Document:

Purchase and Sale Agreement

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) dated as of the 28th day of June, 2010, by and between
DUNCAN OIL PARTNERS, LLC, a Colorado limited liability company with its principal office located at 1777 South Harrison Street, Penthouse One, Denver, Colorado 80210
(“Seller”), and REX ENERGY ROCKIES, LLC, a Delaware limited liability company with its principal office located at 476 Rolling Ridge Drive, Suite 300, State College,
Pennsylvania 16801 (“Buyer”). Seller and Buyer are also referred to herein individually as a “Party” and collectively as the “Parties”. 

BACKGROUND STATEMENT 

Seller desires to sell, assign, transfer and convey to Buyer, and Buyer desires to purchase and accept, all of Seller’s right, title
and interest in and to certain oil and gas leases located in Laramie County, Wyoming and all associated right of ways, easements owned or held by Seller, as more particularly described in Exhibit “A” AND Exhibit
“A1”, attached hereto and made a part hereof for all purposes. 
 AGREEMENT 

NOW THEREFORE, in consideration of the mutual promises contained herein, the benefits to be derived by each Party hereunder and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller agree as follows: 

ARTICLE 1 

DEFINITIONS AND REFERENCES 

1.1 Certain Defined Terms. In addition to the terms defined within the body of this Agreement, when used in this Agreement, the
following terms shall have the respective meanings assigned to them in this Section 1.1: 
 (a)
“Arbitrator” has the meaning given in Section 11.4 below. 
 (b) “Business Day(s)”
means any day other than (i) a Saturday or Sunday or (ii) any other day which is a U.S. federal holiday. 
 (c)
“Buyer” has the meaning given in the opening paragraph. 
 (d) “Claims Period” means the
period beginning on the Closing Date and ending nine (9) months thereafter. 
 (e) “Cure Period” has the
meaning given in Section 11.2(b) below. 
 (f) “Cured Interests” has the meaning given in
Section 11.2(b) below. 

 (g) “Encumbrance” means any charge, claim, community or other marital
property interest, condition, equitable interest, lien, option, pledge, security interest, mortgage, right-of-way, easement, encroachment, servitude, right of first option, right of first refusal or similar restriction, including any restriction on
transfer or attribution of ownership, that is not such as would customarily be waived by prudent persons engaged in the oil and gas business. 

(h) “Environmental Laws” means any Legal Requirement designed to minimize, prevent, punish or remedy the consequences of
actions that damage or threaten the environment or public health and safety. 
 (i) “Governmental Body” means
any federal, state, local, municipal, foreign or other government, and any governmental or quasi-governmental authority of any nature (including any branch, department, board, commission, court, tribunal or other entity exercising governmental or
quasi-governmental powers. 
 (j) “Interests” has the meaning given in Section 2.1 below.

 (k) “Knowledge” means the actual knowledge, information or belief, as appropriate to the context of the
statement in which the term is used, of any officer or director of Seller or the knowledge, information or belief that such individuals would have after (a) if having made a review of documents of a date not more than three (3) years old
in files under their immediate personal control and (b) if having made reasonable inquiry of those executive, management or supervisory employees (including first level field office supervisors) under Seller’s employ or retained by Seller
with respect to the matters which are relevant to the representation, warranty, covenant or agreement being made or given. 

(l) “Lease” (individually) and “Leases” (collectively) means the oil and gas leases, and/or mineral
leases owned by Seller in Laramie County, Wyoming, including, but not limited to, leaseholds, record title and operating rights, or royalty interests owned by Seller in such leases. Exhibit “A” AND Exhibit “A1”
sets forth a list of the Leases, together with a description of Seller’s Net Revenue Interest and Working Interest therein. 

(m) “Legal Requirement” means any federal, state, local, municipal, foreign, international, multinational or other
Governmental Body’s law, ordinance, principle of common law, code, regulation, statute, constitution or treaty. 
 (n)
“Losses” shall mean all liabilities, deficiencies, damages (excluding indirect, consequential and punitive damages), fines, penalties, claims, costs and expenses (including, without limitation all fines, penalties and other amounts
paid pursuant to a judgment, compromise or settlement), court costs and reasonable legal and accounting fees and cost of disbursements. 

(o) “Notice of Title Defect” has the meaning given in Section 11.2(a) below. 

(p) “Ordinary Course of Business” means any action taken by a Person

  

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which (i) is consistent in nature, scope and magnitude with the past practices of such Person and is taken in the ordinary course of the normal, day-to-day operations of such Person,
(ii) does not require authorization by the board of directors or shareholders of such Person (or by an Person or group of Persons exercising similar authority) and does not require any other separate or special authorization of any nature, and
(iii) is similar in nature, scope and magnitude to actions customarily taken, without any separate or special authorization, in the ordinary course of the normal, day-to-day operations of other Persons that are in the same line of business as
such Person. 
 (q) “Override” means that overriding royalty interest burdening the Leases that Seller
assigned to Raymond T. Duncan Oil Properties, Ltd by that Assignments of Overriding Royalty Interest dated as of April 15, 2010, to be recorded in the real property records of Laramie County, Wyoming, which, will burden the Leases and all
replacements and extensions or renewals of any Lease taken within one year after the expiration of such Lease. 
 (r)
“Permitted Encumbrance” has the meaning given in Section 11.5 below. 
 (s)
“Person” means any individual, partnership, limited partnership, corporation, business trust, limited liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other
business entity. 
 (t) “Proceeding” means any claim, demand, action, suit, litigation, dispute, order, writ,
injunction, judgment, assessment, decree, grievance, arbitral action, investigation or other proceeding. 
 (u)
“Reasonable Efforts” means the efforts that a prudent Person desirous of achieving a result would use in similar circumstances to achieve that result as expeditiously as reasonably possible (or within the time period agreed upon).

 (v) “Remaining Interests” has the meaning given in Section 11.2(b) below. 

(w) “Representative” means with respect to a particular Person, any director, officer, member, manager, employee, agent,
consultant, advisor, accountant, financial advisor, legal counsel or other representative of that Person. 
 (x)
“Seller” has the meaning given in the opening paragraph. 
 (y) “Title Disputed Matters” has
the meaning given in Section 11.4 below. 
 (z) “Title Defect” has the meaning given in
Section 11.3 below. 
 1.2 References, Titles and Construction. 

(a) References and Titles. All references in this Agreement to articles, sections, subsections and other subdivisions refer to
corresponding articles, sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. Titles appearing at the 

 

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beginning of any subdivision are for convenience only and shall not constitute part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions.

 (b) Drafting of this Agreement. This Agreement was negotiated by the Parties with the benefit of legal representation,
and any rules of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party shall not apply to any construction or interpretation hereof. No consideration shall be given to the fact or
presumption that one Party had a greater or lesser hand in drafting this Agreement. 
 (c) Legal Requirements. Reference
to any Legal Requirement means such Legal Requirement as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section
or other provision of any Legal Requirement means that provision of such Legal Requirement from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other
provision. 
 ARTICLE 2 

PURCHASE AND SALE 

2.1 Purchase and Sale; Description of the Interests; Seller agrees to sell, and Buyer agrees to purchase, for the consideration
hereinafter set forth, and subject to the terms and provisions herein contained, all of Seller’s right, title and interest in and to, excluding and subject to, in each instance, the Override (which, Buyer acknowledges and agrees, will burden
all replacements and extensions or renewals of any Lease taken within one year after the expiration of such Lease), the following described oil and gas leases, properties, rights and interests (collectively hereinafter referred to as the
“Interests”). 
 (a) All of Seller’s right, title and interest in and to certain oil and gas leases
located in Laramie County, Wyoming and all associated right of ways, easements owned or held by Seller, as more particularly described in the attached Exhibit “A” AND Exhibit “A1”. 

(b) All of Seller’s other right, title and interest (of whatever kind or character, whether legal or equitable, and whether vested
or contingent) of Seller in and to the oil, gas and other minerals in and under or that may be produced from the lands described in Exhibit “A” AND Exhibit “A1”,hereto (including interests in oil, gas and/or
mineral leases covering such lands, overriding royalties, production payments and net profits interests in such lands, such leases and wells, and fee mineral interests, fee royalty interests and other interests in such oil, gas and other minerals),
whether such lands be described in a description set forth in such Exhibit “A” AND Exhibit “A1”or be described in such Exhibit “A” AND Exhibit “A1” by reference to another
instrument, even though Seller’s interest in such oil, gas and other minerals may be incorrectly described in, or omitted from, such Exhibit “A” AND Exhibit “A1”; 

(c) All of Seller’s right, title and interest in and to all presently existing and valid oil, gas and/or mineral unitization,
pooling, and/or communitization agreements, declarations and/or orders in and to the oil and gas properties covered and the units created thereby (including all 

 

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units formed under orders, rules, regulations, or other official acts of any federal, state or other authority having jurisdiction, voluntary unitization agreements, designations and/or
declarations) relating to the properties described in paragraphs (a) and (b) above; 
 (d) All of
Seller’s right, title and interest in and to all easements, rights-of-way, surface leases and other surface rights, all permits and licenses, and all other appurtenances and agreements being used or held for use in connection with, or otherwise
related to, the exploration, development, operation or maintenance of any of the properties described in paragraphs (a), (b) and (c) above, or the treatment, storage, transportation or marketing of production therefrom
(or allocated thereto); and 
 (e) All of Seller’s right, title and interest in and to lease files, abstracts and title
opinions, records, and other files, documents and records of every kind and description which relate to the oil and gas interests described above which are in the possession of Seller, but excluding seismic records and surveys, gravity maps,
electric logs, geological or geophysical data. 
 2.2 [Intentionally Omitted]. 

2.3 Effective Date. The purchase and sale of the Interests shall be effective as of June 1st, 2010, at 12:01 a.m., City of
Denver time (herein called the “Effective Date”). 
 2.4 Ownership of the Interests. Seller shall
be entitled to all of the rights of ownership, and shall be subject to the duties and obligations of such ownership attributable to the Interests, for the period of time prior to the Effective Date, and, in the event the Closing should occur, Buyer
shall be entitled to all of the rights of ownership, and shall be subject to the duties and obligations of such ownership for the period of time from and after the Effective Date. In the event that the Closing should occur, all expenses and costs,
including, without limitation, all ad valorem, property, production, severance, and similar taxes and assessments, royalties, overriding royalties, and other payments based upon or measured by the ownership of the Interests or production from the
Leases, shall be: (i) paid by or allocated to Seller if incurred or accruing with respect to operations conducted prior to the Effective Date or (ii) paid by or allocated to Buyer if incurred or accruing with respect to operations
conducted on or after the Effective Date. 
 ARTICLE 3 

PURCHASE PRICE 

3.1 Purchase Price. In consideration for the purchase of the Interests, Buyer shall pay to Seller at the Closing, to an account
designated by Seller at least three (3) Business Days prior to the Closing Date, in cash or immediately available funds, the Purchase Price (as hereinafter defined). Subject to the terms and conditions of this Agreement, Buyer shall pay to
Seller $1,000.00 per net leasehold acre owned by the Seller in the Leases set forth on the attached Exhibit “A” AND Exhibit “A1”, (the “Purchase Price”). The net leasehold acres shall be
those tendered by Seller to Buyer pursuant to this Agreement, less those deemed as having a Title Defect as a result of Buyer’s title assessment described in Section 11.2(a) hereof. 

 

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 3.2 Settlement Statement. Based on the best information reasonably available to it,
Buyer shall prepare and deliver to Seller at least one (1) Business Day prior to the Closing Date, Buyer’s estimate of the Purchase Price to be paid at Closing (the “Settlement Statement”). 

3.3 The Deposit. 

(a) Promptly upon the due execution of this Agreement by Buyer and Seller, Buyer shall pay to Seller, as a deposit toward payment of the
Purchase Price, a sum equal to $1,869,490.31 by wire transfer to an interest bearing bank account as designated by Seller below (the “Deposit”). If Closing occurs, the Deposit and all interest
accrued shall be applied to reduce the Purchase Price, as such price may be adjusted due to any Title Defects. If Closing does not occur, the Deposit and all interest accrued shall be retained by Seller, or returned to Buyer, as the case may be, as
provided in Section 13.2 of this Agreement. 
 (b) Seller hereby agrees that Seller shall hold, invest and disburse
the Deposit only in accordance with the terms and conditions of this Agreement. The account designated by Seller for the Deposit in sub-paragraph (a) above shall be an interest bearing account held by U.S. BANK N.A. SAFEKEEPING. Seller hereby
agrees that the Deposit shall be held at all times until disbursement in the account designated by Seller in sub-paragraph (a) above, and that Seller shall at no time commingle any of its other funds with the Deposit or withdraw all or any
portion of the Deposit except as provided under the terms and conditions of this Agreement. Any and all accrued interest or gains shall be deemed to be part of Deposit and will be paid to the party receiving the Deposit as and when distribution is
made therefrom, the Parties specifically acknowledging that in the event that the Closing of the transactions contemplated by this Agreements occurs, any such accrued interest shall be applied with the Deposit as a credit toward payment of the
Purchase Price by Buyer. Seller hereby agrees to provide Buyer with written notification of its intention to withdraw all or any portion of the Deposit at least five (5) Business Days before any such withdrawal, unless withdrawal occurs in
conjunction with or after the Closing. 
 (c) At all times prior to the Closing, the Deposit shall, without any notice, demand,
presentment or protest of any kind (each of which is waived by Seller), automatically and immediately become due and payable to Buyer upon the occurrence of any one or more of the following events: (i) Seller is adjudicated as bankrupt,
(ii) Seller commences or has commenced against it any bankruptcy or insolvency proceeding under the federal bankruptcy code or otherwise which is not rescinded within sixty (60) days, (iii) the making by Seller of a general assignment
for the benefit of creditors, or (iv) the appointment of a receiver or trustee in bankruptcy of Seller or for any of Seller’s assets which is not rescinded within sixty (60) days. Seller agrees to immediately return the Deposit to
Buyer upon the occurrence of any of the above events. 
 (d) Seller shall indemnify and hold Buyer harmless from and against any
and all Losses suffered or incurred by Buyer or its affiliates (including, without limitation, reasonable attorney’s fees and court costs) by reason of the breach by Seller of this Section 3.3 or the non-fulfillment of any covenant
or agreement of Seller contained in this Section 3.3. Seller further acknowledges and agrees that in the event of a breach or threatened breach of any agreement by Seller under this Section 3.3, Buyer shall be entitled, in
addition to all other applicable remedies, to 
  

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seek specific performance of the terms of this Section 3.3, including immediate injunctive relief in any court of competent jurisdiction enjoining Seller from any activity
constituting such breach or threatened breach. No right or remedy herein conferred upon or reserved to Buyer is exclusive of any right or remedy herein or permitted by law or equity, but each shall be cumulative of every other right or remedy given
hereunder or now or hereafter existing at law or in equity (or by statute or otherwise), and may be enforced concurrently therewith or from time to time and as often as may be deemed expedient or necessary by Buyer, in its sole discretion.

 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

4.1 Representations and Warranties of Seller. Seller represents and warrants to Buyer the following with respect to its business
and affairs: 
 (a) Organization and Existence. Seller is a limited liability company duly organized, validly existing
and in good standing under the laws of the State of Colorado. 
 (b) Power and Authority. Seller has all requisite power
and authority to execute, deliver and perform this Agreement and each other agreement, instrument or document executed or to be executed by Seller in connection with the transactions contemplated hereby to which it is a party and to consummate the
transactions contemplated hereby and thereby. The execution, delivery and performance by Seller of this Agreement and each other agreement, instrument, or document executed or to be executed by Seller in connection with the transactions contemplated
hereby to which it is a party, and the consummation by Seller of the transactions contemplated hereby and thereby, have been duly authorized by all necessary corporate action of Seller. 

(c) Valid and Binding Agreement. This Agreement has been duly executed and delivered by Seller and constitutes a legally binding
obligation of Seller. Every other agreement, instrument, or document executed or to be executed by Seller in connection with the transactions contemplated hereby has been, or when executed will be, duly executed and delivered by Seller and
constitutes, or when executed and delivered, will constitute, a valid and legally binding obligation of Seller. This Agreement and all other such agreements, instruments or documents shall be enforceable against Seller in accordance with their
respective terms, except that such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights generally and (ii) equitable principles which, when
ordered by a court of competent jurisdiction, may limit the availability of certain equitable remedies (such as specific performance) in certain instances. 

(d) Non-Contravention. Neither the execution, delivery and performance by Seller of this Agreement and each other agreement,
instrument, or document executed or to be executed by Seller in connection with the transactions contemplated hereby nor the consummation by Seller of the transactions contemplated hereby or thereby do and will (i) conflict with or result in a
violation of any provision of the certificate or articles of incorporation (as the case may be) or Bylaws (or similar agreement) or other governing instruments of Seller, (ii) conflict with or result in

  

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a violation of any provision of, or constitute (with or without the giving of notice or the passage of time or both) a default under, or give rise (with or without the giving of notice or the
passage of time or both) to any right of termination, cancellation, or acceleration under any bond, debenture, note, mortgage, or indenture, (iii) result in the creation or imposition of any lien or other Encumbrance, other than Permitted
Encumbrances upon the Interests or (iv) violate any applicable Legal Requirement binding upon Seller or the Interests. 

(e) Approvals To Seller’s Knowledge there are no approvals or consents required to be obtained by Seller for the transfer and
assignment of the Interests to Buyer and no preferential purchase rights or rights to participate in the drilling of wells that affect the Interests. 

(f) Legal Proceedings. There are no Proceedings to which Seller is a party and which (i) relate to the Interests (including
any actions challenging or pertaining to Seller’s title to any of the Interests), or (ii) challenge, or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, the execution and delivery of this
Agreement by Seller or the consummation of the transactions contemplated hereby. To Seller’s Knowledge no event has occurred or circumstances exist that is reasonably likely to give rise to or serve as a basis for the commencement of any of the
proceedings described in this section. 
 (g) Basic Documents. To Seller’s Knowledge, the Leases and all other
easements, rights-of-way, surface leases or other surface rights, permits, licenses, and all other appurtenances being used or held for use in connection with, or otherwise relating to, the Interests (such leases, easements, rights-of-way, etc.
being collectively herein called the “Basic Documents”), are in full force and effect and are valid and enforceable. To Seller’s Knowledge, Seller is not in breach or default (and no situation exists which with the
passage of time or giving of notice would create a breach or default) of its obligations under the Basic Documents, and, to Seller’s Knowledge, no breach or default by a third party (or situation which with the passage of time or giving of
notice would create a breach or default) exists with respect to any Basic Document. To Seller’s Knowledge, all payments (including all delay rentals and valid calls for payment or prepayment) due and owing under the Basic Documents have been
and are being made (timely, and before the same became delinquent). 
 (h) Wells. To Seller’s Knowledge, no oil or
gas wells exist on the Leases (including, but not limited to, producing, shut-in, or temporarily abandoned wells) and no drilling operations have commenced or are planned to commence by Seller before Closing. 

(i) Commitments, Abandonments or Proposals. Seller has incurred no expenses, and has made no commitments to make expenditures
(including Seller has not entered into any agreements that would obligate Buyer to make expenditures), in connection with the ownership or operation by Buyer of the Interests after the applicable Effective Date. 

(j) Production Sales Contracts. There exist no agreements or arrangements for the sale of production from the Interests (including
calls on, or other rights to purchase, production, whether or not the same are currently being exercised). 
  

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 (k) Area of Mutual Interest and Other Agreements. To Seller’s Knowledge, the
Interests are not subject to (i) any area of mutual interest agreements or joint operating agreements or (ii) any farm-out or farm-in agreement, including, without limitation, any farm-out or farm-in agreement under which any party thereto
is entitled to receive assignments not yet made, or could earn additional assignments after the Effective Date. 
 (l)
Payment of Expenses. All expenses (including all bills for labor, materials and supplies used or furnished for use in connection with the Interests and all severance, production, ad valorem, windfall profit and other similar taxes) relating
to the ownership or operation of the Interests, have been, and are being, timely paid by Seller. 
 (m) Compliance with
Laws. The ownership and operation of the Interests has been in conformity, in all material respects, with all applicable Legal Requirements relating to such Interests. 

(n) Environmental Matters. To the Seller’s Knowledge, the Interests are, and at all times have been, owned and/or operated by
Seller in full compliance with all applicable Environmental Laws. To the Seller’s Knowledge Seller has not been and is not in violation of or liable under any Environmental Law with respect to the Interests. To the Seller’s Knowledge
neither Seller nor its Representatives have received any actual or threatened order or notice from (i) any Governmental Body or private Person acting in the public interest or (ii) the current or prior owner or operator of any of the
Interests, of any actual violation or failure to comply with any Environmental Law with respect to the Interests. 
 (o)
Taxes. Seller has properly paid or will properly pay all ad valorem, property, production, severance, excise and similar taxes and assessments based on or measured by ownership, production of hydrocarbons, receipt of proceeds or other events
relating to the Interests and occurring prior to the Effective Date. 
 (p) Brokers. Neither Seller nor any of his
Representatives have incurred any obligation or liability, contingent or otherwise, for brokerage or finders’ fees or agent’s commissions or similar payments in connection with the sale of the Interests or the transactions contemplated by
this Agreement. 
 (q) Accuracy of Representations. Seller has not provided any information to Buyer with respect to the
Interests that Seller knows or believes to be false or inaccurate. To Seller’s Knowledge, all information furnished to Buyer by Seller with respect to the Interests has been and will be true and accurate in all material respects. To
Seller’s Knowledge, no representation or warranty by Seller in this Agreement or any agreement or document delivered by Seller pursuant to this Agreement contains an untrue statement of a material fact or omits to state a material fact
necessary to make the statements contained in any representation or warranty, in light of the circumstances under which it was made, not misleading. 

4.2 Representations and Warranties of Buyer. Buyer represents and warrants to Seller the following: 

 

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 (a) Organization and Existence. Buyer is a limited liability company duly organized,
validly existing and in good standing under the laws of the State of Delaware. Buyer is duly qualified to carry on its business and is in good standing in the State of Colorado. 

(b) Power and Authority. Buyer has all requisite power and authority to execute, deliver and perform this Agreement and each other
agreement, instrument or document executed or to be executed by Buyer in connection with the transactions contemplated hereby to which it is a party and to consummate the transactions contemplated hereby and thereby. The execution, delivery and
performance by Buyer of this Agreement and each other agreement, instrument, or document executed or to be executed by Buyer in connection with the transactions contemplated hereby to which it is a party, and the consummation by it of the
transactions contemplated hereby and thereby, have been duly authorized by all necessary limited liability company action of Buyer. 

(c) Valid and Binding Agreement. This Agreement has been duly executed and delivered by Buyer and constitutes a legally binding
obligation of Buyer. Every other agreement, instrument, or document executed or to be executed by Buyer in connection with the transactions contemplated hereby has been, or when executed will be, duly executed and delivered by Buyer and constitutes,
or when executed and delivered, will constitute, a valid and legally binding obligation of Buyer This Agreement and all other such agreements, instruments or documents shall be enforceable against Buyer in accordance with their respective terms,
except that such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights generally and (ii) equitable principles which, when ordered by a court of
competent jurisdiction, may limit the availability of certain equitable remedies (such as specific performance) in certain instances. 

(d) Non-Contravention. Neither the execution, delivery or performance by Buyer of this Agreement and each other agreement,
instrument, or document executed or to be executed by Buyer in connection with the transactions contemplated hereby and to which it is a party nor the consummation by it of the transactions contemplated hereby or thereby do and will
(i) conflict with or result in a violation of any provision of the limited liability company agreement of Buyer, (ii) conflict with or result in a violation of any provision of, or constitute (with or without the giving of notice or the
passage of time or both) a default under, or give rise (with or without the giving of notice or the passage of time or both) to any right of termination, cancellation, or acceleration under any bond, debenture, note, mortgage, or indenture, or
(iii) violate any applicable Legal Requirement binding upon Buyer. 
 (e) Approvals. To Buyer’s Knowledge, no
consent, approval, order or authorization of, or declaration, filing, or registrations with, any court or governmental agency or of any third party is required to be obtained or made by Buyer in connection with the execution, delivery or performance
by Buyer of this Agreement and each other agreement, instrument or document executed or to be executed by Buyer in connection with the transactions contemplated hereby to which it is a party or the consummation by it of the transactions contemplated
hereby and thereby. 
  

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 (f) Legal Proceedings. There are no pending Proceedings to which Buyer is a party and
which (i) relate to the Interests, or (ii) challenge, or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, the execution and delivery of this Agreement by Buyer or the consummation of the
transactions contemplated hereby. To Buyer’s Knowledge, no event has occurred or circumstances exist that is reasonably likely to give rise to or serve as a basis for the commencement of any of the proceedings described in this section.

 (g) Brokers. Neither the Buyer nor any of its Representatives have incurred any obligation or liability, contingent or
otherwise, for brokerage or finders’ fees or agent’s commissions or similar payments in connection with the sale of the Interests or the transactions contemplated by this Agreement. 

(h) Knowledgeable Investor. Buyer is an experienced and knowledgeable investor in the oil and gas business and is capable of
independently evaluating the merits and risks of the transaction contemplated by this Agreement. 
 (i) Accuracy of
Representations. No representation or warranty by Buyer in this Agreement or any agreement or document delivered by Buyer pursuant to this Agreement contains an untrue statement of a material fact or omits to state a material fact necessary to
make the statements contained in any representation or warranty, in light of the circumstances under which it was made, not misleading. 

