Document:

Series 2012-1 Supplement, dated as of June 22, 2012

 Exhibit 4.1 
  

 
  

SERIES 2012-1 SUPPLEMENT 
 Dated as of June 22, 2012 
 to 

POOLING AND SERVICING AGREEMENT 
 Dated as of May 16, 1996, 
 as amended and restated as of January 1, 2006

 $606,062,000 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 Series 2012-1 

 
  

among 
 AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION II 
 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC 

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC 
 as Transferors 
 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

as Servicer 
 and

 THE BANK OF NEW YORK MELLON 
 as Trustee 
 on behalf of the Series 2012-1 Certificateholders 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE I
	  	 Creation of the Series 2012-1 Certificates
	  	 	1	  
			
	 Section 1.01.
	  	 Designation
	  	 	1	  
			
	 ARTICLE II
	  	 Definitions
	  	 	2	  
			
	 Section 2.01.
	  	 Definitions
	  	 	2	  
			
	 ARTICLE III
	  	 Servicing Fee
	  	 	15	  
			
	 Section 3.01.
	  	 Servicing Compensation
	  	 	15	  
			
	 ARTICLE IV
	  	 Rights of Series 2012-1 Certificateholders and
Allocation and Application of Collections
	  	 	15	  
			
	 Section 4.01.
	  	 Collections and Allocations
	  	 	15	  
			
	 Section 4.02.
	  	 Determination of Monthly Interest
	  	 	17	  
			
	 Section 4.03.
	  	 Principal Funding Account; Controlled Accumulation Period
	  	 	20	  
			
	 Section 4.04.
	  	 Required Amount
	  	 	21	  
			
	 Section 4.05.
	  	 Application of Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal
Collections
	  	 	22	  
			
	 Section 4.06.
	  	 Defaulted Amounts; Investor Charge-Offs
	  	 	24	  
			
	 Section 4.07.
	  	 Excess Spread; Excess Finance Charge Collections
	  	 	25	  
			
	 Section 4.08.
	  	 Reallocated Principal Collections
	  	 	26	  
			
	 Section 4.09.
	  	 Excess Finance Charge Collections
	  	 	27	  
			
	 Section 4.10.
	  	 Reallocated Investor Finance Charge Collections
	  	 	27	  
			
	 Section 4.11.
	  	 Shared Principal Collections
	  	 	28	  
			
	 Section 4.12.
	  	 Reserve Account
	  	 	29	  
			
	 Section 4.13.
	  	 Investment Instructions
	  	 	30	  
			
	 Section 4.14.
	  	 Determination of LIBOR
	  	 	31	  
			
	 ARTICLE V
	  	 Distributions and Reports to Series 2012-1 Certificateholders
	  	 	31	  
			
	 Section 5.01.
	  	 Distributions
	  	 	31	  
			
	 Section 5.02.
	  	 Reports and Statements to Series 2012-1 Certificateholders
	  	 	32	  
			
	 ARTICLE VI
	  	 Pay-Out Events
	  	 	33	  
			
	 Section 6.01.
	  	 Pay-Out Events
	  	 	33	  
			
	 ARTICLE VII
	  	 Optional Repurchase; Series Termination
	  	 	34	  
			
	 Section 7.01.
	  	 Optional Repurchase
	  	 	34	  
			
	 Section 7.02.
	  	 Series Termination
	  	 	35	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE VIII
	  	 Final Distributions
	  	 	35	  
			
	 Section 8.01.
	  	 Sale of Receivables or Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the
Agreement and Section 7.01 or 7.02 of this Supplement
	  	 	35	  
			
	 Section 8.02.
	  	 Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the
Agreement
	  	 	36	  
			
	 ARTICLE IX
	  	 Miscellaneous Provisions
	  	 	38	  
			
	 Section 9.01.
	  	 Ratification of Agreement
	  	 	38	  
			
	 Section 9.02.
	  	 Counterparts
	  	 	38	  
			
	 Section 9.03.
	  	 Governing Law
	  	 	38	  
			
	 Section 9.04.
	  	 [Reserved]
	  	 	38	  
			
	 Section 9.05.
	  	 [Reserved]
	  	 	38	  
			
	 Section 9.06.
	  	 Uncertificated Securities
	  	 	38	  
			
	 Section 9.07.
	  	 Transfers of the Collateral Interest
	  	 	38	  

  

					
	(Series 2012-1 Supplement)	 	-ii-	 	

 SERIES 2012-1 SUPPLEMENT, dated as of June 22, 2012 (the
“Supplement”), among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II, a Delaware corporation, AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, and AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION IV LLC, a Delaware limited liability company, as Transferors, AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation, as Servicer, and THE BANK OF NEW YORK MELLON, a banking corporation organized and
existing under the laws of the State of New York, not in its individual capacity, but solely as Trustee. 
 Pursuant to the
Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), among the Transferors, the
Servicer and the Trustee, the AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST (the “Trust”) has been created. Section 6.03 of the Agreement provides that the Transferors may from time to time direct the Trustee to authenticate one
or more new Series of Investor Certificates representing fractional undivided interests in the Trust. The Principal Terms of any new Series are to be set forth in a Supplement to the Agreement. 

Pursuant to this Supplement, the Transferors and the Trustee shall create a new Series of Investor Certificates and specify the Principal
Terms thereof. 
 ARTICLE I 
 Creation of the Series 2012-1 Certificates 

Section 1.01. Designation. 
 (a) There is hereby created a Series of Investor Certificates to be issued pursuant to the Agreement and this Supplement to be known as “American Express Credit Account Master Trust, Series
2012-1.” The Series 2012-1 Certificates shall be issued in two Classes, the first of which shall be known as the “Class A Series 2012-1 Floating Rate Asset Backed Certificates” and the second of which shall be known as the “Class
B Series 2012-1 Floating Rate Asset Backed Certificates.” In addition, there is hereby created a third Class of uncertificated interests in the Trust which shall be known as the “Collateral Interest, Series 2012-1” and which shall be
deemed to be “Investor Certificates” for all purposes under the Agreement and this Supplement other than for purposes of the definition of the term “Tax Opinion” in Section 1.01 of the Agreement. The Collateral Interest
shall be considered a Class of Series 2012-1 for all purposes of the Agreement and this Supplement, including for purposes of voting concerning the liquidation of the Trust pursuant to Section 9.01 of the Agreement. The Collateral Interest
Holder shall be deemed to be the Series Enhancer for all purposes under the Agreement and this Supplement. 
 (b) Series 2012-1
shall be included in Group II and shall be a Principal Sharing Series. Series 2012-1 shall be an Excess Allocation Series. Series 2012-1 shall not be subordinated to any other Series. Notwithstanding any provision in the Agreement or in this
Supplement to the contrary, the first Distribution Date with respect to Series 2012-1 shall be the July 2012 Distribution Date and the first Monthly Period shall begin on and include the Closing Date and end on and include June 24, 2012.

 (c) Except as expressly provided herein, (i) the provisions of Article VI and Article XII of the Agreement relating to
the registration, authentication, delivery, presentation, cancellation and surrender of Registered Certificates shall not be applicable to the Collateral Interest, and (ii) the 

  
 1 

 
provisions of Section 3.07 of the Agreement shall not cause the Collateral Interest to be treated as debt for federal, state and local income and franchise tax purposes, but rather the
Transferors intend, and together with the Collateral Interest Holder, agree to treat the Collateral Interest for federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the Trust. 

(d) In connection with the issuance of any future Series of Investor Certificates, notwithstanding subsection 6.03(b)(iv) of the
Agreement, the Rating Agency Condition need not be satisfied for Series 2012-1 with respect to any Rating Agency (other than Moody’s) then rating Series 2012-1. 
 ARTICLE II 
 Definitions 

Section 2.01. Definitions. 
 (a) Whenever used in this Supplement, the following words and phrases shall have the following meanings, and the definitions of such terms are applicable to the singular as well as the plural forms of
such terms and the masculine as well as the feminine and neuter genders of such terms. 

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

“Adjusted Invested Amount” shall mean, with respect to any date of determination, an amount equal to the
Invested Amount less the Principal Funding Account Balance on such date of determination. 
 “Assignee” shall
have the meaning specified in subsection 9.07(a). 
 “Available Principal Collections” shall mean,
with respect to any Monthly Period, an amount equal to the sum of (a) (i) an amount equal to the Principal Allocation Percentage of Series 2012-1 Allocable Principal Collections received during such Monthly Period minus
(ii) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.08 are required to fund the Required Amount for the related Distribution Date, (b) any Shared Principal
Collections with respect to other Series that are allocated to Series 2012-1 in accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any other amounts which pursuant to Section 4.05 or 4.07
of this Supplement are to be treated as Available Principal Collections with respect to the related Distribution Date. 

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

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

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

  
 2 

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

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

“Class A Certificate Rate” shall mean, for any Interest Accrual Period with respect to the Class A
Certificates, a per annum rate equal to LIBOR plus 0.27%. 

“Class A Certificateholder” shall mean the Person in whose name a Class A Certificate is registered in
the Certificate Register. 
 “Class A Certificates” shall mean any one of the Certificates executed
by the Transferors and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-l. 

“Class A Floating Percentage” shall mean, with respect to any Monthly Period, the percentage equivalent
(which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Class A Adjusted Invested Amount as of the close of business on the last day of the preceding Monthly Period and the denominator of which is equal
to the Adjusted Invested Amount as of such day; provided, however, that with respect to the first Monthly Period, the Class A Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the
Class A Initial Invested Amount and the denominator of which is the Initial Invested Amount. 
 “Class A Initial
Invested Amount” shall mean $500,000,000. 
 “Class A Interest Shortfall” shall have
the meaning specified in subsection 4.02(a). 
 “Class A Invested Amount” shall mean, on any
date of determination, an amount equal to (a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class A Certificateholders on or prior to such date, minus
(c) the excess, if any, of (i) the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over (ii) Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) prior to such
date. 
 “Class A Investor Charge-Offs” shall have the meaning specified in subsection 4.06(a).

 “Class A Investor Default Amount” shall mean, with respect to each Distribution Date, an
amount equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class A Floating Percentage for such Monthly Period. 
 “Class A Monthly Interest” shall have the meaning specified in subsection 4.02(a). 
 “Class A Principal Percentage” shall mean, with respect to any Monthly Period (i) during the Revolving Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the
Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the 

  
 3 

 
numerator of which is the Class A Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested
Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class A Principal Percentage shall mean the percentage equivalent
of a fraction, the numerator of which is the Class A Initial Invested Amount and denominator of which is the Initial Invested Amount. 
 “Class A Required Amount” shall have the meaning specified in subsection 4.04(a). 
 “Class A Servicing Fee” shall have the meaning specified in Section 3.01. 
 “Class B Additional Interest” shall have the meaning specified in subsection 4.02(b). 
 “Class B Adjusted Invested Amount” shall mean, with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference,
if any, between the Principal Funding Account Balance and the Class A Invested Amount on such date. 

“Class B Available Funds” shall mean, with respect to any Monthly Period, an amount equal to the sum of
(a) the Class B Floating Percentage of the Reallocated Investor Finance Charge Collections and (b) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class B Floating Percentage of
the Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date. 

“Class B Certificate Rate” shall mean, for any Interest Accrual Period with respect to the Class B
Certificates, a per annum rate equal to LIBOR plus 0.80%; provided, however, that the Transferors may adjust the Class B Certificate Rate from time to time only upon the satisfaction of the Class B Certificate Rate Adjustment
Conditions. 
 “Class B Certificate Rate Adjustment Conditions” shall mean, with respect to any modification of
the Class B Certificate Rate by the Transferors, (i) the Transferors shall provide written notice to the Trustee of the modified Class B Certificate Rate no later than two Business Days prior to the date on which such modified rate is to become
effective; (ii) the modified Class B Certificate Rate shall not exceed a per annum rate equal to LIBOR plus 0.80%, (iii) the Class B Certificate Rate shall not be modified more than two times during any Interest Accrual Period;
(iv) the Transferors shall certify in the related notice that the modified Class B Certificate Rate is a fixed rate or a “qualified floating rate” (within the meaning of Treasury Regulations section 1.1275-5) otherwise meeting such
relevant requirements as would cause the Class B Certificates to constitute variable rate debt instruments (within the meaning of Treasury Regulations section 1.1275-5, including without limitation paragraph (a)(4) thereof) and determined under
procedures consistent with those applicable to reset bonds (as described in Treasury Regulations section 1.1275-5(f)) such that, in either case, the fair market value of the Class B Certificates will be the Class B Invested Amount; (v) the
Transferors shall certify in the related notice that the Class B Certificates have not been previously sold by TRS or any of its Affiliates (including, without limitation, within the meaning of Affiliate, solely for purposes of this clause (v), any
Person related to TRS within the meaning of sections 267(b) or 707(b)(1) of the Internal Revenue Code) to a Person who is not TRS or any of its Affiliates; (vi) the Transferors shall provide to the Trustee an Opinion of Counsel to the effect
that such modification shall not adversely affect the status of the Class B Certificates as debt for federal income tax purposes; (vii) if the modified Class B Certificate Rate is a fixed rate or a rate based on an index other than LIBOR, the
Transferors shall provide two days’ notice of such modified rate to the Rating Agencies; and (viii) if the modified Class B Certificate Rate is a fixed rate or a rate based on an index other than LIBOR, the Transferors shall certify in the
related notice to the Trustee that the Rating Agencies have been notified pursuant to clause (vii) above. 

  
 4 

 “Class B Certificateholder” shall mean the Person in whose name a
Class B Certificate is registered in the Certificate Register. 
 “Class B Certificates” shall mean
any one of the Certificates executed by the Transferors and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-2. 
 “Class B Floating Percentage” shall mean, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the
numerator of which is equal to the Class B Adjusted Invested Amount as of the close of business on the last day of the preceding Monthly Period and the denominator of which is equal to the Adjusted Invested Amount as of the close of business on such
day; provided, however, that with respect to the first Monthly Period, the Class B Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of
which is the Initial Invested Amount. 
 “Class B Initial Invested Amount” shall mean $36,364,000. 

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

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

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

“Class B Investor Default Amount” shall mean, with respect to each Distribution Date, an amount
equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class B Floating Percentage for such Monthly Period. 
 “Class B Monthly Interest” shall have the meaning specified in subsection 4.02(b). 
 “Class B Principal Percentage” shall mean, with respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled
Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the close of
business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that
with respect to the first Monthly Period, the Class B Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of which is the Initial Invested Amount.

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

  
 5 

 “Class B Servicing Fee” shall have the meaning specified in
Section 3.01. 
 “Closing Date” shall mean June 22, 2012; provided that, for purposes of
determining the date on which the first Monthly Period begins, the Closing Date shall be deemed to be the close of business on the last day of the twenty-first billing cycle applicable to the Accounts ending in May 2012; provided further,
however, that in the event the last day of the twenty-first billing cycle and the last day of the twenty-second billing cycle are the same day, any transaction, receipt of collections or other activity occurring on such day with respect to the
Accounts associated with the twenty-second billing cycle will be deemed to have occurred on the first day of the first Monthly Period. 
 “Collateral Additional Interest” shall have the meaning specified in subsection 4.02(c). 
 “Collateral Available Funds” shall mean with respect to any Distribution Date, the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections with respect
to the preceding Monthly Period. 
 “Collateral Charge-Offs” shall have the meaning specified in
subsection 4.06(c). 
 “Collateral Default Amount” shall mean, with respect to any Distribution Date,
the product of the Investor Default Amount for such Distribution Date and the Collateral Floating Percentage. 

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

“Collateral Initial Invested Amount” shall mean $69,698,000. 

“Collateral Interest” shall mean a fractional undivided interest in the Trust which shall consist of the right to
receive, (i) to the extent necessary to make the required payments to the Collateral Interest Holder under this Supplement, the portion of Collections allocable thereto under the Agreement and this Supplement and funds on deposit in the
Collection Account allocable thereto pursuant to the Agreement and this Supplement and (ii) amounts available for payment to the Collateral Interest Holder pursuant to subsections 4.07(k), 4.12(e), 4.12(f), 8.01(b), 8.02(a) and 8.02(b) or any
other provision of this Supplement. 
 “Collateral Interest Holder” shall mean the entity so
designated in the Transfer Agreement. 
 “Collateral Interest Shortfall” shall have the meaning
specified in subsection 4.02(c). 
 “Collateral Invested Amount” shall mean, when used with respect
to any date, an amount equal to (a) the Collateral Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Collateral Interest Holder prior to such date, minus (c) the aggregate amount
of Collateral Charge-Offs for all prior Distribution Dates pursuant to subsection 4.06(c), minus (d) the aggregate amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to Section 4.08
allocable to the Collateral Invested Amount, minus (e) an amount equal to the amount by which the Collateral Invested Amount has been reduced on all prior Distribution Dates pursuant to subsections 4.06(a) and (b), and plus
(f) the amount allocated and available on all prior Distribution Dates pursuant to 

  
 6 

 
subsection 4.07(i), for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Collateral Invested Amount may not
be reduced below zero. 
 “Collateral Minimum Interest Rate” shall mean the rate specified in the Transfer
Agreement; provided that for purposes of this Supplement, such rate shall not exceed LIBOR plus 3.694% per annum. 
 “Collateral Minimum Monthly Interest” shall have the meaning specified in subsection 4.02(c). 
 “Collateral Principal Percentage” shall mean, with respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the
Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the
close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however,
that with respect to the first Monthly Period, the Collateral Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial
Invested Amount. 
 “Collateral Senior Additional Interest” shall have the meaning specified in
subsection 4.02(d). 
 “Collateral Senior Initial Invested Amount” shall mean $39,394,000.

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

 “Collateral Senior Invested Amount” shall mean, when used with respect to any date, an amount
equal to the Collateral Senior Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder in respect of the Collateral Senior Invested Amount on all prior Distribution Dates. 

“Collateral Senior Minimum Interest Rate” shall mean the rate specified in the Transfer Agreement; provided that
for purposes of this Supplement, such rate shall not exceed LIBOR plus 1.15% per annum. 
 “Collateral Senior
Minimum Monthly Interest” shall have the meaning specified in subsection 4.02(d). 
 “Collateral Senior
Required Amount” shall have the meaning set forth in subsection 4.04(c). 

“Collateral Servicing Fee” shall have the meaning set forth in Section 3.01. 

“Controlled Accumulation Amount” shall mean, for any Distribution Date with respect to the Controlled
Accumulation Period, $44,697,000; provided, however, that, if the Controlled Accumulation Period Length is determined to be less than 12 months, the Controlled Accumulation Amount for each Distribution Date with respect to the Controlled
Accumulation Period will be equal to (i) the product of (x) the sum of the Class A Initial Invested Amount and the Class B Initial Invested Amount 

  
 7 

 
and (y) the Controlled Accumulation Period Factor for the related Monthly Period divided by (ii) the Required Accumulation Factor Number. 

“Controlled Accumulation Period” shall mean, unless a Pay-Out Event shall have occurred prior thereto, the
period commencing at the close of business on the last day of the May 2016 Monthly Period or such later date as is determined in accordance with subsection 4.03(c) and ending on the first to occur of (a) the commencement of the Early
Amortization Period, (b) the payment in full of the Invested Amount and (c) the Expected Final Payment Date. 

“Controlled Accumulation Period Factor” shall mean, for each Monthly Period, a fraction, the numerator of
which is equal to the sum of the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series, and the denominator of which is equal to the sum (without duplication) of (a) the Series Invested Amount as of
the last day of the prior Monthly Period, (b) the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series (other than Series 2012-1) that are not expected to be in their revolving periods, and
(c) the series invested amounts as of the last day of the prior Monthly Period of all other outstanding Series that are not Principal Sharing Series and are in their revolving periods. 

