account to the
Finance Charge Account
	  	$	             	] 
		
	 Investment Earnings on Principal Account, Finance Charge Account and Distribution Account to the
order of Servicer
	  	$	             	 

 Pursuant to Section 4.10, Servicer does hereby instruct Indenture Trustee to withdraw
funds from the Reserve Account, and deposit such funds, all in accordance with Section 4.10, in the following amounts and on the Transfer Date specified above: 
  

					
	A.	  	Investment Earnings (to the extent not required for Required Reserve Account Amount) for deposit on the Transfer Date to Finance Charge Account pursuant to Section 4.10(b)	  	$            
			
	B.	  	On each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, the Reserve Draw Amount (reduced by amounts otherwise available under Section 4.04(a)(vii) for deposit to the Reserve Account on
such Transfer Date) for deposit into the Finance Charge Account pursuant to Section 4.10(d)	  	$            
			
	C.	  	Reserve Account Surplus, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to the Transfer Date, for deposit to the Spread Account to the extent required to meet Required Spread Account
Amount, pursuant to Section 4.10(e)	  	$            
			
	D.	  	Remaining Reserve Account Surplus, if any, for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(e)	  	$            

  
 B-2 

					
	E.	  	On (i) Transfer Date preceding Expected Principal Payment Date, (ii) first Transfer Date relating to Rapid Amortization Period or (iii) termination of the Trust pursuant to Article VII of the Trust Agreement,
after all payments set forth above, all remaining funds, for deposit to the Spread Account to the extent required to meet Required Spread Account Amount, pursuant to Section 4.10(f)	  	$            
			
	F.	  	After application pursuant to (E) above, all remaining funds for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(f)	  	$            

 Pursuant to Section 4.11, Servicer does hereby instruct Indenture Trustee to withdraw funds from the
Spread Account, and deposit such funds, all in accordance with Section 4.11, in the following amounts and on the Transfer Date specified above: 
  

					
	A.	  	On the earlier of the Series Termination Date and the day after acceleration of the Notes following an Event of Default, for deposit of the Available Spread Account Amount to the Distribution Account to pay principal, pursuant to
Section 4.11(e)	  	$            
			
	B.	  	On any Transfer Date, for deposit to the Distribution Account, pursuant to Section 4.11(c), to the extent required for the deposit to be made pursuant to Section 4.04(a)(iv) (reduced by Available Finance Charge
Collections used for such deposit and using Investment Earnings on the Spread Account, if needed)	  	$            
			
	C.	  	When the Principal Balance of the Class A Notes and the Class B Notes has been paid in full, for deposit to the Distribution Account, pursuant to Section 4.11(d), to the extent required to reduce Class C Note
Principal Balance to zero, and using Investment Earnings on Spread Account, if needed	  	$            

  
 B-3 

							
	 D.
	  	On any Transfer Date, Investment Earning on the Spread Account, after application above, to the extent not required to maintain Required Spread Account Amount pursuant to Section 4.11(f), for distribution to the Holder of the
Transferor Interest, pursuant to Section 4.11(b)	  	$	             	 
			
	 E.
	  	On any Transfer Date, after application above, excess over Required Spread Account Amount for deposit to the Finance Charge Account for application as Available Finance Charge Collections pursuant to Section 4.11(g)	  	$	             	 
			
		  	[INSERT INFORMATION FOR PRE-FUNDING ACCOUNT, IF USED.]	  			

 Pursuant to Section 4.04, Servicer does hereby instruct Indenture Trustee (i) to make withdrawals
from the Finance Charge Account on the Transfer Date specified above, in an aggregate amount equal to the Available Finance Charge Collections, as set forth below and (ii) to apply the proceeds of such withdrawals in accordance with
Section 4.04(a): 
  

					
	A.	  	Pursuant to Section 4.04(a)(i), for deposit to the Distribution Account:	  	
			
		  	Class A Monthly Interest Payment for the related Interest Period	  	$            
			
		  	Class A Interest Shortfall due to Class A Noteholders	  	$            
			
		  	Class A Default Interest for the related Distribution Date	  	$            
			
		  	Class A Default Interest previously due but not distributed to Class A Noteholders	  	$            
			
	B.	  	Pursuant to Section 4.04(a)(ii), for deposit to the Distribution Account:	  	
			
		  	Class B Monthly Interest Payment for the related Interest Period	  	$            
			
		  	Class B Interest Shortfall due to Class B Noteholders	  	$            
			
		  	Class B Default Interest for the related Distribution Date	  	$            
			
		  	Class B Default Interest previously due but not distributed to Class B Noteholders	  	$            

  
 B-4 

							
	 C.
	  	Pursuant to Section 4.04(a)(iii), for distribution to the Servicer:	 			
			
		  	Noteholder Servicing Fee for the related Distribution Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Distribution Date	 	$	             	 
			
