Document:

Exhibit 10.43

 

EXECUTION
VERSION

 

Certain
information contained in this document, marked by brackets [***], has been omitted pursuant to Regulation S-K, Item 601(b)(10) because
it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. 

 

COLLABORATION
AGREEMENT

 

This
Collaboration Agreement (“Agreement”), is made effective as of January 13, 2022 (the “Effective Date”)
by and between Life Technologies Corporation, a Delaware corporation having a place of business at 5823 Newton Drive, Carlsbad, California
92008 (“LTC”); and Oncocyte Corporation, a California corporation having a place of business at 15 Cushing, Irvine,
California 92618 (“Oncocyte”). Hereinafter, each of LTC and Oncocyte are referred to as a “Party”
and collectively as the “Parties.”

 

BACKGROUND

 

LTC
is engaged in business that includes the development, production and sale of in vitro diagnostic products and has existing technology
that enables the sequencing of hundreds of genes simultaneously from tumor samples with high reproducibility and rapid turnaround times.

 

Oncocyte
is engaged in business that includes the development and commercialization of diagnostic assay services and products to provide clear
insights to physicians and their patients that inform critical decisions in the diagnosis, treatment, and monitoring of cancer.

 

Oncocyte
and LTC wish to partner in the development and collaborate in the commercialization of Collaboration LTC Products (as defined below)
and Collaboration Determa Products (as defined below), including Oncocyte’s validation of LTC’s OCA Plus assay and Oncocyte’s
Determa IO assay and for use with the NGS Instrument in order to obtain IVD regulatory approval.

 

Now,
therefore, the Parties hereby agree as follows:

 

Article
1

DEFINITIONS

 

Capitalized
terms not defined in the text are defined below and have the meanings set forth therein whether used in singular or plural forms.

 

1.1 “AAA”
has the meaning set forth in Section 15.4(a) ([***]).

 

1.2 “Activities”
means the activities to be undertaken pursuant to the LTC Product Development Plan or LTC Product Commercialization Plan, as applicable,
and, the Determa Product Development Plan and the Determa Product Commercialization Plan, as applicable, under this Agreement, on the
terms contained herein.

 

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1.3 “Affiliate”
means any corporation or other business entity that is controlled by, controlling, or under common control with the affected Party or
Third Party, wherein control means direct or indirect ownership of at least 50% (or such lesser percentage which is the maximum allowed
to be owned by a foreign corporation in a particular jurisdiction) of the stock entitled to vote in the election of directors (or in
the case of an entity that is not a corporation, for the election of the corresponding managing authority) or the power to direct or
cause the direction of the management and policies of such corporation or other business entity, directly or indirectly, whether through
ownership of voting securities, by contract or otherwise. For clarity, a corporation or other business entity is only considered an Affiliate
for as long as such control exists.

 

1.4 “Agreement”
has the meaning set forth in the preamble.

 

1.5 “AmpliSeq”
means LTC’s AmpliSeqTM chemistry.

 

1.6 “AmpliSeq
Terms” has the meaning set forth in Section 4.7 (AmpliSeqTM Terms and Conditions).

 

1.7 “Applicable
Law” means all applicable laws, statutes, rules, regulations, court orders or injunctions having the effect of law of any federal,
national, multinational, state, provincial, county, city or other political subdivision, agency or other body, domestic or foreign, including
but not limited to any applicable rules, regulations, or other requirements of the Regulatory Authorities that may be in effect from
time to time.

 

1.8 “Arising
IP” means any Intellectual Property Rights invented or developed in the course of the performance of Activities under this
Agreement, either solely by or on behalf of a Party or jointly by the Parties, and includes all Collaboration Data, LTC Product Arising
IP, Oncocyte Product Arising IP and Other Arising IP; provided, however, that Arising IP does not include any Intellectual Property
Rights arising from LTC’s research and development activities for RUO-labeled OCA Plus Assay and related components as provided
in Section 4.5 (LTC Early Development).