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

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

“Covered Amount” shall mean, for any Distribution Date with respect to the Controlled Accumulation Period or the
first Special Payment Date, if such Special Payment Date occurs prior to the date the Class A Invested Amount is paid in full, an amount equal to the sum of (x) with respect to the Class A Certificates, the product of (i) the
Class A Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is 360 and,
(iii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class A Certificates and (y) with respect to the Class B Certificates, the product of (i) the
Class B Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is 360 and
(iii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B Certificates. 
 “Deficit Controlled Accumulation Amount” shall mean (a) on the first Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the
Controlled Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding Account on such Distribution Date and (b) on each subsequent Distribution Date with respect to the Controlled Accumulation Period, the
excess, if any, of the Controlled Deposit Amount for such subsequent Distribution Date over the amount deposited in the Principal Funding Account on such subsequent Distribution Date. 

“Distribution Date” shall mean July 16, 2012, and the 15th day of each calendar month thereafter, or if such
15th day is not a Business Day, the next succeeding Business Day. 
 “Early Amortization Period”
shall mean the period commencing at the close of business on the Business Day immediately preceding the day on which a Pay-Out Event with respect to Series 

  
 8 

 
2012-1 is deemed to have occurred, and ending on the first to occur of (i) the payment in full of the Invested Amount or (ii) the Series 2012-1 Termination Date. 

“Excess Finance Charge Collections” shall mean collections of Finance Charge Receivables and certain other amounts
allocable to the Certificateholders’ Interest of any Excess Allocation Series in excess of the amounts necessary to make required payments with respect to such series (including payments to the provider of any related Series Enhancement) that
are payable out of collections of Finance Charge Receivables. 
 “Excess Spread” shall mean, with respect
to any Distribution Date, the sum of the amounts, if any, specified pursuant to subsections 4.05(a)(iv), 4.05(b)(iii) and 4.05(c)(ii) with respect to such Distribution Date. 
 “Expected Final Payment Date” shall mean the June 2017 Distribution Date. 
 “Finance Charge Shortfall” shall have the meaning specified in Section 4.09. 
 “Fitch” means Fitch, Inc. or its successor 

“Floating Allocation Percentage” shall mean, with respect to any Monthly Period, the percentage equivalent
(which percentage shall never exceed 100%) of a fraction, the numerator of which is the Adjusted Invested Amount as of the last day of the preceding Monthly Period (or with respect to the first Monthly Period, the Initial Invested Amount) and the
denominator of which is the product of (x) the Series 2012-1 Allocation Percentage with respect to such Monthly Period and (y) the sum of (i) the total amount of Principal Receivables in the Trust as of such day (or with respect to
the first Monthly Period, the total amount of Principal Receivables in the Trust on the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, as
of the Closing Date); provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (y)(i) above shall be (1) the aggregate amount of Principal
Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate
amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period.

 “Group II” shall mean Series 2012-1 and each other Series specified in the related Supplement to be included
in Group II. 
 “Group II Investor Additional Amounts” shall mean, with respect to any
Distribution Date, the sum of (a) Series 2012-1 Additional Amounts for such Distribution Date and (b) for all other Series included in Group II, the sum of (i) the aggregate net amount by which the Invested Amounts of such Series have
been reduced as a result of investor charge-offs, subordination of principal collections and funding the investor default amounts in respect of any Class or Series Enhancement interests of such Series as of such Distribution Date and (ii) if
the applicable Supplements so provide, the aggregate unpaid amount of interest at the applicable certificate rates that has accrued on the amounts described in the preceding clause (i) for such Distribution Date. 

“Group II Investor Default Amount” shall mean, with respect to any Distribution Date, the sum of
(a) the Investor Default Amount for such Distribution Date and (b) the aggregate amount of the investor default amounts for all other Series included in Group II for such Distribution Date. 

  
 9 

 “Group II Investor Finance Charge Collections” shall
mean, with respect to any Distribution Date, the sum of (a) Investor Finance Charge Collections for such Distribution Date and (b) the aggregate amount of the investor finance charge collections for all other Series included in Group II
for such Distribution Date. 
 “Group II Investor Monthly Fees” shall mean with respect to any
Distribution Date, the sum of (a) Series 2012-1 Monthly Fees for such Distribution Date and (b) the aggregate amount of the servicing fees, investor fees, fees payable to any Series Enhancer and any other similar fees, which are payable
out of reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group II for such Distribution Date. 
 “Group II Investor Monthly Interest” shall mean, with respect to any Distribution Date, the sum of (a) Series 2012-1 Monthly Interest for such Distribution Date and (b) the
aggregate amount of monthly interest, including overdue monthly interest and interest on such overdue monthly interest, if such amounts are payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all
other Series included in Group II for such Distribution Date. 
 “Initial Invested Amount” shall mean
$606,062,000. 
 “Interest Accrual Period” shall mean, with respect to any Distribution Date, the period
(a) from and including the Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) and (b) to but excluding such Distribution Date. 

“Invested Amount” shall mean, as of any date of determination, an amount equal to the sum of (a) the
Class A Invested Amount as of such date, (b) the Class B Invested Amount as of such date and (c) the Collateral Invested Amount as of such date. 
 “Investment Letter” shall have the meaning specified in subsection 9.07(a). 
 “Investor Charge-Offs” shall mean Class A Investor Charge-Offs, Class B Investor Charge-Offs and Collateral Charge-Offs. 

“Investor Default Amount” shall mean, with respect to any Distribution Date, an amount equal to the product of
(a) the Series 2012-1 Allocable Defaulted Amount for the related Monthly Period and (b) the Floating Allocation Percentage for such Monthly Period. 
 “Investor Finance Charge Collections” shall mean with respect to any Distribution Date, an amount equal to the product of (a) the Floating Allocation Percentage for
the related Monthly Period and (b) Series 2012-1 Allocable Finance Charge Collections deposited in the Collection Account for the related Monthly Period. 
 “LIBOR” shall mean, for any Interest Accrual Period, a per annum interest rate determined by the Trustee for such Interest Accrual Period in accordance with the provisions of
Section 4.14. 
 “LIBOR Determination Date” shall mean June 20, 2012 for the period from and
including the Closing Date to but excluding July 16, 2012, and for every other Interest Accrual Period, the second London Business Day prior to the commencement of such Interest Accrual Period. 

“London Business Day” shall mean any day on which dealings in deposits in United States dollars are transacted in the
London interbank market. 

  
 10 

 “Monthly Interest” means, with respect to any Distribution Date, the
Class A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date. 
 “Monthly Receivables Percentage” shall mean, for any day, the percentage equivalent of a fraction, the numerator of which is an amount equal to the sum of the aggregate amount of
Principal Receivables outstanding in the Trust attributable to the Transferor or Account Owner with respect to which an Insolvency Event or a Transfer Restriction Event has occurred, and the denominator of which is an amount equal to the sum of the
aggregate amount of Principal Receivables outstanding in the Trust, in each as of the last day of the immediately preceding Monthly Period. 
 “Monthly Servicing Fee” shall have the meaning specified in subsection 3.01. 
 “Pay-Out Event” shall mean any Pay-Out Event specified in Section 6.01. 
 “Permitted Assignee” shall mean any Person who, if it were the Collateral Interest Holder or a holder of an interest in the Trust, as applicable, would not cause the Trust to be taxable
as a publicly traded partnership for federal income tax purposes. 

“Principal Allocation Percentage” shall mean, with respect to any day during a Monthly Period, the percentage
equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for Series 2012-1 as of the last day of the immediately preceding Monthly Period
(or, in the case of the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the Series Adjusted Invested Amount for Series
2012-1 as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the product of (x) the sum of (i) the total amount of Principal Receivables in the Trust as of the last day
of the immediately preceding Monthly Period (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as
of such last day (or with respect to the first Monthly Period, the Closing Date) and (y) the Series 2012-1 Allocation Percentage as of the last day of the immediately preceding Monthly Period; provided, however, that with respect to any
Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (x)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior
Monthly Period for the period from and including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the
related Addition Date or Removal Date for the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period; and provided further, that if after the commencement of the Controlled
Accumulation Period a Pay-Out Event occurs with respect to another Series that was designated in the Supplement therefor as a Series that is a “Paired Series” with respect to Series 2012-1, the Transferors may, by written notice delivered
to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the Adjusted Invested Amount as of the last day of the revolving period for such Paired Series,
(y) the Transferors shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and
the Trustee and (z) each Transferor shall have delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on the facts known to such officer at such time, in the reasonable belief of such Transferor,
such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay-Out Event, to occur with respect to Series 2012-1. 

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

  
 11 

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

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

 “Principal Funding Account Investment Shortfall” shall mean, with respect to each Distribution
Date during the Controlled Accumulation Period, the amount, if any, by which the Principal Funding Account Investment Proceeds are less than the Covered Amount. 
 “Reallocated Investor Finance Charge Collections” shall mean that portion of Group II Investor Finance Charge Collections allocated to Series 2012-1 pursuant to
Section 4.10. 
 “Reallocated Principal Collections” shall mean, with respect to any Monthly
Period, the product of (a) the Series 2012-1 Allocable Principal Collections deposited in the Collection Account for such Monthly Period and (b) the sum of the Class B Principal Percentage and the Collateral Principal Percentage.

 “Reassignment Amount” shall mean, with respect to any Distribution Date, after giving effect to any
deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Adjusted Invested Amount on such Distribution Date, plus (ii) Monthly Interest for such Distribution Date and any Monthly Interest
previously due but not distributed to the Series 2012-1 Certificateholders on a prior Distribution Date, plus (iii) the amount of Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not
distributed to the Series 2012-1 Certificateholders on a prior Distribution Date. 
 “Reference Banks” shall
mean four major banks in the London interbank market selected by the Servicer. 

“Required Accumulation Factor Number” shall be equal to a fraction, rounded upwards to the nearest whole
number, the numerator of which is one and the denominator of which is equal to the lowest monthly principal payment rate on the Accounts, expressed as a decimal, for the three months preceding the date of such calculation. 

“Required Amount” shall mean, with respect to any Monthly Period, the sum of the Class A Required Amount, the
Class B Required Amount and the Collateral Senior Required Amount. 

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

“Reserve Account” shall have the meaning specified in subsection 4.12(a). 

“Reserve Account Funding Date” shall mean the Distribution Date which occurs not later than the earliest
of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled

  
 12 

 
Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the June 2015 Monthly Period or any Monthly Period
thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the December 2015 Monthly Period or any
Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferors may determine by written notice to the Trustee and the Servicer. For this purpose,
the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period. 

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

“Reserve Draw Amount” shall have the meaning specified in subsection 4.12(c). 

“Reuters Screen LIBOR01 Page” shall mean the display page currently designated as page LIBOR01 on the Reuters Screen (or
such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“Revolving Period” shall mean the period beginning at the close of business on the Series Cut-Off Date and ending
on the earlier of (a) the close of business on the day immediately preceding the day the Controlled Accumulation Period commences and (b) the close of business on the day immediately preceding the day the Early Amortization Period
commences. 
 “Series 2012-1” shall mean the Series of Certificates the terms of which are specified in
this Supplement. 
 “Series 2012-1 Additional Amounts” shall mean, with respect to any
Distribution Date, the sum of the amounts determined pursuant to subsections 4.07(b), (e) and (i) for such Distribution Date. 
 “Series 2012-1 Allocable Defaulted Amount” shall mean the Series Allocable Defaulted Amount with respect to Series 2012-1. 

“Series 2012-1 Allocable Finance Charge Collections” shall mean the Series Allocable Finance
Charge Collections with respect to Series 2012-1. 

“Series 2012-1 Allocable Principal Collections” shall mean the Series Allocable Principal
Collections with respect to Series 2012-1. 
 “Series 2012-1 Allocation Percentage” shall
mean the Series Allocation Percentage with respect to Series 2012-1. 

“Series 2012-1 Certificate” shall mean a Class A Certificate or a Class B Certificate or the Collateral
Interest. 
 “Series 2012-1 Certificateholder” shall mean a Class A Certificateholder or a Class
B Certificateholder or the Collateral Interest Holder. 

“Series 2012-1 Certificateholders’ Interest” shall mean the Certificateholders’ Interest for
Series 2012-1, including the Collateral Interest. 

  
 13 

 “Series 2012-1 Monthly Fees” shall mean, with respect to any
Distribution Date, the amount determined pursuant to subsections 4.05(a)(ii), (b)(ii) and (c)(i) and subsection 4.07(g). 

“Series 2012-1 Monthly Interest” shall mean the amounts determined pursuant to subsections 4.02(a), (b) and (d).

 “Series 2012-1 Principal Shortfall” shall have the meaning specified in Section 4.11.

 “Series 2012-1 Termination Date” shall mean the January 2020 Distribution Date. 

“Series Adjusted Portfolio Yield” shall mean, with respect to any Monthly Period, the annualized
percentage equivalent of a fraction, (A) the numerator of which is equal to (a) Reallocated Investor Finance Charge Collections with respect to such Monthly Period, plus (b) the amount of any Principal Funding Account
Investment Proceeds for the related Distribution Date, plus (c) provided that each Rating Agency has consented in writing to the inclusion thereof in calculating the Series Adjusted Portfolio Yield, any Excess Finance Charge
Collections that are allocated to Series 2012-1 with respect to such Monthly Period, plus (d) the amount of funds, if any, withdrawn from the Reserve Account which pursuant to subsection 4.12(d) are required to be deposited into the
Collection Account and included as Class A Available Funds for the Distribution Date with respect to such Monthly Period, minus (e) the Investor Default Amount for the Distribution Date with respect to such Monthly Period, and
(B) the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period. 

“Series Cut-Off Date” shall mean the close of business on June 22, 2012. 

“Series Invested Amount” shall mean the Initial Invested Amount. 

“Series Required Transferor Amount” shall mean an amount equal to 7% of the Invested Amount. 

“Servicing Base Amount” shall have the meaning specified in Section 3.01. 

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

“Special Payment Date” shall mean each Distribution Date with respect to the Early Amortization Period.

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

“Transfer Agreement” shall mean the Transfer and Administration Agreement, dated as of June 22, 2012, among RFC II,
RFC III and RFC IV, as transferors, TRS, as administrator, and the American Express Credit Account Secured Note Trust 2012-1, as issuer, as the same may be amended, supplemented or otherwise modified from time to time. 

“Transferor Percentage” shall mean 100% minus (a) the Floating Allocation Percentage, when used at any
time with respect to Finance Charge Receivables and Defaulted Receivables, or (b) the Principal Allocation Percentage, when used at any time with respect to Principal Receivables. 

(b) Notwithstanding anything to the contrary in this Supplement or the Agreement, the term “Rating Agency” shall
mean, whenever used in this Supplement or the Agreement with respect to Series 2012-1, Fitch and Moody’s. As used in this Supplement and in the Agreement with respect to Series 2012-1, “highest investment category” shall mean
(i) in the case of Fitch, AAA or F-1+, as applicable and (ii) in the case of Moody’s, Aaa or P-1, as applicable. 

  
 14 

 (c) Each capitalized term defined herein shall relate to the Series 2012-1 Certificates and
no other Series of Certificates issued by the Trust, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in the Agreement. In the event that any term or
provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Agreement, the terms and provisions of this Supplement shall govern. 

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

 Servicing Fee 
 Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to the Series 2012-1 Certificateholders with respect to any Distribution Date (the
“Monthly Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the last day of the Monthly Period preceding such
Distribution Date minus (ii) the product of the amount, if any, on deposit in the Special Funding Account as of the last day of the Monthly Period preceding such Distribution Date and the Series 2012-1 Allocation Percentage with respect
to such Monthly Period (the amount calculated pursuant to this clause (b) is referred to as the “Servicing Base Amount”). The share of the Monthly Servicing Fee allocable to the Class A Certificateholders with
respect to any Distribution Date (the “Class A Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Class A Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing
Base Amount. The share of the Monthly Servicing Fee allocable to the Class B Certificateholders with respect to any Distribution Date (the “Class B Servicing Fee”) shall be equal to one-twelfth of the product of
(a) the Class B Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Collateral Interest with respect to any Distribution Date (the
“Collateral Servicing Fee”) shall be equal to one-twelfth of the product of the (a) Collateral Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The remainder of the
Servicing Fee shall be paid by the Holders of the Transferor Certificates or the investor certificateholders of other Series (as provided in the related Supplements) and in no event shall the Trust, the Trustee or the Series 2012-1
Certificateholders be liable for the share of the Servicing Fee to be paid by the Holders of the Transferor Certificates or the investor certificateholders of any other Series. To the extent that the Class A Servicing Fee, the Class B Servicing
Fee and the Collateral Servicing Fee are not paid in full pursuant to the preceding provisions of this Section 3.01, and Sections 4.05 and 4.07, they shall be paid by the Holders of the Transferor Certificates. 

ARTICLE IV 

Rights of Series 2012-1 Certificateholders and 

Allocation and Application of Collections 

Section 4.01. Collections and Allocations. 

(a) Allocations. Collections of Finance Charge Receivables and Principal Receivables and Defaulted Receivables allocated to Series
2012-1 pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables reallocated from other Series in Group II) shall be allocated and distributed or reallocated as set forth in this Article.

  
 15 

 (b) Payments to the Transferor. The Servicer shall on each Deposit
Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts: 
 (i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 2012-1 Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and

 (ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series 2012-1 Allocable
Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero. 

The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do not apply to deposits into the Collection
Account that do not represent Collections, including payment of the purchase price for the Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement, payment of the purchase price for the Series 2012-1
Certificateholders’ Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables pursuant to Section 9.01 or 12.02 of the Agreement. 

(c) Allocations to the Series 2012-1 Certificateholders. The Servicer shall, prior to the close of
business on each Deposit Date, allocate to the Series 2012-1 Certificateholders the following amounts as set forth below: 
 (i) Allocations of Finance Charge Collections. The Servicer shall allocate to the Series 2012-1 Certificateholders and retain in the Collection Account for application as
provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 2012-1 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the
Collection Account on such Deposit Date. 
 (ii) Allocations of Principal Collections. The
Servicer shall allocate to the Series 2012-1 Certificateholders the following amounts as set forth below: 
 (x)
Allocations During the Revolving Period. During the Revolving Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the
Principal Allocation Percentage and (III) the Series 2012-1 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2012-1
Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the
Series 2012-1 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date shall be allocated to the Series 2012-1 Certificateholders and first, if any other
Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second
paid to the Holders of the Transferor Certificates; provided, however, that such amount to be paid to the Holders of the Transferor Certificates on any Deposit Date shall be paid to such Holders only if the Transferor Amount on such Deposit
Date is greater than the Required Transferor Amount (after 

  
 16 

 
giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account. 

(y) Allocations During the Controlled Accumulation Period. During the Controlled
Accumulation Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2012-1 Allocation
Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2012-1 Certificateholders and retained in the Collection Account until
applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2012-1 Allocation Percentage and (IV) the aggregate amount of
Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a “Percentage Allocation”) shall be
allocated to the Series 2012-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that if the sum of such Percentage Allocation and all preceding Percentage Allocations with respect
to the same Monthly Period exceeds the Controlled Deposit Amount during the Controlled Accumulation Period for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal
Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to
the Holders of the Transferor Certificates only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall
be deposited in the Special Funding Account. 
 (z)
Allocations During the Early Amortization Period. During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 2012-1 Allocation
Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2012-1 Certificateholders and retained in the Collection Account until
applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 2012-1
Certificateholders, the remainder that has not been so deposited and allocated shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for
application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor
Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account. 
 Section 4.02. Determination of Monthly Interest. 
 (a)
The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of
(i) a fraction, the numerator of which is the actual number of days in the 

  
 17 

 
period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the
denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date.

