Document:

Receivables Purchace Agreement btwn American Express Travel Related Services Co.

 Exhibit 4.3 
  

 
 AMERICAN EXPRESS ISSUANCE TRUST
II 
 RECEIVABLES PURCHASE AGREEMENT 
 between 
 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

and 
 AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC 
 Dated as of October 24, 2012 

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS	  
	 Section 1.01.
	  	 Definitions
	  	 	2	  
			
	 Section 1.02.
	  	 Other Definitional Provisions
	  	 	10	  
	
	ARTICLE II	  
	PURCHASE AND CONVEYANCE OF RECEIVABLES	  
	 Section 2.01.
	  	 Purchase
	  	 	11	  
			
	 Section 2.02.
	  	 Addition of Aggregate Addition Accounts
	  	 	12	  
			
	 Section 2.03.
	  	 Addition of New Accounts
	  	 	13	  
			
	 Section 2.04.
	  	 Removal and Deletion of Accounts
	  	 	14	  
	
	ARTICLE III	  
	CONSIDERATION AND PAYMENT	  
	 Section 3.01.
	  	 Purchase Price
	  	 	17	  
			
	 Section 3.02.
	  	 Adjustments to Purchase Price
	  	 	17	  
			
	 Section 3.03.
	  	 Use of Name, Logo and Marks
	  	 	17	  
	
	ARTICLE IV	  
	REPRESENTATIONS AND WARRANTIES	  
	 Section 4.01.
	  	 Representations and Warranties of TRS Relating to TRS
	  	 	19	  
			
	 Section 4.02.
	  	 Representations and Warranties of TRS Relating to the Agreement and the Receivables
	  	 	20	  
			
	 Section 4.03.
	  	 Representations and Warranties of RFC VIII
	  	 	21	  
	
	ARTICLE V	  
	COVENANTS	  
	 Section 5.01.
	  	 Covenants of TRS
	  	 	23	  
			
	 Section 5.02.
	  	 Records
	  	 	24	  
	
	ARTICLE VI	  
	REPURCHASE OBLIGATION	  
	 Section 6.01.
	  	 Reassignment of Ineligible Receivables
	  	 	25	  
			
	 Section 6.02.
	  	 Reassignment of Other Receivables
	  	 	25	  
	
	ARTICLE VII	  
	CONDITIONS PRECEDENT	  
	 Section 7.01.
	  	 Conditions to RFC VIII’s Obligations Regarding Initial Receivables
	  	 	27	  
			
	 Section 7.02.
	  	 Conditions Precedent to TRS’s Obligations
	  	 	27	  
	
	ARTICLE VIII	  
	TERM AND PURCHASE TERMINATION	  

  
 i 

 TABLE OF CONTENTS 

continued 
  

							
	 	  	 	  	Page	 
			
	 Section 8.01.
	  	 Term
	  	 	29	  
			
	 Section 8.02.
	  	 Purchase Termination
	  	 	29	  
	
	ARTICLE IX	  
	MISCELLANEOUS PROVISIONS	  
	 Section 9.01.
	  	 Amendment
	  	 	30	  
			
	 Section 9.02.
	  	 Governing Law
	  	 	30	  
			
	 Section 9.03.
	  	 Notices
	  	 	30	  
			
	 Section 9.04.
	  	 Severability of Provisions
	  	 	31	  
			
	 Section 9.05.
	  	 Assignment
	  	 	31	  
			
	 Section 9.06.
	  	 Acknowledgement and Agreement of TRS
	  	 	31	  
			
	 Section 9.07.
	  	 Further Assurances
	  	 	31	  
			
	 Section 9.08.
	  	 No Waiver; Cumulative Remedies
	  	 	32	  
			
	 Section 9.09.
	  	 Counterparts
	  	 	32	  
			
	 Section 9.10.
	  	 Binding; Third-Party Beneficiaries
	  	 	32	  
			
	 Section 9.11.
	  	 Merger and Integration
	  	 	32	  
			
	 Section 9.12.
	  	 Headings
	  	 	32	  
			
	 Section 9.13.
	  	 Schedules and Exhibits
	  	 	32	  
			
	 Section 9.14.
	  	 Survival of Representations and Warranties
	  	 	32	  
			
	 Section 9.15.
	  	 Nonpetition Covenant
	  	 	32	  
		
	 EXHIBIT A: FORM OF AGGREGATE ADDITION ACCOUNT SUPPLEMENTAL CONVEYANCE
	  	 	A-1	  
		
	 EXHIBIT B: FORM OF SUPPLEMENTAL CONVEYANCE FOR NEW ACCOUNTS
	  	 	B-1	  
		
	 EXHIBIT C: FORM OF REASSIGNMENT OF RECEIVABLES
	  	 	C-1	  
		
	 SCHEDULE 1: LIST OF ACCOUNTS
	  	 	I-1	  

  
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 RECEIVABLES PURCHASE AGREEMENT, dated as of October 24, 2012, by and between AMERICAN
EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation (together with its successors and assigns, “TRS”), and AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, a Delaware limited liability company
(together with its successors and assigns, “RFC VIII”). 
 W I T N E S S E T H: 

WHEREAS, RFC VIII desires to purchase, from time to time, certain Receivables (hereinafter defined) existing or arising in designated
charge accounts of TRS; 
 WHEREAS, RFC VIII desires to purchase, from time to time, certain Receivables sold to TRS by American
Express Credit Corporation (“Credco”) and existing and arising in designated charge accounts of TRS, American Express Centurion Bank (“Centurion”) and American Express Bank, FSB
(“FSB”); 
 WHEREAS, RFC VIII desires to purchase, from time to time, certain Receivables sold to TRS by
Centurion and existing and arising in designated charge accounts of Centurion; 
 WHEREAS, RFC VIII desires to purchase, from
time to time, certain Receivables sold to TRS by FSB and existing and arising in designated charge accounts of FSB; 
 WHEREAS,
TRS desires to sell and assign, from time to time, certain Receivables to RFC VIII upon the terms and conditions hereinafter set forth; 
 WHEREAS, it is contemplated that the Receivables purchased hereunder will be transferred by RFC VIII to the Trust under the terms of the Transfer Agreement in connection with the issuance of notes secured
by the Receivables (each capitalized term as hereinafter defined); 
 WHEREAS, TRS agrees that all representations, warranties,
covenants and agreements made by TRS herein with respect to the Accounts and the Receivables shall also be for the benefit of the Trust, the Owner Trustee, the Indenture Trustee and the Noteholders (each capitalized term as hereinafter defined).

 WHEREAS, it is contemplated that this Agreement will define the contractual rights and responsibilities of TRS and RFC VIII,
including, but not limited to, representations and warranties, ongoing disclosure requirements and measures to avoid conflicts of interest; and 
 WHEREAS, it is contemplated that this Agreement will provide authority for TRS to fulfill its duties and exercise its rights as the seller under this Agreement separate and apart from its duties and
rights as servicer, administrator or any other role or capacity which it shall assume in connection with the issuance of notes secured by the Receivables. 
 NOW, THEREFORE, it is hereby agreed by and between TRS and RFC VIII as follows: 

 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. All capitalized terms
used herein or in any certificate, or document made or delivered pursuant hereto, and not defined herein or therein, shall have the following meanings: 
 “Account” shall mean each (a) Initial Account, (b) each Additional Account (but only from and after the Addition Date with respect thereto) and (c) each Related Account.
The term “Account” shall include any account replacing an Account in connection with the transfer of ownership of such Account from an Account Owner to any other Account Owner (provided that such replacement account can be traced or
identified by reference to, or by way of, the code designation in the securitization field of such replacement account, which code designation is contained in the computer or other records of the applicable Account Owner or the Servicer used to
generate the Account Schedule). The term “Account” shall exclude (i) any Deleted Account and (ii) any Account, all the Receivables of which are reassigned to TRS pursuant to Section 6.01 or Section 6.02. The term
“Account” shall include any Removed Account only prior to the Removal Date with respect thereto. 
 “Account
Agreement” shall mean, with respect to an Account, the agreements between an Account Owner and an Obligor governing the terms and conditions of such Account, as such agreements may be amended, modified or otherwise changed from time to
time. 
 “Account Guidelines” shall mean, with respect to the Accounts of each Account Owner, the established
policies and procedures of such Account Owner, (a) relating to the operation of its charge business which generally are applicable to its portfolio of similar accounts, including the policies and procedures for determining the creditworthiness
of customers and the extension of charge privileges to customers, and (b) relating to the maintenance of accounts and collection of receivables, in each case as such policies and procedures may be amended, modified or otherwise changed from
time to time. 
 “Account Owner” shall mean, with respect to an Account, Centurion, FSB, any successor or
affiliate thereof or any other entity that, pursuant to the Account Agreement related to such Account, is the issuer of the charge account related to, or the owner of, such Account; provided that the Transferor shall notify each Note Rating
Agency promptly following the designation of any Account Owner other than Centurion, FSB or any successor or affiliate thereof. 

“Account Schedule” shall mean a computer file or microfiche list containing a true and complete list of Accounts,
identified by account number, and setting forth, with respect to each Account, the aggregate amount outstanding in such Account (a) on the Initial Cut-Off Date (for the Account Schedule delivered on the Closing Date) and (b) on the
applicable Addition Cut-Off Date (for any Account Schedule relating to Additional Accounts). 
 “Addition Cut-Off
Date” shall mean (a) with respect to each New Account, the date on which such New Account is originated, and (b) with respect to Aggregate Addition Accounts, the date specified as such in the related Aggregate Addition Account
Supplemental Conveyance. 
 “Addition Date” shall mean (a) with respect to New Accounts, the date from and
after which such New Accounts are to be included as Accounts pursuant to Section 2.03(a) and the related New Account Supplemental Conveyance, and (b) with respect to Aggregate Addition

  
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Accounts, the date from and after which such Aggregate Addition Accounts are included as Accounts pursuant to Subsection 2.02(a) and the related Aggregate Addition Account Supplemental
Conveyance. 
 “Additional Account” shall mean each New Account and each Aggregate Addition Account.

 “Additional Transferor” shall have the meaning specified in the Transfer Agreement. 

“Affiliate” shall mean, with respect to any specified Person, any other Person controlling or controlled by or under
common control with such specified Person. For the purposes of this definition, “control” shall mean the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 
 “Aggregate Addition Account” shall mean each charge account established pursuant to an Account Agreement between an Account Owner and any Person, which account is designated pursuant to
Section 2.02 to be included as an Account and identified on an Account Schedule delivered pursuant to Sections 2.01 and 2.02. 
 “Aggregate Addition Account Supplemental Conveyance” shall have the meaning specified in Subsection 2.02(b). 
 “Agreement” shall mean this Receivables Purchase Agreement, as the same may be amended and supplemented from time to time. 

“Business Day” shall mean any day other than (a) a Saturday or Sunday or (b) any other day on which national
banking associations, federal savings banks or state banking institutions in New York, New York, or any other State in which the principal executive offices of any Account Owner are located, are authorized or obligated by law, executive order or
governmental decree to be closed. 
 “Centurion” shall mean American Express Centurion Bank, a Utah industrial
bank, and its successors and assigns. 
 “Closing Date” shall mean October 24, 2012. 

“Collection Account” shall have the meaning specified in the Indenture. 

“Collections” shall mean all payments (excluding Recoveries) received in respect of the Receivables, in the form of
cash, checks, wire transfers, electronic transfers, ATM transfers or any other form of payment. 
 “Conveyance”
shall have the meaning specified in Subsection 2.01(a). 
 “Credco” shall mean American Express Credit
Corporation, a Delaware corporation, including any subsidiary thereof, and its successors and assigns. 
 “Date of
Processing” shall mean, with respect to any transaction or receipt of Collections, the Business Day after such transaction or receipt is first output, in written form under the 

  
 3 

 
Servicer’s customary and usual practices, from the Servicer’s computer file of Accounts and accounts comparable to the Accounts (without regard to the effective date of recordation).

 “Debtor Relief Laws” shall mean (a) the United States Bankruptcy Code and (b) all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment of debt, marshalling of assets, assignment for the benefit of creditors and similar debtor relief
laws from time to time in effect in any jurisdiction affecting the rights of creditors generally or the rights of creditors of banks. 
 “Defaulted Receivable” shall mean a Principal Receivable which is charged off as uncollectible in accordance with the Account Guidelines and the Servicer’s customary and usual
servicing procedures for servicing receivables comparable to the Receivables. A Principal Receivable shall become a Defaulted Receivable on the Date of Processing on which such Principal Receivable is recorded as charged-off on the Servicer’s
computer file of Accounts. 
 “Deleted Account” shall mean any Removed Account as to which there are no
Receivables arising therein (including Receivables that, though charged off as uncollectible, may generate Recoveries) owned by RFC VIII. 
 “Discount Option Receivables” shall have the meaning specified in the Transfer Agreement. 
 “Early Amortization Event” shall have the meaning specified in the Indenture. 
 “Eligible Account” shall mean each charge account established pursuant to an Account Agreement between an Account Owner and any Person, which meets the following requirements as of the
applicable Selection Date: 
 (a) is a charge account in existence and maintained with an Account Owner; 

(b) is payable in United States dollars; 
 (c) has not been identified by such Account Owner or the Servicer in its computer files as canceled due to a related Obligor’s bankruptcy or insolvency; 

(d) 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 a United States military address; provided, however, that, with the consent of RFC VIII, as of such Selection Date, up to 3% of the aggregate amount of Receivables may have related Obligors who have
provided, as their billing addresses, addresses located outside of such jurisdictions; 
 (e) if such account is a charge card
account, has not been identified as an account with respect to which a related card has been lost or stolen; 
 (f) has not been
sold or pledged by such Account Owner to any other party; 
 (g) does not have any receivables that have been sold or pledged by
such Account Owner or TRS to any other Person other than Credco, TRS or any Transferor; and 

  
 4 

 (h) does not have any receivables that have been written off or that have been identified by
such Account Owner or the Servicer as having been incurred as a result of the fraudulent use of a related charge product. 
 Notwithstanding the
above requirements, Eligible Accounts may include accounts, the receivables of which have been written off, or which have been identified by an Account Owner or the Servicer in its computer files as canceled due to a related Obligor’s
bankruptcy or insolvency, in each case as of the related Selection Date; provided, however, that (1) the balance of all receivables included in such accounts is reflected on the books and records of the related Account Owner (and
is treated for purposes of this Agreement) as “zero” and (2) borrowing and charging privileges with respect to all such accounts have been canceled in accordance with the Account Guidelines applicable thereto. 

“Eligible Receivable” shall mean each Receivable: 

(a) which has arisen in an Eligible Account; 
 (b) which was created in compliance in all material respects with all Requirements of Law applicable to the related Account Owner and TRS and pursuant to an Account Agreement that complies in all material
respects with all Requirements of Law applicable to the related Account Owner, in either case, the failure to comply with which would have a material adverse effect on RFC VIII; 

(c) 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 the related 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; 
 (d) as to which, immediately prior
to the sale of such Receivable to RFC VIII, TRS has good and marketable title thereto, free and clear of all Liens (other than any Lien for municipal or other local taxes of the related Account Owner or TRS if such taxes are not then due and payable
or if the related Account Owner or TRS is then contesting the validity thereof in good faith by appropriate proceedings and has set aside on its books and records adequate reserves with respect thereto); 

(e) which has been the subject of a valid sale and assignment from TRS to RFC VIII of all TRS’s right, title and interest therein
(including any proceeds thereof); 
 (f) which is the legal, valid and binding payment obligation of an Obligor thereon,
enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in a
suit at law or in equity); 
 (g) which, at the time of the sale of such Receivable to RFC VIII, has not been waived or modified
except as permitted in accordance with the Account Guidelines and which waiver or modification is reflected in the related Account Owner’s and the Servicer’s computer file of Accounts; 

(h) which, at the time of the sale of such Receivable to RFC VIII, is not subject to any right of rescission, setoff, counterclaim or any
other defense (including defenses arising out of 

  
 5 

 
violations of usury laws) of an Obligor, other than defenses arising out of applicable Debtor Relief Laws; 
 (i) as to which, at the time of the sale of such Receivable to RFC VIII, each of the related Account Owner and TRS has satisfied all its obligations required to be satisfied by such time; 

(j) as to which, at the time of the sale of such Receivable to RFC VIII, each of the related Account Owner and TRS has not taken any
action which would impair, or omitted to take any action the omission of which would impair, the rights of RFC VIII therein; and 
 (k) which constitutes either an “account” or a “general intangible” under and as defined in Article 9 of the UCC as then in effect in any jurisdiction where the filing of a financing
statement is then required to perfect RFC VIII’s interest in such Receivable and the proceeds thereof. 
 “Event of
Default” shall have the meaning specified in the Indenture. 
 “Excess Funding Account” shall have the
meaning specified in the Indenture. 
 “FDIC Rule” shall have the meaning specified in the Indenture.

 “Finance Charge Receivables” shall mean the aggregate amount of Discount Option Receivables. 

“First Note Transfer Date” shall have the meaning specified in the Servicing Agreement. 

“FSB” shall mean American Express Bank, FSB, a federal savings bank, and its successors and assigns. 

“Governmental Authority” shall mean the United States of America, any state or other political subdivision thereof and
any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Indenture” shall mean the Indenture, dated as of October 24, 2012, between the Trust, as issuer, and the Indenture
Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Indenture
Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee under the Indenture, its successors in interest and any successor indenture trustee under the Indenture. 

“Initial Account” shall mean each charge account established pursuant to an Account Agreement between an Account Owner
and any Person, which account is identified in the Account Schedule delivered to RFC VIII by TRS on the Closing Date. 

“Initial Cut-Off Date” shall mean the opening of business on October 24, 2012. 

“Insolvency Event” shall have the meaning specified in Section 8.02. 

“Issuer Rate Fees” shall mean all issuer rate fees payable to an Account Owner in connection with cardholder charges for
goods or services with respect to the Receivables. 

  
 6 

 “Lien” shall mean any security interest, mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, equity interest, encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including
any conditional sale or other title retention agreement, or any financing lease having substantially the same economic effect as any of the foregoing; provided, however, that the security interest created in favor of the Indenture
Trustee shall not be deemed to constitute a Lien. 
 “Monthly Period” shall mean, with respect to each Payment
Date, the period (a) from and including the second day following the last day of the seventh billing cycle applicable to the Accounts ending during the second preceding calendar month and (b) to and including the day following the last day
of the seventh billing cycle applicable to the Accounts ending in the calendar month immediately preceding the calendar month in which such Payment Date shall occur. 
 “New Account” shall mean each charge account established pursuant to an Account Agreement between an Account Owner and any Person, which account is designated pursuant to Subsection
2.03(a) to be included as an Account and identified on an Account Schedule delivered pursuant to Sections 2.01 and 2.03. 

“New Account Delivery Date” shall mean, with respect to any New Account, the fifteenth calendar day of the month (or, if
such 15th calendar day is not a Business Day, the next succeeding Business Day) following the Monthly Period in which the Addition Date for such New Account occurs. 
 “New Account Supplemental Conveyance” shall have the meaning specified in Subsection 2.03(b). 
 “Note Rating Agency” shall mean the nationally recognized statistical rating organization or organizations, if any, selected by RFC VIII and any other Transferor to rate any securities
issued by the Trust. 
 “Note Rating Agency Condition” means, with respect to any action subject to such
condition, (i) that each Note Rating Agency shall have notified TRS and RFC VIII in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding Notes of any Series, Class or Tranche or
(ii) if at such time the Note Rating Agency has informed TRS or RFC VIII that such Note Rating Agency does not provide such written notifications for transactions of this type, then as to such Note Rating Agency, TRS or RFC VIII shall deliver
written notice of the proposed action to such Note Rating Agency or Note 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
). 
 “Noteholder” shall have the meaning specified in the Indenture. 

“Obligor” shall mean, with respect to any Account, the Person or Persons obligated to make payments with respect to such
Account, including any guarantor thereof, but excluding any merchant. 
 “Officer’s Certificate” shall
mean a certificate delivered to RFC VIII signed by any Vice President or more senior officer of TRS and which states that the certifications set forth in such certificate are based upon the results of a due inquiry into the matters in question
conducted by 

  
 7 

 
or under the supervision of the signing officer and that the facts stated in such certifications are true and correct to the best of the signing officer’s knowledge. 

“Owner Trustee” shall mean Wilmington Trust Company, not in its individual capacity, but solely as owner trustee under
the Trust Agreement, its successors in interest and any successor owner trustee under the Trust Agreement. 
 “Payment
Date” shall have the meaning specified in the Indenture. 
 “Person” shall mean any person or entity,
including any individual, corporation, limited liability company, partnership (general or limited), joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Authority, or other entity of any nature.