 

1.9 “Background
IP” means all Intellectual Property Rights other than Arising IP that are necessary for purposes of carrying out this Agreement
and that are Controlled by a Party on or after the Effective Date. For clarity, to the extent a Party obtains Control of Relevant Third
Party IP after the Effective Date, such rights will be included in such Party’s Background IP.

 

1.10 “Biomarker”
means a measurable substance in an organism whose presence is indicative of some phenomenon such as disease, infection, or environmental
exposure.

 

1.11 “[***]”
means a Regulatory Submission to a Regulatory Authority that claims the Collaboration LTC Product may be used [***]

 

1.12 “CCPA”
has the meaning set forth in Section 1.25 (De-identified).

 

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1.13 “Change
of Control” means (a) the consummation of a reorganization, merger or consolidation of Oncocyte with one or more other persons,
other than a transaction immediately following which more than 50% of the stock or other equity of the entity resulting from such transaction
are beneficially owned (in each case within this definition, within the meaning of Rule 13d-3 promulgated under the Exchange Act) by
persons who, immediately prior to such transaction, beneficially owned more than 50% of the outstanding equity ownership interests in
Oncocyte; (b) the acquisition of all or substantially all of the assets of Oncocyte or the acquisition of beneficial ownership of more
than 50% of the outstanding securities of Oncocyte entitled to vote generally in the election of directors by any person or by any persons
acting in concert other than a transaction described in clause (a) above; (c) a complete liquidation or dissolution of Oncocyte, in each
case, whether accomplished in a single transaction or series of related transactions; or (d) the acquisition or merger of Oncocyte by
or with a publicly traded special purpose acquisition company (“SPAC”) in which the shareholders of Oncocyte receive
shares of the SPAC as consideration; provided, however, that in no event will a Change of Control be deemed to have occurred
as a result of any acquisition of securities or assets of Oncocyte or a subsidiary of Oncocyte, by Oncocyte or any subsidiary of Oncocyte,
or by any employee benefit plan maintained by any of them; and provided further that a sale of securities by Oncocyte for capital
raising purposes that does not satisfy clause (b) above will not be a Change of Control. Notwithstanding the foregoing, [***] For purposes
of this definition, the term “person” will have the meaning assigned to it under sections 13(d)(3) or 14(d)(2) of the Exchange
Act.

 

1.14 “Claim”
means any claim, demand, lawsuit or legal action brought against a Party.

 

1.15 “Collaboration
Data” means any results, information, data, presentations, summaries, and analyses that are generated during the Activities
or result from the performance of the Activities, whether developed by a Party’s or its Affiliates’ or subcontractors’
employees, agents, or independent contractors, or any Persons contractually required to assign or license such data to a Party or any
Affiliate of a Party; provided that “Collaboration Data” will not include any LTC Product Arising IP, Oncocyte Product
Arising IP, any results, information, data, presentations, summaries, and analyses developed by Oncocyte which may be provided to LTC
during the Term or, for the avoidance of doubt, any Intellectual Property Rights arising from LTC’s research and development activities
under Section 4.5 (LTC Early Development).

 

1.16 “Collaboration
Determa Products” means the Determa Assay product running on the NGS Instrument that (a) utilizes a proprietary set of AmpliSeqTM
primers developed by LTC for amplifying the set of Biomarkers that are included in the panel from FFPE tissue samples or blood
samples designed to be run on the NGS Instrument, and (b) has been developed and validated for RUO or IVD guidance of therapy selection
claims pursuant to this Agreement.

 

1.17 “Collaboration
LTC Product” means the OCA Plus product running on the NGS Instrument that (a) utilizes a proprietary set of AmpliSeqTM
primers developed by LTC for amplifying the set of Biomarkers that are included in the panel from FFPE tissue samples designed
to be run on the NGS Instrument, and (b) has been developed and validated for use in the Field pursuant to this Agreement.

