Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, 

and 
 AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION IV LLC, 
 as Transferors, 

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

and 
 CLAYTON FIXED INCOME
SERVICES LLC, 
 as Asset Representations Reviewer 
  

 
 American
Express Credit Account Master Trust 
 Dated as of July 20, 2016 

 
  

 Table of Contents 
  

							
	 ARTICLE I. DEFINITIONS
	  	 	1	  
			
	 Section 1.01
	  	Definitions.	  	 	1	  
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	4	  
			
	 Section 2.01
	  	Engagement; Acceptance	  	 	4	  
			
	 Section 2.02
	  	Eligibility of Asset Representations Reviewer.	  	 	4	  
			
	 Section 2.03
	  	Independence of the Asset Representations Reviewer.	  	 	4	  
		
	 ARTICLE III. DUTIES OF THE ASSET REPRESENTATIONS REVIEWER
	  	 	5	  
			
	 Section 3.01
	  	Review Scope.	  	 	5	  
			
	 Section 3.02
	  	Review Notices.	  	 	5	  
			
	 Section 3.03
	  	Review Materials.	  	 	6	  
			
	 Section 3.04
	  	Missing or Incomplete Review Materials.	  	 	6	  
			
	 Section 3.05
	  	The Asset Representations Review.	  	 	7	  
			
	 Section 3.06
	  	Review Period.	  	 	7	  
			
	 Section 3.07
	  	Review Reports.	  	 	7	  
			
	 Section 3.08
	  	Review and Procedure Limitations.	  	 	8	  
			
	 Section 3.09
	  	Review Systems.	  	 	8	  
			
	 Section 3.10
	  	Representatives.	  	 	9	  
			
	 Section 3.11
	  	Dispute Resolution.	  	 	9	  
			
	 Section 3.12
	  	Records Retention.	  	 	9	  
		
	 ARTICLE IV. PAYMENTS TO ASSET REPRESENTATIONS REVIEWER
	  	 	10	  
			
	 Section 4.01
	  	Asset Representations Reviewer Fees.	  	 	10	  
			
	 Section 4.02
	  	Reimbursable Expenses.	  	 	10	  
		
	 ARTICLE V. OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER
	  	 	10	  
			
	 Section 5.01
	  	Representations and Warranties of the Asset Representations Reviewer.	  	 	10	  
			
	 Section 5.02
	  	Limitation of Liability.	  	 	11	  
			
	 Section 5.03
	  	Indemnification of Asset Representations Reviewer.	  	 	12	  
			
	 Section 5.04
	  	Indemnification by Asset Representations Reviewer.	  	 	12	  

							
	 ARTICLE VI. REMOVAL, RESIGNATION
	  	 	13	  
			
	 Section 6.01
	  	Removal of Asset Representations Reviewer.	  	 	13	  
			
	 Section 6.02
	  	Appointment of Successor.	  	 	13	  
			
	 Section 6.03
	  	Merger or Consolidation of, or Assumption of the Obligations of, Asset the Representations Reviewer.	  	 	14	  
			
	 Section 6.04
	  	Asset Representations Reviewer Not to Resign.	  	 	14	  
			
	 Section 6.05
	  	Notice of Resignation or Removal.	  	 	15	  
		
	 ARTICLE VII. CONFIDENTIAL INFORMATION AND PERSONALLY IDENTIFIABLE INFORMATION
	  	 	15	  
			
	 Section 7.01
	  	Confidential Information.	  	 	15	  
			
	 Section 7.02
	  	Personally Identifiable Information.	  	 	16	  
			
	 Section 7.03
	  	Maintenance and Safeguarding.	  	 	17	  
			
	 Section 7.04
	  	Disclosure by Operation of Law.	  	 	17	  
			
	 Section 7.05
	  	Remedies.	  	 	17	  
		
	 ARTICLE VIII. OTHER MATTERS PERTAINING TO THE TRUST
	  	 	18	  
			
	 Section 8.01
	  	Termination of the Trust.	  	 	18	  
		
	 ARTICLE IX. MISCELLANEOUS PROVISIONS
	  	 	18	  
			
	 Section 9.01
	  	Amendment.	  	 	18	  
			
	 Section 9.02
	  	Notices.	  	 	18	  
			
	 Section 9.03
	  	Severability Clause.	  	 	19	  
			
	 Section 9.04
	  	Counterparts.	  	 	19	  
			
	 Section 9.05
	  	Governing Law.	  	 	20	  
			
	 Section 9.06
	  	Relationship of the Parties.	  	 	20	  
			
	 Section 9.07
	  	Captions.	  	 	20	  
			
	 Section 9.08
	  	Waivers.	  	 	20	  
			
	 Section 9.09
	  	Assignment.	  	 	20	  
			
	 Section 9.10
	  	Benefit of the Agreement.	  	 	20	  
			
	 Section 9.11
	  	Exhibits.	  	 	20	  
			
	 Section 9.12
	  	Survival.	  	 	21	  
			
	 Section 9.13
	  	Nonpetition Covenant.	  	 	21	  
		
	 EXHIBITS
	  			
			
	 Exhibit A
	  	Covered Representations, Review Materials and Tests	  	 	A-1	  

  

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”) is made and entered into as of the 20th day of July, 2016 (the
“Engagement Date”), by and among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, and AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC, a Delaware limited liability company,
as Transferors (the “Transferors”), AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation, as Servicer (in such capacity, the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware
limited liability company, as Asset Representations Reviewer, and acknowledged and accepted by American Express Centurion Bank and American Express Bank, FSB, as account owners (the “Account Owners” and, collectively with the
Transferors, the “Representation Parties”), and The Bank of New York Mellon, as Trustee (the “Trustee”). 

WHEREAS the Transferors will engage the Asset Representations Reviewer to perform reviews of certain Accounts and Receivables for compliance
with the representations and warranties made by the Representation Parties with respect to the Accounts and Receivables in the American Express Credit Account Master Trust (the “Trust”). 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I.

 DEFINITIONS 
 The
following terms are defined as follows (except as otherwise agreed in writing by the parties): 
 Section 1.01
Definitions. 
 Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“60-Day Delinquency Percentage” shall mean, with respect to any Monthly Period, the “60-Day Delinquency
Percentage,” as reported in the Trust’s monthly Distribution Report on Form 10-D with respect to such Monthly Period. 

“Account Owners” has the meaning stated in the first paragraph hereof. 

“Adverse Effect” has the meaning set forth in Section 1.01 of the Pooling and Servicing Agreement. 

“Agreement” has the meaning stated in the first paragraph hereof. 

 “Ancillary Agreement” shall mean the Consultation Services Agreement for Reg AB
II – Asset Representations Review Framework Development Services, dated as of July 10, 2015, as amended and supplemented from time to time. 

“Annual Fee” has the meaning stated in Section 4.01(a). 

“Annual Period” shall mean (i) the period from and including the Engagement Date to but excluding the first anniversary of
the Engagement Date, and (ii) the period from an including each anniversary of the Engagement Date to but excluding the immediately succeeding anniversary of the Engagement Date. 

“Client Records” has the meaning stated in Section 3.12. 

“Confidential Information” has the meaning stated in Section 7.01(a). 

“Covered Representations” shall mean those representations and warranties identified within the “Tests” included in
Exhibit A. 
 “Covered Series” shall mean each Series issued pursuant to a Supplement to the Pooling and Servicing
Agreement with respect to which the Asset Representations Reviewer’s engagement is confirmed under Section . 
 “Delinquency
Threshold” shall mean, with respect to any Monthly Period, the “Delinquency Threshold,” as reported in the Trust’s monthly Distribution Report on Form 10-D with respect to such Monthly Period. 

“Disclosing Party” has the meaning stated in Section 7.01(a). 

“Disqualification Event” has the meaning stated in Section 6.01. 

“Eligible Asset Representations Reviewer” shall mean a Person who (i) is not an Affiliate of the Account Owners, the
Transferors, the Servicer, the Trustee or any of their Affiliates and (ii) has not been engaged, and is not Affiliated with a Person that has been engaged, by the Account Owners, Transferors or any underwriter to perform pre-closing due diligence
work on the Accounts or the Receivables. 
 “Engagement Date” has the meaning stated in the first paragraph hereof. 

“Force Majeure Event” shall mean a failure or delay in the performance of a party’s obligations as set forth in this
Agreement that arise out of or are caused by, directly or indirectly, forces beyond a party’s control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services. 

“Indemnified Amex Person” has the meaning stated in Section 5.04. 