 “Principal Receivables” shall mean all Receivables other than Finance Charge Receivables. 

“Proceeding” shall mean any suit in equity, action at law or other judicial or administrative proceeding. 

“Purchase Price” shall have the meaning specified in Subsection 3.01(a). 

“Purchase Price Adjustment” shall have the meaning specified in Section 3.02. 

“Purchase Price Payment Date” shall have the meaning specified in Subsection 3.01(a). 

“Purchased Assets” shall have the meaning specified in Subsection 2.01(a). 

“Receivables” shall mean all amounts shown on the records of the related Account Owner and TRS as amounts payable by an
Obligor on any Account from time to time, including amounts payable for Principal Receivables and Finance Charge Receivables. 

“Receivables Purchase Agreements” shall mean (i) the receivables purchase agreement between TRS and Centurion,
dated as of October 24, 2012, and (ii) the receivables purchase agreement between TRS and FSB, dated as of October 24, 2012, in each case as the same may be amended, supplemented, assigned or otherwise modified from time to time, and
includes any receivables purchase agreement, substantially in the form of such agreement, entered into between TRS and another Account Owner in the future, if any. 
 “Recoveries” shall mean all amounts received with respect to Receivables which have previously been charged-off. 
 “Related Account” shall mean an Account with respect to which a new account number has been issued by the related Account Owner (i) in compliance with the Account Guidelines and the
related Account Agreement, (ii) to the same Obligor or Obligors of such Account, and (iii) (a) as a result of the charge card with respect to such Account being lost or stolen; (b) as a result of the related Obligor requesting a
change in his or her billing cycle; (c) as a result of the related Obligor requesting the discontinuance of responsibility with respect to such Account; (d) as a result of the related Obligor requesting a product change; or (e) for
any other reasons permitted by the Account Guidelines; provided that such Account can be traced or identified by reference to or by way of the code designation in the securitization field of such Account, which code

  
 8 

 
designation is contained in the computer or other records of the applicable Account Owner or the Servicer used to generate the Account Schedule. 

“Removal Limit” means, as of any date of determination, the aggregate amount of Receivables in Removed Accounts that may
be reassigned to TRS during any calendar month, equal to 5% of the aggregate amount of Receivables in the Trust as of such date. 
 “Removed Account” shall mean any Account as to which TRS has received notice from the Servicer that such Account is a “Removed Account” as defined in the Transfer Agreement.

 “Removal Date” shall have the meaning specified in Subsection 2.04(b). 

“Requirements of Law” shall mean any law, treaty, rule or regulation, or determination of an arbitrator or Governmental
Authority, whether federal, state or local (including, without limitation, usury laws, the Federal Truth in Lending Act and Regulation B and Regulation Z of the Board of Governors of the Federal Reserve System), and, when used with respect to any
Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person. 

“RFC VIII” shall have the meaning specified in the initial paragraph of this Agreement. 

“Segregation Account” shall have the meaning specified in the Servicing Agreement. 

“Selection Date” shall mean (i) with respect to each Initial Account, the opening of business on October 24,
2012, (ii) with respect to each Aggregate Addition Account, the date specified as such in the related Aggregate Addition Account Supplemental Conveyance and (iii) with respect to each New Account, the date on which such New Account is
originated. 
 “Servicer” shall mean the entity acting as Servicer under the Servicing Agreement. 

“Servicing Agreement” shall mean the Servicing Agreement, dated as of October 24, 2012, among RFC VIII, as
Transferor, TRS, as Servicer and Administrator, the Trust, as Issuer, and the Indenture Trustee, as amended, supplemented or restated from time to time. 
 “Small Balances” shall have the meaning established in accordance with the Account Guidelines. 
 “Stop Date” shall have the meaning specified in Subsection 2.04(a). 
 “Supplemental Conveyance” shall mean an Aggregate Addition Account Supplemental Conveyance or a New Account Supplemental Conveyance. 

“Transfer Agreement” shall mean the Transfer Agreement, dated as of October 24, 2012, among RFC VIII, as
Transferor, the Trust, as Issuer, and the Indenture Trustee, as amended, supplemented or restated from time to time. 

“Transfer Restriction Event” shall mean that TRS is unable for any reason to transfer Receivables to RFC VIII in
accordance with the provisions of this Agreement, including by reason of the application of the provisions in Section 8.02 or any order of any Governmental Authority. 

  
 9 

 “Transferor” shall mean the entity or entities acting as a Transferor under
the Transfer Agreement. 
 “TRS” shall have the meaning specified in the initial paragraph of this Agreement.

 “Trust” shall mean the American Express Issuance Trust II, heretofore created and continued under the Trust
Agreement. 
 “Trust Agreement” shall mean the Amended and Restated Trust Agreement relating to the Trust,
dated as of October 24, 2012, between the Transferor and the Owner Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the applicable jurisdiction. 
 Section 1.02. Other Definitional Provisions. 
 The words
“hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement; and Section, Subsection, Schedule and Exhibit references contained in this Agreement are references to Sections, Subsections, Schedules and Exhibits in or to this Agreement unless otherwise specified. 

[END OF ARTICLE I] 

  
 10 

 ARTICLE II 
 PURCHASE AND CONVEYANCE OF RECEIVABLES 
 Section 2.01.
Purchase. 
 (a) In consideration of the payment of the Purchase Price as provided herein, TRS does hereby sell,
transfer, assign, set over and otherwise convey to RFC VIII (collectively, the “Conveyance”), without recourse except as provided herein, all of its right, title and interest, whether now owned or hereafter acquired, in, to
and under the Receivables existing at the Initial Cut-Off Date, in the case of Receivables arising in the Initial Accounts (including Related Accounts with respect to such Initial Accounts), at the applicable Addition Cut-Off Date, in the case of
Receivables arising in the Additional Accounts (including Related Accounts with respect to such Additional Accounts), and in each case thereafter created from time to time in the Accounts (unless such Account has become a Removed Account), all
Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC)
thereof, but excluding any Issuer Rate Fees allocable to such Receivables (collectively, the “Purchased Assets”). TRS does hereby further transfer, assign, set over and otherwise convey to RFC VIII all of its rights,
remedies, powers, privileges and claims under or with respect to any related Receivables Purchase Agreement (whether arising pursuant to the terms of such Receivables Purchase Agreement or otherwise). 

The Receivables existing in the Initial Accounts at the Initial Cut-Off Date and thereafter arising in the Initial Accounts on or prior
to the Closing Date, and the related Purchased Assets, shall be sold by TRS and purchased by RFC VIII on the Closing Date. Receivables arising after the Closing Date in the Initial Accounts (unless such Initial Account has become a Removed Account)
and the related Purchased Assets shall be sold by TRS and purchased by RFC VIII on the date such Receivables arise. The Receivables existing in Additional Accounts at the related Addition Cut-Off Date and thereafter arising in such Additional
Accounts on or prior to the related Addition Date, and the related Purchased Assets, shall be sold by TRS and purchased by RFC VIII on the related Addition Date. Receivables arising after such Addition Date in such Additional Accounts (unless such
Additional Account has become a Removed Account) and the related Purchased Assets shall be sold by TRS and purchased by RFC VIII on the date such Receivables arise. 
 (b) TRS shall (i) record and file, at its own expense, any financing statements (and amendments with respect to such financing statements when applicable) with respect to the Purchased Assets meeting
the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the Conveyance of such Purchased Assets from TRS to RFC VIII, (ii) cause such financing statements and
amendments to name TRS, as seller, and RFC VIII, as purchaser, of the Purchased Assets and (iii) deliver a file-stamped copy of such financing statements or amendments or other evidence of such filings to RFC VIII as soon as is practicable
after filing. 
 (c) TRS shall, at its own expense, (i) on or prior to (x) the Closing Date, in the case of Initial
Accounts, and (y) the applicable Addition Date, in the case of Additional Accounts, indicate in its books and records (including its computer files) that Receivables created in connection with such Accounts and the related Purchased Assets have
been sold to RFC VIII in accordance with this Agreement and have been conveyed by RFC VIII to the Trust pursuant to the Transfer Agreement, and (ii) on or prior to (x) the Closing Date, in the case of Initial Accounts, and (y) the

  
 11 

 
applicable Addition Date, in the case of Additional Accounts, deliver to RFC VIII an Account Schedule (provided, however, that such Account Schedule shall be provided in respect of
New Accounts on the New Account Delivery Date) containing a true and complete list of all such Accounts. TRS shall not alter the indication referenced in clause (i) of this paragraph with respect to any Account during the term of this Agreement
unless and until such Account is no longer an Account or TRS has taken such action as is necessary or advisable to cause the interest of RFC VIII in the Purchased Assets to continue to be perfected and of first priority. The Account Schedules, as
supplemented and amended, collectively shall be marked as Schedule 1 to this Agreement, shall be incorporated into and made a part of this Agreement and shall be updated by TRS on each Addition Date (or, with respect to New Accounts,
on the New Account Delivery Date) to include any new Additional Accounts, and shall be updated by TRS not later than semi-annually to include any new Related Accounts. 
 (d) The parties hereto intend that the conveyance of TRS’s right, title and interest in and to the Purchased Assets shall constitute an absolute sale, conveying good title free and clear of any
liens, claims, encumbrances or rights of others, from TRS to RFC VIII. It is the intention of the parties hereto that the arrangements with respect to the Purchased Assets shall constitute a purchase and sale of such Purchased Assets and not a loan,
including for accounting purposes. In the event, however, that it were to be determined that the transactions evidenced hereby constitute a loan and not a purchase and sale, it is the intention of the parties hereto that this Agreement shall
constitute a security agreement under applicable law, and that TRS shall be deemed to have granted, and TRS does hereby grant, to RFC VIII a security interest, which security interest shall be a first priority perfected security interest in all of
TRS’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Purchased Assets to secure the obligations of TRS hereunder. 
 (e) To the extent that TRS retains any interest in the Purchased Assets, TRS hereby grants to the Trust and the Indenture Trustee a security interest in all of TRS’s right, title and interest,
whether now owned or hereafter acquired, in, to and under the Purchased Assets, to secure the performance of all of the obligations of TRS hereunder. With respect to such security interest and such collateral, the Trust and the Indenture Trustee
shall have all of the rights that it has under the Transfer Agreement. Each of the Trust and the Indenture Trustee shall also have all of the rights of a secured creditor under the UCC. 

(f) Each Account will continue to be owned by the related Account Owner and is not a Purchased Asset. 

Section 2.02. Addition of Aggregate Addition Accounts. 

(a) If (i) RFC VIII is required, pursuant to Subsection 2.13(a) of the Transfer Agreement, to designate additional accounts to the
Trust, or (ii) RFC VIII elects, pursuant to Subsection 2.13(b) of the Transfer Agreement, to designate additional accounts to the Trust, then in either case RFC VIII shall give written notice thereof to TRS; provided, however,
that such notice shall be provided on or before the eighth (8th) Business Day immediately preceding the related addition date. Upon receipt of such notice and on or prior to such addition date, TRS shall designate sufficient Eligible Accounts
as Aggregate Addition Accounts and shall sell to RFC VIII the Purchased Assets related to such Aggregate Addition Accounts. In addition, at its option and with the consent of RFC VIII, TRS may designate Eligible Accounts as Aggregate Addition
Accounts and sell to RFC VIII the Purchased Assets related to such Aggregate Addition Accounts. 

  
 12 

 (b) On the Addition Date with respect to any designation of Aggregate Addition Accounts,
such Aggregate Addition Accounts shall become Accounts, and RFC VIII shall purchase TRS’s right, title and interest in, to and under the Receivables in such Aggregate Addition Accounts and the related Purchased Assets as provided in
Section 2.01, subject to the satisfaction of the following conditions on such Addition Date: 
 (i) as of
the applicable Selection Date, each Aggregate Addition Account shall be an Eligible Account; 
 (ii) TRS shall
have delivered to RFC VIII copies of UCC financing statements covering such Aggregate Addition Accounts, if necessary to perfect RFC VIII’s interest in the Receivables arising therein and the related Purchased Assets; 

(iii) TRS shall have deposited, or shall have caused the Servicer to deposit, into the Segregation Account all Collections
with respect to such Aggregate Addition Accounts since the applicable Addition Cut-Off Date; 
 (iv) as of each
of the Addition Cut-Off Date and the Addition Date, no Insolvency Event with respect to TRS shall have occurred nor shall the sale of the Receivables arising in the Aggregate Addition Accounts and the related Purchased Assets to RFC VIII have been
made in contemplation of the occurrence thereof; 
 (v) such addition will not, in the reasonable belief of TRS,
have a material adverse effect on RFC VIII; 
 (vi) TRS shall have delivered to RFC VIII an Officer’s
Certificate of TRS, dated the Addition Date, confirming, to the extent applicable and in TRS’s reasonable belief, the items set forth in clauses (i) through (v) above; 

(vii) TRS shall have indicated in its computer files that Receivables created in connection with such Aggregate Addition
Accounts and the related Purchased Assets have been sold to RFC VIII and shall have delivered to RFC VIII the Account Schedule with respect to such Aggregate Addition Accounts in accordance with Subsection 2.01(c); and 

(viii) TRS and RFC VIII shall have entered into a duly executed, written assignment, substantially in the form of
Exhibit A (an “Aggregate Addition Account Supplemental Conveyance”). 

Section 2.03. Addition of New Accounts. 
 (a) Upon the mutual agreement of TRS and RFC VIII, subject to compliance by TRS with Subsection 2.03(b), TRS may designate newly originated Eligible Accounts to be included as New Accounts and sell to RFC
VIII the Purchased Assets related to such New Accounts. TRS shall cooperate with RFC VIII to enable RFC VIII to comply with the requirements of Subsections 2.13(d) and (e) of the Transfer Agreement and shall cooperate with RFC VIII to enable
RFC VIII to perform with respect to the Receivables in such New Accounts all actions specified in Subsections 2.13(d) and (e) of the Transfer Agreement. 
 (b) On the Addition Date with respect to any New Accounts, RFC VIII shall purchase TRS’s right, title and interest in, to and under the Receivables in such New Accounts (and

  
 13 

 
such New Accounts shall be deemed to be Accounts for purposes of this Agreement) upon satisfaction of the following conditions: 

(i) as of the applicable Selection Date, each New Account shall be an Eligible Account; 

(ii) on such Addition Date, TRS shall have delivered to RFC VIII copies of UCC financing statements covering such New
Accounts, if necessary to perfect RFC VIII’s interest in the Receivables arising therein and the related Purchased Assets; 
 (iii) on such Addition Date, TRS shall have deposited, or shall have caused the Servicer to deposit, into the Segregation Account all Collections with respect to such New Accounts since the applicable
Addition Cut-Off Date; 
 (iv) as of each of the Addition Cut-Off Date and such Addition Date, no Insolvency
Event with respect to TRS shall have occurred nor shall the sale of the Receivables arising in the New Accounts and the related Purchased Assets to RFC VIII have been made in contemplation of the occurrence thereof; 

(v) such addition will not, in the reasonable belief of TRS, have a material adverse effect on RFC VIII; 

(vi) on such Addition Date, TRS shall have delivered to RFC VIII an Officer’s Certificate of TRS, dated such Addition
Date, confirming, to the extent applicable and in TRS’s reasonable belief, the items set forth in clauses (i) through (v) above; 
 (vii) on such Addition Date, TRS shall have indicated in its computer files that Receivables created in connection with such New Accounts and the related Purchased Assets have been sold to RFC VIII; and

 (viii) on such Addition Date, TRS and RFC VIII shall have entered into a duly executed, written assignment,
substantially in the form of Exhibit B (a “New Account Supplemental Conveyance”). 
 (c)
On the related New Account Delivery Date, TRS shall deliver to RFC VIII the Account Schedule with respect to such New Accounts. 

Section 2.04. Removal and Deletion of Accounts. 
 (a) If RFC VIII elects, pursuant to Subsection 2.14(a) of the Transfer Agreement, to remove accounts from the Trust (the “Removed Accounts”), RFC VIII shall give written notice
thereof to TRS. Notwithstanding anything in this Agreement to the contrary, if an Account becomes a Removed Account, then TRS shall stop selling to RFC VIII Receivables arising in such Removed Account effective on the Business Day (the
“Stop Date”) after the date such Account becomes a Removed Account. Notwithstanding the cessation of the sale to RFC VIII of additional Receivables arising in such Removed Account, Receivables sold to RFC VIII prior to the
Stop Date and Collections in respect of such Receivables shall continue to be property of RFC VIII available for transfer by RFC VIII to the Trust pursuant to the Transfer Agreement; provided, however, that, to the extent TRS has
accepted reassignment of the Receivables in such Removed Account as described in paragraph (b) below, Collections in respect of such Receivables which are received after the Removal Date (as defined below) shall not be considered property of
RFC VIII 

  
 14 

 
available for transfer by RFC VIII to the Trust. To the extent that it is not clear to TRS whether Collections relate to a Receivable that was sold to RFC VIII or to a receivable that TRS did not
sell to RFC VIII, TRS shall allocate payments on each such Removed Account with respect to the principal balance of such Removed Account first to the oldest principal balance of such Removed Account. 

(b) Upon receipt of the notice described in paragraph (a) above and on or prior to the date for removal of the Removed Accounts (the
“Removal Date”), RFC VIII may, at its option and with the consent of TRS, reassign its right, title and interest in, to and under the Receivables in the Removed Accounts (and such Accounts shall no longer be deemed to be
Accounts for purposes of this Agreement) upon satisfaction of the following conditions: 
 (i) on or before the
tenth Business Day immediately preceding the Removal Date, RFC VIII shall have given TRS notice (unless such notice requirement is waived) that the Receivables from such Removed Accounts are to be reassigned to TRS on the Removal Date; 

(ii) on or prior to the Removal Date, RFC VIII shall amend the Account Schedule by delivering or causing to be delivered
to TRS a computer file or microfiche list containing a true and complete list of the Removed Accounts; 
 (iii)
RFC VIII shall have represented and warranted as of the Removal Date that the list of Removed Accounts delivered pursuant to paragraph (ii) above, as of the Removal Date, is true and complete in all material respects; 

(iv) such removal will not, in the reasonable belief of RFC VIII, have a material adverse effect on TRS; 

(v) such removal shall not exceed the Removal Limit; 

(vi) the purchase price for the Receivables in the Removed Accounts as of the Removal Date shall be the then-current fair
market value of such Receivables, as mutually agreed upon by TRS and RFC VIII; 
 (vii) such removal is not
effected due to the credit or default risk of any Obligor or the Receivables; 
 (viii) RFC VIII shall have
delivered an Officer’s Certificate of RFC VIII, dated the Removal Date, confirming, to the extent applicable and in RFC VIII’s reasonable belief, the items set forth in clauses (iv) through (vii) above; and 

(ix) RFC VIII and TRS shall have entered into a duly executed, written reassignment, substantially in the form of
Exhibit C (a “Reassignment”). 
 (c) On and after the Stop Date for a Removed
Account, TRS may mark its books and records to indicate that such Account is a Removed Account. However, TRS shall not alter the indication referenced in clause (i) of Subsection 2.01(c) with respect to such Removed Account unless and until
(i) TRS, at its option, accepts reassignment of the right, title and interest of RFC VIII in, to and under the Receivables in such Removed Account, (ii) such Account becomes a Deleted Account or (iii) TRS has taken such action as is
necessary or advisable to cause the interest of RFC VIII in the Purchased Assets to continue to be perfected and of first priority. 

  
 15 

 (d) Once (i) TRS, at its option, accepts reassignment of the right, title and interest
of RFC VIII in, to and under the Receivables in a Removed Account or (ii) a Removed Account becomes a Deleted Account, TRS may delete such Account from Schedule 1 hereto and, upon such deletion, shall indicate in its computer
files that such Removed Account or Deleted Account, as applicable, is no longer an Account. 
 [END OF ARTICLE II] 

  
 16 

 ARTICLE III 
 CONSIDERATION AND PAYMENT 
 Section 3.01. Purchase Price.