 

1.18 “Combination
Product” means (a) with respect to a Kitted LTC Product, an LTC product that is (i) sold in the form of a combination that
contains or comprises a Kitted LTC Product together with one or more other products (other than an IVD-labeled Collaboration LTC Product,
Library Preparation Reagent, Sample Preparation Reagent, or Core Consumable) (such other product, an “Other LTC Product”),
and (ii) sold for a single invoice price, or (b) with respect to a Collaboration Determa Product or Kitted Determa Product, an Oncocyte
product (in the Territory) or LTC product (outside the Territory) that is (i) sold in the form of a combination that contains or comprises
a Collaboration Determa Product or Kitted Determa Product (as applicable) together with one or more other products (other than an RUO-labeled
Collaboration Determa Product, an IVD-labeled Collaboration Determa Product, or Library Preparation Reagent) (such other product, an
“Other Determa Product”), and (ii) sold for a single invoice price.

 

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1.19 “Commercialization
Plans” means the LTC Product Commercialization Plan and the Determa Product Commercialization Plan.

 

1.20 “Commercially
Reasonable Efforts” means, with respect to a Party, [***]

 

1.21 “Comprehensive
Genomic Profiling Assay” means a tissue-based NGS assay that assesses both DNA and RNA, and that assesses at least 500 genes,
microsatellite instability, and tumor mutational burden for the purpose of tumor profiling. OCA Plus is a Comprehensive Genomic Profiling
Assay.

 

1.22 “Confidential
Information” includes, but is not limited to, know-how, trade secrets, tools, methods, methodologies, processes, techniques,
apparatus, designs, specifications, samples, technical descriptions, study proposals, study data, computer source code, customer lists,
pricing information, product development plans, marketing plans, personnel information, financial information and business strategies,
together with other information which a reasonable person would conclude is intended to remain confidential, due to its nature or the
circumstances under which it is disclosed, and any other non-public information that the Disclosing Party designates as proprietary or
confidential pursuant to the terms herein. Confidential Information also includes any reports, study data, notes, summaries, abstracts,
or drafts of Confidential Information or oral presentations, reports, or discussions referring to, describing, elaborating upon, verifying
or otherwise relating to the Disclosing Party’s Confidential Information that are created by the Receiving Party. For LTC, “Confidential
Information” will also include any information relating to LTC’s nucleic acid sample preparation technology (including but
not limited to LTC’s AmpliSeqTM technology and LTC’s library preparation or template preparation technologies), or LTC’s
sequencing technologies, including but not limited to (1) LTC’s Ion TorrentTM technology, instruments, kits, chips, arrays,
consumables, reagents (including primers, primer sequences and/or primer designs provided by LTC under this Agreement), protocols, primers,
primer sequences, primer designs, and assay design methodologies, electronics, sensors, devices, platforms, workflows, software, and/or
computer code; (2) design, configuration, composition, use, manufacturing, layout, or packaging of any of the foregoing; (3) extraction,
manipulation, processing, analysis and/or storage of data related to any of the foregoing; and/or (4) business, research and/or development
activities, products, and/or services related to any of the foregoing. Notwithstanding the foregoing, (a) Confidential Information does
not include any item of information that: (i) is within the public domain prior to the time of the disclosure by the Disclosing
Party or thereafter becomes within the public domain other than as a result of disclosure by the Receiving Party or any of its representatives
in violation of this Agreement, (ii) was, on or before the date of disclosure, rightfully in the possession of the Receiving Party without
burden of confidentiality (including, but not limited to any obligations of confidentiality under the Supply Agreement and any earlier
supply agreement between the Parties), as evidenced by written records, however maintained, (iii) is acquired by the Receiving Party
from a Third Party having the right to disclose without burden of confidentiality, or (iv) is hereafter independently developed by the
Receiving Party without use of the Disclosing Party’s Confidential Information, as evidenced by written records, however maintained,
and (b) Collaboration Data will be deemed the Confidential Information of both of the Parties.

