Document:

EX-4.2

 Exhibit 4.2 

CARMAX AUTO FUNDING LLC, 
 as
Depositor, 
 and 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Owner Trustee 
  

 
 AMENDED AND
RESTATED TRUST AGREEMENT 
 Dated as of April 1, 2017 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	 Definitions
	  	 	1	 
	 Section 1.2
	 	 Other Definitional Provisions
	  	 	1	 
		
	 ARTICLE II ORGANIZATION OF THE TRUST
	  	 	2	 
	 Section 2.1
	 	 Name
	  	 	2	 
	 Section 2.2
	 	 Office
	  	 	2	 
	 Section 2.3
	 	 Purposes and Powers
	  	 	2	 
	 Section 2.4
	 	 Appointment of Owner Trustee
	  	 	3	 
	 Section 2.5
	 	 Initial Capital Contribution of Owner Trust Estate
	  	 	3	 
	 Section 2.6
	 	 Declaration of Trust
	  	 	3	 
	 Section 2.7
	 	 Liability of Certificateholders
	  	 	4	 
	 Section 2.8
	 	 Title to Trust Property
	  	 	4	 
	 Section 2.9
	 	 Situs of Trust
	  	 	4	 
	 Section 2.10
	 	 Representations and Warranties of the Depositor
	  	 	4	 
	 Section 2.11
	 	 Federal Income Tax Matters
	  	 	5	 
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	  	 	6	 
	 Section 3.1
	 	 Initial Ownership
	  	 	6	 
	 Section 3.2
	 	 The Certificates
	  	 	6	 
	 Section 3.3
	 	 Authentication of Certificates
	  	 	6	 
	 Section 3.4
	 	 Registration of Certificates; Transfer and Exchange of Certificates
	  	 	7	 
	 Section 3.5
	 	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	9	 
	 Section 3.6
	 	 Persons Deemed Owners
	  	 	10	 
	 Section 3.7
	 	 Access to List of Certificateholders’ Names and Addresses
	  	 	10	 
	 Section 3.8
	 	 Maintenance of Office or Agency
	  	 	11	 
	 Section 3.9
	 	 Appointment of Paying Agent
	  	 	11	 
	 Section 3.10
	 	 Restrictions on Note Acquisitions
	  	 	12	 
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	12	 
	 Section 4.1
	 	 Prior Notice to Certificateholders with Respect to Certain Matters
	  	 	12	 
	 Section 4.2
	 	 Action by Certificateholders with Respect to Certain Matters
	  	 	13	 
	 Section 4.3
	 	 Action by Certificateholders with Respect to Bankruptcy
	  	 	13	 
	 Section 4.4
	 	 Restrictions on Certificateholders’ Power
	  	 	13	 
	 Section 4.5
	 	 Majority Control
	  	 	13	 
	 Section 4.6
	 	 Certain Litigation Matters
	  	 	14	 
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	14	 
	 Section 5.1
	 	 Establishment of Certificate Payment Account
	  	 	14	 
	 Section 5.2
	 	 Application of Trust Funds
	  	 	14	 
	 Section 5.3
	 	 Method of Payment
	  	 	15	 
	 Section 5.4
	 	 No Segregation of Monies; No Interest
	  	 	15	 
	 Section 5.5
	 	 Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and
Others
	  	 	15	 
	 Section 5.6
	 	 Signature on Returns; Tax Matters Partner
	  	 	16	 

  
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	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	16	 
	 Section 6.1
	 	 General Authority
	  	 	16	 
	 Section 6.2
	 	 General Duties
	  	 	16	 
	 Section 6.3
	 	 Action upon Instruction
	  	 	17	 
	 Section 6.4
	 	 No Duties Except as Specified in this Trust Agreement or in Instructions
	  	 	18	 
	 Section 6.5
	 	 No Action Except Under Specified Documents or Instructions
	  	 	18	 
	 Section 6.6
	 	 Restrictions
	  	 	18	 
	 Section 6.7
	 	 Instructions by Electronic Methods
	  	 	18	 
	 Section 6.8
	 	 Communications Regarding Demands to Repurchase Receivables
	  	 	19	 
		
	 ARTICLE VII REGARDING THE OWNER TRUSTEE
	  	 	19	 
	 Section 7.1
	 	 Acceptance of Trusts and Duties
	  	 	19	 
	 Section 7.2
	 	 Furnishing of Documents
	  	 	21	 
	 Section 7.3
	 	 Representations and Warranties
	  	 	21	 
	 Section 7.4
	 	 Reliance; Advice of Counsel
	  	 	22	 
	 Section 7.5
	 	 Not Acting in Individual Capacity
	  	 	22	 
	 Section 7.6
	 	 Owner Trustee Not Liable for Certificates or Receivables
	  	 	23	 
	 Section 7.7
	 	 Owner Trustee May Own Certificates and Notes
	  	 	23	 
	 Section 7.8
	 	 Regulation AB
	  	 	23	 
		
	 ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	  	 	24	 
	 Section 8.1
	 	 Owner Trustee’s Fees and Expenses
	  	 	24	 
	 Section 8.2
	 	 Indemnification
	  	 	24	 
	 Section 8.3
	 	 Payments to the Owner Trustee
	  	 	24	 
		
	 ARTICLE IX TERMINATION
	  	 	24	 
	 Section 9.1
	 	 Termination of Trust Agreement
	  	 	24	 
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	25	 
	 Section 10.1
	 	 Eligibility Requirements for Owner Trustee
	  	 	25	 
	 Section 10.2
	 	 Resignation or Removal of Owner Trustee
	  	 	26	 
	 Section 10.3
	 	 Successor Owner Trustee
	  	 	26	 
	 Section 10.4
	 	 Merger or Consolidation of Owner Trustee
	  	 	27	 
	 Section 10.5
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	28	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	29	 
	 Section 11.1
	 	 Supplements and Amendments
	  	 	29	 
	 Section 11.2
	 	 No Legal Title to Owner Trust Estate in Certificateholders
	  	 	30	 
	 Section 11.3
	 	 Limitation on Rights of Others
	  	 	31	 
	 Section 11.4
	 	 Notices
	  	 	31	 
	 Section 11.5
	 	 Severability
	  	 	31	 
	 Section 11.6
	 	 Separate Counterparts
	  	 	31	 

  
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	 Section 11.7
	 	 Successors and Assigns
	  	 	31	 
	 Section 11.8
	 	 Covenants of the Depositor
	  	 	32	 
	 Section 11.9
	 	 No Petition
	  	 	32	 
	 Section 11.10
	 	 No Recourse
	  	 	32	 
	 Section 11.11
	 	 Headings
	  	 	32	 
	 Section 11.12
	 	 Governing Law; Waiver of Jury Trial
	  	 	32	 
	 Section 11.13
	 	 Depositor Payment Obligation
	  	 	32	 
	 Section 11.14
	 	 Certificates Nonassessable and Fully Paid
	  	 	32	 
	 Section 11.15
	 	 Ratification of Prior Actions
	  	 	33	 
	 Section 11.16
	 	 Legal Fees Associated with Indemnification
	  	 	33	 

 EXHIBITS 
  

			
	 EXHIBIT A
	 	 Form of Certificate

	 EXHIBIT B
	 	 Form of Certificate of Trust

  
 iii 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of April 1, 2017 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Agreement”), between CARMAX AUTO FUNDING LLC, a Delaware limited liability company, as depositor (the “Depositor”), and WILMINGTON TRUST, NATIONAL
ASSOCIATION, a national banking association, as owner trustee and not in its individual capacity (in such capacity, the “Owner Trustee”). 

WHEREAS, CarMax Auto Owner Trust 2017-2 was created on December 1, 2016 pursuant to (i) a
Trust Agreement, dated as of December 1, 2016 (the “Initial Trust Agreement”), between the Depositor and the Owner Trustee and (ii) the filing of a certificate of trust with the Secretary of State of the State of Delaware
on December 1, 2016; and 
 WHEREAS, the Depositor and the Owner Trustee wish to amend and restate the Initial Trust Agreement on the
terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Depositor and the Owner Trustee hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1    Definitions. Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof, among CarMax Auto Owner Trust 2017-2, as issuer, the Depositor, and CarMax Business Services, LLC, as
servicer, as amended, supplemented or otherwise modified and in effect from time to time. 

Section 1.2    Other Definitional Provisions. 

(a)    All terms defined in this Trust Agreement shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (b)    As used in this Trust Agreement
and in any certificate or other documents made or delivered pursuant hereto or thereto, accounting terms not defined in this Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Trust Agreement or
in any such certificate or other document to the extent not defined, shall have the respective meanings assigned to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Trust Agreement
or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Trust Agreement or in any such certificate or other document shall
control. 
 (c)    The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Trust Agreement shall refer to this Trust Agreement as a whole and not to any particular provision of this Trust Agreement. Article, Section and Exhibit references contained in this Trust Agreement are references to
Articles, Sections and Exhibits in or to this Trust Agreement unless otherwise specified. The term “including” shall mean “including without limitation.” 

 (d)    The definitions contained in this Trust Agreement are applicable to
the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

(e)    Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in
connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated
therein. References to a Person are also to its permitted successors and assigns. 
 ARTICLE II 

ORGANIZATION OF THE TRUST 

Section 2.1    Name. The Trust shall be known as “CarMax Auto Owner Trust
2017-2,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

Section 2.2    Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust
Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

Section 2.3    Purposes and Powers. The purpose of the Trust is, and the Trust shall have the power and
authority, to engage solely in the following activities: 
 (i)    to issue the Notes pursuant to the
Indenture and the Certificates pursuant to this Trust Agreement, and to sell the Notes upon the written order of the Depositor; 

(ii)    to establish or cause to be established the Reserve Account which the Depositor will initially fund
on the Closing Date, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing Agreement; 

(iii)    to pay interest on and principal of the Notes and to pay Excess Collections to the
Certificateholders; 
 (iv)    to assign, grant, transfer, pledge, mortgage and convey the Owner Trust
Estate (other than the Certificate Payment Account and the proceeds thereof) to the Indenture Trustee pursuant to the Indenture; 

(v)    to enter into and perform its obligations under the Transaction Documents to which it is to be a
party; 

  
 2 

 (vi)    subject to compliance with the Transaction Documents,
to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Noteholders and the Certificateholders; and 

(vii)    to engage in those activities, including entering into agreements, that are necessary, suitable or
convenient to accomplish the foregoing or are incidental thereto or connected therewith. 
 The Trust is hereby authorized to engage in the
foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Trust Agreement or the other Transaction Documents. 

Section 2.4    Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the
Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein and in the Statutory Trust Statute. 

Section 2.5    Initial Capital Contribution of Owner Trust Estate. The Depositor has sold, assigned,
transferred, conveyed and set over to the Owner Trustee the sum of $100. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of such amount, which amount constituted the initial Owner Trust Estate and was deposited in the
Certificate Payment Account. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

Section 2.6    Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust
Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that
(i) the Trust constitute a statutory trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust and (ii) solely for income and franchise tax purposes, the Trust shall
be treated (A) if it has one beneficial owner, as a non-entity and (B) if it has more than one beneficial owner, as a partnership, with the assets of the partnership being the Receivables and other
assets held by the Trust, the partners of the partnership being the Certificateholders and the Notes constituting indebtedness of the partnership. Unless otherwise required by the appropriate tax authorities, the Trust shall file or cause to be
filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust either as a nonentity or as a partnership for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The parties have caused the filing of the Certificate of Trust with the Secretary of State. If it is determined
that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, it is the intention of the parties hereto that the Trust be treated as a “passive
entity” for purposes of HB3, formed to hold assets to facilitate securitization transactions in a manner similar to grantor trusts and real estate mortgage investment conduits as defined by Section 860D of the Code. The Depositor, and the
Certificateholders by acceptance of a Certificate, agree that if it is determined that, contrary to the intent of the parties hereto and 

  
 3 

 
the position of the Certificateholder, the Trust has “gross receipts” for purposes of HB3, they will, unless otherwise required by law, treat the Trust as a “passive entity”
for purposes of HB3 and will not, unless otherwise required by law, take any action to include the Trust as part of an affiliated group engaged in a unitary business (as such terms are used in HB3). Notwithstanding anything to the contrary contained
herein, nothing in this Trust Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for HB3 to apply to the Trust. 

Section 2.7    Liability of Certificateholders. The Certificateholders shall be entitled to the same
limitation of personal liability extended to stockholders of private corporations organized under the General Corporation Law of the State of Delaware. 

Section 2.8    Title to Trust Property. Legal title to the entirety of the Owner Trust Estate shall be vested
at all times in the Trust as a separate legal entity, except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the
Owner Trustee, a co-trustee or a separate trustee, as the case may be; provided, that concurrently with or prior to title being deemed to be vested in a co-trustee or a
separate trustee, such trustee must provide a written grant of a security interest in the Owner Trust Estate to the Indenture Trustee and must authorize the filing of a financing statement to perfect the Indenture Trustee’s security interest.

 Section 2.9    Situs of Trust. The Trust shall be located and administered in the State of Delaware or
the State of New York. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any State other than the State of Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in the State of Delaware or the State of New
York, and payments will be made by the Trust only from the State of Delaware or the State of New York. The principal office of the Trust will be at the Corporate Trust Office in the State of Delaware. 

Section 2.10    Representations and Warranties of the Depositor. The Depositor hereby represents and warrants
to the Owner Trustee that: 
 (i)    the Depositor has been duly organized and is validly existing as a
limited liability company in good standing under the laws of the State of Delaware, has the power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently
conducted, and has the power, authority and legal right to acquire, own and sell the Receivables; 

(ii)    the Depositor is duly qualified to do business as a foreign limited liability company in good
standing and has obtained all necessary licenses and approvals in each jurisdiction in which the failure to so qualify or to obtain such licenses and approvals would materially and adversely affect the performance by the Depositor of its obligations
under, or the validity or enforceability of, this Trust Agreement, any of the other Transaction Documents to which the Depositor is a party, the Receivables, the Notes or the Certificates; 

  
 4 

 (iii)    the Depositor has the power and authority to
execute, deliver and perform its obligations under this Trust Agreement and the other Transaction Documents to which it is a party, and the Depositor has the power and authority to sell, assign, transfer and convey the property to be sold and
transferred to and deposited with the Trust and has duly authorized such transfer and deposit by all necessary limited liability company action, and the execution, delivery and performance of this Trust Agreement and the other Transaction Documents
to which the Depositor is a party have been duly authorized by the Depositor by all necessary limited liability company action; 

(iv)    the execution, delivery and performance by the Depositor of this Trust Agreement and the other
Transaction Documents to which the Depositor is a party, the consummation of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict with, result in a breach of any of the terms and
provisions of or constitute (with or without notice or lapse of time or both) a default under the certificate of formation or limited liability company agreement of the Depositor or any material indenture, agreement, mortgage, deed of trust or other
instrument to which the Depositor is a party or by which the Depositor is bound or to which any of its properties are subject, or result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to this Trust Agreement), or violate any law, order, rule or regulation applicable to the Depositor or its properties of any federal or State regulatory body,
court, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or any of its properties; 

(v)    there are no proceedings or investigations pending or, to the knowledge of the Depositor, threatened
against the Depositor before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (A) asserting the invalidity of this Trust Agreement, the Sale and
Servicing Agreement, the Indenture, any of the other Transaction Documents, the Notes or the Certificates, (B) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this
Trust Agreement, the Sale and Servicing Agreement, the Indenture or any of the other Transaction Documents, (C) seeking any determination or ruling that would materially and adversely affect the performance by the Depositor of its obligations
under, or the validity or enforceability of, this Trust Agreement, the Sale and Servicing Agreement, the Indenture, any of the other Transaction Documents, the Receivables, the Notes or the Certificates, or (D) that would adversely affect the
federal tax attributes or Applicable Tax State franchise or income tax attributes of the Trust or of the Notes or the Certificates; and 

(vi)    the representations and warranties of the Depositor in Section 3.1 of the Receivables Purchase
Agreement are true and correct. 
 Section 2.11    Federal Income Tax Matters. The Certificateholders
acknowledge that it is their intent and that they understand it is the intent of the Depositor and the Servicer that, for purposes of federal income, State and local income and franchise tax and any other income taxes, the Trust will be treated
either as a disregarded entity under Treasury Regulation 

  
 5 

 
Section 301.7701-3 or as a partnership, and that the Certificateholders will be treated as partners in that partnership. The Certificateholders by
acceptance of a Certificate agree to such treatment and agree to take no action inconsistent with such treatment. For each calendar quarter, other than periods in which there is only one Certificateholder: 

(i)    net income of the Trust for any calendar quarter as determined for federal income tax purposes (and
each item of income, gain, credit, loss or deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day following the end of such quarter in proportion to their Certificate Percentage Interest
on such date; and 
 (ii)    net losses of the Trust, if any, for any calendar quarter as determined for
federal income tax purposes (and each item of income, gain, credit, loss or deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day following the end of such quarter in proportion to their
Certificate Percentage Interest on such date. 
 The Depositor is authorized to modify the allocations in this Section 2.11 if
necessary or appropriate, in its sole discretion, for the allocations to reflect fairly the economic income, gain, credit, loss or deduction to the Certificateholders or as otherwise required by the Code. 

ARTICLE III 
 CERTIFICATES AND
TRANSFER OF INTERESTS 
 Section 3.1    Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust. 

Section 3.2    The Certificates. The Certificates shall be issued in one or more registered, definitive,
physical certificates, substantially in the form set forth in Exhibit A. The Certificates may be in printed or typewritten form and shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Owner
Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefits of
this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of
such Certificates. 
 If Transfer of the Certificates is permitted pursuant to this Section 3.2 and Section 3.4, a transferee of a
Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name
pursuant to Section 3.4. 
 Section 3.3    Authentication of Certificates. Concurrently with the
initial sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Trust, authenticated and delivered to

  
 6 

 
or upon the written order of the Depositor, signed by its president, any vice president, any assistant vice president, its treasurer, any assistant treasurer, its secretary or any assistant
secretary, without further limited liability company action by the Depositor. No Certificate shall entitle its Holder to any benefit under this Trust Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in Exhibit A executed by the Owner Trustee by manual signature, which authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their authentication. Upon issuance, authentication and delivery pursuant to the terms hereof, the Certificates will be entitled to the benefits of this Trust Agreement. 

Section 3.4    Registration of Certificates; Transfer and Exchange of Certificates. 

(a)    The Indenture Trustee initially shall be the registrar (the “Certificate Registrar”) for the
purpose of registering Certificates and Transfers of Certificates as herein provided. The Certificate Registrar shall cause to be kept, at the office or agency maintained pursuant to Section 3.8, a register (the “Certificate
Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and the registration of Transfers of Certificates. Upon any resignation of any
Certificate Registrar, the Owner Trustee shall, upon receipt of written instructions from the Depositor, promptly appoint a successor. 

(b)    The Certificates may not be acquired with the plan assets of any (i) “employee benefit plan” (as defined
in Section 3(3) of ERISA) subject to the fiduciary requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Code, including individual retirement accounts and Keogh plans, that is subject to the provisions of
Section 4975 of the Code or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code whose acquisition of a Certificate would constitute or result in a violation of any applicable law that
is substantially similar to Title I of ERISA or Section 4975 of the Code (each of (i) through (iii), a “Plan”). Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted
that such Certificateholder is not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the transfer of such Certificate. 

Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates will be deemed to represent that it is not a
party in interest (within the meaning of ERISA) or a disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit of its employees, and that no Plan with
respect to which it is a party in interest has or will acquire any interest in the Notes. 
 To the extent permitted under applicable law
(including, but not limited to, ERISA), neither the Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration of transfer of any Certificate that is in fact not permitted or for taking any other
action with respect to such Certificate under the provisions of this Trust Agreement so long as such transfer was registered by the Owner Trustee or the Certificate Registrar in accordance with this Trust Agreement. 

  
 7 

 (c)    Upon surrender for registration of Transfer of any Certificate at the
office or agency of the Certificate Registrar to be maintained as provided in Section 3.8, and upon compliance with any provisions of this Trust Agreement relating to such Transfer, the Owner Trustee shall execute on behalf of the Trust and the
Owner Trustee shall authenticate and deliver to the Certificateholder making such surrender, in the name of the designated transferee or transferees, one or more new Certificates in any authorized denomination evidencing the same aggregate interest
in the Trust. Each Certificate presented or surrendered for registration of Transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-8 BEN, W-8 ECI or W-9, as applicable, in form satisfactory to the Owner Trustee and the Certificate Registrar, duly executed by the Certificateholder or his attorney duly authorized
in writing. Each Certificate presented or surrendered for registration of Transfer or exchange shall be canceled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. No service charge shall be made for
any registration of Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any Transfer or
exchange of Certificates. 
 (d)    As a condition to the registration of any Transfer of any Certificate: 

(i)    the prospective transferee shall be required to represent in writing to the Owner Trustee, the
Depositor and the Certificate Registrar that it has neither acquired nor will it transfer any Certificate it purchases (or any interest therein) or cause any such Certificate (or any interest therein) to be marketed on or through an
“established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an
interdealer quotation system that regularly disseminates firm buy or sell quotations; 
 (ii)    the
prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar that it either (A) is not, and will not become, a partnership, Subchapter S corporation or grantor trust for
United States federal income tax purposes or (B) is such an entity, but none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will allow or cause, 50% or more (or such other
percentage as the transferor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership of Certificates; 

(iii)    the prospective transferee shall be required to represent in writing to the Owner Trustee, the
Depositor and the Certificate Registrar that it is not a Plan and is not a Person acting on behalf of a Plan or a Person using the assets of a Plan to effect the transfer of such Certificate; 

(iv)    the Certificateholder provides to the Owner Trustee and the Depositor an opinion of independent
counsel that such action will not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes; 

  
 8 

 (v)    such transferee or assignee agrees to take positions
for tax purposes consistent with the tax positions agreed to be taken by the Certificateholder; and 

(vi)    in connection with any transfer of less than all of the interests in the Certificates, the
transferor and transferee shall specify the respective interests in the Certificates to be held by the transferor and transferee, which interests may be determined by a formula or on any other basis agreed by the transferor and transferee. No
Certificate (other than the Certificates issued to and held by the Depositor) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00% fractional undivided interest in the Issuer (or
such other amount as the Depositor may determine in order to prevent the Issuer from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in
the Issuer). 
 (e)    No Certificateholder shall Transfer any Certificate initially held by it unless such Transfer is
made pursuant to an effective registration statement or otherwise in accordance with the requirements under the Securities Act and effective registration or qualification under applicable State securities laws, or is made in a transaction which does
not require such registration or qualification. If a Transfer is to be made in reliance upon an exemption from the Securities Act and under applicable State securities laws, (i) the Certificate Registrar may require an Opinion of Counsel
reasonably satisfactory to the Certificate Registrar and the Depositor substantially to the effect that such Transfer may be made pursuant to an exemption from the Securities Act and applicable State securities laws and describing the applicable
exemption and the basis therefor, which Opinion of Counsel shall not be an expense of the Certificate Registrar, the Depositor or the Owner Trustee, and (ii) the Certificate Registrar may require the transferee to execute a certification
acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor setting forth the facts surrounding such Transfer. 

(f)    No Transfer of any Certificate shall be permitted, recognized or recorded unless the Depositor has consented in
writing to such Transfer, which consent may be withheld in the sole discretion of the Depositor; provided, however, that no such consent of the Depositor shall be required where the proposed transferee is, and at the time of such
Transfer will be, a Certificateholder. 
 (g)    During the period described in 17 CFR Part 246.12(f)(1), no
Certificateholder may Transfer any Certificate until the expiration of such period; provided, that, during such period, such Certificateholder may Transfer any Certificate to CarMax or any “majority-owned affiliate” (as such term is
defined in 17 CFR Part 246.2) of CarMax in accordance with the restrictions contained in 17 CFR Part 246.12. Any purported transfer of a Certificate not in accordance with this Section 3.4(g) shall be null and void and shall not be given effect for
any purpose whatsoever. 
 Section 3.5    Mutilated, Destroyed, Lost or Stolen Certificates. 