 (a) The “Purchase Price” for the Receivables in the Initial Accounts existing at the Initial Cut-Off
Date, and the related Purchased Assets, that are conveyed to RFC VIII under this Agreement shall be payable on the Closing Date, in an amount equal to 100% of the aggregate balance of the Receivables so conveyed, adjusted to reflect such factors, if
any, as TRS and RFC VIII mutually agree will result in a Purchase Price determined to be the fair market value of such Receivables and the related Purchased Assets. This computation of initial purchase price shall assume no reinvestment in new
Receivables. The Purchase Price for the Receivables (including Receivables in Additional Accounts) and the related Purchased Assets conveyed to RFC VIII under this Agreement which come into existence after the Initial Cut-Off Date (i) shall be
payable in cash on each Business Day or on such other periodic basis mutually agreed to by TRS and RFC VIII, but no later than the 15th calendar day (or, if such day is not a Business Day, the next following Business Day) following the calendar
month in which such Receivables and the related Purchased Assets are conveyed by TRS to RFC VIII (each date on which the Purchase Price is so paid, the “Purchase Price Payment Date”) and (ii) shall be an amount equal to
100% of the aggregate balance of the Receivables so conveyed, adjusted to reflect such factors, if any, as TRS and RFC VIII mutually agree will result in a Purchase Price determined to be the fair market value of such Receivables and the related
Purchased Assets. 
 (b) Notwithstanding any other provision of this Agreement, TRS shall not be obligated to continue to sell
Receivables or other Purchased Assets to RFC VIII to the extent that TRS is not paid the Purchase Price therefor as provided herein. 
 Section 3.02. Adjustments to Purchase Price. The Purchase Price shall be reduced on the Purchase Price Payment Date (a “Purchase Price Adjustment”) with respect to any
Receivable previously conveyed to RFC VIII by TRS which is reduced by the related Account Owner, TRS or the Servicer because of a rebate, refund, unauthorized charge or billing error to an Obligor, because such Receivable was created in respect of
merchandise which was refused or returned by an Obligor, or because the Servicer or the applicable Account Owner processes as a credit adjustment any uncollectible Small Balances, or if the Servicer otherwise adjusts downward the amount of any
Receivable without receiving Collections therefor or without charging off such amount as uncollectible. The amount of such reduction shall equal the reduction in the balance of such Receivable resulting from the occurrence of such event. In the
event that a reduction pursuant to this Section 3.02 causes the Purchase Price to be a negative number, TRS agrees that, on the Purchase Price Payment Date, TRS shall pay or cause to be paid to RFC VIII an amount equal to the amount by which
the Purchase Price Adjustment exceeds the unadjusted Purchase Price; provided, however, that if the reduction relating to such Purchase Price Adjustment also gives rise to an obligation on the part of RFC VIII as Transferor to make a
deposit in the Excess Funding Account pursuant to Section 2.5 of the Servicing Agreement, then TRS and RFC VIII hereby agree that the date that RFC VIII is required to make such deposit pursuant to Section 2.5 of the Servicing Agreement
shall be a Purchase Price Payment Date. 
 Section 3.03. Use of Name, Logo and Marks. TRS does hereby grant to RFC
VIII a non-exclusive license to use the name “American Express Travel Related Services Company, Inc.” 

  
 17 

 
and all related identifying trade or service marks, signs, symbols, logos, designs, servicing software, customer lists and other intangibles in connection with the servicing of the Receivables
purchased hereunder. The license granted shall be co-extensive with the term of the Agreement. 
 [END OF ARTICLE III]

  
 18 

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and
Warranties of TRS Relating to TRS. 
 (a) Representations and Warranties. TRS hereby represents and warrants to, and
agrees with, RFC VIII as of the Closing Date and on each Addition Date, that: 
 (i) Organization and Good
Standing. TRS is a corporation validly existing under the laws of the State of New York, and has, in all material respects, full power and authority to own its properties and conduct its business as presently owned or conducted, and to execute,
deliver and perform its obligations under this Agreement. 
 (ii) Due Qualification. TRS is duly qualified
to do business and is in good standing as a foreign corporation or other entity and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would have a material
adverse effect on this Agreement or the transactions contemplated hereby or on the ability of TRS to perform its obligations under this Agreement. 
 (iii) Due Authorization. The execution and delivery by TRS of this Agreement and any other document or instrument delivered by TRS pursuant hereto, including any Supplemental Conveyance, to which
TRS is a party and the consummation by TRS of the transactions provided for in this Agreement and any such Supplemental Conveyance, have been duly authorized by TRS by all necessary action on the part of TRS. 

(iv) No Conflict or Violation. The execution and delivery by TRS of this Agreement, the performance by TRS of the
transactions contemplated by this Agreement and the fulfillment by TRS of the terms of this Agreement applicable to TRS, will not conflict with or violate in any material respect any Requirements of Law applicable to TRS or conflict with, result in
any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which TRS is a
party or by which it or its properties are bound. 
 (v) No Proceedings. There are no Proceedings or
investigations pending or, to the best knowledge of TRS, threatened, against TRS before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement, (iii) seeking any determination or ruling that, in the reasonable judgment of TRS, would materially and adversely affect the performance by TRS of its obligations under this Agreement or (iv) seeking any
determination or ruling that, in the reasonable judgment of TRS, would materially and adversely affect the validity or enforceability of this Agreement. 
 (vi) All Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by TRS in
connection with the execution and delivery by TRS of this 

  
 19 

 
Agreement and the performance by TRS of the transactions contemplated by this Agreement have been duly obtained, effected or given and are in full force and effect. 

(vii) Insolvency. No Insolvency Event with respect to TRS has occurred, and TRS entered into this Agreement and, in
the case of Additional Accounts, the related Supplemental Conveyance, in the ordinary course of business, not in contemplation of insolvency and not with the intent to hinder, delay or defraud itself or its creditors or any Account Owner or its
creditors. This Agreement and the transactions contemplated hereby are arm’s length, bona fide transactions. 
 (viii) Approval. This Agreement and each Supplemental Conveyance have each been approved by either the board of directors of TRS or by the loan committee of TRS and such approvals are reflected in
the minutes of such board or committee. This Agreement and each Supplemental Conveyance have been, continuously, from the time of execution, in the official record of TRS. 
 (b) Notice of Breach. The representations and warranties set forth in this Section 4.01 shall survive the sale of the Purchased Assets to RFC VIII. Upon discovery by TRS or RFC VIII of a
breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other party, the Owner Trustee and the Indenture Trustee following such discovery. 

Section 4.02. Representations and Warranties of TRS Relating to the Agreement and the Receivables. 

(a) Representations and Warranties. TRS hereby represents and warrants to RFC VIII as of the Closing Date with respect to the
Initial Accounts (and the Receivables arising therein) and as of the related Addition Date with respect to Additional Accounts (and the Receivables arising therein), that: 

(i) each of this Agreement and, in the case of Additional Accounts, the related Supplemental Conveyance constitutes a
legal, valid and binding obligation of TRS enforceable against TRS in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws or general principles of equity; 

(ii) (a) as of the Initial Cut-Off Date with respect to the Initial Accounts (and the Receivables arising thereunder),
Schedule 1 to this Agreement, as supplemented to such date, is an accurate and complete listing in all material respects of all the Accounts as of such applicable date, and the information contained therein with respect to the
identity of such Accounts and the Receivables existing thereunder is true and correct in all material respects as of such applicable date and (b) as of the related Addition Cut-Off Date with respect to Additional Accounts (and the Receivables
arising thereunder), Schedule 1 to this Agreement, as supplemented to such date, is an accurate and complete listing in all material respects of all the Accounts as of such applicable date, and the information contained therein
with respect to the identity of such Accounts and the Receivables existing thereunder is true and correct in all material respects as of such applicable date; 
 (iii) each Receivable conveyed to RFC VIII has been conveyed to RFC VIII free and clear of any Lien (other than any Lien for municipal or other local taxes of the related

  
 20 

 
Account Owner or TRS if such taxes are not then due and payable or if the related Account Owner or TRS is then contesting the validity thereof in good faith by appropriate proceedings and has set
aside on its books adequate reserves with respect thereto); 
 (iv) all authorizations, consents, orders or
approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by TRS in connection with the conveyance of Receivables to RFC VIII have been duly obtained, effected or given and are in full
force and effect; 
 (v) this Agreement and, in the case of Additional Accounts, the related Supplemental
Conveyance, constitutes a valid sale to RFC VIII of all right, title and interest of TRS in the Purchased Assets, and such sale is perfected under the UCC; 
 (vi) TRS has or will cause, as applicable, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Purchased Assets granted to RFC VIII under this Agreement and upon filing of all such appropriate financing statements, RFC VIII will have a first priority perfected security interest in such property; 

(vii) on the applicable Selection Date, each such Account is an Eligible Account; 

(viii) on the applicable Selection Date, each Receivable contained in such Account on such applicable date and sold to RFC
VIII by TRS is an Eligible Receivable; 
 (ix) as of the date of the creation of any new Receivable sold to RFC
VIII by TRS, such Receivable is an Eligible Receivable; 
 (x) no selection procedures believed by TRS to be
materially adverse to the interests of RFC VIII or its transferees have been used in selecting such Accounts; and 
 (xi) TRS received adequate consideration for each Receivable conveyed to RFC VIII. 

(b) Notice of Breach. The representations and warranties set forth in this Section 4.02 shall survive the sale of the
Purchased Assets to RFC VIII. Upon discovery by either TRS or RFC VIII of a breach of any of the representations and warranties set forth in this Section 4.02, the party discovering such breach shall give prompt written notice to the other
party, the Owner Trustee and the Indenture Trustee following such discovery. TRS hereby acknowledges that RFC VIII intends to rely on the representations hereunder in connection with representations made by RFC VIII to secured parties, assignees or
subsequent transferees, including transfers made by RFC VIII to the Trust pursuant to the Transfer Agreement and the grant of a security interest by the Trust to the Indenture Trustee pursuant to the Indenture, and TRS hereby consents to such
reliance. 
 Section 4.03. Representations and Warranties of RFC VIII. As of the Closing Date and each Addition
Date, RFC VIII hereby represents and warrants to, and agrees with, TRS that: 
 (a) Organization and Good Standing. RFC
VIII is a limited liability company duly formed and validly existing under the laws of the State of Delaware, and has, in all material respects, full power and authority to own its properties and conduct its business as such properties

  
 21 

 
are presently owned and such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement. 

(b) Due Qualification. RFC VIII is duly qualified to do business and is in good standing and has obtained all necessary licenses
and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would have a material adverse effect on this Agreement or the transactions contemplated hereby or on the ability of RFC VIII to perform its
obligations under this Agreement. 
 (c) Due Authorization. The execution and delivery by RFC VIII of this Agreement and
any other document or instrument delivered pursuant hereto, including any Supplemental Conveyance, to which RFC VIII is a party, and the consummation by RFC VIII of the transactions provided for in this Agreement and any such Supplemental
Conveyance, have been duly authorized by RFC VIII by all necessary company action on the part of RFC VIII. 
 (d) No Conflict
or Violation. The execution and delivery by RFC VIII of this Agreement, the performance by RFC VIII of the transactions contemplated by this Agreement and the fulfillment by RFC VIII of the terms of this Agreement applicable to RFC VIII, will
not conflict with or violate in any material respect any Requirements of Law applicable to RFC VIII or conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or
both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which RFC VIII is a party or by which it or any of its properties are bound. 

(e) No Proceedings. There are no Proceedings or investigations pending or, to the best knowledge of RFC VIII, threatened, against
RFC VIII, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, (iii) seeking any determination or ruling
that, in the reasonable judgment of RFC VIII, would materially and adversely affect the performance by RFC VIII of its obligations under this Agreement or (iv) seeking any determination or ruling that, in the reasonable judgment of RFC VIII,
would materially and adversely affect the validity or enforceability of this Agreement. 
 (f) All Consents. All
authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by RFC VIII in connection with the execution and delivery by RFC VIII of this Agreement and
the performance by RFC VIII of the transactions contemplated by this Agreement have been duly obtained, effected or given and are in full force and effect. 
 The representations and warranties set forth in this Section 4.03 shall survive the sale of the Purchased Assets to RFC VIII. Upon discovery by TRS or RFC VIII of a breach of any of the foregoing
representations and warranties, the party discovering such breach shall give prompt written notice to the other party, the Owner Trustee and the Indenture Trustee following such discovery. 

[END OF ARTICLE IV] 

  
 22 

 ARTICLE V 
 COVENANTS 
 Section 5.01. Covenants of TRS. TRS hereby
covenants and agrees with RFC VIII as follows: 
 (a) Receivables Not To Be Evidenced by Instruments. Except in
connection with its enforcement or collection of an Account, TRS will take no action to cause any Receivable sold to RFC VIII hereunder to be evidenced by any instrument (as defined in the UCC), and if any Receivable is so evidenced as a result of
any action by TRS, it shall be deemed to be a Receivable described in Subsection 6.01(a) and shall be reassigned to TRS in accordance with Subsection 6.01(b). 
 (b) Security Interests. Except for the conveyances hereunder, TRS will not sell, pledge, assign or transfer to any other Person, or take any other action inconsistent with RFC VIII’s ownership
of, the Purchased Assets, or grant, create, incur, assume or suffer to exist any Lien arising through or under TRS on any Purchased Asset or any interest therein (other than any Lien for municipal or other local taxes of the related Account Owner or
TRS if such taxes are not then due and payable or if the related Account Owner or TRS is then contesting the validity thereof in good faith by appropriate proceedings and has set aside on its books adequate reserves with respect thereto), and TRS
shall not claim any ownership interest in any Purchased Asset and shall defend the right, title and interest of RFC VIII in, to and under the Purchased Assets against all claims of third parties claiming through or under TRS. 

(c) Account Allocations. If a Transfer Restriction Event occurs, TRS agrees (except as prohibited by any such order or any
Requirement of Law) to allocate and pay to RFC VIII, after the date of such Transfer Restriction Event, all Collections with respect to Receivables previously sold to RFC VIII. To the extent that it is not clear to TRS whether collections relate to
a Receivable that was sold to RFC VIII or to a receivable that TRS is unable to sell to RFC VIII, TRS agrees that it shall allocate payments on each Account with respect to the principal balance of such Account first to the oldest principal balance
of such Account. Notwithstanding any cessation of the sale to RFC VIII of additional Receivables, Receivables sold to RFC VIII prior to the occurrence of the Transfer Restriction Event and Collections in respect of such Receivables shall continue to
be property of RFC VIII available for transfer by RFC VIII to the Trust pursuant to the Transfer Agreement. 
 (d) Delivery
of Collections. In the event that TRS receives Collections or any other amounts in respect of the Purchased Assets sold to RFC VIII hereunder, TRS agrees to pay to RFC VIII (or to the Servicer or the Indenture Trustee if RFC VIII so directs) all
such Collections and other amounts promptly after receipt thereof. 
 (e) Notice of Liens. TRS shall notify RFC VIII
promptly after becoming aware of any Lien arising through or under TRS on any Purchased Asset other than the conveyances hereunder. 
 (f) Documentation of Transfer. TRS shall timely file in all appropriate filing offices the documents which are necessary or advisable to perfect and maintain the perfection of the sale of the
Purchased Assets to RFC VIII. 

  
 23 

 (g) Account Agreements and Guidelines. Subject to compliance with all Requirements of
Law, TRS may effect or permit a change to the terms and provisions of the Account Agreements or the Account Guidelines applicable to the Accounts in any respect (including the calculation of the amount or the timing of charge-offs and other fees to
be assessed thereon) only if such change is made applicable to any comparable segment of charge accounts owned by the related Account Owner or TRS which have characteristics the same as, or substantially similar to, the Accounts that are the subject
of such change, except as otherwise restricted by an endorsement, sponsorship, or other agreement between the related Account Owner or TRS and an unrelated third party or by the terms of the Account Agreements. Notwithstanding the above, unless
required by Requirements of Law, TRS will not take any action with respect to such Account Agreements or such Account Guidelines which, at the time of such action, TRS reasonably believes will have a material adverse effect on RFC VIII. TRS shall
take reasonable steps to cause the related Account Owner to abide by these restrictions on changes and actions with respect to the Account Agreements and the Account Guidelines. 

(h) Name and Type and Jurisdiction of Organization. TRS shall not change its name or its type or jurisdiction of organization
without previously having delivered to RFC VIII an opinion of counsel to the effect that all actions have been taken, and all filings have been made, as are necessary to continue and maintain the first-priority perfected ownership interest of RFC
VIII in the Purchased Assets. 
 (i) Annual Opinion. On or before March 31st of each calendar year, commencing
March 31, 2013, TRS shall deliver to RFC VIII, with a copy to the Indenture Trustee, an opinion of counsel to the effect that (i) no further action with respect to the recording or filing of any financing statements, any amendments to
financing statements, or any other documents or filings is then necessary to perfect the ownership interest of RFC VIII in the Purchased Assets, and (ii) no further action with respect to the recording or filing of any financing statements, any
amendments to financing statements, or any other documents or filings will be necessary prior to March 31st of the next calendar year to perfect the ownership interest of RFC VIII in the Purchased Assets or stating what such filings will be
necessary prior to such March 31st. 
 Section 5.02. Records. TRS shall maintain this Agreement, each
Supplemental Conveyance, and the Account Schedule in the official records of TRS continuously from the time of execution. 
 [END
OF ARTICLE V] 

  
 24 

 ARTICLE VI 
 REPURCHASE OBLIGATION 
 Section 6.01. Reassignment of Ineligible
Receivables. 
 (a) In the event any representation or warranty under Subsection 4.02(a)(ii), (iii), (iv), (vii), (viii),
(ix) or (x) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account and as a result of such breach RFC VIII is required under Subsection 2.6(a) of the Transfer
Agreement to accept reassignment of such Receivables previously sold by TRS to RFC VIII pursuant to this Agreement, TRS shall accept reassignment of such Receivables on the terms and conditions set forth in Subsection 6.01(b). 

(b) TRS shall accept reassignment of any Receivables described in Subsection 6.01(a) from RFC VIII on the date on which such Receivables
are reassigned to RFC VIII pursuant to Subsection 2.6(a) of the Transfer Agreement, and shall pay for such reassigned Receivables by paying to RFC VIII in immediately available funds an amount equal to the unpaid balance of such Receivables. Upon
reassignment of such Receivables, RFC VIII shall automatically and without further action sell, transfer, assign, set-over and otherwise convey to TRS, without recourse, representation or warranty, all the right, title and interest of RFC VIII in
and to such Receivables, all Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including
“proceeds” as defined in the UCC) thereof. Such reassigned Receivables shall be treated by RFC VIII as collected in full as of the date on which they were reassigned. RFC VIII shall execute such documents and instruments of transfer or
assignment and take such other actions as shall reasonably be requested by TRS to effect the conveyance of such Receivables and other property pursuant to this Subsection. 
 Section 6.02. Reassignment of Other Receivables. 
 (a) In the event
any representation or warranty set forth in Subsection 4.01(a)(i) or (iii) or Subsection 4.02(a)(i) or (v) is not true and correct in any material respect and as a result of such breach RFC VIII is required under Section 2.7 of the
Transfer Agreement to accept a reassignment of all of the Receivables previously sold by TRS to RFC VIII pursuant to this Agreement, TRS shall accept a reassignment of such Receivables on the terms and conditions set forth in Subsection 6.02(b).