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

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the
“Class B Interest Shortfall”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such
Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount
(“Class B Additional Interest”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in
the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and
(iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary
herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. 
 (c) The amount of monthly interest (“Collateral Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution
Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first
Distribution Date, the Closing Date) to (but excluding) such Distribution Date 

  
 18 

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

  
 19 

 
immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Senior Interest Shortfall (or the portion thereof which has not been paid to the
Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Senior Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. 

Section 4.03. Principal Funding Account; Controlled Accumulation Period. 

(a) (i) The Servicer, for the benefit of the Series 2012-1 Certificateholders, shall establish and maintain in the name of the
Trustee, on behalf of the Trust, an Eligible Deposit Account (the “Principal Funding Account”), bearing a designation clearly indicating that the funds deposited therein and the property credited thereto are held for the
benefit of the Series 2012-1 Certificateholders. The Principal Funding Account shall initially be established with The Bank of New York Mellon. 
 (ii) At the written direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible
Investments shall be held by the Trustee for the benefit of the Series 2012-1 Certificateholders; provided that on each Distribution Date all interest and other investment income (net of losses and investment expenses) (“Principal
Funding Account Investment Proceeds”) on funds on deposit therein shall be applied as set forth in paragraph (iii) below. Funds on deposit in the Principal Funding Account shall be invested in Eligible Investments that will mature so
that such funds will be available at the close of business on the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Principal Funding Account on a Transfer Date (which immediately
precedes a Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the Trustee shall sell,
liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment; provided further,
however, that the Servicer shall deliver prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by reason of any
insufficiency in such Principal Funding Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee’s failure to make payments on such Eligible Investments issued by the Trustee, in
its commercial capacity, in accordance with their terms. 
 (iii) On each Distribution Date with respect to the Controlled
Accumulation Period, the Servicer shall direct the Trustee in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account Investment Proceeds then on deposit in the Principal Funding
Account and such Principal Funding Account Investment Proceeds shall be treated as a portion of Class A Available Funds and Class B Available Funds. 
 (iv) Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall not be considered to be principal amounts on deposit therein for purposes of this Supplement.

 (b) (i) The Trustee shall possess all right, title and interest in all funds and property from time to time deposited in
or credited to the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 2012-1 Certificateholders. If, at any time, the
Principal Funding Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent)
establish a new Principal Funding Account meeting the conditions specified in paragraph (a)(i) 

  
 20 

 
above as an Eligible Deposit Account and shall transfer any cash or any investments to such new Principal Funding Account. 

(ii) Pursuant to the authority granted to the Servicer in subsection 3.01(b) of the Agreement, the Servicer shall have the power to make
withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Principal Funding Account for the purposes of carrying out the Servicer’s or Trustee’s duties hereunder. Pursuant to the authority granted to the
Paying Agent in Section 5.01 of this Supplement and Section 6.07 of the Agreement, the Paying Agent shall have the power to withdraw funds from the Principal Funding Account for the purpose of making distributions to the Series 2012-1
Certificateholders. 
 (c) The Controlled Accumulation Period is scheduled to commence at the close of business on the last day
of the May 2016 Monthly Period; provided, however, that if the Controlled Accumulation Period Length (which shall be determined as described below) is less than 12 months, the date on which the Controlled Accumulation Period actually
commences will be delayed to the close of business on the last day of the month preceding the month that is the number of months prior to the Expected Final Payment Date at least equal to the Controlled Accumulation Period Length and, as a result,
the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length. On the Determination Date immediately preceding the May 2016 Distribution Date, and on each Determination Date
thereafter that occurs prior to the Determination Date occurring in the Monthly Period in which the Controlled Accumulation Period commences, the Servicer will determine the “Controlled Accumulation Period Length”
which will equal the number of months such that the sum of the Controlled Accumulation Period Factors for each month during such period will be equal to or greater than the Required Accumulation Factor Number; provided, however, that the
Controlled Accumulation Period Length shall not be less than one month. Notwithstanding the foregoing, if the Controlled Accumulation Period Length shall have been determined to be less than 12 months and, after the date on which such determination
is made, a Pay-Out Event or Reinvestment Event (as those terms are defined in the Supplement for such Series) shall occur with respect to any outstanding Principal Sharing Series other than Series 2012-1, the Controlled Accumulation Period will
commence on the earlier of (i) the first day of the Monthly Period immediately succeeding the date that such Pay-Out Event or Reinvestment Event shall have occurred with respect to such Series and (ii) the date on which the Controlled
Accumulation Period is then scheduled to commence. 
 Section 4.04. Required Amount. 

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

  
 21 

 
Class B Monthly Interest previously due but not paid to the Class B Certificateholders, (iii) Class B Additional Interest, if any, for such Distribution Date, (iv) any Class B
Additional Interest previously due but not paid to the Class B Certificateholders on a prior Distribution Date, (v) if TRS or an Affiliate of TRS is no longer the Servicer, the Class B Servicing Fee for such Distribution Date and (vi) if
TRS or an Affiliate of TRS is no longer the Servicer, any Class B Servicing Fee previously due but not paid to the Servicer exceeds (B) the Class B Available Funds and (y) the Class B Investor Default Amount for such Distribution Date. In
the event that the difference between (x) the Class B Required Amount for such Distribution Date and (y) the amount of Excess Spread and Excess Finance Charge Collections applied with respect thereto pursuant to subsection 4.07(d) on such
Distribution Date is greater than zero, the Servicer shall give written notice to the Transferors and the Trustee of such excess Class B Required Amount on the date of computation. 

(c) With respect to each Distribution Date, on the related Determination Date, the Servicer shall determine the amount (the
“Collateral Senior Required Amount”), if any, by which (x) the sum of (i) if TRS or an Affiliate of TRS is no longer the Servicer, the Collateral Servicing Fee for such Distribution Date, (ii) if TRS or an Affiliate
of TRS is no longer the Servicer, any Collateral Servicing Fee previously due but not paid to the Servicer, (iii) Collateral Senior Minimum Monthly Interest for such Distribution Date, (iv) any Collateral Senior Minimum Monthly Interest
previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, (v) Collateral Senior Additional Interest, if any, for such Distribution Date, and (vi) any Collateral Senior Additional Interest previously
due but not distributed to the Collateral Interest Holder on a prior Distribution Date exceeds (y) the sum of (A) the amount of Collateral Available Funds to be applied under Section 4.05(c)(i) on such Distribution Date and
(B) the amount of Excess Spread and Excess Finance Charge Collections available to be applied pursuant to subsection 4.07(f) on such Distribution Date. In the event that the Collateral Senior Required Amount is greater than zero, the Servicer
shall give written notice to the Transferors and the Trustee of such Collateral Senior Required Amount on the date of computation. 
 Section 4.05. Application of Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections. The Servicer shall apply, or shall cause the
Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit B, on each Distribution Date, Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections on
deposit in the Collection Account with respect to such Distribution Date to make the following distributions: 
 (a) On each
Distribution Date, an amount equal to the Class A Available Funds with respect to such Distribution Date will be distributed or deposited in the following priority: 

(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any
Class A Monthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date and any Class A
Additional Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to the Class A Certificateholders; 

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

(iii) an amount equal to the Class A Investor Default Amount for such Distribution Date shall be treated as a portion
of Available Principal Collections for such Distribution Date; and 

  
 22 

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

(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth
in Section 4.07. 
 (d) On each Distribution Date with respect to the Revolving Period, an amount equal to the Available
Principal Collections deposited in the Collection Account for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement. 

(e) On each Distribution Date with respect to the Controlled Accumulation Period, an amount equal to the Available Principal Collections
deposited in the Collection Account for the related Monthly Period shall be distributed in the following order of priority: 
 (i) an amount equal to the lesser of (x) the Controlled Deposit Amount and (y) the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount shall be deposited in
the Principal Funding Account; 
 (ii) for each Distribution Date beginning on the Distribution Date on which the
Class B Invested Amount shall have been paid in full, an amount up to the Collateral Invested Amount shall be distributed to the Collateral Interest Holder; and 
 (iii) the balance of such Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement. 

  
 23 

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

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

(iv) for each Distribution Date, after giving effect to paragraphs (i), (ii) and (iii) above, an amount equal to
the balance, if any, of such Available Principal Collections will be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement. 
 Section 4.06. Defaulted Amounts; Investor Charge-Offs. 

(a) On each Determination Date, the Servicer shall calculate the Class A Investor Default Amount, if any, for the related
Distribution Date. If, on any Distribution Date, the Class A Required Amount for the related Monthly Period exceeds the sum of (x) the amount of Reallocated Principal Collections allocated to Series 2012-1 with respect to such Monthly
Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections allocable to Series 2012-1 with respect to such Monthly Period, the Collateral Invested Amount, if any, will be reduced by the amount of such excess, but not
by more than the Class A Investor Default Amount for such Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero and the
Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over
the amount of such reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date. In the event that such reduction would cause the Class B Invested Amount to be a negative number, the Class B Invested Amount shall be
reduced to zero, and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for
such Distribution Date over the aggregate amount of the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such Distribution Date (a “Class A Investor Charge-Off”). Class A
Investor Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by the amount of Excess
Spread and Excess Finance Charge Collections allocated and available for that purpose pursuant to subsection 4.07(b). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of
a Class not be reduced below zero. 
 (b) On each Determination Date, the Servicer shall calculate the Class B Investor Default
Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class B Required Amount for such Distribution Date exceeds the sum of (x) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series
2012-1 with respect to the related Monthly Period 

  
 24 

 
which are allocated and available to pay such amount pursuant to subsection 4.07(d) and (y) the Reallocated Principal Collections allocable to the Collateral Interest and not required to pay
the Class A Required Amount with respect to such Distribution Date, then the Collateral Invested Amount shall be reduced by the amount of such excess. In the event that such reduction would cause the Collateral Invested Amount to be a negative
number, the Collateral Invested Amount shall be reduced to zero, and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of
the Class B Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date (a “Class B Investor Charge-Off”).
Class B Investor Charge-Offs shall thereafter be reimbursed and the Class B Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class B Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread
and Excess Finance Charge Collections allocated and available for that purpose pursuant to subsection 4.07(e). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class
not be reduced below zero. 
 (c) On each Determination Date, the Servicer shall calculate the Collateral Default Amount. If on
any Distribution Date the Collateral Default Amount for the previous Monthly Period exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2012-1 with respect to the related Monthly Period which are allocated
and available to pay such amount pursuant to subsection 4.07(h), the Collateral Invested Amount will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Invested Amount for such
Distribution Date (a “Collateral Charge-Off”). The Collateral Invested Amount will be reimbursed after any reduction pursuant to this Section 4.06 on any Distribution Date by the amount of Excess Spread and Excess Finance
Charge Collections allocated and available on such Distribution date for that purpose as described under subsection 4.07(i). 

Section 4.07. Excess Spread; Excess Finance Charge Collections. The Servicer shall apply, or shall
cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit B, on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 2012-1 with respect to the related Monthly
Period, to make the following distributions or deposits in the following order of priority: 
 (a) an amount equal to the
Class A Required Amount, if any, with respect to such Distribution Date shall be distributed by the Trustee to fund the Class A Required Amount in accordance with, and in the priority set forth in, subsections 4.05(a)(i), (ii) and
(iii); 
 (b) an amount equal to the aggregate amount of Class A Investor Charge-Offs which have not been previously
reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date; 
 (c) an amount equal
to interest on the aggregate outstanding principal balance of the Class B Certificates not otherwise distributed to the Class B Certificateholders pursuant to Section 4.05(b)(i), at a rate per annum equal to the Class B Certificate Rate,
shall be distributed to the Class B Certificateholders, except that interest previously due but not paid will accrue interest at a rate per annum equal to the Class B Certificate Rate plus 2% per annum; 

(d) an amount equal to the Class B Required Amount, if any, with respect to such Distribution Date will be (i) used to fund the
Class B Required Amount and be applied in accordance with subsections 4.05(b)(i) and 4.05(b)(ii), and then (ii) an amount up to the Class B Investor Default Amount will be treated and applied as Available Principal Collections for such
Distribution Date; 
 (e) an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced pursuant
to clauses (c), (d) and (e) of the definition of “Class B Invested Amount” in 

  
 25 

 
Section 2.01 of this Supplement (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be treated as a portion of Available Principal
Collections for such Distribution Date; 
 (f) an amount equal to Collateral Senior Minimum Monthly Interest for such
Distribution Date, plus the amount of any Collateral Senior Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, plus the amount of any Collateral Senior Additional
Interest for such Distribution Date and any Collateral Senior Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to the Collateral Interest Holder; 

(g) an amount equal to the Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly
Servicing Fee due but not paid to the Servicer on a prior Distribution Date shall be paid to the Servicer; 
 (h) an amount
equal to the Collateral Default Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date; 
 (i) an amount equal to the aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of “Collateral Invested
Amount” (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be treated as a portion of Available Principal Collections for such Distribution Date; 

(j) on each Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account
terminates pursuant to subsection 4.12(f), an amount up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account; and 

(k) the balance, if any, will be distributed to the Collateral Interest Holder. 

Section 4.08. Reallocated Principal Collections. On each Distribution Date, the Servicer shall apply, or shall
cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit B, Reallocated Principal Collections with respect to such Distribution Date, to make the following distributions or deposits in the following order
of priority 
 (a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to
such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2012-1 with respect to the related Monthly Period shall be distributed by the Trustee to fund any deficiency pursuant to and
in the priority set forth in subsections 4.05(a)(i), (ii) and (iii); 
 (b) an amount equal to the excess, if any, of
(i) the Class B Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsections 4.07(c)
and (d) on such Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in subsections 4.07(c) and (d); and

 (c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied
to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the
extent the Collateral Invested Amount shall 

  
 26 

 
be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. 

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

On each Distribution Date, the Collateral Invested Amount shall be reduced by the amount of Reallocated Principal Collections for such
Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection
4.08(c). In the event that such reduction would cause the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) to be a negative number, the Collateral Invested Amount (after giving effect to any
Collateral Charge-Offs for such Distribution Date) shall be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero. In the event that the reallocation
of Reallocated Principal Collections would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be a negative number on any Distribution Date, Reallocated Principal Collections
shall be reallocated on such Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be reduced to zero.
References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 
 Section 4.09. Excess Finance Charge Collections. Series 2012-1 shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge
Collections with respect to the Excess Allocation Series for any Distribution Date will be allocated to Series 2012-1 in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the
Excess Allocation Series for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2012-1 for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series for such Distribution Date. The “Finance Charge Shortfall” for Series 2012-1 for any Distribution Date will be equal to the excess, if any, of (a) the full amount
required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and the full amount required to be paid, without duplication, pursuant to subsections
3.02(a)(iii) and 3.02(a)(iv) of the Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly
Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date and (iii) the
amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. The amount of Excess Finance Charge
Collections for Series 2012-1 for any Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer Agreement. On each Distribution Date, the Trustee shall deposit into the Collection Account for application in accordance with
Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the Transfer Agreement on such date. 
 Section 4.10. Reallocated Investor Finance Charge Collections. 
 (a) That portion of Group II Investor Finance Charge Collections for any Distribution Date equal to the amount of Reallocated Investor Finance Charge Collections for such Distribution Date will be
allocated to Series 2012-1 and will be distributed as set forth in this Supplement. 

  
 27 

 (b) Reallocated Investor Finance Charge Collections with respect to any Distribution Date
shall equal the sum of (i) the aggregate amount of Series 2012-1 Monthly Interest, Investor Default Amount, Series 2012-1 Monthly Fees and Series 2012-1 Additional Amounts for such Distribution Date and (ii) that portion of excess Group II
Investor Finance Charge Collections to be included in Reallocated Investor Finance Charge Collections pursuant to subsection (c) hereof; provided, however, that if the amount of Group II Investor Finance Charge Collections for such
Distribution Date is less than the sum of (w) Group II Investor Monthly Interest, (x) Group II Investor Default Amount, (y) Group II Investor Monthly Fees and (z) Group II Investor Additional Amounts, then Reallocated Investor
Finance Charge Collections shall equal the sum of the following amounts for such Distribution Date: 
 (A) The
product of (I) Group II Investor Finance Charge Collections (up to the amount of Group II Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 2012-1 Monthly Interest and the denominator of which is Group II Investor
Monthly Interest; 
 (B) the product of (I) Group II Investor Finance Charge Collections less the amount of
Group II Investor Monthly Interest (up to the Group II Investor Default Amount) and (II) a fraction, the numerator of which is the Investor Default Amount and the denominator of which is the Group II Investor Default Amount; 

(C) the product of (I) Group II Investor Finance Charge Collections less the amount of Group II Investor Monthly
Interest and the Group II Investor Default Amount (up to Group II Investor Monthly Fees) and (II) a fraction, the numerator of which is Series 2012-1 Monthly Fees and the denominator of which is Group II Investor Monthly Fees; and 

(D) the product of (I) Group II Investor Finance Charge Collections less the sum of (i) Group II Investor
Monthly Interest, (ii) the Group II Investor Default Amount and (iii) Group II Investor Monthly Fees and (II) a fraction, the numerator of which is Series 2012-1 Additional Amounts and the denominator of which is Group II Investor
Additional Amounts. 
 (c) If the amount of Group II Investor Finance Charge Collections for such Distribution Date exceeds the
sum of (i) Group II Investor Monthly Interest, (ii) Group II Investor Default Amount, (iii) Group II Investor Monthly Fees and (iv) Group II Investor Additional Amounts, then Reallocated Investor Finance Charge Collections for
such Distribution Date shall include an amount equal to the product of (x) the amount of such excess and (y) a fraction, the numerator of which is the Invested Amount as of the last day of the second preceding Monthly Period (or, for
Series 2012-1 only, with respect to the first Distribution Date, as of the Closing Date) and the denominator of which is the sum of such Invested Amount and the aggregate invested amounts for all other Series included in Group II as of such last day
(or, for Series 2012-1 only, with respect to the first Distribution Date, as of the Closing Date). 
 Section 4.11.
Shared Principal Collections. Subject to Section 4.04 of the Agreement, Shared Principal Collections for any Distribution Date will be allocated to Series 2012-1 in an amount equal to the product of (x) the aggregate
amount of Shared Principal Collections with respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 2012-1 Principal Shortfall for such Distribution Date and the denominator of
which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The “Series 2012-1 Principal Shortfall” will be equal to (a) for any
Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the
amount of Available Principal Collections for such Distribution Date (excluding any portion thereof 

  
 28 

 
attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of
Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections). 
 Section 4.12. Reserve Account. 
 (a) The Servicer shall establish and
maintain, in the name of the Trustee, on behalf of the Trust, for the benefit of the Series 2012-1 Certificateholders, an Eligible Deposit Account (the “Reserve Account”) bearing a designation clearly indicating that the funds
deposited therein and the property credited thereto are held for the benefit of the Series 2012-1 Certificateholders. The Reserve Account shall initially be established with The Bank of New York Mellon. The Trustee shall possess all right, title and
interest in all funds and property from time to time deposited in or credited to the Reserve Account and in all proceeds thereof. The Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 2012-1
Certificateholders. If at any time the Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each
Rating Agency shall consent) establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash or any investments to such new Reserve Account. The Trustee, at the direction of the
Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount at such time, for the purposes set forth in this Supplement, and (ii) on each Distribution Date (from
and after the Reserve Account Funding Date) prior to the termination of the Reserve Account make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.07(j). 