(a)    If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar
receives evidence to its satisfaction of the destruction, loss or theft of 

  
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any Certificate, and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to hold each of the Trust, the
Certificate Registrar and the Owner Trustee harmless, then, in the absence of notice to the Trust, the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a “protected purchaser” (as defined in the
Relevant UCC), the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee shall authenticate and deliver, in exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen Certificate, as the case may be, a replacement
Certificate, as the case may be, of like tenor and Certificate Percentage Interest. If, after the delivery of such replacement Certificate or payment of a destroyed, lost or stolen Certificate pursuant to the proviso to the preceding sentence, a
“protected purchaser” (as defined in the Relevant UCC) of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Trust and the Owner Trustee shall be entitled
to recover such replacement Certificate (or such payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any
assignee of such Person, except a “protected purchaser” (as defined in the Relevant UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Trust or the Owner Trustee in connection therewith. 
 (b)    Upon the issuance of any replacement Certificate under
this Section 3.5, the Trust may require the payment by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses
(including the fees and expenses of the Owner Trustee) related thereto. 
 (c)    Every replacement Certificate issued
pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional contractual obligation of the Trust, whether or not the mutilated, destroyed, lost or stolen Certificate
shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Trust Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 

(d)    The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 

Section 3.6    Persons Deemed Owners. Prior to due presentation of a Certificate for registration of transfer,
the Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name such Certificate is registered in the Certificate Register (as of the day of determination) as the owner of such Certificate for the purpose of
receiving distributions pursuant to Section 5.2 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 

Section 3.7    Access to List of Certificateholders’ Names and Addresses. The Certificate
Registrar shall furnish or cause to be furnished to the Servicer and the Depositor, or to the Indenture Trustee or the Owner Trustee, within fifteen (15) days after receipt by the 

  
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Certificate Registrar of a written request therefor from the Servicer, the Depositor or the Indenture Trustee or the Owner Trustee, as the case may be, a list, in such form as the requesting
party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Holders of Certificates evidencing not less than 25% of the aggregate
Certificate Percentage Interest apply in writing to the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Trust Agreement or under the
Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five (5) Business Days after the receipt of such application, afford such
applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or
the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

Section 3.8    Maintenance of Office or Agency. The Certificate Registrar shall maintain in St. Paul,
Minnesota, an office or offices or agency or agencies where Certificates may be surrendered for registration of Transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and the
Transaction Documents may be served. The Certificate Registrar shall give prompt written notice to the Depositor, the Owner Trustee and the Certificateholders of any change in the location of the Certificate Registrar or any such office or agency.

 Section 3.9    Appointment of Paying Agent. The Paying Agent shall make distributions to
Certificateholders from the Certificate Payment Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate
Payment Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to
perform its obligations under this Trust Agreement in any material respect. The Paying Agent shall initially be the Indenture Trustee and any co-paying agent chosen by the Indenture Trustee. The Indenture
Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Depositor and the Owner Trustee. In the event that the Indenture Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt
of written instructions from the Depositor, shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall direct such successor Paying Agent or any additional Paying Agent appointed by the Owner
Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will
hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds
to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. Any reference in this Trust Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise. 

  
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 Section 3.10    Restrictions on Note Acquisitions. Neither a
member of any “expanded group” (as defined in proposed Treasury Regulation Section 1.385-1(c)(4)) that includes the Issuer or a beneficial owner of a Certificate nor a “controlled
partnership” (as defined in Treasury Regulation Section 1.385-1(c)(1)) of such expanded group shall acquire any Notes from the Issuer, any Affiliate, or through the marketplace prior to obtaining an
Opinion of Counsel stating that (i) the acquisition or reacquisition of such Note will not cause the Issuer, initially upon such acquisition or subsequent to the acquisition, to be classified as an association or publicly traded partnership
treated as a corporation for federal income tax purposes and will not cause the Note to be recharacterized as stock pursuant to Treasury Regulations under section 385 of the Code. The preceding sentence shall not apply to (i) any U.S. corporate
member of the same U.S. corporate affiliated group (as defined in Section 1504 of the Code) filing a consolidated federal income tax return that includes the Issuer or every applicable beneficial owner of a Certificate (the “Trust
Consolidated Group”) or (ii) a partnership all of the partners of which are U.S. corporate members of the Trust Consolidated Group. No member of any “expanded group” that includes the Issuer or a beneficial owner of a
Certificate (as defined in proposed Treasury Regulation Section 1.385-1(b)(3)) or “controlled partnership” of such expanded group (as defined in Treasury Regulation Section 1.385-1(c)(4)) shall transfer any Notes outside the expanded group prior to obtaining an Opinion of Counsel stating that the transfer of such Note will not cause the Issuer to be classified as an association or
publicly traded partnership treated as a corporation for federal income tax purposes and will not cause the Note to be recharacterized as stock pursuant to Treasury Regulations under section 385 of the Code. 

ARTICLE IV 
 ACTIONS BY OWNER
TRUSTEE 
 Section 4.1    Prior Notice to Certificateholders with Respect to Certain Matters. With respect
to the following matters, the Owner Trustee shall not take action unless (i) at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the Certificateholders, the Administrator and the Depositor (who
shall promptly forward such notice to the Rating Agencies) in writing of the proposed action and (ii) the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that the Holders have withheld consent or provided alternative direction: 

(i)    the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought by the
Servicer in connection with the collection of the Receivables) and the settlement of any action, proceeding, investigation, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection
by the Servicer of the Receivables); 
 (ii)    the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute); 

(iii)    the amendment of the Indenture by a supplemental indenture in circumstances where the consent of
any Noteholder is required; 

  
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 (iv)    the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

(v)    the amendment, change or modification of the Sale and Servicing Agreement or the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; or 

(vi)    the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent for the Notes
or Indenture Trustee or pursuant to this Trust Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent for the Notes or Indenture Trustee or Certificate Registrar of its obligations under
the Indenture or this Trust Agreement, as applicable. 
 Section 4.2    Action by Certificateholders with
Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates
evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and
Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the
Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents. 

Section 4.3    Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the
power to commence a voluntary proceeding in bankruptcy relating to the Trust unless (i) the Notes have been paid in full and (ii) each Certificateholder approves of such commencement in writing in advance and delivers to the Owner Trustee
a certificate certifying that such Person reasonably believes that the Trust is insolvent. 

Section 4.4    Restrictions on Certificateholders’ Power. The Certificateholders shall not
direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Trust Agreement or any of the other Transaction Documents or would be
contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

Section 4.5    Majority Control. Except as expressly provided herein, any action that may be taken by the
Certificateholders under this Trust Agreement may be taken by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Trust Agreement shall be effective if signed by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest at the time of the delivery of such notice. 

  
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 Section 4.6    Certain Litigation Matters. The Owner Trustee
shall provide prompt written notice to the Depositor, the Seller and the Servicer of any action, proceeding or investigation known to the Owner Trustee that could reasonably be expected to adversely affect the Trust or the Owner Trust Estate. 

ARTICLE V 
 APPLICATION OF TRUST
FUNDS; CERTAIN DUTIES 
 Section 5.1    Establishment of Certificate Payment Account. Pursuant to
Section 4.1 of the Sale and Servicing Agreement, the Servicer has agreed to establish, on or before the Closing Date, and maintain in the name of the Indenture Trustee at an Eligible Institution (which shall initially be the Indenture Trustee)
a segregated trust account designated as the “CarMax Auto Owner Trust 2017-2 Trust Account” (the “Certificate Payment Account”). The Certificate Payment Account shall be held in
trust for the benefit of the Certificateholders. Except as expressly provided in Section 3.9, the Certificate Payment Account shall be under the sole dominion and control of the Indenture Trustee. All monies deposited from time to time in the
Certificate Payment Account pursuant to the Sale and Servicing Agreement or the Indenture shall be applied as provided in this Trust Agreement, the Sale and Servicing Agreement and the Indenture. The amounts on deposit in the Certificate Payment
Account shall not be invested. 
 Section 5.2    Application of Trust Funds. 

(a)    On each Distribution Date, upon receipt of written instructions from the Servicer pursuant to Section 4.1(c) of the
Sale and Servicing Agreement, the Paying Agent shall distribute to the Certificateholders, in proportion to each Certificateholder’s Certificate Percentage Interest, amounts deposited in the Certificate Payment Account on such Distribution Date
pursuant to Section 4.1(c) of the Sale and Servicing Agreement and Section 2.8 of the Indenture with respect to such Distribution Date. 

(b)    On each Distribution Date, the Paying Agent shall, or, if the Indenture Trustee is not the Paying Agent, the
Indenture Trustee shall direct the Paying Agent to, make available to each Certificateholder the statement provided to the Indenture Trustee by the Servicer pursuant to Section 4.9 of the Sale and Servicing Agreement with respect to such
Distribution Date. 
 (c)    In the event that any withholding tax is imposed on any Trust payment (or any allocation of
income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2. The Owner Trustee and each Paying Agent are hereby authorized and directed to retain from
amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in
appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee or the Paying Agent 

  
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may withhold such amounts in accordance with this Section 5.2. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate
with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

Section 5.3    Method of Payment. Subject to Section 5.2(c), distributions required to be made to
Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar and the Paying Agent appropriate written instructions at least five (5) Business Days prior to such Distribution Date and such
Certificateholder is the Depositor or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. Notwithstanding the foregoing, the final distribution in respect of any Certificate
(whether on the Final Scheduled Maturity Date or otherwise) will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.8. 

Section 5.4    No Segregation of Monies; No Interest. Subject to Section 5.1 and Section 5.2, monies
received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law, the Indenture or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and
the Owner Trustee shall not be liable for any interest thereon. 
 Section 5.5    Accounting and Reports to the
Noteholders, Certificateholders, the Internal Revenue Service and Others. The Owner Trustee shall, based on information provided by the Seller, (i) maintain (or cause to be maintained) the books of the Trust on the basis of a fiscal year
ending on the last day of February and based on the accrual method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including
Schedule K-1) to enable such Certificateholder to prepare its federal and State income tax returns, (iii) file such tax returns relating to the Trust (including a partnership information return, IRS Form
1065) and make such elections as may from time to time be required or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a partnership for federal income
tax purposes, (iv) cause such tax returns to be signed in the manner required by law and (v) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions
to Certificateholders. The Owner Trustee, on behalf of the Trust, shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables. The Owner Trustee, on behalf of the
Trust, shall not make the election provided under Section 754 of the Code. 
 The Owner Trustee may satisfy its obligations with
respect to this Section 5.5 by retaining, on behalf of the Trust, at the expense of the Seller, a firm of independent public accountants (the “Accountants”) selected by the Seller. The Owner Trustee, on behalf of the Trust, may
require the Accountants to provide to the Owner Trustee, on or before March 15, 2018, a letter in form and substance satisfactory to the Owner Trustee as to whether any federal 

  
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tax withholding on Certificates is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of the Code. The Accountants shall be
required to update such letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. The Owner Trustee shall be deemed to have discharged its obligations
pursuant to this Section 5.5 upon its retention of the Accountants, and the Owner Trustee shall not have any liability with respect to the default or misconduct of the Accountants. 

Section 5.6    Signature on Returns; Tax Matters Partner. 

(a)    The Owner Trustee shall sign, on behalf of the Trust, the tax returns of the Trust. 

(b)    The Depositor, as a Certificateholder, shall be designated the “tax matters partner” of the Trust
pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations. 
 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.1    General Authority. The Owner Trustee is authorized and directed to execute and deliver the
Transaction Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party, in each case in such form as the Depositor
shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Trust Agreement, and to direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal
amount of $1,000,000,000 (comprising $169,000,000 in aggregate principal amount of Class A-1 Notes, $338,000,000 in aggregate principal amount of Class A-2
Notes, $337,000,000 in aggregate principal amount of Class A-3 Notes, $90,000,000 in aggregate principal amount of Class A-4 Notes, $25,000,000 in aggregate
principal amount of Class B Notes, $24,000,000 in aggregate principal amount of Class C Notes and $17,000,000 in aggregate principal amount of Class D Notes). In addition to the foregoing, the Owner Trustee is authorized to take all
actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action on behalf of the Trust as is permitted by the Transaction Documents and which the Certificateholders,
the Servicer or the Administrator recommends in writing with respect to the Transaction Documents, except to the extent that this Trust Agreement expressly requires the consent of Certificateholders for such action. 

Section 6.2    General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be
discharged) all of its responsibilities pursuant to the terms of this Trust Agreement and to administer the Trust for the benefit of the Certificateholders, subject to the lien of the Indenture and in accordance with the provisions of this Trust
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged (or caused to be discharged) its duties and responsibilities hereunder to the extent the Administrator is required in the Administration Agreement to
perform any act or to discharge such duty of the Owner Trustee or the Trust hereunder or under any other Transaction Document, and the Owner 

  
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Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. The Owner Trustee shall not be charged with
knowledge of any Event of Default unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall have been given to the Owner Trustee in accordance with
the provisions of this Trust Agreement. 
 Section 6.3    Action upon Instruction. 

(a)    Subject to Article IV, and in accordance with the terms of the Transaction Documents, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the Trust. 
 (b)    The Owner Trustee shall not be
required to take any action under this Trust Agreement or any other Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of
the Owner Trustee or is contrary to the terms of this Trust Agreement or any other Transaction Document or is otherwise contrary to law. 

(c)    Subject to Article IV, whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Trust Agreement or any other Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting
instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be liable on account of such
action to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Trust Agreement or the other Transaction Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action or inaction. 
 (d)    Subject to Article
IV, in the event the Owner Trustee is unsure as to the application of any provision of this Trust Agreement or any other Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any
other applicable provision, or in the event that this Trust Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set
of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in
accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate written instruction within ten (10) days of
such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this
Trust Agreement or the other Transaction Documents, as it shall deem to be in the best interests of the Certificateholders and shall have no liability to any Person for such action or inaction. 

  
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 Section 6.4    No Duties Except as Specified in this Trust Agreement
or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee or the Trust is a party, except as expressly provided by the terms of this Trust Agreement or in any document or written instruction received
by the Owner Trustee pursuant to Section 6.3, and no implied duties or obligations shall be read into this Trust Agreement or any other Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing
any financing or continuation statement in any public office at any time or otherwise to perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Commission filing for the Trust or to
record this Trust Agreement or any other Transaction Document. The Owner Trustee shall, however, at its own cost and expense, promptly take all action as may be necessary to discharge any lien (other than the lien of the Indenture) on any part of
the Owner Trust Estate that results from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Owner Trust Estate. 

Section 6.5    No Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage,
control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Trust Agreement, (ii) in
accordance with the other Transaction Documents to which the Trust is a party and (iii) in accordance with any document or written instruction delivered to the Owner Trustee pursuant to Section 6.3. 

Section 6.6    Restrictions. The Owner Trustee shall not take any action (i) that is inconsistent with
the purposes of the Trust set forth in Section 2.3 or (ii) that, to the actual knowledge of the Owner Trustee, would (A) affect the treatment of the Notes as indebtedness for federal income or Virginia income or franchise tax
purposes, (B) be deemed to cause a taxable exchange of the Notes for federal income or Virginia income or franchise tax purposes or (C) cause the Trust or any portion thereof to be taxable as an association or publicly traded partnership
taxable as a corporation for federal income or Virginia income or franchise tax purposes. The Certificateholders, the Depositor, the Administrator and the Servicer shall not direct the Owner Trustee to take action that would violate the provisions
of this Section 6.6. 
 Section 6.7    Instructions by Electronic Methods. The Owner Trustee is hereby
authorized to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar unsecured electronic methods (“Electronic Methods”) by persons believed by the Owner
Trustee to be authorized to give instructions and directions on behalf of the Depositor. The Owner Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person
authorized to give instructions or directions on behalf of the Depositor (other than to verify that the signature on a facsimile is the signature of a person authorized to give instructions and directions on behalf of the Depositor), and the Owner
Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained 

  
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by the Depositor as a result of such reliance upon or use of Electronic Methods to submit instructions and directions to the Owner Trustee, including the risk of the Owner Trustee taking
unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 6.8    Communications Regarding Demands to Repurchase Receivables. The Owner Trustee shall provide
notice to CarMax and the Depositor as soon as practicable of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations and warranties concerning such
Receivable. Subject to this Section 6.8, the Owner Trustee shall have no obligation to take any other action with respect to a demand. However, the Owner Trustee shall, upon written request of either CarMax or the
Depositor, provide notification to CarMax and the Depositor with respect to any actions taken by the Owner Trustee with respect to any such demand communicated to a Responsible Officer of the Owner Trustee in respect of any Receivables, such
notifications to be provided by the Owner Trustee as soon as practicable and in any event within five Business Days of such request or such other time frame as may be mutually agreed to by the Owner Trustee and CarMax or the Depositor, as
applicable. The Owner Trustee acknowledges and agrees that the purpose of this Section 6.8 is to facilitate compliance by CarMax and the Depositor with Rule 15Ga-1 under the Exchange
Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change
over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by
CarMax and the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall cooperate fully with CarMax and the Depositor to
deliver any and all records and any other information in its actual possession that are reasonably requested in writing by CarMax or the Depositor and necessary in the good faith determination of CarMax and the Depositor to permit them to comply
with the provisions of the Repurchase Rules and Regulations. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB
or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly set forth in this Section 6.8. 

ARTICLE VII 
 REGARDING THE OWNER
TRUSTEE 
 Section 7.1    Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Trust Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate
upon the terms of this Trust Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence or
(ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee, in its individual 

  
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capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(i)    the Owner Trustee shall not be liable for any error of judgment made in good faith by a responsible
officer of the Owner Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 

(ii)    the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken in
good faith by it in accordance with the provisions of this Trust Agreement at the instructions of any Certificateholder, the Indenture Trustee, the Depositor, the Administrator or the Servicer; 

(iii)    no provision of this Trust Agreement or any other Transaction Document shall require the Owner
Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder or under any other Transaction Document if the Owner Trustee
shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(iv)    the Owner Trustee shall not be liable for any indebtedness evidenced by or arising under any of the
Transaction Documents, including the principal of and interest on the Notes or payments of Excess Collections to the Certificateholders; 

(v)    the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this
Trust Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the other Transaction
Documents, other than the certificate of authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Certificateholder, other than as expressly provided
for herein and in the other Transaction Documents; 
 (vi)    the Owner Trustee shall not be liable for
the default or misconduct of the Servicer, the Administrator, the Depositor or the Indenture Trustee under any of the Transaction Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the
Trust under this Trust Agreement or the other Transaction Documents that are required to be performed by the Administrator under the Administration Agreement, the Servicer under the Sale and Servicing Agreement or the Indenture Trustee under the
Indenture; 
 (vii)    the Owner Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or otherwise or in relation to this Trust Agreement or any other Transaction Document, at the request, order or direction of
any of the Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; 

  
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 (viii)    the right of the Owner Trustee to perform any
discretionary act enumerated in this Trust Agreement or any other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable other than for its willful misconduct, bad faith or negligence in the performance
of any such act; 
 (ix)    in no event shall the Owner Trustee be responsible or liable (A) for
special, indirect, punitive, consequential loss or damage of any kind whatsoever (including loss of profit), (B) for the acts or omissions of clearing agencies or securities depositories or any of their respective nominees or correspondents,
(C) for acts or omissions of brokers or dealers or (D) for any losses due to forces beyond the control of the Owner Trustee, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural
catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided by third parties selected by the Owner Trustee with reasonable care; 

(x)    the Owner Trustee shall have no responsibility for the accuracy of any information provided to
Certificateholders or any other person that has been obtained from, or provided to the Owner Trustee by, any other Person; 

(xi)    the Owner Trustee shall not be liable for any failure to anticipate incurring Expenses as long as
the Owner Trustee acts in good faith based on the facts reasonably available to it at the time of such determination; and 

(xii)    the Owner Trustee shall not be deemed to have knowledge or notice of any fact or event unless a
Responsible Officer of the Owner Trustee has actual knowledge thereof or unless written notice of such fact or event is received by a Responsible Officer and such notice references the fact or event. 

Section 7.2    Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders, promptly
upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 

Section 7.3    Representations and Warranties. The Owner Trustee, in its individual capacity, hereby
represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
 (a)    it is a national
banking association duly organized and validly existing in good standing under the laws of the United States and has all requisite power and authority to execute, deliver and perform its obligations under this Trust Agreement; 

(b)    it has taken all action necessary to authorize the execution and delivery by it of this Trust Agreement, and this
Trust Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Trust Agreement on its behalf; 

  
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 (c)    neither the execution nor the delivery by it of this Trust Agreement,
nor the consummation by it of the transactions contemplated hereby, nor compliance by it with any of the terms or provisions hereof will contravene any federal or New York law, governmental rule or regulation governing the banking or trust powers of
the Owner Trustee or any judgment or order of any court, administrative agency or tribunal applicable to it, or conflict with or result in a breach or violation of, or constitute any default under its charter documents or by-laws or any indenture, mortgage, bank credit agreement, contract, agreement or instrument to which it is a party or by which any of its properties may be bound; and 

(d)    there are no actions, suits or proceedings pending or threatened against it in any court or before any governmental
authority, agency or arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect on its right, power and authority to enter into or perform its obligations under this Trust Agreement. 

Section 7.4    Reliance; Advice of Counsel. 

(a)    The Owner Trustee may rely upon, shall be protected in relying upon, and shall incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner
Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and
effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b)    In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations
under this Trust Agreement or the other Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the
conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled Persons to be selected with
reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons and not
contrary to this Trust Agreement or any other Transaction Document. 
 Section 7.5    Not Acting in Individual
Capacity. Except as provided in Section 7.3, in accepting the trusts hereby created, Wilmington Trust, National Association acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against
the Owner Trustee by reason of the transactions contemplated by this Trust Agreement or any other Transaction Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

  
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 Section 7.6    Owner Trustee Not Liable for Certificates or
Receivables. The recitals contained herein and in the Certificates (other than the signature and countersignature of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Trust Agreement, any other Transaction Document, the Certificates (other than the signature and countersignature of the
Owner Trustee on the Certificates) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable,
or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to
generate the payments to be distributed to the Certificateholders under this Trust Agreement or to the Noteholders under the Indenture, including the existence, condition and ownership of any Financed Vehicle, the existence and enforceability of any
insurance thereon, the existence and contents of any Receivable on any computer or other record thereof, the validity of the assignment of any Receivable to the Trust or any intervening assignment, the completeness of any Receivable, the performance
or enforcement of any Receivable, the compliance by the Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related document, or the accuracy of any such warranty or representation or any
action of the Indenture Trustee, the Administrator or the Servicer taken in the name of the Owner Trustee. 

Section 7.7    Owner Trustee May Own Certificates and Notes. The Owner Trustee, in its individual or any other
capacity, may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it were not Owner Trustee.

 Section 7.8    Regulation AB. The Owner Trustee shall cooperate in good faith with the Depositor to
ensure compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise. The Owner Trustee shall deliver to the Depositor (including any of its assignees
or designees) upon request any and all reports, statements, certifications, records and other information necessary in the good faith determination of the Depositor to permit the Depositor to comply with the provisions of Regulation AB, together
with such disclosures relating to the Owner Trustee and the Receivables, or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance. The Depositor shall not request information or
disclosures pursuant to this Section 7.8 other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act or the rules and regulations of the Commission under the Securities Act or the Exchange Act. 

  
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 ARTICLE VIII 

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 

Section 8.1    Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as
compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Servicer and such trustee, and the Owner Trustee shall be reimbursed by the Servicer for its other reasonable expenses
hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as such trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. 

Section 8.2    Indemnification. To the fullest extent permitted by applicable law, the Initial Servicer shall
be liable as prime obligor for, and shall indemnify the Owner Trustee and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages,
taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses, including legal fees and expenses in connection with the enforcement of their indemnification rights
hereunder) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of this
Trust Agreement, the other Transaction Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder; provided, however, that the Initial Servicer shall not be liable for or
required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.1. Except as otherwise provided in Section 5.4(b) of the Indenture, in no event will
the Initial Servicer or the Owner Trustee be entitled to make any claim upon the Owner Trust Estate for the payment or reimbursement of any Expenses. The indemnities contained in this Section 8.2 shall survive the resignation or termination of
the Owner Trustee or the termination of this Trust Agreement. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 8.2, the Owner Trustee’s choice of legal counsel shall be subject to
the approval of the Initial Servicer, which approval shall not be unreasonably withheld. 

Section 8.3    Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article
VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
 ARTICLE IX 

TERMINATION 

Section 9.1    Termination of Trust Agreement. 