ARTICLE 5 

CERTAIN AGREEMENTS OF SELLER PENDING THE CLOSING 

5.1 Cooperation. During the period between execution of this Agreement and the Closing Date, Seller shall cooperate with Buyer to
assist Buyer in carrying out the agreements of Buyer hereunder. Seller shall use its Reasonable Efforts to cause the conditions to Closing set forth in Article 8 of this Agreement to be satisfied. 

5.2 Access to Files. During the period between execution of this Agreement and the Closing Date, as it relates to the files which
are the subject of the Closing: 
 (a) Seller will give Buyer, and its attorneys and other Representatives, access at all
reasonable times to the Interests and to any lease files, title files, land files, sale contracts, division order files, abstracts, title opinions, and other files or records of Seller or of Seller’s joint venture partners, in Seller’s
possession or under Seller’s control pertaining to the ownership and/or operation of the Interests, as Seller may lawfully provide without violating any existing agreements with third parties respecting confidentiality or dissemination thereof.

 (b) Immediately upon final execution hereof, Seller will make available to Buyer and to its Representatives, such of the
following documents as are in Seller’s possession or under Seller’s control: 
  

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 (i) All abstracts of title, title opinions, title curative materials, ownership reports,
division orders, bills of sale, other documents evidencing transfers of title, tax receipts, and licenses and registrations pertaining to the Interests. 

(ii) All of the lease records, lease files, leases, conveyances and assignments of interest in the Interests; unitization, unit, pooling
and operating agreements; division orders; contracts; transfer orders; orders of the applicable regulatory authorities or administrative agencies; mortgages, deeds of trust, security agreements, and financing statements; and all other contracts,
agreements and documents affecting the Interests. 
 (iii) Instruments and documents concerning proper payment of all general
and special assessments, ad valorem and property taxes, and production, severance and similar taxes and assessments based on or measured by the ownership of the Interests, the production of hydrocarbons, or the receipt of proceeds therefrom for
which the applicable statute of limitations has not expired. 
 (iv) All correspondence relating to the Interests; and data
sheets relating to the Interests and to bonuses, rentals and royalties payable with respect thereto. 
 (c) Buyer, at
Buyer’s sole expense, may copy any portion of the aforementioned documents set forth in this Section 5.2, which Buyer deems necessary for purposes incident to this Agreement. Buyer shall keep any data or information acquired by all
such examinations and the results of all analyses of such data and information strictly confidential and shall not disclose any of the same to any third party other than Buyer’s Representatives, unless otherwise required by law or regulation
and then only after written notice to Seller of the need for disclosure and the identity of all intended recipients and all such third parties shall be notified of the confidentiality. 

5.3 Conduct of Operations. From the date hereof until the Closing Date, Seller will act in conformity with (i) the terms of
all the Leases and the Basic Documents (including, without limitation, all obligations to make payments thereunder), and (ii) all Legal Requirements, including court orders. 

5.4 Restrictions on Certain Actions. During the period between execution of this Agreement and the Closing Date, Seller will not,
without Buyer’s prior written consent: 
 (a) unless required or otherwise provided for under this Agreement, expend any
funds, make any commitments to expend funds (including entering into new agreements which would obligate Seller to expend funds), or otherwise incur any other obligations or liabilities in connection with the ownership or operation of the Interests,
other than routine expenses incurred in the Ordinary Course of Business and those reasonable and necessary expenses incurred in the event of an emergency requiring immediate action to protect life or preserve the Interests; 

(b) propose the drilling of any wells on lands comprising a part of the 

 

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Interests; 
 (c) sell, transfer or abandon any portion of the Interests;

 (d) release, permit to terminate, reduce, or otherwise or modify Seller’s rights under any Lease or Interests, or any
other Basic Document 
 (e) enter into any new agreements which would be Basic Documents or any new production sales contracts
without Buyer’s prior written consent; or 
 (f) take any other action with respect to any of the Interests that would
cause a material diminution in the value thereof or that would materially and adversely affect the use and enjoyment thereof. For purposes of this subparagraph, any action taken with respect to the Interests which, in Buyer’s reasonable
assessment, causes a diminution in value of the Interests of more than 5% of the Purchase Price shall be considered material. 

5.5 Payment of Expenses. During the period between execution of this Agreement and the Closing Date, Seller will cause all expenses
(including all bills for labor, materials and supplies used or furnished for use in connection with the Interests and all severance, production, windfall profit and similar taxes) relating to the ownership or operation of the Interests prior to the
date of the Closing to be promptly paid and discharged, except for expenses disputed in good faith. 
 5.6 Third Party
Consents. During the period between execution of this Agreement and the Closing Date, with respect to the Interests, Seller will request, from the appropriate parties (and in accordance with the documents creating such rights and/or
requirements), waivers of any preferential rights to purchase, or requirements that consent to assignment be obtained. 
 5.7
Notification. During the period between execution of this Agreement and the Closing Date, Seller shall promptly notify Buyer in writing if it becomes aware of (a) any fact or condition that causes or constitutes a breach of any of
Seller’s representations and warranties made in this Agreement or would be reasonably likely to cause or constitute a breach of any of Seller’s representations and warranties made in this Agreement and/or (b) of any new Proceedings
threatened or pending before any court, arbitrator or governmental agency which relate to the Interests or the transaction contemplated by this Agreement. During the same period, Seller also shall promptly notify Buyer of the occurrence of any
breach of any covenant or agreement of Seller contained in this Agreement or of any event that may make the satisfaction of the conditions to Closing set forth in Article 8 of this Agreement impossible or unlikely. 

ARTICLE 6 

6.1 [Intentionally Omitted]  

ARTICLE 7 

CERTAIN AGREEMENTS OF BUYER PENDING THE CLOSING 

7.1 Cooperation. During the period between execution of this Agreement and the

  

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Closing Date, Buyer shall cooperate with Seller to assist Seller in carrying out the agreements of Seller hereunder. Buyer shall use its Reasonable Efforts to cause the conditions to Closing set
forth in Article 9 of this Agreement to be satisfied. 
 7.2 Notification. During the period between
execution of this Agreement and the Closing Date, Buyer shall promptly notify Seller in writing if it becomes aware of (a) any fact or condition that causes or constitutes a breach of any of Buyer’s representations and warranties made in
this Agreement or would be reasonably likely to cause or constitute a breach of any of Buyer’s representations and warranties made in this Agreement and/or (b) of any new suits, actions, investigations or other Proceedings threatened or
pending before any court, arbitrator or governmental agency which relate to the transactions contemplated by this Agreement. During the same period, Buyer also shall promptly notify Seller of the occurrence of any breach of any covenant or agreement
of Buyer contained in this Agreement or of any event that may make the satisfaction of the conditions to closing set forth in Article 9 of this Agreement impossible or unlikely. 

ARTICLE 8 

BUYER’S CONDITIONS TO CLOSING 

The obligations of Buyer to consummate the transactions provided for herein are subject, at the option of Buyer, to the fulfillment on or
prior to the Closing Date of each of the following conditions: 
 8.1 Representations. Each and every representation of
Seller under this Agreement shall be true and accurate in all material respects as of the date when made and shall be deemed to have been made again at and as of the time of the Closing, as applicable, and shall at time of the Closing be true and
accurate in all respects. 
 8.2 Performance. Seller shall have performed and complied in all material respects with (or
compliance therewith shall have been waived in writing by Buyer) each and every covenant, agreement and condition required by this Agreement to be performed or complied with by Seller prior to or at the Closing Date. 

8.3 Documents and Instruments. Seller shall have delivered the documents and instruments required by Section 10.3(a)
of this Agreement. 
 8.4 Legal Proceedings. No Proceeding shall be pending or threatened before any court, arbitration
panel or governmental agency seeking to restrain, prohibit or declare illegal, or seeking substantial damages in connection with the purchase and sale contemplated by this Agreement, or which might result in a material loss of any portion of the
Interests, a material diminution in the value of any of the Interests, or materially interfere with the use or enjoyment of the Interests. For purposes of this paragraph, materiality or “substantial damages” shall refer to any liability or
loss that, based on Buyer’s reasonable assessment, results in damages, loss or diminution of value in excess of 10% of the Purchase Price. 
  

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 8.5 No Encumbrances. Buyer shall have been provided with copies of releases, in forms
reasonably satisfactory to Buyer, of any Encumbrances affecting the Interests other than Permitted Encumbrances. 
 8.6
Consents and Waivers. Seller shall have obtained from the appropriate parties, all consents to assign and/or waivers of preferential rights to purchase the Interests, as applicable. 

8.7 Buyer’s Due Diligence Review. The results of Buyer’s due diligence review of the Interests shall not have revealed
any adverse material variance from the representations and warranties of Seller as set forth in this Agreement. 
 ARTICLE 9

 SELLER’S CONDITIONS TO CLOSING 

The obligations of Seller to consummate the transactions provided for herein are subject, at the option of Seller, to the fulfillment on
or prior to the Closing of each of the following conditions: 
 9.1 Representations. Each and every representation of
Buyer under this Agreement shall be true and accurate in all material respects as of the date when made and shall be deemed to have been made again at and as of the time of Closing and shall at and as of such time of Closing be true and accurate in
all respects except as to changes specifically contemplated by this Agreement or consented to in writing by Seller. 
 9.2
Performance. Buyer shall have performed and complied in all material respects with (or compliance therewith shall have been waived in writing by Seller) each and every covenant, agreement and condition required by this Agreement to be performed
or complied with by Buyer prior to or at the Closing Date. 
 9.3 Documents and Instruments. Buyer shall have delivered
the documents and instruments required by Section 10.3(b) of this Agreement. 
 9.4 No Legal Proceedings. No
Proceeding shall be pending or threatened before any court, arbitration panel or governmental agency seeking to restrain, prohibit or declare illegal, or seeking substantial damages in connection with the purchase and sale contemplated by this
Agreement, except matters with respect to which Seller has been adequately indemnified by Buyer. For purposes of this paragraph, “substantial damages” shall refer to any prospective liability in connection with the purchase and sale under
this Agreement which, based on Seller’s reasonable assessment, will likely result in damages of $20,000 or greater. 

9.5 Payment. Buyer shall have paid (or be ready, willing and able to pay) the Purchase Price as set forth on the Settlement
Statement. 
 ARTICLE 10 

CLOSING 
  

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 10.1 Date of Closing. Subject to the conditions stated in this Agreement, the
purchase and sale of the Interests pursuant to this Agreement (the “Closing”) shall occur July 30, 2010 at 9:00 a.m., City of Denver time, or on such other date and time as Buyer and Seller may agree in writing
(the “Closing Date”). 
 10.2 Place of Closing. The Closing shall be held at the Colorado offices
of Duncan Oil, Inc. or in such other manner, time or place as the parties may mutually agree in writing, including, without limitation, a closing utilizing facsimile or other electronic communications. 

10.3 Closing Obligations. At the Closing the following documents shall be delivered and the following events shall occur, each
being deemed to have occurred simultaneously with the others: 
 (a) Seller shall execute and deliver: (i) one or more
Assignments conveying the Interests to Buyer free and clear of any Encumbrance except Permitted Encumbrances, with covenants of special warranty of title, substantially in the form attached hereto as Exhibit “B”
(collectively, the “Assignments”); and (ii) such other instruments as may be required to convey the Interests to Buyer and otherwise effectuate the transactions contemplated by this Agreement; 

(b) Seller and Buyer shall execute the Settlement Statement. 

(c) Buyer shall deliver to Seller or to Seller’s account by wire transfer the Purchase Price, less the Deposit. 

10.4 Records. In addition to the obligations set forth in Section 10.3, Seller shall deliver to Buyer, within five
(5) Business Days of Closing, originals of all lease, title, land, and other files in Seller’s possession or control pertaining to the ownership and/or operation of the Interests, excluding seismic records and surveys, gravity maps,
electric logs, geological or geophysical data. 
 ARTICLE 11 

TITLE MATTERS 

11.1 Special Warranty of Title. At Closing, Seller shall convey to Buyer all of its right, title and interest in and to the
Interests. Each and every assignment from Seller to Buyer of the Interests pursuant to the transactions contemplated by this Agreement shall provide that Seller warrants to Buyer title to the Interests against every Person whomsoever claiming any
right, title or interest to the Interests through or under Seller, but not otherwise. 
 11.2 Inspection and Assertion of
Title Defects. 
 (a) Assertion of Title Defects. Buyer may, to the extent it deems appropriate, conduct, at its sole
cost and expense, such title examination or investigation as it may choose to conduct with respect to the Interests. Should matters come to Buyer’s attention which would constitute “Title Defects” (as defined below in
Section 11.3), Buyer may, if it so desires, notify Seller in writing of such Title Defects (a “Notice of Title Defect”). To be effective, a Notice of Title Defect

  

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shall be provided to Seller less than 7 days before the Closing Date (as may be extended as provided hereunder by Buyer and Seller) and shall include (i) a specific description of the
asserted Title Defect or Defects, (ii) a specific description of the Interests or the portion of the Interests that are affected by the asserted Title Defect(s), and (iii) appropriate supporting documentation regarding the Title Defect(s),
if any. In the event that the number of net leasehold acres affected by the Title Defect(s) asserted in good faith by Buyer is in excess of 50% of the number of the total net leasehold acres of the Interests set forth on
Exhibit “A” AND Exhibit “A1”, then Buyer shall have the right to terminate this Agreement. 

(b) Imperfections in Title, Seller’s Opportunity to Cure Asserted Title Defects, and Cure Period. If Seller’s ownership
of the Interests is subject to an imperfection in title which would cause a Title Defect, then, upon receipt of a Notice of Title Defect from Buyer, Seller shall have the option, at its sole cost and expense, to cure or remove, in part or in whole,
the asserted Title Defect(s), to the reasonable satisfaction of Buyer, for a period not to exceed 90 days following the Closing Date, (the “Cure Period”). Upon the expiration of Cure Period, Buyer shall pay Seller, pursuant
to Section 3.1, for those Title Defect(s) which have been cured or removed, in part or in whole, or which Buyer elects to waive pursuant to this Section 11.2(b) (the “Cured Interests”). In the event
Seller is unable to cure the asserted Title Defect(s) during the Cure Period, Seller shall retain ownership of those remaining Interests which were not purchased by Buyer in light of Buyer’s asserted Title Defect(s) (the “Remaining
Interests”) and Buy shall not pay Seller for the Remaining Interests. Buyer acknowledges and agrees that Seller will own the Remaining Interests without any further obligation to Buyer with regards to the Interests and/or Lease(s) that
comprise the Remaining Interests. 
 11.3 Title Defects. The term “Title Defect” as
used in this Agreement shall mean the following: 
 (a) NRI or WI Variances. Seller’s ownership of the Interests is
such that (subject to the Override), with respect to any lease listed on Exhibit “A” AND Exhibit “A1” hereto, it (i) entitles Seller to receive a percentage share of the oil, gas and/or other hydrocarbons
produced from or allocated to any wells located or to be located on such lease which is less than the percentage share set forth on such Exhibit in connection with such lease in the column headed “NRI” or (ii) causes Seller to be
obligated to bear a percentage share of the cost of operation of such well greater than the percentage share set forth on such Exhibit in connection with such lease in the column headed “WI”. 

(b) Encumbrances. Seller’s ownership of the Interests is subject to an Encumbrance other than a Permitted Encumbrance (as
defined below); or 
 (c) Preferential Rights and Consents. Seller’s ownership of a Interests is subject to a
preferential right to purchase such property or a requirement that consent to assignment of such property be obtained, unless Seller demonstrates to Buyer’s reasonable satisfaction that a waiver of such right or consent, as applicable, has been
obtained with respect to the transaction contemplated hereby or, in the case of a preferential right to purchase, an appropriate tender of the applicable interest has been made to the party holding such right and the period of time required for

  

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such party to exercise such right has expired without such party exercising such right; or 

(d) Imperfections in Title. Seller’s ownership of Interest is subject to an imperfection in title which, if asserted by any
Person, would cause a Title Defect, as defined in this section, to exist, and such imperfection in title is not such as would customarily be waived by prudent persons engaged in the oil and gas business. 

11.4 Title Dispute Resolution. The Parties shall attempt to initially resolve, through good faith negotiations, all disputes
concerning the following matters: (i) the existence and scope of a Title Defect, and (ii) the adequacy of Seller’s Title Defect curative materials and Buyer’s reasonable satisfaction thereof (the “Title Disputed
Matters”). In the event the Parties cannot resolve any Title Disputed Matters on or before the end of the Cure Period, then Seller shall have the right, with respect to each separate portion of the Interests, to resolve the Title
Disputed Matters by arbitration as follows: (1) there shall be a single arbitrator, who shall be an attorney with at least 10 years experience in oil and gas law in the State of Colorado, selected by mutual agreement of Buyer and Seller, or
absent such agreement, the arbitrator shall be selected (subject to the foregoing criteria) by the Denver, Colorado office of the Judicial Arbitration Group (the “Arbitrator”), (2) the arbitration proceeding shall be
held in Denver, Colorado and shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not conflict with the terms of this Assignment, (3) the Arbitrator’s
determination shall be made within 20 days after submission of the matters in dispute and shall be final and binding upon the Parties, without right of appeal, (4) in making the determination, the Arbitrator shall be bound by the rules set
forth in this Agreement and may consider such other matters as in the opinion of the Arbitrator are necessary or helpful to make a proper determination, (5) the Arbitrator may consult with and engage disinterested third parties to advise on the
matter, including without limitation petroleum engineers and environmental consultants, (6) the Arbitrator shall act as an expert for the limited purpose of resolving the Title Disputed Matters, and may not award damages, interest or penalties
to any Party with respect to any matter, (7) Buyer and Seller shall each bear its own legal fees and other costs of presenting its case, and (8) Buyer and Seller shall each bear one-half of the costs and expenses of the Arbitrator.

 11.5 Permitted Encumbrances. As used herein, “Permitted Encumbrances” means (i) lessor’s
royalties, overriding royalties, reversionary interests, rights or options to participate, and any similar or other burdens applicable to any of the Leases, if the effect of such burdens does not operate to reduce Buyer’s working interest in
each of the Leases and Buyer’s net revenue interest in each of the Leases to less than shown on Exhibit “A” AND Exhibit “A1” attached; (ii) any and all federal, state, and local regulatory laws,
orders and rules to which any of the Leases is presently subject provided such laws do not prohibit Seller from being able to acquire drilling permits and access permits to enable Seller access to the Leases; (iii) preferential rights to
purchase and required consents and similar agreements with respect to which, Seller has shown to Buyer’s reasonable satisfaction, (a) waivers or consents have been obtained prior to the Closing Date from the appropriate parties or
(b) required notice has been given to the holder of the right and the appropriate time period for asserting the right has expired prior to the Closing Date without an exercise of the right; (iv) encumbrances relating to the Leases that
secure payments to mechanics and material men or that secure payment of taxes or assessments that are, in either case, not yet 

 

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delinquent (provided, however, Seller shall discharge such encumbrances as they become due and payable); (v) all rights to consent by, required notices to, filings with, or other actions by
governmental entities in connection with the sale or conveyance of the Leases if they are customarily obtained subsequent to the sale or conveyance; (vi) easements, rights-of-way, servitudes, permits, conditions existing on or below the
surface, regulatory restrictions on drilling or operations, surface leases, surface use restrictions and other surface uses and impediments on, over, or in respect of the Leases, to the extent they do not materially interfere with the rights in or
the use or operation of such Leases; (vii) terms and conditions of Lessor mortgages as long as such mortgages (a) are not delinquent or (b) the liens created by such mortgages have been subordinated to the working interests create by
the Leases; or (c) the liens create by such mortgages secure amounts less than $25,000; (viii) liens securing current Property Taxes; (ix) all other liens, charges, encumbrances, contracts, agreements, subordination, instruments,
obligations, defects and irregularities affecting the Leases that do not (or would not upon foreclosure or other enforcement) (a) reduce Buyer’s working interest in each of the Leases or reduce Buyer’s net revenue interest in each of
the Leases to less than that shown on Exhibit “A” AND Exhibit “A1”, proportionately reduced to the oil and gas ownership interest purported to be covered by each Lease, (b) reduce the net mineral acres
covered by the any of the Leases as set forth on attached Exhibit “A” AND Exhibit “A1”, or (c) materially interfere with or detract from the ownership, operation, value or use of the Leases. Such
permissible defects under item (ix) include, without limitation, (A) those described by an attorney’s title opinion as advisory only and (B) defects that have clearly been cured by possession under applicable statutes of
limitation, defects in the early chain of title such as failure to recite marital status in documents, omission of heirship or succession proceedings, lack of survey and failure to record releases of liens, production payments or mortgages that have
expired of their own terms or which through the passage of time or by statute are clearly no longer enforceable or other defects that either as a practical matter have not resulted or are not likely to result in claims that will materially adversely
affect Seller’s title based upon customary oil and gas title practice in the jurisdiction where the lands covered by the Leases are located. 

ARTICLE 12 

INDEMNIFICATION 

12.1 Survival of Representations, Warranties, Covenants and Agreements. 

(a) All representations and warranties of Seller contained in this Agreement shall survive the Closing Date for the duration of the
Claims Period, except that the representations and warranties described in Section 11.1 of this Agreement (Special Warranty of Title) shall survive the applicable Closing indefinitely. Any claim made by Buyer with respect to the
representations and warranties of Seller contained in this Agreement must be initiated by Buyer during the Claims Period, except that there shall be no time limit on when claims may be initiated with respect to the representations and warranties
described in Section 11.1 of this Agreement (Special Warranty of Title). All of the representations and warranties of Seller contained in this Agreement shall in no respect be limited or diminished by any past or future inspection,
investigation, examination or possession of information regarding the Interests on the part of Buyer or its Representatives. All covenants and agreements made by Seller contained in this Agreement shall survive the Closing Date until fully performed
or discharged. 
  

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 (b) All representations and warranties of Buyer contained in this Agreement shall survive
the Closing Date for the duration of the Claims Period. Any claim made by Seller with respect to the representations and warranties of Buyer contained in this Agreement must be initiated during the Claims Period. All of the representations and
warranties of Buyer contained in this Agreement shall in no respect be limited or diminished by any past or future inspection, investigation, examination or possession of information on the part of any of the Seller or its Representatives. All
covenants and agreements made by Buyer contained in this Agreement shall survive the Closing Date until fully performed or discharged. 

12.2 Indemnification by Seller. Except as otherwise specifically provided in this Agreement, Seller shall indemnify and hold
harmless Buyer and its subsidiaries, affiliates, and parents, and its and their employees, representatives, officers, directors, members, attorneys and agents from and against: 

(a) any and all Losses suffered or incurred by any of them by reason of any material breach or untrue representation or warranty of
Seller contained in this Agreement; 
 (b) any and all Losses suffered or incurred by any of them by reason of the
non-fulfillment in any material respect of any covenant or agreement by such Seller contained in this Agreement; and 
 (c) any
and all Losses suffered or incurred by any of them resulting from, related to, on account of, and proximately caused by Seller during his ownership of the Interests prior to the Effective Date, including, without limitation, matters arising under
the Environmental Laws. 
 12.3 Indemnification by Buyer. Except as otherwise specifically provided in this Agreement,
Buyer shall indemnify and hold harmless Seller, and its subsidiaries, affiliates, and parents, and its and their employees, representatives, officers, directors, members, attorneys and agents from and against from and against: 

(a) any and all Losses suffered or incurred by Seller by reason of any material breach or untrue representation or warranty of Buyer
contained in this Agreement; 
 (b) any and all Losses suffered or incurred by Seller by reason of the non-fulfillment of any
material respect of any covenant or agreement by Buyer contained in this Agreement; and 
 (c) any and all Losses suffered or
incurred by Seller resulting from, related to or on account of Buyer’s ownership of the Interests from and after the Effective Date. 

ARTICLE 13 

TERMINATION, DEFAULT AND REMEDIES 

13.1 Right of Termination. The Agreement and the transactions contemplated herein

  

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may be terminated: 
 (a) By Seller at Closing, at Seller’s option,
in the event any of the conditions to Closing set forth in Article 9, through no fault of Seller, have not been satisfied as provided therein; 

(b) By Buyer at Closing, at Buyer’s option, in the event any of the conditions to such Closing set forth in Article 8,
through no fault of Buyer, have not been satisfied as provided therein; 
 (c) At any time by the mutual written agreement of
the Parties; or 
 (d) By either Party in the event that the Closing has not occurred on or before 11:59 p.m. City of Denver on
August 17, 2010 (unless such date is extended pursuant to the terms of this Agreement or the written mutual agreement of the Parties); provided, however, that the right to terminate this Agreement under this
Section 13.1(d) shall not be available to any Party whose failure to fulfill any material obligation under this Agreement has been the cause of or resulted in the failure of the Closing to occur on or prior to the aforesaid date.

 13.2 Effect of Termination and Remedies Upon Default. 

(a) Upon the failure of Buyer to meet a material condition to Closing, and the subsequent termination of this Agreement by Seller
pursuant to Section 13.1(a) hereof, or the termination of this Agreement by Seller pursuant to Section 13.1(d) hereof, and provided that Seller is not itself in breach of this Agreement, Seller shall be entitled to retain the
Deposit and all accrued interest thereon as liquidated damages as its sole and complete remedy. Upon such termination of this Agreement, Seller shall thereafter be free immediately to enjoy all rights of ownership of the Interests and to sell,
transfer, encumber, or otherwise dispose of the Interests to any party without any restriction under this Agreement. 
 (b) Upon
the failure of Seller to meet a material condition to Closing, and the subsequent termination of this Agreement by Buyer pursuant to Section 13.1(b) hereof, or the termination of this Agreement by Buyer pursuant to
Section 13.1(d) hereof, Buyer, at its sole option, may (i) enforce whatever legal or equitable remedies may be appropriate and applicable (including, without limitation, specific performance of this Agreement) or (ii) terminate
this Agreement and promptly receive back the Deposit and all interest earned thereon. 
 (c) Upon termination of this Agreement
pursuant to Section 13.1(c), Seller shall promptly return the Deposit and all interest earned thereon to Buyer. 