“Indemnified ARR Person” has the meaning stated in Section 5.03. 

  
 2 

 “Party” shall mean (i) on the one hand, the Asset Representations Reviewer and
(ii) on the other hand, the Transferors and the Servicer, collectively. 
 “PII” and “Personally Identifiable
Information” have the respective meanings stated in Section 7.02(a). 
 “Pooling and Servicing Agreement”
shall mean the Third Amended and Restated Pooling and Servicing Agreement, dated as of July 20, 2016, as supplemented by the Supplement relating to each Covered Series. 

“Privacy Laws” has the meaning stated in Section 7.02(a). 

“Representation Parties” has the meaning stated in the first paragraph hereof. 

“Representatives” has the meaning stated in Section 7.01(a). 

“Review” shall mean the completion by the Asset Representations Reviewer of the procedures listed under “Tests” in
Exhibit A for each Review Account and Review Receivable as further described in Article III. 
 “Review Accounts”
shall mean those Accounts identified by the Servicer as requiring a Review by the Asset Representations Reviewer following receipt of a Review Notice in accordance with Section 3.02. 

“Review Fee” has the meaning stated in Section 4.01(b). 

“Review Materials” shall mean the documents, data, and other information required for each “Test” as set forth in
Exhibit A. 
 “Review Notice” shall mean a notice delivered pursuant to Section 4.15 of the Supplement relating to
any Covered Series. 
 “Review Receivables” shall mean the Receivables relating to the Review Accounts. 

“Review Report” has the meaning stated in Section 3.07. 

“Tests” shall mean the procedures listed in Exhibit A as applied to the process described in Article III. 

“Test Complete” has the meaning stated in Section 3.05. 

“Test Fail” has the meaning stated in Section 3.05. 

“Test Incomplete” has the meaning stated in Section 3.04. 

“Test Pass” has the meaning stated in Section 3.05. 

“Transaction Documents” shall mean the Pooling and Servicing Agreement and each Receivables Purchase Agreement. 

  
 3 

 “Transferors” has the meaning stated in the first paragraph hereof. 

“Trust” has the meaning stated in recitals hereof. 

“Trustee” has the meaning stated in the first paragraph hereof. 

Any capitalized terms used and not defined in this Agreement shall have the meanings ascribed to such terms in the Pooling and Servicing
Agreement. 
 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance 

The Transferors hereby engage Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Trust. Asset
Representations Reviewer accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. The Transferors hereby confirm such engagement with respect to all Covered Series
outstanding on the date hereof. The Transferors shall confirm such engagement with respect to each additional Covered Series pursuant to the related Supplement.

Section 2.02 Eligibility of Asset Representations Reviewer.  

The Asset Representations Reviewer is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will notify the
Transferors and the Servicer promptly if it ceases to be an Eligible Asset Representations Reviewer or if any event shall have occurred that would, or may reasonably be expected to, result in it ceasing to be an Eligible Asset Representations
Reviewer. 
 Section 2.03 Independence of the Asset Representations Reviewer.  

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Representation Parties,
the Servicer or the Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Transferors, the Asset Representations Reviewer will have no authority to act for or
represent the Representation Parties, the Servicer or the Trustee and will not be considered an agent of the Representation Parties, the Servicer or the Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of
the Transferors or the Servicer members of any partnership, joint venture or other separate entity or impose any liability as such on any of them. 

  
 4 

 ARTICLE III. 

DUTIES OF THE ASSET REPRESENTATIONS REVIEWER 

Section 3.01 Review Scope. 

The review conducted by the Asset Representations Reviewer pursuant to this Agreement is designed to determine whether certain Accounts and
Receivables were not in compliance with the Covered Representations made with respect thereto by the Representation Parties in the Transaction Documents. 

The Review is not designed to determine any of the following: 

(a) Reason for delinquency; 

(b) Creditworthiness of the obligor, either at the time of the Review or as of the Account or Receivable creation date; 

(c) Overall quality of any Review Account or Review Receivable; 

(d) Whether the applicable Servicer has serviced any Account and/or Receivable in compliance with the Pooling and Servicing Agreement; 

(e) Whether noncompliance with the representations or warranties constitutes a breach of the provisions of any of the Transaction Documents;

 (f) Whether the Accounts or Receivables were in compliance with the representations and warranties set forth in the Transaction
Documents, except as expressly described in this Agreement; or 
 (g) To establish cause, materiality or recourse in the case of any failed
Test as described in Section 3.05. 
 The Parties acknowledge that certain representations and warranties made by the Representation
Parties in the Transaction Documents contain materiality thresholds, for example, where a breach of the representation or warranty is conditioned upon the failure to comply having an Adverse Effect. The Asset Representations Reviewer will not
make any determination as to materiality, including any determination as to whether any deviation from or noncompliance with the requirements of a particular representation or warranty has or may have an Adverse Effect. Any such determination
will be made by the applicable Representation Party. 
 Section 3.02 Review Notices. 

Upon receipt of a Review Notice from the Servicer, the Asset Representations Reviewer will commence a Review. The Asset Representations
Reviewer will not be obligated to commence a Review until a Review Notice is received. Once the Review Notice is issued, the Servicer will provide the Asset Representations Reviewer access to a list of Review Accounts within 30 days or as
soon thereafter as reasonably possible in the event of a Force Majeure Event.

  
 5 

 The Asset Representations Reviewer is not obligated to verify (i) whether a Review Notice was
required to be delivered under the Pooling and Servicing Agreement or (ii) the accuracy or completeness of the list of Review Accounts provided by the Servicer.

Section 3.03 Review Materials. 

Within 60 days of the delivery of a Review Notice, or as soon thereafter as reasonably possible in the event of a Force Majeure Event, the
Servicer will provide the Asset Representations Reviewer with access to the Review Materials for all Review Accounts and the Review Receivables; provided, however, that if the Servicer requires additional time to provide one or more
documents constituting Review Materials, the Servicer will provide the documentation that it has available within such 60-day period and will continue to gather the balance of the Review Materials. 

All Review Materials will be provided for onsite review at the Servicer’s offices specified in or pursuant to Section 9.02. The
Asset Representations Reviewer agrees to keep all materials reviewed confidential and will not copy or remove any documentation from the Servicer’s premises without prior written approval. The Servicer may redact or remove Personally
Identifiable Information from the Review Materials in a manner that does not change the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall be entitled to rely in good faith, without independent investigation or
verification, that the Review Materials are accurate and complete in all material respects, and not misleading in any material respect. 

Section 3.04 Missing or Incomplete Review Materials. 

Upon receipt of access to the Review Materials, the Asset Representations Reviewer will complete an initial document inventory to verify there
are no systemic documentation errors, including but not limited to consistently missing or incomplete Review Materials. The purpose of this review is to determine if there are systemic issues with documentation.

If the Asset Representations Reviewer determines that any Review Materials are not accessible, clearly unidentifiable, and/or illegible, the
Asset Representations Reviewer will request in writing that the Servicer provide an updated or replacement copy of such Review Materials. The Servicer will use all reasonable efforts to provide, or cause to be provided, missing or incomplete
Review Materials to the Asset Representations Reviewer or other documents or information to correct the issue of incompleteness or missing information as promptly as practicable and within 30 days of the receipt of such a request by the Asset
Representations Reviewer; provided that the Servicer shall have an additional 30 days to correct any such issues if it notifies the Asset Representations Reviewer in writing that it is working diligently and it believes that satisfactory
materials will be available for review by the Asset Representations Reviewer within an additional 30 days. 
 In the event any missing or
incomplete Review Materials are not provided or corrected within this timeframe, the Asset Representations Reviewer will perform the associated Tests in consideration that such Review Materials are missing or incomplete. With respect to any
such missing or incomplete Review Materials, if the Asset Representations Reviewer determines in 

  
 6 

 
good faith, with prior written notice to the Servicer and the Transferors, that it cannot complete a Test due to such missing information or the incompleteness of such information, the Asset
Representations Reviewer will record the result of such Test as incomplete (a “Test Incomplete”). 

Section 3.05 The Asset Representations Review. 

Once the Asset Representations Reviewer has confirmed that sufficient Review Materials are available to commence the Review, the Asset
Representations Reviewer will commence the Review. For a Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for each Covered Representation using the Review Materials
identified in Exhibit A for each Test. The Asset Representations Reviewer will complete the Tests for each Covered Representation only using the Review Materials made available to it. For each Test, the Asset Representations Reviewer will determine
if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the result of the Test should be recorded as “Test Incomplete” in accordance with Section
3.04. 
 If a Test with respect to a Review Account or Review Receivable was conducted in connection with a prior Review, the Asset
Representations Reviewer will not repeat the Test on such Review Account or Review Receivable to the extent such Test would be duplicative of the Test conducted in connection with such prior Review unless the Servicer requests in writing that such
Test be repeated. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Test within the Review Report for the current Review.