	 D.
	  	Pursuant to Section 4.04(a)(iv), for deposit into the Distribution Account:	 			
			
		  	Class C Monthly Interest Payment for the preceding Interest Period	 	$	             	 
			
		  	Class C Interest Shortfall due to Class C Noteholders	 	$	             	 
			
		  	Class C Default Interest for the related Distribution Date	 	$	             	 
			
		  	Class C Default Interest previously due but not distributed to Class C Noteholders	 	$	             	 
			
	 E.
	  	Pursuant to Section 4.04(a)(v), for deposit to the Principal Account:	 			
			
		  	Investor Default Amount to be treated as Available Principal Collections	 	$	             	 
			
		  	Uncovered Dilution Amount for the related Distribution Date to be treated as Available Principal Collections	 	$	             	 
			
	 F.
	  	Pursuant to Section 4.04(a)(vi), for deposit to the Principal Account:	 			
			
		  	Investor Charge Offs and the amount of Reallocated Principal Collections not previously reimbursed to be treated as Available Principal Collections	 	$	             	 
			
	 G.
	  	Pursuant to Section 4.04(a)(vii):	 			
			
		  	Amount to be deposited into the Reserve Account (on and after Reserve Account Funding Date)	 	$	             	 

  
 B-5 

							
	 H.
	  	Pursuant to Section 4.04(a)(viii):	  			
			
		  	Amounts to be deposited into the Spread Account	  	$	             	 
			
	 I.
	  	Pursuant to Section 4.04(a)(ix):	  			
			
		  	The balance will constitute Excess Finance Charge Collections for the related Distribution Date (See III below)	  	$	             	 

 Pursuant to Section 4.04(b) and (c), Servicer does hereby instruct Indenture Trustee (i) to make
withdrawals from the Principal Account on the Transfer Date specified above, in an aggregate amount equal to Available Principal Collections, as set forth below, and (ii) to apply the proceeds of such withdrawals in accordance with
Section 4.04(b) and (c): 
  

							
	 A.
	  	Pursuant to Section 4.04(b):	  			
			
		  	During the Revolving Period, an amount equal to the Available Principal Collections (including amounts withdrawn from the Finance Charge Account pursuant to Section 4.04(a)(v) and (vi) and excluding Reallocated
Principal Collections) to be treated as Excess Principal Collections and applied in accordance with Section 4.08 (See III below)	  	$	             	 
			
	 B.
	  	Pursuant to Section 4.04(c)(i):	  			
			
		  	On each Transfer Date with respect to the Accumulation Period, Monthly Principal for such Transfer Date to be deposited into the Principal Accumulation Account	  	$	             	 
			
	 C.
	  	Pursuant to Section 4.04(c)(ii):	  			
			
		  	On each Transfer Date with respect to the Rapid Amortization Period, Monthly Principal for such Transfer Date to be deposited to the Distribution Account for payment to the Class A Noteholders on the related Distribution
Date until an aggregate amount equal to the Class A Note Principal Balance has been so deposited	  	$	             	 

  
 B-6 

							
	 D.
	  	Pursuant to Section 4.04(c)(iii):	  			
			
		  	On each Transfer Date with respect to the Rapid Amortization Period, after giving effect to Clause (C) above, remaining Monthly Principal, if any, to be deposited to the Distribution Account for payment to the Class B
Noteholders on the related Distribution Date until an aggregate amount equal to the Class B Note Principal Balance has been so deposited	  	$	             	 
			
	 E.
	  	Pursuant to Section 4.04(c)(iv):	  			
			
		  	On each Transfer Date with respect to the Rapid Amortization Period, after giving effect to Clause (D) above, remaining Monthly Principal, if any, to be deposited to the Distribution Account for payment to the Class C
Noteholders, on the related Distribution Date until an aggregate amount equal to the Class C Note Principal Balance has been so deposited	  	$	             	 
			
	 F.
	  	Pursuant to Section 4.04(c)(v):	  			
			
		  	Available Principal Collections, if any, remaining after giving effect to Clauses (B) through (E) above, to be treated as Excess Principal Collections	  	$	             	 

 Pursuant to Section 4.06, Servicer does hereby instruct Indenture Trustee (i) to make a withdrawal
from the Principal Account on the Transfer Date specified above, as set forth below and (ii) to apply the proceeds of such withdrawal in accordance with Section 4.06: 

 

							
		  	Reallocated Principal Collections, up to the amount required to fund any deficiency pursuant to and in the priority set forth in Section 4.04(a)(i),(ii) and (iii) of the Indenture Supplement (after application of Excess
Finance Charge Collections from other Series and amounts available from the Reserve Account) to be deposited to the Distribution Account for payment to the Class A and Class B Noteholders or distributed to the Servicer as set forth
below	  	$	             	 
			