(a)    This Trust Agreement (other than the provisions of Article VIII) shall terminate and be of no further force or
effect and the Trust shall dissolve upon the earlier of (i) the payment to the Servicer, the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing
Agreement and Article V hereof and (ii) the Distribution Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of any amounts

  
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received upon liquidation of any property remaining in the Trust. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not operate to terminate this Trust
Agreement or the Trust, entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate
or otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b)    No Certificateholder shall
be entitled to revoke or terminate the Trust. 
 (c)    Notice of any termination of the Trust, specifying the
Distribution Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five
(5) Business Days of receipt of notice of such termination from the Servicer, stating (i) the Distribution Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the
Certificates at the office of the Paying Agent therein specified, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice
is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to the Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such
Distribution Date pursuant to Section 5.2. In the event that all of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the
Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the
Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates
and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Trust Agreement. Subject to applicable escheat laws, any funds remaining in the Trust after exhaustion of such remedies shall be distributed by
the Owner Trustee to the Certificateholders in proportion to each Certificateholder’s Certificate Percentage Interest. 

(d)    Upon the winding up of the Trust, in accordance with Section 3808 of the Statutory Trust Statute, and its
termination, the Owner Trustee shall, at the written direction and expense of the Depositor, cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of
Section 3810 of the Statutory Trust Statute. 
 ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

Section 10.1    Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a
corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) 

  
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have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that has) a long-term
debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. If such corporation or banking association shall publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with
the effect specified in Section 10.2. 
 Section 10.2    Resignation or Removal of Owner Trustee. The
Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator and the Depositor. Upon receiving such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee (acceptable to the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee
shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and
shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or the Owner Trustee shall otherwise become incapable of acting, then
the Administrator shall remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee (acceptable to the
Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the removed Owner Trustee and one copy to the successor Owner Trustee. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to this Section 10.2 shall not
become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or
removal of the Owner Trustee to the Depositor, the Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. 

Section 10.3    Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Trust Agreement, and thereupon, subject to the payment of all fees and expenses owed to the
predecessor Owner Trustee, the resignation or removal of the predecessor Owner Trustee shall 

  
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become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
under this Trust Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and expenses, deliver to the successor Owner Trustee all documents, statements and monies held by it
under this Trust Agreement, and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor
Owner Trustee all such rights, powers, duties and obligations. 
 No successor Owner Trustee shall accept appointment as provided in this
Section 10.3 unless, at the time of such acceptance, such successor Owner Trustee shall be eligible pursuant to Section 10.1. 

Any successor Owner Trustee appointed pursuant to this Section 10.3 shall file an amendment to the Certificate of Trust with the
Secretary of State reflecting the name and principal place of business of such successor in the State of Delaware. 
 Upon acceptance of
appointment by a successor Owner Trustee pursuant to this Section 10.3, the Administrator shall mail notice of such appointment to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator
shall fail to mail such notice within ten (10) days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 

Section 10.4    Merger or Consolidation of Owner Trustee. 

(a)    If the Owner Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association, without any further act except the filing of an amendment to the Certificate of Trust, if required
under the Statutory Trust Statute, shall be the successor Owner Trustee; provided, however, that such corporation or banking association must be otherwise qualified and eligible under Section 10.1. The Owner Trustee shall provide
the Administrator (who shall promptly forward to the Rating Agencies) with prior written notice of any such transaction. 

(b)    If at the time such successor or successors by consolidation, merger or conversion to the Owner Trustee shall
succeed to the trusts created by this Trust Agreement any of the Certificates shall have been authenticated but not delivered, any such successor to the Owner Trustee may adopt the certificate of authentication of any predecessor trustee and deliver
such Certificates so authenticated, and in case at that time any of the Certificates shall not have been authenticated, any such successor to the Owner Trustee may authenticate such Certificates either in the name of any predecessor trustee or in
the name of the successor to the Owner Trustee. In all such cases such certificates shall have the full force which the Certificates or this Trust Agreement provide that the certificate of the Owner Trustee shall have. 

  
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 Section 10.5    Appointment of
Co-Trustee or Separate Trustee. 
 (a)    Notwithstanding any other
provisions of this Trust Agreement to the contrary, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator
and the Owner Trustee acting jointly shall have the power and may execute and deliver an instrument to appoint one or more Persons approved by the Owner Trustee to act as co-trustee or co-trustees, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the
Certificateholders, such title to the Owner Trust Estate, or any part thereof, and, subject to the other provisions of this Section 10.5, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may
consider necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Trust Agreement shall be required to meet the terms of eligibility as a successor trustee under Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required under Section 10.3. 

(b)    Each separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions: 
 (i)    all rights, powers,
duties and obligations conferred or imposed upon the Owner Trustee shall be conferred or imposed upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee shall not be authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Owner Trust
Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(ii)    no trustee under this Trust Agreement shall be personally liable by reason of any act or omission
of any other trustee under this Trust Agreement; and 
 (iii)    the Administrator and the Owner Trustee
acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c)    Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the
then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Trust Agreement and the conditions of this Article X. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Trust Agreement, specifically including every provision of this Trust Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 

  
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 (d)    Any separate trustee or
co-trustee may at any time constitute the Owner Trustee its agent or attorney-in-fact with full power and authority, to the
extent permitted by law, to do any lawful act under or in respect of this Trust Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or
be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

ARTICLE XI 
 MISCELLANEOUS 

Section 11.1    Supplements and Amendments. 

(a)    This Trust Agreement may be amended from time to time by a written amendment duly executed and delivered by the
Depositor and the Owner Trustee, without the consent of any Noteholder, any Certificateholder or any other Person, including to further prevent or help avoid the application to the Certificates of the Treasury Regulations (or other interpretive
guidance) issued under Section 385 of the Code; provided, however, that (i) any such amendment shall not, as evidenced by an Opinion of Counsel to the Depositor delivered to the Indenture Trustee, adversely affect in any
material respect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with
respect to such amendment. 
 (b)    This Trust Agreement may be amended from time to time by the Depositor and the
Owner Trustee, with the consent of the Holders (as defined in the Indenture) of Notes evidencing not less than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate
Certificate Percentage Interest, for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Trust Agreement or modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that no such amendment may: 
 (i)    increase or reduce in any manner
the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders or the
Certificateholders, or change any Note Rate, without the consent of all Noteholders and Certificateholders adversely affected by such amendment; 

(ii)    reduce the percentage of the Note Balance or the percentage of the aggregate Certificate Percentage
Interest the consent of the Holders of which is required for any amendment to this Trust Agreement without the consent of all the Noteholders and Certificateholders adversely affected by the amendment; or 

(iii)    adversely affect the rating assigned by any Rating Agency to any Class of Notes without the
consent of the Holders (as defined in the Indenture) of Notes evidencing not less than 66 2/3% of the aggregate principal amount of the then outstanding Notes of such Class. 

  
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 (c)    Any term or provision of this Trust Agreement may also be amended from
time to time by the Depositor and the Owner Trustee for the purpose of conforming the terms of this Trust Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an
offering memorandum with respect to the Certificates without the consent of the Indenture Trustee, any Noteholder, any Certificateholder, the Trust, or any other Person; provided, however, that the Depositor shall provide written
notification of the substance of such amendment to the Indenture Trustee and the Trust. 
 (d)    Prior to the execution
of any amendment or consent pursuant to Section 11.1, the Depositor shall provide written notification of the substance of such amendment or consent to each Rating Agency. 

(e)    Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish an executed copy of
such amendment or consent to each Certificateholder and the Depositor shall furnish written notification of the substance of such amendment or consent to the Indenture Trustee and the Rating Agencies. 

(f)    It shall not be necessary for the consent of the Certificateholders or the Noteholders pursuant to Section 11.1(b)
to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in
this Trust Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 

(g)    Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall file such
amendment or cause such amendment to be filed with the Secretary of State. 
 (h)    The Owner Trustee may, but shall
not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties, liabilities or immunities under this Trust Agreement or otherwise. 

(i)    Prior to the execution of any amendment to this Trust Agreement or any amendment to any other agreement to which
the Trust is a party, the Owner Trustee shall be entitled to receive and shall be fully protected in relying upon an Opinion of Counsel or an Officer’s Certificate of the Depositor stating that the execution of such amendment is authorized or
permitted by this Trust Agreement and that all conditions precedent in this Trust Agreement to the execution and delivery of such amendment have been satisfied. 

Section 11.2    No Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall not
have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title or interest of the Certificateholders in and to their 

  
 30 

 
beneficial interest in the Owner Trust Estate shall operate to terminate this Trust Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Owner Trust Estate. 
 Section 11.3    Limitation on Rights of Others. The
provisions of this Trust Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Certificateholders, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Trust Agreement or in the Certificates, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Trust Agreement
or any covenants, conditions or provisions contained herein. 
 Section 11.4    Notices. All demands,
notices and other communications under this Trust Agreement shall be in writing, personally delivered, sent by telecopier, email, overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given
upon receipt (i) in the case of the Owner Trustee, at the Corporate Trust Office, (ii) in the case of the Depositor, at the following address: 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, Virginia 23238, Attention: Treasurer,
(iii) in the case of the Indenture Trustee, at the Corporate Trust Office, (iv) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004, Attention: Auto Asset Backed Securities
Group, and via email to notifications.abs@fitchratings.com, (v) in the case of S&P Global Ratings, at the following address: S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention: Asset Backed Surveillance
Department and (vi) in the case of the Administrator, at the following address: 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department. Any notice required or permitted to be mailed to a Certificateholder shall
be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Trust Agreement shall be conclusively presumed to have been duly given,
whether or not the Certificateholder shall receive such notice. 
 Section 11.5    Severability. If any
provision of this Trust Agreement or the Certificates shall be held for any reason whatsoever invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Trust Agreement and the Certificates shall
not in any way be affected or impaired thereby. 
 Section 11.6    Separate Counterparts. This Trust
Agreement may be executed in any number of counterparts, each of which counterparts when so executed shall be deemed to be an original, and all of which counterparts shall together constitute but one and the same instrument. 

Section 11.7    Successors and Assigns. All covenants and agreements in this Trust Agreement and the
Certificates shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 

  
 31 

 Section 11.8    Covenants of the Depositor. The Depositor shall
not at any time institute against the Trust, or join in any institution against the Trust of, 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 obligations relating to the Certificates, the Notes, this Trust Agreement or any of the other Transaction Documents. 

Section 11.9    No Petition. To the fullest extent permitted by applicable law, the Owner Trustee (not in its
individual capacity but solely as Owner Trustee), by entering into this Trust Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this Trust Agreement, hereby
covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, or cooperate with or encourage others to institute against the Depositor or the Trust,
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 obligations relating to the Certificates, the Notes,
this Trust Agreement or any of the other Transaction Documents. 
 Section 11.10    No Recourse. Each
Certificateholder, by accepting a Certificate, acknowledges that the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee,
the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificates or the other Transaction Documents. 

Section 11.11    Headings. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not define or limit any of the terms or provisions hereof. 

Section 11.12    Governing Law; Waiver of Jury Trial. 

(a)    This Trust Agreement shall be construed in accordance with the laws of the State of Delaware and the obligations,
rights and remedies of the parties under this Trust Agreement shall be determined in accordance with such laws. 

(b)    The parties hereto hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Trust Agreement. 

Section 11.13    Depositor Payment Obligation. The Depositor shall be responsible for payment of the
Administrator’s compensation under the Administration Agreement and shall reimburse the Administrator for all expenses and liabilities of the Administrator incurred under the Administration Agreement. 

Section 11.14    Certificates Nonassessable and Fully Paid. The Certificateholders shall not be personally
liable for the obligations of the Trust. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Trust or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to
Section 3.3, Section 3.4 or Section 3.5, the Certificates are and shall be deemed fully paid. 

  
 32 

 Section 11.15    Ratification of Prior Actions. Any actions taken
by the Owner Trustee or the Administrator, in each case for itself or on behalf of the Trust, in connection with the opening of bank accounts, deposit of monies into such accounts, obtaining of sales finance company licenses on behalf of the Trust
and any actions related thereto are hereby confirmed and ratified in all respects, and the Owner Trustee shall be entitled to the indemnity provided for in Section 8.2 with respect to such actions. 

Section 11.16    Legal Fees Associated with Indemnification. With respect to any indemnification provisions in
this Trust Agreement providing that a party to this Trust Agreement is required to indemnify another party to this Trust Agreement for attorney’s fees and expenses, such fees and expenses are intended to include attorney’s fees and
expenses relating to the enforcement of such indemnity. 
 [SIGNATURE PAGE FOLLOWS] 

  
 33 

 IN WITNESS WHEREOF, the Depositor and the Owner Trustee have caused this Trust Agreement to be
duly executed by their respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written. 
  

			
	 CARMAX AUTO FUNDING LLC,
 as
Depositor

		
	By:	 	/s/ Enrique Mayor-Mora
	Name: 	 	Enrique Mayor-Mora
	Title:	 	Vice President and Treasurer
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee

		
	By:	 	/s/ Jennifer A. Luce
	Name:	 	Jennifer A. Luce
	Title:	 	Vice President

  

			
	Accepted and agreed:
	
	 CARMAX BUSINESS SERVICES, LLC,
 as
Servicer

		
	By:	 	/s/ Thomas W. Reedy
	Name:	 	Thomas W. Reedy
	Title:	 	Executive Vice President and Chief Financial Officer

 U.S. BANK NATIONAL ASSOCIATION acknowledges and accepts, as of the date first above written, its appointment as Paying Agent
and Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable to the Indenture Trustee, Paying Agent and Certificate Registrar. 

 

			
		
	By:	 	 /s/ Christopher J. Nuxoll

	Name:	 	Christopher J. Nuxoll
	Title:	 	Vice President

 Trust Agreement (CAOT 2017-2) 

 Exhibit A 

Form of Certificate 

THIS ASSET-BACKED CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND
SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN. 
  

			
	REGISTERED	  	NO. R-[    ]

 CARMAX AUTO OWNER TRUST 2017-2 

ASSET-BACKED CERTIFICATE 

evidencing a beneficial interest in the property of CarMax Auto Owner Trust 2017-2, a Delaware
statutory trust (the “Trust”), which property includes a pool of retail installment sale contracts secured by new and used motor vehicles sold by CarMax Business Services, LLC, a Delaware limited liability company (the
“Seller”), to CarMax Auto Funding LLC, a Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Trust. The property of the Trust (other than the Certificate Payment Account and the
proceeds thereof) has been pledged by the Trust to U.S. Bank National Association, a national banking association, as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to an Indenture dated as of April 1,
2017 (as amended, supplemented or otherwise modified from time to time, the “Indenture”) between the Trust and the Indenture Trustee to secure the payment of the Notes issued thereunder. 

This certifies that CarMax Auto Funding LLC is the registered owner of a 100% Certificate Percentage Interest nonassessable, fully paid,
beneficial interest in the Trust. The Trust was created pursuant to a Trust Agreement dated as of December 1, 2016 between the Depositor and Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee (in
such capacity, the “Owner Trustee”),as amended and restated by an Amended and Restated Trust Agreement dated as of April 1, 2017 (as amended, supplemented or otherwise modified and in effect from time to time, the
“Trust Agreement”) among the Depositor and the Owner Trustee, a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used but not defined herein have the meanings assigned to them in the
Trust Agreement or in the Sale and Servicing Agreement dated as of April 1, 2017 (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”) among the Trust, the
Depositor, and CarMax Business Services, LLC, as servicer (in such capacity, the “Servicer”). 
 This Certificate is issued
under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The property of the Trust
includes: (i) a pool of retail installment sale contracts originated in connection with the sale of new or used motor vehicles (the “Receivables”); (ii) all amounts received on or in respect of the Receivables after the Cutoff
Date; (iii) the security interests in the Financed Vehicles granted 

  
 Ex. A-1 

 
by the Obligors pursuant to the Receivables and any other interest of the Seller or the Depositor in such Financed Vehicles; (iv) all proceeds from claims on or refunds of premiums with
respect to physical damage, theft, GAP, credit life or credit disability insurance policies relating to the Financed Vehicles or the Obligors; (v) the Receivable Files; (vi) the Collection Account, the Note Payment Account, the Certificate
Payment Account and the Reserve Account and the Trust’s right, title and interest in all amounts, securities, financial assets, investments and other property deposited in or credited to any of the foregoing and all proceeds thereof;
(vii) all rights of the Depositor under the Receivables Purchase Agreement, including the right to require the Seller to repurchase Receivables from the Depositor; (viii) all rights of the Trust under the Sale and Servicing Agreement,
including the right to require the Servicer to purchase Receivables from the Trust; (ix) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been
repossessed by or on behalf of the Trust; and (x) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all accounts, general intangibles, chattel paper, instruments, documents, money,
investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds, condemnation awards, rights to payment of any and every kind and
other forms of obligations and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

THE RIGHTS OF THE TRUST IN THE FOREGOING PROPERTY OF THE TRUST (OTHER THAN THE CERTIFICATE PAYMENT ACCOUNT AND THE PROCEEDS THEREOF) HAVE BEEN
PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES. 
 Pursuant to the Trust Agreement, there will be distributed on each
Distribution Date to the Person in whose name this Certificate is registered at the close of business on the Business Day preceding such Distribution Date such Certificateholder’s Certificate Percentage Interest in the amount to be distributed
to Certificateholders on such Distribution Date. 
 “Distribution Date” means the 15th day of each month or, if such 15th
day is not a Business Day, the following Business Day, commencing on May 15, 2017. 
 THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND
AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 

It is the intent of the Depositor, the Seller, the Servicer and the Certificateholders that, for purposes of federal income taxes, State and
local income taxes and any other income taxes, the Trust will be treated either as a disregarded entity under Treasury Regulation Section 301.7701-3 or as a partnership, and that the Certificateholders
(including the Depositor) will be treated as partners in that partnership. The Certificateholders, by acceptance of a Certificate, agree to such treatment and agree to take no action inconsistent with such treatment. 

  
 Ex. A-2 

 Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Certificates, the Trust Agreement or any of the other Transaction Documents. 

Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Certificate Registrar maintained for
that purpose in St. Paul, Minnesota. 
 Reference is hereby made to the further provisions of this Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Certificate. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Owner Trustee, by manual signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Ex. A-3 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity,
has caused this Certificate to be duly executed as of the date set forth below. 
 Dated: April 19, 2017 

 

			
	CARMAX AUTO OWNER TRUST 2017-2
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

Dated: April 19, 2017 
  

			
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. A-4 

 [REVERSE OF CERTIFICATE] 

This Certificate does not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer, the Administrator, the Owner
Trustee or any Affiliates of any of them, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other Transaction Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the
Sale and Servicing Agreement. 
 The Trust Agreement permits the Depositor and the Owner Trustee, on behalf of the Trust, with certain
exceptions therein provided, to amend or waive from time to time certain terms and conditions set forth in the Trust Agreement without the consent of the Holders of the Certificates. The Trust Agreement also permits the Depositor and the Owner
Trustee, on behalf of the Trust, with certain exceptions as therein provided, to amend or waive certain terms and conditions set forth in the Trust Agreement with the consent of the Holders of the Notes evidencing not less than 51% of the Note
Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Any such consent or waiver by the Holder of this Certificate shall be conclusive and binding
on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this
Certificate. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the Transfer of this Certificate
may be registered in the Certificate Register upon surrender of this Certificate for registration of Transfer at the office or agency of the Certificate Registrar maintained for that purpose in St. Paul, Minnesota and a written instrument of
transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in any authorized denomination and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection therewith. The initial Certificate Registrar appointed under the Trust Agreement is the Indenture Trustee. 

Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is
not acquiring the Certificate with the plan assets of any (i) “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary
requirements of ERISA, (ii) “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), including individual retirement accounts and Keogh plans, that is subject to the provisions
of Section 4975 of the Code or (iii) employee benefit plan or arrangement not subject to Title I of ERISA or Section 4975 of the Code whose acquisition of a Certificate would constitute or result in a violation of any applicable law
that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

  
 Ex. A-5 

 Any person who is not an affiliate of the Seller and acquires more than 49.9% of the Certificates
will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within the meaning of Section 4975(e)(2) of the Code) with respect to any Plan, other than a Plan that it sponsors for the benefit
of its employees, and that no Plan with respect to which it is a party in interest has or will acquire any interest in the Notes. 
 The
Certificates are issuable only in registered form in denominations as provided in the Trust Agreement, subject to certain limitations therein set forth. 

The Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name this Certificate is registered in the
Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate
Registrar or any Paying Agent shall be bound by any notice to the contrary. 
 The Trust Agreement, with certain exceptions therein
provided, and the Trust shall terminate and be of no further force or effect upon the earlier of (i) the payment to the Servicer, the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant to the terms of the
Indenture, the Sale and Servicing Agreement and the Trust Agreement and (ii) the Distribution Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of any amounts
received upon liquidation of any property remaining in the Trust. 
 THIS CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF DELAWARE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-6 

 ASSIGNMENT 

SOCIAL SECURITY NUMBER 
 OR OTHER IDENTIFICATION 

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 Certificate Register, with full power of substitution in the premises. 
 Dated: 

 

	
	
                   
                                         
                        */

	
	 Signature Guaranteed:

	
	
                   
                                         
                        */

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change
whatsoever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar. 

  
 Ex. A-7 

 Exhibit B 

Form of Certificate of Trust 

Certificate of Trust of CarMax Auto Owner Trust 2017-2 

This Certificate of Trust of CarMax Auto Owner Trust 2017-2 (the “Trust”) is being
duly executed and filed by Wilmington Trust, National Association, a national banking association, as owner trustee (the “Owner Trustee”), to form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code,
§ 3801 et seq.) (the “Act”). 
 1.    Name. The name of the statutory
trust formed hereby is CarMax Auto Owner Trust 2017-2. 
 2.    Delaware
Trustee. The name and business address of a trustee of the Trust having its principal place of business in the State of Delaware is Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware 19890, Attn: Corporate
Trust Administration. 
 3.    Effective Date. This Certificate of Trust shall be effective upon its filing with
the Secretary of State of the State of Delaware. 
 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance
with Section 3811(a)(1) of the Act. 
  