Following the delivery of the list of Review Accounts pursuant to Section 3.02, and before the delivery of the Review Report by the
Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or reassigned to a Transferor in accordance with the Pooling and Servicing Agreement. On receipt of such
notice, the Asset Representations Reviewer will immediately terminate all Tests of such Review Receivable and related Review Account, and the review of such Review Receivable and related Review Account will be considered complete (a “Test
Complete”). 
 Section 3.06 Review Period. 

The Asset Representations Reviewer will use its best efforts to complete the Review within 60 days of receiving access to all Review Materials
made available under Sections 3.03 and 3.04. If additional Review Materials are provided to the Asset Representations Reviewer under Section 3.04, the review period will be extended for an additional 30 days from the latest
date on which such additional Review Materials are provided. 
 Section 3.07 Review Reports. 

Within five (5) Business Days following the completion of the Review, the Asset Representations Reviewer will provide the Servicer with a
report identifying any Test that resulted in a “Test Fail” or “Test Incomplete.” Following the delivery of such report, the Servicer will have fifteen (15) Business Days to provide additional Review Materials or any other
relevant information to the Asset Representations Reviewer, and the Asset Representations 

  
 7 

 
Reviewer will consider any applicable Test results in light of such additional Review Materials or information. 

Within 30 days (or 45 days if additional Review Materials are provided in accordance with the immediately preceding paragraph) following the
end of the applicable review period described in Section 3.06, the Asset Representations Reviewer will provide the Transferors, the Servicer and the Trustee with a report providing each Test result (i.e., Test Pass, Test Fail or Test
Incomplete) for each Covered Representation with respect to the Review Accounts and Review Receivables (such report, a “Review Report”). The Review Report will contain a summary of the Review results which may be included (in whole
or in part) in the Trust’s monthly Distribution Report on Form 10-D for the applicable Monthly Period. The Asset Representations Reviewer will ensure that the Review Report does not contain any Personally Identifiable Information. 

Section 3.08 Review and Procedure Limitations. 

The Asset Representations Reviewer will have no obligation (i) to determine whether a breach of the terms of any representation or warranty has
occurred, (ii) to determine whether any applicable triggering events for a Review occurred, (iii) to determine which Accounts and/or Receivables are subject to a Review, (iv) to obtain or confirm the validity of the Review Materials, (v) to obtain
missing or incomplete Review Materials, or (vi) to take any action or cause any other party to take any action under any of the Transaction Documents to enforce any remedies for breaches of any representations or warranties, including the Covered
Representations. 
 The Asset Representations Reviewer will only be required to perform the Tests provided in Exhibit A in consideration of
the Review Materials and will have no obligation to perform additional testing procedures on any Review Accounts or Review Receivables or to consider any additional information provided by any party. The Asset Representations Reviewer will have
no obligation to provide reporting or information in addition to that described in Section 3.07. However, the Asset Representations Reviewer may perform additional testing procedures and may review and report on additional information
that it determines in good faith to be material to its performance under this Agreement. 
 The Transferors expressly agree that the Asset
Representations Reviewer is not advising the Transferors or any Affiliate of the Transferors or any Certificateholder or any investor or future investor concerning the suitability of the Certificates or any investment strategy. The Transferors
expressly acknowledge and agree that the Asset Representations Reviewer is not an expert in accounting, tax, regulatory, or legal matters, and that the Asset Representations Reviewer does not provide legal advice as to any
matter.     
 Section 3.09 Review Systems. 

The Asset Representations Reviewer will maintain and utilize an electronic case management system to manage the Tests and provide systematic
control over each step in the Review process and ensure consistency and repeatability among the Tests.

  
 8 

 Section 3.10 Representatives. 

(a) Servicer Representative. The Servicer will provide reasonable access to one or more designated representatives to respond to
reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of a Review. 
 (b) Asset Representations
Review Representative. The Asset Representations Reviewer will provide reasonable access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Transferors, or the Trustee during the
Asset Representations Reviewer’s performance of a Review. 
 (c) Inquiries Regarding a Review. The Asset Representations
Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Servicer, the Transferors or the Trustee until the earlier of (i) the payment in full of all
Covered Series and (ii) one year after the delivery of such Review Report. The Asset Representations Reviewer will have no obligation to respond to requests or inquires made by any other Person. 

Section 3.11 Dispute Resolution. 

If an Account or Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under
Section 4.09 of the Pooling and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of the Servicer. The reasonable out-of-pocket expenses of the Asset Representations
Reviewer for its participation in any dispute resolution proceeding will be paid: (i) if the requesting party selects mediation as the resolution method, as mutually agreed upon by the repurchase party and the requesting party as part of the
mediation, and (ii) if the requesting party selects arbitration as the resolution method, in accordance with the final determination of the arbitrator.

Section 3.12 Records Retention. 

Unless otherwise directed by the Servicer, in connection with any Review, the Asset Representations Reviewer will maintain copies of the Review
Materials (to the extent any Review Materials are copied or removed), the Review Report and any internal work papers and correspondence (collectively the “Client Records”) until the earlier of (i) the payment in full of all Covered
Series and (ii) one (1) year after the delivery of such Review Report. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to the Servicer, in electronic format, or as otherwise instructed by
the Servicer. Upon the return of the Client Records, the Asset Representations Reviewer shall destroy any remaining copies of such Client Records and shall have no obligation to respond to inquiries concerning the Review. 

  
 9 

 ARTICLE IV. 

PAYMENTS TO ASSET REPRESENTATIONS REVIEWER 

Section 4.01 Asset Representations Reviewer Fees.  

(a) Annual Fee. 
 As
compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) equal to the amount separately agreed to by the parties hereto with respect to each annual
period prior to the termination of this Agreement. The Annual Fee will be initially payable on the date of this Agreement and then payable annually on each anniversary of the date of this Agreement upon receipt of a detailed invoice. 

(b) Review Fee. 

Following the completion of a Review and delivery of the Review Report and a detailed invoice, the Asset Representations Reviewer shall be
entitled to a fee equal to the amount separately agreed to by the parties hereto (the “Review Fee”). 

Section 4.02 Reimbursable Expenses. 

The Transferors, or the Account Owners at the direction of the Transferors, will reimburse the Asset Representations Reviewer for its
reasonable travel expenses incurred in connection with a Review no later than 30 days following the submission to the Servicer and the Transferors of a detailed invoice. 

ARTICLE V. 
 OTHER
MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 
 Section 5.01 Representations and Warranties of the Asset
Representations Reviewer. 
 The Asset Representations Reviewer hereby makes the following representations and warranties as of the
Engagement Date: 
 (a) Organization and Good Standing. The Asset Representations Reviewer is a Delaware limited liability
company duly formed and validly existing in good standing under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently
conducted, and has the power, authority and legal right to perform its obligations under this Agreement. 
 (b) Due
Qualification. The Asset Representations Reviewer is duly qualified to do business and is in good standing as a foreign corporation or other foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and
approvals in each jurisdiction in which the ownership or lease of its properties, if any, or the conduct of its activities, including the execution, delivery and performance of this agreement, requires such qualification, license or approval except
where the failure to so qualify or obtain licenses or 

  
 10 

 
approvals would not have a material adverse effect on its ability to perform its obligations as Asset Representations Reviewer under this Agreement. 

(c) Due Authorization. The execution, delivery, and performance by the Asset Representations Reviewer of this Agreement, and the
other agreements and instruments executed or to be executed by the Asset Representations Reviewer as contemplated hereby, have been duly authorized by the Asset Representations Reviewer by all necessary action on the part of the Asset
Representations Reviewer. 
 (d) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the
Asset Representations Reviewer, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally
from time to time in effect or by general principles of equity. 
 (e) No Conflict and No Violation. The execution and delivery of
this Agreement by the Asset Representations Reviewer, the performance by the Asset Representations Reviewer of the transactions contemplated by this Agreement and the fulfillment by the Asset Representations Reviewer of the terms hereof and thereof
applicable to the Asset Representations Reviewer will not (A) conflict with, or be a breach or default under, any indenture, guarantee or other agreement or instrument to which the Asset Representations Reviewer is a party, (B) violate the
organizational documents of the Asset Representations Reviewer or (C) conflict with or violate any Requirements of Law applicable to the Asset Representations Reviewer. 