 (b) TRS shall accept reassignment of any Receivables described in Subsection 6.02(a) from RFC VIII on the date on which such
Receivables are reassigned to RFC VIII, and shall pay for such reassigned Receivables by paying to RFC VIII, not later than 11:00 a.m., New York City time, on the First Note Transfer Date following the Monthly Period in which such reassignment
obligation arises, an amount equal to the unpaid balance of such Receivables. Upon reassignment of such Receivables, RFC VIII shall automatically and without further action sell, transfer, assign, set-over and otherwise convey to TRS, without
recourse, representation or warranty, all the right, title and interest of RFC VIII in and to such Receivables, all Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect
thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof. Such reassigned Receivables shall be treated by RFC VIII as collected in full as of the date on which they were
reassigned. RFC VIII shall execute such documents and 

  
 25 

 
instruments of transfer or assignment and take such other actions as shall reasonably be requested by TRS to effect the conveyance of such Receivables and other property pursuant to this
Subsection. 
 [END OF ARTICLE VI] 

  
 26 

 ARTICLE VII 
 CONDITIONS PRECEDENT 
 Section 7.01. Conditions to RFC VIII’s
Obligations Regarding Initial Receivables. The obligations of RFC VIII to purchase the Receivables in the Initial Accounts on the Closing Date shall be subject to the satisfaction of the following conditions: 

(a) all representations and warranties of TRS contained in this Agreement shall be true and correct on the Closing Date with the same
effect as though such representations and warranties had been made on such date (except that, to the extent any such representation or warranty expressly relates to an earlier date, such representation or warranty was true and correct on such
earlier date); 
 (b) all information concerning the Initial Accounts provided to RFC VIII shall be true and correct as of the
Initial Cut-Off Date in all material respects; 
 (c) TRS shall have (i) delivered to RFC VIII a true and correct Account
Schedule with respect to the Initial Accounts, and (ii) performed all other obligations required to be performed by TRS on or before the Closing Date by the provisions of this Agreement; 

(d) TRS shall have recorded and filed, at its expense, any financing statement with respect to the Purchased Assets meeting the
requirements of applicable law in such manner and in such jurisdictions as are necessary to perfect the sale of the Purchased Assets from TRS to RFC VIII, and shall have provided delivery of a file-stamped copy of such financing statements or other
evidence of such filings to RFC VIII; and 
 (e) all corporate proceedings and all instruments in connection with the
transactions contemplated by this Agreement shall be satisfactory in form and substance to RFC VIII, and RFC VIII shall have received from TRS copies of all documents (including records of corporate proceedings) relevant to the transactions herein
contemplated as RFC VIII may reasonably have requested. 
 Section 7.02. Conditions Precedent to TRS’s
Obligations. The obligations of TRS to sell the Receivables in the Initial Accounts on the Closing Date shall be subject to the satisfaction of the following conditions: 
 (a) all representations and warranties of RFC VIII contained in this Agreement shall be true and correct on the Closing Date with the same effect as though such representations and warranties had been
made on such date (except that, to the extent any such representation or warranty expressly relates to an earlier date, such representation or warranty was true and correct on such earlier date); 

(b) payment or provision for payment of the Purchase Price in accordance with Section 3.01 hereof shall have been made; and

 (c) all company proceedings and all instruments in connection with the transactions contemplated by this Agreement shall be
satisfactory in form and substance to TRS, and TRS shall have received from RFC VIII copies of all documents (including records of company 

  
 27 

 
proceedings) relevant to the transactions herein contemplated as TRS may reasonably have requested. 
 [END OF ARTICLE VII] 

  
 28 

 ARTICLE VIII 
 TERM AND PURCHASE TERMINATION 
 Section 8.01. Term. This
Agreement shall commence as of the date of execution and delivery hereof and shall continue at least until the earlier of (i) the termination of the Trust as provided in Article IX of the Trust Agreement and (ii) the Transfer Agreement
being amended for the purpose of replacing RFC VIII as Transferor under the Transfer Agreement or designating an Additional Transferor under the Transfer Agreement. Thereafter this Agreement may be terminated by the mutual agreement of the parties
hereto. 
 Section 8.02. Purchase Termination. If (i) TRS shall file a petition or commence a Proceeding
(A) to take advantage of any Debtor Relief Law or (B) for the appointment of a trustee, conservator, receiver, liquidator, or similar official for or relating to TRS or all or substantially all of its property, (ii) TRS shall consent
or fail to object to any such petition filed or Proceeding commenced against or with respect to it or all or substantially all of its property, or any such petition or Proceeding shall not have been dismissed within sixty (60) days of its
filing or commencement, or a court, agency, or other supervisory authority with jurisdiction shall have decreed or ordered relief with respect to any such petition or Proceeding, (iii) TRS shall be unable, or shall admit in writing its
inability, to pay its debts generally as they become due, (iv) TRS shall make an assignment for the benefit of its creditors or (v) TRS shall voluntarily suspend payment of its obligations (each, an “Insolvency
Event”); then TRS shall immediately cease to sell Receivables to RFC VIII and shall promptly give notice to RFC VIII, the Owner Trustee and the Indenture Trustee of such Insolvency Event. Notwithstanding any cessation of the sale to RFC
VIII of additional Receivables, Receivables sold to RFC VIII prior to the occurrence of such Insolvency Event and Collections in respect of such Receivables shall continue to be property of RFC VIII available for transfer by RFC VIII to the Trust
pursuant to the Transfer Agreement. To the extent that it is not clear to TRS whether collections relate to a Receivable that was sold to RFC VIII or to a receivable that TRS has not sold to RFC VIII, TRS agrees that it shall allocate payments on
each Account with respect to the principal balance of such Account first to the oldest principal balance of such Account. 
 [END
OF ARTICLE VIII] 

  
 29 

 ARTICLE IX 
 MISCELLANEOUS PROVISIONS 
 Section 9.01. Amendment. This
Agreement may not be changed orally, but only by an instrument in writing signed by RFC VIII and TRS in accordance with this Section 9.01; provided, however, that no amendment shall be effective unless the Note Rating Agency
Condition shall have been satisfied with respect to such amendment; provided, further, that TRS shall have delivered to RFC VIII an Officer’s Certificate of TRS, dated the date of such action, stating that TRS reasonably believes
that such action will not result in an Event of Default or an Early Amortization Event. 
 Notwithstanding any other provision
of this Section 9.01, this Agreement may be amended from time to time by an instrument signed by TRS and RFC VIII to modify, eliminate or add to the provisions of this Agreement to facilitate compliance with the FDIC Rule or to modify,
eliminate or add to the provisions of this Agreement as a result of changes in laws or regulations applicable to the TRS, RFC VIII or the transactions described in this Agreement, upon delivery by TRS to the Indenture Trustee of (i) an
Officer’s Certificate of TRS, dated the date of any such amendment, to the effect that (x) TRS reasonably believes that such action will not result in an Early Amortization Event or (y) such action is required to remain in compliance
with the FDIC Rule or any other change of law or regulation which applies to the TRS, RFC VIII or the transactions governed by this Agreement; provided, however, that TRS or RFC VIII shall deliver written notice of the substance of the
proposed amendment to each Note Rating Agency at least 10 Business Days prior to the proposed effective date of such amendment (or such shorter period as is agreed to in writing by each Note Rating Agency). 

A copy of any amendment to this Agreement shall be sent to each Note Rating Agency. Any conveyance (including any Supplemental
Conveyance) or reassignment executed in accordance with the provisions hereof shall not be considered to be an amendment to this Agreement. 
 Section 9.02. 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 9.03. Notices. All demands, notices and communications hereunder shall be in writing and shall
be deemed to have been duly given if personally delivered at or mailed by certified mail, return receipt requested and postage prepaid, to (a) in the case of TRS, American Express Travel Related Services Company, Inc., 200 Vesey Street, New
York, New York 10285, Attention: Treasurer (facsimile: (212) 640-0405), (b) in the case of RFC VIII, American Express Receivables Financing Corporation VIII LLC, 200 Vesey Street,
31st Floor, Room 507C, New York, New York 10285,
Attention: President (facsimile: (212) 640-0404) with a copy to American Express Travel Related Services Company, Inc., 200 Vesey Street, New York, New York 10285, Attention: Treasurer (facsimile: (212) 640-0405), (c) in the case of
the Indenture Trustee, The Bank of New York Mellon, 101 Barclay Street, Floor 4 West, New York, New York 10286, Attention: Asset 

  
 30 

 
Backed Unit (facsimile: (212) 815-5999; catherine.cerilles@bnymellon.com), and (d) in the case of the Owner Trustee, Wilmington Trust Company, 1100 North Market Street, Wilmington,
Delaware 19890-0001, Attention: Corporate Trust Administration (facsimile: (302) 636-4140; esoriano@wilmingtontrust.com); or, as to each party, at such other address as shall be designated by such party in a written notice to each other party
in accordance with this Section 9.03. 
 Section 9.04. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, and
terms of this Agreement and shall in no way affect the validity or enforceability of such remaining covenants, agreements, provisions and terms of this Agreement. 
 Section 9.05. Assignment. Notwithstanding anything to the contrary contained herein, other than RFC VIII’s assignment of its right, title, and interest in, to, and under this Agreement to
the Trust as contemplated by the Transfer Agreement and Section 9.06 hereof, this Agreement may not be assigned by the parties hereto; provided, however, that TRS shall have the right to assign its right, title and interest in, to
and under this Agreement to (a) any entity into which TRS may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which TRS will be a party, or any entity
succeeding to all or substantially all of the assets of TRS, which entity assumes this Agreement or (b) to any other entity; provided, further, that (x) in the case of an assignment pursuant to clauses (a) and (b), TRS
has given ten (10) days prior notice to RFC VIII, the Owner Trustee, the Indenture Trustee and each Note Rating Agency, and (y) in the case of an assignment pursuant to clause (b), the Note Rating Agency Condition shall have been satisfied
with respect to such assignment. 
 Section 9.06. Acknowledgement and Agreement of TRS. By execution below, TRS
expressly acknowledges and agrees that all of RFC VIII’s right, title, and interest in, to, and under this Agreement, including all of RFC VIII’s right, title, and interest in and to the Purchased Assets, may be assigned by RFC VIII to the
Trust and by the Trust to the Indenture Trustee, and TRS consents to such assignments. TRS further agrees that notwithstanding any claim, counterclaim, right of setoff or defense which it may have against RFC VIII, due to a breach by RFC VIII of
this Agreement or for any other reason, and notwithstanding the bankruptcy of RFC VIII or any other event whatsoever, TRS’s sole remedy shall be a claim against RFC VIII for money damages, and then only to the extent of funds available to RFC
VIII, and in no event shall TRS assert any claim on or any interest in the Purchased Assets or take any action which would reduce or delay receipt by the Trust or the Indenture Trustee of Collections with respect to the Purchased Assets. 

Section 9.07. Further Assurances. RFC VIII and TRS agree to do and perform, from time to time, any and all acts and to
execute any and all further instruments required or reasonably requested by the other party, the Trust or the Indenture Trustee more fully to effect the purposes of this Agreement, including the execution of any financing statements or amendments
thereto or equivalent documents relating to the Purchased Assets for filing under the provisions of the UCC or other law of any applicable jurisdiction. Furthermore, RFC VIII and TRS agree to do and perform, from time to time, any and all acts and
to execute any and all further instruments required or reasonably requested by the other party to facilitate compliance with the FDIC Rule. 

  
 31 

 Section 9.08. No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of RFC VIII or TRS, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law.

 Section 9.09. Counterparts. This Agreement 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 together shall constitute one and the same instrument. 
 Section 9.10. Binding; Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. The Trust, the
Owner Trustee and the Indenture Trustee shall be considered third-party beneficiaries of this Agreement. 
 Section 9.11.
Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by
this Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 

Section 9.12. Headings. The headings are for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 
 Section 9.13. Schedules and Exhibits. The schedules and exhibits attached
hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes. 
 Section 9.14. Survival of Representations and Warranties. All representations, warranties and agreements contained in this Agreement or contained in any Supplemental Conveyance shall remain
operative and in full force and effect and shall survive conveyance of the Purchased Assets by RFC VIII to the Trust pursuant to the Transfer Agreement and by the Trust to the Indenture Trustee pursuant to the Indenture. 

Section 9.15. Nonpetition Covenant. Notwithstanding any prior termination of this Agreement, TRS agrees that at no time shall
it commence, or join in commencing, a bankruptcy case or other insolvency or similar proceeding under the laws of any jurisdiction against RFC VIII or the Trust. 
 [END OF ARTICLE IX] 

  
 32 

 IN WITNESS WHEREOF, TRS and RFC VIII have caused this Receivables Purchase Agreement to be
duly executed by their respective officers as of the date first above written. 
  

					
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
		
	By:	 	 /s/ David L. Yowan

		 	Name:	 	David L. Yowan
		 	Title:	 	Treasurer
	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC
		
	By:	 	 /s/ Anderson Y. Lee

		 	Name:	 	Anderson Y. Lee
		 	Title:	 	Vice President and Treasurer

 EXHIBIT A 
 FORM OF AGGREGATE ADDITION ACCOUNT SUPPLEMENTAL CONVEYANCE 
 (As required by
Section 2.02 of 
 the Receivables Purchase Agreement) 

SUPPLEMENTAL CONVEYANCE No. [    ], dated as of
[                    ], by and between AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation (together with its successors
and assigns, “TRS”), and AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, a Delaware limited liability company (together with its successors and assigns, “RFC VIII”), pursuant to the
Receivables Purchase Agreement referred to below. 
 W I T N E S S E T H: 

WHEREAS, TRS and RFC VIII are parties to a Receivables Purchase Agreement, dated as of October 24, 2012 (hereinafter as such
agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Receivables Purchase Agreement”); 
 WHEREAS, pursuant to the Receivables Purchase Agreement, TRS wishes to designate Aggregate Addition Accounts to be included as Accounts and TRS wishes to convey its right, title and interest in the
Receivables of such Aggregate Addition Accounts, whether existing at the Addition Cut-Off Date or thereafter created, to RFC VIII pursuant to the Receivables Purchase Agreement; and 

WHEREAS, RFC VIII is willing to accept such designation and conveyance subject to the terms and conditions hereof. 

NOW, THEREFORE, TRS and RFC VIII hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Receivables Purchase Agreement unless otherwise defined herein. 

“Addition Cut-Off Date” shall mean, with respect to the Aggregate Addition Accounts, the close of business on
[                    ]. 

“Addition Date” shall mean, with respect to the Aggregate Addition Accounts,
[                    ]. 

“Additional Purchased Assets” shall have the meaning set forth in Subsection 3(a). 

“Aggregate Addition Accounts” shall mean the Aggregate Addition Accounts, as defined in the Receivables Purchase
Agreement, that are designated hereby and listed on Schedule 1 hereto. 

  
 A-1

 “Selection Date” shall mean [(i)] for the added accounts with the code
designation “[    ],” the close of business on the cycle billing date for such added accounts occurring in the period beginning on the close of business on
[                    ] and ending at the close of business on
[                    ] [and (ii) for the added accounts with the code designation “[    ],” the close of business
on the cycle billing date for such added accounts occurring in the period beginning on the close of business on [                    ] and ending at
the close of business on [                    ]]. 
 2. Designation of Aggregate Addition Accounts. TRS delivers herewith an Account Schedule containing a true and complete list of the Aggregate Addition Accounts. Such Account Schedule is
incorporated into and made part of this Supplemental Conveyance, shall be Schedule 1 to this Supplemental Conveyance and shall supplement Schedule 1 to the Receivables Purchase Agreement. 

3. Conveyance of Receivables. 
 TRS does hereby sell, transfer, assign, set over and otherwise convey to RFC VIII, without recourse except as provided in the Receivables Purchase Agreement, all of its right, title and interest, whether
now owned or hereafter acquired, in, to and under the Receivables arising in the Aggregate Addition Accounts (including Related Accounts with respect to such Aggregate Addition Accounts), existing at the Addition Cut-Off Date and thereafter created
(unless such Aggregate Addition Account has become a Removed Account), all Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto,
and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Additional Purchased Assets”). 
 If necessary, TRS shall (i) record and file, at its own expense, any financing statements (and amendments with respect to such financing statements when applicable) with respect to the Additional
Purchased Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale of the Additional Purchased Assets to RFC VIII, (ii) cause such
financing statements and amendments to name TRS, as seller, and RFC VIII, as purchaser, of the Additional Purchased Assets and (iii) to deliver a file-stamped copy of such financing statements or amendments or other evidence of such filings to
RFC VIII as soon as is practicable after filing. 
 TRS shall, at its own expense, on or prior to the Addition Date, indicate in
its books and records (including its computer files) that all Receivables created in connection with the Aggregate Addition Accounts and the related Additional Purchased Assets have been sold to RFC VIII pursuant to this Supplemental Conveyance.

 The parties hereto intend that the conveyance of TRS’s right, title and interest in and to the Additional Purchased
Assets shall constitute an absolute sale, conveying good title free and clear of any liens, claims, encumbrances or rights of others from TRS to RFC VIII. It is the intention of the parties hereto that the arrangements with respect to the Additional
Purchased Assets shall constitute a purchase and sale of such Additional Purchased Assets and not a loan. In the event, however, that it were to be determined that the transactions evidenced hereby constitute a loan and not a purchase and sale, it
is the intention of the parties hereto that this Supplemental Conveyance shall constitute a security agreement under applicable law, and that TRS shall be deemed to have granted, and TRS does hereby grant, to RFC VIII a first priority perfected
security interest in all of TRS’s right, title and 

  
 A-2

 
interest, whether now owned or hereafter acquired, in, to and under the Additional Purchased Assets to secure the obligations of TRS hereunder and under the Receivables Purchase Agreement.

 To the extent that TRS retains any interest in the Additional Purchased Assets, TRS hereby grants to the Trust and the
Indenture Trustee a security interest in all of TRS’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Additional Purchased Assets, to secure the performance of all of the obligations of TRS hereunder and
under the Receivables Purchase Agreement. With respect to such security interest and such collateral, each of the Trust and the Indenture Trustee shall have all of the rights that it has under the Transfer Agreement. Each of the Trust and the
Indenture Trustee shall also have all of the rights of a secured creditor under the UCC. 
 4. Acceptance by RFC VIII.
RFC VIII hereby acknowledges that, prior to or simultaneously with the execution and delivery of this Supplemental Conveyance, TRS delivered to RFC VIII the Account Schedule described in Section 2 of this Supplemental Conveyance with respect to
all Aggregate Addition Accounts. 
 5. Representations and Warranties of TRS. TRS hereby acknowledges on the Addition
Date that it makes the representations and warranties in Sections 4.01 and 4.02 of the Receivables Purchase Agreement with respect to the Aggregate Addition Accounts. 
 6. Ratification of the Receivables Purchase Agreement. The Receivables Purchase Agreement is hereby ratified, and all references to the “Receivables Purchase Agreement,” to
“this Agreement” and “herein” shall be deemed from and after the Addition Date to be a reference to the Receivables Purchase Agreement as supplemented and amended by this Supplemental Conveyance.
Except as expressly amended hereby, all the representations, warranties, terms, covenants and conditions of the Receivables Purchase Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance
with its terms and, except as expressly provided herein, shall not constitute or be deemed to constitute a waiver of compliance with or consent to non-compliance with any term or provision of the Receivables Purchase Agreement. 

7. Counterparts. This Supplemental Conveyance may be executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument. 
 8. GOVERNING LAW. THIS SUPPLEMENTAL CONVEYANCE 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. 

  
 A-3

 IN WITNESS WHEREOF, TRS and RFC VIII have caused this Supplemental Conveyance to be duly
executed and delivered by their respective duly authorized officers on the date first above written. 
  

					
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
		
	By:	 	  

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

		 	Name:	 	
		 	Title:	 	

  
 A-4

 Schedule 1 to 
 Supplemental 
 Conveyance 

AGGREGATE ADDITION ACCOUNTS 

  
 A-5

 EXHIBIT B 
 FORM OF SUPPLEMENTAL CONVEYANCE FOR NEW ACCOUNTS 
 (As required by
Section 2.03 of 
 the Receivables Purchase Agreement) 

SUPPLEMENTAL CONVEYANCE No. [    ], dated as of the Addition Date set forth below, by and between AMERICAN
EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation (together with its successors and assigns, “TRS”), and AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, a Delaware limited liability company
(together with its successors and assigns, “RFC VIII”), pursuant to the Receivables Purchase Agreement referred to below. 
 W I T N E S S E T H: 
 WHEREAS, TRS and RFC VIII are parties to a Receivables
Purchase Agreement, dated as of October 24, 2012 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Receivables Purchase Agreement”); 

WHEREAS, pursuant to the Receivables Purchase Agreement, TRS wishes to designate New Accounts to be included as Accounts and TRS wishes
to convey its right, title and interest in the Receivables of such New Accounts, whether existing at the Addition Cut-Off Date or thereafter created, to RFC VIII pursuant to the Receivables Purchase Agreement; and 

WHEREAS, RFC VIII is willing to accept such designation and conveyance subject to the terms and conditions hereof. 

NOW, THEREFORE, TRS and RFC VIII hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Receivables Purchase Agreement unless otherwise defined herein. 

“Addition Cut-Off Date” shall mean, with respect to each New Account, the date on which such New Account is originated.

 “Addition Date” shall mean, with respect to the New Accounts,
[                    ]. 

“Additional Purchased Assets” shall have the meaning set forth in Subsection 3(a). 

“New Account Delivery Date” shall mean the fifteenth calendar day of the month (or, if such fifteenth calendar day is
not a Business Day, the next succeeding Business Day) following the Monthly Period in which the Addition Date occurs. 

“New Accounts” shall mean the New Accounts, as defined in the Receivables Purchase Agreement, that are designated hereby
and to be listed on Schedule 1 hereto. 

  
 B-1

 “Selection Date” shall mean, with respect to each New Account, the date on
which such New Account is originated. 
 2. Designation of New Accounts. The New Accounts are hereby designated. On the
New Account Delivery Date, TRS shall deliver to RFC VIII an Account Schedule containing a true and complete list of the New Accounts. Such Account Schedule is incorporated into and made part of this Supplemental Conveyance, shall be Schedule
1 to this Supplemental Conveyance and shall supplement Schedule 1 to the Receivables Purchase Agreement. 

3. Conveyance of Receivables. TRS does hereby sell, transfer, assign, set over and otherwise convey to RFC VIII, without recourse
except as provided in the Receivables Purchase Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under the Receivables arising in the New Accounts (including Related Accounts with respect to such
New Accounts), existing at the applicable Addition Cut-Off Date of each New Account and thereafter created (unless such New Account has become a Removed Account), all Recoveries allocable to such Receivables, all monies due or to become due and all
amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Additional Purchased Assets”).