 

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1.23 “Control”
or “Controlled” means, with respect to any Intellectual Property Rights or other assets, possession by Oncocyte or
its respective Affiliates or LTC or the LTC Subsidiaries, as of the time of inquiry, of the right (whether by ownership, license or otherwise,
other than pursuant to this Agreement) to grant to the other Party access, ownership, a license, sublicense, or other right to or under
such Intellectual Property Rights or assets for the specific purposes provided for herein without any payment obligation to any Third
Party or conflict with any other obligation or violating the terms of any agreement or other arrangement with any Third Party.

 

1.24 [***]

 

1.25 “De-identified”
means the process by which (a) health information no longer identifies an individual and with respect to which there is no reasonable
basis to believe that the information can be used to identify or re-identify an individual, as set forth in §164.514 of the Privacy
Rule of the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), (b) Personal Data (as that term
is defined in Article 4 of the General Data Protection Regulations (“GDPR”)) that is subject to GDPR requirements
is anonymized or, where not possible, pseudonymized as defined under the GDPR, and (c) personal information is deidentified (as those
terms are defined in the California Consumer Privacy Act (“CCPA”)).

 

1.26 “Determa
Algorithm” means Oncocyte’s proprietary algorithm, including as set forth in international patent application number
PCT/US2021/044240, that combines mRNA gene expression data and interprets the physiology of both the tumor and its surrounding micro-environment
in order to predict the response to immuno-oncology therapies.

 

1.27 “Determa
Assay” means Oncocyte’s Determa IO Assay that is a multivariate gene expression test performed on FFPE biopsy specimens,
and which measures the presence of subtypes of infiltrating inflammatory cells, and the presence or absence of a differentiated stromal
microenvironment. In combination with the Determa Algorithm, the Determa Assay is used to predict the response to immuno-oncology therapies.

 

1.28 “Determa
Product Commercialization Plan” has the meaning set forth in Section 5.3(b) (Collaboration Determa Products).

 

1.29 “Determa
Product Development Budget” has the meaning set forth in Section 4.1(b) (Determa Product Development Plan).

 

1.30 “Determa
Product Development Plan” has the meaning set forth in Section 4.1(b) (Determa Product Development Plan).

 

1.31 “Determa
Product Territory” means the United States.

 

1.32 “Development”
means activities relating to the development, optimization, validation, or clinical testing of any product or service, including activities
relating to obtaining or maintaining Regulatory Approval of such product or service. When used as a verb, “Develop”
means to engage in Development.

 

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1.33 “Development
Budgets” means the LTC Product Development Budget and the Determa Product Development Budget.

 

1.34 “Development
Plans” means the LTC Product Development Plan and the Determa Product Development Plan.

 

1.35 “Disclosing
Party” means the Party disclosing its Confidential Information to the Receiving Party.

 

1.36 “Effective
Date” has the meaning set forth in the preamble.

 

1.37 “[***]”
has the meaning set forth in Section 15.8(b) (Transfer Event).

 

1.38 “Executive
Officers” has the meaning set forth in Section 2.3(b) (Actions or Decisions).

 

1.39 “FDA”
means the United States Food and Drug Administration.

 

1.40 “Field”
means (a) with respect to Collaboration LTC Products, distributed IVD assay kits for the tumor profiling of and guidance of therapy selection
for solid tumor cancers in humans, including use as a companion diagnostic test specified in the label of a therapeutic product
approved by the applicable Regulatory Authority and run on an NGS Instrument, and (b) with respect to Collaboration Determa Products,
(i) distributed in IVD assay kits for guidance of therapy selection for solid tumor cancers in humans to predict the response
to immune-oncology therapies, including use as a companion diagnostic test specified in the label of a therapeutic product approved
by the applicable Regulatory Authority and run on an NGS Instrument, and (ii) distributed assay kits sold with an RUO label for use on
an NGS Instrument solely in accordance with the Determa Product Commercialization Plan for the purpose of demonstrating the capabilities
of the Collaboration Determa Products as a potential IVD assay for guidance of therapy selection for solid tumor cancers in humans to
predict the response to immune-oncology therapies. For the avoidance of doubt, assays kits for assessing other than solid tissue samples,
including hematologic malignancies such as leukemia, lymphoma, and multiple myeloma, are excluded from the Field.