(f) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of the Asset Representations
Reviewer, threatened against the Asset Representations Reviewer before any Governmental Authority seeking to prevent the consummation of any of the transactions contemplated by this Agreement or seeking any determination or ruling that, in the
reasonable judgment of the Asset Representations Reviewer, would materially and adversely affect the performance by the Asset Representations Reviewer of its obligations under this Agreement. 

(g) Eligible Asset Representations Reviewer. The Asset Representations Reviewer is an Eligible Asset Representations
Reviewer. 
 Section 5.02 Limitation of Liability. 

Neither the Asset Representations Reviewer nor any of the directors, officers, employees or agents of the Asset Representations Reviewer in its
capacity as Asset Representations Reviewer shall be under any liability to any Person for any action taken or for refraining from the taking of any action in good faith in its capacity as Asset Representations Reviewer pursuant to this Agreement, or
for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations Reviewer or any such Person against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of reckless disregard of obligations and duties hereunder. The Asset 

  
 11 

 
Representations Reviewer and any director, officer, employee or agent of the Asset Representations Reviewer may rely in good faith on any document of any kind prima facie properly executed
and submitted by any Person (other than the Asset Representations Reviewer) respecting any matters arising hereunder. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss or damage (including
loss of profit) even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

Section 5.03 Indemnification of Asset Representations Reviewer. 

To the fullest extent permitted by law, the Transferors will, or will cause the Account Owners to, indemnify and hold harmless the Asset
Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified ARR Person”), from and against any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions,
investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) (“Indemnifiable Amounts”) of any kind and nature whatsoever which may be imposed on, incurred by, or asserted at any time
against an Indemnified ARR Person (whether or not also indemnified against by any other person) resulting from the performance of its obligations under this Agreement, but excluding any Indemnifiable Amounts resulting from (i) the Indemnified ARR
Person’s willful misconduct, bad faith or negligence or (ii) the Indemnified ARR Person’s breach of any of its representations or warranties in this Agreement. 

Section 5.04 Indemnification by Asset Representations Reviewer. 

To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless the Transferors, the Account
Owners, the Servicer and the Trustee, and each of their officers, directors, employees, and agents (each an “Indemnified Amex Person”), from and against any and all Indemnifiable Amounts of any kind and nature whatsoever which may
be imposed on, incurred by, or asserted at any time against an Indemnified Amex Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations
Reviewer in the performance of its obligations and duties under this Agreement or the Asset Representations Reviewer’s material breach of any of its representations or warranties or obligations in this Agreement; provided, however, that the
Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Amex Person from and against any Indemnifiable Amounts arising or resulting from (i) the Indemnified Amex Person’s own willful misconduct, bad faith
or negligence, or (ii) the inaccuracy of any representation or warranty made by the Indemnified Amex Person. 

  
 12 

 ARTICLE VI. 

REMOVAL, RESIGNATION 

Section 6.01 Removal of Asset Representations Reviewer. 

Each of the following events shall constitute a “Disqualification Event”: 

(a) the Asset Representations Reviewer (i) no longer meets the eligibility requirements in Section 2.02 or (ii) will no longer meet the
eligibility requirements in Section 2.02 upon the occurrence of an event that is reasonably likely to occur; 
 (b) any breach or
failure by the Asset Representations Reviewer in any material respect of its representations, warranties, covenants or agreements set forth in this Agreement or in the Ancillary Agreement; 

(c) an Insolvency Event occurs with respect to the Asset Representations Reviewer; and 

(d) the Asset Representations Reviewer becomes a competitor of, or an Affiliate of a competitor of, the Transferors, the Servicer, the Account
Owners or any of their Affiliates. 
 Upon the occurrence of a Disqualification Event set forth in clause (a) above, the Transferors shall,
and upon the occurrence of a Disqualification Event set forth in clause (b), (c) or (d) above, the Transferors may but shall not be required to, remove the Asset Representations Reviewer and promptly appoint a successor Asset Representations
Reviewer by written instrument, in duplicate, one copy of which instrument shall be delivered to the Asset Representations Reviewer so removed and one copy to the successor Asset Representations Reviewer. Any removal of the Asset Representations
Reviewer shall not take effect until a successor Asset Representations Reviewer is assigned in accordance with Section 6.02. 
 The
Asset Representations Reviewer shall promptly notify the Servicer and the Transferors upon its receipt of knowledge of the occurrence of any Disqualification Event.

Section 6.02 Appointment of Successor. 

Upon any removal of the Asset Representations Reviewer in accordance with Section 6.01 or any permitted resignation of the Asset
Representations Reviewer in accordance with Section 6.04, the Transferors shall appoint a successor Asset Representations Reviewer by an instrument signed by the Transferors, the Servicer and such successor Asset Representations Reviewer, and
acknowledged by the Account Owners and the Trustee. 
 If a successor Asset Representations Reviewer has not been appointed within 30 days
after the written notice of the Asset Representations Reviewer’s resignation or the delivery of the written instrument with respect to its removal, the Asset Representations Reviewer or the Trustee may apply to any court of competent
jurisdiction to appoint a successor Asset Representations Reviewer to act until such time, if any, as a successor Asset Representations Reviewer has been appointed as above provided. 

  
 13 

 If the Asset Representations Review resigns or is removed, the Asset Representations Reviewer
will cooperate with the Transferors and the Servicer and take all actions reasonably requested to assist the Transferors and the Servicer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this
Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor
Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Transferors, the Servicer or the successor Asset Representations Reviewer. 

Section 6.03 Merger or Consolidation of, or Assumption of the Obligations of, Asset the Representations Reviewer.
 
 Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or
consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 2.02, will be the successor to the Asset
Representations Reviewer under this Agreement. The Asset Representations Reviewer shall promptly notify the Servicer and the Transferors upon the occurrence of any event described in the preceding sentence. 

If the Asset Representations Reviewer is not the surviving entity, such successor shall expressly assume, by an agreement supplemental hereto,
executed and delivered to the Transferors, the Servicer, and the Trustee in a form satisfactory to the Transferors, the Servicer, and the Trustee, the performance of every covenant and obligation of the Asset Representations Reviewer, as applicable
hereunder (to the extent that any right, covenant or obligation of the Asset Representations Reviewer, as applicable hereunder, is inapplicable to the successor entity, such successor entity shall be subject to such covenant or obligation, or
benefit from such right, as would apply, to the extent practicable, to such successor entity); and, upon the request of the Transferors, the Servicer, and/or the Trustee, the Asset Representations Reviewer shall have delivered to the Transferors,
the Servicer, and the Trustee an officer’s certificate of the Asset Representations Reviewer to the effect that such consolidation, merger, conveyance or transfer and such supplemental agreement comply with this Section 6.03, that the successor
Asset Representations Reviewer meets the eligibility requirements in Section 2.02, and that all conditions precedent herein provided for relating to such transaction have been complied with and an Opinion of Counsel that such supplemental agreement
is legal, valid and binding with respect to the Asset Representations Reviewer. 
 Section 6.04 Asset Representations
Reviewer Not to Resign.  
 The Asset Representations Reviewer shall not resign from the obligations and duties hereby imposed on
it hereunder except: 
 (a) upon the determination that (i) the performance of its duties hereunder is no longer permissible under
applicable law and (ii) there is no reasonable action which the Asset Representations Reviewer could take to make the performance of its duties hereunder permissible under applicable law; or 

  
 14 

 (b) on or after the fifth anniversary of the Engagement Date, upon one (1) year’s written
notice from the Asset Representations Reviewer to the Transferors, the Servicer and the Trustee. 
 Any determination permitting the
resignation of the Asset Representations Reviewer pursuant to clause (a) above shall be evidenced as to clause (i) above by an opinion of counsel to the Asset Representations Reviewer and as to clause (ii) by an officer’s certificate of the
Asset Representations Reviewer, each to such effect delivered to the Transferors, the Servicer, and the Trustee. 
 No such resignation
pursuant to this Section 6.04 shall become effective until a successor Asset Representations Reviewer shall have assumed the responsibilities and obligations of the Asset Representations Reviewer in accordance with Section 6.02 hereof.

 Section 6.05 Notice of Resignation or Removal. 

Upon any resignation or removal of, or appointment of a successor to, the Asset Representations Reviewer pursuant to this Article VI,
the Transferors shall give prompt written notice thereof to the Trustee, the Servicer and the Rating Agencies then rating the Certificates (which, in the case of any such appointment of a successor, shall consist of prior written notice thereof to
the Rating Agencies then rating the Certificates). 
 ARTICLE VII. 