 (a) If necessary, TRS shall (i) record and file, at its own expense, any financing statements (and amendments with
respect to such financing statements when applicable) with respect to the Additional Purchased Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of,
the sale of the Additional Purchased Assets to RFC VIII, (ii) cause such financing statements and amendments to name TRS, as seller, and RFC VIII, as purchaser, of the Additional Purchased Assets and (iii) to deliver a file-stamped copy of
such financing statements or amendments or other evidence of such filings to RFC VIII as soon as is practicable after filing. 

(b) TRS shall, at its own expense, on or prior to the Addition Date, indicate in its books and records (including its computer files)
that all Receivables created in connection with the New Accounts and the related Additional Purchased Assets have been sold to RFC VIII pursuant to this Supplemental Conveyance. 

(c) The parties hereto intend that the conveyance of TRS’s right, title and interest in and to the Additional Purchased Assets shall
constitute an absolute sale, conveying good title free and clear of any liens, claims, encumbrances or rights of others from TRS to RFC VIII. It is the intention of the parties hereto that the arrangements with respect to the Additional Purchased
Assets shall constitute a purchase and sale of such Additional Purchased Assets and not a loan. In the event, however, that it were to be determined that the transactions evidenced hereby constitute a loan and not a purchase and sale, it is the
intention of the parties hereto that this Supplemental Conveyance shall constitute a security agreement under applicable law, and that TRS shall be deemed to have granted, and TRS does hereby grant, to RFC VIII a first priority perfected security
interest in all of TRS’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Additional Purchased Assets to secure the obligations of TRS hereunder and under the Receivables Purchase Agreement. 

(d) To the extent that TRS retains any interest in the Additional Purchased Assets, TRS hereby grants to the Trust and the Indenture
Trustee a security interest in all of TRS’s right, title 

  
 B-2

 
and interest, whether now owned or hereafter acquired, in, to and under the Additional Purchased Assets, to secure the performance of all of the obligations of TRS hereunder and under the
Receivables Purchase Agreement. With respect to such security interest and such collateral, the Trust and the Indenture Trustee shall have all of the rights that it has under the Transfer Agreement. Each of the Trust and the Indenture Trustee shall
also have all of the rights of a secured creditor under the UCC. 
 4. Acceptance by RFC VIII. RFC VIII hereby
acknowledges that, on the New Account Delivery Date, TRS has agreed to deliver to RFC VIII the Account Schedule described in Section 2 of this Supplemental Conveyance with respect to all New Accounts. 

5. Representations and Warranties of TRS. TRS hereby acknowledges on the Addition Date that it makes the representations and
warranties in Sections 4.01 and 4.02 of the Receivables Purchase Agreement with respect to the New Accounts. 
 6.
Ratification of the Receivables Purchase Agreement. The Receivables Purchase Agreement is hereby ratified, and all references to the “Receivables Purchase Agreement,” to “this Agreement” and
“herein” shall be deemed from and after the Addition Date to be a reference to the Receivables Purchase Agreement as supplemented and amended by this Supplemental Conveyance. Except as expressly amended hereby, all the
representations, warranties, terms, covenants and conditions of the Receivables Purchase Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and, except as expressly
provided herein, shall not constitute or be deemed to constitute a waiver of compliance with or consent to non-compliance with any term or provision of the Receivables Purchase Agreement. 

7. Counterparts. This Supplemental Conveyance may be executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument. 
 8. GOVERNING LAW. THIS SUPPLEMENTAL CONVEYANCE 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. 

  
 B-3

 IN WITNESS WHEREOF, TRS and RFC VIII have caused this Supplemental Conveyance to be duly
executed and delivered by their respective duly authorized officers on the date first above written. 
  

					
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
		
	By:	 	  

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

		 	Name:	 	
		 	Title:	 	

  
 B-4

 Schedule 1 to 
 Supplemental 
 Conveyance 

NEW ACCOUNTS 

  
 B-5

 EXHIBIT C 
 FORM OF REASSIGNMENT OF RECEIVABLES 
 (As required by Section 2.04 of

 the Receivables Purchase Agreement) 
 REASSIGNMENT No. [    ] OF RECEIVABLES, dated as of [                    ],
by and between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, a Delaware limited liability company (together with its successors and assigns, “RFC VIII”), and AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY,
INC., a New York corporation (together with its successors and assigns, “TRS”), pursuant to the Receivables Purchase Agreement referred to below. 
 WITNESSETH: 
 WHEREAS, RFC VIII and TRS are parties to a Receivables Purchase
Agreement, dated as of October 24, 2012 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Receivables Purchase Agreement”); 

WHEREAS, pursuant to the Receivables Purchase Agreement, RFC VIII wishes to reconvey to TRS all of RFC VIII’s right, title and
interest in, to and under the Receivables in certain designated accounts removed from the Trust by RFC VIII (the “Removed Accounts”), whether existing at the Removal Date or thereafter created; and 

WHEREAS, TRS is willing to accept such designation and reconveyance subject to the terms and conditions hereof. 

NOW, THEREFORE, RFC VIII and TRS hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Receivables Purchase Agreement unless otherwise defined herein. 

“Removal Date” shall mean, with respect to the Removed Accounts,
[                    ]. 

“Removed Accounts” shall mean the Removed Accounts that are designated hereby and listed on Schedule 1
hereto. 
 2. Designation of Removed Accounts. RFC VIII delivers or causes to be delivered herewith an Account Schedule
containing a true and complete list of the Removed Accounts. Such Account Schedule is incorporated into and made a part of this Reassignment, shall be Schedule 1 to this Reassignment and shall supplement Schedule 1 to the
Receivables Purchase Agreement. 
 3. Conveyance of Receivables. 

(a) RFC VIII does hereby sell, transfer, assign, set over and otherwise convey to TRS, without recourse except as provided in the
Receivables Purchase Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under the Receivables arising in the 

  
 C-1

 
Removed Accounts (including Related Accounts with respect to such Removed Accounts), existing at the Removal Date and thereafter created, all Recoveries allocable to such Receivables, all monies
due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Repurchased
Assets”). 
 (b) In connection with such sale, RFC VIII agrees to execute and deliver to TRS on or prior to the
date this Reassignment is delivered, applicable termination statements prepared by RFC VIII with respect to the Receivables existing at the Removal Date and thereafter created from time to time in the Removed Accounts reassigned hereby and the
proceeds thereof evidencing the release by RFC VIII of its interest in the Receivables in the Removed Accounts, and meeting the requirements of applicable state law, in such manner and such jurisdictions as are necessary to terminate such interest.

 4. Representations and Warranties of RFC VIII. RFC VIII hereby represents and warrants to TRS as of the Removal Date:

 (a) Legal Valid and Binding Obligation. This Reassignment constitutes a legal, valid and binding obligation of RFC
VIII enforceable against RFC VIII, in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, 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); and 
 (b) List of Removed Accounts. The list of Removed Accounts delivered pursuant to Section 2.04 of the Receivables Purchase Agreement, as of the Removal Date, is true and complete in all
material respects. 
 5. Ratification of Agreement. As supplemented by this Reassignment, the Receivables Purchase
Agreement is in all respects ratified and confirmed and the Agreement as so supplemented by this Reassignment shall be read, taken and construed as one and the same instrument. 

6. Counterparts. This Reassignment 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. 
 7. GOVERNING
LAW. THIS REASSIGNMENT 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, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 C-2

 IN WITNESS WHEREOF, RFC VIII and TRS have caused this Reassignment to be duly executed by
their respective officers as of the day and year first above written. 
  

					
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 C-3

 Schedule 1 to 
 Supplemental 
 Conveyance 

REMOVED ACCOUNTS 

  
 C-4

 Schedule 1 
 LIST OF ACCOUNTS 

  
 I-1American Express Issuance Trust II Amended and Restated Trust Agreement

 Exhibit 4.4 
  

 
 AMERICAN EXPRESS ISSUANCE TRUST
II 
 AMENDED AND RESTATED TRUST AGREEMENT 
 between 
 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,

 as Beneficiary and Transferor, 
 and 
 WILMINGTON TRUST COMPANY 

Dated as of October 24, 2012 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	 ARTICLE I
 DEFINITIONS
	   

  

			
	 Section 1.01.
	  	 Definitions
	  	 	1	  
			
	 Section 1.02.
	  	 Other Definitional Provisions
	  	 	5	  
	
	 ARTICLE II
 ORGANIZATION
	   

  

			
	 Section 2.01.
	  	 Name
	  	 	6	  
			
	 Section 2.02.
	  	 Office
	  	 	6	  
			
	 Section 2.03.
	  	 Purposes and Powers; Trust To Operate as a Single Purpose Entity
	  	 	6	  
			
	 Section 2.04.
	  	 Appointment of Owner Trustee
	  	 	9	  
			
	 Section 2.05.
	  	 Initial Capital Contribution of Trust Estate
	  	 	9	  
			
	 Section 2.06.
	  	 Declaration of Trust
	  	 	9	  
			
	 Section 2.07.
	  	 Title to Trust Estate
	  	 	10	  
			
	 Section 2.08.
	  	 Situs of Trust
	  	 	10	  
			
	 Section 2.09.
	  	 Nature of Interest in the Trust Estate
	  	 	10	  
			
	 Section 2.10.
	  	 Tax Matters
	  	 	10	  
			
	 Section 2.11.
	  	 Fiscal Year
	  	 	10	  
			
	 Section 2.12.
	  	 Closing
	  	 	10	  
			
	 Section 2.13.
	  	 Books and Records
	  	 	10	  
			
	 Section 2.14.
	  	 Limitation on Liability of Transferor and Others
	  	 	11	  
			
	 Section 2.15.
	  	 Representations and Warranties of each Beneficiary
	  	 	11	  
	
	 ARTICLE III
 BENEFICIAL INTEREST
	   

  

			
	 Section 3.01.
	  	 Initial Ownership
	  	 	12	  
			
	 Section 3.02.
	  	 Restrictions on Transfer
	  	 	12	  
	
	 ARTICLE IV
 DISTRIBUTIONS OF FUNDS
	   

  

			
	 Section 4.01.
	  	 Distribution of Funds
	  	 	12	  
			
	 Section 4.02.
	  	 Payments from Trust Estate Only
	  	 	12	  
			
	 Section 4.03.
	  	 Method of Payment
	  	 	13	  
			
	 Section 4.04.
	  	 Transferor Interest; Transferor Certificates
	  	 	13	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	
	 ARTICLE V
 ACTIONS BY OWNER TRUSTEE
	   

  

			
	 Section 5.01.
	  	 Prior Notice to Beneficiary and Transferor with Respect to Certain Matters
	  	 	14	  
			
	 Section 5.02.
	  	 Restrictions on Power
	  	 	14	  
	
	 ARTICLE VI
 AUTHORITY AND DUTIES OF OWNER TRUSTEE
	   

  

			
	 Section 6.01.
	  	 Action Upon Instructions
	  	 	15	  
			
	 Section 6.02.
	  	 No Duty to Act Under Certain Circumstances
	  	 	16	  
			
	 Section 6.03.
	  	 No Duties Except Under Specified Agreements or Instructions
	  	 	16	  
			
	 Section 6.04.
	  	 Trust Operation
	  	 	17	  
			
	 Section 6.05.
	  	 Execution of Documents
	  	 	17	  
	
	 ARTICLE VII
 CONCERNING THE TRUSTEE BANK
	   

  

			
	 Section 7.01.
	  	 Acceptance of Trusts and Duties
	  	 	18	  
			
	 Section 7.02.
	  	 Furnishing of Documents
	  	 	19	  
			
	 Section 7.03.
	  	 Representations and Warranties
	  	 	19	  
			
	 Section 7.04.
	  	 Reliance; Advice of Counsel
	  	 	20	  
			
	 Section 7.05.
	  	 Not Acting in Individual Capacity
	  	 	20	  
			
	 Section 7.06.
	  	 No Representations and Warranties as to the Trust Estate
	  	 	20	  
			
	 Section 7.07.
	  	 Signature of Returns
	  	 	20	  
			
	 Section 7.08.
	  	 Trustee Bank May Own Notes
	  	 	21	  
	
	 ARTICLE VIII
 COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION
	   

  

			
	 Section 8.01.
	  	 Trustee Bank’s Fees and Expenses
	  	 	21	  
			
	 Section 8.02.
	  	 Indemnification
	  	 	21	  
			
	 Section 8.03.
	  	 Payments to the Owner Trustee
	  	 	22	  
	
	 ARTICLE IX
 TERMINATION OF TRUST AGREEMENT
	   

  

			
	 Section 9.01.
	  	 Termination of Trust Agreement
	  	 	22	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	
	 ARTICLE X
 SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES AND SEPARATE OWNER TRUSTEES
	   

  

			
	 Section 10.01.
	  	 Eligibility Requirements for Owner Trustee
	  	 	22	  
			
	 Section 10.02.
	  	 Resignation or Removal of Owner Trustee
	  	 	23	  
			
	 Section 10.03.
	  	 Successor Owner Trustee
	  	 	23	  
			
	 Section 10.04.
	  	 Merger or Consolidation of Owner Trustee
	  	 	24	  
			
	 Section 10.05.
	  	 Appointment of Co-Trustee or Separate Owner Trustee
	  	 	24	  
	
	 ARTICLE XI
 MISCELLANEOUS
	   

  

			
	 Section 11.01.
	  	 Supplements and Amendments
	  	 	25	  
			
	 Section 11.02.
	  	 No Legal Title to Trust Estate in Beneficiary
	  	 	27	  
			
	 Section 11.03.
	  	 Limitations on Rights of Others
	  	 	27	  
			
	 Section 11.04.
	  	 Notices
	  	 	27	  
			
	 Section 11.05.
	  	 Severability
	  	 	28	  
			
	 Section 11.06.
	  	 Separate Counterparts
	  	 	28	  
			
	 Section 11.07.
	  	 Successors and Assigns
	  	 	28	  
			
	 Section 11.08.
	  	 Nonpetition Covenants
	  	 	28	  
			
	 Section 11.09.
	  	 No Recourse
	  	 	28	  
			
	 Section 11.10.
	  	 Headings
	  	 	29	  
			
	 Section 11.11.
	  	 GOVERNING LAW
	  	 	29	  
			
	 Section 11.12.
	  	 Acceptance of Terms of Agreement
	  	 	29	  
			
	 Section 11.13.
	  	 Integration of Documents
	  	 	29	  
	
	 ARTICLE XII
 COMPLIANCE WITH REGULATION AB
	   

  

			
	 Section 12.01.
	  	 Intent of the Parties; Reasonableness
	  	 	29	  
			
	 Section 12.02.
	  	 Information to Be Provided by the Trustee Bank
	  	 	29	  
			
	 Section 12.03.
	  	 Repurchase Demand Activity Reporting
	  	 	31	  

  
 -iii-

 This AMERICAN EXPRESS ISSUANCE TRUST II AMENDED AND RESTATED TRUST AGREEMENT, dated as of
October 24, 2012, between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, a Delaware limited liability company, as Beneficiary and as Transferor, and WILMINGTON TRUST COMPANY, a Delaware corporation with trust powers, is made and
entered into as of October 24, 2012, and acknowledged and accepted by the AMERICAN EXPRESS ISSUANCE TRUST II. 
 WHEREAS,
American Express Receivables Financing Corporation VIII LLC and the Trustee Bank have heretofore created a statutory trust pursuant to the Delaware Statutory Trust Act (as hereinafter defined) by filing the Certificate of Trust (as hereinafter
defined) with the Secretary of State (as hereinafter defined) on August 15, 2012, and entered into a Trust Agreement, dated as of August 15, 2012 (the “Original Trust Agreement”); and 

WHEREAS, the parties hereto desire to continue the Trust as a statutory trust under the Delaware Statutory Trust Act and to amend and
restate the Original Trust Agreement in its entirety 
 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 
 Section 1.01. Definitions. For purposes of this Agreement, the following terms have the following meanings: 
 “Additional Transferor” has the meaning specified in the Transfer Agreement. 
 “Administrator” means TRS, in its capacity as Administrator pursuant to the Servicing Agreement, and any successors or assigns. 

“Adverse Effect” has the meaning specified in the Indenture. 

“Affiliate” has the meaning specified in the Indenture. 

“Agreement” means this American Express Issuance Trust II Amended and Restated Trust Agreement, as the same may be
amended, modified or supplemented from time to time. 
 “Beneficial Interest” means the undivided beneficial
interest of the Beneficiary in the Trust. 
 “Beneficiary” means (a) RFC VIII, as beneficial owner of the
Trust, and (b) each Permitted Affiliate Transferee and other transferee under Section 3.02. References to “each 

 
Beneficiary” shall refer to each entity mentioned in the preceding sentence, and references to “the Beneficiary” shall refer to all of such entities. 

“Business Day” has the meaning specified in the Indenture. 

“Certificate of Trust” means the Certificate of Trust of the Trust, a copy of which is attached hereto as Exhibit
A, which has been filed for the Trust pursuant to subsection 3810(a) of the Delaware Statutory Trust Act. 

“Class” means, with respect to any Note, the Class specified in the applicable Indenture Supplement. 

“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time. 

“Collateral Certificate” has the meaning specified in the Transfer Agreement. 

“Commission” means the Securities and Exchange Commission. 

“Corporate Trust Office” means, with respect to the Owner Trustee, the principal corporate trust office of the Owner
Trustee located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1600, Attention: Corporate Trust Administration; or such other address as the Owner Trustee may designate by notice to the Beneficiary and the Transferor,
or the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Beneficiary and the Transferor). 
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. §§ 3801, et seq., as amended from time to time, and any successor
statute thereto. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expenses” has the meaning specified in Section 8.02. 

“FDIC Rule” has the meaning specified in the Indenture. 

“GAAP” has the meaning specified in the Indenture. 

“Governmental Authority” means the United States of America, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Indemnified Parties” has the meaning specified in Section 8.02. 

“Indenture” means the Indenture, dated as of October 24, 2012, between the Trust and the Indenture Trustee, which
by its terms is identified as being the Indenture referred to herein, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

  
 -2-

 “Indenture Supplement” has the meaning specified in the Indenture.

 “Indenture Trustee” means The Bank of New York Mellon, not in its individual capacity but solely as
Indenture Trustee under the Indenture, and each successor Indenture Trustee under such Indenture, or such other party identified as the Indenture Trustee within the Indenture. 
 “Investor Certificate” has the meaning specified in the Indenture. 
 “Issuer Accounts” has the meaning specified in the Servicing Agreement. 
 “Issuer Tax Opinion” has the meaning specified in the Indenture. 

“Master Trust” has the meaning specified in the Indenture. 

“Master Trust Tax Opinion” has the meaning specified in the Indenture. 

“Note” has the meaning specified in the Indenture. 

“Noteholder” has the meaning specified in the Indenture. 

“Note Rating Agency” has the meaning specified in the Indenture. 

“Note Rating Agency Condition” has the meaning specified in the Indenture. 

“Outstanding Dollar Principal Amount” has the meaning specified in the Indenture. 

“Owner Trustee” means Wilmington Trust Company, a Delaware corporation with trust powers, not in its individual capacity
but solely in its capacity as owner trustee hereunder, and each successor trustee under Article X, in its capacity as owner trustee hereunder, and each co-trustee under and to the extent provided in Section 10.05, in its capacity
as owner trustee hereunder. 
 “Permitted Affiliate Transferee” is defined in Section 3.02.

 “Person” has the meaning specified in the Indenture. 

“Pooling and Servicing Agreement” has the meaning specified in the Indenture. 

“Receivables” has the meaning specified in the Servicing Agreement. 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such regulation may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,056, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

  
 -3-

 “Repurchase Reporting Series” has the meaning specified in the Indenture.

 “Repurchase Rules and Regulations” is defined in is defined in subsection 12.03(a). 

“Requirements of Law” means, for any Person, the certificate of incorporation or articles of association and by-laws or
other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is
subject, whether federal, state or local (including without limitation, usury laws, the Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System). 

“Responsible Officer” means, when used with respect to the Owner Trustee, any officer within the Corporate Trust Office
of the Trustee Bank (or any successor group of the Trustee Bank), including any Vice President or any other officer of the Trustee Bank customarily performing functions similar to those performed by any person who at the time will be an
above-designated officer and who will have direct responsibility for the administration of this Agreement. 
 “RFC
VIII” means American Express Receivables Financing Corporation VIII LLC, a Delaware limited liability company, and its successors and assigns. 
 “Secretary of State” means the Office of the Secretary of State of the State of Delaware. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Securitization Transaction” means any transaction involving a new issuance of notes pursuant to the Indenture, whether
publicly offered or privately placed, rated or unrated. 
 “Series” has the meaning specified in the Indenture.

 “Series Supplement” has the meaning specified in the Indenture. 

“Servicer” has the meaning specified in the Servicing Agreement. 