		  	 $             to
Distribution Account
	  			
		  	 $             to
Servicer
	  			

  
 B-7 

 II.    INSTRUCTIONS TO MAKE CERTAIN PAYMENTS ON THE DISTRIBUTION DATE ON
            , 20    . 
 Pursuant to Section 5.02,
Servicer does hereby instruct Indenture Trustee or Paying Agent, as the case may be, to pay in accordance with Section 5.02 from the Distribution Account or the Principal Accumulation Account, as applicable, on the Distribution Date specified
above, the following amounts: 
  

							
	 A.
	  	Pursuant to 5.02(a):	  			
			
	 (1)
	  	Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay interest on the Class A Notes pursuant to the Indenture
Supplement	  	$	             	 
			
	 (2)
	  	Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay principal of the Class A Notes pursuant to the Indenture
Supplement	  	$	             	 
			
	 B.
	  	Pursuant to Section 5.02(b):	  			
			
	 (1)
	  	Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay interest on the Class B Notes pursuant to the Indenture
Supplement	  	$	             	 
			
	 (2)
	  	Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay principal of the Class B Notes pursuant to the Indenture
Supplement	  	$	             	 
			
	 C.
	  	Pursuant to Section 5.02(c):	  			
			
	 (1)
	  	Class C Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay interest on the Class C Notes pursuant to the Indenture
Supplement, including amounts withdrawn from the Spread Account	  	$	             	 
			
	 (2)
	  	Class C Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date to pay principal of the Class C Notes pursuant to the Indenture
Supplement	  	$	             	 

  
 B-8 

 III.    EXCESS AMOUNTS. 

Pursuant to Section 4.07 and Section 8.06 of the Indenture, Servicer does hereby instruct Indenture Trustee to apply Excess Finance
Charge Collections from all Series in Group One in the following amounts and priorities on the Transfer Date specified above: 
  

							
	 A.
	  	Aggregate Excess Finance Charge Collections, by Series:	  			
			
		  	Series [                    ]	  	$	             	 
		  	Series [                    ]	  	$	             	 
		  	Total                     	  	$	             	 
			
	 B.
	  	Allocated to finance charge shortfalls:	  			
			
		  	Series [                    ]	  	$	             	 
		  	Series [                    ]	  	$	             	 
		  	Total                     	  	$	             	 
			
	 C.
	  	Allocated to excess servicing fees:	  			
			
		  	Series [                    ]	  	$	             	 
		  	Series [                    ]	  	$	             	 
		  	Total                     	  	$	             	 
			
	 D.
	  	Remainder distributed to Holder of Transferor Interest	  	$	             	 

 Pursuant to Section 4.08 and Sections 8.03 and 8.05 of the Indenture, Servicer does hereby instruct
Indenture Trustee to apply Excess Principal Collections from all Principal Sharing Series in Group One and, if needed, amounts on deposit in the Excess Funding Account, in the following amounts and priorities on the related Distribution Date: 

 

							
	 A.
	  	Aggregate Excess Principal Collections, by Series:	  			
			
		  	Series [                    ]	  	$	             	 
		  	Series [                    ]	  	$	             	 
		  	Total                     	  	$	             	 
			
	 B.
	  	Allocated to principal shortfalls and deposited to the related Series Account:	  			
			
		  	Series [                    ]	  	$	             	 
		  	Series [                    ]	  	$	             	 
		  	Total                     	  	$	             	 

  
 B-9 

							
	 C.
	  	Allocated to variable funding series principal payments at Transferor’s direction:	  			
			
		  	Series [                    ]	  	$	             	 
		  	Series [                    ]	  	$	             	 
		  	Total                     	  	$	             	 
			
	 D.
	  	Deposited to Excess Funding Account to maintain Minimum Transferor Interest and Minimum Aggregate Principal Receivables	  	$	             	 
			
	 E.
	  	Remainder distributed to Holder of Transferor Interest	  	$	             	 

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate this     day of
            , 20    . 
  

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

 
			
		
	By	 	  

	Name	 	  

	Title	 	  

  
 B-10 

 EXHIBIT C 

FORM OF MONTHLY REPORT TO NOTEHOLDERS 

FIRST NATIONAL MASTER NOTE TRUST SERIES 20[●]-[●] 

MONTH ENDING: [                    ]

 The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer
pursuant to the Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer
and First National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 (a)     The
rights of the Issuer under the Transfer and Servicing Agreement have been assigned to U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), under the Second Amended and Restated Master Indenture, dated as of
September 23, 2016 (the “Indenture”), by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer, as supplemented by the Series 20[●]-[●] Indenture Supplement, dated as of [●] [●],
20[●], by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer (the “Supplement”). Capitalized terms used in this report have their respective meanings set forth in the Supplement or Indenture, as
applicable. References herein to certain sections and paragraphs are references to the respective sections and paragraphs of the Supplement. This report is delivered pursuant to Section 5.03(a) of the Supplement. 

(b)    FNBO is the Servicer under the Transfer and Servicing Agreement. 

(c)    The undersigned is a Servicing Officer. 