CONFIDENTIAL INFORMATION AND PERSONALLY IDENTIFIABLE INFORMATION 

Section 7.01 Confidential Information. 

(a) Confidential Information Defined. For the purposes of this Agreement, “Confidential Information” means nonpublic
proprietary information of the Representation Parties, the Servicer or their Affiliates (collectively, the “Disclosing Party”) that is disclosed to the Asset Representations Reviewer, including but not limited to business or
technical processes, formulae, source codes, object code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets,
intellectual property rights, know-how, expertise, methods and procedures for operation, information about employees, customer names, business or technical proposals, and any other information which is or should reasonably be understood to be
confidential or proprietary to the Disclosing Party. The foregoing definition of Confidential Information applies to: (i) all such information, whether tangible or intangible and regardless of the medium in which it is stored or presented; and
(ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the Disclosing Party or any of its employees, agents, advisors, directors, officers, and subcontractors
(collectively “Representatives”) that contain or reflect the Confidential Information. 
 (b) Use of Confidential
Information. The Asset Representations Reviewer acknowledges that, during the term of this Agreement, it may be exposed to or acquire 

  
 15 

 
Confidential Information of the Disclosing Party or its Affiliates. The Asset Representations Reviewer shall hold the Confidential Information of the Disclosing Party in strict confidence
and will not disclose such information except to its Representatives who have a need to know such information for the purpose of effecting the terms and conditions of this Agreement and who have entered into an agreement with the Asset
Representations Reviewer with confidentiality restrictions materially equivalent to those contained herein. The Asset Representations Reviewer shall be responsible for the breach of this Agreement by any of its Representatives. The Asset
Representations Reviewer will protect the Disclosing Party’s Confidential Information using the same degree of care that it uses to protect its own information of like import, but in no event with less than a commercially reasonable standard of
care. 
 (c) Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to,
information that: 
 (i) is or becomes part of the public domain other than by disclosure by the Asset Representations
Reviewer or any of its Representatives in violation of this Agreement; 
 (ii) was disclosed to the Asset Representations
Reviewer prior to the effective date of this Agreement without a duty of confidentiality; 
 (iii) was obtained from a third
party not known after reasonable inquiry to be under a duty of confidentiality. 
 Section 7.02 Personally Identifiable
Information. 
 (a) Definition. “Personally Identifiable Information,” or “PII,” means (i)
individually identifiable information from or about an identified or identifiable individual, or any information that is combined with such individually identifiable information, including information that can be used to authenticate that individual
or access an account, or (ii) information protected as personal data under any applicable laws, regulations, rules and guidance pertaining to privacy, data processing, data protection, data security, encryption, and confidentiality 

(b) Use of Personally Identifiable Information. To the extent the Asset Representations Reviewer receives Personally Identifiable
Information in the performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not use any Personally Identifiable Information except to the extent necessary to carry out its obligations under the Agreement and for
no other purpose. The Asset Representations Reviewer will not disclose, or provide access to, any Personally Identifiable Information to any Person other than (i) to the Asset Representations Reviewer personnel who require such Personally
Identifiable Information to perform a Review, (ii) with the prior consent of the Representation Parties or the Servicer or (iii) as required by applicable law. When permitted, the disclosure of or access to Personally Identifiable Information
will be limited to the specific information necessary for the individual to complete the assigned task. 

  
 16 

 Section 7.03 Maintenance and Safeguarding. 

In order to safeguard Confidential Information of a Disclosing Party and to assure that the Asset Representations Reviewer complies with
certain data security provisions and anti-corruption standards, the Servicer has entered into an Ancillary Agreement with the Asset Representations Reviewer which covers information protection contract requirements as well as certain anti-corruption
standards. To the extent the Asset Representations Reviewer receives Confidential Information or Personally Identifiable Information in the performance of services under this Agreement, the Asset Representations Reviewer’s receipt and
maintenance of such information shall be subject to the provisions of the Ancillary Agreement. Upon the request of the Disclosing Party, the Asset Representations Reviewer shall return all Confidential Information or Personally Identifiable
Information to the Disclosing Party provided to it pursuant to this Agreement. 
 Section 7.04 Disclosure by Operation of
Law. 
 If the Asset Representations Reviewer is requested to disclose all or any part of any Confidential Information or PII under a
subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, the Asset Representations Reviewer shall (i) to the extent permitted by law, promptly notify the
Representation Parties and the Servicer of the existence, terms and circumstances surrounding such request; (ii) consult with the Representation Parties and the Servicer on the advisability of taking legally available steps to resist or narrow
such request and cooperate with the Representation Parties and the Servicer on all steps they consider advisable; and (iii) if disclosure of the Confidential Information or PII, as applicable, is required or deemed advisable by the Representation
Parties, exercise commercially reasonable efforts to obtain an order, stipulation or other reliable assurance that confidential treatment shall be accorded to such portion of the Confidential Information or PII, as applicable, to be
disclosed. The Transferors shall reimburse, or shall cause the Servicer to reimburse, the Asset Representations Reviewer for reasonable legal fees and expenses incurred in connection with the Asset Representations Reviewer’s effort to
comply with this section. 
 Section 7.05 Remedies. 

The Parties agree that an actual or threatened breach of this Article VII by the Asset Representations Reviewer or its Representatives may cause
irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, the Disclosing Party shall be entitled to seek injunctive relief to restrain any such breach, threatened or actual,
without the necessity of posting bond, in addition to any other remedies available to the Disclosing Party at law or in equity. 

  
 17 

 ARTICLE VIII. 

OTHER MATTERS PERTAINING TO THE TRUST 

Section 8.01 Termination of the Trust. 

This Agreement will terminate on the earlier of (i) the mutual agreement of the Parties, (ii) the payment in full of all Covered Series and
(iii) the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement. 
 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendment. 

This Agreement may not be changed orally, but only by an instrument in writing signed by the Asset Representations Reviewer, the Transferors
and the Servicer in accordance with this Section 9.01; provided, however, that no amendment shall be effective unless the Transferors shall have provided prior notice of the substance of such amendment to the Trustee and each Rating
Agency. The Transferors, the Asset Representations Reviewer and the Servicer may, from time to time, review and modify the Tests and Review Materials described on Exhibit A. Any such modification shall be effected under this Section 9.01.

 Section 9.02 Notices. 

All notices hereunder shall be given by United States certified or registered mail, by facsimile or by other telecommunication device capable
of creating written record of such notice and its receipt. Notices hereunder shall be effective when received and shall be addressed to the respective parties hereto at the addresses set forth below, or at such other address as shall be
designated by any party hereto in a written notice to each other party pursuant to this section. 
 If to the Asset Representations
Reviewer, to:     
 Clayton Fixed Income Services LLC 

1700 Lincoln Street, Suite 2600 

Denver, CO 80203 
 Attention:
SVP Surveillance 
 With a copy to: 

Clayton Fixed Income Services LLC 

100 Beard Sawmill Road, Suite 200 

Shelton, CT 06484 
 Attention:
General Counsel 

  
 18 

 If to the Transferors, to: 

American Express Receivables Financing Corporation III LLC 

4315 South 2700 West, Room 3020-3 

Mail Stop 02-01-03 
 Salt Lake
City, Utah 84184 
 American Express Receivables Financing Corporation IV LLC 

4315 South 2700 West, Room 1100 

Mail Stop 02-01-46 
 Salt Lake
City, Utah 84184 
 If to the Servicer, to: 

American Express Travel Related Services Company, Inc. 

200 Vesey Street 
 New York, New
York 10285 
 If to the Trustee, to: 

The Bank of New York Mellon 

101 Barclay Street, Floor 7 West 

New York, New York 10286 

Attention: Corporate Trust Administration – Asset Backed Securities 

Section 9.03 Severability Clause. 

Subject to Section 7.03, this Agreement constitutes the entire agreement among the Asset Representations Reviewer, the Transferors and
the Servicer. All prior representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 

If any term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or
unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each
term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 
 Section 9.04
Counterparts. 
 This Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to
be an original, and all such counterparts shall constitute one and the same instrument. 

  
 19 

 Section 9.05 Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.06 Relationship of the Parties. 

The Asset Representations Reviewer is an independent contractor and, except for the services which it agrees to perform hereunder, the Asset
Representations Reviewer does not hold itself out as an agent of any other party hereto. Nothing herein contained shall create or imply an agency relationship among Asset Representations Reviewer and any other party hereto, nor shall
this Agreement be deemed to constitute a joint venture or partnership between the parties. 
 Section 9.07 Captions.