			
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, not in its individual
 capacity but solely as Owner
Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. BEX-4.1

 Exhibit 4.1 

SERIES 2017-1 INDENTURE SUPPLEMENT 

Dated as of April 25, 2017 

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

 
  

FIRST NATIONAL MASTER NOTE TRUST, 

Issuer, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

Indenture Trustee on behalf of the Noteholders 
  

 
  

FIRST NATIONAL MASTER NOTE TRUST 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	 
		
	CREATION OF THE SERIES 2017-1 NOTES	  	 	1	 
	
	ARTICLE II	 
		
	DEFINITIONS	  	 	1	 
	
	ARTICLE III	 
	NOTEHOLDER SERVICING FEE	 
			
	 Section 3.01.
	 	 Servicing Compensation
	  	 	17	 
	
	ARTICLE IV	 
	RIGHTS OF NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	 
			
	 Section 4.01.
	 	 Collections and Allocations
	  	 	18	 
	 Section 4.02.
	 	 Determination of Monthly Interest
	  	 	20	 
	 Section 4.03.
	 	 Determination of Monthly Principal
	  	 	22	 
	 Section 4.04.
	 	 Application of Available Finance Charge Collections and Available Principal Collections
	  	 	22	 
	 Section 4.05.
	 	 Investor Charge-Offs
	  	 	25	 
	 Section 4.06.
	 	 Reallocated Principal Collections
	  	 	25	 
	 Section 4.07.
	 	 Excess Finance Charge Collections
	  	 	25	 
	 Section 4.08.
	 	 Excess Principal Collections
	  	 	26	 
	 Section 4.09.
	 	 Certain Series Accounts
	  	 	26	 
	 Section 4.10.
	 	 Reserve Account
	  	 	28	 
	 Section 4.11.
	 	 Spread Account
	  	 	29	 
	 Section 4.12.
	 	 Investment Instructions
	  	 	31	 
	 Section 4.13.
	 	 Accumulation Period
	  	 	31	 
	 Section 4.14.
	 	 Suspension of Accumulation Period
	  	 	32	 
	 Section 4.15.
	 	 Determination of LIBOR
	  	 	34	 
	 Section 4.16.
	 	 Interchange
	  	 	34	 
	 Section 4.17.
	 	 Foreign Accounts
	  	 	35	 
	 Section 4.18.
	 	 Reserved
	  	 	35	 
	 Section 4.19.
	 	 Asset Representations Review Triggers
	  	 	35	 
	 Section 4.20.
	 	 Appointment of Asset Representations Reviewer
	  	 	39	 
	 Section 4.21.
	 	 Dispute Resolution
	  	 	39	 
	 Section 4.22.
	 	 Investor Communication
	  	 	45	 
	
	ARTICLE V	 
	DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS	 
			
	 Section 5.01.
	 	 Delivery and Payment for the 2017-1 Notes
	  	 	46	 
	 Section 5.02.
	 	 Distributions
	  	 	46	 
	 Section 5.03.
	 	 Reports and Statements to Series 2017-1
Noteholders
	  	 	47	 
	 Section 5.04.
	 	 Annual Servicer’s Certificate
	  	 	48	 
	 Section 5.05.
	 	 Annual Independent Accountants Servicing Report
	  	 	48	 

							
	ARTICLE VI	 
		
	 SERIES 2017-1 PAY OUT EVENTS
	  	 	49	 
	
	ARTICLE VII	 
	REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION	 
			
	 Section 7.01.
	 	 Optional Redemption of Series 2017-1 Notes; Final
Distributions
	  	 	51	 
	 Section 7.02.
	 	 Series Termination
	  	 	52	 
	
	ARTICLE VIII	 
	MISCELLANEOUS PROVISIONS	 
			
	 Section 8.01.
	 	 Ratification of Indenture; Amendments
	  	 	52	 
	 Section 8.02.
	 	 Amendments to Asset Representations Review Agreement
	  	 	52	 
	 Section 8.03.
	 	 Form of Delivery of the Notes
	  	 	53	 
	 Section 8.04.
	 	 Counterparts
	  	 	53	 
	 Section 8.05.
	 	 Governing Law
	  	 	53	 
	 Section 8.06.
	 	 Limitation of Liability
	  	 	53	 
	 Section 8.07.
	 	 Rights of Indenture Trustee
	  	 	53	 
	 Section 8.08.
	 	 Additional Requirements for Registration of and Limitations on Transfer and Exchange of
Notes
	  	 	53	 
	 Section 8.09.
	 	 Notices to Rating Agencies and Indenture Trustee
	  	 	54	 

  

					
	 EXHIBIT A-1
	  	 FORM OF CLASS A ASSET BACKED NOTE, SERIES
2017-1

	 EXHIBIT A-2
	  	 FORM OF CLASS B ASSET BACKED NOTE, SERIES
2017-1

	 EXHIBIT A-3
	  	 FORM OF CLASS C ASSET BACKED NOTE, SERIES
2017-1

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

	 EXHIBIT C
	  	 FORM OF MONTHLY REPORT TO NOTEHOLDERS

	 EXHIBIT D
	  	 FORM OF MONTHLY SERVICER’S CERTIFICATE

	 EXHIBIT E
	  	 FORM OF INVESTOR CERTIFICATION

  
 ii 

 SERIES 2017-1 INDENTURE SUPPLEMENT 

This SERIES 2017-1 INDENTURE SUPPLEMENT, dated as of April 25, 2017 (this “Indenture
Supplement”), between FIRST NATIONAL MASTER NOTE TRUST, a statutory trust organized and existing under the laws of the State of Delaware (herein, “Issuer” or the “Trust”), and U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as indenture trustee, not in its individual capacity, but solely as indenture trustee (herein, together with its successors in the trusts thereunder as provided in the Indenture referred to below, “Indenture
Trustee”) under the Second Amended and Restated Master Indenture, dated as of September 23, 2016 (the “Indenture”), between Issuer and Indenture Trustee. 

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

CREATION OF THE SERIES 2017-1 NOTES 

There is hereby created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as
“First National Master Note Trust, Series 2017-1” or the “Series 2017-1 Notes”. The Series 2017-1 Notes shall
be issued in three Classes, known as the “Class A Asset Backed Notes, Series 2017-1,” the “Class B Asset Backed Notes, Series 2017-1,” and
the “Class C Asset Backed Notes, Series 2017-1;” provided, however, with respect to Section 2.11(b)(iv) of the Indenture and the Tax Opinion specified therein, clause (d) of the defined
term “Tax Opinion” shall not be a condition precedent to the issuance of the “Class B Asset Backed Notes, Series 2017-1” or the “Class C Asset Backed Notes, Series 2017-1”. The Series 2017-1 Notes are secured by the Collateral up to the Collateral Amount and any portion of the Collateral that may be available to the Series 2017-1 Notes under the Indenture and this Indenture Supplement. 
 Series
2017-1 shall be included in Group One and shall be a Principal Sharing Series. Series 2017-1 shall be an Excess Allocation Series with respect to Group One only. Series 2017-1 shall not be subordinated to any other Series. Series 2017-1 shall not be a Paired Series. 

ARTICLE II 
 DEFINITIONS

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

“60+-Day Delinquency Rate” means, with respect to any Monthly Period, the
delinquency rate calculated as the ratio (expressed as a percentage) of the aggregate dollar amount of the 60+-Day Delinquent Receivables to the aggregate dollar amount of all Receivables, measured as of the
end of such Monthly Period. 

 “60+-Day Delinquent Receivables” means,
as of any date of determination, all Receivables (other than repurchased Receivables and Receivables arising in Defaulted Accounts) that are 60 or more days Delinquent as of the last day of the Monthly Period immediately preceding such date of
determination, as determined by Servicer in accordance with its customary servicing practices. 
 “AAA” means the American
Arbitration Association. 
 “Accumulation Period” means, unless a Pay Out Event shall have occurred prior thereto, the
period commencing at the opening of business on the Controlled Accumulation Date and ending on the first to occur of (a) the commencement of the Rapid Amortization Period and (b) the Series Termination Date. 

“Accumulation Period Length” is defined in Section 4.13. 

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

(i)    for Principal Collections during the Revolving Period, and for Finance Charge Collections during the
Revolving Period and the Accumulation Period, and for Default Amounts at any time, the Collateral Amount at the end of the last day of the Prior Monthly Period (or, in the case of the Monthly Period in which the Closing Date occurs, on the Closing
Date); or 
 (ii)    for Finance Charge Collections during the Rapid Amortization Period and for
Principal Collections during the Rapid Amortization Period and the Accumulation Period, the Collateral Amount at the end of the last day of the Revolving Period, or, with respect to Finance Charge Collections, if later, at the end of the last day of
the Accumulation Period; 
 provided, however, that prior to the occurrence of a Pay Out Event Transferor may, by written notice to Indenture
Trustee, Servicer and each Rating Agency, reduce the numerator used for purposes of allocating Principal Collections and Finance Charge Collections to Series 2017-1 at any time if (x) the Series Rating
Agency Condition shall have been satisfied with respect to such reduction and (y) Transferor shall have delivered to Indenture Trustee an Officer’s Certificate to the effect that, based on the facts known to such officer at that time, in
the reasonable belief of Transferor, such designation will 

  
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not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out Event to occur with respect to Series
2017-1; and provided, further, that Transferor may designate that the numerator for Finance Charge Collections during the Rapid Amortization Period will be the Collateral Amount at the end of the last day of
the Prior Monthly Period by notice to Servicer and Indenture Trustee, if the Series Rating Agency Condition has been met; and 

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

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

“Asset Representations Review” means any review conducted by the Asset Representations Reviewer pursuant to Section 4.19
of this Indenture Supplement and the Asset Representations Review Agreement with respect to the Subject Receivables and the related Accounts for compliance with the Pool Asset Representations in order to determine, with respect to each Subject
Receivable and the related Account, whether the Pool Asset Representations were accurate in all material respects. 
 “Asset
Representations Review Agreement” means that certain Asset Representations Review Agreement, dated as of September 23, 2016 among RPA Seller, Transferor, Servicer, Issuer and the Asset Representations Reviewer, as the same may be
amended, amended and restated, modified or supplemented from time to time. 
 “Asset Representations Reviewer” means FTI
Consulting, Inc., a Maryland corporation and its successors and any entity resulting from or surviving any consolidation or merger to which it or its successors may be a party, and any successor asset representations reviewer appointed as provided
in the Asset Representations Review Agreement. 
 “Asset Review Quorum” means the Noteholders evidencing at least five
percent (5%) of the Outstanding Amount of all Series of Notes Outstanding. 
 “Available Finance Charge Collections” means,
for any Monthly Period, an amount equal to the sum of (a) the Investor Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to Series 2017-1
for such Monthly Period, plus (c) Principal Accumulation Investment Earnings, if any, with respect to the related Transfer Date, plus (d) amounts on deposit in the Reserve Account and Spread Account deposited into the Finance Charge
Account on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to Sections 4.10(b) or (d) and 4.11(g). 

  
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 “Available Principal Collections” means, for any Monthly Period, an amount equal
to the sum of (a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.06 are required to be applied on
the related Distribution Date, plus (c) any Excess Principal Collections allocated to Series 2017-1 for such Monthly Period, plus (d) the aggregate amount to be treated as Available Principal
Collections pursuant to Section 4.04(a)(v) and (vi) for the related Distribution Date. 
 “Available Reserve Account
Amount” means, for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (including Investment Earnings to the extent retained in the Reserve Account pursuant to Section 4.10(b) on such date or any prior
Transfer Date, and before giving effect to any deposit to or withdrawal from the Reserve Account made or to be made on such date) and (b) the Required Reserve Account Amount for such Transfer Date. 

“Available Spread Account Amount” means, for any Transfer Date, an amount equal to the lesser of (a) the amount on
deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account
Amount, in each case on such Transfer Date. 
 “Base Rate” means, for any Monthly Period, the annualized percentage
equivalent of a fraction, (a) the numerator of which is equal to the sum of (i) the Monthly Interest and (ii) the Noteholder Servicing Fee (calculated by assuming that Interchange allocated to Series
2017-1 equals or exceeds Servicer Interchange for such Monthly Period), each with respect to the related Distribution Date, and (b) the denominator of which is the Collateral Amount plus amounts on
deposit in the Principal Accumulation Account as of the first day of such Monthly Period. 
 “Class A Default
Interest” is defined in Section 4.02(a). 
 “Class A Interest Shortfall” is defined in Section
4.02(a). 
 “Class A Monthly Interest Payment” is defined in Section 4.02(a). 

“Class A Note Initial Principal Balance” means $300,000,000. 

“Class A Note Interest Rate” means a per annum rate of 0.40% in excess of LIBOR as determined on the LIBOR
Determination Date for the applicable Interest Period. 
 “Class A Note Principal Balance” means, on any
date of determination, an amount equal to (a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class A Noteholders on or prior to such date. 

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

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

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

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

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

“Class B Note Initial Principal Balance” means $40,385,000. 

“Class B Note Interest Rate” means a per annum rate equal to LIBOR as determined on the LIBOR
Determination Date for the applicable Interest Period. 
 “Class B Note Principal Balance” means, on any
date of determination, an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class B Noteholders on or prior to such date. 

“Class B Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of the date hereof,
by and among the Indenture Trustee, the Transferor, the Servicer and the Class B Noteholder (or Class B Noteholders) pursuant to which the Class B Noteholder (or Class B Noteholders) agreed to purchase the Class B Notes, as
such agreement may be amended, amended and restated, or otherwise modified. 
 “Class B Noteholder”
means any Person in whose name a Class B Note is registered in the Note Register. 
 “Class B
Notes” means any one of the Notes executed by Issuer and authenticated by or on behalf of Indenture Trustee, substantially in the form of Exhibit A-2. 

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

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

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

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

“Class C Note Initial Principal Balance” means $44,231,000. 

“Class C Note Interest Rate” means a per annum rate equal to LIBOR as determined on the LIBOR
Determination Date for the applicable Interest Period. 
 “Class C Note Principal Balance” means, on any
date of determination, an amount equal to (a) the Class C Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class C Noteholders on or prior to such date. 

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

“Class C Noteholder” means any Person in whose name a Class C Note is registered in the Note
Register. 
 “Class C Notes” means any one of the Notes executed by Issuer and authenticated by or on
behalf of Indenture Trustee, substantially in the form of Exhibit A-3. 
 “Closing
Date” means April 25, 2017. 
 “Collateral Amount” means, as of any date of determination, an amount equal to
the result of (a) the Initial Collateral Amount, minus (b) the amount of principal previously paid to the Series 2017-1 Noteholders (other than any principal payments made from funds on deposit in
the Spread Account), minus (c) the balance on deposit in the Principal Accumulation Account, minus (d) the excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated Principal
Collections over the reimbursements of such amounts pursuant to Section 4.04(a)(vi) prior to such date. 
 “Controlled
Accumulation Amount” means, (a) for any Transfer Date with respect to the Accumulation Period an amount equal to one-twelfth of the Collateral Amount at the end of the Revolving Period; provided,
however, that if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 4.13 or 4.14, the Controlled Accumulation Amount shall be equal to (i) the Initial Collateral Amount divided by
(ii) the Accumulation Period Length; provided, further, that the Controlled Accumulation Amount for any Transfer Date shall not exceed the Note Principal Balance minus any amount already on deposit in the Principal Accumulation Account on such
Transfer Date. 
 “Controlled Accumulation Date” means April 1, 2018, or such later date as is determined in
accordance with Sections 4.13 and 4.14. 
 “Controlled Deposit Amount” means, for any Transfer Date with respect to
the Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such Transfer Date and any existing Accumulation Shortfall. 

“Corporate Trust Office” means, with respect to the Indenture Trustee, the principal office at which the Indenture shall be
administered, which office at the date of execution of this Indenture Supplement is located at (i) for note transfer purposes, U.S. Bank Corporate Trust, 111 Fillmore Ave. E, Mail Code: EP-MN-WS3D, St. Paul, Minnesota 55107, and (ii) for all other purposes, U.S. Bank National Association, 60 Livingston Avenue, Mail Code:
EP-MN-WS3D, St. Paul, Minnesota, 55107, Attention: U.S. Bank Structured Finance/FNBO Series 2017-1 Notes. 

“Covered Amount” means an amount, determined as of each Transfer Date for any Interest Period, equal to the sum of
(a) the product of (i) a fraction the numerator of which is the 

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

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

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

“Dilution” means any downward adjustment made by Servicer in the amount of any Receivable (a) because of a rebate,
refund, unauthorized charge, fraudulent or counterfeit charge or billing error to an Obligor, (b) because such Receivable was created in respect of merchandise which was refused or returned by an Obligor or (c) for any other reason other
than receiving Collections therefor or charging off such amount as uncollectible. 
 “Distribution Account” is defined in
Section 4.09(a). 
 “Distribution Date” means June 15, 2017 and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

  
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 “Excess Servicing Fee” means, for each Distribution Date following a Servicer
Default and the appointment of a Successor Servicer, an amount equal to one-twelfth of the product of the Collateral Amount as of the last day of the preceding Monthly Period and the excess of the market rate
servicing fee percentage determined by Indenture Trustee over the Series Servicing Fee Percentage plus, if the Indenture Trustee is the Successor Servicer, an amount equal to the amount of the reduction to the applicable Noteholder Servicing Fee
pursuant to the second proviso in Section 3.01 which is attributable to the fact that Interchange included in Finance Charge Collections for the Related Monthly Period and allocated to Series 2017-1
is less than Servicer Interchange for such Monthly Period. Indenture Trustee may determine the market rate servicing fee percentage by soliciting three or more written bids from qualified successor servicers and averaging the rates offered in the
bids. 
 “Expected Principal Payment Date” means April 15, 2019. 

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

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

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

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

“Group One” means Series 2017-1 and each other Series specified in the related
Indenture Supplement to be included in Group One. 
 “Initial Collateral Amount” means $384,616,000. 

“Interest Period” means, for any Distribution Date, the period from and including the Distribution Date immediately preceding
such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

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

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

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

“Investor Principal Collections” means, with respect to any Date of Processing, an amount equal to the product of
(a) the Allocation Percentage for such Date of Processing and (b) Principal Collections received on such Date of Processing and, with respect to any Monthly Period, the aggregate of such sums for each Date of Processing in such Monthly
Period. 
 “LIBOR” means, for any Interest Period, an interest rate per annum for such Interest Period determined by
Indenture Trustee in accordance with the provisions of Section 4.15. 
 “LIBOR Determination Date” means
(i) April 21, 2017 for the period from and including the Closing Date through and including June 14, 2017 and (ii) the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 

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

“Monthly Period” means the period from and including the first day of the calendar month preceding a related Distribution
Date to and including the last day of such calendar month; provided that the Monthly Period related to the June 15, 2017 Distribution Date means the period from and including the Closing Date to and including May 31, 2017. 

“Monthly Principal” is defined in Section 4.03. 

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

(a)    the lower of (i) the Class A Required Amount and (ii) the greater of (A)(x) the
product of (I) 22.00% and (II) the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor
Charge-Offs for the Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date) and (B) zero; and 

(b)    the lower of (i) the sum of the Class B Required Amount and the Servicing Fee Required
Amount and (ii) the greater of (A)(x) the product of (I)11.50% and (II) the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to
Investor Charge-Offs for the Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as determined pursuant to clause (a) above) and
(B) zero. 

  
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 “Net Yield” means, with respect to any Monthly Period, Portfolio Yield with
respect to such Monthly Period minus the Base Rate with respect to such Monthly Period. 
 “Note Principal Balance” means,
on any date of determination, an amount equal to the sum of the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance or, with respect to a particular Class, the Class A Note
Principal Balance, the Class B Note Principal Balance or the Class C Note Principal Balance. 
 “Noteholder Servicing
Fee” is defined in Section 3.01. 
 “Permitted Investments” is defined in Annex A to the Indenture. 

“Pool Asset Representations” means, collectively, (i) the representations and warranties made by the Transferor relating
to the Receivables under Section 2.04(a)(viii) and (ix) of the Transfer and Servicing Agreement and (ii) the representations and warranties made by the RPA Seller relating to the Receivables under Section 4.02(a)(vii) and (viii) of
the Receivables Purchase Agreement. 
 “Portfolio Yield” means, for any Monthly Period, the annualized percentage
equivalent of a fraction, (a) the numerator of which is equal to (i) the Available Finance Charge Collections (excluding any Excess Finance Charge Collections and any amounts withdrawn from the Spread Account, except that Excess Finance
Charge Collections from other Series applied for the benefit of Series 2017-1 Notes may be included if the Rating Agency Condition is met), minus (ii) the Investor Default Amount and the Uncovered
Dilution Amount for such Monthly Period and (b) the denominator of which is the Collateral Amount plus amounts on deposit in the Principal Accumulation Account as of the first day of such Monthly Period. 

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

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

“Principal Accumulation Account Balance” means, for any date of determination, the principal amount, if any, on deposit in
the Principal Accumulation Account on such date of determination. 
 “Principal Accumulation Investment Earnings” means,
with respect to each Transfer Date, the Investment Earnings, if any, on funds in the Principal Accumulation Account. 
 “Principal
Collections” means Collections of Principal Receivables. 
 “Principal Shortfall” means (a) for any
Distribution Date (and related Transfer Date), with respect to the Revolving Period, zero, (b) for any Distribution Date (and related Transfer Date), with respect to the Accumulation Period, an amount equal to the excess, if any, of the
Controlled Deposit Amount with respect to such date over the amount of Available Principal Collections for the Related Monthly Period (excluding any portion thereof attributable to Excess 

  
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Principal Collections) and (c) for any Distribution Date (and related Transfer Date), with respect to the Rapid Amortization Period, an amount equal to the excess, if any, of the Collateral
Amount with respect to such Transfer Date over the amount of Available Principal Collections for the Related Monthly Period (excluding any portion thereof attributable to Excess Principal Collections). 

“Prior Monthly Period” means the period from and including the first day of the second calendar month immediately preceding a
related Distribution Date to and including the last day of such calendar month. As an illustration, if the related Distribution Date is August 15, 2017, the Monthly Period is July, 2017 and the Prior Monthly Period is June, 2017. 

“QIB” means a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. 

“Qualified Dispute Resolution Professional” means an attorney or retired judge that is independent, impartial, knowledgeable
and experienced with the laws of the State of New York, specializing in commercial litigation with at least 15 years of experience and whose name is on a list of neutral parties maintained by the AAA. 

“Qualified Maturity Agreement” means an agreement in which a Qualified Maturity Agreement Institution agrees to make a
deposit into the Principal Accumulation Account on or before the Expected Principal Payment Date in an amount equal to the initial Note Principal Balance (reduced by any amount on deposit in the Principal Accumulation Account. Each Qualified
Maturity Agreement must satisfy the Series Rating Agency Condition. 
 “Qualified Maturity Agreement Institution” means a
counterparty having short-term debt ratings of no less than “P-1/A-1+” by Moody’s and Standard &
Poor’s, respectively, or long-term unsecured ratings of no less than “Aa3” by Moody’s and “AA–” by Standard & Poor’s, or otherwise satisfies the Series Rating
Agency Condition. 
 “Quarterly Net Yield” means, for any Distribution Date, the average of the Net Yields for each of the
three preceding Monthly Periods, and, for purposes of the June 2017 and July 2017 Distribution Dates, the Net Yields for March of 2017 and April of 2017 shall be deemed to be 8.38% and 8.38%, respectively. 

“Rapid Amortization Period” means the period commencing on the date on which a Trust Pay Out Event or a Series 2017-1 Pay Out Event is deemed to occur and ending on the Series Termination Date. 
 “Rating
Agency” means, with respect to each outstanding Class of the Series 2017-1 Notes and as of any date of determination, the rating agency or agencies, if any, selected by the Sponsor to rate such
outstanding Class of the Series 2017-1 Notes . 
 “Rating Agency Condition”
means, with respect to any action subject to such condition, 
 (a)    when used in reference to all
other Series of Notes, the notifications specified in the definition of “Rating Agency Condition” in the indenture supplement with respect to such Series; and 

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

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

(d)    when used in reference to the Series 2017-1 Notes,
(i) with respect to the Class A Notes, (A) that each Rating Agency shall have notified Issuer and Transferor in writing that the proposed action will not result in a reduction or withdrawal of its rating with respect to the
Class A Notes or (B) if at such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written
notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior to the effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is practical and (ii) with
respect to the Class B Notes and the Class C Notes, the Class B Noteholders and Class C Noteholders have consented in writing to such action. 

Neither the Class B Notes nor the Class C Notes will be rated on the Closing Date. 

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

“Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and distributions otherwise to be
made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest previously due but not distributed to
the Series 2017-1 Noteholders, plus (iii) the amount of Default Interest, if any, for the related Distribution Date and any Default Interest previously due but not distributed to the Series 2017-1 Noteholders on a prior Distribution Date. 
 “Reference Banks” means four major
banks in the London interbank market selected by Servicer. 
 “Representing Party” has the meaning assigned to such term in
Section 4.21(a)(i) or Section 4.21(a)(ii) of this Indenture Supplement, as the context requires. 

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

“Required Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account Funding Date, an amount equal
to (a)0.50% of the Note Principal Balance or (b) any other amount designated by Transferor; provided, however, that if such designation is of a lesser amount, Transferor shall (i) provide Servicer and Indenture Trustee with evidence that
the Rating Agency Condition shall have been satisfied and (ii) deliver to Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts known to such officer at such time, in the reasonable belief of
Transferor, such designation will not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out Event to occur with respect to Series 2017-1. 

“Required Retained Transferor Percentage” means, for purposes of Series 2017-1, 4%.