(d)    With respect to this Certificate: 
  

			
	 The Monthly Period is:
	  	                    
	 The Determination Date is:
	  	                    
	 The Record Date is:
	  	                    
	 The Transfer Date is:
	  	                    
	 The Distribution Date is:
	  	                    
	 The Controlled Accumulation Date is:
	  	                    
	 The Interest Period begins:
	  	                    
	 The Interest Period ends:
	  	                    
	 Number of days in Interest Period:
	  	                    
	 [Show by class if different]
	  	                    

 (e)    To the knowledge of the undersigned, there are no Liens on any Receivables in the
Trust except as described below: 
 [If applicable, insert “None”.] 

(f)    To the knowledge of the undersigned, no Series 20[●]-[●] Pay Out Event and no Trust Pay Out Event has
occurred except as described below: 
 [If applicable, insert “None”.] 

 (g)    As of the date hereof the Available Spread Account Amount equals
the Required Spread Account Amount and if the Reserve Account Funding Date has occurred, the Available Reserve Account Amount equals the Required Reserve Account Amount. 
  

	A.	 INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES 

 

							
		 	1.	  	Number of Accounts at Beginning of Monthly Period	  	                    
		 		  	Number of Accounts at End of Monthly Period	  	                    
		 		  	Average Account Balance at End of Monthly Period	  	                    
				
		 	2.	  	Principal Receivables	  	
		 		  	 (a)   Beginning of Monthly Period
	  	                    
		 		  	 (b)   End of Monthly Period
	  	                    
		 		  	 (c)   Average Principal Receivables at End of Monthly Period
	  	                    
				
		 	3.	  	Increase in Principal Receivables from Account Additions	  	                    
		 		  	Increase in Finance Charge Receivables from Account Additions	  	                    
		 		  	Increase in Total Receivables from Account Additions	  	                    
				
		 	4.	  	Decrease in Principal Receivables from Removed Accounts	  	                    
		 		  	Decrease in Finance Charge Receivables from Removed Accounts	  	                    
		 		  	Decrease in Total Receivables from Removed Accounts	  	                    
				
		 	5.	  	Delinquent Balances	  	

  

									
	 Delinquency

Category      
	  	Aggregate Account
Balance	 	  	Percentage of
Total Receivables	 
	 (a)    30 to 59 days
	  	$	             	 	  	 	        	% 
		  	  
	  
	 	  	  
	  
	 
	 (b)    60 to 89 days
	  	$	             	 	  	 	        	% 
		  	  
	  
	 	  	  
	  
	 
	 (c)    90 to 119 days
	  	$	             	 	  	 	        	% 
		  	  
	  
	 	  	  
	  
	 
	 (d)    120 to 149 days
	  	$	             	 	  	 	        	% 
		  	  
	  
	 	  	  
	  
	 
	 (e)    150 or more days
	  	$	             	 	  	 	        	% 
		  	  
	  
	 	  	  
	  
	 
	           Total:
	  	$	             	 	  	 	        	% 

  

							
		 	6.	 	Aggregate amount of Collections                     	  	
				
		 		 	 (a)   Total Collections
	  	                    
		 		 	 (b)   Total Principal Collections
	  	                    
		 		 	 (c)   Total Finance Charge Collections
	  	                    
		 		 	 (d)   Aggregate Allocation Percentages for Outstanding Series
	  	                    
		 		 	 (e)   Aggregate Allocation Percentages of Principal Collections
	  	                    
		 		 	 (f)   Aggregate Allocation Percentages of Finance Charge Collections
	  	                    
				
		 	7.	 	Aggregate amount of Principal Receivables in Accounts which became Defaulted Accounts during the Monthly Period	  	                    
				
		 	8.	 	Servicer Interchange	  	                    

  
 C-2 

							
		 	9.	 	The aggregate amount of Finance Charge Collections for the Receivables Trust for the Monthly Period	  	
		 		 	 (a)   Interchange
	  	                    
		 		 	 (b)   Recoveries
	  	                    
		 		 	 (c)   Finance Charges and Fees
	  	                    
		 		 	 (d)   Discount Receivables
	  	                    
		 		 	     Total
	  	                    
				
		 	10.	 	Aggregate Uncovered Dilution Amount for the Monthly Period	  	                    
				
		 	11.	 	End of Monthly Period Trust Receivables	  	                    
			
	 B. 
	 	OUTSTANDING SECURITIES INFORMATION (TRUST LEVEL)	  	
				
		 	1.	 	Outstanding principal balance of all securities secured by pool assets (sum of all Series)	  	
	 	 	 	 	(a)   At end of prior Distribution Date	  	                    
	 	 	 	 	(b)   Increase due to new securities issued	  	                    
	 	 	 	 	(c)   Decrease due to principal payments	  	                    
	 	 	 	 	(d)   Increases in variable securities	  	                    
		 		 	 (e)   Decreases in variable securities
	  	                    