 The captions used herein are for the convenience of reference only and not part of this Agreement, and shall in no way be deemed to
define, limit, describe or modify the meanings of any provision of this Agreement. 
 Section 9.08 Waivers. 

No term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing, signed by the party against
whom such waiver or modification is sought to be enforced. 
 Section 9.09 Assignment. 

This Agreement may not be assigned by the Asset Representations Reviewer except as permitted under Section 6.03 hereof. 

Section 9.10 Benefit of the Agreement.

This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. No
other Person will have any right or obligation under this Agreement. 
 Section 9.11 Exhibits. 

The exhibits to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement.

  
 20 

 Section 9.12 Survival. 

The following sections of this Agreement shall survive the termination of this Agreement: Sections 3.08, 3.11, 3.12,
5.02, 5.03, 5.04, and Articles VII and IX. 
 Section 9.13 Nonpetition Covenant.

 To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, none of the Transferors, the
Servicer or the Asset Representations Reviewer shall, prior to the date which is one year and one day after the termination of the Pooling and Servicing Agreement with respect to the Trust or any Transferor, acquiesce, petition or otherwise invoke
or cause the Trust or any Transferor to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the Trust or any Transferor under any Federal or state bankruptcy, insolvency or similar law or
appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any Transferor, or any substantial part of its property, or ordering the winding-up or liquidation of the affairs of
the Trust or any Transferor. 

  
 21 

 IN WITNESS WHEREOF, the Transferors, the Servicer and the Asset Representations Reviewer have
caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION III LLC 
as Transferor
		
	By:	 	/s/ Denise D. Roberts
		 	Name: Denise D. Roberts
		 	Title: President

  

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

  

			
	 AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC.,

as Servicer

		
	By:	 	/s/ David L. Yowan
		 	Name: David L. Yowan
		 	Title: Treasurer

  

			
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

		
	By:	 	/s/ Robert A. Harris
		 	Name: Robert A. Harris
		 	Title: Secretary

 Acknowledged by: 
  

			
	AMERICAN EXPRESS CENTURION BANK,
as Account Owner
		
	By	 	/s/ Denise D. Roberts
		 	Name:Denise D. Roberts
		 	Title: Chief Financial Officer and Treasurer

  

			
	AMERICAN EXPRESS BANK, FSB,
as Account Owner
		
	By	 	/s/ Denise D. Roberts
		 	Name: Denise D. Roberts
		 	Title: Chief Financial Officer and Treasurer

  

			
	THE BANK OF NEW YORK MELLON,
as Trustee
		
	By	 	/s/ Michael D. Commisso
		 	Name: Michael D. Commisso
		 	Title: Vice President

 EXHIBIT A 

Covered Representations, Review Materials and Tests 
  

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

	(1)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (a) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account is a credit or other charge account or line of credit (if, with respect to the line of credit, the full receivable balance is not due upon receipt of a monthly billing
statement (excluding the billing statement with respect to the final payment of such balance) and the line of credit contains a code designation in the related securitization field as described in Section 2.01 of the Pooling and Servicing Agreement
or Section 2.01(c) of the applicable Receivables Purchase Agreement, as applicable) in existence and maintained by the applicable Account Owner.	  	 •  List of Acceptable Card Programs

 
 •  Month End Data Report

 
 •  Charge Off Report

 
 •  Selection Reports, or successor reports, for
additions from July 2009 forward
  
 •  The Pooling and
Servicing Agreement, as in effect as of each applicable account selection date (with respect to any applicable account selection date, a “Historical Pooling and Servicing Agreement”)
	  	 i) For each addition from July 2009 forward:
  

a. Review the list of Card Programs from the applicable Selection Report

 
 i.  Verify that all Card Programs added
were allowable based on the List of Acceptable Card Programs
  

ii. Verify that the total count added from each Card Program reconciles to the total balance of the addition

 
 1. Compare the count added from the Card Programs to the Month End
Data Report for the applicable account selection date
  
 2. If a
discrepancy in the count exists, review the Charge Off Report
  
 3.
Verify that the discrepancy is accounted for based on count

  
 A-1 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

		  		  		  		  	 b. Verify that each account added contains an acceptable securitization code

 
 i.  Review the Month End Data Report
for the month preceding, and the month of, the applicable account selection date
  

ii. Ensure that the account was not coded as securitized prior to the applicable account selection date

 
 iii.Verify that the Month End Data Report for the
applicable account selection date lists the appropriate Account Owner
  

c. If the above tests are confirmed, then Test Pass

 
 ii) For each addition prior to July 2009:

 
 a. Compare the definition of Eligible
Account in the applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 
 c. If the above tests are confirmed, then
Test Pass

  
 A-2 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

	(2)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (b) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account is payable in U.S. Dollars.	  	 •  Selection Reports, or successor reports, for additions from July 2009 forward

 
 •  Each Historical Pooling and Servicing
Agreement
	  	 i) For each addition from November 2015 forward:
  

a. Review the applicable Selection Report to verify that amounts due are coded in U.S. Dollars

 
 b. If the above test is confirmed, then Test
Pass
  
 ii) For each addition prior to November 2015:

 
 a. Compare the definition of Eligible
Account in the applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 
 c. If the above tests are confirmed, then
Test Pass

					
	(3)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (c) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account has an Obligor that has not been confirmed by the Account Owner or Servicer in its computer files as being involved in a voluntary or involuntary bankruptcy proceeding.	  	 •  Rejection Criteria for additions from July 2009 forward

 
 •  Selection Reports, or successor reports, for
additions from July 2009 forward
  
 •  Each Historical
Pooling and Servicing Agreement
	  	 i) For each addition from July 2009 forward:
  

a. Review the Rejection Criteria to verify that the criteria included coding to exclude accounts with Obligors in
bankruptcy
  
 b. If the above test is
confirmed, then Test Pass

  
 A-3 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

		  		  		  		  	 ii) For each addition prior to July 2009:
  

a. Compare the definition of Eligible Account in the applicable Historical Pooling and Servicing Agreement to the
stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 
 c. If the above tests are confirmed, then
Test Pass

					
	(4)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (d) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account has an Obligor who has provided as his or her most recent billing address an address located in the United States or its territories or possessions or Canada or a United
States military address; provided, however, that as of any date of determination, up to 3% of the Accounts (calculated by number of Accounts) may have Obligors who have provided as their billing addresses, addresses located outside of such
jurisdictions.	  	 •  Rejection Criteria for additions from July 2009 forward

 
 •  Selection Reports, or successor reports, for
additions from July 2009 forward
  
 •  Each Historical
Pooling and Servicing Agreement
	  	 i) For each addition from July 2009 forward:
  

a. Review the Rejection Criteria to verify that the criteria included coding to exclude accounts with billing
addresses located outside of the United States or one of its territories
  

b. If the above test is confirmed, then Test Pass

 
 ii) For each addition prior to July 2009:

 
 a. Compare the definition of Eligible
Account in the applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”

  
 A-4 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

		  		  		  		  	 b. Verify that the applicable section of the definition has not changed

 
 c. If the above tests are confirmed, then
Test Pass

					
	(5)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (e) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account, if such account is a credit card or charge card account, has not been identified as an account with respect to which a related card has been lost or stolen.	  	 •  Rejection Criteria for additions from July 2009 forward

 
 •  Selection Reports, or successor reports, for
additions from July 2009 forward
  
 •  Each Historical
Pooling and Servicing Agreement
	  	 i) For each addition from July 2009 forward:
  

a. Review the Rejection Criteria to verify that the criteria included coding to exclude accounts flagged as lost
or stolen
  
 b. If the above test is
confirmed, then Test Pass
  
 ii) For each addition prior to July 2009:

 
 a. Compare the definition of Eligible
Account in the applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 
 c. If the above tests are confirmed, then
Test Pass

  
 A-5 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

	(6)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (h) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account does not have receivables that are Defaulted Receivables or that have been identified by the Account Owner or Servicer as having been incurred as a result of the fraudulent
use of a related credit or charge card.	  	 •  Rejection Criteria for additions from July 2009 forward