 “Required Spread Account Amount” means, for any date of determination, (a) prior to the occurrence of a Pay Out
Event, the product of (i) the Spread Account Percentage in effect on such date and (ii) the Initial Collateral Amount; provided that the Required Spread Account Amount shall not exceed the Class C Note Principal Balance minus the
excess, if any, of the Principal Accumulation Account Balance over the sum of the Class A Note Principal Balance and the Class B Note Principal Balance on such date of determination and (b) after the occurrence of a Pay Out Event, an
amount equal to the Class C Note Principal Balance on such date of determination. 
 “Reserve Account” is defined in
Section 4.09(a). 
 “Reserve Account Funding Date” means the Transfer Date designated by Servicer which occurs not
later than the earliest of (a) the Transfer Date with respect to the Monthly Period which commences three months prior to the commencement of the Accumulation Period (which commencement shall be subject to postponement pursuant to
Section 4.14); (b) the first Transfer Date for which the Quarterly Net Yield is less than 2%, but in such event the Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly
Period which commences twelve months prior to the commencement of the Accumulation Period; (c) the first Transfer Date for which the Quarterly Net Yield is less than 3%, but in such event the Reserve Account Funding Date shall not be required
to occur earlier than the Transfer Date with respect to the Monthly Period which commences six months prior to the commencement of the Accumulation Period; and (d) the first Transfer Date for which the Quarterly Net Yield is less than 4%, but
in such event the Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly Period which commences four months prior to the commencement of the Accumulation Period; provided, however, that
subject to satisfaction of the Rating Agency Condition, the Reserve Account Funding Date may be any date selected by Servicer; provided, further, that if a Qualified Maturity Agreement has been assigned to the Indenture Trustee in accordance with
the 

  
 13 

 
provisions of Section 4.14, the Reserve Account Funding Date shall be the Distribution Date immediately following the date on which a Qualified Maturity Agreement is terminated if
(w) such Qualified Maturity Agreement is terminated because the provider of such Qualified Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution, (x) such Qualified Maturity Agreement is terminated prior to the
earlier of the Expected Principal Payment Date and the commencement of the Rapid Amortization Period, (y) such Qualified Maturity Agreement is terminated after the later of the last day of the March, 2018 Monthly Period and, at the election of
Transferor, the date to which the commencement of the Accumulation Period may be postponed pursuant to Section 4.13 (as determined on the date of such termination) and (z) Transferor does not obtain a substitute Qualified Maturity
Agreement. 
 “Reserve Account Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the
amount, if any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount. 
 “Reserve Draw
Amount” means, with respect to each Transfer Date relating to the Accumulation Period or the first Transfer Date relating to the Rapid Amortization Period, the amount, if any, by which the Principal Accumulation Investment Earnings for such
Transfer Date are less than the Covered Amount determined as of such Transfer Date. 
 “Reset Date” means: 

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

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

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

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

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

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

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

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

“Series 2017-1” means the Series of Notes the terms of which are specified in this
Indenture Supplement. 
 “Series 2017 Final Maturity Date” means the April 18, 2022 Distribution Date. 

“Series 2017-1 Note” means a Class A Note, a Class B Note or a Class C
Note. 
 “Series 2017-1 Note Owner” means, with respect to any Series 2017-1 Note which is a Book-Entry Note, the Person who is the owner of such Book-Entry Note as reflected on the books of Clearing Agency, or on the Person maintaining an account with such Clearing Agency (directly
as a Clearing Agency Participant or as an Indirect Participant, in accordance with the rules of such Clearing Agency). 
 “Series 2017-1 Noteholder” means a Class A Noteholder, a Class B Noteholder or a Class C Noteholder. 

“Series 2017-1 Pay Out Event” is defined in the last paragraph of Article VI. 

“Series Allocation Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction, the
numerator of which is the numerator used in determining the Allocation Percentage for Finance Charge Collections for that Monthly Period and the denominator of which is the sum of the numerators used in determining the Allocation Percentage for
Finance Charge Receivables for all outstanding Series for such Monthly Period; provided that if one or more Reset Dates occur in a Monthly Period, the Series Allocation Percentage will be the percentage equivalent of a fraction, the numerator of
which is an amount equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge Collections for Series 2017-1 for each day during that Monthly Period divided by the total
number of days in such Monthly Period and the denominator of which is an amount equal to the sum of the numerators used in determining the Allocation Percentages for Finance Charge Receivables for all outstanding Series for each day during such
Monthly Period divided by the total number of days in such Monthly Period. 
 “Series Rating Agency Condition” means,
(i) when used in reference to the Class A Notes and any action subject to such condition, (a) that each Rating Agency shall have notified Issuer in writing that such action will not result in any reduction or withdrawal of the rating,
if any, of outstanding class of the Series 2017-1 Notes which such Rating Agency has rated at Sponsor’s request or (b) if at such time a Rating Agency has informed Issuer and Transferor that such
Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior to
the effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable; and 

  
 15 

 (ii) when used in reference to the Class B Notes and the Class C Notes and any action
subject to such condition, the written consent of the Class B Noteholders and the Class C Noteholders to such action. 
 Neither
the Class B Notes nor the Class C Notes will be rated on the Closing Date. 
 “Series Servicing Fee Percentage”
means 2% per annum. 
 “Series Termination Date” means the earlier to occur of (a) the date on which the Note
Principal Balance is paid in full and (b) the Series 2017-1 Final Maturity Date. 

“Servicer Interchange” means, with respect to any Monthly Period, an amount equal to
one-twelfth of the product of (a) 1.50% and (b) the Collateral Amount as of the last day of the preceding Monthly Period; provided, however, that Servicer Interchange for the June 15, 2017
Distribution Date shall be $592,950. 
 “Servicing Fee Required Amount” means, for any Distribution Date, an amount equal
to the excess of the amount described in Section 4.04(a)(iii) over the Available Finance Charge Collections applied to pay such amount pursuant to Section 4.04(a). 

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

“Spread Account Deficiency” means the excess, if any, of the Required Spread Account Amount over the Available Spread Account
Amount. 
 “Spread Account Percentage” means, for any Distribution Date, the applicable percentage specified in the
Class C Note Purchase Agreement. 
 “Subject Receivables” means, with respect to an Asset Representations Review
conducted by the Asset Representations Reviewer pursuant to Section 4.19 of this Indenture Supplement and the Asset Representations Review Agreement, the 60+-Day Delinquent Receivables arising in the
Accounts specified on an account schedule prepared by Servicer and delivered to Asset Representations Reviewer for the purposes of an Asset Representations Review. For the avoidance of doubt, on the date that the conditions for an Asset
Representations Review have been satisfied, any Receivable that is repurchased or reassigned to Transferor pursuant to the Transfer and Servicing Agreement or the RPA Seller pursuant to the Receivables Purchase Agreement, as applicable, on and after
such date will not be a Subject Receivable. 
 “Three-Month Average 60+-Day Delinquency
Rate” means, as of any date of determination, (a) the sum of the 60+-Day Delinquency Rates for three Monthly Periods immediately preceding such date of determination, divided by (b) three
(3). 
 “TSA Repurchase Request” has the meaning assigned to such term in Section 4.21(a)(i) of this Indenture Supplement.

  
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 “Uncovered Dilution Amount” means, for any Distribution Date, an amount equal to
the product of (a) the Series Allocation Percentage for the Related Monthly Period times (b) the aggregate Dilutions occurring during that Monthly Period as to which any deposit is required to be made to the Excess Funding Account pursuant
to Section 3.09 of the Transfer and Servicing Agreement but has not been made (either directly by the Transferor or from Principal Collections otherwise distributable to the Transferor). 

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

“Verified Note Owner” means a Series 2017-1 Note Owner that has provided Indenture
Trustee with (i) a written certification that it is the beneficial owner of a specified Outstanding Amount of Series 2017-1 Notes and (ii) a trade confirmation, an account statement, a letter from a
broker dealer acceptable to Indenture Trustee or other similar document acceptable to Indenture Trustee showing that such Series 2017-1 Note Owner is a beneficial owner of such Outstanding Amount of Series 2017-1 Notes. 
 Each capitalized term defined herein shall relate to the Series 2017-1 Notes and no other Series of Notes issued by Issuer, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in
Annex A to the Indenture. 
 The interpretive rules specified in Section 1.02 of the Indenture also apply to this Indenture
Supplement. If any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Indenture Supplement shall be controlling. 

ARTICLE III 
 NOTEHOLDER
SERVICING FEE 
 Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to Series 2017-1 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 $790,600; provided, further, that
if FNBO or Indenture Trustee is Servicer, the Noteholder Servicing Fee shall be reduced by the amount, if any, by which the Servicer Interchange for such Monthly Period exceeds the amount of Interchange included as Finance Charge Collections
allocable to the Series 2017-1 Notes with respect to such Monthly Period pursuant to Section 4.16 of this Indenture Supplement. The remainder of the Servicing Fee shall be paid by the Holders of the
Transferor Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall Issuer, Indenture Trustee or the Series 2017-1 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. 

  
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 ARTICLE IV 

RIGHTS OF NOTEHOLDERS AND ALLOCATION 

AND APPLICATION OF COLLECTIONS 

Section 4.01. Collections and Allocations. 

(a)    Finance Charge Collections, Principal Collections and Receivables in Defaulted Accounts shall be
allocated and distributed to Series 2017-1 as set forth in this Article. 

(b)    On each Date of Processing, Servicer shall allocate to the Series
2017-1 Noteholders the following amounts as set forth below: 

(i)    Allocations of Finance Charge Collections. An amount equal to the Investor Finance Charge
Collections processed on such Date of Processing shall be allocated to the Series 2017-1 Noteholders and, first, deposited to the Finance Charge Account to the extent required by Section 8.04 of the
Indenture and Section 4.01(c) below, and, second, paid to the Holder of the Transferor Interest. 

(ii)    Allocations of Principal Collections. 

(A)    Allocations During the Revolving Period. 

(1)    During the Revolving Period an amount equal to the Investor Principal Collections processed on each
Date of Processing, shall be allocated to the Series 2017-1 Noteholders and, first, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, deposited to and
retained in the Principal Account to the extent necessary for application as Excess Principal Collections for other Principal Sharing Series on the related Distribution Date, second, deposited to the Excess Funding Account to the extent necessary so
that (x) the Transferor Interest is not less than the Minimum Transferor Interest and (y) the aggregate Principal Receivables in the Trust equals or exceeds the Minimum Aggregate Principal Receivables and, third, paid to the holder or
holders of the Transferor Interest. 
 (2)    With respect to each Monthly Period falling in the
Revolving Period, to the extent that Investor Principal Collections allocated to the Series 2017-1 Noteholders pursuant to this Section 4.01(b)(ii) are paid to Transferor, Transferor shall make an amount
equal to the Reallocated Principal Collections for the related Transfer Date available on that Transfer Date for application in accordance with Section 4.06. 

  
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 (B)    Allocations During the Accumulation Period.
During the Accumulation Period an amount equal to the Investor Principal Collections processed on each Date of Processing shall be allocated to the Series 2017-1 Noteholders and deposited into the Principal
Account in accordance with Section 8.04 of the Indenture and Section 4.01(c). 

(C)    Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, an
amount equal to the Investor Principal Collections processed on each Date of Processing shall be allocated to the Series 2017-1 Noteholders and deposited into 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, any Investor Principal Collections in excess of such amount shall be,
first, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, deposited to and retained in the Principal Account for application, to the extent necessary, as Excess Principal Collections to other
Principal Sharing Series on the related Distribution Date, second, deposited in the Excess Funding Account to the extent necessary so that (x) the Transferor Interest is not less than the Minimum Transferor Interest and (y) the aggregate
Principal Receivables in the Trust equals or exceeds the Minimum Aggregate Principal Receivables and, third, paid to the holder or holders of the Transferor Interest. 

(c)    During any period when Servicer is permitted by Section 8.04 of the Indenture to make a single
monthly deposit to the Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.01(a) and (b) with respect to any Monthly Period need not be deposited into the Collection Account or any Series Account prior to the
related Transfer Date, and, when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if FNBO is Servicer, Servicer, and (y) shall be deposited into the Finance Charge Account (in the case of
Finance Charge Collections) and the Principal Account (in the case of Collections of Principal Receivables (not including any Excess Principal Collections allocated to Series 2017-1 pursuant to
Section 8.05 of the Indenture)). The exception to the daily deposit requirements provided by the second paragraph of Section 8.04(a) of the Indenture shall not be available during any Monthly Period during the Rapid Amortization Period, or
at any time that (A) the Transferor Interest is less than the Minimum Transferor Interest, (B) the Available Spread Account Amount is less than the Required Spread Account Amount or (C) the aggregate Principal Receivables in the Trust
is less than the Minimum Aggregate Principal Receivables. For purposes of the second paragraph of Section 8.04(a) of the Indenture, the amount of Principal Collections required to be deposited or distributed on or prior to the related
Distribution Date during the Accumulation Period shall include an amount equal to the Controlled Deposit Amount. 

Notwithstanding the provisions of the second paragraph of Section 8.04(a) of the Indenture, all Finance Charge Collections
for each Monthly Period shall be deposited daily to the Finance Charge Account and retained therein until the delivery of the 

  
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statement required by Section 5.03(b). On or after delivery of such statement, Finance Charge Collections for the Related Monthly Period which are not required to be deposited or distributed
pursuant to such statement may be withdrawn by Servicer. 
 (d)    On any date, Servicer may withdraw
from the Collection Account or any Series Account any amounts inadvertently deposited in such account that should have not been so deposited. 

Section 4.02. Determination of Monthly Interest. 

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

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

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

On the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class B
Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(b) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment

  
 20 

 
of such amount. If the Class B Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully
paid, an additional amount (“Class B Default Interest”) equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360,
times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Noteholders) shall be
payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Default Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by
applicable law. 
 (c)    The amount of monthly interest (“Class C Monthly Interest
Payment”) distributable from the Distribution Account with respect to the Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (B) the Class C Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class C Note Principal Balance as of the close of
business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class C Note Initial Principal Balance). 

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

  
 21 

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

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

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

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

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

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

(vii)    on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on
which the Reserve Account terminates as described in Section 4.10(f), an amount up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account; 

(viii)    an amount equal to the excess, if any, of the Required Spread Account Amount over the Available
Spread Account Amount shall be deposited into the Spread Account; and 
 (ix)    all remaining amounts
will constitute a portion of Excess Finance Charge Collections for such Distribution Date to be applied in accordance with Section 4.07; and 

(x)    any other amount required to be paid or deposited under the terms of the Class B Note Purchase
Agreement shall be so paid or deposited; 
 (xi)     any other amount required to be paid or deposited
under the terms of the Class C Note Purchase Agreement shall be so paid or deposited; and 

(xii)    any remaining amount to be paid to Transferor. 

(b)    On each Transfer Date with respect to the Revolving Period, the Available Principal Collections for
the Related Monthly Period on deposit in the Principal Account shall be withdrawn to be treated as Excess Principal Collections for such Distribution Date and applied in accordance with Section 4.08 and Section 8.05 of the Indenture. 

(c)    On each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, an
amount equal to the Available Principal Collections for the Related Monthly Period shall be withdrawn from the Principal Account and distributed or deposited in the following order of priority: 

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

  
 23 

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

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

  
 24 

 
4.04(c)(i). In accordance with Section 5.02, on the related Distribution Date, Indenture Trustee shall pay from the Distribution Account to the Class A Noteholders, the Class B
Noteholders and the Class C Noteholders, as applicable, the amounts deposited into the Distribution Account for the account of such Noteholders pursuant to this Section 4.04(e). 

Section 4.05. Investor Charge-Offs. On each Determination Date, Servicer shall calculate
the Investor Default Amount and any Uncovered Dilution Amount for the related Distribution Date. If, on any Distribution Date, the sum of the Investor Default Amount and any Uncovered Dilution Amount for such Distribution Date exceeds the amount of
Available Finance Charge Collections allocated with respect thereto pursuant to Section 4.04(a)(v) with respect to such Distribution Date, the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction,
an “Investor Charge-Off”). 
 Section 4.06. Reallocated Principal Collections.
On each Transfer Date, Servicer shall apply, or shall instruct Indenture Trustee in writing to apply, Investor Principal Collections with respect to such Transfer Date, in an amount not to exceed the Monthly Principal Reallocation Amount for the
Related Monthly Period, to fund any deficiency in amounts otherwise available for deposit and distribution pursuant to and in the priority set forth in Section 4.04(a)(i), (ii) and (iii), after giving effect to any application of funds from the
Spread Account pursuant to Section 4.11, any application of funds from the Reserve Account pursuant to Section 4.10 and after allocation and application of Excess Finance Charge Collections pursuant to Section 4.07 to cover such
payments. On each Transfer Date, the Collateral Amount shall be reduced by the amount of such Reallocated Principal Collections, if any, for such Transfer Date. 

Section 4.07. Excess Finance Charge Collections. 

(a)    Excess Finance Charge Collections from all Excess Allocation Series in Group One will be allocated
to cover any Finance Charge Shortfall or finance charge shortfalls for other Excess Allocation Series in Group One pursuant to Section 8.06 of the Indenture except that, following a Servicer Default and the appointment of a Successor Servicer,
Excess Finance Charge Collections remaining after their application to cover Finance Charge Shortfalls and other finance charge shortfalls for Group One, shall be paid to the Successor Servicer to pay any unpaid Excess Servicing Fees or other
unpaid excess servicing fees for all Excess Allocation Series in Group One prior to any distribution to the holder or holders of the Transferor Interest. If the remaining Excess Finance Charge Collections do not exceed the aggregate amount of such
unpaid fees, the remaining Excess Finance Charge Collections shall be allocated among the Group One Excess Allocation Series pro rata based on the amount of unpaid excess servicing fees for each such Series. Excess Finance Charge Collections with
respect to Group One shall be allocated to Series 2017-1 in accordance with this Section 4.07, without regard to whether the Rating Agency Condition has been met for purposes of the definition of
“Portfolio Yield.” On each Transfer Date, Indenture Trustee, at the written direction of the Servicer, shall deposit Excess Finance Charge Collections allocated to Series 2017-1 to the Finance Charge
Account prior to the applications to be made pursuant to Section 4.04. 

  
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 (b)    Any Excess Finance Charge Collections relating to the Series 2017-1 Notes remaining after the application thereof as specified in this Section 4.07(a) above, if any, shall be applied, first, pursuant to Section 4.04(a)(x) and (xi) hereof and second, the
remaining balance, if any, shall be paid to Transferor pursuant to Section 4.04(a)(xii) hereof. 
 Section 4.08. Excess Principal
Collections. Excess Principal Collections from all Principal Sharing Series in Group One will be allocated to cover any Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.05 of
the Indenture. If (i) any Principal Shortfall remains after such allocation, (ii) any Series in Group One is in an Amortization Period and (iii) the amount on deposit in the Excess Funding Account is greater than zero, amounts on
deposit in the Excess Funding Account will be treated as Excess Principal Collections and allocated to cover any remaining Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.03 of
the Indenture. Indenture Trustee, at the written direction of the Servicer, shall deposit Excess Principal Collections allocated to Series 2017-1 to the Principal Accumulation Account or the Distribution
Account, as applicable. 
 Section 4.09. Certain Series Accounts. 

(a)    Paying Agent or Paying Agent on behalf of the Indenture Trustee shall establish and maintain with a
Qualified Institution, which may be Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Noteholders, six segregated trust accounts with such Qualified Institution (the “Finance Charge Account,” the
“Principal Account,” the “Principal Accumulation Account,” the “Distribution Account,” the “Spread Account” and the “Reserve Account,”) each bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2017-1 Noteholders. The Finance Charge Account, the Principal Account, the Principal Accumulation Account, the Distribution Account, the Reserve
Account and the Spread Account are hereby designated as the Series Accounts for the Series 2017-1 Notes. Except as otherwise provided in Section 4.11, Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in each Series Account and in all proceeds thereof. Except as otherwise provided in Section 4.11, each Series Account shall be under the sole dominion and control of Indenture Trustee for the
benefit of the Series 2017-1 Noteholders. If at any time the institution holding a Series Account ceases to be a Qualified Institution, Transferor shall notify Indenture Trustee in writing, and Indenture
Trustee upon being notified (or Servicer on its behalf) shall, within ten (10) Business Days, establish a new Series Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to
such new Series Account. Indenture Trustee, at the written direction of Servicer, shall make withdrawals from and deposits to each Series Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement.
Indenture Trustee at all times shall maintain accurate records reflecting each transaction in each Series Account, so long as such accounts are established and maintained with Indenture Trustee. 

(b)    Funds on deposit in each Series Account from time to time shall be invested and reinvested at the
written direction of Servicer by Indenture Trustee in 

  
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Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date; provided, that in the absence of such direction, the
Indenture Trustee may, but shall have no obligation to, make such investment. The Indenture Trustee shall not be held liable for the performance of any Permitted Investments made in accordance with the terms hereof. 

On each Transfer Date with respect to the Accumulation Period and on the first Transfer Date with respect to the Rapid
Amortization Period, Indenture Trustee, acting at Servicer’s direction given on or before such Transfer Date, shall transfer from the Principal Accumulation Account to the Finance Charge Account the Principal Accumulation Investment Earnings on
deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in accordance with Section 4.04(a). 

Principal Accumulation Investment Earnings (including reinvested interest) shall not be considered part of the amounts on deposit in the
Principal Accumulation Account for purposes of this Indenture Supplement. 
 On each Distribution Date, all Investment
Earnings on funds on deposit in the Principal Account, the Finance Charge Account and the Distribution Account shall be deposited by Indenture Trustee in a separate deposit account with a Qualified Institution in the name of Servicer, or a Person
designated in writing by Servicer, which shall not constitute a part of the Trust, or shall otherwise be turned over by Indenture Trustee to Servicer. 

(c)    Indenture Trustee shall hold such of the Permitted Investments of funds in any Series Account as
consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of Minnesota. Indenture Trustee shall hold such of the Permitted Investments as constitutes investment property
through a securities intermediary, which securities intermediary shall agree with Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of Indenture Trustee, (b) such securities
intermediary shall treat Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset,
(d) such securities intermediary shall comply with entitlement orders originated by Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity
other than Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest or right of set-off in favor of such securities intermediary or anyone claiming through it (other than Indenture Trustee), and (g) such agreement shall be governed by the laws of the State of New York. Terms used in
the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. Except as permitted by this Section 4.09(c), Indenture Trustee shall not hold Permitted
Investments through an agent or nominee. 

  
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 (d)    No Permitted Investment in any Series Account shall be
disposed of prior to its maturity unless Servicer so directs and either (i) such disposal will not result in a loss of all or part of the principal portion of such Permitted Investment or (ii) prior to the maturity of such Permitted
Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Permitted Investment. 
 Section 4.10.
Reserve Account. 
 (a)    Indenture Trustee, at the written direction of Servicer, shall
(i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Transfer Date (from and after
the Reserve Account Funding Date) prior to termination of the Reserve Account, make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(a)(vii). 

(b)    On each Transfer Date, all Investment Earnings accrued since the preceding Transfer Date on funds on
deposit in the Reserve Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited into the Finance Charge
Account and included in Available Finance Charge Collections for the Related Monthly Period. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture Supplement, Investment
Earnings on such funds shall be deemed not to be available or on deposit, except amounts retained pursuant to the preceding sentence. 

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

(e)    If the Reserve Account Surplus on any Transfer Date, after giving effect to all deposits to and
withdrawals from the Reserve Account with respect to such Transfer Date, is greater than zero, Indenture Trustee, acting in accordance with the written instructions of Servicer, shall withdraw from the Reserve Account an amount equal to such Reserve
Account Surplus and (i) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required Spread Account Amount, and (ii) distribute any such amounts remaining after
application pursuant to Section 4.10(e)(i) to the Holder of the Transferor Interest. 

  
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 (f)    Upon the earliest to occur of (i) the termination
of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the first Transfer Date relating to the Rapid Amortization Period and (iii) the Transfer Date immediately preceding the Expected Principal Payment Date, Indenture
Trustee, acting in accordance with the written instructions of Servicer, after the prior payment of all amounts owing to the Series 2017-1 Noteholders that are payable from the Reserve Account as provided
herein, shall withdraw from the Reserve Account all amounts, if any, on deposit in the Reserve Account and (A) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required
Spread Account Amount, and (B) distribute any such amounts remaining after application pursuant to Section 4.10(f)(A) to the Holder of the Transferor Interest. The Reserve Account shall thereafter be deemed to have terminated for purposes of
this Indenture Supplement. Funds on deposit in the Reserve Account at any time that the Accumulation Period is suspended pursuant to Section 4.14 shall remain on deposit until applied in accordance with Section 4.10(d), (e) or (f). 

Section 4.11. Spread Account. 