(b) Funds on deposit in the Reserve Account shall be invested at the written direction of the Servicer by the Trustee in Eligible
Investments. Funds on deposit in the Reserve Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be
available for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the Trustee shall sell, liquidate or dispose of any such Eligible Investment
if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment; provided further, however, that the Servicer shall deliver prompt
written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by reason of any insufficiency in such Reserve Account resulting from
any loss on any Eligible Investment included therein except for losses attributable to the Trustee’s failure to make payments on such Eligible Investments issued by the Trustee, in its commercial capacity, in accordance with their terms. On
each Distribution Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on funds on deposit in the Reserve Account shall be retained in the Reserve Account (to the extent that the
Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account and treated as collections of Finance Charge Receivables allocable to Series 2012-1. For
purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Supplement, except as otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be
available or on deposit. 
 (c) On the Determination Date preceding each Distribution Date with respect to the Controlled
Accumulation Period and the first Special Payment Date, the Servicer shall calculate the “Reserve Draw Amount” which shall be equal to the excess, if any, of the Covered Amount with respect to such Distribution Date or
Special Payment Date over the Principal Funding Account Investment Proceeds with respect to such Distribution Date or Special Payment Date; provided, that such amount will 

  
 29 

 
be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under subsection 4.07(j) with respect to such Distribution Date or Special Payment Date.

 (d) In the event that for any Distribution Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to
the Available Reserve Account Amount, shall be withdrawn from the Reserve Account on the related Transfer Date by the Trustee (acting in accordance with the instructions of the Servicer), deposited into the Collection Account and included in
Class A Available Funds for such Distribution Date. 
 (e) In the event that the Reserve Account Surplus on any
Distribution Date, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Distribution Date, is greater than zero, the Trustee, acting in accordance with the written instructions of the Servicer, shall
withdraw from the Reserve Account, and distribute to the Collateral Interest Holder, an amount equal to such Reserve Account Surplus. 
 (f) Upon the earliest to occur of (i) the day on which the Invested Amount is paid in full to the Series 2012-1 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced,
the occurrence of a Pay-Out Event with respect to Series 2012-1, (iii) if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected Final Payment Date and (iv) the termination of the
Trust pursuant to the Agreement, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Class A Certificateholders which are payable from the Reserve Account as provided
herein, shall withdraw from the Reserve Account and pay to the Collateral Interest Holder all amounts, if any, on deposit in the Reserve Account and the Reserve Account shall be deemed to have terminated for purposes of this Supplement. 

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

  
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property held by the Trustee. Notwithstanding any other provision of this Supplement, the Trustee shall not hold any Eligible Investment through an agent except as expressly permitted by this
Section 4.13(b). Each term used in this Section 4.13(b) and defined in the New York Uniform Commercial Code shall have the meaning set forth in the New York Uniform Commercial Code. 

Section 4.14. Determination of LIBOR. 
 (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one
month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR
Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of
each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as
requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States
dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for
such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period. 
 (b) The Servicer
shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate
Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (212) 815-6258. 

(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer
by facsimile, notification of LIBOR for the following Interest Accrual Period. 
 ARTICLE V 

Distributions and Reports to 
 Series 2012-1 Certificateholders 
 Section 5.01.
Distributions. 
 (a) On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder
of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class A Certificateholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such
Distribution Date to pay interest on the Class A Certificates pursuant to this Supplement. 
 (b) On each Special Payment
Date and on the Expected Final Payment Date, the Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class A Certificateholder of record on the
related Record Date (other than as provided in Section 12.02 of the Agreement) such Class A Certificateholder’s pro rata 

  
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share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to pay principal of the Class A
Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class A Invested Amount on such date (unless there has been an optional repurchase of the Series 2012-1 Certificateholders’ Interest pursuant to
Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 
 (c) On each Distribution Date,
the Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in
Section 12.02 of the Agreement) such Class B Certificateholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on the Class B Certificates pursuant
to this Supplement. 
 (d) On each Special Payment Date, and on the Expected Final Payment Date, the Paying Agent shall
distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the
Agreement) such Class B Certificateholder’s pro rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to pay principal of the Class B
Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class B Invested Amount on such date (unless there has been an optional repurchase of the Series 2012-1 Certificateholders’ Interest pursuant to
Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 
 (e) On each Distribution Date,
the Trustee shall distribute to the Collateral Interest Holder the aggregate amount payable to the Collateral Interest Holder pursuant to Sections 4.05, 4.07, 4.12, 8.01 and 8.02 to the Collateral Interest Holder’s account, as specified in
writing by the Collateral Interest Holder, in immediately available funds. 
 (f) The distributions to be made pursuant to this
Section 5.01 are subject to the provisions of Sections 2.06, 9.02, 10.01 and 12.02 of the Agreement and Sections 8.01 and 8.02 of this Supplement. 
 (g) Except as provided in Section 12.02 of the Agreement with respect to a final distribution, distributions to Series 2012-1 Certificateholders hereunder shall be made by check mailed to each Series
2012-1 Certificateholder at such Series 2012-1 Certificateholder’s address appearing in the Certificate Register without presentation or surrender of any Series 2012-1 Certificate or the making of any notation thereon; provided, however,
that with respect to Series 2012-1 Certificates registered in the name of a Clearing Agency, such distributions shall be made to such Clearing Agency in immediately available funds. 

(h) The distributions to be made pursuant to this Section 5.01 are to be made pursuant to the written instructions of the Servicer
substantially in the form of Exhibit B. 
 Section 5.02.
Reports and Statements to Series 2012-1 Certificateholders. 
 (a) On each Distribution
Date, the Paying Agent, on behalf of the Trustee, shall forward to each Series 2012-1 Certificateholder a statement substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer and delivered to the Paying Agent.

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

  
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 (c) A copy of each statement or certificate provided pursuant to paragraph (a) or
(b) may be obtained by any Series 2012-1 Certificateholder or any Certificate Owner thereof by a request in writing to the Servicer. 
 (d) On or before January 31 of each calendar year, beginning with calendar year 2013, the Paying Agent, on behalf of the Trustee, shall furnish or cause to be furnished to each Person who at any time
during the preceding calendar year was a Series 2012-1 Certificateholder, a statement substantially in the form of Exhibit C-2 to this Supplement prepared by the Servicer for such calendar year or the applicable portion thereof during which
such Person was a Series 2012-1 Certificateholder, together with other information as is required to be provided by an issuer of indebtedness under the Code. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of the Code as from time to time in effect. 
 ARTICLE VI 
 Pay-Out Events 

Section 6.01. Pay-Out Events. If any one of the following events shall occur with respect to the Series 2012-1
Certificates: 
 (a) the occurrence of an Insolvency Event relating to any Transferor or other holder of the Original Transferor
Certificate; 
 (b) the Trust becomes an investment company within the meaning of the Investment Company Act; 

(c) failure on the part of any Transferor (i) to make any payment or deposit required by the terms of the Agreement or this
Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Transferors set forth in
the Agreement or this Supplement, which failure has a material adverse effect on the Series 2012-1 Certificateholders and which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferors and the Trustee by any Holder of the Series 2012-1 Certificates; 
 (d) any representation or warranty made by any Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by any Transferor
pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the
date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to such Transferor and the Trustee by any Holder of the Series 2012-1 Certificates and as a result of which
the interests of the Series 2012-1 Certificateholders are materially and adversely affected for such period; provided, however, that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if a
Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the provisions of
the Agreement; 
 (e) a failure by a Transferor to convey Receivables in Additional Accounts or Participation Interests to the
Trust within five Business Days after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of the Agreement; 

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

(g) the average Series Adjusted Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the
average of the Base Rates for such period; 
 (h) the Class A Invested Amount, the Class B Invested Amount or the
Collateral Invested Amount shall not be paid in full on the Expected Final Payment Date; 
 (i) a Transfer Restriction Event
shall occur; 
 (j) the occurrence of an Insolvency Event as defined in the Receivables Purchase Agreement relating to any
Account Owner; or 
 (k) a Transfer Restriction Event as defined in the Receivables Purchase Agreements shall occur between an
Account Owner and the related Transferor; 
 then, (A) in the case of any event described in subparagraph (c), (d) or (f), after the
applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Investor Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount of the Investor Certificates of this Series by
notice then given in writing to the Transferors and the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may declare that a Pay-Out Event has occurred with respect to this Series as of the date of such notice;
(B) in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this
Series immediately upon the occurrence of such event; and (C) in the case of any event described in subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part
of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that
(x) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly
Receivables Percentage for the immediately preceding three Monthly Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables
outstanding in the Trust does not at least equal the Required Minimum Principal Balance (without giving effect to Principal Receivables attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer
Restriction Event has occurred). 
 ARTICLE VII 
 Optional Repurchase; Series Termination 
 Section 7.01.
Optional Repurchase. 
 (a) So long as a Transferor is the Servicer or an Affiliate of the Servicer, on any day
occurring on or after the date on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 2012-1 Certificateholders’ Interest, at a purchase price equal to
(i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. If, on the date on which a
Transferor exercises such option, the long-term unsecured debt obligations of such Transferor purchasing the Series 2012-1 Certificateholders’ Interest is not rated at least in the third highest rating category by the Rating Agency, such
Transferor shall deliver to the Trustee, with a copy to the Rating Agency, an Officer’s Certificate of such Transferor which shall have attached to it the relevant fraudulent conveyance statute, if any, and set forth the factual

  
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basis for a conclusion that the exercise of such optional repurchase would not constitute a fraudulent conveyance of such Transferor. 

(b) The Transferors shall give the Servicer and the Trustee at least 30 days prior written notice of the date on which the Transferors
intend to exercise such purchase option. Not later than 12:00 noon, New York City time, on such day the Transferors shall deposit the Reassignment Amount into the Collection Account in immediately available funds. Such purchase option is subject to
payment in full of the Reassignment Amount. Following the deposit of the Reassignment Amount into the Collection Amount in accordance with the foregoing, the Invested Amount for Series 2012-1 shall be reduced to zero and the Series 2012-1
Certificateholders shall have no further interest in the Receivables. The Reassignment Amount shall be distributed as set forth in subsection 8.01(b). 
 Section 7.02. Series Termination. 
 (a) If, on the November 2019
Distribution Date, the Invested Amount (after giving effect to all changes therein on such date) would be greater than zero, the Servicer, on behalf of the Trustee, shall, within the 40-day period which begins on such Distribution Date, solicit bids
for the sale of Principal Receivables and the related Finance Charge Receivables (or interests therein) in an amount equal to the Invested Amount at the close of business on the last day of the Monthly Period preceding the Series 2012-1 Termination
Date (after giving effect to all distributions required to be made on the Series 2012-1 Termination Date, except pursuant to this Section 7.02). Such bids shall require that such sale shall (subject to subsection 7.02(b)) occur on the Series
2012-1 Termination Date. No Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such Transferor for purposes of United States generally accepted accounting principles shall be entitled to participate in such
bidding process or to purchase the Receivables; provided, however, that, to the extent the Collateral Interest Holder is not a Transferor, an Affiliate thereof, an agent thereof or any other party consolidated with a Transferor for
purposes of United States generally accepted accounting principles, the Collateral Interest Holder may participate in such bidding process. 
 (b) The Servicer, on behalf of the Trustee, shall sell such Receivables (or interests therein) on the Series 2012-1 Termination Date to the bidder who made the highest cash purchase offer. The proceeds of
any such sale shall be treated as Collections on the Receivables allocated to the Series 2012-1 Certificateholders pursuant to the Agreement and this Supplement; provided, however, that the Servicer shall determine conclusively the amount of
such proceeds which are allocable to Finance Charge Receivables and the amount of such proceeds which are allocable to Principal Receivables. During the period from the November 2019 Distribution Date to the Series 2012-1 Termination Date, the
Servicer shall continue to collect payments on the Receivables and allocate and deposit such Collections in accordance with the provisions of the Agreement and the Supplements. 
 ARTICLE VIII 
 Final Distributions 

Section 8.01. Sale of Receivables or Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the
Agreement and Section 7.01 or 7.02 of this Supplement. 
 (a) (i) The amount to
be paid by the Transferors with respect to Series 2012-1 in connection with a reassignment of Receivables to the Transferors pursuant to Section 2.06 of the Agreement shall equal the Reassignment Amount for the first Distribution Date following
the Monthly Period in which the reassignment obligation arises under the Agreement. 

  
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 (ii) The amount to be paid by the Transferors with respect to Series 2012-1 in connection
with a repurchase of the Certificateholders’ Interest pursuant to Section 10.01 of the Agreement shall equal the sum of (x) the Reassignment Amount for the Distribution Date of such repurchase and (y) the sum of (A) the
excess, if any, of (I) a price equivalent to the average of bids quoted on the Record Date preceding the date of repurchase or, if not a Business Day, on the next succeeding Business Day by at least two recognized dealers selected by the
Trustee for the purchase by such dealers of a security which is similar to the Class A Certificates with a remaining maturity approximately equal to the remaining maturity of the Class A Certificates and rated by each Rating Agency in the
rating category originally assigned to the Class A Certificates over (II) the portion of the Reassignment Amount attributable to the Class A Certificates and (B) the excess, if any, of (I) a price equivalent to the average of
bids quoted on such Record Date, or if not a Business Day, on the next succeeding Business Day by at least two recognized dealers selected by the Trustee for the purchase by such dealers of a security which is similar to the Class B Certificates
with a remaining maturity approximately equal to the remaining maturity of the Class B Certificates and rated by each Rating Agency in the rating category originally assigned to the Class B Certificates over (II) the portion of the Reassignment
Amount attributable to the Class B Certificates. 
 (b) With respect to the Reassignment Amount deposited into the Collection
Account pursuant to Section 7.01 or any amounts allocable to the Series 2012-1 Certificateholders’ Interest deposited into the Collection Account pursuant to Section 7.02, the Trustee shall, in accordance with the written direction of
the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and
distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class A Certificateholders
and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior
Distribution Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on any prior
Distribution Date, will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class
B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior
Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B Certificateholders on any prior Distribution Date,
will be distributed to the Paying Agent for payment to the Class B Certificateholders and (iii) the balance, if any, will be distributed to the Collateral Interest Holder. 

(c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to
subsection 8.01(b) for payment to the Series 2012-1 Certificateholders shall be deemed distributed in full to the Series 2012-1 Certificateholders on the date on which such funds are distributed to the Paying Agent pursuant to this Section and shall
be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. 
 Section 8.02. Distribution of
Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the Agreement. 
 (a) Not
later than 12:00 noon, New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.01(b) of the Agreement, the Trustee shall in accordance with
the written direction of the 

  
 36 

 
Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the
Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2012-1 Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class A
Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2012-1 Allocable Principal Collections and (y) the Principal Allocation
Percentage with respect to the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2012-1 Allocable Principal Collections
and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated to Series
2012-1 Allocable Principal Collections and (B) the Principal Allocation Percentage with respect to the related Monthly Period minus (y) the amount distributed to the Paying Agent pursuant to clause (i) of this sentence and
(iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder. 
 (b) Not later than
12:00 noon, New York City time, on such Distribution Date, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be
made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly Interest for such Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class A
Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A
Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders,
provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2012-1 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect
to the related Monthly Period and (z) the Class A Floating Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B
Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest
previously due but not distributed to the Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2012-1 Allocable Finance Charge Collections and distribute such amount to the Paying
Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2012-1 Allocable Finance Charge Collections,
(y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (A) the portion of the Insolvency
Proceeds allocated to Series 2012-1 Allocable Finance Charge Collections and (B) the Floating Allocation Percentage with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant to the
preceding sentence, the excess shall be distributed to the Collateral Interest Holder. 
 (c) Notwithstanding anything to the
contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 2012-1 Certificateholders shall be distributed in full to the Series 2012-1 Certificateholders on the date
on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. 

  
 37 

 ARTICLE IX 
 Miscellaneous Provisions 
 Section 9.01.
Ratification of Agreement. As supplemented by this Supplement, the Agreement is in all respects ratified and confirmed and the Agreement as so supplemented by this Supplement shall be read, taken and construed as one and the same
instrument. 
 Section 9.02. Counterparts. This Supplement may be executed in two or more counterparts, and by
different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 Section 9.03. Governing Law. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.04. [Reserved]. 
 Section 9.05. [Reserved]. 
 Section 9.06. Uncertificated
Securities. The Collateral Interest shall be delivered in uncertificated form. 
 Section 9.07. Transfers of the
Collateral Interest. 
 (a) Unless otherwise consented to by the Transferors, no portion of the Collateral Interest or any
interest therein may be sold, conveyed, assigned, hypothecated, pledged, participated, exchanged or otherwise transferred (each, a “Transfer”) except in accordance with this Section 9.07 and only to a Permitted Assignee. Any
attempted or purported transfer, assignment, exchange, conveyance, pledge, hypothecation or grant other than to a Permitted Assignee shall be void. Unless otherwise consented to by the Transferors, no portion of the Collateral Interest or any
interest therein may be Transferred to any Person (each such Person acquiring the Collateral Interest or any interest therein, an “Assignee”) unless such Assignee shall have executed and delivered to the Transferors on or before the
effective date of any Transfer a letter substantially in the form attached hereto as Exhibit E (an “Investment Letter”), executed by such Assignee, with respect to the related Transfer to such Assignee of all or a portion of
the Collateral Interest. 
 (b) Each Assignee will certify that the Collateral Interest or the interest therein purchased by
such Assignee will be acquired for investment only and not with a view to any public distribution thereof, and that such Assignee will not offer to sell or otherwise dispose of the Collateral Interest or any interest therein so acquired by it in
violation of any of the registration requirements of the Securities Act, or any applicable state or other securities laws. Each Assignee will acknowledge and agree that (i) it has no right to require the Transferors to register under the
Securities Act or any other securities law the Collateral Interest or the interest therein to be acquired by the Assignee and (ii) the sale of the Collateral Interest is not being made by means of the prospectus prepared in connection with the
sale of the Series 2012-1 Certificates. Each Assignee will agree with the Transferors that: (a) such Assignee will deliver to the Transferors an Investment Letter and (b) all of the statements made by such Assignee in its Investment Letter
shall be true and correct as of the date made. 
 (c) No portion of the Collateral Interest or any interest therein may be
Transferred to, and each Assignee will certify that it is not, (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA and subject to Title I of ERISA), (b) any “plan” (as defined in and subject to
Section 4975 of the 

  
 38 

 
Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of
Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA) by reason of a plan’s investment in the entity, including, without limitation, an insurance company general account. 

[The signature page follows this page.] 

  
 39 

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

					
	AMERICAN EXPRESS RECEIVABLES
		 	FINANCING CORPORATION II,
		 	as a Transferor
		
	By:	 	 /s/ Anderson Y. Lee

		 	Name:	 	Anderson Y. Lee
		 	Title:	 	President
	
	AMERICAN EXPRESS RECEIVABLES
		 	FINANCING CORPORATION III LLC,
		 	as a Transferor
		
	By:	 	 /s/ Kevin L. Thompson

		 	Name:	 	Kevin L. Thompson
		 	Title:	 	President
	
	AMERICAN EXPRESS RECEIVABLES
		 	FINANCING CORPORATION IV LLC,
		 	as a Transferor
		
	By:	 	 /s/ Denise D. Roberts

		 	Name:	 	Denise D. Roberts
		 	Title:	 	President
	
	AMERICAN EXPRESS TRAVEL RELATED
		 	SERVICES COMPANY, INC.,
		 	as the Servicer
		
	By:	 	 /s/ David L. Yowan

		 	Name:	 	David L. Yowan
		 	Title:	 	Treasurer
	
	THE BANK OF NEW YORK MELLON,
		 	 as Trustee

		
	By:	 	 /s/ Catherine L. Cerilles

		 	Name:	 	Catherine L. Cerilles
		 	Title:	 	Vice President

 [Signature page – Series 2012-1 Supplement] 

					
		 	FORM OF CLASS A CERTIFICATE	 	EXHIBIT A-1

  

			
	 REGISTERED
	 	$            1/
		
	 No. R-             
	 	CUSIP No. 02587H AA7

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

SERIES 2012-1 

CLASS A FLOATING RATE ASSET BACKED CERTIFICATE 
 Expected Final Payment Date: 
 The June 2017 Distribution Date 

Each $100,000 minimum denomination represents a 
 1/5,000ths undivided interest 
 in Class A of the 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2012-1 
 Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated from time to time in the ordinary course of business in a
portfolio of credit and charge accounts serviced by 
 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., 

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

(Not an interest in or obligation of American Express Travel Related Services Company, Inc., 

American Express Centurion Bank, American Express Bank, FSB, American Express Receivables 

Financing Corporation II, American Express Receivables Financing Corporation III LLC, American 

Express Receivables Financing Corporation IV LLC or any of their respective affiliates) 

This certifies that CEDE & CO. (the “Class A Certificateholder”) is the registered owner of a fractional undivided interest in
certain assets of a trust (the “Trust”) created pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and 

 

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

  

					
	(Series 2012-1 Supplement)	  		  	

 
restated and as otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 2012-1 Supplement, dated as of June 22, 2012 (as amended and
supplemented, the “Supplement”), among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors
(together, the “Transferors”), American Express Travel Related Services Company, Inc., as servicer, and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the
Trust consists of (i) the Transferors’ ownership interest in a portfolio of receivables (the “Receivables”) existing in credit and charge accounts identified under the Agreement from time to time (the
“Accounts”), (ii) all Receivables generated under the Accounts from time to time thereafter, (iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time
to time on deposit in the Collection Account, the Special Funding Account and any other Series Accounts and (v) all other assets and interests constituting the Trust. The Holder of this Certificate is entitled to the benefits of the
subordination of the Class B Certificates and the Collateral Interest to the extent provided in the Supplement. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and
Conditions attached hereto and made a part hereof, this Class A Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests,
rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at
the Corporate Trust Office. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreement or the Supplement, as applicable. 