 

1.41 “First
Commercial Sale” means, (a) for a Kitted LTC Product (worldwide) or Kitted Determa Product (outside the Determa Product Territory)
and a country, the first sale for end use or consumption to a Third Party of such product in such country by LTC or its Affiliate, or
any distributor of LTC or its Affiliates, after receipt of Regulatory Approval in the Field for use of the Kitted LTC Product or Kitted
Determa Product by the relevant Regulatory Authority in such country, and (b) for a Collaboration Determa Product in the Determa Product
Territory, the first sale for end use or consumption to a Third Party of such Collaboration Determa Product in such country by Oncocyte
or its Affiliate in the Determa Product Territory, or any distributor of such Party or its Affiliates, after receipt of Regulatory Approval
in the Field for use of the Collaboration Determa Product by the relevant Regulatory Authority in the Determa Product Territory. First
Commercial Sale excludes any transfers of a product to Third Parties for use in a clinical trial or other development activities or any
expanded access program, compassionate sales or use program (including any named patient program or single patient program), or indigent
program; provided that such transfers are provided at no profit to the transferring Party and its Affiliates.

 

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1.42 “GCP”
means the then-current good clinical practice standards, practices, and procedures promulgated or endorsed by the applicable Regulatory
Authority as set forth in the guidelines imposed by such Regulatory Authority, as may be updated from time-to-time.

 

1.43 “GDPR”
has the meaning set forth in Section 1.25 (De-identified).

 

1.44 “HIPAA”
has the meaning set forth in Section 1.25 (De-identified).

 

1.45 “[***]”
means a Regulatory Submission to a Regulatory Authority that claims the Collaboration LTC Product may be used [***]

 

1.46 “Indemnified
Party” means the Party seeking indemnification.

 

1.47 “Indemnifying
Party” means Party from which an Indemnified Party seeks indemnification.

 

1.48 “Intellectual
Property Rights” means rights in and to all (a) Patents, (b) copyrights, whether registered or unregistered, (c) Know How,
and (d) any other intellectual or other proprietary rights of any kind now known or hereafter recognized in any jurisdiction relating
to technology, including the right to bring a claim with respect to any of the foregoing for past, present or future infringement, and
any applications or registrations thereof, but excluding trademarks, service marks, trade names, trade dress, domain names and similar
rights, including goodwill therein.

 

1.49 “IUO”
means investigational use only.

 

1.50 “IVD”
means in vitro diagnostic for human genetic testing, involving the detection of specific alleles, mutations, genotypes, karyotypes
or epigenetic changes that are associated with heritable traits, diseases or predispositions to disease for the individual or their descendants.

 

1.51 “Joint
Committee” means each of the JSC, JDC, and any Joint Subcommittee.

 

1.52 “Joint
Development Committee” or “JDC” means a joint committee formed by the Parties, as more particularly described
in Section 2.2 (Joint Development Committee).

 

1.53 “Joint
Other Arising IP” means (a) Other Arising IP invented or developed jointly by the Parties, and (b) Collaboration Data.

 

1.54 “Joint
Steering Committee” or “JSC” means a joint committee formed by the Parties, as more particularly described
in Section 2.1 (Joint Steering Committee).

 

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1.55 “Joint
Subcommittee” has the meaning set forth in Section 2.1(c) (Subcommittees).

 

1.56 “Kitted
Determa Product” means any SKU that includes the Collaboration Determa Product with either (a) an IVD label that has been granted
pre-market notification or pre-market authorization by the FDA (or the equivalent foreign Regulatory Approval) based upon a Regulatory
Submission that includes or incorporates by reference the Collaboration Data, or (b) an RUO label, in each case ((a) or (b)), whether
alone or in combination with one or more of the following: [***] For the avoidance of doubt, a Kitted Determa Product will not include
any assay other than the Collaboration Determa Product, and any Kitted Determa Product sold with an assay other than the Collaboration
Determa Product for a single invoice price will be treated as a Combination Product, with the non-Collaboration Determa Product treated
as an Other Product.