(a)    Paying Agent or Paying Agent on behalf of Indenture Trustee shall establish and maintain the Spread
Account for the benefit of the Class C Noteholders and the Holder of the Transferor Interest, with an account designation clearly indicating that the funds deposited therein are held for the benefit of the Class C Noteholders and the
Holder of the Transferor Interest. The Spread Account shall be under the sole dominion and control of Indenture Trustee for the benefit of the Class C Noteholders and the Holder of the Transferor Interest. Indenture Trustee, at the written
direction of Servicer, shall (i) make withdrawals from the Spread Account from time to time in an amount up to the Available Spread Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each
Transfer Date prior to termination of the Spread Account, make a deposit into the Spread Account in the amount specified in, and otherwise in accordance with, Section 4.11(f). The Issuer will not make a deposit of funds into the Spread Account
on the Closing Date. 
 (b)    On each Transfer Date (but subject to Section 4.11(c), (d), (e) and (f)),
the Investment Earnings, if any, accrued since the preceding Transfer Date on funds on deposit in the Spread Account shall be paid to the Holder of the Transferor Interest by Indenture Trustee upon written direction of Servicer. For purposes of
determining the availability of funds or the balance in the Spread Account for any reason under this Indenture Supplement (subject to Section 4.11(c), (d), (e) and (f)), all Investment Earnings shall be deemed not to be available or on deposit;
provided that after the maturity of the Series 2017-1 Notes has been accelerated as a result of an Event of Default, all Investment Earnings shall be added to the balance on deposit in the Spread Account and
treated like the rest of the Available Spread Account Amount. 
 (c)    If, on any Transfer Date, the
aggregate amount of Available Finance Charge Collections otherwise available for application pursuant to Section 4.04(a)(iv) is less than the aggregate amount required to be deposited into the Distribution Account pursuant to
Section 4.04(a)(iv), Indenture Trustee, at the written direction of Servicer, 

  
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shall (i) withdraw from the Spread Account the amount of such deficiency up to the Available Spread Account Amount and, if the Available Spread Account Amount is less than such deficiency,
the Indenture Trustee shall also withdraw Investment Earnings credited to the Spread Account in an amount so that the total amount withdrawn equals such deficiency, and (ii) deposit such amount into the Distribution Account for payment to the
Class C Noteholders in respect of interest on the Class C Notes pursuant to Section 5.02(c). 

(d)    On the Series 2017-1 Final Maturity Date or, if sooner, the
date on which the Class A Note Principal Balance and the Class B Note Principal Balance have been paid in full, after applying any funds on deposit in the Spread Account as described in Section 4.11(c), Indenture Trustee, at the
written direction of Servicer, shall withdraw from the Spread Account an amount equal to the lesser of (i) the Class C Note Principal Balance (after any payments to be made pursuant to Section 4.04(c) on such date) and (ii) the
Available Spread Account Amount and, if the amount so withdrawn is not sufficient to reduce the Class C Note Principal Balance to zero, shall also withdraw Investment Earnings credited to the Spread Account up to the amount required to reduce
the Class C Note Principal Balance to zero. Indenture Trustee, upon the written direction of Servicer, or Servicer, shall deposit such amounts into the Distribution Account for distribution to the Class C Noteholders in accordance with
Section 5.02(c). 
 (e)    On the earlier to occur of (i) the Series 2017-1 Final Maturity Date and (ii) the day following the occurrence of an Event of Default with respect to Series 2017-1 and acceleration of the maturity of the Series 2017-1 Notes pursuant to Section 5.03 of the Indenture, Servicer shall withdraw from the Spread Account an amount equal to the Available Spread Account Amount and Indenture Trustee or Servicer shall deposit
such amounts into the Distribution Account for distribution to the Class C Noteholders until the Class C Note Principal Balance is paid in full, then to the Class A Noteholders until the Class A Note Principal Balance is paid in
full, and then to the Class B Noteholders until the Class B Note Principal Balance is paid in full, in that order of priority, in accordance with Section 5.02, to fund any shortfalls in amounts owed to such Noteholders. 

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

  
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 (g)    If, after giving effect to all deposits to and
withdrawals from the Spread Account with respect to any Transfer Date, the amount on deposit in the Spread Account exceeds the Required Spread Account Amount, Indenture Trustee acting in accordance with the instructions of Servicer, shall withdraw
an amount equal to such excess and deposit it into the Finance Charge Account for application as Available Finance Charge Collections. On the date on which the Class C Note Principal Balance has been paid in full, after making any payments to
the Noteholders required pursuant to Section 4.11(c), (d) and (e), Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account all amounts then remaining in the Spread Account and pay such amounts to the Holder of
the Transferor Interest. 
 Section 4.12. Investment Instructions. Any investment instructions required to be given to Indenture
Trustee pursuant to the terms hereof must be given to Indenture Trustee no later than 11:00 a.m., New York City time, on the date such investment is to be made. In the event Indenture Trustee receives such investment instruction later than
such time, Indenture Trustee may, but shall have no obligation to, make such investment. In the event Indenture Trustee is unable to make an investment required in an investment instruction received by Indenture Trustee after 11:00 a.m.,
New York City time, on such day, such investment shall be made by Indenture Trustee on the next succeeding Business Day. In no event shall Indenture Trustee be liable for any investment not made pursuant to investment instructions received
after 11:00 a.m., New York City time, on the day such investment is requested to be made. 
 Section 4.13. Accumulation
Period. The Accumulation Period is scheduled to commence at the beginning of business on April 1, 2018; provided that if the Accumulation Period Length (determined as described below) on any Determination Date on or after the January 2018
Determination Date is less than twelve months, the date on which the Accumulation Period actually commences will be changed to the first Business Day of the month that is the number of whole months prior to the month in which the Expected Principal
Payment Date occurs equal to the Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Accumulation Period will equal the Accumulation Period Length); provided that (i) the length of the
Accumulation Period will not be less than one month, (ii) such determination of the Accumulation Period Length shall be made on each Determination Date on and after the January 2018 Determination Date but prior to the commencement of the
Accumulation Period, and any postponement of the Accumulation Period shall be subject to the subsequent lengthening of the Accumulation Period to the Accumulation Period Length determined on any subsequent Determination Date, but the Accumulation
Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Indenture Supplement to the contrary, no postponement of the commencement of the Accumulation Period shall be
made after a Pay Out Event shall have occurred and be continuing with respect to any other Series. The “Accumulation Period Length” will mean a number of whole months such that the amount available for distribution of principal on the
Series 2017-1 Notes on the Expected Principal Payment Date is expected to equal or exceed the sum of the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note
Principal Balance, assuming for this purpose that (1) the payment rate with respect to 

  
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Principal Collections remains constant at the lowest level of such payment rate during the twelve preceding Monthly Periods (or such lower payment rate as Servicer may select), (2) the total
amount of Principal Receivables in the Trust (and the principal amount on deposit in the Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Pay Out Event with respect to any Series will
subsequently occur and (4) no additional Series (other than any Series being issued on such date of determination) will be subsequently issued. Servicer shall calculate the Accumulation Period Length on each Determination Date on and after the
January 2018 Determination Date as necessary to determine whether the Accumulation Period is postponed and to set the Reserve Account Funding Date. If the calculation results in a postponement, Servicer shall provide notice in writing to Indenture
Trustee, Transferor, Issuer and each Rating Agency. Any notice by Servicer confirming the postponement of the Accumulation Period pursuant to this Section 4.13 shall specify (i) the Accumulation Period Length, (ii) the commencement
date of the Accumulation Period and (iii) the Controlled Accumulation Amount with respect to each Monthly Period during the Accumulation Period. The method for determining the Accumulation Period Length may be changed if the Rating Agency
Condition is met. 
 Section 4.14. Suspension of Accumulation Period. 

(a)    Servicer may elect to suspend the commencement of the Accumulation Period with prior written notice
to the Rating Agencies, at any time prior to the Distribution Date preceding the Expected Principal Payment Date. The commencement of the Accumulation Period shall be suspended upon delivery by Servicer to Indenture Trustee of (i) an
Officer’s Certificate stating that Servicer has elected to suspend the commencement of the Accumulation Period and that all conditions precedent to such suspension set forth in this Section 4.14 have been satisfied, (ii) a copy of an
executed Qualified Maturity Agreement and (iii) an Opinion of Counsel addressed to Indenture Trustee as to the due authorization, execution and delivery and the validity and enforceability of such Qualified Maturity Agreement. Issuer does
hereby transfer, assign, set-over, and otherwise convey to Indenture Trustee for the benefit of the Series 2017-1 Noteholders, without recourse, all of its rights under
any Qualified Maturity Agreement obtained in accordance with this Section 4.14 and all proceeds thereof. Such property shall constitute part of the Trust Estate and Collateral for all purposes of the Indenture. The foregoing transfer,
assignment, set-over and conveyance does not constitute and is not intended to result in a creation or an assumption by Indenture Trustee or any Noteholder of any obligation of Issuer or any other Person in
connection with a Qualified Maturity Agreement or under any agreement or instrument relating thereto. Each Qualified Maturity Agreement must satisfy the Series Rating Agency Condition. 

Indenture Trustee hereby acknowledges its acceptance, to the extent validly transferred, assigned, set-over or otherwise conveyed to Indenture Trustee, for the benefit of the Series 2017-1 Noteholders, of all of the rights previously held by Issuer under any Qualified
Maturity Agreement obtained by Issuer and all proceeds thereof, and declares that it shall hold such rights upon the trust set forth herein and in the Indenture, and subject to the terms hereof and thereof, for the benefit of the Series 2017-1 Noteholders. 

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

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

(d)    If a Qualified Maturity Agreement is terminated prior to the earlier of the Expected Principal
Payment Date and the commencement of the Rapid Amortization Period and Issuer does not obtain a substitute Qualified Maturity Agreement which satisfies the Series Rating Agency Condition, the Accumulation Period shall commence on the latest of
(i) the beginning of business on April 1, 2018, (ii) the date to which the commencement of the Accumulation Period is postponed pursuant to Section 4.l4 (as determined on the date of such termination) and (iii) the first day
of the Monthly Period following the date of such termination. The Issuer shall notify the Rating Agencies if it intends to terminate a Qualified Maturity Agreement prior to the Expected Principal Payment Date. 

  
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 Section 4.15. Determination of LIBOR. 

(a)    On each LIBOR Determination Date in respect of an Interest Period, Indenture Trustee shall determine
LIBOR on the basis of the rate for deposits in United States dollars for a period of the Designated Maturity which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If such rate does not appear on Reuters
Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that
day to prime banks in the London interbank market for a period of the Designated Maturity. Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least
two (2) such quotations are provided, the rate for that Interest Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that Interest Period will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period of
the Designated Maturity. 
 (b)    The Class A Note Interest Rate, Class B Note Interest Rate
and Class C Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning Indenture Trustee at its Corporate Trust Office at (800)
934-6802 or such other telephone number as shall be designated by Indenture Trustee for such purpose by prior written notice by Indenture Trustee to each Series 2017-1
Noteholder from time to time. 
 (c)    On each LIBOR Determination Date, Indenture Trustee shall send to
Servicer by facsimile transmission, notification of LIBOR for the following Interest Period. 
 Section 4.16. Interchange. On or
prior to each Determination Date, Transferor shall cause FNBO to notify Servicer of the amount of Interchange to be included as Finance Charge Collections allocable to the Series 2017-1 Notes with respect to
the Related Monthly Period, which amount shall be equal to the product of: 
 (a)    the total amount of
Interchange paid or payable to FNBO with respect to such Related Monthly Period; 
 (b)    a fraction the
numerator of which is the volume during the Related Monthly Period of sales net of cash advances on the Accounts and the denominator of which is the amount of sales net of cash advances during the Related Monthly Period on all VISA and MasterCard
accounts owned by FNBO; and 
 (c)    the Allocation Percentage for Finance Charge Collections with
respect to such Related Monthly Period. 
 On each Transfer Date, Transferor shall pay to Servicer, and Servicer shall deposit into the Finance Charge
Account, in immediately available funds, an amount equal to the Interchange to be so included as Finance Charge Collections allocable to the Series 2017-1 Notes with respect

  
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to the Related Monthly Period. Transferor hereby assigns, sets over, conveys, pledges and grants a security interest and lien to Indenture Trustee for the benefit of the Series 2017-1 Noteholders its security interest in Interchange and the proceeds of Interchange, as set forth in this Section 4.16. In connection with the foregoing grant of a security interest, this Indenture
Supplement shall constitute a security agreement under applicable law. To the extent that an Indenture Supplement for a related Series, other than Series 2017-1, assigns, sets over, conveys, pledges or grants
a security interest in Interchange allocable to the Trust, all Notes of any such Series (except that any Series may be subordinated to the Series 2017-1 Notes to the extent specified in any such Indenture
Supplement) and the Series 2017-1 Notes shall rank pari passu and be equally and ratably entitled in accordance with their respective allocation percentages for Finance Charge Collections as provided
herein to the benefits of such Interchange without preference or priority on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Indenture Supplement and other related Indenture
Supplements. 
 Section 4.17. Foreign Accounts. So long as any Series 2017-1 Notes are
Outstanding, Receivables arising in Foreign Accounts shall constitute Eligible Receivables for all purposes except that, to the extent that such Receivables exceed 1% (or any higher percentage as to which the Rating Agency Condition has been met) of
the aggregate Principal Receivables as of the most recently ended Monthly Period, such Receivables may not be counted for purposes of determining compliance with the tests for the Minimum Transferor Interest and the Minimum Aggregate Principal
Receivables. 
 Section 4.18. Reserved. 

Section 4.19. Asset Representations Review Triggers. 

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

(b)    Adjustment of Delinquency Trigger Rate. Transferor shall review and may adjust the
Delinquency Trigger Rate upon the occurrence of any of the following events: 
 (i)    the filing of a new registration
statement with the Commission relating to any Notes to be offered and sold from time to time by Issuer; or 
 (ii)    a
change in law or regulation (including any new or revised interpretation of an existing law or regulation) that, in Transferor’s judgment, could reasonably be expected to have a material effect on the delinquency rate for Obligor payments on
the Accounts or the manner by which delinquencies are defined or determined; provided, however, that for so long as a Delinquency Trigger has occurred and is continuing, a review of the Delinquency Trigger Rate that would otherwise be required as
specified above will be delayed until the date on which Transferor shall, on behalf of Issuer, report in the applicable distribution report on Form 10-D that the Delinquency Trigger is no longer continuing.

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

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

(d)    Noteholder Action to Initiate an Asset Representations Review. 

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

  
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through DTC, Indenture Trustee shall conduct the vote pursuant to the voting guidelines promulgated by DTC relating to Notes registered in the name of its nominee, as described in clause
(iii) of this Section 4.19(d) below. 
 (iii)    With respect to Outstanding Notes which are
Book-Entry Notes held through DTC, DTC uses a proxy service for voting purposes. Once DTC is notified, it creates an electronic proxy. DTC transfers the right to vote with respect to the related securities via the proxy to the DTC participants that
hold positions with respect to the securities in question as of the record date. A DTC participant is responsible for informing the beneficial owner of any action that requires a vote. The beneficial owner instructs the DTC participant via a proxy
card or voting instruction form how to vote their interest, and the DTC participant then casts the vote in accordance with the instructions from the beneficial owner. 

(iv)    If a vote in which an Asset Review Quorum participates occurs within the 90-day period pursuant to this Section 4.19(d)(ii) above and the Noteholders holding more than 50% of the Outstanding Amount of all Notes casting a vote direct that an Asset Representations Review be undertaken
(the “Review Satisfaction Date”), then Indenture Trustee shall promptly provide a Review Notice to Transferor, Servicer and all Noteholders of Outstanding Notes in the same manner described above. For the purpose of determining whether the
requisite percentage of Noteholders have given any direction, notice or consent under this Section 4.19: 

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

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

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

(v)    Upon receipt of a Review Notice from Indenture Trustee as specified in this Section 4.19(d)(iv)
above, Servicer will promptly provide a copy of the Review Notice to the Asset Representations Reviewer and an Asset Representations Review will commence in accordance with the terms of the Asset 

  
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Representations Review Agreement. In addition, Transferor will include, in the Issuer’s distribution report on Form 10-D relating to the Monthly
Period in which a vote described in this Section 4.19(d)(ii) above has occurred, a description of the events which occurred during such Monthly Period that triggered the Asset Representations Review pursuant to Section 3.11(a)(iv)(A) of the Transfer
and Servicing Agreement. 
 (e)    Certain Restrictions Relating to Petitions, Votes and Asset Representations
Reviews. Notwithstanding any provisions of this Section 4.19 to the contrary, and subject to additional requirements and conditions set forth in this Section 4.19, for so long as a petition to direct that a vote be taken, a vote
itself, or an Asset Representations Review is underway in accordance with this Section 4.19(d)(i) above, this Section 4.19(d)(ii) above or the terms of the Asset Representations Review Agreement, respectively, the requisite number of Noteholders may
not initiate another petition, vote or Asset Representations Review unless and until such prior petition, vote or Asset Representations Review is completed. For the purposes of this Section 4.19(e): 

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

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

(iii)    an Asset Representations Review will be considered completed only at such time as Transferor, on
behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting forth the findings of its Asset Representations Review in a distribution report on Form 10-D in accordance
with the terms of the Asset Representations Review Agreement. 
 (f)    Cooperation with Asset
Representations Reviewer. Each of Indenture Trustee, Transferor, Servicer and Issuer hereby agrees to cooperate with Asset Representations Reviewer in the event an Asset Representations Review is commenced pursuant to this Section 4.19
and the Asset Representations Review Agreement and shall provide Asset Representations Reviewer with any documents or other information in its possession that is reasonably requested by Asset Representations Reviewer in connection with the Asset
Representations Review. 

  
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 (g)    Procedures following Completion of Asset
Representations Review. Upon completion of an Asset Representations Review undertaken in accordance with the terms of the Asset Representations Review Agreement, Transferor will review Asset Representations Reviewer’s findings and
conclusions in its report relating to the Asset Representations Review and make a determination whether any non-compliance with Pool Asset Representations identified in such report constitutes a breach of any
contractual provision in the Transfer and Servicing Agreement or the Receivables Purchase Agreement, as applicable. If Transferor determines that such breach has occurred, it will provide written notice of such breach to Servicer, Indenture Trustee,
Owner Trustee, RPA Seller, if applicable, and each Enhancement Provider, if any. 

(h)    Resignation or Termination of Asset Representations Reviewer. If Asset
Representations Reviewer gives notice of its intent to resign or Servicer terminates the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the office of the Asset
Representation Reviewer for any reason, (the Asset Representations Reviewer in such event being referred to as the retiring Asset Representations Reviewer), Servicer shall engage and Issuer shall appoint a successor Asset Representations Reviewer in
accordance with the provisions of the Asset Representations Review Agreement. 
 (i)    Expenses of
Indenture Trustee; No Agency Relationship. Any expenses incurred by Indenture Trustee in connection with a petition, a vote or an Asset Representations Review shall be subject to reimbursement pursuant to Section 6.07 of
the Indenture. For the avoidance of doubt, nothing in this Indenture Supplement should be construed to require Indenture Trustee to monitor the obligations or the actions of Asset Representations Reviewer or hold Indenture Trustee liable for the
performance of Asset Representations Reviewer or the failure of Asset Representations Reviewer to perform any obligation, duty or agreement in the manner or on the day required to be performed by Asset Representations Reviewer under the Asset
Representations Review Agreement. 
 Section 4.20.     Appointment of Asset Representations Reviewer.
Pursuant to the Asset Representations Review Agreement, Servicer has engaged and Issuer has appointed FTI Consulting, Inc., a Maryland corporation, as the Asset Representations Reviewer to perform the obligations of the Asset Representations
Reviewer set forth therein and herein, respectively. Issuer hereby represents and warrants that the Asset Representations Reviewer (a) is not an Affiliate of FNBO, Transferor, Indenture Trustee or Owner Trustee and (b) has not been hired
by FNBO to perform any pre-closing due diligence work relating to the Receivables. 
 Section 4.21.
    Dispute Resolution. 
 (a)    Notice of the Requesting Party to Refer
Matter to Third-Party Mediation or Third-Party Arbitration. 
 (i)    Repurchase
Request Relating to the Transfer and Servicing Agreement. If any Receivable is subject to repurchase by Transferor pursuant to Section 2.04 of the Transfer and Servicing Agreement and such repurchase is not resolved in accordance with the
terms of the Transfer and Servicing Agreement, 

  
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then Indenture Trustee (at the direction of any Series 2017-1 Noteholder or any Verified Note Owner), any Series
2017-1 Noteholder or any Verified Note Owner (a “Requesting Party”) may submit, to Transferor (a “Representing Party”), a written notice that the Representing Party is obligated to
repurchase the Receivable due to an alleged breach of a representation and warranty (a “TSA “Repurchase Request”) and if such TSA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the
Requesting Party within 180 days of the Representing Party’s receipt of such TSA Repurchase Request, then the Requesting Party shall have the right to refer the matter, at its discretion, to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the dispute resolution method selected by the Requesting Party. 

(ii)    Repurchase Request Relating to the Receivables Purchase Agreement. If any Receivable is
subject to repurchase by RPA Seller pursuant to Section 6.01 or Section 6.02 of the Receivables Purchase Agreement, as applicable, and such repurchase is not resolved in accordance with the terms of the Receivables Purchase Agreement, then
Transferor, Indenture Trustee (at the direction of any Series 2017-1 Noteholder or any Verified Note Owner), any Series 2017-1 Noteholder or any Verified Note Owner (a
“Requesting Party”) may submit to RPA Seller (a “Representing Party”), a written notice that the Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation and warranty (a “RPA
Repurchase Request”) and if such RPA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such RPA Repurchase Request,
then the Requesting Party shall have the right to refer the matter, at its discretion, to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the
Representing Party agrees to participate in the dispute resolution method selected by the Requesting Party. 
 For the purposes of this
Section 4.21, clauses (iii), (iv), (v) and (vi) of paragraph (a) of this Section 4.21, paragraph (b) of this Section 4.21, paragraph (c) of this Section 4.21 and paragraph (d) of this Section 4.21
apply to Section 4.21(a)(i) and (ii), as applicable. Hereafter, the defined term “Repurchase Request” refers to either a TSA Repurchase Request or a RPA Repurchase Request, as the context requires. 

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

(iv)    The Requesting Party must provide written notice of its intention to refer the matter to either
third-party mediation (including non-binding arbitration) or third-party binding arbitration to the Representing Party within 30 calendar days following such
180th day. 

  
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 (v)    Dispute resolution to resolve repurchase obligations
will be available to the Requesting Party regardless of whether the requisite percentage of Noteholders voted to direct an Asset Representations Review or whether the Delinquency Trigger has occurred. 

(vi)    To the extent a Series 2017-1 Note Owner is a Requesting
Party, the Series 2017-1 Note Owner must be a Verified Note Owner. The Series 2017-1 Note Owner shall submit a copy of its Repurchase Request and the verification
documentation specified in Article II of this Indenture Supplement under the defined term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner has provided Indenture Trustee with evidence
that it is a Verified Note Owner and shall provide such evidence to the Issuer. 

(b)    Provisions Applicable to Third-Party Mediation. If the Requesting Party
selects third-party mediation as the resolution method, the following provisions apply: 
 (i)    The
mediation will be administered by the AAA pursuant to the Rules. However, if any of the Rules are inconsistent with the procedures applicable to third-party mediation or third-party arbitration in this Section 4.21, the procedures in this
Section 4.21 shall control. 
 (ii)    The mediator must be a Qualified Dispute Resolution
Professional. Upon being supplied a list, by the AAA, of at least ten potential mediators that are each Qualified Dispute Resolution Professionals, each of the Requesting Party and the Representing Party will have the right to exercise two
peremptory challenges within 14 days and to rank the remaining potential mediators in order of preference. The AAA will select the mediator from the remaining potential mediators on the list, respecting the preference choices of the parties to the
extent possible. 
 (iii)    Each of the Requesting Party and the Representing Party will use
commercially reasonable efforts to begin the mediation within 10 Business Days of the selection of the mediator and to conclude the mediation within 30 days of the start of the mediation. 

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

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

  
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 (c)    Provisions Applicable to Third-Party
Arbitration. If the Requesting Party selects third-party arbitration as the resolution method, the following provisions will apply: 

(i)    The arbitration will be held in accordance with the United States Arbitration Act, notwithstanding
any choice of law provision in the Indenture, and under the auspices of the AAA and in accordance with the Rules. However, if any of the Rules are inconsistent with the procedures applicable to third-party arbitration in this Section 4.21, the
procedures in this Section 4.21 shall control. 
 (ii)    If the Repurchase Request involves the
repurchase of an aggregate amount of Receivables of less than five percent (5%) of the total Principal Receivables in the Trust as of the date of the Repurchase Request, a single arbitrator will be used. That arbitrator must be a Qualified Dispute
Resolution Professional. Upon being supplied a list of at least ten potential arbitrators that are each Qualified Dispute Resolution Professionals by the AAA, each of the Requesting Party and the Representing Party (as defined below) will have to
the right to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The AAA will select the arbitrator from the remaining potential arbitrators on the list, respecting the preference
choices of the parties to the extent possible. 
 (iii)    If the Repurchase Request involves the
repurchase of an aggregate amount of Receivables equal to or in excess of five percent (5%) of the total Principal Receivables in the Trust as of the date of the Repurchase Request, a three-arbitrator panel will be used. The arbitral panel will
consist of three Qualified Dispute Resolution Professionals, (a) one to be appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of arbitration, (b) one to be appointed
by the Representing Party within five Business Days of the Requesting Party’s appointment of an arbitrator, and (c) the third arbitrator, who will preside over the arbitral panel, to be chosen by the two party-appointed arbitrators, within
five Business Days of the Representing Party’s appointment of an arbitrator. If any party fails to appoint an arbitrator or the two party-arbitrators fail to appoint a third within the relevant time periods, then the appointments will be made
by the AAA pursuant to the Rules. 
 (iv)    Each arbitrator selected for any arbitration will abide by
the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time the arbitration is initiated. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias
or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias, conflict of interest or other serious potential for
conflict. 