“Servicing Agreement” means the Servicing Agreement, dated as of October 24, 2012, among the Trust, as Issuer, RFC
VIII, as Transferor, TRS, as Servicer and Administrator, and The Bank of New York Mellon, as Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Tranche” has the meaning specified in the Indenture. 

“Transaction Documents” means the Indenture, any Indenture Supplement thereto, the Certificate of Trust, this Agreement,
the Transfer Agreement (including any assignments and reassignments related thereto) and the Servicing Agreement and other 

  
 -4-

 
documents delivered in connection herewith and therewith, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Transfer” has the meaning specified in Section 3.02 hereof (and related terms shall take their
corresponding meaning, e.g., “Transferee” shall refer to a Person to whom a Transfer occurs, and “Transferred” shall signify being the subject of a Transfer). 

“Transfer Agreement” means the Transfer Agreement, dated as of October 24, 2012, among the Trust, as Issuer, RFC
VIII, as Transferor, and The Bank of New York Mellon, as Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Transferor” means (a) RFC VIII or its successors under the Transfer Agreement and (b) any Additional Transferor or Additional Transferors to the extent permitted under the
Transfer Agreement. References to “each Transferor” shall refer to each entity mentioned in the preceding sentence and references to “the Transferor” shall refer to all of such entities. 

“Transferor Interest” has the meaning specified in the Transfer Agreement. 

“TRS” means American Express Travel Related Services Company, Inc., a New York corporation, and its successors and
assigns. 
 “Trust” means the statutory trust heretofore created by the Original Trust Agreement and the filing
of the Certificate of Trust with the Secretary of State and continued under and pursuant to the Delaware Statutory Trust Act and this Agreement. 
 “Trust Estate” has the meaning specified in Section 2.06. 
 “Trustee Bank” means Wilmington Trust Company in its individual capacity, each bank appointed as successor Owner Trustee under Article X in its individual capacity and each bank
appointed as co-trustee under and to the extent provided in Section 10.05 in its individual capacity. 

“UCC” means the Uniform Commercial Code as in effect in the State of Delaware and any other applicable jurisdiction.

 Section 1.02. Other Definitional Provisions. (a) Capitalized terms used herein and not otherwise defined
have the meanings specified in the Transfer Agreement or the Servicing Agreement or, if not defined therein, in the Indenture. 

(b) All terms defined in this Agreement will have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. 
 (c) As used in this Agreement and in any certificate or other document made
or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent
not defined, will have the respective 

  
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meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such
terms under GAAP, the definitions contained in this Agreement or in any such certificate or other document will control. 
 (d)
The words “hereof,” “herein,” “hereunder,” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit
references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” will mean “including without limitation.” 

(e) The definitions contained in this 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. 
 ARTICLE II 

ORGANIZATION 
 Section 2.01. Name. The Trust heretofore created and continued hereby is named “American Express Issuance Trust II,” under which name the Trust, the Owner Trustee, the Administrator
or the Beneficiary may conduct any activities and business of the Trust contemplated hereby, execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

Section 2.02. Office. The office of the Trust will be in care of the Owner Trustee at the Corporate Trust Office or at such
other address in the State of Delaware as the Owner Trustee may designate by written notice to the Beneficiary and the Transferor. 
 Section 2.03. Purposes and Powers; Trust To Operate as a Single Purpose Entity. (a) The purpose of the Trust is to engage solely in a program of acquiring the Trust Estate and issuing
Notes under the Indenture and related activities. Without limiting the generality of the foregoing, the Trust may and will have the power and authority to: 
 (i) acquire and hold the Trust Estate; 
 (ii) from time to time,
grant a security interest in the Trust Estate, and grant a security interest in accounts established for the benefit of indebtedness of the Trust under the Indenture; 

(iii) from time to time, authorize and approve the issuance of, and to execute, deliver and issue, Notes pursuant to the
Indenture without limitation as to aggregate amounts and, in connection therewith, determine the terms and provisions of such Notes and of the issuance and sale thereof, including the following: 

(A) determining the principal amount of the Notes; 

(B) determining the maturity date of the Notes; 

  
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 (C) determining the rate of interest, if any, to be paid on the Notes;

 (D) determining the price or prices at which such Notes will be sold by the Trust; 

(E) determining the provisions, if any, for the redemption or amortization of such Notes; 

(F) determining the form, terms and provisions of the indentures, fiscal agency agreements or other instruments under
which the Notes may be issued and the banks or trust companies to act as trustees, fiscal agents and paying agents thereunder, 
 (G) preparing and filing all documents necessary or appropriate in connection with the registration of the Notes under the Securities Act, the qualification of indentures under the Trust Indenture Act of
1939, as amended, and the qualification under any other applicable federal, foreign, state, local or other governmental requirements; 
 (H) preparing any prospectus, offering memorandum, private placement memorandum or other descriptive material relating to the offering or issuance of the Notes; 

(I) listing the Notes on any United States or non-United States securities exchange; 

(J) entering into one or more interest rate, basis, credit default or currency swaps, caps, collars, guaranteed
investment contracts or other derivative agreements with counterparties to manage interest rate, basis or currency risk relating to the Notes; 
 (K) entering into one or more supplemental credit enhancement agreements or liquidity agreements; 
 (L) appointing a paying agent or agents for purposes of payments on the Notes; and 
 (M) arranging for the underwriting, subscription, purchase or placement of the Notes and selecting underwriters, managers and purchasers or agents for that purpose; 

(iv) from time to time, receive payments and proceeds with respect to the Trust Estate and the Indenture and either invest
or distribute those payments and proceeds; 
 (v) from time to time, make deposits to and withdrawals from
accounts established under the Indenture; 

  
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 (vi) from time to time, make and receive payments pursuant to derivative
agreements, supplemental credit enhancement agreements and supplemental liquidity agreements; 
 (vii) from time
to time, make payments on the Notes; 
 (viii) from time to time, acquire additional collateral to be included in
the Trust Estate; 
 (ix) from time to time, perform such obligations and exercise and enforce such rights and
pursue such remedies as may be appropriate by virtue of the Trust being party to any of the agreements contemplated in clauses (i) through (viii) above; 

(x) execute, deliver and perform the Transaction Documents to which it is to be a party, the Notes and any Transferor
Certificates, and all other documents, certificates and agreements necessary or incidental in connection therewith (including, without limitation, the documents listed in subsection 2.03(b)); 

(xi) issue the Transferor Interest to the Transferor in accordance with subsection 4.04(a) and any Transferor
Certificates in accordance with subsection 4.04(b); and 
 (xii) subject to compliance with the
Transaction Documents, engage in such other related activities as may be required or convenient in connection with conservation of the Trust Estate and the making of payments to the Noteholders and distributions to the applicable Transferor.

 In connection with any of the foregoing, the Trust may (x) execute and deliver, and/or accept, such instruments,
agreements, certificates, UCC financing statements and other documents, and create such security interests, as may be necessary or desirable in connection therewith, and (y) subject to the terms of this Agreement, take such other action as may
be necessary or incidental to the foregoing. 
 (b) Notwithstanding any other provision of this Agreement, the Trust, and each
of the Beneficiary, on behalf of the Trust, and the Owner Trustee, on behalf of the Trust, is hereby authorized and will have the power to execute and deliver from time to time loan agreements, underwriting agreements, terms agreements, selling
agent agreements, note purchase agreements and other purchase agreements, private placement agreements, swap and other derivative agreements, including performance agreements, indentures, indenture supplements, terms documents, notes, security
agreements and other agreements and instruments as are consistent with the purposes of the Trust. Without limiting the generality of the foregoing, the Trust, and each of the Beneficiary, on behalf of the Trust, and the Owner Trustee, on behalf of
the Trust, is specifically authorized to execute and deliver without any further act, vote or approval, and notwithstanding any other provision of this Agreement, the Delaware Statutory Trust Act or other applicable law, rule or regulation,
agreements, documents or securities relating to the purposes of the Trust, including: 

  
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 (i) the Transaction Documents and each Issuer Certificate (as defined in the
Indenture), including all amendments thereto; 
 (ii) the Notes; 

(iii) each interest rate, basis or currency swap, cap, collar, guaranteed investment contract or other derivative
agreement, including agreements related thereto, between the Trust and a counterparty to manage interest rate, basis or currency risk relating to the Notes, including all amendments thereto; 

(iv) any certificate evidencing the Transferor Interest, substantially in the form attached as Exhibit B;

 (v) any documents relating to listing securities on the Luxembourg Stock Exchange; and 

(vi) any other document necessary or desirable in connection with the fulfillment of the purposes of the Trust described
in, and pursuant to, subsection 2.03(a). 
 The authorization set forth in the preceding sentence will not be deemed a
restriction on the power and authority of the Beneficiary and the Owner Trustee, on behalf of the Trust, to execute and deliver other agreements, documents, instruments and securities or to take other actions on behalf of the Trust in connection
with the fulfillment of the purposes of the Trust described in, and pursuant to, subsection 2.03(a). 
 (c) Each of the
Beneficiary, on behalf of the Trust, and the Owner Trustee, on behalf of the Trust, is hereby authorized and will have the power to execute and file any Periodic Filings on behalf of the Trust. 

(d) Either the Owner Trustee or the Beneficiary will at all times maintain the books, records and accounts of the Trust separate and
apart from those of any other Person, and will cause the Trust to hold itself out as being a Person separate and apart from any other Person. 
 (e) The Trust will not engage in any business or own any assets unrelated to the purposes of the Trust. 
 Section 2.04. Appointment of Owner Trustee. The Beneficiary hereby appoints Wilmington Trust Company as Owner Trustee of the Trust effective as of the date hereof, to have all the rights,
powers and duties set forth herein and in the Delaware Statutory Trust Act. 
 Section 2.05. Initial Capital
Contribution of Trust Estate. The Beneficiary has heretofore assigned, granted and transferred over to the Owner Trustee, on behalf of the Trust, as of the date of the Original Trust Agreement, the sum of $1. The Owner Trustee hereby
acknowledges receipt in trust from the Beneficiary, as of the date of the Original Trust Agreement, of the foregoing contribution, which constitutes the initial Trust Estate. 
 Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that it will hold the contributions described in Section 2.05, and the other documents and assets

  
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described in Section 2.03, together with any payments, proceeds or income of any kind from such documents or assets or any other source and any other property transferred, assigned,
set over, pledged or otherwise conveyed to, and held by, the Trust pursuant to this Agreement, the Transfer Agreement, the Indenture or any Indenture Supplement (collectively, the “Trust Estate”), upon the trust set forth herein and
for the sole use and benefit of the Beneficiary. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Delaware Statutory Trust Act and that this Agreement constitute the governing instrument of such
statutory trust. The parties hereto agree that they will take no action contrary to the foregoing intention. Effective as of the date hereof, the Owner Trustee will have all rights, powers and duties set forth herein and, to the extent not
inconsistent herewith, in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Trust. 

Section 2.07. Title to Trust Estate. Legal title to all of the Trust Estate will be vested at all times in the Trust as a
separate legal entity. 
 Section 2.08. Situs of Trust. The Trust will be located in the State of Delaware and
administered in the States of Delaware and New York. All Issuer Accounts maintained by the Owner Trustee on behalf of the Trust will be located in the State of Delaware or New York. The Trust will not have any employees in any state other than
Delaware; provided, however, that nothing herein will 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 New York, and
payments will be made by the Trust only from the State of Delaware or New York. The only office of the Trust will be at the Corporate Trust Office in the State of Delaware. 
 Section 2.09. Nature of Interest in the Trust Estate. No Beneficiary will have any legal title to or right to possession of any part of the Trust Estate. No Beneficiary, as a beneficial owner
of the Trust, has any interest in specific property of the Trust. 
 Section 2.10. Tax Matters. The parties hereto
intend that, for income and franchise tax purposes, the Trust will be treated as a security device and disregarded as an entity and its assets will be treated as owned in whole by the Beneficiary, and the parties hereto will file all their tax
returns in a manner consistent with that intent unless otherwise required by a taxing authority. Except as otherwise expressly provided herein, any tax elections required or permitted to be made by the Trust under the Code or otherwise will be made
by the Beneficiary. The Trust will not elect to be treated as a corporation for any tax purpose. 
 Section 2.11. Fiscal
Year. The fiscal year of the Trust will end on the last day of December of each year. 
 Section 2.12. Closing.
The initial transfer, assignment, set-over, pledge and conveyance of the Trust Estate will take place on October 24, 2012 at the offices of Orrick, Herrington & Sutcliffe LLP, 51 West 52nd Street, New York, New York 10019. 

Section 2.13. Books and Records. The Beneficiary agrees to record and file, at its own expense, any financing statements (and
amendments with respect to such financing statements when applicable) required to be filed with respect to the Trust Estate assigned by the 

  
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Transferor pursuant to the Transfer Agreement, meeting the requirements of applicable law in such a manner and in such jurisdictions as are necessary under the applicable UCC to perfect the
transfer, assignment, set-over, pledge and conveyance of the Trust Estate to the Trust, and to deliver a file-stamped copy of such financing statements or amendments or other evidence of such filings to the Trust (excluding such amendments, which
will be delivered promptly after filing). 
 Section 2.14. Limitation on Liability of Transferor and Others. The
Transferor and any director or officer or employee or agent or member of the Transferor may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Transferor, in its capacity as such, will not be under any obligation to appear in, prosecute or defend any legal action that will not be incidental to its obligations under this Agreement, and that in its opinion may involve
it in any expense or liability. The Beneficiary, as beneficial owner of the Trust, will be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law
of the State of Delaware, 8 Del. C. §§ 101 et seq. 
 Section 2.15. Representations and
Warranties of each Beneficiary. Each Beneficiary hereby represents and warrants to the Owner Trustee that: 
 (a) Such
Beneficiary is duly organized or incorporated and validly existing in good standing under the laws of the jurisdiction of its organization or incorporation and has, in all material respects, full power and authority to own its properties and to
conduct its business as presently owned or conducted. 
 (b) Such Beneficiary has full power and authority to execute, deliver
and perform its obligations under this Agreement and all of the transactions contemplated hereby and in the other Transaction Documents to which such Beneficiary is a party, and has taken all necessary limited liability company action to authorize
the execution, delivery and performance by it of this Agreement; such Beneficiary has full power and authority to assign the property to be assigned to and deposited with the Trust pursuant to Section 2.05 of this Agreement,
Section 2.1 of the Transfer Agreement and the granting clause of the Indenture. 
 (c) The execution, delivery and
performance of this Agreement by such Beneficiary does not violate any provision of any existing law or regulation applicable to such Beneficiary or any order or decree of any court to which such Beneficiary is subject or the organizational
documents of such Beneficiary, or any material mortgage, security agreement, indenture, contract or other agreement to which such Beneficiary is a party or by which such Beneficiary or any significant portion of such Beneficiary’s properties is
bound (other than violations of such laws, regulations, orders, decrees, mortgages, security agreements, indentures, contracts and other agreements which, individually or in the aggregate, in such Beneficiary’s reasonable judgment, would not
have a material adverse effect on such Beneficiary’s ability to perform its obligations under this Agreement). 
 (d) The
execution and delivery by such Beneficiary of this Agreement, the performance by such Beneficiary of the transactions contemplated by this Agreement and the 

  
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fulfillment by such Beneficiary of the terms hereof will not conflict with or violate in any material way any Requirements of Law applicable to such Beneficiary. 

(e) There is no litigation, investigation or administrative proceeding before any court, tribunal, regulatory body presently pending, or,
to the best knowledge of such Beneficiary, threatened, against such Beneficiary with respect to this Agreement or the transactions contemplated hereby and there is no litigation or proceeding against such Beneficiary or any significant portion of
its properties which would, individually or in the aggregate, in such Beneficiary’s reasonable belief, have a material adverse effect on the transactions contemplated by this Agreement. 

ARTICLE III 
 BENEFICIAL INTEREST 
 Section 3.01. Initial Ownership. The
Beneficiary is the sole beneficial owner of the Trust. 
 Section 3.02. Restrictions on Transfer. The Beneficial
Interest is initially beneficially owned by RFC VIII. Transfers of all or a portion of the Beneficial Interest may be made between RFC VIII and any other Person who is an Affiliate of RFC VIII (a “Permitted Affiliate Transferee”)
upon delivery to the Master Trust Trustee and the Owner Trustee of an Issuer Tax Opinion and a Master Trust Tax Opinion with respect to such Transfer. To the fullest extent permitted by applicable law, the Beneficiary may not sell, participate,
transfer, assign, exchange or otherwise pledge, hypothecate, rehypothecate or dispose of or convey, or grant a security interest in, all or any part of its right, title and interest in and to (each such action, a “Transfer”) the
Beneficial Interest to any other Person, except to any Permitted Affiliate Transferee. Any purported Transfer by a Beneficiary of all or any part of its right, title and interest in and to the Beneficial Interest to any Person will be effective only
upon the issuance of an Issuer Trust Tax Opinion and a Master Trust Tax Opinion (each as defined in the Indenture), which will not be an expense of the Owner Trustee and the satisfaction of any additional conditions to the designation of an
Additional Transferor provided in Section 2.8 of the Transfer Agreement. To the extent permitted by applicable law, any purported Transfer by a Beneficiary of all or any part of its right, title and interest in and to the Beneficial
Interest which is not in compliance with the terms of this Section 3.02 will be null and void. 
 ARTICLE IV

 DISTRIBUTIONS OF FUNDS 
 Section 4.01. Distribution of Funds. All funds received by the Trust to the extent not encumbered by the Indenture or any Indenture Supplement and otherwise available for distribution (or if
encumbered by the Indenture, which have been released by the relevant parties benefiting from such encumbrance) will be distributed to the Beneficiary. 
 Section 4.02. Payments from Trust Estate Only. All payments to be made by the Trust under this Agreement will be made only from the income and the capital proceeds

  
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derived from the Trust Estate and only to the extent that the Trust will have received income or capital proceeds from the Trust Estate. The Beneficiary agrees that it will look solely to the
income and capital proceeds derived from the Trust Estate (to the extent available for payment as herein provided) and that, except as specifically provided herein, the Owner Trustee will not be subject to any liability in its individual capacity
under this Agreement to the Beneficiary or to any other Person. 
 Section 4.03. Method of Payment. All amounts
payable to the Beneficiary pursuant to this Agreement will be paid by the Owner Trustee on behalf of the Trust to the Beneficiary or a nominee therefor in such manner as the Beneficiary may from time to time designate in written instructions to the
Owner Trustee. All funds received by the Owner Trustee on behalf of the Trust not later than 2:00 p.m. (New York City time) on a Business Day will be applied by the Owner Trustee on that Business Day. Funds received after that time will be applied
on the next following Business Day. 
 Section 4.04. Transferor Interest; Transferor Certificates. 

(a) The Transferor will hold the Transferor Interest having such rights as are set forth in this Agreement and the other Transaction
Documents. Such Transferor Interest includes the right to receive amounts specified in the Indenture, any Indenture Supplement, the Transfer Agreement and the Servicing Agreement to be distributed to the holders of the Transferor Interest.

 (b) At the election of the Transferor (which election may, from time to time, be changed or otherwise revised by the
Transferor upon written notice by the Transferor to the Owner Trustee), a Transferor Certificate representing the Transferor’s interest in the Transferor Interest may be issued to the Transferor in registered form, substantially in the form
attached as Exhibit B (the “Transferor Certificate”). The Transferor Certificate will not entitle its holder to any benefit under this Agreement, or be valid for any purpose, unless there will appear on such Transferor
Certificate a certificate of authentication substantially in the form provided in Exhibit B, executed by the Owner Trustee or the Owner Trustee’s authentication agent, by manual signature; such authentication will constitute conclusive
evidence that the Certificate will have been duly authenticated and delivered hereunder. Each Transferor Certificate will be dated the date of its authentication. 
 (c) To the fullest extent permitted by applicable law, neither the Transferor Certificates (or any interest therein) nor any Transferor Interest (or any interest therein) may be sold, transferred,
assigned, participated, pledged or otherwise disposed of to any Person; provided, however, that a Transferor Certificate (or any interest therein) may be sold, transferred, assigned, participated, pledged or otherwise disposed of if
the transferor thereof has provided the Owner Trustee and the Indenture Trustee with an Issuer Tax Opinion and, if applicable, a Master Trust Tax Opinion, relating to such sale, transfer, assignment, participation, pledge or other disposition;
provided further that any transfer by a Transferor of all or any part of its right, title and interest in and to the Transferor Interest to American Express Credit Corporation (or any subsidiary thereof) will not require delivery of an Issuer
Tax Opinion. 