ARTICLE 14 

MISCELLANEOUS 

14.1 Entire Agreement. This Agreement (including the Exhibits and Schedules hereto) constitutes the entire understanding between
the Parties with respect to the subject matter hereof, 
  

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superseding all negotiations, prior discussions and prior agreements and understanding relating to such subject matter. 

14.2 Fees and Taxes. Except as otherwise specifically provided, all fees, costs and expense incurred by Buyer or Seller in
negotiating this Agreement or in consummating the transactions contemplated by this Agreement shall be paid by the Party incurring the same, including, without limitation, brokerage, legal, and accounting fees, costs and expenses. All required
documentary, filing and recording fees for the assignments, conveyance or other instruments required to convey title to the Interests to Buyer shall be borne by Buyer 

14.3 Notices. Unless otherwise provided in this Agreement, any agreement, notice, request, instruction or other communication to
be given hereunder by any Party to the other shall be in writing and (i) delivered personally (such delivered notice to be effective on the date it is delivered), (ii) mailed by certified or registered mail, postage prepaid (such mailed
notice to be effective three (3) Business Days after the date it is mailed or upon signed receipt, whichever is first), (iii) deposited with a reputable overnight courier service (such couriered notice to be effective one (1) Business
Day after the date it is mailed), or (iv) sent first class mail (such mailed notice to be effective three (3) Business Days after the date it is mailed) as follows: 

If to Seller addressed to: 

Duncan Oil Partners, LLC 

1777 South Harrison Street, Penthouse One 

Denver, CO 80210 

Attention:        John Cestia 

If to Buyer, addressed to: 
 Rex
Energy Rockies, LLC 
 476 Rolling Ridge Drive, Suite 300 

State College, Pennsylvania 16801 

Attention:        General Counsel 

With a copy to: 
 Rex Energy
Rockies, LLC 
 9200 East Panorama Circle, Suite 120 

Englewood, Colorado 80112 

Attention:        Lynn Luhmann 

Any Party may designate in a writing to any other Party any other address to which, and any other Person to whom or which, a copy of any
such notice, request, instruction or other communication should be sent. 
  

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 14.4 Amendments. This Agreement may not be amended except by an instrument in writing
signed by Buyer and Seller. 
 14.5 Counterparts; Facsimile Signature. This Agreement may be executed by Buyer and Seller
in any number of counterparts, each of which shall be deemed an original instrument, but all of which together shall constitute but one and the same instrument. Any Party may execute this Agreement by facsimile or PDF signature and the other Party
will be entitled to rely on such facsimile or PDF signature as evidence that this Agreement has been duly executed by such Party. Any Party executing this Agreement by facsimile signature will promptly forward to the other Party an original
signature page by overnight courier. 
 14.6 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Wyoming, without regard to conflicts of law principals that might refer the interpretation hereof to the law of another state. THE PARTIES HERETO HEREBY CONSENT TO THE JURISDICTION OF THE FEDERAL AND STATE
COURTS OF THE STATE OF WYOMING AND IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN ANY SUCH COURT. EACH PARTY TO THIS AGREEMENT ACCEPTS FOR ITSELF, GENERALLY AND UNCONDITIONALLY,
THE EXCLUSIVE JURISDICTION AND VENUE OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NONCONVENIENCE OR ANY SIMILAR DEFENSE, AND IRREVOCABLY AGREES TO BE BOUND BY ANY NON APPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.

 14.7 Assignment. Neither this Agreement nor the rights and obligations hereunder may be assigned by either Party
without the prior written consent of the other Party, which consent shall not be unreasonably withheld, and any assignment made without such consent shall be void; provided, however, Buyer shall have the right to assign this Agreement
to any entity that (i) Buyer controls, (ii) controls Buyer or (iii) is under common control with Buyer, subject to the assumption of all obligations by any such entity. In the event of any such assignment, this Agreement shall be
binding upon said party the same as if it had been the original party hereto. 
 14.8 Parties in Interest. This Agreement
shall be binding upon, and shall inure to the benefit of, the Parties and their respective successors and assigns. 
 14.9
Further Cooperation. Following the Closing, Buyer and Seller shall execute and deliver, or shall cause to be executed and delivered from time to time, such further instruments of conveyance and transfer and shall take such other action as any
Party may reasonably request to convey and deliver the purchased interest in the Interests, to Buyer, to accomplish the orderly transfer of such purchased interest in the Interests to Buyer, or to otherwise effectuate the transactions contemplated
by this Agreement. If either Party hereto receives monies belonging to the other, such amount shall immediately be paid over to the proper Party. If an invoice or other evidence of an obligation is received by a Party, which is partially an
obligation of both Seller and Buyer, then the Parties shall consult with each other and each shall promptly pay its portion of such obligation to the obligee. 

 

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 14.10 Waiver. No failure of any Party to this Agreement to require, and no delay by
any Party to this Agreement in requiring, any other Party to comply with any provision of this Agreement shall constitute a waiver of the right to require such compliance. No failure of any Party to this Agreement to exercise, and no delay by any
Party to this Agreement in exercising, any right or remedy under this Agreement shall constitute a waiver of such right or remedy. No waiver by any Party to this Agreement of any right or remedy under this Agreement shall be effective unless made in
writing signed by the waiving Party, and any such written waiver shall be limited strictly by its terms. Any waiver by any Party to this Agreement of any right or remedy under this Agreement shall be limited to the specific instance and shall not
constitute a waiver of such right or remedy in the future. 
 14.11 Invalidity. In the event that any one or more of the
provisions contained in this Agreement or in any other instrument referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or
unenforceability will not affect any other provision of this Agreement or any other such instrument. 
 (Signatures on
following page) 
  

 - 24 - 

 IN WITNESS WHEREOF, this Agreement is executed by the Parties hereto on the date
first set forth above. 
  

			
	 SELLER:
  

DUNCAN OIL PARTNERS, LLC

		
	By:	 	 /s/ David R. Duncan

	Name:	 	David R. Duncan
	Title:	 	President
	
	 BUYER:
  

REX ENERGY ROCKIES, LLC

		
	By:	 	 /s/ Benjamin W. Hulburt

	Name:	 	Benjamin W. Hulburt
	Title:	 	President and Chief Executive Officer

  

 - 25 - 

 EXHIBIT “A” AND ‘A1” 

Attached to and made a part of that certain 

Purchase and Sale Agreement, dated June 28, 2010, 2010, 

by and between Duncan Oil, Inc., as “Seller”, and 

Rex Energy Rockies, LLC, as “Buyer” 
  

 
 THE
LEASES 
 [INSERT DESCRIPTION OF THE 

OIL AND GAS LEASES] 

See attachment Exhibit “A” and Exhibit “A1” 

 EXHIBIT “B” 

Attached to and made a part of that certain 

Purchase and Sale Agreement, dated June 28, 2010, 

by and between Duncan Oil, Inc., as ‘Seller”, and 

Rex Energy Rockies, LLC, as “Buyer” 
  

 

			
	STATE OF WYOMING	 	)
		 	)        ss
	COUNTY OF LARAMIE	 	)

 ASSIGNMENT, CONVEYANCE AND
BILL OF SALE 
 THIS ASSIGNMENT, CONVEYANCE AND BILL OF SALE (this “Assignment”) is executed this
     day of             , 2010 by and between DUNCAN OIL PARTNERS, LLC, a Colorado limited liability company with its principal office located at
1777 South Harrison Street, Penthouse One, Denver, Colorado 80210 (“Assignor”), and REX ENERGY ROCKIES, LLC, a Delaware limited liability company with its principal
office located at 476 Rolling Ridge Drive, Suite 300, State College, Pennsylvania 16801 (“Assignee”). Assignor and Assignee are also referred to herein individually as a “Party” and
collectively as the “Parties”. 
 BACKGROUND 

Pursuant to that certain Purchase and Sale Agreement, dated June     , 2010, to be effective for all purposes as of the
Effective Time (such agreement, as amended, supplemented or otherwise modified from time to time, the “Agreement”), by and between Assignor and Assignee, Assignor has agreed to sell, assign, convey, transfer and
deliver all of its right, title and interest in the Interests (as defined below) to Assignee, and Assignee has agreed to purchase and acquire such Interests from Assignor, all as more fully described in the Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 

GRANTING AND RESERVATION CLAUSES; 

HABENDUM CLAUSE 

1.1 Grant. For $100.00 and other good and valuable consideration, the receipt and sufficiency of which each Party hereby
acknowledges, Assignor has granted, transferred, bargained, sold, conveyed, and assigned, and does hereby grant, transfer, bargain, sell, convey, and assign to Assignee, for all purposes at and as of the Effective Time, all of the undivided right,
title and interest of Assignor in and to the Interests described in (a) through (e) below, and on the attached Exhibit “A” and “A1” , subject to that overriding royalty interest burdening the leases
described below that Assignor assigned to Raymond T. Duncan Oil Properties, Ltd by that Assignments of Overriding 

 
Royalty Interest dated as of April 15, 2010, to be recorded in the real property records of Laramie County, Wyoming, which will burden the leases and all replacements and extensions of
renewals of any lease taken within one year after the expiration of such lease(The interests specified in the foregoing subsections (a) through (e) are herein collectively called the “Interests”):

 (a) All of Assignor’s right, title and interest in and to certain oil and gas leases located in Laramie County, Wyoming
and all associated right of ways, easements owned or held by Assignor, as more particularly described in the attached Exhibit “A” and Exhibit “A1”; 

(b) All of Assignor’s other right, title and interest (of whatever kind or character, whether legal or equitable, and whether vested
or contingent) of Assignor in and to the oil, gas and other minerals in and under or that may be produced from the lands described in Exhibit “A” and Exhibit “A1” hereto (including interests in oil, gas
and/or mineral leases covering such lands, overriding royalties, production payments and net profits interests in such lands, such leases and wells, and fee mineral interests, fee royalty interests and other interests in such oil, gas and other
minerals), whether such lands be described in a description set forth in such Exhibit “A” and Exhibit “A1” or be described in such Exhibit “A” and Exhibit “A1” by
reference to another instrument, even though Assignor’s interest in such oil, gas and other minerals may be incorrectly described in, or omitted from, such Exhibit “A” and Exhibit
“A1”; 
 (c) All of Assignor’s right, title and interest in and to all presently
existing and valid oil, gas and/or mineral unitization, pooling, and/or communitization agreements, declarations and/or orders in and to the oil and gas properties covered and the units created thereby (including all units formed under orders,
rules, regulations, or other official acts of any federal, state or other authority having jurisdiction, voluntary unitization agreements, designations and/or declarations) relating to the properties described in paragraphs (a) and
(b) above; 
 (d) All of Assignor’s right, title and interest in and to all easements, rights-of-way, surface
leases and other surface rights, all permits and licenses, and all other appurtenances and agreements being used or held for use in connection with, or otherwise related to, the exploration, development, operation or maintenance of any of the
properties described in paragraphs (a), (b) and (c) above, or the treatment, storage, transportation or marketing of production therefrom (or allocated thereto); and 

(e) All of Assignor’s right, title and interest in and to lease files, abstracts and title opinions, records, and other files,
documents and records of every kind and description which relate to the oil and gas interests described above which are in the possession of Assignor, but excluding seismic records and surveys, gravity maps, electric logs, geological or geophysical
data. 
 1.1. Habendum. TO HAVE AND TO HOLD, subject to the terms, exceptions and other provisions herein stated, the
Interests unto Assignee and its successors and assigns forever. 
 1.2. Warranty. While Assignor does not warrant title
generally, Assignor covenants and represents that it has done nothing to encumber title to the Interests herein assigned and warrants title as against all persons claiming by, through, or under Assignor and not otherwise;

  

 - 2 - 

 
Assignor further agrees that Assignee shall have the benefit of all prior warranties in the chain of title. 

ARTICLE II 

MISCELLANEOUS 

2.1. Governing Agreement. Although this Assignment reflects the complete and final transfer of the Interests, this Assignment is
expressly made subject to the terms and provisions of the Agreement. The delivery of this Assignment shall not affect, enlarge, diminish, or otherwise impair any of the representations, warranties, covenants, conditions, indemnities, terms, or
provisions of the Agreement, and all of the representations, warranties, covenants, conditions, indemnities, terms, and provisions contained in the Agreement shall survive the delivery of this Assignment to the extent, and in the manner, set forth
in the Agreement. In the event of a conflict between the terms and provisions of this Assignment and the terms and provisions of the Agreement, the terms and provisions of the Agreement shall govern and control. 

2.2. Further Assurances. The Parties agree to take all such further actions and to execute, acknowledge, and deliver all such
further documents as are necessary or useful to more effectively convey, transfer to or vest in Assignee the Interests or to better enable Assignee to realize upon or otherwise enjoy any of the Interests or to carry into effect the intent and
purposes of the Agreement and this Assignment. 
 2.3. Separate Governmental Assignments. Assignor or Assignee may
execute separate governmental form assignments of the Interests on officially approved forms, in sufficient counterparts to satisfy applicable statutory and regulatory requirements. Those assignments shall be deemed to contain all of the exceptions,
reservations, warranties, rights, titles, power and privileges set forth herein as fully as though they were set forth in each such assignment. The interests conveyed by such separate assignments are the same, and not in addition to, the Interests
conveyed herein. 
 2.4. Indemnification by Assignor. Assignor shall indemnify and hold harmless Assignee and its
subsidiaries, affiliates, and parents, and its and their employees, representatives, officers, directors, members, attorneys and agents from and against any and all losses suffered or incurred by any of them by reason of the non-fulfillment in any
material respect of any covenant or agreement by such Assignor contained in this Assignment and any and all losses suffered or incurred by reason of any violation of the Wyoming Royalty Payment Act (Wyo. Stat. § 30-5-301 et seq.).

 2.5. Successors and Assigns. The provisions of this Assignment shall be covenants running with the land and shall bind
and inure to the benefit of Assignor and Assignee and their respective successors and assigns. 
 2.6. Governing Law.
This Assignment shall be governed by and construed in accordance with the internal laws of the State of Wyoming, without regard to conflicts of law principals that might refer the interpretation hereof to the law of another state. THE PARTIES HERETO
HEREBY CONSENT TO THE JURISDICTION OF THE FEDERAL AND STATE COURTS OF THE 
  

 - 3 - 

 
STATE OF WYOMING AND IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN ANY SUCH COURT. EACH PARTY TO THIS AGREEMENT ACCEPTS FOR
ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION AND VENUE OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NONCONVENIENCE OR ANY SIMILAR DEFENSE, AND IRREVOCABLY AGREES TO BE BOUND BY
ANY NON APPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. 
 2.7. Exhibits. All exhibits attached
hereto are hereby made a part hereof and incorporated herein by this reference. References in such exhibits and schedules to instruments on file in the public records are notice of such instruments for all purposes. Unless provided otherwise, all
recording references in such exhibits and schedules are to the appropriate records of the counties in which the Interests are located. 

2.8. Defined Terms. Any capitalized term not otherwise defined in this Assignment shall have the meaning set forth for such term
in the Agreement. 
 2.9. Captions. The captions and article and section numbers in this Assignment are for convenience
only and shall not be considered a part of or affect the construction or interpretation of any provision of this Assignment. 

2.10. Counterparts. This Assignment may be executed in one or more originals, but all of which together shall constitute one and
the same instrument. 
 2.11. Effective Time. The term “Effective Time” shall mean 12:01 am City of Denver time
on June 1, 2010. 
 This Assignment is executed on the date set forth above, to be effective for all purposes as of the
Effective Time. 
  

									
	 ASSIGNOR:
  

DUNCAN OIL PARTNERS, LLC
	 		 	 ASSIGNEE:
  

REX ENERGY ROCKIES, LLC

					
	By:	 	  
	 		 	By:	 	  

	 Name:
 Title:
	 		 		 	 Name:

Title:
	 	

  

 - 4 - 

 ACKNOWLEDGEMENT 

 

					
	STATE OF	 	  
	  	)
		 		  	) SS:
	COUNTY OF	 	  
	  	)

 This instrument was acknowledged before
me, the undersigned officer on the      day of             , 2010 by
                                        ,
the
                                        
of DUNCAN OIL PARTNERS, LLC, a Colorado limited liability company, on behalf of said limited liability company. 
  

					
		 	  

		 	  
	 	, Notary Public

 My commission expires:

 ACKNOWLEDGEMENT 
  

					
	COMMONWEALTH OF PENNSYLVANIA	  	)
		 		  	) SS:
	COUNTY OF	 	  
	  	)

 This instrument was acknowledged before
me, the undersigned officer, on the      day of                     , 2010 by
                                        ,
the
                                        
of REX ENERGY ROCKIES, LLC, a Delaware limited liability company, on behalf of said limited liability company. 
  

					
		 	  

		 	  
	 	, Notary Public

 My commission expires:

  

 - 5 -Form of Series 2010-A Indenture Supplement

 Exhibit 4.1 

WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST 

Issuer 
 and

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Indenture Trustee 

FORM OF Series 2010-A INDENTURE SUPPLEMENT 

Dated as of July 8, 2010 

 TABLE OF CONTENTS 

 

							
	 	  	Page
	 ARTICLE I.
	  	CREATION OF THE SERIES 2010-A NOTES	  	1
				
		  	Section 1.1	  	Designation	  	1
			
	 ARTICLE II.
	  	DEFINITIONS	  	2
				
		  	Section 2.1	  	Definitions	  	2
			
	 ARTICLE III.
	  	NOTEHOLDER SERVICING FEE	  	17
				
		  	Section 3.1	  	Servicing Compensation	  	17
				
		  	Section 3.2	  	Covenants	  	17
			
	 ARTICLE IV.
	  	RIGHTS OF SERIES 2010-A NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  	18
				
		  	Section 4.1	  	Collections and Allocations	  	18
				
		  	Section 4.2	  	Determination of Monthly Interest	  	20
				
		  	Section 4.3	  	Determination of Monthly Principal	  	22
				
		  	Section 4.4	  	Application of Available Finance Charge Collections and Available Principal Collections	  	23
				
		  	Section 4.5	  	Investor Charge-Offs	  	26
				
		  	Section 4.6	  	Reallocated Principal Collections	  	26
				
		  	Section 4.7	  	Excess Finance Charge Collections	  	26
				
		  	Section 4.8	  	Shared Principal Collections	  	26
				
		  	Section 4.9	  	Certain Series Accounts	  	27
				
		  	Section 4.10	  	Reserve Account	  	28
				
		  	Section 4.11	  	Cash Collateral Account	  	29
				
		  	Section 4.12	  	Spread Account	  	31
				
		  	Section 4.13	  	Investment Instructions	  	33
				
		  	Section 4.14	  	Controlled Accumulation Period	  	33
				
		  	Section 4.15	  	Suspension of Controlled Accumulation Period	  	34
				
		  	Section 4.16	  	Pre-Funding Account	  	35
				
		  	Section 4.17	  	Pre-Funding Period Reserve Account	  	37
			
	 ARTICLE V.
	  	DELIVERY OF SERIES 2010-A NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2010-A NOTEHOLDERS	  	37
				
		  	Section 5.1	  	Delivery and Payment for the Series 2010-A Notes	  	37
				
		  	Section 5.2	  	Distributions	  	38
				
		  	Section 5.3	  	Reports and Statements to Series 2010-A Noteholders	  	38

  

 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page
	ARTICLE VI.	  	SERIES 2010-A EARLY AMORTIZATION EVENTS	  	39
				
		  	Section 6.1	  	Series 2010-A Early Amortization Events	  	39
			
	ARTICLE VII.	  	REDEMPTION OF SERIES 2010-A NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION	  	41
				
		  	Section 7.1	  	Optional Redemption of Series 2010-A Notes; Final Distributions	  	41
				
		  	Section 7.2	  	Series Termination	  	42
			
	ARTICLE VIII.	  	MISCELLANEOUS PROVISIONS	  	43
				
		  	Section 8.1	  	Ratification of Indenture; Amendments	  	43
				
		  	Section 8.2	  	Form of Delivery of the Series 2010-A Notes	  	43
				
		  	Section 8.3	  	Counterparts	  	43
				
		  	Section 8.4	  	GOVERNING LAW	  	43
				
		  	Section 8.5	  	Limitation of Liability	  	43
				
		  	Section 8.6	  	Rights of the Indenture Trustee	  	44
				
		  	Section 8.7	  	Additional Provisions	  	44
				
		  	Section 8.8	  	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Notes	  	44

  

 ii 

 EXHIBITS 
  

			
	EXHIBIT A-1	  	FORM OF CLASS A NOTE
	EXHIBIT A-2	  	FORM OF CLASS M NOTE
	EXHIBIT A-3	  	FORM OF CLASS B NOTE
	EXHIBIT A-4-A	  	FORM OF DEFINITIVE CLASS C NOTE
	EXHIBIT A-4-B	  	FORM OF GLOBAL CLASS C NOTE
	EXHIBIT B	  	FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO INDENTURE TRUSTEE
	EXHIBIT C	  	FORM OF MONTHLY NOTEHOLDERS’ STATEMENT
	EXHIBIT D	  	FORM OF PRE-FUNDING RELEASE NOTICE
		
	SCHEDULE I	  	PERFECTION COVENANTS

  

 iii 

 SERIES 2010-A INDENTURE SUPPLEMENT, dated as of July 8, 2010 (the “Indenture
Supplement”), between WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, a statutory trust organized and existing under the laws of the State of Delaware (herein, the “Issuer” or the “Trust”), and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, not in its individual capacity, but solely as indenture trustee (herein, together with its successors in the trusts thereunder as provided in the Master Indenture referred
to below, the “Indenture Trustee”) under the Master Indenture, dated as of August 1, 2001, between the Issuer and the Indenture Trustee, as amended by Omnibus Amendment, dated as of March 31, 2003, among WFN Credit
Company, LLC (the “Transferor”), the Issuer, World Financial Network National Bank, individually and as Servicer, World Financial Network Credit Card Master Trust, The Bank of New York Mellon Trust Company, N.A. (formerly known as
The Bank of New York Trust Company, N.A. and successor to BNY Midwest Trust Company), as trustee of World Financial Network Credit Card Master Trust and as Indenture Trustee, and as further amended by Supplemental Indenture No. 1 to Master
Indenture, dated as of August 13, 2003, Supplemental Indenture No. 2 to Master Indenture, dated as of June 13, 2007, Supplemental Indenture No. 3 to Master Indenture, dated as of May 27, 2008, and Supplemental Indenture
No. 4 to Master Indenture, dated as of June 28, 2010, each between the Issuer and the Indenture Trustee (as amended, the “Indenture”, and together with this Indenture Supplement, the “Agreement”).

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

ARTICLE I.  

Creation of the Series 2010-A Notes 

Section 1.1 Designation. 

(a) There is hereby created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be
known as “World Financial Network Credit Card Master Note Trust, Series 2010-A” or the “Series 2010-A Notes.” The Series 2010-A Notes shall be issued in four Classes, known as the “Class A Series 2010-A
3.96% Asset Backed Notes” (or the “Class A Fixed Rate Asset Backed Notes, Series 2010-A”), the “Class M Series 2010-A 5.20% Asset Backed Notes” (or the “Class M Fixed Rate Asset Backed Notes, Series
2010-A”), the “Class B Series 2010-A 6.75% Asset Backed Notes” (or the “Class B Fixed Rate Asset Backed Notes, Series 2010-A”) and the “Class C Series 2010-A 5.00% Asset Backed Notes” (or
the “Class C Fixed Rate Asset Backed Notes, Series 2010-A”). 
 (b) Series 2010-A shall be included in Group
One and shall be a Principal Sharing Series. Series 2010-A shall be an Excess Allocation Series with respect to Group One only. 

 ARTICLE II.  

Definitions 

Section 2.1 Definitions. 

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

“Accumulation Shortfall” means (a) for the first Distribution Date during the Controlled Accumulation Period, zero;
and (b) thereafter, for any Distribution Date during the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous Distribution Date over the amount deposited into the Principal Accumulation Account
pursuant to subsection 4.4(c)(i) for the previous Distribution Date. 
 “Additional Interest” means, for any
Distribution Date, Class A Additional Interest, Class M Additional Interest, Class B Additional Interest and Class C Additional Interest for such Distribution Date. 

“Additional Minimum Transferor Amount” means (a) as of any date of determination falling in November, December and
January of each calendar year, the product of (i) 2% and (ii) the sum of (A) the Aggregate Principal Receivables and (B) if such date of determination occurs prior to the Certificate Trust Termination Date, the amount on deposit
in the Excess Funding Account and (b) as of any date of determination falling in any other month, zero; provided that the amount specified in clause (a) shall be without duplication of the amount specified as the “Additional
Minimum Transferor Amount” in any future supplement to the Pooling and Servicing Agreement that specifies such an amount and indicates that such amount is without duplication of the amount specified in clause (a)) and in the Indenture
Supplement relating to the Series 2004-C Notes, Series 2006-A Notes, Series 2008-A Notes, Series 2009-A Notes, Series 2009-B Notes, Series 2009-C Notes, Series 2009-D Notes or Series 2009-VFN Notes (or in any future Indenture Supplement that
specifies such an amount and indicates that such amount is without duplication of the amount specified in clause (a)). The Additional Minimum Transferor Amount is specified pursuant to Section 8.7 as an additional amount to be
considered part of the Minimum Transferor Amount. 
 “Adjusted Initial Collateral Amount” means, as of any date
of determination, the Initial Collateral Amount, plus (ii) the aggregate amount of funds released from the Pre-Funding Account pursuant to Section 4.16(d) on or prior to such date of determination. 