 
 •  Selection Reports, or successor reports, for
additions from July 2009 forward
  
 •  Each Historical
Pooling and Servicing Agreement
	  	 i) For each addition from July 2009 forward:
  

a. Review the Rejection Criteria to verify that the criteria included coding to exclude accounts flagged as
fraudulent
  
 b. Review the Rejection
Criteria to verify that the criteria included coding to exclude Defaulted Receivables coded for write off
  

c. If the above tests are confirmed, then Test Pass

 
 ii) For each addition prior to July 2009:

 
 a. Compare the definition of Eligible
Account in the applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 
 c. If the above tests are confirmed, then
Test Pass

					
	(7)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts has arisen in an Eligible Account	  	N/A	  	i) Confirm that each account added is an Eligible Account based on the results of the related Tests for the items (1) through (6) above

  
 A-6 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

					
		  	in each case with respect to clause (a) of the definition of “Eligible Receivable”	  		  		  	ii) If confirmed, then Test Pass
					
	(8)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (b) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts was created in compliance in all material respects with all Requirements of Law applicable to the Account Owner of such Eligible
Account and pursuant to an Account Agreement that complies in all material respects with all Requirements of Law applicable to such Account Owner, in either case, the failure to comply with which would have an Adverse Effect	  	 •  Overview, Scope and Roles & Responsibilities documentation related to Policies and Procedures
(“P&Ps”) for regulatory compliance change management activities
  

•  Compliance-related documentation evidencing the high-level steps of end-to-end occurrences of regulatory compliance
change management activities for the Selection(s) (as defined below)
  

•  Selection Reports, or successor reports, for additions from July 2009 forward
	  	 i) Select one or more regulatory changes or new regulations from within the scope of the Corporate-Wide Compliance Risk Management Policy
during the review period (each, a “Selection”)
  
 ii) Review the P&Ps
effective as of the Review Notice Date and any prior versions of P&Ps that were effective after November 2015 based on the Selection(s)
  

iii) Verify that regulatory compliance change management activities in connection with the Selection(s) set forth in the applicable documentations include:

 
 a. the identification of potential
changes;
  
 b. the change analysis; and

 
 c. the determination of appropriate action,
if any
  
 iv) Verify that regulatory compliance change management activities in
connection with the Selection(s) as set forth in the applicable documentations were materially followed by the compliance department as designed

  
 A-7 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

					
		  		  		  		  	 v) Confirm that any updated P&Ps were communicated and made available to relevant stakeholders, as appropriate, in accordance with
internal governance processes
  
 vi) If the above tests are confirmed, then Test
Pass

					
	(9)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (c) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts with respect to which all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any
Governmental Authority required to be obtained, effected or given in connection with the creation of such Receivable or the execution, delivery and performance by such Account Owner of the Account Agreement pursuant to which such Receivable was
created, have been duly obtained, effected or given and are in full force and effect	  	 •  State or Federal organizational documents, as applicable

 
 •  Operating Certificates

 
 •  Selection Reports, or successor reports, for
additions from July 2009 forward
	  	 i) Locate the applicable Operating Certificates
  

ii) Conduct an interview with the appropriate American Express employee regarding the outcome of any recent audits or reviews conducted by a Governmental
Authority
  
 iii) Confirm that no Governmental Authority has taken any action against
American Express that would prevent it from executing, delivering or performing its obligations under the Account Agreements subject to the applicable Selection Reports, or that any such action has been resolved in a manner that would not prevent
American Express from executing, delivering or performing its obligations under such Account Agreements

  
 A-8 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

					
		  		  		  		  	 iv) Confirm that no other evidence exists to indicate that any consents, licenses, approvals or authorizations of, or registrations or
declarations with, any Governmental Authority that are required are not valid or have been revoked
  

v) If the above tests are confirmed, then Test Pass

					
	(10)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (d) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts as to which at the time of the transfer of such Receivable to the Trust, a Transferor or the Trust will have good and marketable
title thereto, free and clear of all Liens (other than any Lien for municipal or other local taxes of a Transferor or an Account Owner if such taxes are not then due and payable or if such Transferor or such Account Owner is then contesting the
validity thereof in good faith by appropriate proceedings and has set aside on its books adequate reserves with respect thereto)	  	 •  UCC Lien Searches
  

•  The chronological list of American Express associated entity names

 
 •  UCC Filings

 
 •  Selection Reports, or successor reports, for
additions from July 2009 forward
	  	 i) Locate the applicable UCC Lien Searches and the applicable UCC filings

 
 ii) Confirm that all initial and additional UCC filings are listed on the UCC Lien
Searches
  
 iii) Verify that the Debtor is listed as American Express or appears on the
chronological list of American Express associated entity names
  
 iv)If the above tests
are confirmed, then Test Pass

					
	(11)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (f) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts is the legal, valid and binding payment obligation of the Obligor thereon, enforceable against such Obligor in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,	  	 •  Overview, Scope and Roles & Responsibilities documentation related to Policies and Procedures
(P&Ps) for regulatory compliance change management activities.
  

•  Compliance-related documentation evidencing the high level steps of end-to-end
	  	 i) Confirm that there were no issues identified under the Tests for the item (9) above and that such Tests resulted in Test Pass

 
 ii) Confirm that each account added is an Eligible Account based on the results of the
Tests for the item (7) above

  
 A-9 

									
	 Item#
	  	 Covered Representation(s)
	  	 Summary of Representation(s)
	  	 Review Materials
	  	 Tests

					
		  		  	moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a
suit at law or in equity)	  	occurrences of regulatory compliance change management activities for the Selection (as defined below).	  	iii) If the above tests are confirmed, then Test Pass
					
	(12)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)
  

and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (k) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts constitutes either an “account” or a “general intangible” under and as defined in Article 9 of the UCC as then in
effect in any state where the filing of a financing statement is then required to perfect the Trust’s interest in the Receivables and the proceeds thereof	  	N/A	  	 i) Verify that the receivable is a right to payment of a monetary obligation, whether or not earned by performance, arising out of the use of
a credit or charge card or information contained on or for use with the card, as described under Article 9-102 of the Delaware UCC
  

ii) Confirm that each account added is an Eligible Account based on the results of the Tests for the item (7) above

 
 iii) Verify that the UCC Filings list the appropriate parties as set forth in the relevant
Transaction Documents
  
 iv) If the above tests are confirmed, then Test
Pass

  
 A-10EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 INDENTURE
SUPPLEMENT 
 This INDENTURE SUPPLEMENT, dated June 16, 2016 (this “Supplement”), by and among Marriott Vacations
Worldwide Owner Trust 2011-1, as issuer (the “Issuer”), Marriott Ownership Resorts, Inc. (“MORI”), as servicer (the “Servicer”), Wells Fargo Bank, National Association, as indenture trustee (the
“Indenture Trustee”) and as back-up servicer (the “Back-Up Servicer”), Deutsche Bank AG, New York Branch, as administrative agent, and the Conduits, Alternate Purchasers, Funding Agents and Non-Conduit Committed
Purchasers signatory hereto (collectively, the “Transaction Parties”). 
 RECITALS 

WHEREAS, the Transaction Parties desire to amend the Third Amended and Restated Indenture and Servicing Agreement, dated as of
September 1, 2014 (as amended, restated, modified and/or supplemented from time to time, the “Indenture”), by and among the Issuer, the Servicer, the Indenture, Trustee and the Back-Up Servicer, in the manner set forth herein.

 WHEREAS, the Indenture may be amended by the parties thereto with the consent of the Majority Facility Investors; 

WHEREAS, the undersigned Conduits, Alternate Purchasers, Funding Agents and Non-Conduit Committed Purchasers constitute 100% of the Conduits,
Alternate Purchasers, Funding Agents and Non-Conduit Committed Purchasers; and 
 WHEREAS, terms used herein but not otherwise defined shall
have the meanings set forth in the Third Amended and Restated Standard Definitions (as amended) attached as Annex A to the Indenture. 

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, and for other good and adequate consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1.01. Supplement to
the Indenture 
 Section 12.01(e) of the Indenture shall be amended by deleting the same in its entirety and replacing it with:

 “(e) No Proceedings. There is no pending or threatened action, suit or proceeding, nor any injunction, writ, restraining
order or other order of any nature against or affecting the Issuer, its officers or directors, or the property of the Issuer, in any court or tribunal, or before any arbitrator of any kind or before or by any Governmental Authority
(i) asserting the invalidity of this Indenture and Servicing Agreement or any of the other Facility Documents, (ii) seeking to prevent the sale and assignment of any Timeshare Loan or the consummation of any of the transactions
contemplated thereby, (iii) seeking any determination or ruling that would, if decided adversely, materially and adversely affect (A) the performance by the Issuer of this Indenture and Servicing

 
Agreement or any of the other Facility Documents or the interests of the Noteholders, (B) the validity or enforceability of this Indenture and Servicing Agreement or any of the other
Facility Documents, (C) any Timeshare Loan, or (D) the Intended Tax Characterization, or (iv) asserting a claim for payment of money adverse to the Issuer or the conduct of its business or which is inconsistent with the due
consummation of the transactions contemplated by this Indenture and Servicing Agreement or any of the other Facility Documents.” 