 

1.57 “Kitted
LTC Product” means any SKU sold by LTC that includes the Collaboration LTC Product with an IVD label that has been granted
pre-market notification by the FDA (or the equivalent foreign Regulatory Approval) based upon a Regulatory Submission that includes or
incorporates by reference the Collaboration Data, whether alone or in combination with one or more of the following: [***] For the avoidance
of doubt, a Kitted LTC Product will not include any assay other than the Collaboration LTC Product, and any Kitted LTC Product sold with
an assay other than the Collaboration LTC Product for a single invoice price will be treated as a Combination Product, with the non-Collaboration
LTC Product treated as an Other Product.

 

1.58 “Know
How” means any information and materials, including discoveries, inventions, improvements, processes, techniques, machines,
manufactures, technical developments, methods, analysis, results, tools, models, systems, assays, designs, protocols, formulas, compositions,
genetic constructs, sequences, data, databases, algorithms, software, know-how and trade secrets (in each case, patentable, copyrightable
or otherwise), but excluding any Patent.

 

1.59 [***]

 

1.60 “Loss”
means any liability, damage, cost, and expense of every kind and description, including penalties and reasonable attorney fees, other
than consequential or speculative damages incurred by a Party based on lost sales of any product.

 

1.61 “LTC”
has the meaning set forth in the preamble.

 

1.62 “LTC
Indemnified Parties” means LTC and its Affiliates, and its and their respective officers, directors, employees, agents and
representatives.

 

1.63 “LTC
Materials” means the Materials owned or Controlled by LTC and provided by LTC to Oncocyte under this Agreement.

 

1.64 “LTC
Product Arising IP” means Arising IP that (a) [***] or (b) [***]

 

1.65 “LTC
Product Commercialization Plan” has the meaning set forth in Section 5.3(a) (Collaboration LTC Products).

 

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1.66 “LTC
Product Development Budget” has the meaning set forth in Section 4.1(a) (LTC Product Development Plan).

 

1.67 “LTC
Product Development Milestones” means development milestones and associated timelines set forth in the LTC Product Development
Plan.

 

1.68 “LTC
Product Development Plan” means the written plan for conducting activities with respect to the Collaboration LTC Product for
use in the Field in the Territory as further described in Section 4.1(a) (LTC Product Development Plan).

 

1.69 “LTC
Product Territory” means the United States, Canada, United Kingdom, European Union, Switzerland, Australia, and New Zealand.

 

1.70 “LTC
Subsidiaries” means LTC Affiliates that are under the direct or indirect control of LTC.

 

1.71 “Manufacturer
of Record” means the entity that is responsible for a product’s design, manufacture, packaging, labeling, distribution,
and regulatory compliance (both pre-market and post-market compliance) regardless of whether these operations are carried out by the
entity or on its behalf by another Person.

 

1.72 “Materials”
means any specimens, samples or such other biological materials, including human tissue, blood, pre-extracted materials from human samples,
cell lines, plasmids, controls, and other contrived samples, that are (i) furnished by one Party to the other Party under this Agreement,
or (ii) procured through Third Party vendors under this Agreement.

 

1.73 “Net
Sales” means gross receipts from the sale by LTC or its Affiliates of Kitted LTC Products (worldwide), or Kitted Determa Products
(outside the Territory), or by Oncocyte or its Affiliates of Collaboration Determa Products (inside the Territory) (as applicable) to
Third Parties in the Field, less deductions for:

 

(a) [***]

 

(b) [***]

 

(c) [***]

 

(d) [***]
and

 

(e) [***]

 

Transfer
by LTC of Kitted LTC Products (worldwide) or Kitted Determa Products (outside the Territory) or by Oncocyte of Collaboration Determa
Products (in the Territory) (as applicable) to its Affiliate(s) for subsequent resale will not constitute sale to Third Parties. Only
those revenues from sale of such Kitted LTC Products, Kitted Determa Products or Collaboration Determa Products (as applicable) to non-affiliated
Third Parties, including but not limited to distributors, will be included in the determination of Net Sales.