“Aggregate Investor Default Amount” means, as to any Monthly Period, the sum of the Investor Default Amounts in respect
of such Monthly Period. 
 “Allocation Percentage” means, with respect to any Monthly Period, the percentage
equivalent of a fraction: 
 (a) the numerator of which shall be equal to: 

(i) (x) for Principal Collections for any Monthly Period (or portion thereof) during the Revolving Period beginning
with the date on which the Series 2008-A Allocation Percentage is reduced to zero and (y) for Finance Charge Collections and Default Amounts at any time, the Collateral Amount at the end of the last day of the prior Monthly Period (or, in the
case of the Monthly Period in which the Closing Date occurs, on the Closing Date), less any reductions to be made to the Collateral Amount on account of principal payments or deposits to the Principal Accumulation Account to be made on the
Distribution Date falling in the Monthly Period for which the Allocation Percentage is being calculated; 
  

 2 

 (ii) for Principal Collections during the Early Amortization Period and the
Controlled Accumulation Period beginning with the date on which the Series 2008-A Allocation Percentage is reduced to zero, the Collateral Amount at the end of the last day of the Revolving Period, less, if sufficient funds have been deposited to a
Trust Account to pay the outstanding principal amount of the 2010-A Notes in full on the Distribution Date falling in the Monthly Period for which the Allocation Percentage is being calculated, the aggregate amount of principal payments to be made
on such final Distribution Date; or 
 (iii) for Principal Collections for any Monthly Period (or portion
thereof) prior to the date on which the Series 2008-A Allocation Percentage is reduced to zero, the sum of (A) $238,607,492, plus (B) for any Monthly Period (or portion thereof) after the date on which the Series 2009-C Allocation
Percentage is reduced to zero, the Series 2009-C Initial Collateral Amount; 
 provided, however, that the
Transferor may, by written notice to the Indenture Trustee, the Servicer and the Rating Agencies, reduce the numerator used for purposes of allocating Principal Collections to Series 2010-A at any time if (x) the Rating Agency Condition shall
have been satisfied with respect to such reduction and (y) the Transferor shall have delivered to the Indenture Trustee an Officer’s Certificate to the effect, based on the facts known to such officer at that time, in the reasonable belief
of the Transferor, such designation will not cause an Early Amortization Event or an event that, after the giving of notice or the lapse of time, would cause an Early Amortization Event to occur with respect to Series 2010-A; and 

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

 3 

 “Available Cash Collateral Amount” means with respect to any Transfer Date,
an amount equal to the lesser of (a) the amount on deposit in the Cash Collateral Account (before giving effect to any deposit to, or withdrawal from, the Cash Collateral Account made or to be made with respect to such date) and (b) the
Required Cash Collateral Amount for such Transfer Date. 
 “Available Finance Charge Collections” means, for
any Monthly Period, an amount equal to the sum of (a) the Investor Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to Series 2010-A for such Monthly Period, plus
(c) Principal Accumulation Investment Proceeds, if any, with respect to the related Transfer Date, plus (d) interest and earnings on funds on deposit in the Reserve Account, Cash Collateral Account, the Pre-Funding Account and
Spread Account which will be deposited into the Finance Charge Account on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to Sections 4.10(b), 4.11(b), 4.12(b) and 4.16(c),
respectively, plus (e) amounts, if any, to be withdrawn from the Reserve Account or the Pre-Funding Period Reserve Account which will be deposited into the Finance Charge Account on the related Transfer Date to be treated as Available
Finance Charge Collections pursuant to Section 4.10(d) or Section 4.17(d), respectively. 

“Available Pre-Funding Period Reserve Amount” means, on any date, the amount on deposit in the Pre-Funding Period
Reserve Account (including any interest and investment earnings). 
 “Available Principal Collections” means,
for any Monthly Period, an amount equal to the sum of (a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to
Section 4.6 are required to be applied on the related Transfer Date, plus (c) any Shared Principal Collections with respect to other Principal Sharing Series (including any amounts on deposit in the Excess Funding Account
that are allocated to Series 2010-A for application as Shared Principal Collections), plus (d) the aggregate amount to be treated as Available Principal Collections pursuant to subsections 4.4(a)(vi) and (vii) for the
related Distribution Date. 
 “Available Reserve Account Amount” means, for any Transfer Date, the lesser of
(a) the amount on deposit in the Reserve Account (after taking into account any interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on such date, but before giving effect to any deposit made or to be
made pursuant to subsection 4.4(a)(x) to the Reserve Account on such date) and (b) the Required Reserve Account Amount. 

“Available Spread Account Amount” means, for any Transfer Date, an amount equal to the lesser of (a) the amount on
deposit in the Spread Account (before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account Amount, in each case on such Transfer Date.

 “Base Rate” means, (a) for any Monthly Period during the Pre-Funding Period, the Trust Base Rate and
(b) for any other Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day months) equivalent of a fraction, the numerator of which is equal to the sum of (x) the Monthly Interest and (y) the Noteholder
Servicing Fee, each with respect to the related Distribution Date, and the denominator of which is the Collateral Amount plus amounts on deposit in the Principal Accumulation Account, each as of the close of business on the last day of such Monthly
Period. 
  

 4 

 “Cash Collateral Account” is defined in Section 4.11(a).

 “Class A Additional Interest” is defined in Section 4.2(a). 

“Class A Deficiency Amount” is defined in Section 4.2(a). 

“Class A Monthly Interest” is defined in Section 4.2(a). 

“Class A Note Initial Principal Balance” means $355,500,000. 

“Class A Note Interest Rate” means a per annum rate of 3.96%. 

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

“Class A Noteholder” means the Person in whose name a Class A Note is registered in the Note Register. 

“Class A Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1. 
 “Class A Required
Amount” means, for any Distribution Date, an amount equal to the excess of the amounts described in subsection 4.4(a)(i) over the sum of (a) Available Finance Charge Collections applied to pay such amount pursuant to
Section 4.4(a) and (b) any amount withdrawn from the Cash Collateral Account and applied to pay such amount pursuant to Section 4.11(c). 

“Class B Additional Interest” is defined in Section 4.2(c). 

“Class B Deficiency Amount” is defined in Section 4.2(c). 

“Class B Monthly Interest” is defined in Section 4.2(c). 

“Class B Note Initial Principal Balance” means $21,375,000. 

“Class B Note Interest Rate” means a per annum rate of 6.75%. 

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

“Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note Register. 

 

 5 

 “Class B Notes” means any one of the Notes executed by the Owner Trustee,
on behalf of the Issuer, and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-3. 

“Class B Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount described in
subsection 4.4(a)(iii) over the sum of (a) Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a) and (b) any amount withdrawn from the Cash Collateral Account and applied to pay such
amount pursuant to Section 4.11(c). 
 “Class C Additional Interest” is defined in
Section 4.2(d). 
 “Class C Deficiency Amount” is defined in Section 4.2(d).

 “Class C Monthly Interest” is defined in Section 4.2(d). 

“Class C Note Initial Principal Balance” means $56,250,000. 

“Class C Note Interest Rate” means a per annum rate of 5.00%. 

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

“Class C Noteholder” means the Person in whose name a Class C Note is registered in the Note Register. 

“Class C Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-4-A or Exhibit A-4-B. 

“Class M Additional Interest” is defined in Section 4.2(b). 

“Class M Deficiency Amount” is defined in Section 4.2(b). 

“Class M Monthly Interest” is defined in Section 4.2(b). 

“Class M Note Initial Principal Balance” means $16,875,000. 

“Class M Note Interest Rate” means a per annum rate of 5.20%. 

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

“Class M Noteholder” means the Person in whose name a Class M Note is registered in the Note Register. 

 

 6 

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

“Class M Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount described in
subsection 4.4(a)(ii) over the sum of (a) Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a) and (b) any amount withdrawn from the Cash Collateral Account and applied to pay such
amount pursuant to Section 4.11(c). 
 “Closing Date” means July 8, 2010. 

“Collateral Amount” means, as of any date of determination, an amount equal to the result of (a) $450,000,000,
minus (b) the Pre-Funded Amount on such date of determination (after giving effect to any withdrawal from the Pre-Funding Account on such date of determination), minus (c) the amount of principal previously paid to the Series
2010-A Noteholders (other than any principal payments made from funds on deposit in the Spread Account), minus (d) the balance on deposit in the Principal Accumulation Account, minus (e) the excess, if any, of the aggregate
amount of Investor Charge-Offs and Reallocated Principal Collections over the reimbursements of such amounts pursuant to subsection 4.4(a)(vii) prior to such date; provided, that, the Collateral Amount will not be less than zero.

 “Controlled Accumulation Amount” means, for any Transfer Date with respect to the Controlled Accumulation
Period, $37,500,000; provided, however, that if the Controlled Accumulation Period Length is determined to be less than 12 months pursuant to Section 4.14, the Controlled Accumulation Amount shall be equal to (i) the
Note Principal Balance divided by (ii) the Controlled Accumulation Period Length; provided, further, that the Controlled Accumulation Amount for any Distribution Date shall not exceed the Note Principal Balance minus any
amount already on deposit in the Principal Accumulation Account on such Transfer Date. 
 “Controlled Accumulation
Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period commencing at the opening of business on June 1, 2014 or such later date as is determined in accordance with Section 4.14, and
ending on the first to occur of (a) the commencement of the Early Amortization Period and (b) the Series Termination Date. 

“Controlled Accumulation Period Length” is defined in Section 4.14. 

“Controlled Deposit Amount” means, for any Transfer Date with respect to the Controlled Accumulation Period, an amount
equal to the sum of the Controlled Accumulation Amount for such Transfer Date and any existing Accumulation Shortfall. 
  

 7 

 “Covered Amount” means an amount, determined as of each Transfer Date for
any Distribution Period, equal to the sum of (a) the product of (i) the Class A Monthly Interest times (ii) a fraction, (A) the numerator of which is equal to the aggregate amount on deposit in the Principal
Accumulation Account, up to the Class A Note Principal Balance as of the Record Date preceding such Transfer Date, and (B) the denominator of which is equal to the Class A Note Principal Balance as of the Record Date preceding such
Transfer Date, plus (b) the product of (i) the Class M Monthly Interest times (ii) a fraction (A) the numerator of which is equal to the aggregate amount on deposit in the Principal Accumulation Account in excess of
the Class A Note Principal Balance as of the Record Date preceding such Transfer Date, up to the Class M Note Principal Balance as of the Record Date preceding such Transfer Date, and (B) the denominator of which is equal to the Class M
Note Principal Balance as of the Record Date preceding such Transfer Date, plus (c) the product of (i) the Class B Monthly Interest times (ii) a fraction (A) the numerator of which is equal to the aggregate amount
on deposit in the Principal Accumulation Account in excess of the sum of the Class A Note Principal Balance and the Class M Note Principal Balance as of the Record Date preceding such Transfer Date, up to the Class B Note Principal Balance as
of the Record Date preceding such Transfer Date, and (B) the denominator of which is equal to the Class B Note Principal Balance as of the Record Date preceding such Transfer Date, plus (d) the product of (i) the Class C
Monthly Interest times (ii) a fraction (A) the numerator of which is equal to the aggregate amount on deposit in the Principal Accumulation Account in excess of the sum of the Class A Note Principal Balance, the Class M Note
Principal Balance and the Class B Note Principal Balance, in each case as of the Record Date preceding such Transfer Date, up to the Class C Note Principal Balance as of the Record Date preceding such Transfer Date, and (B) the denominator
of which is equal to the Class C Note Principal Balance as of the Record Date preceding such Transfer Date. 
 “Default
Amount” means, as to any Defaulted Account, the amount of Principal Receivables (other than Ineligible Receivables, unless there is an Insolvency Event with respect to WFN or the Transferor) in such Defaulted Account on the day it became a
Defaulted Account. 
 “Defaulted Account” means an Account in which there are Defaulted Receivables.

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

“Distribution Account” is defined in Section 4.9(a). 

“Distribution Date” means August 16, 2010 and the
15th day of each calendar month thereafter, or if such 15
th day is not a Business Day, the next succeeding Business
Day. 
 “Distribution Period” means, for any Distribution Date, the period from and including the Distribution
Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

“Early Amortization Period” means the period commencing on the date on which a Trust Early Amortization Event or a
Series 2010-A Early Amortization Event is deemed to occur and ending on the Series Termination Date. 
 “Eligible
Investments” is defined in Annex A to the Indenture; provided that solely for purposes of Section 4.12(b), references within the definition of “Eligible Investments” to the “highest investment
category” of S&P shall mean A-2 and of Moody’s shall mean P-2. 
  

 8 

 “Excess Spread Percentage” means, for any Monthly Period, a percentage
equal to the Portfolio Yield for such Monthly Period, minus the Base Rate for such Monthly Period. 
 “Expected
Principal Payment Date” means the June 2015 Distribution Date. 
 “Finance Charge Account” is defined
in Section 4.9(a). 
 “Finance Charge Collections” means Collections of Finance Charge Receivables.

 “Finance Charge Shortfall” is defined in Section 4.7. 

“Group One” means Series 2004-C, Series 2006-A, Series 2008-A, Series 2009-A, Series 2009-B, Series 2009-C, Series
2009-D and Series 2009-VFN, the outstanding Series under (and as defined in) the Pooling and Servicing Agreement (other than Series represented by the Collateral Certificate) and each other Series hereafter specified in the related Indenture
Supplement to be included in Group One. 
 “Initial Collateral Amount” means $377,848,000. 

“Investment Earnings” means, for any Distribution Date, all interest and earnings on Eligible Investments included in
the Spread Account (net of losses and investment expenses) during the period commencing on and including the Distribution Date immediately preceding such Distribution Date and ending on but excluding such Distribution Date. 

“Investor Charge-Offs” is defined in Section 4.5. 

“Investor Default Amount” means, with respect to any Defaulted Account, an amount equal to the product of (a) the
Default Amount and (b) the Allocation Percentage on the day such Account became a Defaulted Account. 
 “Investor
Finance Charge Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Finance Charge Collections (including Net Recoveries treated as Finance Charge Collections) retained or deposited in the Finance Charge
Account for Series 2010-A pursuant to subsection 4.1(b)(i) for such Monthly Period. 
 “Investor Principal
Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Principal Collections retained or deposited in the Principal Account for Series 2010-A pursuant to subsection 4.1(b)(ii) for such Monthly Period.

 “Investor Uncovered Dilution Amount” means an amount equal to the product of (x) the Series Allocation
Percentage for the related Monthly Period (determined on a weighted average basis, if one or more Reset Dates occur during that Monthly Period), times (y) the aggregate Dilutions occurring during that Monthly Period as to which any
deposit is required to be made to the Excess Funding Account pursuant to Section 3.9(a) of the Transfer and Servicing Agreement or Section 3.9(a) of the Pooling and Servicing Agreement but has not been made; provided
that, if the Transferor Amount is greater than zero at the time the deposit referred to in clause (y) is required to be made, the Investor Uncovered Dilution Amount for such amount to be deposited shall be deemed to be zero. 

 

 9 

 “Minimum Transferor Amount” means (a) prior to the Certificate Trust
Termination Date, the “Minimum Transferor Amount” under (and as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Minimum Transferor Amount” as defined in Annex
A to the Indenture. 
 “Monthly Interest” means, for any Distribution Date, the sum of the Class A Monthly
Interest, the Class M Monthly Interest, the Class B Monthly Interest, and the Class C Monthly Interest for such Distribution Date. 

“Monthly Period” means the period from and including the first day of the calendar month preceding a related
Distribution Date to and including the last day of such calendar month; provided that the Monthly Period related to the August 2010 Distribution Date shall mean the period from and including the Closing Date to and including the last day of
July, 2010. 
 “Monthly Principal” is defined in Section 4.3. 

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

(a) the lower of (i) the Class A Required Amount and (ii) the greater of (A)(x) the product of
(I) 21.0% and (II) the Adjusted Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed Reallocated Principal
Collections (as of the previous Distribution Date) and (B) zero; 
 (b) the lower of (i) the Class M
Required Amount and (ii) the greater of (A)(x) the product of (I) 17.25% and (II) the Adjusted Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the
related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as required in clause (a) above) and (B) zero; and; and 

(c) the lower of (i) the sum of the Class B Required Amount and the Servicing Fee Required Amount and (ii) the
greater of (A)(x) the product of (I) 12.5% and (II) the Adjusted Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and
unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as required in clauses (a) and (b) above) and (B) zero. 

“Note Principal Balance” means, on any date of determination, an amount equal to the sum of the Class A Note
Principal Balance, the Class M Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance. 

“Noteholder Servicing Fee” is defined in Section 3.1. 

“Percentage Allocation” is defined in subsection 4.1(b)(ii)(y). 

 

 10 

 “Portfolio Yield” means, (a) for any Monthly Period during the
Pre-Funding Period, the Trust Portfolio Yield and (b) for any other Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day months) equivalent of a fraction, (i) the numerator of which is equal to (x) the
Available Finance Charge Collections (excluding any Excess Finance Charge Collections), minus (y) the Aggregate Investor Default Amount and the Investor Uncovered Dilution Amount for such Monthly Period and (ii) the denominator of
which is the Collateral Amount plus amounts on deposit in Principal Accumulation Account, each as of the close of business on the last day of such Monthly Period. 

“Pre-Funded Amount” shall mean the amount on deposit in the Pre-Funding Account from time to time, excluding any
investment income on funds on deposit therein. 
 “Pre-Funding Account” shall mean the account established and
maintained pursuant to Section 4.16(a). 
 “Pre-Funding Period” shall mean the period from and
including the Closing Date to and including the earliest of (x) the first day on which the Collateral Amount equals the aggregate outstanding principal amount of the Series 2010-A Notes, (y) the commencement of the Early Amortization
Period and (z) July 31, 2010. 
 “Pre-Funding Period Reserve Account” shall have the meaning set
forth in Section 4.17(a). 
 “Pre-Funding Release Notice” is defined in
Section 4.16(d). 
 “Principal Account” is defined in Section 4.9(a). 

“Principal Accumulation Account” is defined in Section 4.9(a). 

“Principal Accumulation Account Balance” means, for any date of determination, the principal amount, if any, on deposit
in the Principal Accumulation Account on such date of determination. 
 “Principal Accumulation Investment
Proceeds” means, with respect to each Transfer Date, the investment earnings on funds in the Principal Accumulation Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to
but excluding such Transfer Date. 
 “Principal Collections” means Collections of Principal Receivables.

 “Principal Shortfall” is defined in Section 4.8. 

“Qualified Maturity Agreement” means an agreement whereby an Eligible Institution agrees to make a deposit into the
Principal Accumulation Account on the Expected Principal Payment Date in an amount equal to the initial Note Principal Balance. 
  

 11 

 “Quarterly Excess Spread Percentage” means (a) with respect to the
August 2010 Distribution Date, the Excess Spread Percentage for such Distribution Date, (b) with respect to the September 2010 Distribution Date, the percentage equivalent of a fraction the numerator of which is the sum of (i) the Excess
Spread Percentage for the August 2010 Distribution Date and (ii) the Excess Spread Percentage with respect to the September 2010 Distribution Date and the denominator of which is two, (c) with respect to the October 2010 Distribution Date,
the percentage equivalent of a fraction the numerator of which is the sum of (i) the Excess Spread Percentage for the August 2010 Distribution Date (ii) the Excess Spread Percentage with respect to the September 2010 Distribution Date and
(iii) the Excess Spread Percentage with respect to the October 2010 Distribution Date and the denominator of which is three and (d) with respect to the November 2010 Distribution Date and each Distribution Date thereafter, the percentage
equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages determined with respect to such Distribution Date and the immediately preceding two Distribution Dates and the denominator of which is three. 

“Rating Agency” means each of Fitch and Standard & Poor’s. 

“Rating Agency Condition” means, notwithstanding anything to the contrary in the Indenture, with respect to Series
2010-A and any action subject to such condition, (i) S&P shall have notified the Issuer in writing that such action will not result in a reduction or withdrawal of their respective ratings of any outstanding Class of Series 2010-A Notes and
(ii) 10 days’ prior written notice (or, if 10 days’ advance notice is impracticable, as much advance notice as is practicable) to Fitch delivered electronically to notifications.abs@fitchratings.com. 

“Reallocated Principal Collections” means, for any Transfer Date, Investor Principal Collections applied in accordance
with Section 4.6 in an amount not to exceed the Monthly Principal Reallocation Amount for the related Monthly Period. 

“Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and distributions otherwise to
be made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest previously due but not distributed
to the Series 2010-A Noteholders, plus (iii) the amount of Additional Interest, if any, for the related Distribution Date and any Additional Interest previously due but not distributed to the Series 2010-A Noteholders on a prior
Distribution Date. 
 “Required Cash Collateral Amount” means, for any Transfer Date or any day during the
Pre-Funding Period on which funds are released from the Pre-Funding Account, the greater of (a) an amount (rounded up to the nearest dollar) equal to 4.0% of the Collateral Amount (after taking into account deposits to the Principal
Accumulation Account on such Transfer Date and payments to be made on the related Distribution Date or, any release of funds from the Pre-Funding Account, as applicable), and (b) for any Transfer Date occurring on or after the commencement of
the Early Amortization Period, an amount equal to 4.0% of the Collateral Amount as of the close of business on the last day of the Revolving Period; provided that the Required Cash Collateral Amount will never exceed the Note Principal
Balance, minus the Principal Accumulation Account Balance (after taking into account deposits to the Principal Accumulation Account on such Transfer Date and payments to be made on the related Distribution Date); and provided,
further, that the Transferor may reduce the Required Cash Collateral Amount at any time if the Indenture Trustee has been provided evidence that the Rating Agency Condition has been satisfied. 

 

 12 

 “Required Draw Amount” is defined in Section 4.11(c).

 “Required Principal Balance” means (a) prior to the Certificate Trust Termination Date, the
“Required Principal Balance” under (and as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Required Principal Balance” as defined in Annex A to the Indenture.

 “Required Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account Funding Date,
an amount equal to (a) 0.50% of the Note Principal Balance or (b) any other amount designated by the Transferor; provided, however, that if such designation is of a lesser amount, the Transferor shall (i) provide
the Servicer and the Indenture Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to the Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts known to
such officer at such time, in the reasonable belief of the Transferor, such designation will not cause an Early Amortization Event or an event that, after the giving of notice or the lapse of time, would cause an Early Amortization Event to occur
with respect to Series 2010-A. 
 “Required Retained Transferor Percentage” means, for purposes of Series
2010-A, 4.0%. 
 “Required Spread Account Amount” means, for any Distribution Date, (a) the product of
(i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving Period, the Collateral Amount, and (y) thereafter, the Collateral Amount as of the last day of the Revolving Period; provided that
after the occurrence of an Event of Default resulting in acceleration of the Series 2010-A Notes, the Required Spread Account Amount shall equal the Note Principal Balance (after taking into account any payments to be made on such Distribution
Date); and provided, further, that, except as described in the preceding proviso following the acceleration of the Series 2010-A Notes in no event will the Required Spread Account Amount exceed the Class C Note Principal Balance
(after taking into account any payments to be made on such Distribution Date). 
 “Reserve Account” is defined
in Section 4.10(a). 
 “Reserve Account Funding Date” means the Transfer Date designated by the
Servicer which occurs not later than the Transfer Date with respect to the Monthly Period which commences 3 months prior to the commencement of the Controlled Accumulation Period (which commencement shall be subject to postponement pursuant to
Section 4.14); provided, however, that subject to satisfaction of the Rating Agency Condition, the Reserve Account Funding Date may be any date selected by the Servicer. 

“Reserve Account Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if any,
by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount. 
 “Reserve Draw
Amount” means, with respect to each Transfer Date relating to the Controlled Accumulation Period or the first Transfer Date relating to the Early Amortization Period, the amount, if any, by which the Principal Accumulation Investment
Proceeds for such Distribution Date are less than the Covered Amount determined as of such Transfer Date. 
  

 13 

 “Reset Date” means: 

(a) each Addition Date and each “Addition Date” (as such term is defined in the Pooling and Servicing
Agreement), in each case relating to Supplemental Accounts; 
 (b) each Removal Date and each “Removal
Date” (as such term is defined in the Pooling and Servicing Agreement) on which, if any Series of Notes or any Series under (and as defined in) the Pooling and Servicing Agreement has been paid in full, Principal Receivables equal to the
Initial Collateral Amount for that Series are removed from the Receivables Trust; 
 (c) each date on which there
is an increase in the outstanding balance of any Variable Interest or “Variable Interest” (as such term is defined in the Pooling and Servicing Agreement); and 

(d) each date on which a new Series, Class or subclass of Notes is issued and each date on which a new “Series”
or “Class” (each as defined in the Pooling and Servicing Agreement) of investor certificates is issued by the Certificate Trust. 

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

“Series 2008-A Allocation Percentage” means, for any Monthly Period, the “Allocation Percentage” as such term
is defined in the Series 2008-A Indenture Supplement for purposes of allocating Principal Collections to Series 2008-A for such Monthly Period. 