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

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

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

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

(vi)    The Requesting Party and the Representing Party each agree that it is their intention that the
arbitrator or the arbitral panel, as applicable, will resolve 

  
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the dispute in accordance with the terms of the Transfer and Servicing Agreement or the Receivables Purchase Agreement, as applicable, and may not modify the Transfer and Servicing Agreement or
the Receivables Purchase Agreement, as applicable, in any way. The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive damages or consequential damages in any arbitration conducted. The Requesting Party and the
Representing Party each agree that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine and award the costs of the arbitration (including the fees of the arbitrator or the arbitral panel, as applicable, the
cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator or the arbitral panel, as applicable, in its reasonable discretion. For the avoidance of
doubt, in no event will Indenture Trustee (when acting as Requesting Party at the direction of Series 2017-1 Noteholders) be liable in its individual capacity for such costs. The determination of the
arbitrator or the arbitral panel, as applicable, must be consistent with Sections 4.03 and 9.13 of the Transfer and Servicing Agreement or Sections 6.01 or 6.02, as applicable, of the Receivables Purchase Agreement, as the case may be, and will be
in writing and counterpart copies will be promptly delivered to the parties. The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the arbitral panel, as applicable, upon the motion
and at the expense of either party. Following that single reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered in and
may be enforce in, any court of competent jurisdiction, except in the case of fraud or corruption of the process. 

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

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

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

(iii)    The details and/or the existence of any unfulfilled Repurchase Request, any informal meetings,
mediations or arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase

  
 44 

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

Section 4.22.     Investor Communication. 

(a)    Following receipt of a written request by either Issuer or Indenture Trustee during any Monthly
Period (or receipt of written notice from Transferor that Transferor has received such a written request) from a Series 2017-1 Noteholder or a Series 2017-1 Note Owner
(subject to the provisions of Section 4.22(b)) seeking to communicate with other Noteholders or Note Owners regarding the exercising their contractual rights under the terms of the Transaction Documents, either Issuer or Indenture Trustee shall
provide a copy of the request to the other and Indenture Trustee shall notify Transferor of any such request received by Issuer or Indenture Trustee. Issuer shall cause Transferor to include in the distribution report on Form 10-D relating to the Monthly Period in which the request was received: (a) the name of the Series 2017-1 Noteholder or Series
2017-1 Note Owner, as applicable, delivering such request; (b) the date upon which the request was received; (c) a statement to the effect that Issuer, Indenture Trustee or Transferor, as applicable,
has in fact received such a request from a Series 2017-1 Noteholder or a Series 2017-1 Note Owner, as applicable, and that such Series
2017-1 Noteholder or Series 2017-1 Note Owner, as applicable, is interested in communicating with other Noteholders or Note Owners with regard to the possible exercise
of rights under the Transaction Documents; and (d) a description of the method that other Noteholders or Note Owners may use to contact the requesting Series 2017-1 Noteholder or Series 2017-1 Note Owner, as applicable. 
 (b)    If Issuer, Indenture
Trustee or Transferor receives such request from a Series 2017-1 Note Owner, each of Issuer, Indenture Trustee and Transferor are entitled to verify that such Series
2017-1 Note Owner is a Verified Note Owner prior to Transferor’s inclusion of any request from such Series 2017-1 Note Owner in any distribution report on Form 10-D. Such Series 2017-1 Note Owner shall submit the verification documents specified in Article II of this Indenture Supplement under the

  
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defined term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner has provided Indenture Trustee with evidence that it is a Verified
Note Owner and shall provide such evidence to the Issuer. All expenses relating to investor communication requests shall be paid by the Servicer from its own funds. 

ARTICLE V 
 DELIVERY OF
NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS 
 Section 5.01. Delivery and Payment for the
2017-1 Notes. Issuer shall execute and issue, and Indenture Trustee shall authenticate, the Series 2017-1 Notes in accordance with Section 2.03 of the
Indenture. Indenture Trustee shall deliver the Series 2017-1 Notes to or upon the written order of Issuer when so authenticated. 

Section 5.02. Distributions. 

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

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

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

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

(e)    Except as provided in Section 11.02 of the Indenture with respect to a final distribution,
distributions to Series 2017-1 Noteholders hereunder shall be made by (i) check mailed to each Series 2017-1 Noteholder (at such Noteholder’s address as it
appears in the Note Register), except that for any Series 2017-1 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 2017-1 Note or the making of any notation thereon. 

  
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 Section 5.03. Reports and Statements to Series 2017-1
Noteholders. 
 (a)    The Indenture Trustee shall make the statement substantially in the form of
Exhibit C prepared by Servicer publicly available to the Series 2017-1 Note Owners on its internet website. The Indenture Trustee’s website shall be initially located at http://www.usbank.com/abs or
at such other address as shall be specified by the Indenture Trustee to the Series 2017-1 Noteholders, the parties to the Transaction Documents and the Issuer (who shall promptly notify the same to the Rating
Agencies, if any). Prior to obtaining access to the Indenture Trustee’s website, the Indenture Trustee may require each Series 2017-1 Note Owner to register with the Indenture Trustee using an electronic
form available on the website. As part of the registration process, each Series 2017-1 Note Owner may be required to accept such terms, conditions and disclaimers and provide such certifications as the
Indenture Trustee may, from time to time, require in accordance with its policies and procedures. The Indenture Trustee will make no representations or warranties as to the accuracy or completeness of information provided by it that was based, in
whole or in part, on information received from third parties, and will assume no responsibility for such information. The Indenture Trustee shall not be liable for the dissemination of information in accordance with the terms of this Indenture
Supplement. The Indenture Trustee will not be deemed to have knowledge of any information posted on its website solely by virtue of such posting. In addition, the Indenture Trustee may disclaim responsibility for any information for which it is not
the original source. Assistance in using the Indenture Trustee’s website may be obtained by calling its customer service desk at (866) 252-4360 and any Series
2017-1 Noteholder or Series 2017-1 Note Owner with questions may direct them to the Indenture Trustee’s bondholder services group at (800) 934-6802. 
 (b)    Not later than the second Business Day preceding
each Distribution Date, Servicer shall deliver to Owner Trustee, Indenture Trustee, Paying Agent, any Enhancement Provider and each Rating Agency (i) a statement substantially in the form of Exhibit B prepared by Servicer and (ii) a
certificate of an Authorized Officer substantially in the form of Exhibit D; provided that Servicer may amend the form of Exhibit B from time to time, with the prior written consent of Indenture Trustee and provided further, that the
information set forth in Section III of Exhibit B may be provided once for all outstanding Series. 

(c)    A copy of each statement provided pursuant to paragraph (a) may be obtained by any Series 2017-1 Noteholder by a request in writing to Servicer. 
 (d)    On or
before January 31 of each calendar year, beginning with January 31, 2018, Indenture Trustee shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2017-1 Noteholder, a statement prepared by Servicer containing the information which is required to be contained in the statement to Series 2017-1 Noteholders, as set forth in
paragraph (a) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a 

  
 47 

 
Series 2017-1 Noteholder, together with other information as is required to be provided by an issuer of indebtedness under the Code. Such obligation of
Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by Servicer pursuant to any requirements of the Code as from time to time in effect. 

Section 5.04. Annual Servicer’s Certificate. 

(a)    For as long as Transferor is required to report under the Exchange Act and in order to comply with
Item 1122(d) and Item 1123 of Regulation AB, respectively, Servicer will provide the Servicing Criteria Compliance Report pursuant to Section 3.05(b) of the Transfer and Servicing Agreement and the Servicer Compliance Certificate pursuant to
Section 3.05 (a) of the Transfer and Servicing Agreement. To the extent Servicer is not obligated to provide the Servicing Criteria Compliance Report and the Servicer Compliance Certificate under the Transfer and Servicing Agreement, Servicer
may, at its option, continue to provide the Servicing Criteria Compliance Report and the Servicer Compliance Certificate, each, in the time and manner specified in Section 3.05 of the Transfer and Servicing Agreement or Servicer may provide, on
an annual basis, the certificate described in paragraph (b) of this Section 5.04. 
 (b)    On
or before March 31 of each calendar year, Servicer will deliver to the Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency an Officer’s Certificate stating that (a) a review of the activities of Servicer
during the 12-month period ending on December 31 of the prior calendar year, and of its performance under the Transfer and Servicing Agreement was made under the supervision of the officer signing such
certificate, (b) to the best of such officer’s knowledge based on such review, Servicer has fully performed all its obligations under the Transfer and Servicing Agreement throughout such period, or, if there has been a default in the
performance of any such obligation, specifying each such default known to such officer and the nature and status thereof, (c) during such period, for each outstanding Series, Servicer prepared the monthly items required by Section 3.04(b)
of the Transfer and Servicing Agreement and each other monthly report required by the applicable Indenture Supplement in accordance with Section 3.04(b) of the Transfer and Servicing Agreement and the applicable provisions of each such
Indenture Supplement, (d) the amounts included in such reports agree with the computer records of Servicer and (e) the calculated amounts included in such reports are mathematically correct and made in accordance with the applicable
definitions in the Transfer and Servicing Agreement and the other applicable Transaction Documents (the “Annual Servicer Certificate.”) A copy of the Annual Servicer Certificate may be obtained by any Series
2017-1 Noteholder by a request in writing to Indenture Trustee addressed to the Corporate Trust Office. 

Section 5.05. Annual Independent Accountants Servicing Report. 

(a) For as long as Transferor is required to report under the Exchange Act and in order to comply with Item 1123 of Regulation
AB, Servicer shall, pursuant to Section 3.06(a) of the Transfer and Servicing Agreement, provide to Indenture Trustee, Owner 

  
 48 

 
Trustee, any Enhancement Provider and each Rating Agency, a copy of the attestation report specified in Section 3.06(a) of the Transfer and Servicing Agreement. To the extent Servicer is not
obligated to provide an attestation report under the Transfer and Servicing Agreement, Servicer may, at its option, continue to provide such attestation report, in the time and manner specified in Section 3.06(a) of the Transfer and Servicing
Agreement or Servicer may provide, on an annual basis, the accountants servicing report described in paragraph (b) of this Section 5.05. 

(b)    On or before March 31 of each fiscal year, Servicer shall provide to Indenture Trustee, Owner
Trustee, any Enhancement Provider and each Rating Agency, a copy of the report required by 12 C.F.R. § 363.3(b) (or any comparable successor regulation) from a firm of nationally recognized independent certified public accountants (who may
also render other services to Servicer or Transferor) to the effect that, in accordance with attestation standards established by the American Institute of Certified Public Accountants, such firm has examined Servicer’s assertion that it
maintained effective internal accounting controls during the preceding calendar year, and that such firm is of the opinion that Servicer’s assertion is fairly stated in all material respects, based on the criteria established in “Internal
Control–Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. A copy of such report may be obtained by any Series 2017-1 Noteholder by a request in
writing to Indenture Trustee addressed to the Corporate Trust Office. 
 ARTICLE VI 

SERIES 2017-1 PAY OUT EVENTS 

If any one of the following events shall occur with respect to the Series 2017-1 Notes: 

(a)    failure on the part of Transferor (i) to make any payment or deposit required to be made by it
by the terms of the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five (5) Business Days after the date such payment or deposit is required to be made therein or herein or
(ii) duly to observe or perform in any material respect any other of its covenants or agreements set forth in the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement, which failure has a material adverse effect on the
Series 2017-1 Noteholders which continues unremedied for a period of sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to Transferor by Indenture Trustee, or to Transferor and Indenture Trustee by Holders of Series 2017-1 Notes evidencing more than 25% of the Note Principal Balance and which continues to materially and
adversely affect the interests of the Series 2017-1 Noteholders; 

(b)    any representation or warranty made by Transferor under the Transfer and Servicing Agreement, or any
supplement to either of them, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given to 

  
 49 

 
Transferor by Indenture Trustee, or to Transferor and Indenture Trustee by Holders of Series 2017-1 Notes evidencing more than 25% of the Note Principal
Balance and as a result of which the interests of the Noteholders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Series
2017-1 Pay Out Event pursuant to this paragraph (b) of Article VI shall not be deemed to have occurred hereunder if Transferor has accepted reassignment of the related Receivable, or all of such
Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing Agreement; 

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

(d)    any Servicer Default shall occur that would have a material adverse effect on the Series 2017-1 Noteholders; 
 (e)    the Portfolio Yield averaged over three
consecutive Monthly Periods is less than the Base Rate averaged over such period; 
 (f)    the Note
Principal Balance shall not be paid in full on the Expected Principal Payment Date; 
 (g)    without
limiting the foregoing, the occurrence of an Event of Default with respect to Series 2017-1 pursuant to Section 5.02 of the Indenture and acceleration of the maturity of the Series 2017-1 Notes pursuant to Section 5.03 of the Indenture; or 

(h)    the occurrence of a Trust Pay Out Event as defined in the Indenture; 

then, in the case of any event described in paragraphs (a), (b) or (d) of this Article VI, after the applicable grace period, if any, set forth in such
paragraphs, either Indenture Trustee or the holders of Series 2017-1 Notes evidencing more than 50% of the aggregate unpaid principal amount of Series 2017-1 Notes by
notice then given in writing to Transferor and Servicer (and to Indenture Trustee if given by the Series 2017-1 Noteholders) may declare that a “Series Pay Out Event” with respect to Series 2017-1 (a “Series 2017-1 Pay Out Event”) has occurred as of the date of such notice, and, in the case of any event described in paragraphs (c), (e), (f), (g) or
(h) of this Article VI, a Series 2017-1 Pay Out Event shall occur without any notice or other action on the part of Indenture Trustee or the Series 2017-1
Noteholders immediately upon the occurrence of such event. 

  
 50 

 ARTICLE VII 

REDEMPTION; 
 FINAL
DISTRIBUTIONS; SERIES TERMINATION 
 Section 7.01. Optional Redemption of Series 2017-1 Notes; Final
Distributions. 
 (a)    On any day occurring on or after the date on which the outstanding principal
balance of the Series 2017-1 Notes is reduced to 10% or less of the initial Note Principal Balance of the Series 2017-1 Notes, Servicer shall have the option to direct
Transferor to redeem the Series 2017-1 Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a
Distribution Date, the Reassignment Amount for the Distribution Date following such day. This option shall not be exercisable if the purchase price (reduced by the amount on deposit in the Principal Accumulation Account available for distribution to
Noteholders) exceeds the lesser of the estimated fair value, or the par value plus accrued interest, of a portion of the Receivables in Eligible Accounts then designated to the Trust equal to the Collateral Amount. 

(b)    Servicer shall give Indenture Trustee at least thirty (30) days’ prior written notice
of the date on which Servicer intends to direct Transferor to make such optional redemption. Not later than 12:00 noon, New York City time, on such day Transferor shall deposit into the Finance Charge Account and Principal Account, as
applicable, in immediately available funds the excess of the Reassignment Amount over the amount, if any, on deposit in the Principal Accumulation Account. Such redemption option is subject to payment in full of the Reassignment Amount. Following
such deposit into the Finance Charge Account and Principal Account in accordance with the foregoing, the Collateral Amount for Series 2017-1 shall be reduced to zero and the Series 2017-1 Noteholders shall have no further security interest in the Receivables. The Reassignment Amount shall be distributed as set forth in paragraph (d) of this Section 7.01. 

(c)    The amount to be paid by Transferor with respect to Series
2017-1 in connection with a reassignment of Receivables to Transferor pursuant to Section 2.04(e) of the Transfer and Servicing Agreement shall equal the Reassignment Amount for the Distribution Date
related to the Reassignment Date. 
 (d)    With respect to (a) the Reassignment Amount deposited
into the Finance Charge Account and Principal Account pursuant to this Section 7.01 or (b) the proceeds of any sale of Receivables pursuant to Section 5.05(a)(iii) of the Indenture with respect to Series
2017-1, Indenture Trustee shall, in accordance with the written direction of Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make distributions of the
following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Note Principal Balance
on such Distribution Date will be distributed to the Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest Payment for such Distribution Date, (B) any Class A Interest Shortfall for such
Distribution Date and (C) the amount of Class A 

  
 51 

 
Default Interest, if any, for such Distribution Date and any Class A Default Interest previously due but not distributed to the Class A Noteholders on any prior Distribution Date, will
be distributed to the Class A Noteholders, (ii) (x) the Class B Note Principal Balance on such Distribution Date will be distributed to the Class B Noteholders and (y) an amount equal to the sum of (A) Class B
Monthly Interest Payment for such Distribution Date, (B) any Class B Interest Shortfall for such Distribution Date and (C) the amount of Class B Default Interest, if any, for such Distribution Date and any Class B Default
Interest previously due but not distributed to the Class B Noteholders on any prior Distribution Date, will be distributed to the Class B Noteholders, (iii) (x) the Class C Note Principal Balance on such Distribution Date
will be distributed to the Class C Noteholders and (y) an amount equal to the sum of (A) Class C Monthly Interest Payment for such Distribution Date, (B) any Class C Interest Shortfall for such Distribution Date,
(C) the amount of Class C Default Interest, if any, for such Distribution Date and any Class C Default Interest previously due but not distributed to the Class C Noteholders on any prior Distribution Date will be distributed to
the Class C Noteholders and (iv) any excess shall be released to Issuer. 
 Section 7.02. Series Termination. On the
Series 2017-1 Final Maturity Date, the unpaid principal amount of the Series 2017-1 Notes shall be due and payable, and the right of the Series 2017-1 Noteholders to receive payments from Issuer will be limited solely to the right to receive payments pursuant to Section 5.05 of the Indenture. References to the Series Termination Date in Articles IV and
V of the Indenture shall be deemed to be references to the Series 2017-1 Final Maturity Date. 

ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.01. Ratification of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all
respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. This Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 10.01 or 10.02 of the Indenture. For purposes of the application of Section 10.02 of the Indenture to any amendment of this Indenture Supplement, the Series
2017-1 Noteholders shall be the only Noteholders whose vote shall be required. Notwithstanding the provisions of Section 10.02 of the Indenture and Section 9.01(b) of the Transfer and Servicing
Agreement, this Indenture Supplement may be amended to increase the Series Servicing Fee Percentage with the consent of the Holders of Notes representing more than 66 2⁄3% of the principal balance of each Class of the Outstanding Series 2017-1 Notes and upon compliance with the other provisions of such sections, as applicable,
including satisfaction of the Series Rating Agency Condition. 
 Section 8.02. Amendments to Asset Representations Review
Agreement. The Indenture Trustee and each Series 2017-1 Noteholder, by its acceptance of a Series 2017-1 Note, acknowledge that RPA Seller, Transferor, Servicer,
Issuer and the Asset Representations Reviewer may amend the Asset Representations Review Agreement, including the content of any exhibit or schedule to the Asset Representations Review Agreement, without the consent of

  
 52 

 
the Indenture Trustee or any Holders of the Series 2017-1 Notes; provided that such amendment shall not, in the reasonable belief of Transferor, adversely
affect in any material respect the interests of the Series 2017-1 Noteholders or Indenture Trustee (as evidenced by an Officer’s Certificate of Transferor delivered to Servicer and Indenture Trustee).

 Section 8.03. Form of Delivery of the Notes. The Class A Notes shall be
Book-Entry Notes and shall be delivered as Registered Notes to U.S. Bank National Association, as agent for DTC, Clearstream and Euroclear Bank S.A./N.V., as provided in Sections 2.01, 2.03 and 2.12 of
the Indenture. The Class B Notes and the Class C Notes shall be Definitive Notes and shall be registered in the Note Register in the name of the purchaser or purchasers identified in the applicable Note Purchase Agreement. 

Section 8.04. Counterparts. This Indenture Supplement may be executed in two or more counterparts, and by different parties
on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 

Section 8.05. Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 8.06. Limitation of Liability. Notwithstanding any other provision herein or elsewhere, this Indenture Supplement has been
executed and delivered by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of
the representations, warranties, or obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of Issuer, and for all purposes of this Indenture Supplement and each other document,
Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

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

Section 8.08. Additional Requirements for Registration of and Limitations on Transfer and Exchange of Notes. 

(a)    All transfers will be subject to the transfer restrictions set forth in the Notes, as set forth as
Exhibits A-1, A-2 and A-3, as applicable. The Class B Notes and Class C Notes may be subject to additional transfer
restrictions as set forth in the applicable Note Purchase Agreement. 

  
 53 

 (b)    The Class B Notes and Class C Notes have not
been, and will not be, registered under the Securities Act or any state securities law. The Class B Notes and the Class C Notes will be offered and sold only to “accredited investors,” as defined in Rule 501 promulgated under the
Securities Act, purchasing for their own accounts or to an “accredited investor” purchasing for a single account (which is an institutional “accredited investor”) as to which the purchaser exercises sole investment discretion. No
reoffer, resale, pledge or other transfer of any Class B Notes and Class C Notes or any interest therein or participation thereof subsequent to the initial purchase from the Transferor will be made unless such resale or transfer is made
pursuant to Rule 144A under the Securities Act to a Person whom the seller of the Class B Notes or Class C Notes reasonably believes is a QIB purchasing for its own account or a QIB purchasing for the account of a QIB, whom the seller has
informed, in each case, that the reoffer, resale, pledge or other transfer is being made in reliance Rule 144A and Transferor delivers to Indenture Trustee a Certificate in the form of Exhibit E. 

Section 8.09. Notices to Rating Agencies and Indenture Trustee. (a) Where this Indenture Supplement, the Indenture or any
other Transaction Agreement provides for notice to the Rating Agencies, such notice shall be sufficiently given to each Rating Agency (unless otherwise herein or therein expressly provided) if in writing and mailed by first class mail, postage
prepaid, or delivered by a national overnight courier service, or delivered by facsimile transmission to such mailing address or facsimile number as may be provided by such Rating Agency. 

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

[Remainder of page intentionally left blank] 

  
 54 

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

			
	 FIRST NATIONAL MASTER NOTE TRUST,

as Issuer

		
	By	 	Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
		
	By	 	                                     
                                         
            
	Name	 	                                     
                                         
            
	Title	 	                                     
                                         
            
	
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By	 	                                     
                                        
             
	Name	 	                                     
                                         
            
	Title	 	                                     
                                         
            

  

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

		
	By	 	                                     
                                         
      
	Name	 	                                     
                                         
      
	Title	 	                                     
                                         
      
	
	 FIRST NATIONAL FUNDING LLC,
 as
Transferor

		
	By:	 	First National Funding Corporation,
		 	its Managing Member
		
	By	 	                                     
                                         
      
	Name	 	                                     
                                         
      
	Title	 	                                     
                                         
      

 EXHIBIT A-1 

FORM OF 
 CLASS A ASSET
BACKED NOTE, SERIES 2017-1 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR
ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR
LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS
A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREES TO TREAT THE CLASS A NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME. 
 THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGES THAT IT IS NOT PART OF THE
ISSUER’S “EXPANDED GROUP” WITHIN THE MEANING OF TREASURY REGULATIONS UNDER SECTION 385 OF THE CODE, OR IT HAS OBTAINED AND PROVIDED AN OPINION OF NATIONALLY RECOGNIZED TAX COUNSEL EXPERIENCED IN SUCH MATTERS THAT UNDER THE EXISTING
LAW, ITS ACQUISITION OF A NOTE WILL NOT CAUSE SECTION 385 OF THE CODE, AND THE TREASURY REGULATIONS PROMULGATED THEREUNDER, TO APPLY TO THE CLASS A NOTE. 