 

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In
the case of any Combination Product sold in a given country:

 

(i) Net
Sales for the purpose of determining the Revenue Share Payment of such Combination Product in such country will be calculated by multiplying
actual Net Sales of such Combination Product by the fraction A/(A+B), where A is the invoice price of the Kitted LTC Product, Kitted
Determa Products or Collaboration Determa Product (as applicable) if sold separately in the same country, and B is the total invoice
price of the Other Products in the Combination Product if sold separately in such country.

 

(ii) If
the Kitted LTC Product, Kitted Determa Product, or Collaboration Determa Product (as applicable) is sold separately in such country,
but the Other Products in the Combination Product are not sold separately in such country, then Net Sales for the purpose of determining
the Revenue Share Payment of the Combination Product for such country will be calculated by multiplying actual Net Sales of the Combination
Product by the fraction A/C, where A is the invoice price of the Kitted LTC Product, Kitted Determa Product or Collaboration Determa
Product (as applicable) if sold separately in such country, and C is the invoice price of the Combination Product in such country.

 

(iii) If
the Kitted LTC Product, Kitted Determa Product, or Collaboration Determa Product (as applicable) in the Combination Product is not sold
separately in such country, but the Other Products included in the Combination Product are sold separately in such country, then Net
Sales for the purpose of determining the Revenue Share Payment of the Combination Product for such country will be calculated by multiplying
actual Net Sales of the Combination Product by the fraction 1-(B/C), where B is the invoice price of the Other Products included in such
Combination Product if sold separately in such country, and C is the invoice price of the Combination Product in such country.

 

(iv) If
neither the Kitted LTC Product, Kitted Determa Product, or Collaboration Determa Product (as applicable) nor the Other Products are sold
separately in such country, then Net Sales will be calculated by mutual agreement of the Parties in good faith based on the relative
economic value contributions of the Kitted LTC Product, Kitted Determa Product, or Collaboration Determa Product (as applicable) and
each of the Other Products included in such Combination Product when sold in such country.

 

The
gross receipts for the sale of a Kitted LTC Product or Kitted Determa Product (as applicable) will not include amounts received for the
sale of any NGS Instrument sold in the same transaction. In the event that the Kitted LTC Product or Kitted Determa Product (as applicable)
is sold in a bundle with an NGS Instrument for a single price, then LTC’s list price for such NGS Instrument in the country of
sale will be deducted from its gross receipts for such sale in the calculation of Net Sales.

 

There
will be no imputed Net Sales from free samples, free goods, or other marketing programs whereby assays are provided free of charge. In
addition, Net Sales will not accrue for sales for use in a clinical trial or other development activities or any expanded access program,
compassionate sales or use program (including named patient program or single patient program), or indigent program; provided
that such transfers are provided at no profit to the selling Party and its Affiliates.

 

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1.74 “[***]
ROFN Notice” has the meaning set forth in Section 3.8 ([***] Right of First Negotiation).

 

1.75 “[***]
ROFN Exercise Notice” has the meaning set forth in Section 3.8 ([***] Right of First Negotiation).

 

1.76 “NGS”
means next generation sequencing.

 

1.77 “NGS
Consumable” means LTC’s or its Affiliates’ buffers, primers, probes, preamplification materials, and other reagents
or consumables that are necessary for the NGS Workflow and any improvements or updates thereto.

 

1.78 “NGS
Instrument” means LTC’s Ion TorrentTM GenexusTM Integrated Sequencer or LTC’s Ion TorrentTM
GenexusTM Integrated Sequencer together with LTC’s Ion TorrentTM GenexusTM Purification
System, as applicable.

 

1.79 “NGS
Product” means, collectively, NGS Consumables, NGS Instruments and NGS Software.

 

1.80 “NGS
Software” means LTC’s or its Affiliates’ software specific to the NGS Instrument that is needed to interpret data
generated from an NGS Instrument that runs an OCA Plus assay and any improvements or updates thereto.