“Series 2008-A Indenture Supplement” means the Series 2008-A Indenture Supplement to Master Indenture, dated as of
September 12, 2008, between the Issuer and the Indenture Trustee. 
 “Series 2009-C Allocation Percentage”
means, for any Monthly Period, the “Allocation Percentage” as such term is defined in the Series 2009-C Indenture Supplement for purposes of allocating Principal Collections to Series 2009-C for such Monthly Period. 

“Series 2009-C Indenture Supplement” means the Series 2009-C Indenture Supplement to Master Indenture, dated as of
August 13, 2009, between the Issuer and the Indenture Trustee. 
 “Series 2009-C Initial Collateral
Amount” means $139,240,508. 
 “Series 2010-A” means the Series of Notes the terms of which are
specified in this Indenture Supplement. 
 “Series 2010-A Early Amortization Event” is defined in
Section 6.1. 
  

 14 

 “Series 2010-A Final Maturity Date” means the April 2019 Distribution Date.

 “Series 2010-A Note” means a Class A Note, a Class M Note, a Class B Note or a Class C Note.

 “Series 2010-A Noteholder” means a Class A Noteholder, a Class M Noteholder, a Class B Noteholder or a
Class C Noteholder. 
 “Series Account” means, (a) with respect to Series 2010-A, the Finance Charge
Account, the Principal Account, the Principal Accumulation Account, the Distribution Account, the Pre-Funding Account, the Cash Collateral Account, the Reserve Account, the Spread Account and the Pre-Funding Period Reserve Account and (b) with
respect to any other Series, the “Series Accounts” for such Series as specified in the Indenture and the applicable Indenture Supplement for such Series. 

“Series Allocation Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction, the
numerator of which is the Allocation Percentage for Finance Charge Collections for that Monthly Period and the denominator of which is the sum of the Allocation Percentages for Finance Charge Receivables for all outstanding Series on such date of
determination; provided that if one or more Reset Dates occur in a Monthly Period, the Series Allocation Percentage for the portion of the Monthly Period falling on and after each such Reset Date and prior to any subsequent Reset Date will be
determined using a denominator which is equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge Receivables for all outstanding Series as of the close of business on the subject Reset Date. 

“Series Servicing Fee Percentage” means 2% per annum. 

“Series Termination Date” means the earliest to occur of (a) the date on which the Note Principal Balance is paid
in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the Series 2010-A Final Maturity Date. 

“Servicing Fee Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount described
in subsection 4.4(a)(iv) over the sum of (a) the Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a) and (b) any amount withdrawn from the Cash Collateral Account and applied to pay
such amount pursuant to Section 4.11(c). 
 “Specified Transferor Amount” means, at any time, the
Minimum Transferor Amount (including the Additional Minimum Transferor Amount, if any) at that time. 
 “Spread
Account” is defined in Section 4.12(a). 
 “Spread Account Deficiency” means the excess,
if any, of the Required Spread Account Amount over the Available Spread Account Amount. 
  

 15 

 “Spread Account Percentage” means, for any Distribution Date,
(i) 0.00% if the Quarterly Excess Spread Percentage on such Distribution Date is greater than or equal to 6.5%, (ii) 0.50% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 6.5% and greater than or equal to 6.0%,
(iii) 1.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 6.0% and greater than or equal to 5.5%, (iv) 2.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 5.5% and greater than or
equal to 5.0%, (v) 2.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 5.0% and greater than or equal to 4.5%, (vi) 3.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.5% and
greater than or equal to 4.0%, (vii) 3.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.0% and greater than or equal to 3.0%, (viii) 4.25% if the Quarterly Excess Spread Percentage on such Distribution Date is
less than 3.0% and greater than or equal to 2.5%, and (ix) 4.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 2.5%; provided, that: 

(a) if the Spread Account Percentage for a Distribution Date is greater than 1.75%, then the Spread Account Percentage
shall not decrease to a lower percentage until the first subsequent Distribution Date on which the arithmetic mean of the Quarterly Excess Spread Percentages for such subsequent Distribution Date and for the two Distribution Dates immediately prior
to such subsequent Distribution Date is greater than or equal to the lowest Quarterly Excess Spread Percentage associated with a lower Spread Account Percentage; 

(b) if the Spread Account Percentage for a Distribution is equal to 1.75%, then the Spread Account Percentage shall not
decrease to a lower percentage until the first subsequent Distribution Date on which the arithmetic mean of the Quarterly Excess Spread Percentages for such subsequent Distribution Date and for the Distribution Date immediately prior to such
subsequent Distribution Date is greater than or equal to the lowest Quarterly Excess Spread Percentage associated with a lower Spread Account Percentage; 

(c) in no event will the Spread Account Percentage decrease by more than one of the levels specified above between any two
Distribution Dates;1 and 

(d) if an Early Amortization Event is deemed to occur with respect to Series 2010-A, the Spread Account Percentage shall
be 12.50%. 
 “Target Amount” is defined in subsection 4.1(b)(i). 

“Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation, or
other grant of a security interest in or disposition of, a Note. 
 “Transferor Amount” means (a) prior to
the Certificate Trust Termination Date, the “Transferor Amount” under (and as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Transferor Amount” as defined in
Annex A to the Indenture. 
  

	1
	For example, if the Spread Account Percentage on one Distribution Date were 2.25%, then the Spread Account Percentage for the next Distribution Date could not be less
than 1.75%, even if the Quarterly Excess Spread Percentage on such next Distribution Date were greater than or equal to 6.0%. 

  

 16 

 “Trust Base Rate” means, for any Monthly Period, the weighted average for
all outstanding Series of Notes issued by the Issuer, excluding Series 2010-A, of the “Base Rates” (as defined for each Series in the related Indenture Supplement), weighted in each case by the outstanding aggregate principal amount of
each such Series of Notes as of the last day of such Monthly Period or, in the case of any Series that is a Variable Interest, the average aggregate principal amount of such Series during such Monthly Period; provided that for purposes of the
foregoing calculation, the Monthly Period preceding the first Distribution Date shall be deemed to be the July 2010 calendar month. 

“Trust Portfolio Yield” means, for any Monthly Period, the weighted average for all outstanding Series of Notes issued
by the Issuer, excluding Series 2010-A, of the “Portfolio Yields” (as defined for each Series in the related Indenture Supplement), weighted in each case by the outstanding aggregate principal amount of each such Series of Notes as of the
last day of such Monthly Period or, in the case of any Series that is a Variable Interest, the average aggregate principal amount of such Series during such Monthly Period; provided that for purposes of the foregoing calculation, the Monthly Period
preceding the first Distribution Date shall be deemed to be the July 2010 calendar month. 
 “Weighted Average Fixed
Rate” means a per annum rate of 4.27%. 
 (b) Each capitalized term defined herein shall relate to the Series 2010-A
Notes and no other Series of Notes 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 Annex A to the Master Indenture. 

(c) The interpretive rules specified in Section 1.2 of the Master Indenture also apply to this Indenture Supplement. If any
term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Master Indenture, the terms and provisions of this Indenture Supplement shall be controlling. 

ARTICLE III. 

Noteholder Servicing Fee 

Section 3.1 Servicing Compensation. The share of the Servicing Fee allocable to Series 2010-A for any Transfer Date (the
“Noteholder Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Series Servicing Fee Percentage and (b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date;
provided, however, that with respect to the first Transfer Date, the Noteholder Servicing Fee shall be equal to $482,805.78. The remainder of the Servicing Fee shall be paid by the holders of the Transferor Interest or the noteholders
of other Series (as provided in the related Indenture Supplements) and in no event shall the Trust, the Indenture Trustee or the Series 2010-A Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the Transferor
Interest or the noteholders of any other Series. 
 Section 3.2 Covenants. The parties hereto agree that the covenants
set forth in Schedule I shall be a part of this Indenture Supplement for all purposes. 
  

 17 

 ARTICLE IV. 

Rights of Series 2010-A Noteholders and Allocation and Application of Collections 

Section 4.1 Collections and Allocations 

(a) Allocations. Finance Charge Collections, Principal Collections and Defaulted Receivables allocated to Series 2010-A pursuant
to Article VIII of the Indenture shall be allocated and distributed as set forth in this Article. 
 (b) Allocations
to the Series 2010-A Noteholders. The Servicer shall on the Date of Processing, allocate to the Series 2010-A Noteholders the following amounts as set forth below: 

(i) Allocations of Finance Charge Collections. The Servicer shall allocate to the Series 2010-A Noteholders an
amount equal to the product of (A) the Allocation Percentage and (B) the aggregate Finance Charge Collections processed on such Date of Processing and shall deposit such amount into the Finance Charge Account, provided that, with
respect to each Monthly Period falling in the Revolving Period (and with respect to that portion of each Monthly Period in the Controlled Accumulation Period falling on or after the day on which Collections of Principal Receivables equal to the
related Controlled Deposit Amount have been allocated pursuant to Section 4.1(b)(ii) and deposited pursuant to Section 4.1(c)), so long as the Available Cash Collateral Amount is not less than the Required Cash Collateral
Amount on such Date of Processing, Collections of Finance Charge Receivables shall be transferred into the Finance Charge Account only until such time as the aggregate amount so deposited equals the sum (the “Target Amount”) of
(A) the Monthly Interest for the related Distribution Date, (B) if WFN is not the Servicer, the Noteholder Servicing Fee (and if WFN is the Servicer, then amounts that otherwise would have been transferred into the Finance Charge Account
pursuant to this clause (B) shall instead be returned to WFN as payment of the Noteholder Servicing Fee), (C) any amount required to be deposited in the Reserve Account, the Spread Account and the Cash Collateral Account on the
related Transfer Date and (D) the sum of 150% of the Investor Default Amounts from the prior Monthly Period and any Investor Uncovered Dilution Amounts from the prior Monthly Period; provided further, that, notwithstanding the
preceding proviso, if on any Business Day the Servicer determines that the Target Amount for a Monthly Period exceeds the Target Amount for that Monthly Period as previously calculated by Servicer, then (x) Servicer shall (on the same Business
Day) inform Transferor of such determination, and (y) within two Business Days of receiving such notice Transferor shall deposit into the Finance Charge Account funds in an amount equal to the amount of Collections of Finance Charge Receivables
allocated to the Noteholders for that Monthly Period but not deposited into the Finance Charge Account due to the operation of the preceding proviso (but not in excess of the amount required so that the aggregate amount deposited for the subject
Monthly Period equals the Target Amount); and provided, further, if on any Transfer Date the Transferor Amount is less than the Specified Transferor Amount after giving effect to all transfers and deposits on that Transfer Date,
Transferor shall, on that Transfer Date, deposit into the Principal Account funds in an amount equal to the amounts of Available Finance Charge Collections that are required to be treated as Available Principal Collections pursuant to
Section 4.4(a)(vi) and (vii) but are not available from funds in the Finance Charge Account as a result of the operation of the second preceding proviso. 

 

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 With respect to any Monthly Period when deposits of Collections of Finance Charge
Receivables into the Finance Charge Account are limited to deposits up to the Target Amount in accordance with clause (i) above, notwithstanding such limitation: (1) “Reallocated Principal Collections” for the
related Transfer Date shall be calculated as if the full amount of Finance Charge Collections allocated to the Noteholders during that Monthly Period had been deposited in the Finance Charge Account and applied on such Transfer Date in accordance
with Section 4.4(a); and (2) Collections of Finance Charge Receivables released to Transferor pursuant to such Section 4.1(b)(i) shall be deemed, for purposes of all calculations under this Indenture Supplement, to have
been retained in the Finance Charge Account and applied to the items specified in Sections 4.4(a) to which such amounts would have been applied (and in the priority in which they would have been applied) had such amounts been available in the
Finance Charge Account on such Transfer Date. To avoid doubt, the calculations referred to in the preceding clause (2) include the calculations required by clause (d) of the definition of Collateral Amount and by the
definition of Portfolio Yield. 
 (ii) Allocations of Principal Collections. The Servicer shall allocate
to the Series 2010-A Noteholders the following amounts as set forth below: 
 (x) Allocations During the
Revolving Period. 
 (1) During the Revolving Period an amount equal to the product of the Allocation
Percentage and the aggregate amount of Principal Collections processed on such Date of Processing, shall be allocated to the Series 2010-A Noteholders and first, if any other Principal Sharing Series is outstanding and in its accumulation period or
amortization period, retained in the Principal Account for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Distribution Date, second deposited in the Excess Funding Account to
the extent necessary so that the Transferor Amount is not less than the Specified Transferor Amount and third paid to the holders of the Transferor Interest. 

(2) With respect to each Monthly Period falling in the Revolving Period, to the extent that Collections of Principal
Receivables allocated to the Series 2010-A Noteholders pursuant to this subsection 4.1(b)(ii) are paid to Transferor, Transferor shall make an amount equal to the Reallocated Principal Collections for the related Transfer Date available on
that Transfer Date for application in accordance with Section 4.6. 
  

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 (y) Allocations During the Controlled Accumulation Period. During the
Controlled Accumulation Period an amount equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections processed on such Date of Processing (the product for any such date is hereinafter referred to as a
“Percentage Allocation”) shall be allocated to the Series 2010-A Noteholders and transferred to the Principal 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 accumulation period or amortization period, retained in the Principal Account for application, to the extent necessary, as Shared Principal Collections to
other Principal Sharing Series on the related Distribution Date, second deposited in the Excess Funding Account to the extent necessary so that the Transferor Amount is not less than the Specified Transferor Amount and third paid to the holders of
the Transferor Interest. 
 (z) Allocations During the Early Amortization Period. During the Early
Amortization Period, an amount equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections processed on such Date of Processing shall be allocated to the Series 2010-A Noteholders and transferred to the
Principal Account until applied as provided herein; provided, however, that after the date on which an amount of such Principal Collections equal to the Note Principal Balance has been deposited into the Principal Account such amount
shall be first, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in the Principal Account for application, to the extent necessary, as Shared Principal Collections to other
Principal Sharing Series on the related Distribution Date, second deposited in the Excess Funding Account to the extent necessary so that the Transferor Amount is not less than the Specified Transferor Amount and third paid to the holders of the
Transferor Interest. 
 (c) During any period when Servicer is permitted by Section 4.3 of the Pooling and Servicing
Agreement or Section 8.4 of the Indenture to make a single monthly deposit to the Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.1(a) and (b) with respect to any Monthly Period
need not be deposited into the Collection Account or any Series Account prior to the related Transfer Date, and, when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if WFN is Servicer,
Servicer, and (y) shall be deposited into the Finance Charge Account (in the case of Collections of Finance Charge Receivables) and the Principal Account (in the case of Collections of Principal Receivables (not including any Shared Principal
Collections allocated to Series 2010-A pursuant to Section 4.15 of the Pooling and Servicing Agreement or Section 8.5 of the Indenture)). 

(d) On any date, Servicer may withdraw from the Collection Account or any Series Account any amounts inadvertently deposited in such
account that should have not been so deposited. 
 Section 4.2 Determination of Monthly Interest. 

(a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution Account with respect
to the Class A Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in
effect with respect to the related Distribution Period and (ii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the
Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the August 2010 Distribution Date shall be $1,446,875.00. 

 

 20 

 On the Determination Date preceding each Distribution Date, the Servicer shall determine the
excess, if any (the “Class A Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date over (y) the amount actually transferred from the
Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount
(“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the
related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not been paid to the Class A Noteholders) shall be payable as provided herein with respect to the
Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law. 

(b) The amount of monthly interest (“Class M Monthly Interest”) distributable from the Distribution Account with respect
to the Class M Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with
respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial
Principal Balance); provided that the Class M Monthly Interest for the August 2010 Distribution Date shall be $90,187.50. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class M
Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of
such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount (“Class M Additional
Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period
plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to
the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law. 
  

 21 

 (c) The amount of monthly interest (“Class B Monthly Interest”) distributable from
the Distribution Account with respect to the Class B Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest
Rate in effect with respect to the related Distribution Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B
Note Initial Principal Balance); provided that the Class B Monthly Interest for the August 2010 Distribution Date shall be $148,289.06. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class B
Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(c) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such amount. If
the Class B Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Deficiency Amount is fully paid, an additional amount (“Class B Additional Interest”) equal to the
product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class B
Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall
be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law. 
 (d) The amount of
monthly interest (“Class C Monthly Interest”) distributable from the Distribution Account with respect to the Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of
which is 30 and the denominator of which is 360, times (B) the Class C Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class C Note Principal Balance as of the close of business on the last day of the
preceding Monthly Period (or, with respect to the initial Distribution Date, the Class C Note Initial Principal Balance); provided that the Class C Monthly Interest for the August 2010 Distribution Date shall be $289,062.50. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class C
Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(d) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such amount. If
the Class C Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class C Deficiency Amount is fully paid, an additional amount (“Class C Additional Interest”) equal to the
product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class C Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class C
Deficiency Amount (or the portion thereof which has not been paid to the Class C Noteholders) shall be payable as provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary herein, Class C Additional Interest shall
be payable or distributed to the Class C Noteholders only to the extent permitted by applicable law. 
 Section 4.3
Determination of Monthly Principal. The amount of monthly principal to be transferred from the Principal Account with respect to the Notes on each Transfer Date (the “Monthly Principal”), beginning with the Transfer Date in
the month following the month in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the Available Principal Collections on deposit in the Principal Account with respect
to such Transfer Date, (ii) for each Transfer Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Transfer Date, (iii) the Collateral Amount (after taking into account any adjustments to be made on such
Distribution Date pursuant to Sections 4.5 and 4.6) prior to any deposit into the Principal Accumulation Account on such Transfer Date, and (iv) the Note Principal Balance, minus any amount already on deposit in the Principal
Accumulation Account on such Transfer Date. 
  

 22 

 Section 4.4 Application of Available Finance Charge Collections and Available Principal
Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with
such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal
Accumulation Account and the Distribution Account as follows: 
 (a) On each Transfer Date, an amount equal to the Available
Finance Charge Collections with respect to the related 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 any Class A Deficiency Amount,
plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited
by the Servicer or Indenture Trustee into the Distribution Account; 
 (ii) an amount equal to Class M Monthly
Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not
distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account; 

(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount,
plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited
by the Servicer or Indenture Trustee into the Distribution Account; 
 (iv) an amount equal to the Noteholder
Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer; 

(v) an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount,
plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be
deposited by the Servicer or Indenture Trustee into the Distribution Account; 
  

 23 

 (vi) an amount equal to the Aggregate Investor Default Amount and any
Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into
the Principal Account on the related Transfer Date; 
 (vii) an amount equal to the sum of the aggregate amount
of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution
Date; 
 (viii) an amount equal to the excess, if any, of the Required Cash Collateral Amount over the
Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in Section 4.11(b); 

(ix) [Reserved]; 

(x) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve
Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in
Section 4.10(a); 
 (xi) an amount equal to the amounts required to be deposited in the Spread Account
pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.12(f); 

(xii) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from
Available Finance Charge Collections shall be paid in accordance with the Transferor’s instructions; and 

(xiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.

 (b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for
the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. 

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

(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be
deposited into the Principal Accumulation Account; 
 (ii) during the Early Amortization Period, an amount equal
to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the
Class A Note Principal Balance has been paid in full; 
  

 24 

 (iii) during the Early Amortization Period, after giving effect to the
distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M
Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full; 

(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and
(iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related
Distribution Date until the Class B Note Principal Balance has been paid in full; 
 (v) during the Early
Amortization Period, after giving effect to the distributions referred to in clauses (ii), (iii) and (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on
such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and 

(vi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such
Available Principal Collections remaining after application in accordance with clauses (i) through (v) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.

 (d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A
Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into
the Distribution Account pursuant to Section 4.4(a)(ii) on the preceding Transfer Date, to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(iii) on the
preceding Transfer Date and to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on the preceding Transfer Date. 

(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date
immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts
necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, third, to the Class B Noteholders, an amount equal
to the Class B Note Principal Balance, and fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with
Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the
Distribution Account pursuant to this Section 4.4(e). 
  

 25 

 Section 4.5 Investor Charge-Offs. On each Determination Date, the Servicer shall
calculate the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for the related Distribution Date. If, on any Distribution Date, the sum of the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount
for such Distribution Date exceeds the sum of the amount of Available Finance Charge Collections and the amount withdrawn from the Cash Collateral Account allocated with respect thereto pursuant to subsection 4.4(a)(vi) and Section
4.11(c), respectively, with respect to such Distribution Date, the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”). 

Section 4.6 Reallocated Principal Collections. On each Transfer Date, the Servicer shall apply, or shall instruct the Indenture
Trustee in writing to apply, Reallocated Principal Collections with respect to that Transfer Date, to fund any deficiency pursuant to and in the priority set forth in subsections 4.4(a)(i), (ii), (iii) and (iv), after
giving effect to any withdrawal from the Cash Collateral Account or the Spread Account to cover such payments. On each Transfer Date, the Collateral Amount shall be reduced (but not below zero) by the amount of Reallocated Principal Collections for
such Transfer Date. 
 Section 4.7 Excess Finance Charge Collections. Series 2010-A shall be an Excess Allocation Series
with respect to Group One only. For this purpose, each outstanding series of certificates issued by World Financial Network Master Trust (other than series represented by the Collateral Certificate) shall be deemed to be a Series in Group One.
Subject to Section 8.6 of the Indenture, Excess Finance Charge Collections with respect to the Excess Allocation Series in Group One for any Transfer Date will be allocated to Series 2010-A 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 in Group One for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2010-A for such
Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series in Group One for such Distribution Date. The “Finance Charge Shortfall” for Series 2010-A 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 4.4(a)(i) through (xii) on such Distribution Date over (b) the Available Finance
Charge Collections with respect to such Distribution Date (excluding any portion thereof attributable to Excess Finance Charge Collections). 

Section 4.8 Shared Principal Collections. Subject to Section 4.4 of the Pooling and Servicing Agreement and Section
8.5 of the Indenture, Shared Principal Collections allocable to Series 2010-A on any Transfer Date will be equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all Principal Sharing Series for such
Transfer Date and (y) a fraction, the numerator of which is the Principal Shortfall for Series 2010-A for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing
Series for such Transfer Date. For this purpose, each outstanding series of certificates issued by World Financial Network Master Trust (other than series represented by the Collateral Certificate) shall be deemed to be a Principal Sharing Series.
The “Principal Shortfall” for Series 2010-A will be equal to (a) for any Transfer Date with respect to the Revolving Period or any Transfer Date during the Early Amortization Period prior to the earlier of (i) the Expected Principal
Payment Date and (ii) the date on which all outstanding Series are in early amortization periods, zero, (b) for any Transfer Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect
to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Shared Principal Collections) and (c) for any Transfer Date on or after the earlier of (i) the
Expected Principal Payment Date and (ii) the date on which all outstanding Series are in early amortization periods, the Note Principal Balance. 
  

 26 

 Section 4.9 Certain Series Accounts. 

(a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of
the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, four segregated trust accounts (the “Finance Charge Account”, the “Principal Account”, the “Principal Accumulation
Account” and the “Distribution Account”). The Principal Account, the Principal Accumulation Account and the Distribution Account shall bear a designation clearly indicating that the funds deposited therein are held for the
benefit of the Series 2010-A Noteholders. The Finance Charge Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-A Noteholders. The Indenture Trustee shall possess all
right, title and interest in all funds on deposit from time to time in the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account and in all proceeds thereof. The Finance Charge Account, the
Principal Account, the Principal Accumulation Account and the Distribution Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the
Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being
notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Finance Charge Account, a new Principal Account, a new Principal Accumulation Account and a new Distribution Account meeting the conditions specified
above with an Eligible Institution, and shall transfer any cash or any investments to such new Finance Charge Account, new Principal Account, new Principal Accumulation Account and new Distribution Account. The Indenture Trustee, at the written
direction of the Servicer, shall (i) make withdrawals from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account from time to time, in the amounts and for the purposes set forth in this
Indenture Supplement, and (ii) on each Transfer Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Accumulation Account, make deposits into the Principal Accumulation Account in the
amounts specified in, and otherwise in accordance with, subsection 4.4(c)(i). Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Finance Charge Account, the Principal Account, the Principal
Accumulation Account and the Distribution Account. 
  

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 (b) Funds on deposit in the Finance Charge Account, the Principal Account, the Principal
Accumulation Account and the Distribution Account, from time to time shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that such funds will be available for
withdrawal on or prior to the following Transfer Date. 
 On each Transfer Date with respect to the Controlled Accumulation
Period and on the first Transfer Date with respect to the Early Amortization Period, the Indenture Trustee, acting at the Servicer’s direction given on or before such Transfer Date, shall transfer from the Principal Accumulation Account to the
Finance Charge Account the Principal Accumulation Investment Proceeds on deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in accordance with Section 4.4. 

Principal Accumulation Investment Proceeds (including reinvested interest) shall not be considered part of the amounts on deposit in the
Principal Accumulation Account for purposes of this Indenture Supplement. 
 Section 4.10 Reserve Account. 

(a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of
the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of
the Series 2010-A Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Reserve Account and in all proceeds thereof. The Reserve Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Reserve Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture
Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to
such new Reserve Account. The Indenture 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 Indenture Supplement, and (ii) on each Transfer Date (from and after the Reserve Account Funding Date) prior to termination of the Reserve Account, make a deposit into the Reserve Account in the amount specified in, and otherwise in
accordance with, subsection 4.4(a)(x). 
 (b) Funds on deposit in the Reserve Account shall be invested at the written
direction of the Servicer by the Indenture 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. 