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

It is the intent of the Transferors and the Class A Certificateholder that, for federal, state and local income and franchise tax
purposes, the Class A Certificates will qualify as indebtedness of the Transferors secured by the Receivables. The Class A Certificateholder, by the acceptance of this Class A Certificate, agrees to treat this Class A Certificate
for federal, state and local income and franchise tax purposes as debt of the Transferors. 
 In general, payments of principal
with respect to the Class A Certificates are limited to the Class A Invested Amount, which may be less than the unpaid principal balance of the Class A Certificates. The Expected Final Payment Date is the June 2017 Distribution Date,
but principal with respect to the Class A Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not
sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of
principal of the Class A Certificates will occur later than the Expected Final Payment Date. 
 Unless the certificate of
authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  

					
	(Series 2012-1 Supplement)	  	A-1-2	  	

 IN WITNESS WHEREOF, the Transferors have caused this Class A Certificate to be duly
executed. 
  

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: June 22, 2012 

  

					
	(Series 2012-1 Supplement)	  	A-1-3	  	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2012-1 Class A Certificates described in the within-mentioned Agreement and
Supplement. 
  

			
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	By:	 	  

		 	Authorized Signatory
		
		 	 or

		
	By:	 	  

		 	as Authenticating Agent for the Trustee
		
	By:	 	  

		 	Authorized Signatory

  

					
	(Series 2012-1 Supplement)	  	A-1-4	  	

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2012-1 

CLASS A FLOATING RATE ASSET BACKED CERTIFICATE 
 Summary of Terms and Conditions 
 The Receivables consist of Principal Receivables
which arise generally from the purchase of goods and services and amounts advanced to cardmembers as cash advances and Finance Charge Receivables. This Class A Certificate is one of a Series of Certificates entitled American Express Credit
Account Master Trust, Series 2012-1 (the “Series 2012-1 Certificates”), and one of a class thereof entitled Class A Series 2012-1 Floating Rate Asset Backed Certificates (the “Class A Certificates”), each of
which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all outstanding Series (the “Certificateholders’ Interest”)
with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class A Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the
Class A Invested Amount at such time. The Class A Initial Invested Amount is $500,000,000. The Class A Invested Amount on any date will be an amount equal to (a) the Class A Initial Invested Amount, minus (b) the
aggregate amount of principal payments made to the Class A Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over
Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) of the Supplement prior to such date. 
 Subject to
the terms and conditions of the Agreement, the Transferors may, from time to time, direct the Trustee, on behalf of the Trust, to issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain
of the Trust Assets. 
 On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder of
record on the last day of the preceding calendar month (each a “Record Date”) such Class A Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal
Funding Account) as are payable to the Class A Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class A Certificate will be made by the Paying Agent by check mailed to the address of the
Class A Certificateholder of record appearing in the Certificate Register without the presentation or surrender of this Class A Certificate or the making of any notation thereon (except for the final distribution in respect of this
Class A Certificate) except that with respect to Class A Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final
payment of this Class A Certificate will be made only upon presentation and surrender of this Class A Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2012-1
Certificateholders in accordance with the Agreement and the Supplement. 
 On any day occurring on or after the day on which the
Invested Amount is reduced to 5% or less of the Initial Invested Amount, the Transferors have the option to repurchase the Series 2012-1 Certificateholders’ Interest in the Trust. The repurchase price will be equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. Following the deposit of the Reassignment Amount in the
Collection Account, Series 2012-1 Certificateholders will not have any interest in the Receivables and the Series 2012-1 Certificates will represent only the right to receive such Reassignment Amount. 

  

					
	(Series 2012-1 Supplement)	  	A-1-5	  	

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

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

As provided in the Agreement and subject to certain limitations therein set forth, Class A Certificates are exchangeable for new
Class A Certificates evidencing like aggregate fractional, undivided interests as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the
Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The Servicer, the Transferors, the Trustee, the Paying Agent and the Transfer Agent and Registrar and any agent of any of them, may treat the person in whose name this Class A Certificate is
registered as the owner hereof for all purposes, and none of the Servicer, the Transferors, the Trustee, the Paying Agent, the Transfer Agent and Registrar, or any agent of any of them, shall be affected by notice to the contrary except in certain
circumstances described in the Agreement. 
 THIS CLASS A CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
	(Series 2012-1 Supplement)	  	A-1-6	  	

 ASSIGNMENT 
  

			
	 Social Security or other identifying number of assignee
	  	 

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

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

					
			
	 Dated:
                    
	  		  	                           
 2/
			
		  		  	 Signature Guaranteed:

			
		  		  	  

  

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

  

					
	(Series 2012-1 Supplement)	  	A-1-7	  	

					
		 	FORM OF CLASS A CERTIFICATE	 	EXHIBIT A-2

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

			
	 REGISTERED
	 	$            3/
		
	 No. R-             
	 	CUSIP No. 02587H AB5

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

SERIES 2012-1 

CLASS B FLOATING RATE ASSET BACKED CERTIFICATE 
 Expected Final Payment Date: 
 The June 2017 Distribution Date 

Each $100,000 minimum denomination represents a 

1/363 64/100ths undivided interest 
 in Class B of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2012-1

 Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated
from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 
 AMERICAN EXPRESS
TRAVEL RELATED SERVICES COMPANY, INC., 
 and other assets and interests constituting Trust Assets under the Pooling and Servicing Agreement
referred to below. 
 (Not an interest in or obligation of American Express Travel Related Services Company, Inc., 

American Express Centurion Bank, American Express Bank, FSB, American Express Receivables 

 
  

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

  

					
	(Series 2012-1 Supplement)	  		  	

 Financing Corporation II, American Express Receivables Financing Corporation III LLC,
American 
 Express Receivables Financing Corporation IV LLC or any of their respective affiliates) 

This certifies that CEDE & CO. (the “Class B Certificateholder”) is the registered owner of a fractional, undivided interest in
certain assets of a trust (the “Trust”) created pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and otherwise amended and
supplemented, the “Agreement”), as supplemented by the Series 2012-1 Supplement, dated as of June 22, 2012 (as amended and supplemented, the “Supplement”), among American Express Receivables Financing
Corporation II, American Express Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors (together, the “Transferors”), American Express Travel Related Services
Company, Inc., as servicer, and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the Trust consists of (i) the Transferors’ ownership interest in a portfolio of
receivables (the “Receivables”) existing in credit and charge accounts identified under the Agreement from time to time (the “Accounts”), (ii) all Receivables generated under the Accounts from time to time
thereafter, (iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account, and any other Series
Accounts and (v) all other assets and interests constituting the Trust. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part
hereof, this Class B Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreement or the Supplement, as applicable. 
 This Class B Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement and the Supplement, to which Agreement and Supplement, each as amended and supplemented
from time to time, the Class B Certificateholder by virtue of the acceptance hereof assents and is bound. 
 No Class B
Certificate may be acquired by or for the account of any employee benefit plan, trust or account, including an individual retirement account, that is subject to the Employee Retirement Income Security Act of 1974, as amended, or that is described in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or an entity whose underlying assets include plan assets by reason of a plan’s investment in such entity (a “Benefit Plan”), unless (i) such acquirer or
holder is an insurance company, (ii) the source of funds used to acquire or hold such Certificate (or interest therein) is an “insurance company general account” (as defined in U.S. Department of Labor Prohibited Transaction Class
Exemption (“PTCE”) 95-60), and (iii) the conditions set forth in Sections I and III of PTCE 95-60 have been satisfied. By acquiring any interest in this Class B Certificate, each applicable Certificate Owner shall be deemed to have
represented and warranted either (i) that it is not a Benefit Plan and is not acting for the account of any Benefit Plan or (ii) that (1) it is an insurance company, (2) the source of funds used to acquire or hold an interest in
such Certificate is an “insurance company general account” (as such term is defined in PTCE 95-60), and (3) the conditions set forth in Sections I and III of PTCE 95-60 have been satisfied. 

THIS CLASS B CERTIFICATE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A CERTIFICATES TO THE EXTENT SPECIFIED
IN THE SUPPLEMENT. 

  

					
	(Series 2012-1 Supplement)	  	A-2-2	  	

 It is the intent of the Transferors and the Class B Certificateholder that, for federal,
state and local income and franchise tax purposes, the Class B Certificates will qualify as indebtedness of the Transferors secured by the Receivables. The Class B Certificateholder, by the acceptance of this Class B Certificate, agrees to treat
this Class B Certificate for federal, state and local income and franchise tax purposes as debt of the Transferors. 
 In
general, payments of principal with respect to the Class B Certificates are limited to the Class B Invested Amount, which may be less than the unpaid principal balance of the Class B Certificates. The Expected Final Payment Date is the June 2017
Distribution Date, but principal with respect to the Class B Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period
there are not sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final
payment of principal of the Class B Certificates will occur later than the Expected Final Payment Date. 
 Unless the
certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class B Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  

					
	(Series 2012-1 Supplement)	  	A-2-3	  	

 IN WITNESS WHEREOF, the Transferors have caused this Class B Certificate to be duly
executed. 
  

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: June 22, 2012 

  

					
	(Series 2012-1 Supplement)	  	A-2-4	  	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2012-1 Class B Certificates described in the within mentioned
Agreement and Supplement. 
  

			
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	By:	 	  

		 	Authorized Signatory
		
	or	 	
		
	By:	 	  

		 	 as Authenticating Agent
 for
the Trustee

		
	By:	 	  

		 	Authorized Signatory

  

					
	(Series 2012-1 Supplement)	  	A-2-5	  	

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2012-1 

CLASS B FLOATING RATE ASSET BACKED CERTIFICATE 
 Summary of Terms and Conditions 
 The Receivables consist of Principal Receivables
which arise generally from the purchase of goods and services and amounts advanced to cardmembers as cash advances and Finance Charge Receivables. This Class B Certificate is one of a Series of Certificates entitled American Express Credit Account
Master Trust, Series 2012-1 (the “Series 2012-1 Certificates”), and one of a class thereof entitled Class B Series 2012-1 Floating Rate Asset Backed Certificates (the “Class B Certificates”), each of which
represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all outstanding Series (the “Certificateholders’ Interest”) with
the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class B Invested
Amount at such time. The Class B Initial Invested Amount is $36,364,000. The Class B Invested Amount on any date will be an amount equal to (a) the Class B Initial Invested Amount, minus (b) the aggregate amount of principal
payments made to the Class B Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate amount of Class B Investor Charge-Offs for all prior Distribution Dates over Class B Investor Charge-Offs reimbursed,
minus (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to subsection 4.08(a) of the Supplement (excluding any Reallocated Principal Collections that have resulted in a reduction in
the Collateral Invested Amount pursuant to Section 4.08), minus (e) an amount equal to the amount by which the Class B Invested Amount has been reduced to cover the Class A Investor Default Amount on all prior Distribution
Dates, and plus (f) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2012-1 and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted pursuant to the foregoing
clauses (c), (d) and (e); provided, however, that the Class B Invested Amount may not be reduced below zero. 

Subject to the terms and conditions of the Agreement, the Transferors may, from time to time, direct the Trustee, on behalf of the Trust,
to issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets. 
 On each Distribution Date, the Paying Agent shall distribute to each Class B Certificateholder of record on the last day of the preceding calendar month (each a “Record Date”) such Class
B Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are payable to the Class B Certificateholder pursuant to the Agreement and the Supplement.
Distributions with respect to this Class B Certificate will be made by the Paying Agent by check mailed to the address of the Class B Certificateholder of record appearing in the Certificate Register without the presentation or surrender of this
Class B Certificate or the making of any notation thereon (except for the final distribution in respect of this Class B Certificate) except that with respect to Class B Certificates registered in the name of Cede & Co., the nominee for The
Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of this Class B Certificate will be made only upon presentation and surrender of this Class B Certificate at the office or agency
specified in the notice of final distribution delivered by the Trustee to the Series 2012-1 Certificateholders in accordance with the Agreement and the Supplement. 
 On any day occurring on or after the day on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, the Transferors have the option to repurchase the Series 2012-1

  

					
	(Series 2012-1 Supplement)	  	A-2-6	  	

 
Certificateholders’ Interest in the Trust. The repurchase price will be equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or
(b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date next following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series 2012-1 Certificateholders will not have
any interest in the Receivables and the Series 2012-1 Certificates will represent only the right to receive such Reassignment Amount. 
 This Class B Certificate does not represent an obligation of, or an interest in, the Transferors or the Servicer or any affiliate of any of them and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency or instrumentality. This Class B Certificate is limited in right of payment to certain Collections with respect to the Receivables (and certain other amounts), all as more specifically set forth
hereinabove and in the Agreement and the Supplement. 
 The Class B Certificates are issuable only in minimum denominations
of $100,000 and integral multiples of $1,000. The transfer of this Class B Certificate shall be registered in the Certificate Register upon surrender of this Class B Certificate for registration of transfer at any office or agency maintained by the
Transfer Agent and Registrar accompanied by a written instrument of transfer, in a form satisfactory to the Trustee or the Transfer Agent and Registrar, duly executed by the Class B Certificateholder or such Class B Certificateholder’s
attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or more new Class B Certificates of authorized denominations and for the same aggregate fractional undivided interest will be issued to the designated
transferee or transferees. 
 As provided in the Agreement and subject to certain limitations therein set forth, Class B
Certificates are exchangeable for new Class B Certificates evidencing like aggregate fractional undivided interests as requested by the Class B Certificateholder surrendering such Class B Certificates. No service charge may be imposed for any such
exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

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

  

					
	(Series 2012-1 Supplement)	  	A-2-7	  	

 ASSIGNMENT 
 Social Security or other identifying number of assignee
                                        

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

	
	  

	(name and address of assignee)

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

			
	Dated:                 	 	                           
                         4/

 
	
	
	Signature Guaranteed:
	
	  

  

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

  

					
	(Series 2012-1 Supplement)	  	A-2-8	  	

 EXHIBIT B 
 FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 
 NOTIFICATION TO THE TRUSTEE 

 
  

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 
 SERIES 2012-1 
  

 
 The
undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as
of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express Receivables Financing Corporation II, American Express Receivables
Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors (together, the “Transferors”), and The Bank of New York Mellon (formerly The Bank of New York), as trustee (the
“Trustee”), does hereby certify as follows: 
 1. Capitalized terms used in this Certificate have their
respective meanings set forth in the Pooling and Servicing Agreement or the Series 2012-1 Supplement, dated as of June 22, 2012, among TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as
applicable. 
 2. TRS is the Servicer. 
 3. The undersigned is a Servicing Officer. 
  

	I.	INSTRUCTION TO MAKE A WITHDRAWAL 

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

 

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

  
 B-1

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

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

  
 B-2

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

 

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

 Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee to apply on
                    , which is a Distribution Date under the Supplement, any Excess Spread and Excess Finance Charge Collections allocated to
Series 2012-1 as follows: 
  

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

  
 B-3

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

  
 B-4

									
		  	 The amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the
definition thereof allocated to Available Principal Collections
	  	$	            	  
			
	 K)
	  	 Pursuant to subsection 4.07(j):
	  			
			
		  	 The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve
Account
	  	$	            	  
			
	 L)
	  	 Pursuant to subsection 4.07(k):
	  			
			
		  	 Amount distributed to the Collateral Interest Holder
	  	$	            	  

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

	II.	INSTRUCTION TO MAKE CERTAIN PAYMENTS 

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

  

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

  
 B-5

							
	 Aggregate amount to be distributed to the Collateral Interest Holder
	  	$	            	  

  

	III.	ACCRUED AND UNPAID AMOUNTS 

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

							
	 1.
	  	 Subsection 4.06(a):
	  			
			
		  	 The aggregate amount of all unreimbursed Class A Investor Charge-Offs
	  	$	            	  
			
	 2.
	  	 Subsection 4.06(a), (b) and 4.08(a):
	  			
			
		  	 The aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the
definition thereof
	  	$	            	  
			
	 3.
	  	 Subsection 4.06(a), (b), (c) and 4.08(a), (b) and (c):
	  			
			
		  	 The aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the
definition thereof
	  	$	            	  

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

 

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

		 	Name:
		 	Title:

  
 B-6

 EXHIBIT C-1 
 FORM OF MONTHLY STATEMENT 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

 SERIES 2012-1 
  

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

  
 C-1-1

													
	 Series Allocable Recoveries
	  	$	            	  	  	 	            	  	  	 	            	  
	 Series Allocable Principal Collections
	  	$	            	  	  				  			
	 Series Allocable Defaulted Amount
	  	$	            	  	  				  			
				
	 C. GROUP ALLOCATIONS
	  				  				  			
	 Group Number
	  	 	 _____	  	  				  			
	 Invested Amount
	  	$	            	  	  				  			
	 Investor Finance Charge Collections
	  	$	            	  	  				  			
	 Investor Monthly Interest
	  	$	            	  	  				  			
	 Investor Default Amount
	  	$	            	  	  				  			
	 Investor Monthly Fees
	  	$	            	  	  				  			
	 Investor Additional Amounts
	  	$	            	  	  				  			
	 Total
	  	$	            	  	  				  			
				
	 Reallocated Investor Finance Charge Collections
	  	$	            	  	  				  			
	 Investment Funding Account Proceeds
	  	$	            	  	  				  			
	 Available Excess
	  	$	            	  	  				  			
				
	 Group Investor Finance Charge Collections
	  	$	            	  	  				  			
	 Group Expenses
	  	$	            	  	  				  			
	 Group Reallocable Investor Finance Charge Collections
	  	$	            	  	  				  			
				