		 		 	 (f)   At end of Distribution Date
	  	                    
			
	 C. 
	 	INFORMATION REGARDING THE SERIES 20[●]-[●] NOTES	  	
				
		 	1.	 	Collateral Amount at the close of business on the prior Distribution Date	  	                    
		 		 	 (a)   Reductions due to Investor
Charge-Offs (including Uncovered Dilution Amounts) made on the Distribution Date
	  	                    
	 	 	 	 	(b)   Reimbursements to be made on the Distribution Date from Available Finance Charge Collections	  	                    
	 	 	 	 	(c)   Collateral Amount at the close of business on the Distribution Date	  	                    
				
		 	2.	 	Note Principal Balance at the close of business on the prior Distribution Date	  	
	 	 	 	 	(a)   Class A Note Principal Balance	  	                    
	 	 	 	 	(b)   Class B Note Principal Balance	  	                    
	 	 	 	 	(c)   Class C Note Principal Balance	  	                    
	 	 	 	 	              Total Note Principal Balance	  	                    
				
		 	3.	 	Series Allocation Percentages for the Monthly Period	  	
	 	 	 	 	(a)   Principal Collections	  	                    
	 	 	 	 	(b)   Finance Charge Collections	  	                    
	 	 	 	 	(c)   Default Amounts	  	                    
				
		 	4.	 	Investor Principal Collections processed during the Monthly Period and allocated to the Series	  	                    
				
		 	5.	 	Excess Principal Collections available from other Group One Series allocated to the Series	  	                    

  
 C-3 

							
				
		 	6.	 	Aggregate amounts treated as Available Principal Collections pursuant to Section 4.04(a)(v) and (vi)	  	                    
				
		 	7.	 	Reallocated Principal Collections (up to the Monthly Principal Reallocation Amount) applied pursuant to Section 4.06	  	                    
				
		 	8.	 	AVAILABLE PRINCIPAL COLLECTIONS (4+5+6-7)	  	                    
				
		 	9.	 	Principal Accumulation Investment Earnings [and Investment Earnings in Pre-Funding Account.]	  	                    
				
		 	10.	 	Investor Finance Charge Collections (including Interchange and Recoveries) processed during the Monthly Period	  	                    
				
		 	11.	 	Excess Finance Charge Collections from Group One allocated to the Series	  	                    
				
		 	12.	 	Reserve Account withdrawals pursuant to Section 4.10(b) or (d)	  	                    
				
		 	13.	 	Excess amounts from Spread Account treated as Available Finance Charge Collections pursuant to Section 4.11(g)	  	                    
				
		 	14.	 	AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12+13)	  	                    
				
		 	15.	 	Available Finance Charge Collections were allocated in the following priority:	  	
				
		 		 	 (a)   to Class A Noteholders,
	  	
		 		 	             Class A Monthly Interest	  	                    
		 		 	             Class A Interest Shortfall	  	                    
		 		 	             Class A Default Amount	  	                    
		 		 	             Class A Default Amount previously due but not distributed	  	                    
		 		 	             Total	  	                    
				
		 		 	 (b)   to Class B Noteholders,
	  	
		 		 	             Class B Monthly Interest	  	                    
		 		 	             Class B Interest Shortfall	  	                    
		 		 	             Class B Default Amount	  	                    
		 		 	             Class B Default Amount previously due but not distributed	  	                    
		 		 	             Total	  	                    
				
		 		 	 (c)   to Servicer, the Noteholder Servicing Fee
	  	
		 		 	             (after adjustment for Servicer Interchange shortfall, if any)	  	                    
				
		 		 	 (d)   to Class C Noteholders,
	  	
		 		 	             Class C Monthly Interest	  	                    
		 		 	             Class C Interest Shortfall	  	                    
		 		 	             Class C Default Amount	  	                    
		 		 	             Class C Default Amount previously due but not distributed	  	                    
		 		 	             Total	  	                    

  
 C-4 

							
				
		 		 	 (e)   Investor Default Amount and Uncovered Dilution Amount were included in
Available Principal Collections
	  	                    
				
		 		 	 (f)   Investor Charge-Offs and Reallocated Principal Collections not
previously reimbursed were included in Available Principal Collections
	  	                    
				
		 		 	 (g)   to Reserve Account, excess of Required Reserve Account Amount over the
Available Reserve Account Amount
	  	                    
				
		 		 	 (h)   to Spread Account, excess of Required Spread Account Amount over
Available Spread Account Amount
	  	                    