On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer 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 into the Finance
Charge Account and included in Available Finance Charge Collections for such Transfer Date. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture Supplement, except as
otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit. 
  

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 (c) On or before each Transfer Date with respect to the Controlled Accumulation Period and
on or before the first Transfer Date with respect to the Early Amortization Period, the Servicer shall calculate the Reserve Draw Amount; provided, however, that such amount will be reduced to the extent that funds otherwise would be
available for deposit in the Reserve Account under Section 4.4(a)(x) with respect to such Transfer Date. 
 (d) If for
any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve Account Amount, shall be withdrawn from the Reserve Account on such Transfer Date by the Indenture Trustee (acting in accordance
with the written instructions of the Servicer) and deposited into the Finance Charge Account for application as Available Finance Charge Collections for such Transfer Date. 

(e) If the Reserve Account Surplus on any Transfer Date, after giving effect to all deposits to and withdrawals from the Reserve Account
with respect to such Transfer Date, is greater than zero, the Indenture Trustee, acting in accordance with the written instructions of the Servicer, shall withdraw from the Reserve Account an amount equal to such Reserve Account Surplus and (x)
deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required Spread Account Amount, and (y) distribute any such amounts remaining after application pursuant to the preceding
clause (x) to the holders of the Transferor Interest. 
 (f) Upon the earliest to occur of (i) the termination of the
Trust pursuant to Article VIII of the Trust Agreement, (ii) the first Transfer Date relating to the Early Amortization Period and (iii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting
in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Series 2010-A Noteholders that are payable from the Reserve Account as provided herein, shall withdraw from the Reserve Account all amounts, if
any, on deposit in the Reserve Account and deposit such amounts into the Finance Charge Account for application in the priority set forth in Section 4.4(a), to the extent such payments or deposits have not be made pursuant to Section
4.4(a). The Reserve Account shall thereafter be automatically terminated for purposes of this Indenture Supplement. 

Section 4.11 Cash Collateral Account. 

(a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of
the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account (the “Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2010-A Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral Account shall
be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Cash Collateral Account ceases to be an Eligible Institution, the Transferor shall notify
the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Cash Collateral Account meeting the conditions specified above with an Eligible
Institution, and shall transfer any cash or any investments to such new Cash Collateral Account. 
  

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 (b) On the Closing Date, Transferor shall deposit $15,113,920 in immediately available funds
into the Cash Collateral Account. On each day on which funds are released from the Pre-Funding Account pursuant to Section 4.16(d), funds so released, to the extent available for such purpose, shall be deposited into the Cash Collateral
Account up to an amount equal to the amount by which the Required Cash Collateral Amount exceeds the Available Cash Collateral Amount on such date of determination. In addition, if on any Transfer Date, the Available Cash Collateral Amount is less
than the Required Cash Collateral Amount then in effect, Available Finance Charge Collections, to the extent available for such purpose, shall be deposited in the Cash Collateral Account pursuant to Section 4.4(a)(viii) up to an amount equal
to the amount by which the Required Cash Collateral Amount exceeds the Available Cash Collateral Amount. Funds on deposit in the Cash Collateral Account shall be invested at the written direction of the Servicer by the Indenture Trustee in Eligible
Investments. Funds on deposit in the Cash Collateral Account on any Transfer Date, after giving effect to any withdrawals from the Cash Collateral 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. 
 On each Transfer Date, all interest and
earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Cash Collateral Account shall be retained in the Cash Collateral Account (to the extent that the Available Cash Collateral Account
Amount is less than the Required Cash Collateral Account Amount) and the balance, if any, shall be deposited into the Finance Charge Account and included in Available Finance Charge Collections for such Transfer Date. For purposes of determining the
availability of funds or the balance in the Cash Collateral Account for any reason under this Indenture Supplement, except as otherwise provided in the preceding sentence, interest and earnings on such funds shall be deemed not to be available or on
deposit. 
 (c) On each Determination Date, Servicer shall calculate the amount (the “Required Draw Amount”) by
which the sum of the amounts required to be distributed pursuant to Sections 4.4(a)(i) through (vi) with respect to the related Transfer Date exceeds the amount of Available Finance Charge Collections with respect to the related
Monthly Period. If the Required Draw Amount for any Transfer Date is greater than zero, Servicer shall give written notice to the Indenture Trustee of such positive Required Draw Amount on the related Determination Date. On the related Transfer
Date, the Required Draw Amount, if any, up to the Available Cash Collateral Amount, shall be withdrawn from the Cash Collateral Account and distributed to fund any deficiency pursuant to Section 4.4(a)(i) through (vi) (in the order of
priority set forth in Section 4.4(a)). 
  

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 (d) On (i) any Transfer Date and (ii) the last day of the Pre-Funding Period, if, after
giving effect to all deposits to and withdrawals from the Cash Collateral Account on such date, the amount on deposit in the Cash Collateral Account exceeds the Required Cash Collateral Amount, the Indenture Trustee acting in accordance with the
instructions of the Servicer, shall withdraw an amount equal to such excess from the Cash Collateral Account and (i) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required
Spread Account Amount and (ii) distribute such amounts remaining after application pursuant to Section 4.11(c) to the Transferor. 

Section 4.12 Spread Account. 

(a) On or prior to the Closing Date, the Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the
Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Class C Noteholders and the Transferor, a segregated account (the “Spread Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Class C Noteholders and the Transferor. Except as otherwise provided in this Section 4.12, the Indenture Trustee shall possess all right, title and interest in all funds on deposit from time
to time in the Spread Account and in all proceeds thereof. The Spread Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Class C Noteholders and the holder of the Transferor Interest. If at any time
the institution holding the Spread Account ceases to be an Eligible Institution, the Servicer shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10)
Business Days (or such longer period as to which the Rating Agencies may consent) establish a new Spread Account meeting the conditions specified above with an Eligible Institution and shall transfer any cash or any investments to such new Spread
Account. The Indenture Trustee, at the written direction of the Servicer, shall (i) make withdrawals from the Spread Account from time to time in an amount up to the Available Spread Account Amount at such time, for the purposes set forth in this
Indenture Supplement, and (ii) on each Transfer Date prior to termination of the Spread Account, make a deposit into the Spread Account in the amount specified in, and otherwise in accordance with, Section 4.12(f). 

(b) Funds on deposit in the Spread Account shall be invested at the written direction of the Servicer by the Indenture Trustee in
Eligible Investments. Funds on deposit in the Spread Account on any Transfer Date, after giving effect to any withdrawals from and deposits to the Spread 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. 
 On each Transfer Date (but subject to
Section 4.12(c)), the Investment Earnings, if any, accrued since the preceding Transfer Date on funds on deposit in the Spread Account shall be retained in the Spread Account (to the extent that the Available Spread Account Amount is less
than the Required Spread Account Amount) and the balance, if any, shall be deposited into the Finance Charge Account and included in Available Finance Charge Collections for such Transfer Date. For purposes of determining the availability of funds
or the balance in the Spread Account for any reason under this Indenture Supplement (subject to Section 4.12(c)), all Investment Earnings shall be deemed not to be available or on deposit. 

 

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 (c) If, on any Transfer Date, the aggregate amount of Available Finance Charge Collections
and the amount, if any, withdrawn from the Cash Collateral Account available for deposit into the Distribution Account pursuant to subsection 4.4(a)(v) and Section 4.11(c), respectively, is less than the aggregate amount required to be
deposited pursuant to subsection 4.4(a)(v), the Indenture Trustee, at the written direction of the Servicer, shall withdraw from the Spread Account the amount of such deficiency up to the Available Spread Account Amount and, if the Available Spread
Account Amount is less than such deficiency, Investment Earnings credited to the Spread Account, and deposit such amount in the Distribution Account to fund any deficiency pursuant to subsection 4.4(a)(v). 

(d) On the earlier of Series 2010-A Final Maturity Date and the date on which the Class A Note Principal Balance, the Class M Note
Principal Balance and the Class B Note Principal Balance have been paid in full, after applying any funds on deposit in the Spread Account as described in Section 4.12(c), the Indenture Trustee at the written direction of the Servicer shall
withdraw from the Spread Account an amount equal to the lesser of (i) the Class C Note Principal Balance (after any payments to be made pursuant to Section 4.4(c) on such date) and (ii) the Available Spread Account Amount and, if the
Available Spread Account Amount is not sufficient to reduce the Class C Note Principal Balance to zero, Investment Earnings credited to the Spread Account up to the amount required to reduce the Class C Note Principal Balance to zero, and the
Indenture Trustee upon the written direction of the Servicer or the Servicer shall deposit such amounts into the Distribution Account for distribution to the Class C Noteholders in accordance with Section 5.2(f). 

(e) On any day following the occurrence of an Event of Default with respect to Series 2010-A and acceleration of the maturity of the
Series 2010-A Notes pursuant to Section 5.3 of the Indenture, Servicer shall withdraw from the Spread Account an amount equal to the Available Spread Account Amount and Indenture Trustee or Servicer shall deposit such amounts into the
Distribution Account for distribution to the Class C Noteholders, the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, in that order of priority, in accordance with Section 5.2, to fund any shortfalls in amounts owed
to such Noteholders. 
 (f) If on any Transfer Date, after giving effect to all withdrawals from the Spread Account, the
Available Spread Account Amount is less than the Required Spread Account Amount then in effect, Available Finance Charge Collections, to the extent available, shall be deposited into the Spread Account pursuant to subsection 4.4(a)(xi) up to
the amount of the Spread Account Deficiency. 
 (g) If, after giving effect to all deposits to and withdrawals from the Spread
Account with respect to any Transfer Date, the amount on deposit in the Spread Account exceeds the Required Spread Account Amount, the Indenture Trustee acting in accordance with the instructions of the Servicer, shall withdraw an amount equal to
such excess from the Spread Account and distribute such amount to the Transferor. On the date on which the Class C Note Principal Balance has been paid in full, after making any payments to the Noteholders required pursuant to Sections
4.12(c), (d) and (e), the Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account all amounts then remaining in the Spread Account and pay such amounts to the Transferor. 

 

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 Section 4.13 Investment Instructions. (a) Any investment instructions required to be
given to the Indenture Trustee pursuant to the terms hereof must be given to the Indenture Trustee no later than 11:00 a.m., New York City time, on the date such investment is to be made. In the event the Indenture Trustee receives such investment
instruction later than such time, the Indenture Trustee may, but shall have no obligation to, make such investment. In the event the Indenture Trustee is unable to make an investment required in an investment instruction received by the Indenture
Trustee after 11:00 a.m., New York City time, on such day, such investment shall be made by the Indenture Trustee on the next succeeding Business Day. In no event shall the Indenture Trustee be liable for any investment not made pursuant to
investment instructions received after 11:00 a.m., New York City time, on the day such investment is requested to be made. 

(b) The Indenture Trustee shall hold such of the Eligible Investments in the Series Accounts as consists of instruments, deposit
accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of New York and/or Illinois. The Indenture Trustee shall hold such of the Eligible Investments as constitutes investment property through a
securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of the Indenture Trustee, (b) such securities intermediary shall
treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities
intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity other than the Indenture
Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee), and (g) such agreement shall be governed by the laws of the State of New York. Terms used in the preceding sentence that are defined in the New York UCC and not otherwise
defined herein shall have the meaning set forth in the New York UCC. 
 Section 4.14 Controlled Accumulation Period. The
Controlled Accumulation Period is scheduled to commence at the beginning of business on June 1, 2014; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the May
2014 Determination Date is less than 12 months, upon written notice to the Indenture Trustee, Transferor and, each Rating Agency, Servicer shall postpone the date on which the Controlled Accumulation Period actually commences so that the number of
Monthly Periods in the Controlled Accumulation Period will equal the Controlled Accumulation Period Length; provided that (i) the length of the Controlled Accumulation Period will not be less than one month, (ii) such determination of the
Controlled Accumulation Period Length shall be made on each Determination Date on and after the May 2014 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any postponement of the Controlled Accumulation
Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event
commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Indenture Supplement to the contrary, no postponement of the Controlled Accumulation Period shall be made after an Early Amortization Event
shall have occurred and be continuing with respect to any other Series. The “Controlled Accumulation Period Length” will mean a number of whole months such that the amount available for distribution of principal on the Class A
Notes, the Class M Notes, the Class B Notes and the Class C Notes on the Expected Principal Payment Date is expected to equal or exceed the Note Principal Balance, assuming for this purpose that (1) the payment rate with respect to Principal
Collections remains constant at the lowest level of such payment rate during the twelve preceding Monthly Periods (or such lower payment rate as Servicer may select), (2) the total amount of Principal Receivables in the Trust (and the principal
amount on deposit in the Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Early Amortization Event with respect to any Series will subsequently occur and (4) no additional Series (other than any
Series being issued on such date of determination) will be subsequently issued; provided that the Servicer may on any Determination Date increase the Controlled Accumulation Period Length calculated as described in the preceding sentence by
either 1 month or 2 months. Any notice by Servicer modifying the commencement of the Controlled Accumulation Period pursuant to this Section 4.14 shall specify (i) the Controlled Accumulation Period Length, (ii) the commencement date of the
Controlled Accumulation Period and (iii) the Controlled Accumulation Amount with respect to each Monthly Period during the Controlled Accumulation Period. The Servicer shall calculate the Controlled Accumulation Period Length on each Determination
Date prior to the May 2014 Determination Date as necessary to determine the Reserve Account Funding Date. 
  

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 Section 4.15 Suspension of Controlled Accumulation Period. (a) The commencement of
the Controlled Accumulation Period shall be suspended upon delivery by the Servicer to the Indenture Trustee of (i) an Officer’s Certificate stating that all conditions precedent to such suspension set forth in this Section 4.15 have
been satisfied, (ii) a copy of an executed Qualified Maturity Agreement, (iii) an Opinion of Counsel addressed to the Indenture Trustee as to the due authorization, execution and delivery and the validity and enforceability of such Qualified
Maturity Agreement and (iv) a Tax Opinion concerning the effect of entering into the Qualified Maturity Agreement. The Servicer shall deliver a prior notice to the Rating Agencies of such suspension. The Issuer does hereby transfer, assign,
set-over, and otherwise convey to the Indenture Trustee for the benefit of the Series 2010-A Noteholders, without recourse, all of its rights under any Qualified Maturity Agreement obtained in accordance with this Section 4.15 and all
proceeds thereof. Such property shall constitute part of the Trust Estate for all purposes of the Indenture. The foregoing transfer, assignment, set-over and conveyance does not constitute and is not intended to result in a creation or an assumption
by the Indenture Trustee or any Noteholder of any obligation of the Issuer or any other Person in connection with a Qualified Maturity Agreement or under any agreement or instrument relating thereto. 

The Indenture Trustee hereby acknowledges its acceptance, to the extent validly transferred, assigned, set-over or otherwise conveyed to
the Indenture Trustee, for the benefit of the Series 2010-A Noteholders, of all of the rights previously held by the Issuer under any Qualified Maturity Agreement obtained by the Issuer and all proceeds thereof, and declares that it shall hold such
rights upon the trust set forth herein and in the Agreement, and subject to the terms hereof and thereof, for the benefit of the Series 2010-A Noteholders. 
  

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 (b) The Issuer shall cause the provider of each Qualified Maturity Agreement to deposit into
the Principal Accumulation Account on or before the Expected Principal Payment Date an amount equal to the initial Note Principal Balance; provided, however, that, if provided in the related Qualified Maturity Agreement, all or a
portion of such deposits may be funded with the proceeds of the issuance of a new Series or with the Available Principal Collections with respect to such Transfer Date. The amounts so deposited shall be applied on the Expected Principal Payment Date
pursuant to Section 4.4(c) as if the commencement of the Controlled Accumulation Period had not been suspended. 
 (c)
Each Qualified Maturity Agreement shall terminate at the close of business on the Expected Principal Payment Date; provided, however, that the Issuer shall terminate a Qualified Maturity Agreement prior to such Distribution Date, with
notice to each Rating Agency, if (i) the Available Reserve Account Amount equals the Required Reserve Account Amount and (ii) one of the following events occurs: (A) the Issuer obtains a substitute Qualified Maturity Agreement, (B) the provider of
the Qualified Maturity Agreement ceases to qualify as an Eligible Institution and the Issuer is unable to obtain a substitute Qualified Maturity Agreement or (C) an Early Amortization Event occurs. In the event that the provider of a Qualified
Maturity Agreement ceases to qualify as an Eligible Institution, the Issuer shall use its best efforts to obtain a substitute Qualified Maturity Agreement. 

(d) If a Qualified Maturity Agreement is terminated prior to the earlier of the Expected Principal Payment Date and the commencement of
the Early Amortization Period and the Issuer does not obtain a substitute Qualified Maturity Agreement, the Controlled Accumulation Period shall commence on the latest of (i) the beginning of business on June 1, 2014, (ii) the date to which the
commencement of the Controlled Accumulation Period is postponed pursuant to Section 4.l4 (as determined on the date of such termination) and (iii) the first day of the Monthly Period following the date of such termination. 

Section 4.16 Pre-Funding Account. 

(a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of
the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account (the “Pre-Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Series 2010-A Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Account and in all proceeds thereof. The Pre-Funding Account shall be under the
sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Pre-Funding Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture
Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Account meeting the conditions specified above with an Eligible Institution, and
shall transfer any cash or any investments to such new Pre-Funding Account. The Indenture Trustee, at the written direction of the Servicer, shall make withdrawals from the Pre-Funding Account from time to time, in the amounts and for the purposes
set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Pre-Funding Account. 

 

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 (b) Funds on deposit in the Pre-Funding Account (exclusive of investment earnings on deposit
in the Pre-Funding Account), from time to time, shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments so that funds will be available for withdrawal on any Business Day. 

(c) The Transferor shall deposit a portion of the cash proceeds of the sale of the Series 2010-A Notes in an amount equal to $72,152,000
into the Pre-Funding Account on the Closing Date. On the date on which the Pre-Funded Amount is released from the Pre-Funding Account pursuant to Section 4.16(d) or (e), as applicable, all interest and investment earnings on Eligible
Investments (net of losses and investment expenses) on deposit in the Pre-Funding Account shall be transferred to the Finance Charge Account and shall be treated as Available Finance Charge Collections for the July 2010 Monthly Period. 

(d) On any Business Day on or after the date on which sufficient funds have been set aside in the Series Accounts to pay the outstanding
principal amount of the Series 2008-A Notes in full, the Transferor (or the Servicer on behalf of the Transferor), may request the Pre-Funded Amount to be released from the Pre-Funding Account by delivery of a certificate in the form attached as
Exhibit D hereto (a “Pre-Funding Release Notice”). Such Pre-Funding Release Notice shall include a representation by the Transferor that the Transferor Amount shall not be less than the Minimum Transferor Amount on such date,
after giving effect to the requested withdrawal from the Pre-Funding Account and the increase in the Collateral Amount resulting therefrom in accordance with clause (b) of the definition of “Collateral Amount.” Such Pre-Funding Release
Notice shall be delivered not later than the last day of the Monthly Period in which sufficient funds have been set aside in the Trust Accounts to pay the outstanding principal amount of the Series 2008-A Notes in full; provided that the
Transferor shall not be required to deliver, and shall not be permitted to deliver, any such Pre-Funding Release Notice if the release of funds from the Pre-Funding Account and related increase in the Collateral Amount would cause the Transferor
Amount to be less than the Minimum Transferor Amount after giving effect to such release. The Indenture Trustee, pursuant to directions contained in the Pre-Funding Release Notice, shall apply the Pre-Funded Amount released from the Pre-Funding
Account in the following order of priority: (a) to deposit into the Cash Collateral Account an amount equal to the excess, if any, of the Required Cash Collateral Amount (calculated after giving effect to the increase in the Collateral Amount
resulting from such release) over the Available Cash Collateral Amount and (b) any remaining amount shall be released to the Transferor. The Pre-Funding Account shall thereafter be automatically terminated for purposes of this Indenture Supplement.

 (e) To the extent the Pre-Funded Amount has not been released from the Pre-Funding Account in accordance with Section
4.16(d), on the August 2010 Transfer Date, the Pre-Funded Amount shall be withdrawn from the Pre-Funding Account and transferred to the Distribution Account. On the August 2010 Distribution Date, amounts deposited into the Distribution Account
pursuant to the preceding sentence shall be distributed to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class C Noteholders, pro rata, based on the initial principal amounts of the Class A Notes, the Class
M Notes, the Class B Notes and the Class C Notes, respectively. The Pre-Funding Account shall thereafter be automatically terminated for purposes of this Indenture Supplement. 

 

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 Section 4.17 Pre-Funding Period Reserve Account. 

(a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of
the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account (the “Pre-Funding Period Reserve Account”), bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Series 2010-A Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Period Reserve Account and in all proceeds thereof. The
Pre-Funding Period Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Pre-Funding Period Reserve Account ceases to be an
Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Period Reserve
Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Pre-Funding Period Reserve Account. The Indenture Trustee, at the written direction of the Servicer, shall make
withdrawals from the Pre-Funding Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in
the Pre-Funding Period Reserve Account. 
 (b) Funds on deposit in the Pre-Funding Period Reserve Account, from time to time,
shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that funds will be available for withdrawal on or prior to the following Transfer Date. All interest and earnings
on Eligible Investments included in the Pre-Funding Period Reserve Account (net of losses and investment expenses) shall be retained in the Pre-Funding Period Reserve Account and shall be included in the Available Pre-Funding Period Reserve Amount.

 (c) On the Closing Date, Transferor shall deposit $316,647.07 in immediately available funds into the Pre-Funding Period
Reserve Account. 
 (d) On the August 2010 Transfer Date, the Indenture Trustee, at the direction of the Servicer, shall
transfer an amount equal to the Available Pre-Funding Period Reserve Amount from the Pre-Funding Period Reserve Account to the Finance Charge Account and such amount shall be treated as Available Finance Charge Collections for such Transfer Date.
The Pre-Funding Period Reserve Account shall thereafter be automatically terminated for purposes of this Indenture Supplement. 

ARTICLE V. 

Delivery of Series 2010-A Notes; Distributions; Reports to Series 2010-A Noteholders 

Section 5.1 Delivery and Payment for the Series 2010-A Notes. 

The Owner Trustee, on behalf of the Issuer, shall execute and issue, and the Indenture Trustee shall authenticate, the Series 2010-A
Notes in accordance with Section 2.3 of the Indenture. The Indenture Trustee shall deliver the Series 2010-A Notes to or upon the written order of the Trust when so authenticated. 

 

 37 

 Section 5.2 Distributions. 

(a) On each Distribution Date, the Indenture Trustee shall distribute to each Class A Noteholder of record on the related Record Date
(other than as provided in Section 11.2 of the Indenture) such Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable
to the Class A Noteholders pursuant to this Indenture Supplement. 
 (b) On each Distribution Date, the Indenture Trustee shall
distribute to each Class M Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture) such Class M Noteholder’s pro rata share of the amounts on deposit in the Distribution Account
that are allocated and available on such Distribution Date and as are payable to the Class M Noteholders pursuant to this Indenture Supplement. 

(c) On each Distribution Date, the Indenture Trustee shall distribute to each Class B Noteholder of record on the related Record Date
(other than as provided in Section 11.2 of the Indenture) such Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable
to the Class B Noteholders pursuant to this Indenture Supplement. 
 (d) On each Distribution Date, the Indenture Trustee shall
distribute to each Class C Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture) such Class C Noteholder’s pro rata share of the amounts on deposit in the Distribution Account
(including amounts withdrawn from the Spread Account (at the times and in the amounts specified in Section 4.12)) that are allocated and available on such Distribution Date and as are payable to the Class C Noteholders pursuant to this
Indenture Supplement. 
 (e) The distributions to be made pursuant to this Section 5.2 are subject to the provisions of
Sections 2.6, 6.1 and 7.1 of the Transfer and Servicing Agreement, Section 11.2 of the Indenture and Section 7.1 of this Indenture Supplement. 

(f) Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series 2010-A
Noteholders hereunder shall be made by (i) check mailed to each Series 2010-A Noteholder (at such Noteholder’s address as it appears in the Note Register), except that for any Series 2010-A Notes registered in the name of the nominee of a
Clearing Agency, such distribution shall be made by wire transfer of immediately available funds and (ii) without presentation or surrender of any Series 2010-A Note or the making of any notation thereon. 

Section 5.3 Reports and Statements to Series 2010-A Noteholders. 

(a) On each Distribution Date, the Indenture Trustee shall forward to each Series 2010-A Noteholder a statement substantially in the form
of Exhibit C prepared by the Servicer; provided that the Servicer may amend the form of Exhibit C from time to time, with the prior written consent of the Indenture Trustee and with written notice to the Rating Agencies.

  

 38 

 (b) Not later than the second Business Day preceding each Distribution Date, the Servicer
shall deliver to the Owner Trustee, the Indenture Trustee and each Rating Agency a statement substantially in the form of Exhibit B prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B from time
to time, with the prior written consent of the Indenture Trustee. 
 (c) A copy of each statement or certificate provided
pursuant to paragraph (a) or (b) may be obtained by any Series 2010-A Noteholder by a request in writing to the Servicer. 