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

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

  
 A1-2 

					
	REGISTERED	  	 	$300,000,000*	 
	No. R-001A	  	 	CUSIP NO. 32113CBL3	 
		  	 	ISIN NO. US32113CBL37	 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES 2017-1 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by the Second Amended and
Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions, the principal sum of THREE HUNDRED MILLION DOLLARS, or such
greater or lesser amount as determined in accordance with the Indenture, on the April 18, 2022 Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid principal amount of this Note at
the Class A Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by or on behalf of Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose. 
 This Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner
Trustee of the Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the
assets of Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

 
  

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

  
 A1-3 

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

 

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

	Name	 	  

	Title	 	  

 Dated: April 25, 2017 

  
 A1-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 	Authorized Signatory
	Dated	 	  

  
 A1-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES 2017-1 

SUMMARY OF TERMS AND CONDITIONS 

This Class A Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series 2017-1 (the “Series 2017-1 Notes”), issued under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master
Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of April 25, 2017 (the “Indenture Supplement”), and
representing the right to receive certain payments from Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the
terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control. 
 The Class B Notes and the Class C Notes will also be issued under the Indenture. 

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

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

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

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

  
 A1-6 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                     

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

											
	Dated:	 	  
	 		 		 	  
	 	**
		 		 		 		 	Signature Guaranteed:	 	

  
  

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

  
 A1-7 

 EXHIBIT A-2 

FORM OF 
 CLASS B ASSET
BACKED NOTE, SERIES 2017-1 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND
ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.

 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST NATIONAL
FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION
DOCUMENTS. 
 THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREES TO
TREAT THE CLASS B NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS B NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR
(V) A PERSON INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED. 

					
	 REGISTERED
	  	 	$40,385,000*	 
	 No. R-001B
	  	 	CUSIP NO. 32113CBM1	 
		  	 	ISIN NO. US32113CBM10	 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES 2017-1 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended and
Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to First National Bank of Omaha, or registered assigns, subject to the following provisions, the principal sum of FORTY MILLION THREE HUNDRED
EIGHTY-FIVE THOUSAND DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the April 18, 2022 Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the
unpaid principal amount of this Note at the Class B Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most
recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the
basis of a 360-day year and the actual number of days elapsed. Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by or on behalf of Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose. 
 This Note has been executed by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner
Trustee of the Issuer, in no event shall Wilmington Trust Company, in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the
assets of Issuer, and for all purposes of this Note and each other document, Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

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

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

  
 A2-2 

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

 

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

	Title	 	                                     
                                         
            

 Dated: April 25, 2017 

  
 A2-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 	Authorized Signatory
	Dated	 	  

  
 A2-4 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES 2017-1 

SUMMARY OF TERMS AND CONDITIONS 

This Class B Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series 2017-1 (the “Series 2017-1 Notes”), issued under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master
Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of April 25, 2017 (the “Indenture Supplement”), and
representing the right to receive certain payments from Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the
terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control. 
 The Class A Notes and the Class C Notes will also be issued under the Indenture. 

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

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

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

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

  
 A2-5 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                     
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto                      (name and address of assignee) the within certificate
and all rights thereunder, and hereby irrevocably constitutes and appoints                      attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	                                     
                   **	 	
		 		 		 	Signature Guaranteed:	 	

  
  

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

  
 A2-6 

 EXHIBIT A-3 

FORM OF 
 CLASS C ASSET
BACKED NOTE, SERIES 2017-1 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND
ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.

 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST NATIONAL
FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION
DOCUMENTS. 
 THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREES TO
TREAT THE CLASS C NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR
(V) A PERSON INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED. 

			
	REGISTERED	  	$44,231,000*
	No. R-001C	  	CUSIP NO. 32113CBN9
		  	ISIN NO. US32113CBN92

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES 2017-1 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended and
Restated Trust Agreement dated as of September 23, 2016, for value received, hereby promises to pay to First National Bank of Omaha, or registered assigns, subject to the following provisions, the principal sum of FORTY-FOUR MILLION TWO HUNDRED
THIRTY-ONE THOUSAND DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the April 18, 2022 Distribution Date, except as otherwise provided below or in the
Indenture. Issuer will pay interest on the unpaid principal amount of this Note at the Class C Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each
Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such
Distribution Date. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

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

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

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

  
 A3-2 

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

 

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

	Name	 	  

	Title	 	  

 Dated: April 25, 2017 

  
 A3-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 	Authorized Signatory
	Dated	 	  

  
 A3-4 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES 2017 

SUMMARY OF TERMS AND CONDITIONS 

This Class C Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series 2017-1 (the “Series 2017-1 Notes”), issued under a Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master
Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), as supplemented by the Indenture Supplement dated as of April 25, 2017 (the “Indenture Supplement”), and
representing the right to receive certain payments from Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the
terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control. 
 The Class A Notes and the Class B Notes will also be issued under the Indenture. 

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

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

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

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

  
 A3-5 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                     
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto                      (name and address of assignee) the within certificate
and all rights thereunder, and hereby irrevocably constitutes and appoints                      attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	                                     
                      **	 	
		 		 		 	Signature Guaranteed:	 	

  
  

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

  
 A3-6 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO INDENTURE TRUSTEE 

FIRST NATIONAL MASTER NOTE TRU 

STSERIES 2017-1 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer and First National
Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 A.    Capitalized
terms used in this Certificate have their respective meanings set forth in the Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Indenture”), between Issuer and U.S. Bank National Association, as
indenture trustee (“Indenture Trustee”), as supplemented by the Series 2017-1 Indenture Supplement dated as of April 25, 2017 between Issuer and Indenture Trustee (as amended and supplemented,
the “Indenture Supplement”). 
 B.    FNBO is Servicer. 

C.    The undersigned is an Authorized Officer of Servicer. 

I.    INSTRUCTION TO MAKE [DEPOSITS AND] WITHDRAWALS ON THE TRANSFER DATE ON
                , 20    . 

[From the aggregate Collections wired to the Indenture Trustee with respect to the Related Monthly Period on the Transfer Date, the Indenture
Trustee shall make deposits to the Series Accounts for Series 2017-1 as follows: 
  

					
	 To the Finance Charge Account
	  	$	            	 
	 To the Principal Account
	  	$	            	 

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

 

					
	 Investment Earnings from Principal Accumulation Account to the Finance Charge Account
	  	$	            	 
	 Investment Earnings on Principal Account, Finance Charge Account and Distribution Account to the
order of Servicer
	  	$	            	 

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

							
	A.	  	Investment Earnings (to the extent not required for Required Reserve Account Amount) for deposit on the Transfer Date to Finance Charge Account pursuant to Section 4.10(b)	  	$	            	 
			
	B.	  	On each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, the Reserve Draw Amount (reduced by amounts otherwise available under Section 4.04(a)(vii) for deposit to the Reserve Account on
such Transfer Date) for deposit into the Finance Charge Account pursuant to Section 4.10(d)	  	$	            	 
			
	C.	  	Reserve Account Surplus, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to the Transfer Date, for deposit to the Spread Account to the extent required to meet Required Spread Account
Amount, pursuant to Section 4.10(e)	  	$	            	 
			
	D.	  	Remaining Reserve Account Surplus, if any, for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(e)	  	$	            	 
			
	E.	  	On (i) Transfer Date preceding Expected Principal Payment Date, (ii) first Transfer Date relating to Rapid Amortization Period or (iii) termination of the Trust pursuant to Article VII of the Trust Agreement,
after all payments set forth above, all remaining funds, for deposit to the Spread Account to the extent required to meet Required Spread Account Amount, pursuant to Section 4.10(f)	  	$	            	 
			
	F.	  	After application pursuant to (E) above, all remaining funds for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(f)	  	$	            	 

  
 B-2 

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

					
	A.	  	On the earlier of the Series Termination Date and the day after acceleration of the Notes following an Event of Default, for deposit of the Available Spread Account Amount to the Distribution Account to pay principal, pursuant to
Section 4.11(e)	  	$            
			
	B.	  	On any Transfer Date, for deposit to the Distribution Account, pursuant to Section 4.11(c), to the extent required for the deposit to be made pursuant to Section 4.04(a)(iv) (reduced by Available Finance Charge
Collections used for such deposit and using Investment Earnings on the Spread Account, if needed)	  	$            
			
	C.	  	When the Principal Balance of the Class A Notes and the Class B Notes has been paid in full, for deposit to the Distribution Account, pursuant to Section 4.11(d), to the extent required to reduce Class C Note
Principal Balance to zero, and using Investment Earnings on Spread Account, if needed	  	$            
			
	D.	  	On any Transfer Date, Investment Earning on the Spread Account, after application above, to the extent not required to maintain Required Spread Account Amount pursuant to Section 4.11(f), for distribution to the Holder of the
Transferor Interest, pursuant to Section 4.11(b)	  	$            
			
	E.	  	On any Transfer Date, after application above, excess over Required Spread Account Amount for deposit to the Finance Charge Account for application as Available Finance Charge Collections pursuant to Section 4.11(g)	  	$            

 Pursuant to Section 4.04, Servicer does hereby instruct Indenture Trustee (i) to make withdrawals
from the Finance Charge Account on the Transfer Date specified above, in an aggregate amount equal to 

  
 B-3 

 
the Available Finance Charge Collections, as set forth below and (ii) to apply the proceeds of such withdrawals in accordance with Section 4.04(a): 

 

							
	A.	  	Pursuant to Section 4.04(a)(i), for deposit to the Distribution Account:	  			
			
		  	Class A Monthly Interest Payment for the related Interest Period	  	$	            	 
			
		  	Class A Interest Shortfall due to Class A Noteholders	  	$	            	 
			
		  	Class A Default Interest for the related Distribution Date	  	$	            	 
			
		  	Class A Default Interest previously due but not distributed to Class A Noteholders	  	$	            	 
			
	B.	  	Pursuant to Section 4.04(a)(ii), for deposit to the Distribution Account:	  			
			
		  	Class B Monthly Interest Payment for the related Interest Period	  	$	            	 
			
		  	Class B Interest Shortfall due to Class B Noteholders	  	$	            	 
			
		  	Class B Default Interest for the related Distribution Date	  	$	            	 
			
		  	Class B Default Interest previously due but not distributed to Class B Noteholders	  	$	            	 
			
	C.	  	Pursuant to Section 4.04(a)(iii), for distribution to the Servicer:	  			
			
		  	Noteholder Servicing Fee for the related Distribution Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Distribution Date	  	$	            	 
			
	D.	  	Pursuant to Section 4.04(a)(iv), for deposit into the Distribution Account:	  			
			
		  	Class C Monthly Interest Payment for the preceding Interest Period	  	$	            	 
			
		  	Class C Interest Shortfall due to Class C Noteholders	  	$	            	 

  
 B-4 

							
		  	Class C Default Interest for the related Distribution Date	  	$	            	 
			
		  	Class C Default Interest previously due but not distributed to Class C Noteholders	  	$	            	 
			
	E.	  	Pursuant to Section 4.04(a)(v), for deposit to the Principal Account:	  			
			
		  	Investor Default Amount to be treated as Available Principal Collections	  	$	            	 
			
		  	Uncovered Dilution Amount for the related Distribution Date to be treated as Available Principal Collections	  	$	            	 
			
	F.	  	Pursuant to Section 4.04(a)(vi), for deposit to the Principal Account:	  			
			
		  	Investor Charge Offs and the amount of Reallocated Principal Collections not previously reimbursed to be treated as Available Principal Collections	  	$	            	 
			
	G.	  	Pursuant to Section 4.04(a)(vii):	  			
			
		  	Amount to be deposited into the Reserve Account (on and after Reserve Account Funding Date)	  	$	            	 
			
	H.	  	Pursuant to Section 4.04(a)(viii):	  			
			
		  	Amounts to be deposited into the Spread Account	  	$	            	 
			
	I.	  	Pursuant to Section 4.04(a)(ix):	  			
			
		  	 The balance will constitute Excess Finance Charge Collections for the related

Distribution Date (See III below)
	  	$	            	 

  
 B-5 

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

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

  
 B-6 

							
	F.	  	Pursuant to Section 4.04(c)(v):	  			
			
		  	Available Principal Collections, if any, remaining after giving effect to Clauses (B) through (E) above, to be treated as Excess Principal Collections	  	$	            	 

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

 

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

 II.    INSTRUCTIONS TO MAKE CERTAIN PAYMENTS ON THE DISTRIBUTION DATE ON
                , 20    . 

Pursuant to Section 5.02, Servicer does hereby instruct Indenture Trustee or Paying Agent, as the case may be, to pay in accordance with
Section 5.02 from the Distribution Account or the Principal Accumulation Account, as applicable, on the Distribution Date specified above, the following amounts: 
  

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

  
 B-7 

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

  
 B-8 

 III.    EXCESS AMOUNTS. 

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

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

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

 

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

  
 B-9 

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

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

 

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By	 	                                     
                                         
            
	Name	 	                                     
                                         
            
	Title	 	                                     
                                         
            

  
 B-10 

 EXHIBIT C 

FORM OF MONTHLY REPORT TO NOTEHOLDERS 

FIRST NATIONAL MASTER NOTE TRUST SERIES 2017-1 

MONTH ENDING:
[                    ] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to
the Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer and First
National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 (a)    The rights of the
Issuer under the Transfer and Servicing Agreement have been assigned to U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), under the Second Amended and Restated Master Indenture, dated as of September 23, 2016
(the “Indenture”), by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer, as supplemented by the Series 2017-1 Indenture Supplement, dated as of April 25,
2017, by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer (the “Supplement”). Capitalized terms used in this report have their respective meanings set forth in the Supplement or Indenture, as
applicable. References herein to certain sections and paragraphs are references to the respective sections and paragraphs of the Supplement. This report is delivered pursuant to Section 5.03(a) of the Supplement. 

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

(c)    The undersigned is a Servicing Officer. 

(d)    With respect to this Certificate: 
  

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

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

(f)    To the knowledge of the undersigned, no Series 2017-1 Pay Out Event and no
Trust Pay Out Event has occurred except as described below: 
 [If applicable, insert “None”.] 

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

	A.	INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES 

  

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

  

									
	 Delinquency

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

  

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

  
 C-2 

									
	9.	 	The aggregate amount of Finance Charge Collections for the Receivables Trust for the Monthly Period	  			
		 	(a)	  	Interchange	  	 	                    	 
		 	(b)	  	Recoveries	  	 	                    	 
		 	(c)	  	Finance Charges and Fees	  	 	                    	 
		 	(d)	  	Discount Receivables	  	 	                    	 
		 		  	Total	  	 	                    	 
			
	10.	 	Aggregate Uncovered Dilution Amount for the Monthly Period	  	 	                    	 
			
	11.	 	End of Monthly Period Trust Receivables	  	 	                    	 

  

	B.	OUTSTANDING SECURITIES INFORMATION (TRUST LEVEL) 

  

									
	1.	 	Outstanding principal balance of all securities secured by pool assets (sum of all Series)	  			
		 	(a)	  	At end of prior Distribution Date	  	 	                    	 
		 	(b)	  	Increase due to new securities issued	  	 	                    	 
		 	(c)	  	Decrease due to principal payments	  	 	                    	 
		 	(d)	  	Increases in variable securities	  	 	                    	 
		 	(e)	  	Decreases in variable securities	  	 	                    	 
		 	(f)	  	At end of Distribution Date	  	 	                    	 

  

	C.	INFORMATION REGARDING THE SERIES 2017-1 NOTES 

  

									
	1.	 	Collateral Amount at the close of business on the prior Distribution Date	  	 	                    	 
		 	(a)	  	Reductions due to Investor Charge-Offs (including Uncovered Dilution Amounts) made on the Distribution Date	  	 	                    	 
		 	(b)	  	Reimbursements to be made on the Distribution Date from Available Finance Charge Collections	  	 	                    	 
		 	(c)	  	Collateral Amount at the close of business on the Distribution Date	  	 	                    	 
			
	2.	 	Note Principal Balance at the close of business on the prior Distribution Date	  			
		 	(a)	  	Class A Note Principal Balance	  	 	                    	 
		 	(b)	  	Class B Note Principal Balance	  	 	                    	 
		 	(c)	  	Class C Note Principal Balance	  	 	                    	 
		 		  	      Total Note Principal Balance	  	 	                    	 
			
	3.	 	Series Allocation Percentages for the Monthly Period	  			
		 	(a)	  	Principal Collections	  	 	                    	 
		 	(b)	  	Finance Charge Collections	  	 	                    	 
		 	(c)	  	Default Amounts	  	 	                    	 
			
	4.	 	Investor Principal Collections processed during the Monthly Period and allocated to the Series	  	 	                    	 
			
	5.	 	Excess Principal Collections available from other Group One Series allocated to the Series	  	 	                    	 

  
 C-3 

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

  
 C-4 

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

  
 C-5 

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

  
 C-6 

	D.	QUARTERLY NET YIELD 

  

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

  

	E.	INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT 

  

							
	1.	 	Opening Principal Accumulation Account Balance on the Distribution Date	  	                    
			
	2.	 	Controlled Deposit Amount to be deposited to the Principal Accumulation Account on the Distribution Date	  	
		 	(a)	 	Controlled Accumulation Amount	  	                    
		 	(b)	 	Accumulation Shortfall	  	                    
		 	(c)	 	Controlled Deposit Amount (a+b)	  	                    
			
	3.	 	Amounts withdrawn from the Principal Accumulation Account for distribution to Noteholders on the Distribution Date	  	
		 	(a)	 	Distribution in reduction of the Class A Notes	  	                    
		 	(b)	 	Distribution in reduction of the Class B Notes	  	                    
		 	(c)	 	Distribution in reduction of the Class C Notes	  	                    
			
	4.	 	Principal Accumulation Account ending balance after deposit/withdrawal on the Distribution Date	  	                    

  

	F.	INFORMATION REGARDING THE SPREAD ACCOUNT 

  

							
	1.	 	Opening Available Spread Account Amount on the Distribution Date	  	                    
			
	2.	 	Aggregate amount required to be withdrawn pursuant to Section 4.11(c) for distribution to Class C Noteholders pursuant to Section 4.04(a)(iv)	  	                    
			
	3.	 	Aggregate amount required to be withdrawn pursuant to Section 4.11(d) or Section 4.11(e) for distribution in reduction of the Class C Note Principal Balance	  	                    
			
	4.	 	Spread Account Percentage for the Distribution Date	  	                    
			
	5.	 	Closing Required Spread Account Amount for the Distribution Date	  	                    

  
 C-7 

									
	6.	  	Amount on deposit in Spread Account after required withdrawals on the Distribution Date (1-(2+3))	  	 	                    	 
			
	7.	  	Spread Account Deficiency, if any (5 minus 6)	  	 	                    	 
			
	8.	  	Amounts deposited pursuant to Section 4.04(a)(viii) and Section 4.10(e)	  	 	                    	 
			
	9.	  	Remaining Spread Account Deficiency, if any (7 minus 8)	  	 	                    	 
			
	10.	  	Spread Account Surplus, if any (6 minus 5), included in Available Finance Charge Collections	  	 	                    	 

  

	G.	INFORMATION REGARDING THE RESERVE ACCOUNT 

  

									
	1.	  	Reserve Account Funding Date	  	 	                    	 
			
	2.	  	Opening Available Reserve Account Amount on the Distribution Date	  	 	                    	 
			
	3.	  	Aggregate amount required to be withdrawn pursuant to Section 4.10(d) for inclusion in Available Finance Charge Collections:	  			
		  	(a)	  	Covered Amount	  	 	                    	 
		  	(b)	  	Principal Accumulation Investment Earnings	  	 	                    	 
		  	(c)	  	Reserve Draw Amount (a MINUS b)	  	 	                    	 
			
	4.	  	Required Reserve Account Amount	  	 	                    	 
			
	5.	  	Reserve Account Surplus (4-(2-3))	  	 	                    	 

  

	H.	INFORMATION REGARDING ACCUMULATION PERIOD 

  

									
	1.	  	Accumulation Period Length (months)	  	 	                    	 
			
	2.	  	Controlled Accumulation Amount (as recalculated, if Accumulation Period Length is shortened pursuant to Section 4.13)	  	 	                    	 

  
 C-8 

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

 

			
	FIRST NATIONAL BANK OF OMAHA,
	Servicer
		
	By	 	                                     
                                         
            
	Name	 	                                     
                                         
            
	Title	 	                                     
                                         
            

  
 C-9 

 ATTACHMENT 1 

TO 
 FORM OF MONTHLY
REPORT TO NOTEHOLDERS 
 SERVICER’S CERTIFICATE 

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

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

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

 

			
	FIRST NATIONAL BANK OF OMAHA,
	Servicer
		
	By	 	                                     
                                         
            
	Name	 	                                     
                                         
            
	Title	 	                                     
                                         
            

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

FIRST NATIONAL BANK OF OMAHA 

FIRST NATIONAL MASTER NOTE TRUST, SERIES 2017-1 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), FNBO, as Servicer and First
National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 1.    Capitalized terms
used in this Certificate have their respective meanings set forth in the Transfer and Servicing Agreement or the Second Amended and Restated Master Indenture dated as of September 23, 2016 (the “Master Indenture”), between Issuer and
U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), as supplemented by the Series 2017-1 Indenture Supplement, dated as of April 25, 2017, between Issuer and Indenture
Trustee (as amended and supplemented, the “Indenture Supplement”) and together with the Master Indenture, the “Indenture”), as applicable. 

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

3.    The undersigned is an Authorized Officer of Servicer. 

4.    This Certificate relates to the Distribution Date occurring on
            , 20    . 

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

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

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

 

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By	 	                                     
                                         
            
	Name	 	  

	Title	 	  

  
 D-2 

 EXHIBIT E 

FORM OF INVESTOR CERTIFICATION 

[DATE] 
 U.S. Bank National Association,

  as Indenture Trustee 
 60 Livingston Avenue 

EP-MN-WS3D 

St. Paul, MN 55107 
  

	 	Re:	First National Master Note Trust, Series 2017-1 

 Ladies and
Gentlemen: 
 In connection with the issuance of the First National Master Note Trust, Class
[        ] Note, Series 2017-1 (the “Notes”), we confirm that: 

1.    We agree to be bound by the restrictions and conditions set forth in the Second Amended and Restated Master
Indenture, dated as of September 23, 2016, as supplemented by the Series 2017-1 Indenture Supplement thereto, dated as of April 25, 2017 (collectively, the “Indenture”), each by and between
First National Master Note Trust, as Issuer, and U.S. Bank National Association, as indenture trustee (the “Trustee”), and agree to be bound thereby, and not reoffer, resell, pledge or otherwise transfer (any such act, a
“Transfer”) the Notes except in compliance with such restrictions and conditions. 
 2.    We understand that
the Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities law. We further agree and understand that the Notes may be reoffered, resold, pledged or
otherwise transferred only in compliance with the Securities Act and other applicable laws and (i) when pursuant to a transaction complying with the requirements of Rule 144A under the Securities Act only to a person that we reasonably
believe is a qualified institutional buyer within the meaning of Rule 144A (a “QIB”) purchasing for its own account or a QIB purchasing for the account of a QIB, whom we have informed, in each case, that the reoffer, resale, pledge or
other transfer is being made in reliance on Rule 144A or (ii) to an “accredited investor”, as defined in Rule 501 promulgated under the Securities Act, purchasing for its own account or to an “accredited investor”
purchasing for a single account (which is an institutional “accredited investor”) as to which the purchaser exercises sole investment discretion. 

3.    We are [a QIB purchasing for our own account] [a QIB purchasing for the account of a QIB] [an “accredited
investor” acquiring the Notes for our own account or for a single account which is an institutional “accredited investor” as to which we exercise sole investment discretion]. We have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any account for which we are acting are each able to bear the economic risk of our or its investment. 

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

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

6.    We are not (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code, (iii) a
governmental plan, non-U.S. plan or church plan, subject to any federal, state or local law which is, to a material extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the
Code, (iv) an entity whose underlying assets include plan assets by reason of an employee benefit plan’s or other plan’s investment in such entity, or (v) a person investing “plan assets” of any such plan (including,
for purposes of clauses (iv) and (v), any insurance company general account, but excluding any entity registered under the Investment Company Act of 1940, as amended). [For Class B Notes][For Class C Notes] 

7.    The person signing this letter on behalf of the ultimate beneficial purchaser of the Notes has been duly authorized
by such beneficial purchaser of the Notes to do so, and this letter has been duly executed and delivered and constitutes the legal, valid and binding obligation of the purchaser, enforceable against the purchaser in accordance with its terms, except
as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the enforcement of creditors’ rights generally and general principles of equity. 

You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	[Name of Purchaser]
		
	By:	 	                                     
                                         
           
	Name:	 	  

	Title:	 	  

  
 E-2

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