Section 2.01. Representations and Warranties 

MORI and the Issuer hereby represent and warrant to each of the other Transaction Parties that, after giving effect to this Supplement:
(a) the representations and warranties set forth in each of the Transaction Documents by each of MORI and the Issuer are true and correct in all material respects (except to the extent that any representation and warranty is qualified by
materiality) on and as of the date hereof, with the same effect as though made on and as of such date (except to the extent that any representation and warranty expressly relates to an earlier date, then such earlier date), (b) on the date
hereof, no Default, Servicer Event of Default, Event of Default or Amortization Event has occurred and is continuing, and (c) the execution, delivery and performance of this Supplement in accordance with its terms and the consummation of the
transactions contemplated hereby by any of them do not and will not (i) require any consent or approval of any Person, except for consents and approvals that have already been obtained, (ii) violate any applicable law, or
(iii) contravene, conflict with, result in a breach of, or constitute a default under their organization documents, as the same may have been amended or restated, or contravene, conflict with, result in a breach of or constitute a default under
(with or without notice or lapse of time or both) any indenture, agreement or other instrument, to which such entity is a party or by which it or any of its properties or assets may be bound. 

Section 2.02. References in all Transaction Documents. 

To the extent any Transaction Document contains a provision that conflicts with the intent of this Supplement, the parties agree that the
provisions herein shall govern. 
 Section 2.03. Counterparts. 

This Supplement may be executed (by facsimile or otherwise) in any number of counterparts, each of which counterparts shall be deemed to be an
original, and such counterparts shall constitute but one and the same instrument. 
 Section 2.04. Governing Law.

 THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE TRANSACTION PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 2 

 Section 2.05. Severability of Provisions. 

If any one or more of the covenants, agreements, provisions or terms of this Supplement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Supplement and shall in no way affect the validity or enforceability of the other provisions of this
Supplement. 
 Section 2.06. Continuing Effect. 

Except as expressly amended hereby, each Transaction Document shall continue in full force and effect in accordance with the provisions thereof
and each Transaction Document is in all respects hereby ratified, confirmed and preserved. 
 Section 2.07. Successors and
Assigns. 
 This Supplement shall be binding upon and inure to the benefit of the Transaction Parties and their respective successors
and permitted assigns. 
 Section 2.08 No Bankruptcy Petition. 

(a) Each party hereto hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all
outstanding Related Commercial Paper or other indebtedness of a Conduit, it will not institute against, or join any other Person in instituting against a Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
other similar proceeding under the laws of the United States or any state of the United States or any other jurisdiction with authority over such Conduit. The provisions of this Section 2.08(a) shall survive the termination of this Agreement.

 (b) Each party hereto hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all
Notes and Exchange Notes, it will not institute against, or join any other Person in instituting against the Issuer or the Seller any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under
the laws of the United States or any state of the United States. The provisions of this Section 2.08(b) shall survive the termination of this Agreement. 

[Signature pages follow] 

  
 3 

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

					
	MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1, as Issuer
		
	By:	 	Wilmington Trust, National Association, not individually, but solely in its capacity as Owner Trustee
			
		 	By:	 	 /s/ Dorri Costello

		 	Name:	 	Dorri Costello
		 	Title:	 	Vice President
	
	Address for notices:
	c/o Wilmington Trust, National Association
	1100 North Market Street
	Wilmington, Delaware 19801
	
	Attention: Rachel L. Simpson
	Telephone Number: (302) 636-6128
	Facsimile Number: (302) 636-4140
	
	MARRIOTT OWNERSHIP RESORTS, INC., as Servicer
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President
	
	Address for notices:
	6649 Westwood Boulevard
	Orlando, Florida 32821
	
	Attention: General Counsel
	Telephone: (407) 206-6000
	Facsimile: (407) 513-6680

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Back-Up Servicer
		
	By:	 	 /s/ Jennifer C. Westberg

	Name:	 	Jennifer C. Westberg
	Title:	 	Vice President
	
	Address for notices:
	
	Wells Fargo Bank, National Association
	MAC N9311-161
	Sixth Street & Marquette Avenue
	Minneapolis, Minnesota 55479
	
	Attention:         Corporate Trust
	            Services/Asset-Backed Administration
	Facsimile Number:     (612) 667-3539
	Telephone Number:    (612) 667-8058

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as Administrative Agent
		
	By:	 	 /s/ Joseph McElroy

	Name:	 	Joseph McElroy
	Title:	 	Director
		
	By:	 	 /s/ Keith Allman

	Name:	 	Keith Allman
	Title:	 	Director
	
	Address for notices:
	60 Wall Street
	New York, New York 10005
	
	Attention: Mary Conners
	Telephone: (212) 250-4731
	Facsimile: (212) 797-5300

 
			
	MOUNTCLIFF FUNDING LLC
	as Conduit
		
	By:	 	 /s/ Josh Borg

	Name:	 	Josh Borg
	Title:	 	Authorized Signatory
	
	Address for notices:
	20 Gates Management LLC
	30 Irving Place, 2nd Floor
	New York, NY 10003
	
	Attention: Vidrik Frankfather
	Telephone: (212) 295-4146
	Facsimile: (212) 295-3785
	E-mail: mountcliff@20gates.com; and mountcliff.group@db.com

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	as Alternate Purchaser
		
	By:	 	 /s/ Patrick J. Hart

	Name:	 	Patrick J. Hart
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Erin McCutcheon

	Name:	 	Erin McCutcheon
	Title:	 	Authorized Signatory
	
	Address for notices:
	Eleven Madison Avenue
	New York, NY 10010
	
	Attention: Conduit Lending
	Telephone: (212) 538-1890
	Facsimile: (212) 325-4599
	Email: abcp.monitoring@credit-suisse.com

 
			
	CREDIT SUISSE AG, NEW YORK BRANCH
	as Funding Agent
		
	By:	 	 /s/ Patrick J. Hart

	Name:	 	Patrick J. Hart
	Title:	 	 Vice President

		
	By:	 	 /s/ Erin McCutcheon

	Name:	 	Erin McCutcheon
	Title:	 	Vice President
	
	Address for notices:
	Eleven Madison Avenue
	New York, NY 10010
	
	Attention: Conduit Lending
	Telephone: (212) 538-1890
	Facsimile: (212) 325-4599
	Email: abcp.monitoring@credit-suisse.com

 
			
	SUNTRUST BANK
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ David Hufnagel

	Name:	 	David Hufnagel
	Title:	 	Vice President
	
	Address for notices:
	3333 Peachtree Street NE
	10th Floor East
	Atlanta, Georgia 30326
	
	Attention: Kayla Williams and David Morley
	Telephone: (404) 926-5475
	Facsimile: (404) 495-2171
	Email: strh.afg@suntrust.com

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ Joseph McElroy

	Name:	 	Joseph McElroy
	Title:	 	Director
		
	By:	 	 /s/ Keith Allman

	Name:	 	Keith Allman
	Title:	 	Director
	
	Address for notices:
	60 Wall Street
	New York, New York 10005
	
	Attention: Mary Conners
	Telephone: (212) 250-4731
	Facsimile: (212) 797-5300

 
			
	BANK OF AMERICA, N.A.
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ Elizabeth C. Picoli

	Name:	 	Elizabeth C. Picoli
	Title:	 	Vice President
	
	Address for notices:
	Bank of America, National Association
	214 North Tryon Street, 15th Floor
	NC1-027-15-01
	Charlotte, North Carolina 28255
	Attention: Securitization Finance Group c/o Robert Wood / Christen Picoli
	Telephone: 980-388-5938 / 980-388-8138
	Email: robert.wood@baml.com elizabeth.c.picoli@baml.com

 
			
	WELLS FARGO CAPITAL FINANCE, LLC
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ Ajay Jagsi

	Name:	 	Ajay Jagsi
	Title:	 	Vice President
	
	Address for notices:
	14241 Dallas Parkway, Suite 1300
	Dallas, Texas 75254
	
	Attention: Ajay Jagsi
	Telephone: (972) 361-7220
	Facsimile: (866) 719-9124

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