(d) On or before January 31 of each calendar year, beginning with January 31, 2011, the Indenture Trustee shall furnish or cause to be
furnished to each Person who at any time during the preceding calendar year was a Series 2010-A Noteholder, a statement prepared by the Servicer containing the information which is required to be contained in the statement to Series 2010-A
Noteholders, as set forth in paragraph (a) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Series 2010-A Noteholder, together with other information as is required to be provided by an
issuer of indebtedness under the Code. Such obligation of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Code
as from time to time in effect. 
 (e) Notwithstanding the terms of Section 3.6(b) of the Transfer and Servicing
Agreement, each Series 2010-A Noteholder agrees, by purchasing its Note, that the report referred to in that Section need not be delivered to the Indenture Trustee or any Rating Agency unless the Indenture Trustee or the applicable Rating Agency
agrees to execute a letter agreement relating to such report in form and substance satisfactory to the accountants delivering the report. 

ARTICLE VI. 

Series 2010-A Early Amortization Events 

Section 6.1 Series 2010-A Early Amortization Events. If any one of the following events shall occur with respect to the Series
2010-A Notes: 
 (a) failure on the part of Transferor or the “Transferor” under the Pooling and Servicing Agreement
(i) to make any payment or deposit required to be made by it by the terms of the Pooling and Servicing Agreement, the Collateral Series Supplement, the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on or before the
date occurring five (5) Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform in any material respect any other of its covenants or agreements set forth in the Transfer and
Servicing Agreement, the Pooling and Servicing Agreement, the Indenture or this Indenture Supplement, which failure has a material adverse effect on the Series 2010-A Noteholders and which continues unremedied for a period of sixty (60) days after
the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Holder of the Series 2010-A Notes;

  

 39 

 (b) any representation or warranty made by Transferor or the “Transferor” under
the Pooling and Servicing Agreement, in the Transfer and Servicing Agreement or the Pooling and Servicing Agreement or any information contained in a computer file or microfiche list required to be delivered by it pursuant to Section 2.1 or
Section 2.6(c) of the Transfer and Servicing Agreement or Section 2.1 or Section 2.6(c) of the Pooling and Servicing 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 sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the
Transferor and the Indenture Trustee by any Holder of the Series 2010-A Notes and as a result of which the interests of the Series 2010-A Noteholders are materially and adversely affected for such period; provided, however, that a
Series 2010-A Early Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during
such period in accordance with the provisions of the Transfer and Servicing Agreement or the Pooling and Servicing Agreement; 

(c) a failure by Transferor or the “Transferor” under the Pooling and Servicing Agreement to convey Receivables in Additional
Accounts or Participations to the Receivables Trust within five (5) Business Days after the day on which it is required to convey such Receivables pursuant to Section 2.6(b) of the Transfer and Servicing Agreement or Section 2.8(b) of
the Pooling and Servicing Agreement, respectively; provided, however, that a Series 2010-A Early Amortization Event pursuant to this Section 6.1(c) shall not be deemed to have occurred hereunder if, prior to the date on which
such conveyance was required to be completed, Transferor causes a reduction in the Collateral Amount of any Variable Interest to occur or a reduction in the “Invested Amount” or “Adjusted Invested Amount” (as such terms are
defined in the Pooling and Servicing Agreement) of any “Variable Interest” (as defined in the Pooling and Servicing Agreement) so that, after giving effect to that reduction (i) the Transferor Amount is not less than the Minimum Transferor
Amount and (ii) the sum of the aggregate amount of principal receivables plus amounts on deposit in the Excess Funding Account is not less than the Required Principal Balance; 

(d) any Servicer Default or any “Servicer Default” under the Pooling and Servicing Agreement shall occur and as a result of
which the interests of the Series 2010-A Noteholders are materially and adversely affected; 
 (e) the Portfolio Yield averaged
over any three consecutive Monthly Periods is less than the Base Rate averaged over such period; 
 (f) the Note Principal
Balance shall not be paid in full on the Expected Principal Payment Date; 
 (g) the Series 2008-A Notes shall not be paid in
full on the August 2010 Distribution Date; 
 (h) without limiting the foregoing, the occurrence of an Event of Default with
respect to Series 2010-A and acceleration of the maturity of the Series 2010-A Notes pursuant to Section 5.3 of the Indenture; or 
  

 40 

 (i) the occurrence of an Early Amortization Event as defined in the Pooling and Servicing
Agreement and specified in Section 9.1 of that Agreement; 
 then, in the case of any event described in Section (a), (b)
or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Indenture Trustee or the holders of Series 2010-A Notes evidencing more than 50% of the aggregate Outstanding Amount of Series 2010-A Notes (or, if
100% of the principal amount of the Series 2010-A Notes are held by the Transferor or any Affiliate of the Transferor, then the holders of Series 2010-A Notes evidencing more than 50% of the aggregate unpaid principal amount of the Series 2010-A
Notes) by notice then given in writing to the Transferor and the Servicer (and to the Indenture Trustee if given by the Series 2010-A Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2010-A (a
“Series 2010-A Early Amortization Event”) has occurred as of the date of such notice, and, in the case of any event described in Section (c), (e), (f), (g), (h) or (i) a Series 2010-A Early
Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Series 2010-A Noteholders immediately upon the occurrence of such event. 

ARTICLE VII. 

Redemption of Series 2010-A Notes; Final Distributions; Series Termination 

Section 7.1 Optional Redemption of Series 2010-A Notes; Final Distributions. 

(a) On any day occurring on or after the date on which the outstanding principal balance of the Series 2010-A Notes is reduced to 5% or
less of the initial outstanding principal balance of Series 2010-A Notes, the Servicer shall have the option to redeem the Series 2010-A Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such
Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 

(b) Servicer shall give the Indenture Trustee at least thirty (30) days prior written notice of the date on which Servicer intends to
exercise such optional redemption. Not later than 12:00 noon, New York City time, on such day Servicer shall deposit into the Collection Account in immediately available funds the excess of the Reassignment Amount over the amount, if any, on deposit
in the Principal Accumulation Account. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Account in accordance with the foregoing, the Collateral Amount for Series 2010-A
shall be reduced to zero and the Series 2010-A Noteholders shall have no further security interest in the Receivables. The Reassignment Amount shall be distributed as set forth in Section 7.1(d). 

(c) (i) The amount to be paid by the Transferor with respect to Series 2010-A in connection with a reassignment of Receivables to the
Transferor pursuant to Section 2.4(e) of the Transfer and Servicing Agreement shall equal the Reassignment Amount for the first Distribution Date following the Monthly Period in which the reassignment obligation arises under the Transfer and
Servicing Agreement. 
  

 41 

 (ii) The amount to be paid by the Transferor with respect to Series 2010-A
in connection with a repurchase of the Notes pursuant to Section 7.1 of the Transfer and Servicing Agreement shall equal the Reassignment Amount for the Distribution Date of such repurchase. 

(d) With respect to (a) the Reassignment Amount deposited into the Distribution Account pursuant to Section 7.1 or (b) the
proceeds of any sale of Receivables pursuant to Section 5.5(a)(iii) of the Indenture with respect to Series 2010-A, the Indenture 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 distributions of the following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and distributions otherwise to be made on such date) in immediately
available funds: (i) (x) the Class A Note Principal Balance on such Distribution Date will be distributed to the Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A
Deficiency Amount for such 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 Noteholders on any prior
Distribution Date, will be distributed to the Class A Noteholders, (ii) (x) the Class M Note Principal Balance on such Distribution Date will be distributed to the Class M Noteholders and (y) an amount equal to the sum of (A) Class M Monthly
Interest for such Distribution Date, (B) any Class M Deficiency Amount for such Distribution Date and (C) the amount of Class M Additional Interest, if any, for such Distribution Date and any Class M Additional Interest previously due but not
distributed to the Class M Noteholders on any prior Distribution Date, will be distributed to the Class M Noteholders, (iii) (x) the Class B Note Principal Balance on such Distribution Date will be distributed to the Class B Noteholders and (y) an
amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Deficiency Amount for such 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 Noteholders on any prior Distribution Date, will be distributed to the Class B Noteholders, (iv) (x) the Class C Note Principal Balance on such Distribution Date will be
distributed to the Class C Noteholders and (y) an amount equal to the sum of (A) Class C Monthly Interest for such Distribution Date, (B) any Class C Deficiency Amount for such Distribution Date, and (C) the amount of Class C Additional Interest, if
any, for such Distribution Date and any Class C Additional Interest previously due but not distributed to the Class C Noteholders on any prior Distribution Date will be distributed to the Class C Noteholders, and (v) any excess shall be released to
the Issuer. 
 Section 7.2 Series Termination. 

On the Series 2010-A Final Maturity Date, the unpaid principal amount of the Series 2010-A Notes shall be due and payable, and the right
of the Series 2010-A Noteholders to receive payments from the Issuer will be limited solely to the right to receive payments pursuant to Section 5.5 of the Indenture. 

 

 42 

 ARTICLE VIII. 

Miscellaneous Provisions 

Section 8.1 Ratification of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects
ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. This Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 10.1 or 10.2 of the Indenture. For purposes of the application of Section 10.2 to any amendment of this Indenture Supplement, the Series 2010-A Noteholders shall be the only Noteholders whose
vote shall be required. The Issuer hereby agrees to provide notice of any amendment to this Indenture Supplement to Moody’s within five (5) Business Days of execution thereof. 

Section 8.2 Form of Delivery of the Series 2010-A Notes. The Class A Notes, the Class M Notes and the Class B Notes shall be
Book-Entry Notes and shall be delivered as Registered Notes as provided in Sections 2.1 and 2.13 of the Indenture. The Class C Notes shall initially be Definitive Notes registered in the Note Register in the name of the Transferor.
Subject to satisfaction of the conditions specified in Section 8.8, if the Transferor desires to sell 100% of outstanding principal amount of the Class C Note to one or more purchasers, the Transferor may exchange the corresponding Definitive
Note for a Global Note in the form attached as Exhibit A-4-B, upon surrender of such Definitive Note to the Indenture Trustee; it being understood that the Transferor may not retain any portion of the Definitive Note so exchanged for a Global
Note upon a Transfer contemplated by this sentence. Such exchange shall not constitute an amendment of this Indenture Supplement. 

Section 8.3 Counterparts. This Indenture Supplement may be executed in two or more counterparts, and by different parties on
separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 

Section 8.4 GOVERNING LAW. THIS INDENTURE 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 8.5 Limitation of Liability. Notwithstanding any other provision herein or elsewhere, this Agreement has been executed and
delivered by U.S. Bank Trust National Association, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall U.S. Bank Trust National Association in its individual capacity have any liability in
respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the Trust, and for all purposes of this Agreement and each other
document, the Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 
  

 43 

 Section 8.6 Rights of the Indenture Trustee. The Indenture Trustee shall have herein
the same rights, protections, indemnities and immunities as specified in the Master Indenture. 
 Section 8.7 Additional
Provisions. (a) The Additional Minimum Transferor Amount is hereby specified as an additional amount to be considered part of the Minimum Transferor Amount pursuant to clause (b) of the definition of Minimum Transferor Amount. 

(b) Transferor shall not exercise its right to require reassignment to it or its designee of the Receivables in any Removed Account or
“Removed Account” (as defined in the Pooling and Servicing Agreement) pursuant to Section 2.7(a) of the Transfer and Servicing Agreement or Section 2.9(a) of the Pooling and Servicing Agreement more than once during any
Monthly Period; it being understood that this Section 8.7(b) shall not limit any right of the Transferor pursuant to Section 2.7(b) of the Transfer and Servicing Agreement or Section 2.9(b) of the Pooling and Servicing
Agreement. 
 (c) Transferor shall not exercise its discount option pursuant to Section 2.10 of the Pooling and Servicing
Agreement or Section 2.8 of the Transfer and Servicing Agreement. 
 Section 8.8 Additional Requirements for
Registration of and Limitations on Transfer and Exchange of Notes. 
 (a) All Transfers will be subject to the transfer
restrictions set forth on the Notes. 
 (b) No Transfer (or purported Transfer) of a Class C Note (or economic interest therein)
shall be made by WFN, the Transferor or any person which is considered the same person as WFN or the Transferor for U.S. Federal income tax purposes (except to a person which is considered the same person as WFN for such purposes) and any such
Transfer (or purported Transfer) of such Notes shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Notes will constitute debt for U.S. federal income tax purposes. 

[SIGNATURE PAGE FOLLOWS] 
  

 44 

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

			
	WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, as Issuer
	
	By: U.S. Bank Trust National Association, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Acknowledged and Accepted:
	
	WORLD FINANCIAL NETWORK NATIONAL BANK, as Servicer
		
	By:	 	  

		 	Name: Ronald C. Reed
		 	Title: Treasurer
	
	WFN CREDIT COMPANY, LLC as Transferor
		
	By:	 	  

		 	Name: Daniel T. Groomes
		 	Title: President

  

					
		  	S-1	  	Indenture Supplement

 EXHIBIT A-1 

FORM OF CLASS A SERIES 2010-A 3.96% ASSET BACKED NOTE 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT
WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR
ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT, THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 THE
HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR
PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 
  

 Exhibit A-1 (Page 1) 

 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT,
COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, WORLD FINANCIAL NETWORK NATIONAL BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) AND THAT YOU ARE
NOT PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA (AS DEFINED BELOW), SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN
THE ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE. 

 

 Exhibit A-1 (Page 2) 

			
	REGISTERED	 	$[            ]
	No. R-                     	 	CUSIP NO. [            ]

WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A

CLASS A SERIES 2010-A 3.96% ASSET BACKED NOTE 

World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following
provisions, the principal sum of                      DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the April 2019 Distribution Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Distribution Date until
the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the
initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Principal of this Note shall be paid in the manner specified in
the Indenture Supplement referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf
of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

 

 Exhibit A-1 (Page 3) 

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

 

			
	 WORLD FINANCIAL NETWORK CREDIT

CARD MASTER NOTE TRUST, as Issuer

	
	By: U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:             , 2010 

 

 Exhibit A-1 (Page 4) 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee
		
	By:	 	  

		 	Authorized Signatory
	Dated:	 	  

 

 Exhibit A-1 (Page 5) 

 WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A

CLASS A SERIES 2010-A 3.96% ASSET BACKED NOTE

Summary of Terms and Conditions 

This Class A Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit Card Master
Note Trust, Series 2010-A (the “Series 2010-A Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and The Bank of New York Mellon
Trust Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of July 8, 2010 (the “Indenture Supplement”), and representing the right to receive certain payments
from the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this
Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

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

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

THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, WORLD FINANCIAL NETWORK NATIONAL BANK, WFN CREDIT COMPANY, LLC,
OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

 Exhibit A-1 (Page 6) 

 THIS CLASS A NOTE 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. 
  

 Exhibit A-1 (Page 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:	 	  	 		 	  	 	**
		 		 		 	Signature Guaranteed:	 	

  

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

  

 Exhibit A-1 (Page 8) 

 EXHIBIT A-2 

FORM OF CLASS M SERIES 2010-A 5.20% ASSET BACKED NOTE 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT
WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR
ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT, THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 THE
HOLDER OF THIS CLASS M NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS M NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR
PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 
  

 Exhibit A-2 (Page 1) 

 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT,
COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, WORLD FINANCIAL NETWORK NATIONAL BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) AND THAT YOU ARE
NOT PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA (AS DEFINED BELOW), SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN
THE ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE. 

 

 Exhibit A-2 (Page 2) 

			
	REGISTERED	 	$[            ]
	No. R-                     	 	CUSIP No. [            ]

WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A

CLASS M SERIES 2010-A 5.20% ASSET BACKED NOTE 

World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co, or registered assigns, subject to the following
provisions, the principal sum of                      DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the April 2019 Distribution Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class M Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the
initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Principal of this Note shall be paid in the manner specified in
the Indenture Supplement referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf
of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

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

 Exhibit A-2 (Page 3) 

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

 

			
	WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, as Issuer
	
	By: U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:             , 2010 

 

 Exhibit A-2 (Page 4) 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee
		
	By:	 	  

		 	Authorized Signatory
	Dated:	 	  

 

 Exhibit A-2 (Page 5) 

 WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A

CLASS M SERIES 2010-A 5.20% ASSET BACKED NOTE

Summary of Terms and Conditions 

This Class M Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit Card Master Note
Trust, Series 2010-A (the “Series 2010-A Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and The Bank of New York Mellon Trust
Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of July 8, 2010 (the “Indenture Supplement”), and representing the right to receive certain payments from
the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note
that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

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

Payments of principal and interest on the Class M Notes are subordinated to payments of principal and interest on the Class A Notes
pursuant to and in accordance with the Indenture. 
 The Noteholder, by its acceptance of this Note, agrees that it will look
solely to the property of the Issuer allocated to the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or,
except in the case of the Indenture Trustee as expressly provided in the Indenture, subject to any liability under the Indenture. 

This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

THIS CLASS M NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, WORLD FINANCIAL NETWORK NATIONAL BANK, WFN CREDIT COMPANY, LLC,
OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

 Exhibit A-2 (Page 6) 

 THIS CLASS M NOTE 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. 
  

 Exhibit A-2 (Page 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:	  	  
	 	,	 	  
	  		 	  
	 	**
		  		 		 		  		 	Signature Guaranteed:	 	

  

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

  

 Exhibit A-2 (Page 8) 

 EXHIBIT A-3 

FORM OF CLASS B SERIES 2010-A 6.75% ASSET BACKED NOTE 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT
WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR
ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT, THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 THE
HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR
PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 
  

 Exhibit A-3 (Page 1) 

 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT,
COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, WORLD FINANCIAL NETWORK NATIONAL BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) AND THAT YOU ARE
NOT PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA (AS DEFINED BELOW), SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN
THE ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE. 

 

 Exhibit A-3 (Page 2) 

			
	REGISTERED	 	$[            ]
	No. R-                     	 	CUSIP No. [            ]

WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A

CLASS B SERIES 2010-A 6.75% ASSET BACKED NOTE 

World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co, or registered assigns, subject to the following
provisions, the principal sum of                      DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the April 2019 Distribution Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the
initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Principal of this Note shall be paid in the manner specified in
the Indenture Supplement referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf
of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

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

 Exhibit A-3 (Page 3) 

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

 

			
	WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, as Issuer
	
	By: U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:             , 2010 

 

 Exhibit A-3 (Page 4) 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee
		
	By:	 	  

		 	Authorized Signatory
	Dated:	 	  

 

 Exhibit A-3 (Page 5) 

 WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A

CLASS B SERIES 2010-A 6.75% ASSET BACKED NOTE

Summary of Terms and Conditions 

This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit Card Master Note
Trust, Series 2010-A (the “Series 2010-A Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and The Bank of New York Mellon Trust
Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of July 8, 2010 (the “Indenture Supplement”), and representing the right to receive certain payments from
the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note
that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

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

Payments of principal and interest on the Class B Notes are subordinated to payments of principal and interest on the Class A Notes
and the Class M Notes pursuant to and in accordance with the Indenture. 
 The Noteholder, by its acceptance of this Note,
agrees that it will look solely to the property of the Issuer allocated to the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject to any liability under the Indenture. 

This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, WORLD FINANCIAL NETWORK NATIONAL BANK, WFN CREDIT COMPANY, LLC,
OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

 Exhibit A-3 (Page 6) 

 THIS CLASS B NOTE 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. 
  

 Exhibit A-3 (Page 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:	  	  
	 	,	 	  
	  		 	  
	 	**
		  		 		 		  		 	Signature Guaranteed:	 	

  

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

  

 Exhibit A-3 (Page 8) 

 EXHIBIT A-4-A 

FORM OF DEFINITIVE CLASS C SERIES 2010-A 5.00% ASSET BACKED NOTE 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD FINANCIAL
NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT,
THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO
THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE,
AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN (IN EACH CASE OTHER THAN WORLD FINANCIAL NETWORK NATIONAL BANK OR A PERSON DISREGARDED AS AN ENTITY SEPARATE FROM WORLD FINANCIAL NETWORK NATIONAL BANK), AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE
ISSUER, THE INDENTURE TRUSTEE, THE SERVICER, WORLD FINANCIAL NETWORK NATIONAL BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) AND THAT YOU ARE NOT PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON
BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA (AS DEFINED BELOW), SECTION 4975 OF THE CODE (AS
DEFINED BELOW) OR ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS
SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE. 
  

 Exhibit A-4-A (Page 1) 

 TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE SUPPLEMENT.

  

 Exhibit A-4-A (Page 2) 

			
	REGISTERED	 	$[            ]
	No. R-                     	 	CUSIP No. [            ]

WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A 

CLASS C SERIES 2010-A 5.00% ASSET BACKED NOTE 

World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to , or registered assigns, subject to the following provisions, the
principal sum of                      DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the April
2019 Distribution Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class C Note Interest Rate on each Distribution Date until the principal amount of this
Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date,
from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

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

 Exhibit A-4-A (Page 3) 

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

 

			
	WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, as Issuer
	
	By: U.S. Bank Trust National
	Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:             , 2010 

 

 Exhibit A-4-A (Page 4) 

					
		  		  	INDENTURE TRUSTEE’S CERTIFICATE
		  		  	OF AUTHENTICATION

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

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee
		
	By:	 	  

		 	Authorized Signatory
	Dated:	 	  

 

 Exhibit A-4-A (Page 5) 

 WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A 

CLASS C SERIES 2010-A 5.00% ASSET BACKED NOTE 

Summary of Terms and Conditions 

This Class C Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit Card Master Note
Trust, Series 2010-A (the “Series 2010-A Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and The Bank of New York Mellon Trust
Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of July 8, 2010 (the “Indenture Supplement”), and representing the right to receive certain payments from
the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note
that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes, the Class M Notes and the Class B Notes will also be issued under the Indenture. Payments of principal and
interest on the Class C Notes are subordinated to payments of principal and interest on the Class A Notes, the Class M Notes and the Class B Notes pursuant to and in accordance with the Indenture. 

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

THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, WORLD FINANCIAL NETWORK NATIONAL BANK, WFN CREDIT COMPANY, LLC,
OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

 Exhibit A-4-A (Page 6) 

 THIS CLASS C NOTE 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. 
  

 Exhibit A-4-A (Page 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:                     ,
            	 		 	  
	 	**
		 		 	Signature Guaranteed:	 	

  

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

  

 Exhibit A-4-A (Page 8) 

 EXHIBIT A-4-B 

FORM OF GLOBAL CLASS C SERIES 2010-A 5.00% ASSET BACKED NOTE 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT
WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR
ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT, THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 THE
HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR
PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 
  

 Exhibit A-4-B (Page 1) 

 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT,
COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, WORLD FINANCIAL NETWORK NATIONAL BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) AND THAT YOU ARE
NOT PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA (AS DEFINED BELOW), SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN
THE ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE. 

 

 Exhibit A-4-B (Page 2) 

			
	 REGISTERED
 No.
R-                    
	  	 $[            ]

CUSIP No. [            ]

WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A 

CLASS C SERIES 2010-A 5.00% ASSET BACKED NOTE 

World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following
provisions, the principal sum of                      DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the April 2019 Distribution Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class C Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the
initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Principal of this Note shall be paid in the manner specified in
the Indenture Supplement referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf
of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

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

 Exhibit A-4-B (Page 3) 

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

 

			
	WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, as Issuer
	
	By: U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                    , 2010 
  

 Exhibit A-4-B (Page 4) 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Indenture Trustee
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	  

 

 Exhibit A-4-B (Page 5) 

 WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST SERIES 2010-A 

CLASS C SERIES 2010-A 5.00% ASSET BACKED NOTE 

Summary of Terms and Conditions 

This Class C Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit Card Master Note
Trust, Series 2010-A (the “Series 2010-A Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and The Bank of New York Mellon Trust
Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of July 8, 2010 (the “Indenture Supplement”), and representing the right to receive certain payments from
the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note
that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes, the Class M Notes and the Class B Notes will also be issued under the Indenture. Payments of principal and
interest on the Class C Notes are subordinated to payments of principal and interest on the Class A Notes, the Class M Notes and the Class B Notes pursuant to and in accordance with the Indenture. 

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

THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, WORLD FINANCIAL NETWORK NATIONAL BANK, WFN CREDIT COMPANY, LLC,
OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

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

 Exhibit A-4-B (Page 6) 

 THIS CLASS C NOTE 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. 
  

 Exhibit A-4-B (Page 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:	 	  
	 	**	  	
	Signature Guaranteed:	 		 		  	

  

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

  

 Exhibit A-4-B (Page 8) 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO INDENTURE TRUSTEE 

WORLD FINANCIAL NETWORK NATIONAL BANK 

WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST 

Series 2004-C, 2006-A, 2008-A, 2009-A, 2009-B, 2009-C, 2009-D and 2010-A 

MONTHLY PERIOD ENDING 

[            ] 

I. INSTRUCTIONS TO MAKE CERTAIN PAYMENTS 

WFN, as Servicer does hereby instruct The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee, to pay in accordance with the
Series 2004-C Indenture Supplement, dated as of September 22, 2004, the Series 2006-A Indenture Supplement, dated as of April 28, 2006, the Series 2008-A Indenture Supplement, dated as of September 12, 2008, the Series 2009-A
Indenture Supplement, dated as of April 14, 2009, the Series 2009-B Indenture Supplement, dated as of August 13, 2009, the Series 2009-C Indenture Supplement, dated as of August 13, 2009, the Series 2009-D Indenture Supplement, dated
as of August 13, 2009, and the Series 2010-A Indenture Supplement, dated as of July 8, 2010 [additional indenture supplements as applicable from time to time] (each, an “Indenture Supplement”) from the Distribution Account (or
other Series Account as specified below) on [ ] which date is a Transfer Date under each Indenture Supplement, amounts so deposited pursuant to each Indenture Supplement as set below. Defined terms used herein have the meanings specified in the
related Indenture Supplements. 
  