				
		 		 	 (i) balance constitutes Excess Finance Charge Collections
	  	                    
				
		 	16.	 	Available Principal Charge Collections were allocated in the following priority:	  	
				
		 		 	 (a)   during Revolving Period, treated as Excess Principal
Collections
	  	                    
				
		 		 	 (b)   with respect to Accumulation Period,
	  	
		 		 	 (i) Monthly Principal deposited to Principal Accumulation Account
	  	                    
		 		 	 (ii)  balance treated as Excess Principal Collections
	  	                    
				
		 		 	 (c)   with respect to Rapid Amortization Period,
	  	
		 		 	 (i) Monthly Principal to Class A Noteholders up to Class A

    Note Principal Balance
	  	                    
		 		 	 (ii)  Monthly Principal to Class B Noteholders up to Class B

    Note Principal Balance
	  	                    
		 		 	 (iii)  Monthly Principal to Class C Noteholders up to Class C

    Note Principal Balance
	  	                    
		 		 	 (iv) balance treated as Excess Principal Collections
	  	                    

  
 C-5 

							
		 	17.	 	Excess funds were allocated in the following order of priority:	  	
				
		 		 	 (a)   Excess Finance Charge Collections,
	  	
		 		 	 (i) to other Excess Allocation Series in Group One, for finance charge
shortfalls
	  	                    
		 		 	 (ii)  to the Successor Servicer, for unpaid excess servicing fees
	  	                    
		 		 	 For this Series
	  	                    
		 		 	 For other Series
	  	                    
		 		 	 (iii)  the balance to Holder of Transferor Interest
	  	                    
				
		 		 	 (b)   Excess Principal Collections,
	  	
		 		 	 (i) to other Excess Allocation Series in Group One, for principal shortfalls
	  	                    
		 		 	 (ii)  applied as principal for variable funding Certificates or Notes in Group
One
	  	                    
		 		 	 (iii)  the balance to Holder of Transferor Interest
	  	                    
				
		 	18.	 	Principal Receivables in Accounts which became Defaulted Accounts during the Monthly Period which were allocated to the Series	  	                    
		 		 	 (a)   Default Amount
	  	
		 		 	 (b)   Allocation Percentage (C.3.(c) above)
	  	
		 		 	 (c)   Total Investor Default Amount (axb)
	  	                    
				
		 	19.	 	Uncovered Dilution Amount allocated to the Series for the Monthly Period	  	
		 		 	 (a)   Dilutions not covered by Transferor
	  	
		 		 	 (b)   Allocation Percentage (C.3(c) above)
	  	
		 		 	 (c)   Total Uncovered Dilution Amount (axb)
	  	                    
				
		 	20.	 	Investor Charge-Offs (including any Uncovered Dilution Amount not covered by Transferor) for the Monthly Period	  	                    
				
		 	21.	 	Ratings of the Class A Notes	  	
		 		 	Moody’s	  	                    
		 		 	Fitch	  	                    
				
		 	22.	 	Note Interest Rate for the Monthly Period	  	
		 		 	 (a)   Class A Note Interest Rate
	  	
		 		 	 (b)   Class B Note Interest Rate
	  	                    
		 		 	 (c)   Class C Note Interest Rate
	  	                    
				
		 	23.	 	Ending Note Principal Balance on the Distribution Date, after taking into account distributions on the Notes:	  	
		 		 	 (a)   Class A Note Principal Balance
	  	                    
		 		 	 (b)   Class B Note Principal Balance
	  	                    
		 		 	 (c)   Class C Note Principal Balance
	  	                    
		 		 	Total Note Principal Balance	  	                    
		 		 		  	

  
 C-6 

	D.	 QUARTERLY NET YIELD 

 

																									
	 	  	[                    ]
Monthly Period	 	 	[                    ]
Monthly Period	 	 	[                    ]
Monthly Period	 
	 Yield
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
	 Less Investor Default Amt (18c)
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
	 Less Uncovered Dilution Amt (19c)
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
		  	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 	 			
	 (a) Portfolio Yield
	  				 	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 
							
	 Monthly Interest
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
	 Plus Noteholder Servicing Fee
	  	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 	 			
		  	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 	 			
	 (b) Base Rate
	  				 	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 
		  				 	  
	  
	 	 				 	  
	  
	 	 				 	  
	  
	 
	 (a)–(b) = Net Yield Percentage
	  				 	 	[    	]% 	 				 	 	[    	]% 	 				 	 	[    	]% 
	
	 Quarterly Net Yield for Distribution Date [    ]%
	  

  

							
	E.	 	INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT	  	
				
		 	1.	 	Opening Principal Accumulation Account Balance on the Distribution Date	  	                    
				
		 	2.	 	Controlled Deposit Amount to be deposited to the Principal Accumulation Account on the Distribution Date	  	
		 		 	 (a)   Controlled Accumulation Amount
	  	                    
		 		 	 (b)   Accumulation Shortfall
	  	                    
		 		 	 (c)   Controlled Deposit Amount (a+b)
	  	                    
				
		 	3.	 	Amounts withdrawn from the Principal Accumulation Account for distribution to Noteholders on the Distribution Date	  	
		 		 	 (a)   Distribution in reduction of the Class A Notes
	  	                    