	 D. TRUST PERFORMANCE
	  				  				  			
	 Delinquencies
	  				  				  			
	 31-60 Days Delinquent
	  	 	            	  	  				  			
	 61-90 Days Delinquent
	  	 	            	  	  				  			
	 90+ Days Delinquent
	  	 	            	  	  				  			
	 Total 30+ Days Delinquent
	  	 	            	  	  				  			

  
 C-1-2

																	
	 SERIES 2012-1 CERTIFICATES
	   

	 A. INVESTOR/ TRANSFEROR ALLOCATIONS
	  	SERIES
ALLOCATIONS	 	 	TOTAL
INVESTOR
INTEREST	 	 	TRANSFERORS’
INTEREST	 	 	 	 
	 Beginning Invested Amount/Transferor Amount
	  	$	            	  	 	$	            	  	 	$	            	  	 			
	 Beginning Adjusted Invested Amount
	  	$	            	  	 	$	            	  	 	$	            	  	 			
	 Floating Allocation Percentage
	  	 	            	% 	 	 	            	% 	 	 	            	% 	 			
	 Principal Allocation Percentage
	  	 	            	% 	 	 	            	% 	 	 	            	% 	 			
	 Collections of Finance Charge Receivables
	  	$	            	  	 	$	            	  	 	$	            	  	 			
	 Collections of Principal Receivables
	  	$	            	  	 	$	            	  	 	$	            	  	 			
	 Defaulted Amount
	  	$	            	  	 	$	            	  	 	$	            	  	 			
	 Ending Invested Amount/Transferor Amount
	  	$	            	  	 	$	            	  	 	$	            	  	 			
					
	 B. MONTHLY PERIOD FUNDING REQUIREMENTS
	  	CLASS A	 	 	CLASS B	 	 	COLLATERAL
INTEREST	 	 	TOTAL	 
	 Principal Funding Account Balance
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Investment Proceeds for Monthly Period
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Reserve Account Opening Balance
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Reserve Account Investment Proceeds retained per Section 4.12(b)
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Reserve Account Deposit
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Reserve Draw Amount
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Reserve Account Surplus
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Reserve Account Closing Balance
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Required Reserve Account Amount
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 LIBOR Determination Date
	  	 	            	  	 	 	            	  	 	 	            	  	 	 	            	  
	 Coupon (    /    /     to
    /    /    )
	  	 	            	% 	 	 	            	% 	 	 	            	% 	 	 	            	% 
	 Monthly Interest Due
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Outstanding Monthly Interest Due
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Additional Interest Due
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  

  
 C-1-3

																	
	 Total Interest Due
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Investor Default Amount
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Investor Monthly Fees Due
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Investor Additional Amounts Due
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Total Due
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
					
	 Reallocated Investor Finance Charge Collections
	  				  				  				  	$	            	  
	 Interest and Principal Funding Investment Proceeds
	  				  				  				  	$	            	  
	 Interest on Reserve Account
	  				  				  				  	$	            	  
	 Series Adjusted Portfolio Yield
	  				  				  				  	 	            	% 
	 Base Rate
	  				  				  				  	 	            	% 
	 Excess Spread Percentage
	  				  				  				  	 	            	% 
					
	 C. CERTIFICATES – BALANCES AND DISTRIBUTIONS
	  	CLASS A	 	  	CLASS B	 	  	COLLATERAL
INTEREST	 	  	TOTAL	 
	 Beginning Certificates Balance
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Distributions of Interest
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Deposits to the Principal Funding Account
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Distributions of Principal
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Total Distributions
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  
	 Ending Certificates Balance
	  	$	            	  	  	$	            	  	  	$	            	  	  	$	            	  

  
 C-1-4

							
	D)	  	 Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000
original certificate principal amount.
	  	
				
		  	(1)	  	 The total amount of the distribution:
	  	
$            

				
		  	(2)	  	 The amount of the distribution in respect of Class A Monthly Interest:
	  	
$            

				
		  	(3)	  	 The amount of the distribution in respect of Class A Outstanding Monthly Interest:
	  	
$            

				
		  	(4)	  	 The amount of the distribution in respect of Class A Additional Interest:
	  	
$            

				
		  	(5)	  	 The amount of the distribution in respect of principal of the Class A Certificates:
	  	
$            

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

  
 C-1-5

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

  
 C-1-6

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

  
 C-1-7

											
	 J. APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS
	   
	 	
	 1. CLASS A AVAILABLE FUNDS
	  	$	            	  	 	
		 	      a.	 	Class A Monthly Interest	  	$	            	  	 	
		 	      b.	 	Class A Outstanding Monthly Interest	  	$	            	  	 	
		 	      c.	 	Class A Additional Interest	  	$	            	  	 	
		 	      d.	 	Class A Investor Default Amount (treated as	  	$	            	  	 	
		 		 	Available Principal Collections)	  	$	            	  	 	
		 	      e.	 	Excess Spread	  	$	            	  	 	
	 2. CLASS B AVAILABLE FUNDS
	  	$	            	  	 	
		 	      a.	 	Class B Monthly Interest	  	$	            	  	 	
		 	      b.	 	Class B Outstanding Monthly Interest	  	$	            	  	 	
		 	      c.	 	Class B Additional Interest	  	$	            	  	 	
		 	      d.	 	Excess Spread	  	$	            	  	 	
	 3. COLLATERAL AVAILABLE FUNDS
	  	$	            	  	 	
		 	      a.	 	 Excess Spread
	  	$	            	  	 	
	 4. TOTAL EXCESS SPREAD
	  	$	            	  	 	
			
	 K. REALLOCATED PRINCIPAL COLLECTIONS
	  				 	
	 1.
	 	 Principal Allocation Percentage
	  	 	            	% 	 	
	 2.
	 	 Series 2012-1 Allocable Principal Collections
	  	$	            	  	 	
	 3.
	 	 Principal Allocation Percentage of Series 2012-1 Allocable Principal Collections
	  	$	            	  	 	
	 4.
	 	 Reallocated Principal Collections Required to fund the Required Amount
	  	$	            	  	 	
	 5.
	 	 Item 3 minus Item 4
	  	$	            	  	 	
	 6.
	 	 Shared Principal Collections from other Series allocated to Series 2012-1
	  	$	            	  	 	
	 7.
	 	 Other amounts treated as Available Principal Collections
	  	$	            	  	 	
	 8.
	 	 Available Principal Collections (total of items 5, 6 and 7)
	  	$	            	  	 	
	
	 L. APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD

	 1.
	 	 Collateral Invested Amount
	  	$	            	  	 	
	 2.
	 	 Required Collateral Invested Amount
	  	$	            	  	 	
	 3.
	 	 Excess of Collateral Invested Amount over Required Collateral Invested Amount
	  	$	            	  	 	
	 4.
	 	 Treated as Shared Principal Collections
	  	$	            	  	 	
	
	 M. APPLICATION OF PRINCIPAL COLLECTIONS DURING ACCUMULATION OR AMORTIZATION PERIOD

	 1.
	 	 Principal Funding Account
	  	$	            	  	 	
	 2.
	 	 Excess of Collateral Invested Amount over Required Collateral Invested Amount
	  	$	            	  	 	
	 3.
	 	 Distribution of Principal
	  	$	            	  	 	

  
 C-1-8

											
	 4.
	 	 Treated as Shared Principal Collections
	  	$	            	  	 	
	
	 N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES
2012-1

	 1.
	 	 Excess Spread
	  	$	            	  	 	
	 2.
	 	 Excess Finance Charge Collections
	  	$	            	  	 	
	 3.
	 	 Applied to fund Class A Required Amount
	  	$	            	  	 	
	 4.
	 	 Class A Investor Charge-Offs treated as Available Principal Collections
	  	$	            	  	 	
	 5.
	 	 Applied to fund overdue Class B Interest
	  	$	            	  	 	
	 6.
	 	 Applied to fund Class B Required Amount
	  	$	            	  	 	
	 7.
	 	 Reduction of Class B Invested Amount treated as Available Principal Collections
	  	$	            	  	 	
	 8.
	 	 Applied to Collateral Senior Minimum Monthly Interest
	  	$	            	  	 	
	 9.
	 	 Applied to unpaid Monthly Servicing Fee
	  	$	            	  	 	
	 10.
	 	 Collateral Default Amount treated as Available Principal Collections
	  	$	            	  	 	
	 11.
	 	 Reduction of Collateral Invested Amount treated as Available Principal Collections
	  	$	            	  	 	
	 12.
	 	 Deposited to Reserve Account
	  	$	            	  	 	
	 13.
	 	 Remaining Excess Spread distributed to Collateral Interest Holder(s)
	  	$	            	  	 	
	
	 O. YIELD AND BASE RATE

	 1.
	 	 Base Rate
	  				 	
		 	      a.	  	Current Monthly Period	  	 	            	% 	 	
		 	       b.
	  	 Prior Monthly Period
	  	 	            	% 	 	
		 	       c.
	  	 Second Prior Monthly Period
	  	 	            	% 	 	
	 2.
	 	 Three Month Average Base Rate
	  	 	            	% 	 	
	 3.
	 	 Series Adjusted Portfolio Yield
	  				 	
		 	       a.
	  	 Current Monthly Period
	  	 	            	% 	 	
		 	       b.
	  	 Prior Monthly Period
	  	 	            	% 	 	
		 	       c.
	  	 Second Prior Monthly Period
	  	 	            	% 	 	
	 4.
	 	 Three Month average Series Adjusted Portfolio Yield
	  	 	            	% 	 	
	 5.
	 	 Is the 3 month average
	  				 	

  
 C-1-9

											
	 Series Adjusted Portfolio Yield more than the 3 month average Base Rate?
	  	 	[Yes/No	] 	 	
			
	 P. REASSIGNMENT AMOUNT
	  				 	
	 Adjusted Invested Amount
	  	$	            	  	 	
	 Monthly Interest
	  	$	            	  	 	
	 Monthly Interest previously due but not paid
	  	$	            	  	 	
	 Additional Interest
	  	$	            	  	 	
	 Additional Interest previously due but not paid
	  	$	            	  	 	
	 Reassignment Amount
	  	$	            	  	 	

  
 C-1-10

 EXHIBIT C-2 
 FORM OF ANNUAL PAYMENT INFORMATION 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

 SERIES 2012-1 
 FOR THE YEAR ENDED DECEMBER 31, 20[    ] 
 The undersigned, a
duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1,
2006 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and
American Express Receivable Financing Corporation IV LLC, as transferors (together, the “Transferors”) and The Bank of New York Mellon, as trustee (the “Trustee”), does hereby certify as follows: 

Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series
2012-1 Supplement, dated as of June 22, 2012, among TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as applicable. 
 Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account,
as applicable, the following aggregate amounts during the year ended December 31, 20[    ]: 
  

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

  
 C-2-1

					
		  	 Aggregate amount distributed to the Collateral Interest Holder in respect of principal
	  	$            

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

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

		 	Name:
		 	Title:

  
 C-2-2

 EXHIBIT D 
 FORM OF MONTHLY SERVICER’S CERTIFICATE 
 AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC. 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc., as Servicer
(“TRS”), pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the
“Agreement”), as supplemented by the Series Supplements (as amended and supplemented, the “Series Supplements”), among TRS, as Servicer, American Express Receivables Financing Corporation II, American Express
Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as Transferors, and The Bank of New York Mellon, as Trustee, does hereby certify as follows: 

1. Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as
applicable. 
 2. TRS is, as of the date hereof, the Servicer under the Agreement. 

3. The undersigned is a Servicing Officer. 
 4. This Certificate relates to the Distribution Date occurring on                 , 20    and covers
activity from                  , 20     through             
    , 20    . 
 5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date [or, if there has been a default in the performance of any such obligation, set forth in detail the
(i) nature of such default, (ii) the action taken by the Servicer, if any, to remedy such default and (iii) the current status of each such default; if applicable, insert “None”]. 

6. As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event occurred on or prior to such Distribution Date.

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

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

		
	By:	 	  

		 	Name:
		 	Title:

  
 D-1

 EXHIBIT E 
 FORM OF INVESTMENT LETTER 
 [Date] 

 

	 	Re:	American Express Credit Account Master Trust; 

 Purchases of Series 2012-1 Collateral Interest 
 Ladies and Gentlemen: 

This letter (the “Investment Letter”) is delivered by the undersigned (the “Purchaser”) pursuant to Section 9.07
of the Series 2012-1 Supplement, dated as of June 22, 2012 (the “Series Supplement”) to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated
and as otherwise amended and supplemented, the “Agreement”), each among The Bank of New York Mellon, as Trustee, American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC and American
Express Receivables Financing Corporation IV LLC, as Transferors, and American Express Travel Related Services Company, Inc., as Servicer. Capitalized terms used herein without definition shall have the meanings set forth in the Agreement. The
Purchaser represents to and agrees with the Transferors as follows: 
  

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

  

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

  

	 	(c)	The Purchaser is acquiring an interest in the Collateral Interest without a view to any distribution, resale or other transfer thereof except, with respect to any
Collateral Interest or any interest or participation therein, as contemplated in the following sentence. The Purchaser will not resell or otherwise transfer any interest or participation in the Collateral Interest, except in accordance with
Section 9.07 of the Series Supplement and (i) in a transaction exempt from the registration requirements of the Securities Act and applicable state securities or “blue sky” laws; (ii) to a Transferor or any affiliate of a
Transferor; or (iii) to a person who the Purchaser reasonably believes is a qualified institutional buyer (within the meaning thereof in Rule 144A under the Securities Act) that is aware that the resale or other transfer is being made in
reliance upon Rule 144A. In connection therewith, the Purchaser hereby agrees that it will not resell or otherwise transfer the Collateral Interest or any interest therein unless the purchaser thereof provides to the addressee hereof a letter
substantially in the form hereof. 

  
 E-1

	 	(d)	No portion of the Collateral Interest or any interest therein may be Transferred, and each Assignee will certify that it is not, (a) an “employee benefit
plan” (as defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any “plan” (as defined in Section 4975(e)(1) of the Code) including individual retirement accounts and Keogh plans, or
(c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101 or otherwise under ERISA) by reason of a plan’s
investment in the entity, including, without limitation, an insurance company general account. 

  

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

  

			
	Very truly yours,
	
	[NAME OF PURCHASER]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II,
 as Transferor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 AMERICAN EXPRESS RECEIVABLES
 FINANCING CORPORATION III LLC,
 as Transferor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC,
 as Transferor

		
	By:	 	  

		 	Name:
		 	Title:

  
 E-2Unassociated Document

 

Exhibit 10.8

 

ADMA Biologics, Inc.

Confidential Materials Omitted and Filed Separately with the

Securities and Exchange Commission

Confidential Portions denoted by [***]

 

Amendment #2 to the Manufacturing Agreement

 

This Amendment #2 to the Manufacturing Agreement and Letter Agreement (this “Amendment #2”) by and between Biotest Pharmaceuticals Corporation, a Delaware corporation, having a place of business at 5800 Park of Commerce Boulevard NW, Boca Raton, Florida 33487 (“BPC”) and ADMA Biologics, Inc., a New Jersey corporation, having its principal place of business at 65 Commerce Way, Hackensack, New Jersey 07061 (“ADMA”) is effective as of December 2, 2011 (“Effective Date”).

 

WHEREAS, BPC (by virtue of assignment from Nabi Biopharmaceuticals, and ADMA are Parties to that certain Manufacturing Agreement, effective October 23, 2006 and Letter Agreement, dated January 26, 2007, which was subsequently amended on October 23, 2011 (collectively, the “Agreement”); and

 

WHEREAS, BPC and ADMA desire to amend the Agreement in order to memorialize the amendment of certain provisions in the Agreement;

 

NOW, THEREFORE, in consideration of the respective promises contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

Amendment:

 

1.           Article 8 of the Agreement, entitled, “General Provisions” is hereby amended by adding a new section 8.16 as follows:

 

“8.16.  DISCLOSURES AND PUBLICITY.  Neither ADMA, on the one hand, nor BPC, on the other hand, shall, without the approval of the other, make any press release or other public announcement concerning the transactions contemplated by this Agreement, except as and to the extent that any such Party shall be so obligated by law, in which case the other Party shall be advised and the Parties shall use their commercially reasonable efforts to cause a mutually agreeable release or announcement to be issued; provided, however, that the foregoing shall not preclude communications or disclosures necessary to implement the provisions of this Agreement or to comply with the accounting and disclosure obligations of the Securities and Exchange Commission (“SEC”) or the rules of any stock exchange or NASDAQ.  Notwithstanding any contrary term contained in the confidentiality provisions of this Agreement, to the extent that either Party determines that it or the other Party is required to file or register this Agreement, a summary thereof, or a notification thereof, and/or descriptions related thereto, to comply with the requirements of an applicable stock exchange, SEC regulation, or any Governmental Authority, including the SEC, or to enable either Party to obtain debt or equity financing, such Party shall use its best efforts to provide the maximum amount of advance written notice of any such required disclosure to the other Party, to the extent practicable, with a minimum advance notice period of three (3) business days Prior to making any such filing, registration or notification, the Parties shall consult with respect thereto regarding confidentiality.  The Parties shall cooperate, each at its own expense, in such filing, registration or notification, including such confidential treatment request, and shall execute all documents reasonably required in connection therewith.”

 

  

  

  

 

Miscellaneous:

 

Each party certifies that each of its representations and warranties set forth in this Amendment #2 is true and correct as of the date hereof as though made on the date hereof.

 

Except as expressly provided herein, all terms and conditions set forth in the Agreement remain unchanged and continue in full force and effect.  This Amendment #2 shall govern in the event of any conflict between this Amendment #2 and the Agreement.  It is agreed by the parties that all references to the Agreement hereafter made by them in any document or instrument delivered pursuant to or in connection with the Agreement shall be deemed to refer to the Agreement as amended hereby.

 

This Amendment #2 and the Agreement embody the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings relating to the subject matter.

 

This Amendment #2 may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same single document, and any such counterpart containing an electronically scanned or facsimile signature will have the same effect as original manual signatures.

 

The parties agree that they and their employees shall execute all documents and do all other things necessary to carry out the intent to implement the provisions of this Amendment #2.

 

IN WITNESS WHEREOF; the parties hereby have caused this Amendment #2 to the Agreement to be executed and the persons signing below warrant that they are duly authorized to sign for and on behalf of their respective parties.

 

	ADMA Biologics, Inc.  	 	Biotest Pharmaceuticals Corporation
	 	 	 	 	 
	By: 	/s/ Adam Grossman  	 	By: 	/s/ Jordan Siegel
	 	 	 	 	 
	Name: 	Adam Grossman 	 	Name: 	Jordan Siegel
	 	 	 	 	 
	Title:	Pres & CEO   	 	Title:	SVP, Finance & CFO
	 	 	 	 	 
	Date: 	December 5, 2011 	 	Date: 	December 6, 2011

 

  

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ADMA Biologics, Inc.

Confidential Materials Omitted and Filed Separately with the

Securities and Exchange Commission

Confidential Portions denoted by [***]

 

Amendment #1 to the Manufacturing and Letter Agreement

 

This Amendment #1 to the Manufacturing and Letter Agreement (this “Amendment #1”) is made effective as of October 23, 2011 (“Effective Date”), by and between Biotest Pharmaceuticals Corporation, a Delaware corporation, having a place of business at 5800 Park of Commerce Boulevard NW, Boca Raton, Florida 33487 (“BPC”) and ADMA Biologics, Inc., a New Jersey corporation, having its principal place of business at 65 Commerce Way, Hackensack, New Jersey 07061 (“ADMA”).

 

WHEREAS, Nabi Biopharmaceuticals and ADMA were Parties to that certain Manufacturing Agreement, effective October 23, 2006 and Letter Agreement dated January 26, 2007 (collectively, the “Agreement”);

 

WHEREAS, the Agreement was assigned to BPC on December 4, 2007; and

 

WHEREAS, BPC and ADMA desire to amend the Agreement in order to memorialize the amendment of certain provisions in the Agreement;

 

NOW, THEREFORE, in consideration of the respective promises contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

Amendment:

 

1.           Article 2, Section 2.1 of the Agreement, entitled “Supply of Product”, is hereby amended by adding the following sentence:

 

“ADMA hereby agrees to purchase from BPC and BPC agrees to manufacture a minimum of one (1) lot prior to December 31, 2012. [***] "Nabi  HB® purification and fractionation process”, unless otherwise mutually agreed to, in writing, by the parties.  In the event that ADMA fails to order a Lot prior to [***], for delivery to ADMA prior to December 31, 2012, ADMA agrees to pay BPC as and for liquidated damages the amount, of $100,000 as a result of the breach.”