																			
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A	  	Total
	INTEREST PAYMENTS	  		  		  		  		  		  		  		  		  	
	 (From Distribution Accounts)
	  		  		  		  		  		  		  		  		  	
										
	 1.      Amount to be distributed to the Class A Noteholders
	  		  		  		  		  		  		  		  		  	
										
	 2.      Amount to be distributed to the Class M Noteholders
	  		  		  		  		  		  		  		  		  	
										
	 3.      Amount to be distributed to the Class B Noteholders
	  		  		  		  		  		  		  		  		  	
										
	 4.      Amount to be distributed to the Class C Noteholders
	  		  		  		  		  		  		  		  		  	
										
	 5.      Amount to be distributed to the Swap Provider
	  		  		  		  		  		  		  		  		  	

  

 Exhibit B (Page 1) 

																			
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A	  	Total
	 6.      Amount to be received from the Swap Provider
	  		  		  		  		  		  		  		  		  	
										
	 7.      Amount to be returned to WFN
	  		  		  		  		  		  		  		  		  	
										
	PRINCIPAL PAYMENTS	  		  		  		  		  		  		  		  		  	
	 (From Principal Accounts)
	  		  		  		  		  		  		  		  		  	
										
	 1.      Amount to be distributed to the Class A Noteholders
	  		  		  		  		  		  		  		  		  	
										
	 2.      Amount to be distributed to the Class M Noteholders
	  		  		  		  		  		  		  		  		  	
										
	 3.      Amount to be distributed to the Class B Noteholders
	  		  		  		  		  		  		  		  		  	
										
	 4.      Amount to be distributed to the Class C Noteholders
	  		  		  		  		  		  		  		  		  	
										
	TRANSFER OF INTEREST EARNINGS	  		  		  		  		  		  		  		  		  	
	 (from Accounts below to Finance Charge Accounts)
	  		  		  		  		  		  		  		  		  	
										
	 1.      Cash Collateral Account
	  		  		  		  		  		  		  		  		  	
										
	 2.      Spread Account
	  		  		  		  		  		  		  		  		  	
										
	 3.      Principal Accumulation Account
	  		  		  		  		  		  		  		  		  	
										
	 4.      Principal Account
	  		  		  		  		  		  		  		  		  	
										
	 5.      Reserve Account
	  		  		  		  		  		  		  		  		  	
										
	 6.      Pre-Funding Account
	  		  		  		  		  		  		  		  		  	

  

					
		  	 World Financial Network National Bank, as Servicer

 

By:                        
                                

Name:                        
                          

Title:                        
                            
	 	

  

 Exhibit B (Page 2) 

 EXHIBIT C 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT 

MONTHLY NOTEHOLDER’S STATEMENT 

WORLD FINANCIAL NETWORK CREDIT CARD 

MASTER NOTE TRUST 

SERIES 2004-C, SERIES 2006-A, SERIES 2008-A, SERIES 2009-A, SERIES 2009-B, SERIES 

2009-C, SERIES 2009-D AND SERIES 2010-A 

Pursuant to the Master Indenture, dated as of August 1, 2001, (as amended and supplemented, the “Indenture”) between World Financial
Network Credit Card Master Note Trust (the “Issuer”) and The Bank of New York Mellon Trust Company, N.A., as indenture trustee (the “Indenture Trustee”), the Series 2004-C Indenture Supplement, dated as of September 22,
2004, the 2006-A Indenture Supplement, dated April 28, 2006, the 2008-A Indenture Supplement, dated as of September 12, 2008, the Series 2009-A Indenture Supplement, dated as of April 14, 2009, the Series 2009-B Indenture Supplement,
dated as of August 13, 2009, the Series 2009-C Indenture Supplement, dated as of August 13, 2009, the Series 2009-D Indenture Supplement, dated as of August 13, 2009 and the Series 2010-A Indenture Supplement, dated as of July 8,
2010 (each, an “Indenture Supplement”), World Financial Network National Bank, as Servicer (the “Servicer”) under the Transfer and Servicing Agreement, dated as of August 1, 2001 (as amended, the “Transfer and Servicing
Agreement”) between the Servicer, WFN Credit Company, LLC, as Transferor and the Issuer, is required to prepare certain information each month regarding current distributions to the Noteholders and the performance of the Trust during the
previous month. The information required to be prepared with respect to the Distribution Date of [ ], 20[ ], and with respect to the performance of the Trust during the month of [ ], 20[ ] is set forth below. Capitalized terms herein are defined in
the Indenture and the Indenture Supplements. 
  

					
		 	Monthly Period:	 	 
		 	Determination Date:	 	 
		 	Distribution Date:	 	 
		 	Number of Days in Period:	 	 
		 	Number of Days in Month:	 	 
		 	Record Date:	 	 

  

 
 I. DEAL PARAMETERS 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	 (a) Class A Initial Note Principal Balance
	  		  		  		  		  		  		  		  	
	 (b) Class M Initial Note Principal Balance
	  		  		  		  		  		  		  		  	
	 (c) Class B Initial Note Principal Balance
	  		  		  		  		  		  		  		  	
	 (d) Class C Initial Note Principal Balance
	  		  		  		  		  		  		  		  	
	 (e) Total Initial Note Principal Balance
	  		  		  		  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
									
	 (f) Class A Initial Note Principal Balance %
	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 1) 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(g) Class M Initial Note Principal Balance %	  		  		  		  		  		  		  		  	
	(h) Class B Initial Note Principal Balance %	  		  		  		  		  		  		  		  	
	(i) Class C Initial Note Principal Balance %	  		  		  		  		  		  		  		  	
									
	(j) Required Retained Transferor Percentage	  		  		  		  		  		  		  		  	
	(k) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)	  		  		  		  		  		  		  		  	
									
	(l) LIBOR rate as of most recent reset day	  		  		  		  		  		  		  		  	
									
	(m) Class A Rate	  		  		  		  		  		  		  		  	
	(n) Class A Swap Rate, if applicable	  		  		  		  		  		  		  		  	
									
	(o) Class M Rate	  		  		  		  		  		  		  		  	
	(p) Class M Swap Rate, if applicable	  		  		  		  		  		  		  		  	
									
	(q) Class B Rate	  		  		  		  		  		  		  		  	
	(r) Class B Swap Rate, if applicable	  		  		  		  		  		  		  		  	
									
	(s) Class C Rate	  		  		  		  		  		  		  		  	
	(t) Class C Swap Rate, if applicable	  		  		  		  		  		  		  		  	
									
	(u) Servicing Fee Percentage	  		  		  		  		  		  		  		  	

 II. COLLATERAL AMOUNTS AND ALLOCATION PERCENTAGES 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	Monthly Period	  		  		  		  		  		  		  		  	
									
	(a) Initial Collateral Amount	  		  		  		  		  		  		  		  	
									
	(b) Principal Payments made to Noteholders	  		  		  		  		  		  		  		  	
	(c) Principal Accumulation Account Balance	  		  		  		  		  		  		  		  	
	(d) Unreimbursed Investor Charge-offs and Reallocated Principal Collections	  		  		  		  		  		  		  		  	
									
	(e) Collateral Amount-End of Current Monthly Period	  		  		  		  		  		  		  		  	
									
	(f) Beginning Class A Note Principal Balance	  		  		  		  		  		  		  		  	
	(g) Beginning Class M Note Principal Balance	  		  		  		  		  		  		  		  	
	(h) Beginning Class B Note Principal Balance	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 2) 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(i) Beginning Class C Note Principal Balance	  		  		  		  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	(j) Total Beginning Note Principal Balance	  		  		  		  		  		  		  		  	
									
	(k) Ending Class A Note Principal Balance	  		  		  		  		  		  		  		  	
	(l) Ending Class M Note Principal Balance	  		  		  		  		  		  		  		  	
	(m) Ending Class B Note Principal Balance	  		  		  		  		  		  		  		  	
	(n) Ending Class C Note Principal Balance	  		  		  		  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	(o) Total Ending Note Principal Balance	  		  		  		  		  		  		  		  	
									
	(p) Allocation Percentage- Finance Charges Collections and Default Amounts	  		  		  		  		  		  		  		  	
									
	(q) Allocation Percentage- Principal Collections	  		  		  		  		  		  		  		  	

 III. RECEIVABLES IN THE TRUST 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(a) Beginning of the Month Principal Receivables	  		  		  		  		  		  		  		  	
									
	(b) Collection of Principal Receivables	  		  		  		  		  		  		  		  	
	(c) Defaulted Receivables (principal charge-offs):	  		  		  		  		  		  		  		  	
	(d) Dilution (Principal net of Debit Adjustments):	  		  		  		  		  		  		  		  	
	(e) Sales (principal receivables generated):	  		  		  		  		  		  		  		  	
	(f) Net (Removal)/Addition of Principal Receivables:	  		  		  		  		  		  		  		  	
									
	(g) End of Month Principal Receivables (a - b - c - d + e + f)	  		  		  		  		  		  		  		  	
									
	(h) Recoveries of previously Charged-off Receivables:	  		  		  		  		  		  		  		  	
									
	(i) Beginning of the Month Finance Charge Receivables	  		  		  		  		  		  		  		  	
	(j) End of the Month Finance Charge Receivables	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 3) 

 IV. RECEIVABLES PERFORMANCE SUMMARY 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	COLLECTIONS:	  		  		  		  		  		  		  		  	
	(a) Collections of Principal Receivables	  		  		  		  		  		  		  		  	
	(b) Collections of Finance Charge Receivables	  		  		  		  		  		  		  		  	
	(c) Total Collections (a+b).	  		  		  		  		  		  		  		  	
	(d) Monthly Payment Rate (% of Beginning Total Receivables Outstanding)	  		  		  		  		  		  		  		  	
									
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	DELINQUENCIES AND LOSSES:	  		  		  		  		  		  		  		  	
	End of the month delinquencies:	  		  		  		  		  		  		  		  	
	(e) 1-30 days delinquent (CA1)	  		  		  		  		  		  		  		  	
	(f) 31-60 days delinquent (CA2)	  		  		  		  		  		  		  		  	
	(g) 61-90 days delinquent (CA3)	  		  		  		  		  		  		  		  	
	(h) 91-120 days delinquent (CA4)	  		  		  		  		  		  		  		  	
	(i) 121-150 days delinquent (CA5)	  		  		  		  		  		  		  		  	
	(j) 151+ days delinquent (CA6)	  		  		  		  		  		  		  		  	
	(k) Total delinquencies (e + f + g + h + i + j)	  		  		  		  		  		  		  		  	
									
	CHARGE-OFFS:	  		  		  		  		  		  		  		  	
									
	(l) Defaulted Receivables (principal charge-offs):	  		  		  		  		  		  		  		  	
	(m) Recoveries of previously Charged-off Receivables	  		  		  		  		  		  		  		  	
	(n) Gross Principal Charge-Offs (% of End of Month Total Principal Receivables)	  		  		  		  		  		  		  		  	
	 (annualized)
	  		  		  		  		  		  		  		  	
	(o) Net Principal Charge-Offs (% of End of Month Total Principal Receivables)	  		  		  		  		  		  		  		  	
	 (annualized)
	  		  		  		  		  		  		  		  	

 V. TRANSFEROR INTEREST 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(a) Required Retained Transferor Percentage	  		  		  		  		  		  		  		  	
	(b) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)	  		  		  		  		  		  		  		  	
									
	(c) Beginning Transferor’s Amount	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 4) 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(d) Ending Transferor’s Amount	  		  		  		  		  		  		  		  	
	(e) Minimum Transferor’s Amount	  		  		  		  		  		  		  		  	
	(f) Excess Funding Account Balance at end of Monthly Period	  		  		  		  		  		  		  		  	
	(g) Principal Accounts Balance at end of Monthly Period	  		  		  		  		  		  		  		  	
	(h) Sum of Principal Receivables, Excess Funding Account and Principal Accounts at end of Monthly Period	  		  		  		  		  		  		  		  	

 VI. TRUST ACCOUNT BALANCES AND EARNINGS 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	BEGINNING ACCOUNT BALANCES:	  		  		  		  		  		  		  		  	
									
	 (a) Finance Charge Account
	  		  		  		  		  		  		  		  	
	 (b) Cash Collateral Account
	  		  		  		  		  		  		  		  	
	 (c) Spread Account
	  		  		  		  		  		  		  		  	
	 (d) Reserve Account
	  		  		  		  		  		  		  		  	
	 (e) Principal Account
	  		  		  		  		  		  		  		  	
	 (f) Principal Accumulation Account

(g) Pre-Funding Account

(h) Pre-Funding Period Reserve Account
	  		  		  		  		  		  		  		  	
									
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	ENDING ACCOUNT BALANCES:	  		  		  		  		  		  		  		  	
									
	 (g) Finance Charge Account
	  		  		  		  		  		  		  		  	
	 (h) Cash Collateral Account
	  		  		  		  		  		  		  		  	
	 (i) Spread Account
	  		  		  		  		  		  		  		  	
	 (j) Reserve Account
	  		  		  		  		  		  		  		  	
	 (k) Principal Account
	  		  		  		  		  		  		  		  	
	 (l) Principal Accumulation Account

(m) Pre-Funding Account

(n) Pre-Funding Period Reserve Account
	  		  		  		  		  		  		  		  	
									
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	INTEREST AND EARNINGS:	  		  		  		  		  		  		  		  	
									
	 (m) Interest and Earnings on Finance Charge Account
	  		  		  		  		  		  		  		  	
	 (n) Interest and Earnings on Cash Collateral Account
	  		  		  		  		  		  		  		  	
	 (o) Interest and Earnings on Spread Account
	  		  		  		  		  		  		  		  	
	 (p) Interest and Earnings on Reserve Account
	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 5) 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(q) Interest and Earnings on Principal Accumulation Account	  		  		  		  		  		  		  		  	
	(r) Interest and Earnings on Principal Funding Account	  		  		  		  		  		  		  		  	
	(s) Interest and Earnings on Pre-Funding Account	  		  		  		  		  		  		  		  	

 VII. ALLOCATION AND APPLICATION of COLLECTIONS 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	APPLICATIONS OF FINANCE CHARGE COLLECTIONS:	  		  		  		  		  		  		  		  	
									
	(a) Floating Allocation of Finance Charges	  		  		  		  		  		  		  		  	
									
	(b) Class A Monthly Interest	  		  		  		  		  		  		  		  	
	(c) Class A Swap Payment Due to (from) Swap Provider, if applicable	  		  		  		  		  		  		  		  	
									
	(d) Class M Monthly Interest	  		  		  		  		  		  		  		  	
	(e) Class M Swap Payment Due to (from) Swap Provider, if applicable	  		  		  		  		  		  		  		  	
									
	(f) Class B Monthly Interest	  		  		  		  		  		  		  		  	
	(g) Class B Swap Payment Due to (from) Swap Provider, if applicable	  		  		  		  		  		  		  		  	
									
	(h) Servicing Fee (Beginning Collateral Amount*2%/12)	  		  		  		  		  		  		  		  	
									
	(i) Class C Monthly Interest	  		  		  		  		  		  		  		  	
	(j) Class C Swap Payment Due to (from) Swap Provider, if applicable	  		  		  		  		  		  		  		  	
									
	(k) Investor Default Amounts	  		  		  		  		  		  		  		  	
	(l) Uncovered Dilution Amounts	  		  		  		  		  		  		  		  	
	(m) Unreimbursed Investor Chargeoffs and Reallocated Principal Collections	  		  		  		  		  		  		  		  	
									
	(n) Required to be Deposited into Cash Collateral Account	  		  		  		  		  		  		  		  	
	(o) Required to be Deposited to the Pre-Funding Period Reserve Account	  		  		  		  		  		  		  		  	
	(p) Required Reserve Account Amount	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 6) 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(q) Required to be Deposited into the Spread Account	  		  		  		  		  		  		  		  	
									
	(r) Required Payments and Deposits Relating to Interest Rate Swaps	  		  		  		  		  		  		  		  	
									
	(s) Other Payments Required to be made	  		  		  		  		  		  		  		  	
									
	(t) Excess Finance Charge Collections (a-b-c-d-e-f-g-h-i-j-k-l-m-n-o-p-q-r-s)	  		  		  		  		  		  		  		  	
									
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	APPLICATION OF PRINCIPAL COLLECTIONS:	  		  		  		  		  		  		  		  	
									
	(t) Investor Principal Collections	  		  		  		  		  		  		  		  	
									
	(u) Less Reallocated Principal Collections	  		  		  		  		  		  		  		  	
									
	(v) Plus Shared Principal Collections from other Principal Sharing Series	  		  		  		  		  		  		  		  	
									
	(w) Plus Aggregate amount of Finance Charge Collections applied to cover Defaults and Uncovered Dilution and to be treated as Available Principal Collections	  		  		  		  		  		  		  		  	
									
	(x) Available Principal Collections (t+u+v+w)	  		  		  		  		  		  		  		  	
									
	(y) Deposits to Principal Accumulation Account	  		  		  		  		  		  		  		  	
									
	(z) Monthly Principal applied for payments to the Class A Noteholders	  		  		  		  		  		  		  		  	
									
	(aa) Monthly Principal applied for payments to the Class M Noteholders	  		  		  		  		  		  		  		  	
									
	(ab) Monthly Principal applied for payments to the Class B Noteholders	  		  		  		  		  		  		  		  	
									
	(ac) Monthly Principal applied for payments to the Class C Noteholders	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 7) 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(ad) Shared Principal Collections applied to other Principal Sharing	  		  		  		  		  		  		  		  	

 VIII. INVESTOR CHARGE-OFFS 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(a) Investor Defaults and Uncovered Dilution	  		  		  		  		  		  		  		  	
	(b) Reimbursed from Available Funds	  		  		  		  		  		  		  		  	
	(c) Reimbursed from Cash Collateral Account	  		  		  		  		  		  		  		  	
	(d) Total reimbursed in respect of Investor Defaults and Dilution	  		  		  		  		  		  		  		  	
	(e) Investor Charge-off (a - d)	  		  		  		  		  		  		  		  	

 IX. YIELD AND BASE RATE 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	Base Rate	  		  		  		  		  		  		  		  	
	(Monthly interest, any net swap payments and monthly servicing fees divided by collateral amounts plus amounts on deposit in the principal accumulation account)	  		  		  		  		  		  		  		  	
									
	(a) Base Rate (current month)	  		  		  		  		  		  		  		  	
	(b) Base Rate (prior month)	  		  		  		  		  		  		  		  	
	(c) Base Rate (2 months prior)	  		  		  		  		  		  		  		  	
									
	(d) 3 Month Average Base Rate	  		  		  		  		  		  		  		  	
									
	Portfolio Yield	  		  		  		  		  		  		  		  	
	(Finance charge collections less defaults allocable to each series divided by collateral amounts plus amounts on deposit in the principal accumulation account)	  		  		  		  		  		  		  		  	
									
	(e) Portfolio Yield (current month)	  		  		  		  		  		  		  		  	
	(f) Portfolio Yield (prior month)	  		  		  		  		  		  		  		  	
	(g) Portfolio Yield (2 months prior)	  		  		  		  		  		  		  		  	
									
	(h) 3 Month Average Portfolio Yield	  		  		  		  		  		  		  		  	
									
	Excess Spread Percentage	  		  		  		  		  		  		  		  	
	(Portfolio Yield less Base Rate)	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 8) 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(i) Portfolio Adjusted Yield (current month)	  		  		  		  		  		  		  		  	
	(j) Portfolio Adjusted Yield (prior month)	  		  		  		  		  		  		  		  	
	(k) Portfolio Adjusted Yield (2 months prior)	  		  		  		  		  		  		  		  	
									
	(l) Portfolio Adjusted Yield (3 month average)	  		  		  		  		  		  		  		  	

 IX. PRINCIPAL ACCUMULATION ACCOUNT 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(a) Cumulative Class A principal distributed to PAA (as of prior distribution date)	  		  		  		  		  		  		  		  	
	(b) Class A Principal deposited in the Principal Accumulation Account (PAA)	  		  		  		  		  		  		  		  	
	(c) Total Class A Principal deposited in the PAA (a + b)	  		  		  		  		  		  		  		  	
									
	(d) Cumulative Class M principal distributed to PAA (as of prior distribution date)	  		  		  		  		  		  		  		  	
	(e) Class M Principal deposited in the Principal Accumulation Account (PAA)	  		  		  		  		  		  		  		  	
	(f) Total Class M Principal deposited in the PAA (d + e)	  		  		  		  		  		  		  		  	
									
	(g) Cumulative Class B principal distributed to PAA (as of prior distribution date)	  		  		  		  		  		  		  		  	
	(h) Class B Principal deposited in the Principal Accumulation Account (PAA)	  		  		  		  		  		  		  		  	
	(i) Total Class B Principal deposited in the PAA (g + h)	  		  		  		  		  		  		  		  	
									
	(j) Cumulative Class C principal distributed to PAA (as of prior distribution date)	  		  		  		  		  		  		  		  	
	(k) Class C Principal deposited in the Principal Accumulation Account (PAA)	  		  		  		  		  		  		  		  	
	(l) Total Class C Principal deposited in the PAA (j + k)	  		  		  		  		  		  		  		  	
									
	(m) Ending PAA balance (c + f + i + l)	  		  		  		  		  		  		  		  	

  

 Exhibit C (Page 9) 

 X. PRINCIPAL REPAYMENT 

 

																	
	 	  	Series
2004-C	  	Series
2006-A	  	Series
2008-A	  	Series
2009-A	  	Series
2009-B	  	Series
2009-C	  	Series
2009-D	  	Series
2010-A
	(a) Class A Principal Paid (as of prior distribution dates)	  		  		  		  		  		  		  		  	
	(b) Class A Principal Payments	  		  		  		  		  		  		  		  	
	(c) Total Class A Principal Paid (a + b)	  		  		  		  		  		  		  		  	
									
	(d) Class M Principal Paid (as of prior distribution dates)	  		  		  		  		  		  		  		  	
	(e) Class M Principal Payments	  		  		  		  		  		  		  		  	
	(f) Total Class M Principal Paid (d + e)	  		  		  		  		  		  		  		  	
									
	(g) Class B Principal Paid (as of prior distribution dates)	  		  		  		  		  		  		  		  	
	(h) Class B Principal Payments	  		  		  		  		  		  		  		  	
	(i) Total Class B Principal Paid (g + h)	  		  		  		  		  		  		  		  	
									
	(j) Class C Principal Paid (as of prior distribution dates)	  		  		  		  		  		  		  		  	
	(k) Class C Principal Payments	  		  		  		  		  		  		  		  	
	(l) Total Class C Principal Paid (j + k)	  		  		  		  		  		  		  		  	

  

					
		  	 World Financial Network National Bank, as Servicer

 

By:                        
                                

Name:                        
                          

Title:                        
                            
	 	

  

 Exhibit C (Page 10) 

 EXHIBIT D 

FORM OF PRE-FUNDING RELEASE NOTICE 

Dated as of
                     
 The Bank of
New York Mellon Trust Company, N.A. 
 as Indenture Trustee 

2 North LaSalle Street, Suite 1020 
 Chicago, IL
60602 
 Attention: WFN 2010-A 
  

	 	Re:	World Financial Network Credit Card Master Note Trust, Series 2010-A Asset Backed Notes 

Ladies and Gentlemen: 

Reference is made to Section 4.16(d) of the Series 2010-A Indenture Supplement to Master Indenture, dated as of July 8,
2010 (the “Indenture Supplement”), between World Financial Network Credit Card Master Note Trust, as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee. Terms defined in the Indenture Supplement and
not otherwise defined herein are used herein as therein defined. 
 Pursuant to the Indenture Supplement, the Servicer hereby
directs you to release $             from the Pre-Funding Account, and to deposit or distribute such funds in the order of priority and in the manner set forth below: 

 

	 	(i)	to the Cash Collateral Account, $            ; and 

 

	 	(ii)	to Transferor, $            . 

The undersigned hereby certifies, on behalf of the Servicer, that the Transferor Amount as of
                    ,              shall not be less than the Minimum
Transferor Amount, after giving effect to the requested withdrawal on such date from the Pre-Funding Account pursuant to Section 4.16(d) of Indenture Supplement and the increase in the Collateral Amount resulting therefrom in accordance
with clause (b) of the definition of “Collateral Amount.” 
  

			
	Sincerely,
	
	 WORLD FINANCIAL NETWORK NATIONAL BANK, as Servicer

		
	By:	 	  

	Title:	 	
	Name:	 	

  

 Exhibit D (Page 1) 

 SCHEDULE 1 

PERFECTION COVENANTS 

Indenture Trustee covenants that it shall retain possession of the Collateral Certificate and that it shall not cause or allow possession
of the Collateral Certificate to be transferred to any other entity, including any Affiliate of Indenture Trustee, unless (i) the Indenture Trustee provides written notice of its intent to transfer possession of the Collateral Certificate to
the Owner Trustee, the Issuer and the Administrator at least sixty (60) days prior to such transfer, (ii) each of the Issuer and the Indenture Trustee receives an Opinion of Counsel of the Administrator stating that the Indenture Trustee
will continue to have a perfected security interest in the Collateral Certificate free of any adverse claim and (iii) the Indenture Trustee receives a certificate of the Administrator, on behalf of the Issuer, signed by the Chairman of the
Board, President, any Vice President or the Treasurer or any Assistant Treasurer, stating that the lien of the Indenture continues to constitute a valid first priority perfected security interest in the Collateral Certificate (other than with
respect to a tax, mechanics or similar lien). 
  

 -1-

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