		 		 	 (b)   Distribution in reduction of the Class B Notes
	  	                    
		 		 	 (c)   Distribution in reduction of the Class C Notes
	  	                    
				
		 	4.	 	Principal Accumulation Account ending balance after deposit/withdrawal on the Distribution Date	  	                    
			
	F.	 	INFORMATION REGARDING THE SPREAD ACCOUNT	  	
				
		 	1.	 	Opening Available Spread Account Amount on the Distribution Date	  	                    
				
		 	2.	 	Aggregate amount required to be withdrawn pursuant to Section 4.11(c) for distribution to Class C Noteholders pursuant to Section 4.04(a)(iv)	  	                    
				
		 	3.	 	Aggregate amount required to be withdrawn pursuant to Section 4.11(d) or Section 4.11(e) for distribution in reduction of the Class C Note Principal Balance	  	                    
				
		 	4.	 	Spread Account Percentage for the Distribution Date	  	                    
				
		 	5.	 	Closing Required Spread Account Amount for the Distribution Date	  	                    

  
 C-7 

							
				
		 	6.	 	Amount on deposit in Spread Account after required withdrawals on the Distribution Date (1-(2+3))	  	                    
				
		 	7.	 	Spread Account Deficiency, if any (5 minus 6)	  	                    
				
		 	8.	 	Amounts deposited pursuant to Section 4.04(a)(viii) and Section 4.10(e)	  	                    
				
		 	9.	 	Remaining Spread Account Deficiency, if any (7 minus 8)	  	                    
				
		 	10.	 	Spread Account Surplus, if any (6 minus 5), included in Available Finance Charge Collections	  	                    
			
	G.	 	INFORMATION REGARDING THE RESERVE ACCOUNT	  	
				
		 	1.	 	Reserve Account Funding Date	  	                    
				
		 	2.	 	Opening Available Reserve Account Amount on the Distribution Date	  	                    
				
		 	3.	 	Aggregate amount required to be withdrawn pursuant to Section 4.10(d) for inclusion in Available Finance Charge Collections:	  	
		 		 	 (a)   Covered Amount
	  	                    
		 		 	 (b)   Principal Accumulation Investment Earnings
	  	                    
		 		 	 (c)   Reserve Draw Amount (a MINUS b)
	  	                    
				
		 	4.	 	Required Reserve Account Amount	  	                    
				
		 	5.	 	Reserve Account Surplus (4-(2-3))	  	                    
			
	H.	 	INFORMATION REGARDING ACCUMULATION PERIOD	  	
				
		 	1.	 	Accumulation Period Length (months)	  	                    
				
		 	2.	 	Controlled Accumulation Amount	  	
		 		 	(as recalculated, if Accumulation Period Length is shortened pursuant to Section 4.13)	  	                    
			
	[I.	 	ADD INFORMATION REGARDING PRE-FUNDING ACCOUNT, IF USED.]	  	

  
 C-8 

 IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the
                    day of             , 20    . 

 

			
	FIRST NATIONAL BANK OF OMAHA, Servicer
		
	By	 	
                     
                                       

	Name	 	
                     
                                       

	Title	 	
                     
                                       

  
 C-9 

 ATTACHMENT 1 

TO 
 FORM OF MONTHLY
REPORT TO NOTEHOLDERS 
 SERVICER’S CERTIFICATE 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), by and between FNBO, as Servicer, First National Funding LLC, as transferor (“Transferor”) and
First National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
  

					
	 1.
	 	The Transferor Interest is less than Minimum Transferor Interest	  	[Yes][No]
			
		 	 (a)   Transferor Interest as of the end of the Related Monthly
Period
	  	                    
		 	 (b)   Minimum Transferor Interest as of the end of the Related Monthly
Period
	  	                    
			
	 2.
	 	The Aggregate Principal Receivables is less than the Minimum Aggregate Principal Receivables	  	[Yes][No]
			
		 	 (a)   Aggregate Principal Receivables as of the end of the Related Monthly
Period
	  	                    
		 	 (b)   Minimum Aggregate Principal Receivables as of the end of the Related
Monthly Period
	  	                    
			
	 3.
	 	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments? (If the answer is ‘Yes’, please describe.)	  	[Yes][No]
			
	 4.
	 	Are there any material breaches of representations and warranties relating to the pool assets or material breaches of covenants under the Transaction Documents? (If the answer is ‘Yes’, please describe.)	  	[Yes][No]
			
	 5.
	 	Are there any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets? (If
the answer is ‘Yes’, please describe.)	  	[Yes][No]
			
	 6.
	 	Are there any material changes to the pool assets? (If the answer is ‘Yes’, please describe.)	  	[Yes][No]

 IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the
                    day of             , 20    . 