 

2.           Article 7, Section 7.1 of the Agreement, entitled “Term,” is hereby amended by deleting the paragraph in its entirety and replacing it with the following:

 

“Subject to Section 7.2, the term of this Agreement shall expire on December 31, 2012.  Each party agrees that it will endeavor, in good faith, to conclude any negotiations relating to a further renewal of the existing Agreement or the execution of a new Manufacturing Agreement, no less than six (6) months before the expiration of this Agreement.”

 

Miscellaneous:

 

Each party certifies that each of its representations and warranties set forth in this Amendment #1 is true and correct as of the date hereof as though made on the date hereof.

 

Except as expressly provided herein, all terms and conditions set forth in the Agreement remain unchanged and continue in full force and effect.  This Amendment #1 shall govern in the event of any conflict between this Amendment #1 and the Agreement.  It is agreed by the parties that all references to the Agreement hereafter made by them in any document or instrument delivered pursuant to or in connection with the Agreement shall be deemed to refer to the Agreement as amended hereby.

 

  

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This Amendment #1 and the Agreement embody the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings relating to the subject matter.

 

This Amendment #1 may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same single document, and any such counterpart containing an electronically scanned or facsimile signature will have the same effect as original manual signatures.

 

The parties agree that they and their employees shall execute all documents and- do all other things necessary to carry out the intent to implement the provisions of this Amendment #1.

 

IN WITNESS WHEREOF, the parties hereby have caused this Amendment #1 to the Agreement to be executed and the persons signing below warrant that they are duly authorized to sign for and on behalf of their respective parties.

 

	ADMA Biologics, Inc. 	 	Biotest Pharmaceuticals Corporation
	 	 	 	 	 
	By: 	/s/ Adam Grossman  	 	By: 	/s/ Jordan Siegel
	 	 	 	 	 
	Name: 	Adam Grossman 	 	Name: 	Jordan Siegel
	 	 	 	 	 
	Title:	CEO   	 	Title:	SVP, Finance & CFO
	 	 	 	 	 
	Date: 	10/23/11	 	Date: 	11/16/11

 

  

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ADMA Biologics, Inc.

Confidential Materials Omitted and Filed Separately with the

Securities and Exchange Commission

Confidential Portions denoted by [***]

 

January 26, 2007

 

PRIVILEGED AND CONFIDENTIAL

 

Mr. Adam Grossman

ADMA Biologics, Inc.

65 Commerce Way

Hackensack, NJ 07061

 

Re:  Manufacturing Agreement

 

Dear Mr. Grossman:

 

At the request of ADMA Biologics, Inc. (“ADMA”), and pursuant to the Manufacturing Agreement between Nabi Biopharmaceuticals and ADMA dated October 23, 2006 (the “Agreement”), Nabi agrees to provide certain samples as determined by Nabi from its plasma pools and intermediate product used in the manufacture of immune globulin products prepared for research use collected from Nabi’s manufacturing facility in Boca Raton, Florida (“Test Samples”).  Nabi will send a total of [***] Test Samples [***].  It is Nabi’s understanding that such Test Samples are to be use only for the purpose of conducting studies to quantify the recovery of anti-RSV antibodies (the “Purpose”), and that all such tests will be performed either in ADMA’s labs or in outside laboratories with which ADMA has entered into collaboration agreements having confidentiality provisions incorporated therein essentially identical to those set forth in the Agreement.

 

Nabi hereby agrees to permit ADMA to perform the studies at ADMA’s sole expense, provided ADMA shares all test results with Nabi and agrees to treat all Test Samples and all test results arising from the agreed upon testing as Nabi’s confidential information covered under Section 5.1 of the Agreement.  ADMA agrees to use such Test Samples solely in connection with the Purpose for investigational use only.  ADMA agrees not to analyze any such Test Samples provided by Nabi other than as permitted above without the specific prior written consent of Nabi.  ADMA may not use the Test Samples in humans and agrees to comply with all federal laws, rules, order and regulation applicable to the handling of such Test Samples.

 

  

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Your signature below indicates your agreement to perform the above-identified testing pursuant to the terms stated above.

 

Regards,

/s/ Raafat Fahim, Ph. D.

Raafat Fahim, Ph. D. Feb 22, 2007

Sr. Vice President of Research,

Technical & Production Operations

Janice Smith

Agreed and acknowledged

as of the 13 day of

February, 2007

ADMA Biologics, Inc.

 

	
By: 

	
/s/ Adam Grossman

	
Name: 

	
Adam Grossman

	
Title: 

	
Vice President

 

  

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ADMA Biologics, Inc.

Confidential Materials Omitted and Filed Separately with the

Securities and Exchange Commission

Confidential Portions denoted by [***]

 

MANUFACTURING AGREEMENT

 

THIS MANUFACTURING AGREEMENT (the “Agreement”) is made and entered into as of October 23, 2006 (the “Effective Date”) by and between Nabi Biopharmaceuticals, a Delaware corporation (“Nabi”), and ADMA Biologics Inc. a New Jersey corporation (“ADMA”).

 

In consideration of the mutual covenants, agreements, representations, and warranties contained herein, the parties hereto agree as follows:

 

ARTICLE 1.                                DEFINITIONS

 

1.1.           “Act” means the Federal Food, Drug, and Cosmetic Act, as amended (21 U.S.C. § 321 et seq.), and the regulations promulgated thereunder.

 

1.2.           “Additional Quantities” shall have the meaning set forth in Section 2.2.

 

1.3.           “Affiliate” means any Person that controls, is controlled by, or is under common control with another Person.

 

1.4.           “Agreement” shall have the meaning set forth in the preamble.

 

1.5.           “Business Day” means any day other than (a) a Saturday or Sunday or (b) a day on - which banking institutions located in New York, New York are permitted or required by law, executive order, or governmental decree to remain closed.

 

1.6.           “By-Products” means plasma fractions, such as, but not limited to, Cryoprecipitate or Fraction V, produced as part of the manufacturing process for the Product.

 

1.7.           “cGMP” means current Good Manufacturing Practice regulations promulgated by the FDA, as amended (21 C.F.R. Parts 210-211).

 

1.8.           “Confidential Information” shall have the meaning set forth in Section 5.1.

 

1.9.           “Effective Date” shall have the meaning set forth in the preamble.

 

1.10.           “Executed Batch Record” means an executed batch record for a batch of Product, including a certificate of analysis and any associated deviations or investigation reports.

 

1.11.           “Facility” means Nabi's Boca Raton facility.

 

1.12.           “FDA” means the United States Food and Drug Administration or any successor entity thereto.

 

1.13.           “Firm Purchase Commitment” shall have the meaning set forth in Section 2.3.

 

1.14.           “Indemnitee” shall have the meaning set forth in Section 6.3.

 

  

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1.15.           “Indemnitor” shall have the meaning set forth in Section 6.3.

 

1.16.           “Long Term Forecast” shall have the meaning set forth in Section 2.2.

 

1.17.           “Lot” shall mean Product resulting from processing an approximately [***] liter batch of plasma.

 

1.18.           “Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

1.19.           “Product Price” shall have the meaning set forth in Section 3.1.

 

1.20.           “Product” means — RSV (Respiratory syncytial virus) Immune Globulin manufactured from human plasma containing RSV antibodies, including any conformance Lot.

 

1.21.           “Quality Agreement” means that certain Quality Agreement dated the date hereof between Nabi and ADMA and attached hereto.

 

1.22.           “Specifications” means the specifications for the Product set forth in Exhibit A attached hereto.  Exhibit A may be amended from time to time upon the written agreement of Nabi and ADMA.

 

ARTICLE 2.                                SUPPLY OF PRODUCT

 

2.1.           Supply of Product.  Subject to the provisions of this Agreement, ADMA shall purchase exclusively from Nabi, ADMA’s worldwide requirements of the Product, subject to Nabi’s capacity to reasonably accommodate.  All Product supplied to ADMA shall be in finished form as set forth in Specifications in Exhibit A and any additional specifications that may be mutually agreed upon in writing by the parties.  Except to the extent the parties may otherwise agree with respect to a particular shipment, the Product shall be ordered by ADMA pursuant to written ADMA purchase orders, which shall be sent to Nabi with not less than one hundred days (100) “lead time” prior to the delivery dates specified in such purchase orders.  Upon receipt of each purchase order by Nabi hereunder, Nabi shall accept or reject such order.  Nabi shall supply the Product resulting from processing of [***], as specified in the purchase order, of Source Plasma supplied by ADMA and shall deliver such Product to ADMA within two (2) weeks of the delivery dates specified in such purchase order.  There shall be a purchase order for each Lot.  All Product shall be shipped to the address specified in ADMA’s purchase orders therefor.  In the event said purchase orders conflict with or add to the Specifications in Exhibit A, the Specifications shall prevail.  In the event that any terms of a purchase order conflict with or add to the Agreement, the Agreement shall prevail.  ADMA shall purchase and Nabi shall supply a minimum of 1 Lot during each calendar year after the Product is approved by the FDA.  As part of the FDA approval process, Nabi will manufacture three conformance Lots as ordered by ADMA under the terms and conditions of this Agreement.  Said conformance Lots shall be outside of the Long Term Forecast and Firm Purchase Commitment and shall be subject to the pricing terms in Article 3 of this Agreement.

 

2.2.           Long-Term Forecast.  Within thirty (30) days after the Effective Date, ADMA shall deliver to Nabi “rolling” non-binding estimate of its next twelve (12) months’ requirements for Product (the “Long Term Forecast”), however, the forecast for the initial six (6) months’ requirement shall be binding.  The Long Term Forecast shall thereafter be updated every six (6) months during the term of this Agreement.  If ADMA’s forecasted requirements of Product exceed [***] Lots in each calendar year, and if Nabi is unable to accommodate such excess, then Nabi shall notify ADMA; and the parties shall agree on any revisions to the Long Term Forecast.

 

  

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2.3.           Firm Purchase Commitment.  The forecast for the initial six (6) month period of the Long Term Forecast shall constitute a firm purchase commitment (the “Firm Purchase Commitment”), which shall be binding on the parties regarding the quantities of Product to be purchased by ADMA and supplied by Nabi during such period.  The forecast for the remaining periods of the Long Term Forecast shall be for planning purposes only and shall not constitute a commitment to purchase or supply Product; provided, however, ADMA makes a Firm Purchase Commitment to purchase a minimum number of 1 Lot of Product for each calendar year covered by this Agreement.  In the event that ADMA does not order the quantities stated in the Firm Purchase Commitment for delivery during the initial six (6) month period, then, at the end of such six (6) month period, Nabi shall invoice ADMA and ADMA shall be obligated to pay Nabi the difference between ordered Product and Product committed to via the Firm Purchase Commitment.

 

2.4.           Materials/Lead Times.  With the exception of Source Plasma, under this Agreement Nabi shall supply all raw materials for the manufacture of the Product in compliance with legal and regulatory requirements applicable to the manufacture of the Product.

 

2.5.           Acceptance; Right to Reject.  Before shipment of any Product, Nabi shall deliver to ADMA the Executed Batch Record for such Product.  Within ten (10) Business Days after receipt of such Executed Batch Record, ADMA shall have the right to reject the delivery of any Product if the Executed Batch Record shows any material deviation from the Specifications.  Otherwise, ADMA shall approve the Executed Batch Record and authorize shipment of such Product.  Within ten (10) Business Days after receipt of Product, ADMA shall have the right to inspect each Lot of Product delivered, and ADMA shall have the right to reject the delivery of any Product in whole or in part which is:  (a) not in compliance with all manufacturing procedures, in-process controls, testing, specifications, packaging, and labeling, (b) not manufactured in accordance with cGMP, applicable FDA regulations, and any other applicable laws or regulations; (c) adulterated or misbranded within the meaning of the Act; or (d) not conforming to the Specifications.  Any Product not so rejected within said ten (10) Business Days period shall be deemed accepted.  In the event Nabi has a reasonable basis to dispute any Product rejection by ADMA, Nabi shall give ADMA prompt written notice of such dispute; and if it relates to non-compliance with the Specifications, samples of the Product in question shall be submitted promptly to an independent testing laboratory, mutually agreed to by both parties or selected by an independent third party agreed to by both parties, for a retest of the results.  Such retest shall be binding on the parties and the party found to be in error shall pay all retesting costs.

 

2.6.           Modifications; Improvements; Intellectual Property.

 

(a)           Neither party shall modify, repackage, reformulate or alter the Product, including its label, without notification to and the consent of the other party and the other party’s approval not to be unreasonably withheld or delayed.

 

(b)           Any improvement or modification to the manufacturing process for the Product developed or implemented by Nabi during the term of this Agreement shall be the sole property of Nabi.

 

(c)           Improvements and modifications described in Section 2.6(b) shall constitute Confidential Information of Nabi.

 

(d)           Nabi agrees that it will exclusively manufacture Product for ADMA during the term and renewals of this Agreement and Nabi agrees that it will not manufacture Product for any other entity during the term and renewals of the Agreement and for five (5) years after the termination of this Agreement.  Nabi states that it does not currently manufacture Product for any other entity nor for its own use.

 

  

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2.7.           Regulatory Compliance.  ADMA shall be responsible for compliance with legal and regulatory requirements applicable to the manufacture, packaging, marketing, sale, and distribution of the Product under its control.  Nabi shall be responsible for compliance with legal and regulatory requirements applicable to the Facility and for manufacture of the Product.  Each party shall notify the other within a reasonable amount of time (such time not to exceed forty-eight (48) hours) after any regulatory contact or correspondence with respect to the Product and shall cooperate fully with one another in the handling of such matter.  Each party shall keep the other regularly informed as to regulatory developments relating to this Agreement or to the Product of which it becomes aware.

 

2.8.           Product Complaints.  ADMA and Nabi shall cooperate with each other in responding to all Product complaints, medical complaints, and adverse drug experience reports.

 

2.9.           Product Recalls.  ADMA and Nabi shall cooperate with each other in the event of any Product recall.  In addition, each party shall maintain appropriate records to administer a Product recall and shall provide any information which the other party shall reasonably request in order to administer a recall.  The shipping, handling and other direct costs associated with any such Product recall shall be apportioned between the parties as follows:

 

(a)           In the event that any recall is caused by a breach by Nabi of any warranty set forth in Section 4.2, then, (i) Nabi shall bear the shipping, handling and other direct costs incurred in connection with such recall and shall reimburse ADMA for any of such costs incurred by ADMA as a result of ADMA’s assisting Nabi in connection with such recall and (ii) Nabi shall supply to ADMA free of charge a quantity of Product equal to the quantity of Product subject to such recall;

 

(b)           In the event that any recall is directly caused by misbranding, mishandling or adulteration of the Product by ADMA , then ADMA shall bear the shipping, handling and other direct costs associated with any such Product recall incurred in connection with such recall and shall reimburse Nabi for any of such costs incurred by Nabi as a result of Nabi’s assisting ADMA in connection with such recall;

 

(c)           To the extent that any recall is caused by either party other than as described in Section 2.9(a) or (b), then, in addition to the parties’ other rights and remedies, each party shall bear the shipping, handling and other direct costs incurred in connection with such recall and shall reimburse the other party for any of such costs incurred by the other party as a result of the other party’s assistance in connection with such recall.

 

2.10.           Title and Risk of Loss.  Title to and risk of loss for each shipment of Product shall pass to ADMA upon delivery to ADMA’s designated carrier.

 

2.11.           Right to Audit.  ADMA shall have access to Nabi’s facilities upon prior reasonable notice and at mutually agreeable times for the sole purpose of auditing Nabi’s compliance with cGMP and the Act.  Such access shall in no way give ADMA the right to any of Nabi’s confidential or proprietary information.  Further, absent unusual circumstances, such audits shall be limited to two (2) times during the first twelve (12) months of this Agreement and one (1) time each twelve (12) month period thereafter.  Nabi shall make available to ADMA for inspection all reports resulting from regulatory agency inspections.  Such reports may be redacted to protect confidential or proprietary information regarding Nabi’s products or the products of Nabi’s clients.

 

2.12.           Quality Agreement.  Within one hundred and twenty (120) days of execution of this Agreement, or any other time limit agreed to by the parties, the respective quality representatives of the parties shall meet and negotiate in good faith a quality agreement, to be signed by authorized representatives of each party.  Such quality agreement shall be incorporated within and constitute a part of this Agreement.

 

  

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ARTICLE 3.                                PAYMENTS

 

3.1.           Product Price.  The price at which Nabi shall sell the Product to ADMA and at which ADMA shall purchase the Product from Nabi (the “Product Price”) shall be calculated as follows:  [***] per Lot (includes all in-process and release testing [with the exception of potency] filling, labeling and packaging) per [***] liter Lot (the “Price Per Selling Unit”).  Except as pursuant to Section 3.2, the Product Price shall not be increased during the term of this Agreement.  All delivery terms shall be F.O.B. the Facility.

 

3.2.           Annual Increase.  After the initial calendar year, the Price Per Selling Unit shall be increased as of January 1 of each calendar year hereunder (the “New Price Year”) by a percentage amount equal to the percentage change in the [***], as published by the U.S. Department of Labor, Bureau of Labor Statistics, or a comparable successor index, during the twelve (12) month period ending with the most recent month for which finalized published monthly statistics are available as of January 1 of the New Price Year.  Changes in the Product Price pursuant to this Section 3.2 shall apply to all shipments during the New Price Year.  Notwithstanding the foregoing, in the event that at any time under the Agreement, Nabi can demonstrate that during any calendar year it has sustained significant increases in its raw material costs, pricing for the Product may be adjusted by Nabi accordingly.

 

3.3.           Taxes.  The Product Price does not include sales, use, consumption, or excise taxes of any taxing authority.  The amount of such taxes, if any, shall be added to the Product Price in effect at the time of shipment and shall be separately itemized in the invoices submitted to ADMA by Nabi pursuant to this Agreement.

 

3.4.           Invoicing.  At the time of each shipment of Product hereunder, Nabi shall invoice ADMA, and ADMA shall pay such invoice within [***] days after receipt of such invoice.  All undisputed amounts not paid when due shall be subject to interest at the rate of one percent (1%) per month (or such other amount, as shall not exceed the maximum rate permitted by law).  All payments due hereunder to Nabi shall be sent to Nabi at the times set forth herein by wire transfer to such accounts as Nabi may designate to ADMA.

 

	
Invoices to ADMA, shall be directed to:

Attn:  Accounts Payable

ADMA Biologics, Inc.

65 Commerce Way

Hackensack, NJ 07601

Inquiries and correspondence regarding payment should be directed to:

Adam Grossman

ADMA Biologics

V.P. Marketing and Business Development

65 Commerce Way

Hackensack, NJ 07601

fax:  201-488-3968

 

  

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Wire transfer instructions for payments to [***]:

	
 

Account Name:   

Bank Name:

Bank Address:

 

Account No.:

 

ABA #:

 

Swift Code:

	
 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

3.5.           Additional Services.  At ADMA’s written request, Nabi may provide preparation of batch records and specifications, validation work, and regulatory support at the rate of [***] per hour, plus any necessary travel and out of pocket expenses.  The batch records and specifications for the first production lot will be prepared at no cost to ADMA.

 

3.6.           Stability Studies.  [***].  Such stability studies shall be performed according to International Council on Harmonization (ICH) guidelines.  Additional stability studies shall be available to ADMA at Nabi’s standard rates.