  
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 (d) If (i) a mutilated Transferor Certificate will be surrendered to the Owner Trustee,
or if the Owner Trustee will receive evidence to its satisfaction of the destruction, loss or theft of a Transferor Certificate and (ii) in the case of a destroyed, lost or stolen Transferor Certificate, there will be delivered to the Owner
Trustee (as such and in its individual capacity) such security or indemnity as may be required by it to save it harmless, then the Owner Trustee on behalf of the Trust will execute and the Owner Trustee will authenticate and deliver, in exchange for
or in lieu of the mutilated, destroyed, lost or stolen Transferor Certificate, a new Transferor Certificate of like tenor and denomination. In connection with the issuance of any new Transferor Certificate under this subsection 4.04(d), the
Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge or expense that may be imposed in connection therewith. Any duplicate Transferor Certificate issued pursuant to this subsection 4.04(d)
will constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Transferor Certificate will be found at any time. 

ARTICLE V 

ACTIONS BY OWNER TRUSTEE 
 Section 5.01. Prior Notice to Beneficiary and Transferor with Respect to Certain Matters. With respect to the following matters, unless otherwise instructed by the Beneficiary and the
Transferor, the Owner Trustee will not take action unless at least 30 days before the taking of such action the Owner Trustee will have notified the Beneficiary and the Transferor: 

(a) the initiation of any claim or lawsuit by the Trust (other than an action to collect on any Receivable) and the settlement of any
action, claim or lawsuit brought by or against the Trust (other than an action to collect on any Receivable); 
 (b) the
election by the Trust to file an amendment to the Certificate of Trust; 
 (c) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is required; 
 (d) 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 interest of the Beneficiary or the Transferor; 

(e) the amendment, change or modification of the Transfer Agreement or the Servicing Agreement, except to cure any ambiguity or to amend
or supplement any provision in a manner that would not materially adversely affect the interests of the Beneficiary or the Transferor; or 
 (f) the appointment pursuant to the Indenture of a replacement or successor Note Registrar or Indenture Trustee, or the consent to the assignment by the Note Registrar or Indenture Trustee of its
obligations under the Indenture. 
 Section 5.02. Restrictions on Power. The Owner Trustee will not be required to
take or refrain from taking any action if such action or inaction would be contrary to any 

  
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obligation of the Trust or the Owner Trustee under any of the Transaction Documents or would be contrary to Section 2.03. 

ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 Section 6.01. Action Upon Instructions. 
 (a) It is the intention of
the Beneficiary that the powers and duties of the Owner Trustee are to be purely ministerial only. Accordingly, subject to subsections 6.01(b) and 6.01(c), and Article VII, the Beneficiary will direct the Owner Trustee in the
management of the Trust and the Trust Estate. Such direction will be exercised at any time only by written instruction of the Beneficiary delivered to the Owner Trustee pursuant to this Article VI. Notwithstanding any other provision of this
Agreement, but subject to Section 2.03, the Owner Trustee will not take any action including but not limited to the execution of any documents, certificates or other instruments (other than the Transaction Documents and any documents,
certificates or other instruments attached thereto or contemplated thereby), unless it receives written instructions from the Beneficiary. 
 (b) The Owner Trustee will take such action or actions as may be specified in any instructions delivered in accordance with subsection 6.01(a); provided, however, that the Owner
Trustee will not be required to take any such action if the Trustee Bank will have been advised by counsel that such action (i) is contrary to the terms hereof or of any document contemplated hereby to which the Trust or the Owner Trustee is a
party or is otherwise contrary to law, or (ii) is reasonably likely to result in liability on the part of the Trustee Bank, unless the Trustee Bank will have received additional indemnification or security satisfactory to the Trustee Bank from
the Beneficiary against all costs, expenses and liabilities arising from the Owner Trustee’s taking such action. 
 (c) No
Beneficiary will direct the Owner Trustee to take or refrain from taking any action contrary to this Agreement, nor will the Owner Trustee be obligated to follow any such direction. 

(d) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Transaction Document,
or such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action
to be adopted, the Owner Trustee will promptly give notice to the Beneficiary requesting written instructions as to the course of action to be adopted and, to the extent the Owner Trustee acts in good faith in accordance with such written
instructions received from the Beneficiary, the Owner Trustee will not be liable on account of such action to any Person. If the Owner Trustee will not have received appropriate written instructions within 30 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice), it may, but will be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement, as it deems to be in the best interests of the Beneficiary,
and will have no liability to any Person for such action or inaction. 

  
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 (e) The Owner Trustee will, subject to this Section 6.01, act in accordance with
the instructions given to it by the Beneficiary pursuant to subsection 6.01(b), and to the extent the Owner Trustee acts in good faith in accordance with such instructions, the Owner Trustee will not be liable on account of such action to any
Person. 
 Section 6.02. No Duty to Act Under Certain Circumstances. Notwithstanding anything contained herein to
the contrary, neither the Trustee Bank nor the Owner Trustee, except a Trustee Bank authorized as co-trustee, will be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action would
(i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the
State of Delaware; (ii) result in any fee, tax or governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Trustee
Bank; or (iii) subject the Trustee Bank to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Trustee Bank or the Owner
Trustee, as the case may be, contemplated hereby. The Owner Trustee will be entitled to obtain advice of counsel (which advice will be at the expense of the Beneficiary) to determine whether any action required to be taken pursuant to the Agreement
results in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee may, or if
instructed to do so by the Beneficiary, will, appoint an additional trustee pursuant to Section 10.05 hereby to proceed with such action. 
 Section 6.03. No Duties Except Under Specified Agreements or Instructions. 
 (a) The Owner Trustee will not have any duty or obligation to manage, control, use, make any payment in respect of, register, record, insure, inspect, sell, dispose of, create, maintain or perfect any
security interest or title in or otherwise deal with any part of the Trust Estate, prepare, file or record any document or report (including any tax related filing for any holder of Notes), or to otherwise take or refrain from taking any action
under, or in connection with, this Agreement, the Trust or any document contemplated hereby to which the Trust or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in written instructions from the
Beneficiary received pursuant to Section 6.01; and no implied duties or obligations will be read into this Agreement against the Owner Trustee. Unless otherwise directed by the Beneficiary in accordance with subsection 6.01(a),
the Owner Trustee will have no obligation or duty to take any action the Trust is authorized and empowered to take pursuant to subsection 2.03(a). The Owner Trustee nevertheless agrees that it will, in its individual capacity and at its own
cost and expense, promptly take all action as may be necessary to discharge any lien, pledge, security interest or other encumbrance on any part of the Trust Estate which results from actions by or claims against the Trustee Bank not related to the
ownership of any part of the Trust Estate. 
 (b) The Owner Trustee agrees that it will not manage, control, use, lease, sell,
dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to, or the authority conferred upon, the Owner Trustee pursuant to this Agreement, or (ii) in accordance with the express terms
hereof or with written instructions from 

  
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the Beneficiary pursuant to Section 6.01. Unless otherwise directed by the Beneficiary in accordance with subsection 6.01(a), the Owner Trustee will not be required to perform
any obligations or duties of the Trust under the Indenture, which duties and obligations will be the sole responsibility of the Beneficiary. 
 Section 6.04. Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: 

(a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; 

(b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set
forth in Section 2.03 of this Agreement; 
 (c) the Trust’s funds and assets will at all times be maintained
separately from those of the Beneficiary and its Affiliates; 
 (d) the Trust will take all reasonable steps to continue its
identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates or any other third person, and will use
stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or
any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; 
 (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates thereof; 
 (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on
terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and 
 (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s
liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due. 

Section 6.05. Execution of Documents. The Owner Trustee will, at the written direction of the Beneficiary, execute and
deliver on behalf of the Trust such instruments, agreements and certificates contemplated hereby to which the Trust is a party (such direction to be conclusively evidenced by the Owner Trustee’s execution and delivery of such documents to, and
acceptance by, the Beneficiary or its counsel). The Beneficiary hereby instructs the Owner Trustee to execute, on behalf of the Trust, the Transaction Documents to which the Trust is a party and any documents, certificates or other instruments
attached thereto or contemplated thereby. 

  
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 ARTICLE VII 
 CONCERNING THE TRUSTEE BANK 
 Section 7.01. Acceptance of Trusts
and Duties. The Trustee Bank accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Trustee Bank also agrees to disburse all moneys actually
received by it constituting part of the Trust Estate in accordance with the terms of this Agreement. The Trustee Bank will not be answerable or accountable under any circumstances in its individual capacity, except (i) for its own willful
misconduct, bad faith or negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03, (iii) for the failure by the Owner Trustee to perform obligations expressly undertaken by it
in the last sentence of subsection 6.03(a) or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or other compensation earned by the Trustee Bank for acting as trustee hereunder. In particular, but
not by way of limitation: 
 (a) the Trustee Bank will not be personally liable for any error of judgment made in good faith by
a Responsible Officer of the Owner Trustee so long as the same will not constitute negligence, bad faith or willful misconduct; 

(b) the Trustee Bank will not be personally liable with respect to any action taken or omitted to be taken by the Owner Trustee in good
faith in accordance with the instructions of the Beneficiary; 
 (c) no provision of this Agreement or any Transaction Document
will require the Trustee Bank to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Trustee Bank will have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) Under no circumstance
will the Trustee Bank be personally liable for the accuracy or performance of any representation, warranty, covenant, agreement or other obligation, including any indebtedness, of the Trust; 

(e) The Trustee Bank will not be personally responsible or liable for or in respect of the validity or sufficiency of this Agreement or
for the due execution hereof by the Beneficiary or with respect to any agreement entered into by the Trust; 
 (f) Under no
circumstances will the Trustee Bank be responsible or liable for the action or inaction of the Beneficiary, nor will the Trustee Bank be responsible for monitoring the performance of the Beneficiary’s duties hereunder or of any other Person
acting for or on behalf of the Trust; 
 (g) In no event will the Trustee Bank be personally liable for special, consequential
or punitive damages unless such damages result from its willful misconduct or negligence, for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories, for the acts or omissions of brokers or dealers, and
for any losses due to forces beyond the control of the Trustee Bank, including strikes, work stoppages, acts of war or 

  
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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. The Trustee Bank will have no responsibility for the accuracy of any information provided to the Beneficiary or any other Person that has been obtained from, or provided to the Trustee Bank by, any other Person; 

(h) The Trustee Bank will not be liable for the default or misconduct of the Indenture Trustee under any of the Transaction Documents or
otherwise, and the Trustee Bank will have no obligation or liability to perform the obligations of the Trust under this Agreement or the Transaction Documents, in each case that are required to be performed by the Indenture Trustee under the
Indenture; and 
 (i) the Trustee Bank will be under no obligation to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement, at the request, order or direction of the Beneficiary, unless the Beneficiary has offered to the Trustee Bank security
or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Trustee Bank therein or thereby. The right of the Trustee Bank to perform any discretionary act enumerated in this Agreement or in any
Transaction Document will not be construed as a duty, and the Trustee Bank will not be answerable for other than its negligence or willful misconduct in the performance of any such act. 

Section 7.02. Furnishing of Documents. The Owner Trustee will furnish to the Beneficiary and the Indenture Trustee, promptly
upon written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee with respect to the Trust or the Trust Estate. 

Section 7.03. Representations and Warranties. The Trustee Bank, other than a Trustee Bank appointed as a co-trustee, hereby
represents and warrants to the Beneficiary that: 
 (a) The Trustee Bank is a Delaware corporation with trust powers duly
organized and validly existing in good standing under the laws of the State of Delaware. The Trustee Bank has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) The Trustee Bank has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) None of the execution nor the delivery by it of this Agreement, the performance by it of its obligations under this Agreement, or the consummation by it of the transactions contemplated hereby nor
compliance by the Trustee Bank with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Trustee Bank or any judgment or order binding on the
Trustee Bank, or constitute any default under (i) its charter documents or by-laws or (ii) any 

  
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indenture, mortgage, lease, license, contract, agreement or instrument to which the Trustee Bank is a party or by which the Trustee Bank or any of the Trustee Bank’s properties may be bound.

 (d) The Trustee Bank complies with all of the requirements of Chapter 38, Title 12 of the Delaware Code relating to the
qualification of a trustee of a Delaware statutory trust. 
 Section 7.04. Reliance; Advice of Counsel. (a) The
Owner Trustee will 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 entity 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 manner of ascertainment of which is not specifically prescribed herein, the Owner Trustee may for all purposes rely on an officer’s certificate of the relevant party,
as to such fact or matter, and such officer’s certificate will 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 administration of the Trust, the Owner Trustee may, at the expense of the Trust (i) execute the trust or any of the
powers hereof and perform its powers and duties hereunder directly or through agents or attorneys, and the Owner Trustee will not be liable for the default or misconduct of any agent or attorney selected by the Owner Trustee with reasonable care;
and (ii) consult with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it, and the Owner Trustee will not be liable for anything done, suffered or omitted in good faith by it in accordance with
the advice or opinion of any such counsel, accountants or other skilled persons. 
 Section 7.05. Not Acting in
Individual Capacity. Except as provided in this Article VII, in accepting the trust hereunder, the Trustee Bank acts solely as Owner Trustee hereunder and not in its individual capacity; and all Persons having any claim against the Trust
or the Owner Trustee, whether by reason of the transactions contemplated by this Agreement or otherwise, will look only to the Trust Estate (or a part thereof, as the case may be) for payment or satisfaction thereof, except as specifically provided
in this Article VII. 
 Section 7.06. No Representations and Warranties as to the Trust Estate. The Owner
Trustee makes no representation or warranty as to, and will not be liable for, the title, value, condition, design, operation, merchantability or fitness for use of the Trust Estate (or any part thereof) or any other representation or warranty,
express or implied, whatsoever with respect to the Trust Estate (or any part thereof) except that the Owner Trustee, in its individual capacity, hereby represents and warrants to the Beneficiary that it will comply with the last sentence of
Section 6.03(a). 
 Section 7.07. Signature of Returns. The Beneficiary will sign on behalf of the Trust
any Periodic Filings of the Trust or other documents relating to the Trust prepared by, or on behalf of, the Beneficiary. 

  
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 Section 7.08. Trustee Bank May Own Notes. The Trustee Bank may become the owner
or pledgee of Notes and may deal with the Transferor, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it were not Owner Trustee. 

ARTICLE VIII 
 COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION 
 Section 8.01.
Trustee Bank’s Fees and Expenses. The Transferor will pay to the Trustee Bank all fees and other charges described in a separate fee agreement dated as of the date hereof between the Transferor and the Trustee Bank promptly when due
thereunder and reimburse the Trustee Bank for all other reasonable out-of-pocket costs and expenses (including reasonable fees and expenses of counsel) incurred by it in connection with its acting as Owner Trustee of the Trust. Except to the extent
specifically provided in Section 7.06 of the Indenture, payment of such fees and expenses will not be a recourse obligation of the Issuer. 
 Section 8.02. Indemnification. To the fullest extent permitted by law, the Transferor will be liable, as primary obligor for, and will indemnify the Trustee Bank 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) 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 Indemnified Party in any way
relating to or arising out of the Transaction Documents, the Trust Estate, the acceptance and administration of the Trust Estate or the action or inaction of the Owner Trustee or the Trustee Bank hereunder; provided that the Transferor will
not be liable for or required to indemnify any Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.01; provided further that the Transferor will not
be liable for or required to indemnify an Indemnified Party from and against expenses arising or resulting from (i) the Indemnified Party’s own willful misconduct, bad faith or negligence, or (ii) the inaccuracy of any representation
or warranty contained in Section 7.03 made by the Indemnified Party. In case any such action, investigation or proceeding will be brought involving an Indemnified Person, the Transferor will assume the defense thereof, including the
employment of counsel and the payment of all expenses. The Trustee Bank will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable counsel fees and
expenses of such counsel will be paid by the Transferor. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 8.02, the Trustee Bank’s choice of legal counsel will be subject to
the approval of the Beneficiary, which approval will not be unreasonably withheld. 
 Except to the extent specifically provided
in Section 6.02 of the Indenture, the payment of such indemnified amounts will not be a recourse obligation of the Issuer. 
 The indemnification set forth herein will survive the termination of this Agreement and the resignation or removal of the Trustee Bank. 

  
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 Section 8.03. Payments to the Owner Trustee. Any amounts paid to the Trustee
Bank pursuant to this Article VIII will be deemed not to be a part of the Trust Estate immediately after such payment. 

ARTICLE IX 

TERMINATION OF TRUST AGREEMENT 
 Section 9.01. Termination of Trust Agreement. (a) The Trust will dissolve upon the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate
in accordance with the Delaware Statutory Trust Act. Any money or other property held as part of the Trust Estate following such distribution will be distributed to the Beneficiary. The bankruptcy, liquidation, dissolution, termination, death or
incapacity of the Beneficiary will not (x) operate to terminate this Agreement or the Trust, or (y) entitle the Beneficiary’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 Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) The Beneficiary will not be entitled to revoke or terminate the Trust. 
 (c)
Upon completion of the winding up of the Trust in accordance with the Delaware Statutory Trust Act, the Owner Trustee will 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 Delaware Statutory Trust Act and thereupon the Trust and this Agreement (other than Article VII and Section 11.08) will terminate. 

ARTICLE X 

SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES AND SEPARATE OWNER TRUSTEES 

Section 10.01. Eligibility Requirements for Owner Trustee. The Owner Trustee will at all times (i) be a trust company, a
corporation with trust powers, or a banking corporation under the laws of its state of incorporation or a national banking association, having all corporate powers and all material governmental licenses, authorizations, consents and approvals
required to carry on a trust business in the State of Delaware, (ii) comply with the provisions of Section 3807 (and any other applicable Section) of the Delaware Statutory Trust Act; authorized to exercise corporate trust powers,
(iii) have a combined capital and surplus of at least $50,000,000 (or have its obligations and liabilities irrevocably and unconditionally guaranteed by an affiliated Person having a combined capital and surplus of at least $50,000,000) and
(iv) have (or have a parent which has) a rating of at least “Baa3” by Moody’s, at least “BBB-“ by Standard & Poor’s and, if rated by Fitch, at least “BBB-“ by Fitch, or if not rated by one or
more Note Rating Agencies, a rating with respect to which the Note Rating Agency Condition shall have been satisfied with respect to each Note Rating Agency not rating the Owner Trustee (or its parent). If such corporation will 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 10.01, the combined capital and surplus of such corporation will be deemed to
be its 

  
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combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee will cease to be eligible in accordance with the provisions of this
Section 10.01, the Owner Trustee will resign immediately in the manner and with the effect specified in Section 10.02. 
 Section 10.02. Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving 30 days prior written notice thereof
to the Beneficiary, the Transferor and the Administrator; provided, however, that such resignation and discharge will only be effective upon the appointment of a successor Owner Trustee. Upon receiving such notice of resignation, the
Beneficiary will promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument will be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee
will have been so appointed and have accepted appointment within 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 will cease to be eligible in accordance with the provisions of Section 10.01 and
will fail to resign after written request therefor by the Beneficiary, or if at any time the Owner Trustee will be legally unable to act, or will be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property will be
appointed, or any public officer will take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Beneficiary may, but will not be required to, remove the Owner
Trustee. If the Beneficiary will remove the Owner Trustee under the authority of the immediately preceding sentence, the Beneficiary will promptly (i) appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument will be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and (ii) pay all fees owed to the outgoing Owner Trustee. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this
Section will not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Beneficiary will provide
notice of such resignation or removal of the Owner Trustee to each Note Rating Agency. 
 Section 10.03. Successor Owner
Trustee. Any successor Owner Trustee appointed pursuant to Section 10.02 will execute, acknowledge and deliver to the Beneficiary and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and
thereupon the resignation or removal of the predecessor Owner Trustee will become effective and such successor Owner Trustee, without any further act, deed or conveyance, will become fully vested with all the rights, powers, duties, and obligations
of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee will upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Agreement; and the Beneficiary and the predecessor Owner Trustee will 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. 

  
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 No successor Owner Trustee will accept appointment as provided in this
Section 10.03 unless at the time of such acceptance such successor Owner Trustee will be eligible pursuant to Section 10.01. 
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.03, the Beneficiary will mail notice of such acceptance of appointment, including the name of such
successor Owner Trustee to the Transferor, the Administrator, the Indenture Trustee, the Noteholders and each Note Rating Agency. If the Beneficiary will fail to mail such notice within 10 days after acceptance of appointment by the successor Owner
Trustee, the successor Owner Trustee will cause such notice to be mailed at the expense of the Beneficiary. 
 Upon acceptance
of appointment by a successor Owner Trustee pursuant to this Section 10.03, such successor Owner Trustee will file an amendment to the Certificate of Trust with the Secretary of State reflecting the name and principal place of business
of such successor Owner Trustee in the State of Delaware. 
 Section 10.04. Merger or Consolidation of Owner
Trustee. Notwithstanding anything herein to the contrary, any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Owner Trustee will be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee, will be the successor of the Owner Trustee hereunder (provided that such corporation will
meet the eligibility requirements set forth in Section 10.01), without the execution or filing of any instrument or any further act on the part of any of the parties hereto; provided further that (a) the Owner Trustee will
mail notice of such merger or consolidation to each Note Rating Agency and the Beneficiary and (b) the Owner Trustee will file any necessary amendments to the Certificate of Trust with the Secretary of State. 