 

			
	FIRST NATIONAL BANK OF OMAHA, Servicer
		
	By	 	
                     
                                         
                   

	Name	 	  

	Title	 	  

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

FIRST NATIONAL BANK OF OMAHA 

FIRST NATIONAL MASTER NOTE TRUST, SERIES 20[●]-[●] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), FNBO, as Servicer and First
National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 1.    Capitalized terms
used in this Certificate have their respective meanings set forth in the Transfer and Servicing Agreement or the Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and
U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), as supplemented by the Series 20[●]-[●] Indenture Supplement, dated as of [●] [●], 20[●], between Issuer and Indenture Trustee (as
amended and supplemented, the “Indenture Supplement”) and together with the Master Indenture, the “Indenture”), as applicable. 

2.    FNBO is, as of the date hereof, Servicer under the Transfer and Servicing Agreement. 

3.    The undersigned is an Authorized Officer of Servicer. 

4.    This Certificate relates to the Distribution Date occurring on
            , 20    . 
 5.    As of the
date hereof, to the best knowledge of the undersigned, Servicer has performed in all material respects all of its obligations under the Transfer and Servicing Agreement and the Indenture 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 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    . 
  

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By	 	
                     
                                         
                   

	Name	 	  

	Title	 	  

  
 D-2 

 EXHIBIT E 

FORM OF INVESTOR CERTIFICATION 

[DATE] 
 U.S. Bank National Association, 

    as Indenture Trustee 
 60 Livingston
Avenue 
 EP-MN-WS3D 

St. Paul, MN 55107 
 Re: First National Master
Note Trust, Series 20[●]-[●] 
 Ladies and Gentlemen: 

In connection with the issuance of the First National Master Note Trust, Class [B] [C] Note, Series 20[●]-[●] (the
“Notes”), we confirm that: 
 1.    We agree to be bound by the restrictions and conditions set forth in the
Second Amended and Restated Master Indenture, dated as of September 23, 2016, as supplemented by the Series 20[●]-[●] Indenture Supplement thereto, dated as of [●] [●], 20[●] (collectively, the
“Indenture”), each by and between First National Master Note Trust, as Issuer, and U.S. Bank National Association, as indenture trustee (the “Trustee”), and agree to be bound thereby, and not reoffer, resell, pledge or otherwise
transfer (any such act, a “Transfer”) the Notes except in compliance with such restrictions and conditions. 

2.    We understand that the Notes have not been and will not be registered under the Securities Act of 1933, as amended
(the “Securities Act”), or any state securities law. We further agree and understand that the Notes may be reoffered, resold, pledged or otherwise transferred only in compliance with the Securities Act and other applicable laws and
(i) when pursuant to a transaction complying with the requirements of Rule 144A under the Securities Act only to a person that we reasonably believe is a qualified institutional buyer within the meaning of Rule 144A (a
“QIB”) purchasing for its own account or a QIB purchasing for the account of a QIB, whom we have informed, in each case, that the reoffer, resale, pledge or other transfer is being made in reliance on Rule 144A or (ii) to an
“accredited investor”, as defined in Rule 501 promulgated under the Securities Act, purchasing for its own account or to an “accredited investor” purchasing for a single account (which is an institutional “accredited
investor”) as to which the purchaser exercises sole investment discretion. 
 3.    We are [a QIB purchasing for
our own account] [a QIB purchasing for the account of a QIB] [an “accredited investor” acquiring the Notes for our own account or for a single account which is an institutional “accredited investor” as to which we exercise sole
investment discretion]. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any account for which we are acting are each able to bear
the economic risk of our or its investment. 

 4.    We are acquiring the Notes purchased by us for investment purposes
and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. 

5.    We hereby agree that we will not resell or otherwise transfer the Notes or any interest therein unless the purchaser
thereof provides or has provided to the addressee hereof a letter substantially in the form hereof. We further understand that, on any proposed resale, pledge or transfer of any Notes, we will be required to furnish to the Trustee and the Registrar
such certification and other information as the Trustee or the Registrar may reasonably require to confirm that the proposed sale complies with the foregoing restrictions and with the restrictions and conditions of the Notes and the Indenture
pursuant to which the Notes were issued. We further understand that Notes purchased by us will bear a legend to the foregoing effect. 

6.    We are not (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”), which is subject to Section 4975 of the Code, (iii) a governmental plan, a non-U.S. plan or church plan, subject to any federal, state or local law which is, to a material extent,
similar to the provisions of Section 406 of ERISA or Section 4975 of the Code, (iv) an entity whose underlying assets include plan assets by reason of an employee benefit plan’s or other plan’s investment in such entity, or
(v) a person investing “plan assets” of any such plan (including, for purposes of clauses (iv) and (v), any insurance company general account, but excluding any entity registered under the Investment Company Act of 1940, as
amended). [For Class B Notes][For Class C Notes] 
 7.    The person signing this letter on behalf of the
ultimate beneficial purchaser of the Notes has been duly authorized by such beneficial purchaser of the Notes to do so, and this 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. 
 You are entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[Name of Purchaser]
		
	By:	 	
                     
                                        

	Name:	 	  

	Title:	 	  

  
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