 

ARTICLE 4.                                REPRESENTATIONS AND WARRANTIES

 

4.1.           Organization and Authority of Nabi.  Nabi represents and warrants to ADMA that Nabi is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has full corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.

 

4.2.           Warranties by Nabi.  Nabi further represents and warrants to ADMA that all Product delivered to ADMA by Nabi shall, upon delivery to ADMA’s carrier, (a) be in compliance with all manufacturing procedures, in-process controls, testing, storage, and other conditions as set forth in the Specifications, (b) be manufactured in accordance with cGMP, applicable FDA regulations, and any other applicable laws or regulations, and (c) not be adulterated or misbranded within the meaning of the Act.

 

4.3.           Compliance with Regulations/Etc.  Nabi further represents and warrants to ADMA that (a) the manufacture of the Product shall comply with regulatory requirements and applicable law, rules, and regulations, and that Nabi will maintain, all obligations with respect thereto; and (b) Nabi will comply with applicable law and that it will keep ADMA fully informed of any development which would affect the Product.

 

4.4.           Disclaimer by Nabi.  Nabi expressly disclaims (a) any warranty that the Product (i) will be merchantable or (ii) will be fit for any particular purpose and (b) any other warranties with respect to the sale, distribution, or use of Product, express or implied, except as expressly stated in this Agreement.  Nabi agrees that product will be manufactured in strict accordance with its Standard Operating Procedures and per US FDA regulations and standards.

 

4.5.           Organization and Authority of ADMA.  ADMA represents and warrants to Nabi that ADMA is a corporation duly organized, validly existing, and in good standing under the laws of the State of New Jersey and has full corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.

 

4.6.           Compliance with Regulations/Etc.  ADMA further represents and warrants to Nabi that (a) the distribution, marketing, and sale of the Product shall comply with regulatory requirements and applicable law, and that ADMA will maintain all obligations with respect thereto; (b) ADMA will comply with applicable law and that it will keep Nabi fully informed of any development which would affect Nabi’s production of the Product hereunder; (c) in the event ADMA ships Product outside of the United States, ADMA will comply fully with all export administration and control laws and regulations of the United States government as may be applicable to the export, resale or other disposition of any Product purchased from Nabi; and (d) Source Plasma and any production processes provided or specified by ADMA will be suitable for the production of the Product.

 

  

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ARTICLE 5.                                COVENANTS

 

5.1.           Confidential Information.

 

(a)           It is recognized by the parties that during the term of this Agreement and the Quality Agreement the parties may exchange Confidential Information (as hereinafter defined).  Nabi shall not disclose Confidential Information received from ADMA and shall not use Confidential Information disclosed to it by ADMA for Nabi’s benefit (other than in the performance of its obligations hereunder) or for the benefit of any third person; provided, however, that Nabi may disclose Confidential Information to a third party in the performance of its obligations hereunder if such third party agrees in writing to be bound by the confidentiality obligations set forth in this Agreement.  ADMA shill not disclose Confidential Information received from Nabi and shall not use Confidential Information disclosed to it by Nabi for ADMA’s benefit (other than in the performance of its obligations hereunder) or for the benefit of any third person; provided, however, that ADMA may disclose Confidential Information to a third party in the performance of its obligations hereunder if such third party agrees in writing to be bound by the confidentiality obligations set forth in this Agreement.  Each party agrees that Confidential Information provided to the other party shall only be shown to persons who have a need to see it in order for the party to carry out its obligations hereunder.  Upon termination or expiration of this Agreement, each party agrees to return all copies of Confidential Information to the party who provided it.

 

(b)           For purposes of this Agreement, “Confidential Information” means any information of a sensitive or proprietary nature, including, without limitation, know-how, trade secrets, information, technology, inventions (whether patentable or unpatentable), materials, methods, formulas and formulations, processes, drawings, specifications, designs, test data, concepts, ideas, knowledge, data, marketing plans, business strategies, sales figures, sales forecasts, financial information, prices, costs, and business practices.  The parties also agree to keep in confidence all ADMA testing lab locations and key ADMA personnel involved with the development of and manufacturing.  Confidential Information shall include all information in connection with this Agreement disclosed in writing and identified as being confidential or disclosed orally and reduced to writing within thirty (30) days of oral disclosure and identified as being confidential, or any other information that by its nature or context is clearly confidential or proprietary, whether or not so identified, except any portion thereof which:  (i) is known to the recipient before receipt thereof under this Agreement as documented by written records; (ii) is disclosed in good faith to the recipient after acceptance of this Agreement by a third person lawfully in possession of such information and not under an obligation of non-disclosure; (iii) is or becomes part of the public domain through no fault of the recipient; or (iv) is disclosed by law or regulation or in response to a valid order of a court or other governmental body, but only to the extent of and for the purpose of such law, regulation or order, and only if the recipient first notifies the other party of the required disclosure and permits the other party, at its expense, to seek an appropriate legal remedy to maintain the Confidential Information in secret.

 

(c)           ADMA understands that during the performance of this Agreement it may come into possession of certain material information about Nabi that has not yet been disclosed to the public and agrees to comply with the rules and regulations of the United States Securities and Exchange Commission (“SEC”), including those relating to insider trading, and will not trade in Nabi securities while in possession of any such material, non-public information.

 

  

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5.2.           Trademarks.

 

(a)           Each party hereby acknowledges that it does not have, and shall not acquire, any interest in any of the other party’s trademarks or trade names unless otherwise expressly agreed in writing by the parties.

 

(b)           Each party agrees not to use any trade names or trademarks of the other party, except as specifically authorized by the other party in writing both as to the names or marks which may be used and as to the manner and prominence of use.

 

5.3.           Injunctive Relief.  The parties hereto understand and agree that remedies at law may be inadequate to protect against any breach of any provisions of this Article 5 by either party or its employees, agents, officers or directors or any other person acting in concert with it or on its behalf.  Accordingly, each party shall be entitled to the granting of injunctive relief by a court of competent jurisdiction against any action that constitutes any such breach of this Article 5, without any requirement to post a bond.

 

5.4.           Survival.  The provisions of this Article 5 shall survive for a period of five (5) years following expiration or termination of this Agreement for any reason.

 

ARTICLE 6.                                INDEMNIFICATION

 

6.1.           Indemnification by Nabi.  Nabi agrees to defend, indemnify and hold ADMA, and its and their respective directors, officers, employees, and agents harmless against any and all claims, suits, losses, judgments, liabilities, damages, costs, fees (including but not limited to reasonable attorneys’ fees), and expenses resulting from or arising out of (a) any breach by Nabi of this Agreement; (b) violations of any applicable law or regulation by Nabi; (c) claims for personal injury, illness, death, or property damage attributable to the manufacture of the Product by Nabi; or (d) a Product recall for which Nabi is responsible pursuant to Section 2.9; provided, however, that Nabi shall have no indemnification obligations with regard to any matter arising out of the breach of this Agreement by ADMA or ADMA’s negligence or willful misconduct.

 

6.2.           Indemnification by ADMA.  ADMA agrees to defend, indemnify and hold Nabi and its and their respective directors, officers, employees, and agents harmless against any and all claims, suits, losses, judgments, liabilities, damages, costs, fees (including but not limited to reasonable attorneys’ fees), and expenses resulting from or arising out of (a) any breach by ADMA of this Agreement; (b) violations of any applicable law or regulation by ADMA; (c) claims for personal injury, illness, death, or property damage attributable to the marketing, sale, or distribution of the Product by ADMA; or (d) a Product recall for which ADMA is responsible pursuant to Section 2.9; provided, however, that ADMA shall have no indemnification obligations with regard to any matter arising out of the breach of this Agreement by Nabi or Nabi’s negligence or willful misconduct.

 

6.3.           Procedures.  Any party (the “Indemnitee”) that intends to claim indemnification under this Article 6 shall promptly notify the other party (the “Indemnitor”) of any loss, claim, damage, liability, or action in respect of which the Indemnitee intends to claim such indemnification, and the Indemnitor shall assume the defense thereof with counsel mutually satisfactory to the parties.  The indemnity agreement in this Article 6 shall not apply to amounts paid in settlement of any loss, claim, damage, liability, or action if such settlement is effected without the consent of the Indemnitor, which consent shall not be withheld or delayed unreasonably.  The failure to deliver notice to the Indemnitor within a reasonable time after the commencement of any such action shall not relieve the Indemnitor of any liability to the Indemnitee under this Article 6, except to the extent that the Indemnitor is prejudiced by such delay.  The Indemnitee and its employees and agents shall cooperate fully with the Indemnitor and its legal representatives in the investigation of any loss, claim, damage, liability, or action covered by this Article 6.  In the event that the Indemnitee claims indemnity from the indemnitor and the Indemnitor is finally held liable to indemnify the Indemnitee, the Indemnitor shall additionally be liable to pay the reasonable legal costs and attorneys’ fees incurred by the Indemnitee in establishing its claim for indemnity.

 

  

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6.4.           Insurance.  ADMA and Nabi shall each be required to maintain general and product liability insurance in an amount of at least [***]; and each shall provide to the other, upon request, written certification of such coverage.  Before commencing any work hereunder, the parties shall furnish certificates evidencing the insurance required by this Section.

 

6.5.           Limitation of Liability.  In no event shall either party be liable to the other party for incidental, indirect, special, consequential or punitive damages, including without limitation any claim for damages based upon lost profits or lost business opportunity.

 

6.6.           Except for the obligations of indemnity as set forth in Section 6.1(c) and 6.2(c) with respect to claims for personal injury, illness or death (but not including property damage) resulting from use of or exposure to a Product supplied hereunder, aggregate damages for which either party shall be liable to the other, [***].

 

ARTICLE 7.                                TERM AND TERMINATION

 

7.1.           Term.  Subject to Section 7.2, the term of this Agreement shall be for a period of [***] from the Effective Date, renewable for additional [***] periods.  Each party agrees that it will endeavor, in good faith, to conclude any negotiations relating to such renewals no less than one (1) year before the expiration of this Agreement.

 

7.2.           Termination.  This Agreement may be terminated by either party (a) by reason of a material breach if the breaching party fails to remedy such breach within ninety (90) days after the non-breaching party has given the breaching party written notice of such breach, (b) upon bankruptcy, insolvency, dissolution, or winding up of the other party, (c) if the other party is unable to fulfill its obligations hereunder for a period of one hundred twenty (120) consecutive days or more by reason of an event described in Section 8.4, or (d) upon two (2) years’ prior written notice to the other party.  For purposes of this Agreement, a material breach under Section 7.2(a) includes observations identified during ADMA’s initial audit of Nabi’s facility that would cause the facility to be deemed unsuitable for manufacture of the Product.

 

ADMA shall be entitled to terminate this Agreement by written notice having immediate effect if ADMA does not receive FDA approval or Health Canada approval for the Product or if it becomes apparent in the sole determination of ADMA that the Product will not be approved and ADMA decides to cancel substantially all further activity toward Product approval.  Notwithstanding anything to the contrary herein, termination or cancellation of this Agreement because of lack of FDA or Health Canada approval or for any reason whatsoever shall not relieve ADMA of the greater of its Firm Purchase Commitment obligations, or the Product Price for one Lot.

 

7.3.           Survival.  The provisions of Articles 5, 6, and 8 shall survive the expiration or termination of this Agreement for any reason.

 

  

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7.4.           Effect of Termination, Cancellation or Expiration.  Termination, cancellation or expiration of this Agreement through any means and for any reason shall not relieve the parties of any obligation accruing prior thereto and shall be without prejudice to the rights and remedies of either party with respect to any antecedent breach of any of the provisions of this Agreement.  Upon cancellation, expiration or termination of this Agreement pursuant to Section 7.2(d), Nabi shall supply and ADMA shall purchase the quantity of Lots of Product previously ordered by ADMA pursuant to written purchase orders, initial term in accordance with the terms of this Agreement, but thereafter neither party shall be obligated to the other party to supply or purchase any additional quantities of Product hereunder.

 

ARTICLE 8.                                GENERAL PROVISIONS

 

8.1.           Facility Modifications.  ADMA shall reimburse Nabi for any material costs incurred as a result of viral inactivation, process, or facility modifications resulting from mandatory changes in industry standards, FDA regulatory requirements and/or cGMP.  The amount that ADMA shall pay to Nabi under this Section 8.1 will be based on whether the mandatory modifications are applicable to products manufactured in the Nabi facility other than the Product, to the Facility in general, or to the Product only.  If the modifications relate to all products manufactured in the Nabi facility or to the Facility in general, ADMA’s costs will be calculated in proportion to the ratio of the volumes of material processed by Nabi on behalf of ADMA to the total volume of materials processed in the Nabi facility in the previous twelve (12) calendar months prior to implementation of the modifications.  For purposes of calculating costs, expenditures that relate to capital improvements which are reasonably expected to be capitalized according to GAAP shall be depreciated and/or amortized over their estimated lives.  The annual depreciation and/or amortization charges shall be used to calculate the cost of these expenditures in each year.  If the mandatory modifications are for the Product only, and ADMA agrees to such modifications, ADMA will bear the total cost in the year the costs are incurred by Nabi.  If the mandatory modifications do not relate to the Product at all, ADMA shall bear no cost for such modifications

 

ADMA may, from time to time, request Nabi to make other changes in the Nabi processes or to the Product Specifications, etc., including additional testing, which are not the result of changes in industry or regulatory standards.  ADMA must submit requests for such changes in writing to Nabi.  Nabi shall not unreasonably withhold its consent to any such changes.  Any such ADMA requested change(s) which result in increased costs to Nabi shall be reflected in adjusted pricing, to be mutually agreed upon in good faith.

 

8.2.           By-Products.— [***].  The parties acknowledge that further processing of the protein fractions is required to make the By-Products suitable for further use.  The parties acknowledge that ADMA has paid to fractionate this plasma, and the parties acknowledge that Nabi may incur higher than expected manufacturing costs associated with this additional processing.  The parties agree to negotiate [***].  ADMA shall have the exclusive right to sell the By-Products on behalf of both Nabi and ADMA.  If ADMA is desirous and Nabi agrees, ADMA may, at its sole option [***].

 

8.3.           Yield Improvements.  ADMA acknowledges that Nabi, through its own development efforts, may identify changes to the manufacturing process that result in improvements of the Product yield.  If ADMA desires to take advantage of such yield improvements, the parties agree to renegotiate in good faith the terms for the Product Price.

 

8.4.           Force Majeure.  Neither party shall be held liable or responsible to the other party or be deemed to have defaulted under or be in breach of this Agreement for any delay or failure to perform any obligation under this Agreement (other than a failure to pay money) when such delay or failure to perform is caused by or results from causes beyond the reasonable control of the affected party, including, without limitation, fire, flood, embargo, war, act of war (whether war is declared or not), insurrection, riot, civil commotion, strike, lockout or other labor disturbance, act of God, omission or delay in acting by any governmental authority or the other party; provided, however, that the affected party shall provide the other party with prompt written notice of any such delay or failure to perform and shall use commercially reasonable efforts to cure any such delay or failure to perform at the earliest practicable date.

 

  

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8.5.           Notices.  All notices, requests, consents and other communications hereunder shall be in writing, addressed to the receiving party’s address set forth below or to such other address as a party may designate by notice hereunder, and either (a) delivered by hand, (b) made by facsimile transmission, (c) sent by recognized overnight courier, or (d) sent by registered or certified mail, return receipt requested, postage prepaid.

 

(Remainder of this page intentionally left blank.)

 

  

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If to Nabi

[***]

[***]

[***]

Nabi Biopharmaceuticals

5800 Park of Commerce Boulevard, N.W.

Boca Raton, FL 33487

Fax 561-989-5885

with a copy to

General Counsel

Nabi Biopharmaceuticals

5800 Park of Commerce Boulevard, N.W.

Boca Raton, FL 33487

Fax-561-989-5885

If to ADMA:

Adam Grossman

V.P.  Marketing and Business Development

ADMA Biologics Inc.

65 Commerce Way

Hackensack, New Jersey  070601

Fax – 201-488-3968

with a copy to:

General Counsel

ADMA Biologics

65 Commerce Way

Hackensack, NJ  07601

All notices, requests, consents and other communications hereunder shall be deemed to have been properly given (a) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (b) if made by facsimile transmission, at the time that receipt thereof has been acknowledged by electronic confirmation or otherwise, (c) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (d) if sent by registered or certified mail, on the fifth business day following the day such mailing is made.

 

8.6.           Entire Agreement.  This Agreement constitutes the entire agreement between Nabi and ADMA with respect to the subject matter hereof.  This Agreement supersedes any prior agreements or understandings between Nabi and ADMA, whether written or oral, with respect to the subject matter hereof.

 

8.7.           Waiver Amendment.  No waiver of any breach of any provision of this Agreement shall constitute a waiver of any other breach of that or any other provision hereof.  No supplement or modification of or amendment to this Agreement shall be binding unless agreed to and executed in writing by Nabi and ADMA.

 

8.8.           Governing Law.  This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to the conflict of law principles thereof.

 

  

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8.9.           Severability.  In the event that any court of competent jurisdiction shall finally determine that any provision, or any portion thereof, contained in this Agreement shall be void or enforceable in any respect, then such provision shall be deemed limited to the extent that such court determines it enforceable, and as so limited shall remain in full force and effect.  In the event that such court shall determine any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement nevertheless shall remain in full force and effect.

 

8.10.           No Public Announcement.  Neither Nabi, nor ADMA shall, without the approval of the other, make any press release or other public announcement concerning the transactions contemplated by this Agreement, except as and to the extent that any such party shall be so obligated by law, in which case the other party shall be advised and the parties shall use their best efforts to cause a mutually agreeable release or announcement to be issued; provided, however, that the foregoing shall not preclude communications or disclosures necessary to implement the provisions of this Agreement or to comply with the accounting and disclosure obligations of the Securities and Exchange Commission or the rules of any stock exchange or Nasdaq.

 

8.11.           Expenses; Taxes.  Except as otherwise provided herein, each party hereto will pay all costs and expenses incident to its negotiation and preparation of this Agreement and to the performance and compliance with all agreements and conditions contained herein on its part to be performed or complied with, including the fees, expenses and disbursements of its counsel and accounting firm.

 

8.12.           Descriptive Headings.  The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

 

8.13.           Counterparts.  This Agreement may be executed in one or more counterparts, and by different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

8.14.           Parties in Interest; Assignment.  This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, expressed or implied, is intended to confer upon any other person any rights or remedies of any nature whatsoever under or by reason of this Agreement.  Neither party may assign this Agreement or any of its rights and obligations hereunder without the other party’s prior written consent, which may not be unreasonably withheld or delayed, except as hereinafter provided.  With notice to the other party, either party may, without the other party’s consent, assign this Agreement to its Affiliate.  No such assignment shall relieve the assignor of its obligations and liabilities under this Agreement, all of which shall remain direct and primary in any event.

 

8.15.           Relationship of the Parties.  The relationship of the parties under this Agreement is that of independent contractors.  Except as expressly provided in this Agreement, neither party shall hold itself out as an agent, legal representative, joint venturer, or partner of the other party for any purpose whatsoever.  Neither party is authorized to make any contract, warranty, or representation by or on behalf of the other party.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

  

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NABI BIOPHARMACEUTICALS

By:  /s/ Raafat Fahim                    

Name:  Raafat Fahim

Title:  Sr. Vice President

Research, Technical & Production Operations

 

ADMA BIOLOGICS INC.

 

By:  /s/ Jerrold B. Grossman                                                                

Name:  Jerrold B. Grossman, Ph.D.                                                               

Title:  President                                                                

 

  

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EXHIBIT A:  SPECIFICATIONS

 

To be agreed upon by the parties prior to manufacture of the first conformance Lot.

 

1546894.1

 

  

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[***]

 

 

 

- 22 -

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