Section 10.05. Appointment of Co-Trustee or Separate Owner Trustee. Notwithstanding any other provisions of this Agreement,
at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Beneficiary and the Owner Trustee acting jointly will have the power and will execute and
deliver all instruments to appoint one or more Persons approved by each of the Beneficiary and the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate,
and to vest in such Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section 10.05, such powers, duties, obligations, rights and trusts as the Beneficiary and the
Owner Trustee may consider necessary or desirable. If the Beneficiary will not have joined in such appointment within 15 days after the receipt by them of a request so to do, the Owner Trustee alone will have the power to make such appointment. No
co-trustee or separate trustee under this Agreement will be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee will be
required pursuant to Section 10.03. 
 Each separate trustee and co-trustee will, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions: 

  
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 (i) all rights, powers, duties, and obligations conferred or imposed upon
the Owner Trustee will be conferred 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 is not 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 will 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 Trust or any portion thereof in any such jurisdiction) will 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 Agreement will be personally liable by reason of any act or
omission of any other trustee under this Agreement; and 
 (iii) the Beneficiary and the Owner Trustee acting
jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other
writing given to the Owner Trustee will 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 will refer to this
Agreement and the conditions of this Article X. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, will 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 Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to,
the Owner Trustee. Each such instrument will be filed with the Owner Trustee and a copy thereof given to the Beneficiary. 
 Any
separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf
and in its name. If any separate trustee or co-trustee will die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts will 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 11.01. Supplements and Amendments. 
 (a) This Agreement may be
amended from time to time, including in connection with the execution of additional indentures, by a written amendment duly executed and delivered by the Beneficiary and the Owner Trustee, without the consent of the Indenture Trustee or any of the
Noteholders, upon issuance of an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in the property of the Trust, a Master Trust Tax Opinion, which will not 

  
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be expenses of the Owner Trustee; provided, however, that such amendment will not, as evidenced by an Officer’s Certificate of each Transferor addressed and delivered to the
Owner Trustee and the Indenture Trustee, be reasonably expected to have an Adverse Effect (as defined in the Indenture) and is not reasonably expected to have an Adverse Effect at any time in the future; provided further, however, that
such amendment will not significantly change the activities of the Trust. The Owner Trustee will not be responsible for determining whether such amendment to this Agreement will significantly change the activities of the Trust. 

Additionally, notwithstanding any provision of this Article XI to the contrary and in addition to the immediately preceding
paragraph, this Agreement may also be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion and, to the extent a Collateral Certificate
is included in the property of the Trust, a Master Trust Tax Opinion, to provide for (i) the establishment of multiple asset pools and the designation of Trust Assets to be included as part of specific asset pools or (ii) those changes
necessary for compliance with securities law requirements or banking laws or regulations; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the
effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agency Condition shall have been
satisfied with respect to such amendment. 
 Additionally, notwithstanding any other provision of this
Section 11.01, this Agreement may be amended from time to time by an instrument signed by the Beneficiary and the Owner Trustee to modify, eliminate or add to the provisions of this Agreement (i) to facilitate compliance with the
FDIC Rule or changes in laws or regulations applicable to the Beneficiary, the Owner Trustee or the transactions described in this Agreement or (ii) to cause the provisions hereof to conform to or be consistent with or in furtherance of the
statements made with respect to this Agreement in any applicable Registration Statement on Form S-3, as amended, under the Securities Act, in each case upon delivery by the Beneficiary to the Indenture Trustee and the Owner Trustee of (x) an
Officer’s Certificate of the Beneficiary, dated the date of any such amendment, to the effect that (A) the Beneficiary reasonably believes that such amendment will not have an Adverse Effect or (B) such amendment is required to remain
in compliance with the FDIC Rule or any other change of law or regulation which applies to the Beneficiary, the Owner Trustee, the Indenture Trustee or the transactions governed by the Transaction Documents, or such amendment is required to cause
the provisions hereof to conform to or be consistent with or in furtherance of the statements made with respect to this Agreement in any applicable Registration Statement on Form S-3, as amended, under the Securities Act, and (y) an Issuer Tax
Opinion with respect to such amendment and, to the extent a Collateral Certificate is included in the property of the Trust, a Master Trust Tax Opinion with respect to such amendment; provided, however, that the Beneficiary shall
deliver written notice of the substance of the proposed amendment to each Note Rating Agency at least 10 Business Days prior to the proposed effective date of such amendment (or such shorter period as is agreed to in writing by each Note Rating
Agency). 
 (b) This Agreement may also be amended from time to time, by a written instrument executed by the Owner Trustee, at
the written direction of the Beneficiary, and the Beneficiary, with prior written notice to each Note Rating Agency, upon issuance of an Issuer 

  
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Tax Opinion and, to the extent a Collateral Certificate is included in the property of the Trust, a Master Trust Tax Opinion and (A) in the case of a significant change to subsection
2.03(a) which the Trust reasonably believes will not have an Adverse Effect (as defined in the Indenture), with the consent of holders of not less than a majority of the Outstanding Dollar Principal Amount of each series, class or tranche of
Notes affected by such change, and (B) in all other cases, with the consent of holders of not less than 66 2/3% of the Outstanding Dollar Principal Amount of each series, class or tranche of Notes affected by such change;
provided, however, that, without the consent of the holders of all of the Notes then outstanding, no such amendment will (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of
payments in respect of any Receivables or any Collateral Certificates or distributions that are required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the Outstanding Dollar Principal Amount of the
Notes, the holders of which are required to consent to any such amendment. 
 Promptly after the execution of any such
amendment or consent, the Beneficiary will furnish written notification of the substance of such amendment or consent to the Indenture Trustee and each Note Rating Agency. 
 It will not be necessary for the consent of the Noteholders or the Beneficiary pursuant to this Section 11.01 to approve the particular form of any proposed amendment or consent, but it will
be sufficient if such consent will approve the substance thereof. 
 Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee will cause the filing of such amendment with the Secretary of State. 
 The Owner
Trustee will be entitled to receive, and will be fully protected in relying upon, an Officer’s Certificate of the Transferor or the Administrator to the effect that the amendment is authorized and that the conditions to such amendment have been
satisfied. The Owner Trustee may, but will not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

Section 11.02. No Legal Title to Trust Estate in Beneficiary. The Beneficiary will not have legal title to any part of the
Trust Estate. No transfer, by operation of law or otherwise, of any right, title, and interest of the Beneficiary to and in its Beneficial Interest in the Trust Estate will operate to terminate this 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 Trust Estate. 
 Section 11.03.
Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Transferor, the Beneficiary, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the
Noteholders, and nothing in this Agreement, whether express or implied, will be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein. 
 Section 11.04. Notices. Unless otherwise expressly specified or
permitted by the terms hereof, all notices will be in writing and will be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid

  
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(except that notice to the Owner Trustee will be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to the
Transferor or the Beneficiary, addressed to American Express Receivables Financing Corporation VIII LLC, 200 Vesey Street,
31st Floor, Room 507C, New York, New York 10285,
Attention: President (facsimile number (212) 640-0404), with a copy to American Express Travel Related Services Company, Inc., 200 Vesey Street, New York, New York 10285, Attention: Treasurer (facsimile number (212) 640-0405); or, as to
each party, at such other address as will be designated by such party in a written notice to each other party. 

Section 11.05. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction will, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 11.06. Separate Counterparts. This Agreement may
be executed by the parties hereto in separate counterparts, each of which when so executed and delivered will be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 11.07. Successors and Assigns. All covenants and agreements contained herein will be binding upon, and inure to the
benefit of, the Transferor and its successors and assigns, the Owner Trustee and its successors and the Beneficiary and its successors and assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action
by the Beneficiary will bind the successors and assigns of the Beneficiary. 
 Section 11.08. Nonpetition Covenants.
To the fullest extent permitted by applicable law, notwithstanding any prior termination of the Trust or this Agreement, the Owner Trustee (not in its individual capacity) and the Beneficiary, by its acceptance of the Beneficial Interest, will not
at any time with respect to the Trust, the Beneficiary or any applicable Master Trust, acquiesce, petition or otherwise invoke or cause the Trust, the Beneficiary or any applicable Master Trust to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Trust, the Beneficiary or any applicable Master Trust 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, the Beneficiary or any applicable Master Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust, the
Beneficiary or any applicable Master Trust; provided, however, that this Section 11.08 will not operate to preclude any remedy described in Article VII of the Indenture. 

Section 11.09. No Recourse. The Beneficiary by accepting the Beneficial Interest acknowledges that the Beneficial Interest
does not represent an interest in or obligation of the Transferor, the Administrator, the Owner Trustee (in its individual capacity), the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such parties or their assets, or
against the assets pledged under the Indenture, except as expressly provided in the Transaction Documents. 

  
 -28-

 Section 11.10. Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and will not define or limit any of the terms or provisions hereof. 

Section 11.11. GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER WILL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 11.12. Acceptance of Terms of Agreement. THE RECEIPT AND ACCEPTANCE OF THE BENEFICIAL INTEREST BY THE BENEFICIARY,
WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, WILL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE BENEFICIARY OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND WILL CONSTITUTE THE AGREEMENT OF THE TRUST THAT THE TERMS AND PROVISIONS
OF THIS AGREEMENT WILL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND THE BENEFICIARY. 
 Section 11.13.
Integration of Documents. This Agreement, together with the Transfer Agreement and the Servicing Agreement, constitutes the entire agreement of the parties hereto and thereto with respect to the subject matter hereof and thereof and
supersedes all prior agreements relating to the subject matter hereof and thereof. 
 ARTICLE XII 

COMPLIANCE WITH REGULATION AB 
 Section 12.01. Intent of the Parties; Reasonableness. The Transferor and the Trustee Bank acknowledge and agree that the purpose of this Article XII is to facilitate compliance by the
Transferor with the provisions of Regulation AB and related rules and regulations of the Commission. The Transferor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith,
or for purposes other than the Transferor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under
the Securities Act). The Trustee Bank agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding the Trustee Bank which is required in order to enable the Transferor to comply with the provisions of
Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as it relates to the Trustee Bank or to the Trustee Bank’s obligations under this Agreement. 
 Section 12.02. Information to Be Provided by the Trustee Bank. The Trustee Bank shall, as promptly as practicable, notify the Transferor, in writing, of: (i) the commencement of, a
material development in or, if applicable, the termination of, any and all legal proceedings against the Trustee Bank or any and all proceedings which any property of the Trustee Bank is the subject, that is material to the noteholders; and
(ii) any such proceedings 

  
 -29-

 
known to be contemplated by governmental authorities. The Trustee Bank shall also notify the Transferor, in writing, as promptly as practicable following notice to or discovery by the Trustee
Bank of any material changes to proceedings described in the preceding sentence. In addition, the Trustee Bank will furnish to the Transferor, in writing, the necessary disclosure regarding the Trustee Bank describing such proceedings required to be
disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Transferor pursuant to the Exchange Act. 
 Notwithstanding the provisions of Section 12.01, the Trustee Bank shall (i) on an annual basis, provide to the Transferor such information regarding the Trustee Bank as is requested for
the purpose of compliance with Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Trustee Bank of any material changes to such information, provide to the
Transferor, in writing, such updated information. Such information shall include, at a minimum: 
 (A) the
Trustee Bank’s name and form of organization; 
 (B) a description of the extent to which the Trustee Bank
has had prior experience serving as a trustee for asset-backed securities transactions involving credit card receivables; 
 (C) a description of any affiliation between the Trustee Bank and any of the following parties to a Securitization Transaction, as such parties are identified to the Trustee Bank by the Transferor in
writing in advance of such Securitization Transaction: 
  

	 	(1)	the sponsor; 

  

	 	(2)	any depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

 In connection with the above-listed parties, a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is
entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that
existed during the past two years and that is material to an investor’s understanding of the asset-backed securities. 

  
 -30-

 Section 12.03. Repurchase Demand Activity Reporting. 

(a) To assist in the Transferor’s compliance with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under
the Securities Exchange Act (the “Repurchase Rules and Regulations”), the Trustee Bank shall provide certain information regarding certain asset repurchase demand activities related to the Repurchase Reporting Series: 

(i) No later than the second Business Day following the end of each calendar quarter in which any Repurchase Reporting
Series is Outstanding, the Trustee Bank shall provide information regarding repurchase demands during the preceding calendar quarter related to the underlying assets for each such Repurchase Reporting Series in substantially the form of Exhibit
C hereto. 
 (ii) No later than the second Business Day of each month in which any Repurchase Reporting
Series subject to continuing obligations for filing of reports on Form 10-D under the Securities Exchange Act is outstanding, the Trustee Bank shall provide information regarding repurchase demands during the preceding month related to the
underlying assets for each such Repurchase Reporting Series in substantially the form of Exhibit C hereto. 
 (b) The
Trustee Bank shall provide the information described in paragraph (a) above subject to the following understandings and conditions: 
 (i) The Trustee Bank shall provide the information described in paragraph (a) above only to the extent that the Trustee Bank has such information or can obtain such information without unreasonable
effort or expense; provided that the Trustee Bank’s efforts to obtain such information shall be limited to a review of its internal written records of repurchase demand activity for the applicable Repurchase Reporting Series and that the
Trustee Bank is not required to request information from any unaffiliated parties. 
 (ii) The reporting of
repurchase demand activity pursuant to this Section 12.03 is subject to the best knowledge of the trust officer responsible for the applicable Repurchase Reporting Series. 

(iii) The reporting of repurchase demand activity pursuant to this Section 12.03 is required only in respect
of Repurchase Reporting Series that include a covenant to repurchase or replace underlying assets upon breach of a representation or warranty. For purposes hereof, the term “demand” shall not include repurchases or replacements made
pursuant to instruction, direction or request from the securitizer (as defined in Rule 15Ga-1) or its affiliates. 
 (iv) The Trustee Bank’s reporting pursuant to this Section 12.03 is limited to information that the Trustee Bank has received or acquired solely in its capacity as Owner Trustee for and
not in any other capacity. Other than any express duties or responsibilities as Owner Trustee under the Transaction Documents, the Trustee Bank has no duty or obligation to undertake any investigation or inquiry related to repurchase demand activity
or otherwise to assume any additional duties or 

  
 -31-

 
responsibilities in respect of any Repurchase Reporting Series, and no such additional obligations or duties are implied. The Trustee Bank is entitled to the full benefit of any and all
protections, limitations on duties or liability and rights of indemnity provided by the terms of the Transaction Documents in connection with any actions pursuant to this Section 12.03. 

(v) The Trustee Bank’s obligation to provide reporting with regard to each Repurchase Reporting Series will continue
so long as any Repurchase Reporting Series is Outstanding or until the Transferor notifies the Trustee Bank that such reporting no longer is required. 

  
 -32-

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

					
	WILMINGTON TRUST COMPANY
		
	By:	 	 /s/ Erwin M. Soriano

		 	Name:	 	Erwin M. Soriano
		 	Title:	 	Assistant Vice President
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
 as Beneficiary and Transferor

		
	By:	 	 /s/ Anderson Y. Lee

		 	Name:	 	Anderson Y. Lee
		 	Title:	 	Vice President and Treasurer

  

					
	Acknowledged and Accepted:
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	WILMINGTON TRUST COMPANY,
		 	not in its individual capacity, but solely
		 	as Owner Trustee
		
	By:	 	 /s/ Erwin M. Soriano

		 	Name:	 	Erwin M. Soriano
		 	Title:	 	Assistant Vice President

 [Trust Agreement] 

 Exhibit A 

CERTIFICATE OF TRUST 

 Exhibit B 

AMERICAN EXPRESS ISSUANCE TRUST II 
 [FORM OF] TRANSFEROR CERTIFICATE 
 THIS TRANSFEROR CERTIFICATE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS TRANSFEROR CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
SUCH REGISTRATION PROVISIONS. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THIS TRANSFEROR CERTIFICATE IS NOT PERMITTED
TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE TRUST AGREEMENT REFERRED TO HEREIN. 
  

			
	No. [    ]	  	One Unit            

 AMERICAN EXPRESS ISSUANCE TRUST II 

TRANSFEROR CERTIFICATE 
 THIS TRANSFEROR CERTIFICATE REPRESENTS A TRANSFEROR INTEREST 
 RELATING TO
THE 
 AMERICAN EXPRESS ISSUANCE TRUST II (THE “TRUST”) 

The corpus of the Trust consists of the Trust Estate. 
 (Not an interest in or obligation of the Transferor or any affiliate thereof) 

This certifies that American Express Receivables Financing Corporation VIII LLC is the registered owner of all of the Transferor
Interest, subject to the lien of the Notes as provided in the Indenture, dated as of October 24, 2012 (as amended and supplemented, the “Indenture”), between The Bank of New York Mellon, as indenture trustee (the
“Indenture Trustee”) and the Trust, existing pursuant to the American Express Issuance Trust II Amended and Restated Trust Agreement, dated as of October 24, 2012 (as amended and supplemented, the “Trust
Agreement”), between American Express Receivables Financing Corporation VIII LLC, as beneficiary and as transferor (the “Transferor”), and Wilmington Trust Company, as owner trustee (not in its individual capacity, but
solely as owner trustee the “Owner Trustee”). The corpus of the Trust consists of the Trust Estate (as defined in the Trust Agreement). Although a summary of certain provisions of the Transfer Agreement, dated as of October 24,
2012 (as amended and supplemented, the “Transfer Agreement”), among the Transferor, American Express Travel Related Services Company, Inc., as servicer and administrator, the Trust, as issuer, and the Indenture Trustee, the Trust
Agreement and the Indenture (collectively, the 

 
“Agreements”) is set forth below, this Transferor Certificate does not purport to summarize the Agreements and reference is made to the Agreements for information with respect to
the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Owner Trustee. A copy of the Agreements may be requested from the Owner Trustee by writing to the Owner Trustee. To the
extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreements. 
 This
Transferor Certificate is issued under and is subject to the terms, provisions and conditions of the Agreements, to which Agreements, as amended and supplemented from time to time, the Transferor by virtue of its acceptance hereof assents and is
bound. 
 This Transferor Certificate (this “Transferor Certificate”) represents all of the Transferor’s
interest in the Transferor Interest. The Transferor Interest includes the right to receive a portion of the collections and other amounts at the times and in the amounts specified in the Indenture and any Indenture Supplement to be paid to the
Transferor on behalf of the holder of the Transferor Interest. In addition to the Transferor Certificate, Notes will be issued to investors pursuant to the Indenture. 
 Unless otherwise specified in an Indenture Supplement with respect to a particular Series of Notes, the Transferor has entered into the Transfer Agreement, and this Transferor Certificate is issued, with
the intention that, for federal, state and local income and franchise tax purposes, (a) the Notes of each Series, Class or Tranche which are characterized as indebtedness at the time of their issuance will qualify as indebtedness of the
Transferor secured by the applicable portion of the Trust Estate and (b) the Trust shall not be treated as an association (or a publicly traded partnership) taxable as a corporation. The Transferor, by the acceptance of this Transferor
Certificate, agrees to treat the Notes for federal, state and local income and franchise tax purposes as indebtedness of the Transferor. Unless the certificate of authentication hereon has been executed by or on behalf of the Owner Trustee, by
manual signature, this Transferor Certificate shall not be entitled to any benefit under the Trust Agreement or be valid for any purpose. 
 THIS TRANSFEROR CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

 IN WITNESS WHEREOF, the Trust has caused this Transferor Certificate to be duly executed.

  

			
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	WILMINGTON TRUST COMPANY,
		 	not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: [            ], 20[    ]

 CERTIFICATE OF AUTHENTICATION 
 This is the Transferor Certificate referred to in the within-mentioned Trust Agreement. 
  

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

not in its individual capacity
 but solely as
Owner Trustee

					
		 		 		 	By	 	  

		 		 		 		 	Authenticating Agent
					
	By	 	  
	 		 	By	 	  

		 	Authorized Signatory	 		 		 	Authorized Signatory

 Exhibit C 

FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT 
 Reporting Period:                      

Issuing Entity: American Express Issuance Trust II 
 Reporting Entity: Wilmington Trust Company 

 ̈ Check here if nothing to report. 

 

					
	 Activity During Period1

	 Date of Reputed Demand
	 	 Party Making Reputed Demand
	 	 Date of Withdrawal of Reputed
Demand

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

	1 	 The Owner Trustee should attach and forward copies of any written demands to the securitizer.

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