 

1.81 “NGS
Workflow” means a workflow comprised of an NGS Instrument and, at a minimum, a Collaboration Determa Product or Collaboration
LTC Product (as applicable), and which may also include NGS Software and NGS Consumables.

 

1.82 “OEM”
means original equipment manufacturer.

 

1.83 “Oncocyte
Indemnified Party” means Oncocyte and its Affiliates and its and their respective officers, directors, employees, agents and
representatives.

 

1.84 “Oncocyte
Materials” means the Materials owned or Controlled by Oncocyte and provided by Oncocyte to LTC under this Agreement.

 

1.85 “Oncocyte
Product Arising IP” means Arising IP that relates [***]; provided, however, [***]

 

1.86 “Oncomine
Comprehensive Assay Plus” or “OCA Plus” means LTC’s NGS-based assay utilizing a proprietary set of
primers developed by LTC for amplifying the set of Biomarkers that are included in the panel from FFPE tissue samples designed to be
run on the NGS Instrument.

 

1.87 “Other
Arising IP” means Arising IP that is neither LTC Product Arising IP nor Oncocyte Product Arising IP.

 

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1.88 “Other
Determa Product” has the meaning set forth in Section 1.18 (Combination Product).

 

1.89 “Other
LTC Product” has the meaning set forth in Section 1.18 (Combination Product).

 

1.90 “Other
Product” means an Other Determa Product or an Other LTC Product (as applicable).

 

1.91 “Party”
or “Parties” has the meaning set forth in the preamble.

 

1.92 “Patents”
means: (a) design and utility patents and patent applications in any country or jurisdiction, (b) all priority applications (including
provisional and non-provisional applications), divisionals, continuations, and continuations-in-part of any of the foregoing, and (c)
all patents issuing on any of the foregoing patent applications; together with all registrations, reissues, renewals, reexaminations,
confirmations, supplementary protection certificates and extensions, and applications therefore, of any of (a), (b) or (c).

 

1.93 “Person”
means any corporation, limited or general partnership, limited liability company, joint venture, trust, unincorporated association, governmental
body, authority, bureau, or agency, or any other entity or body, or an individual.

 

1.94 “Platform
Relevant IP” has the meaning set forth in Section 9.2(a) (Relevant Third Party IP).

 

1.95 “Project
Manager” has the meaning set forth in Section 2.4(a) (Role).

 

1.96 “Publication”
has the meaning set forth in Section 10.6 (Publications).

 

1.97 “QSR”
means the applicable regulations set forth in FDA’s Quality System Regulations at 21 C.F.R. Part 820.

 

1.98 “Receiving
Party” means any Party receiving another Party’s Confidential Information.

 

1.99 “Regulatory
Approval” means, with respect to a product in each regulatory jurisdiction, the approvals, clearances, exemptions, product
or establishment licenses, registrations, or authorizations necessary and sufficient for the marketing, distribution, and sale of such
product in such jurisdiction in accordance with Applicable Law.

 

1.100 “Regulatory
Authority” means the applicable governmental authority in a given regulatory jurisdiction that has responsibility for granting
Regulatory Approvals.

 

1.101 “Regulatory
Submission” means any formal regulatory applications, filings, registrations, or submissions, made to any Regulatory Authority
in a jurisdiction.

 

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1.102 “Related
Entities” has the meaning set forth in Section 4.7 (AmpliSeqTM Terms and Conditions).

 

1.103 “Relevant
Third Party IP” means any U.S. or foreign Patents owned, licensed, or otherwise controlled by a Third Party that, assuming
a specific claim construction, validity and enforceability, may be infringed by the activities or transactions performed by either Party
pursuant to this Agreement.

 

1.104 “Revenue
Share Payment” means the percentage of Net Sales payments that a Party owes to the other Party pursuant to Section 7.2 (Revenue
Share Payments).

 

1.105 “RFN”
means the right of first negotiation granted by Oncocyte to LTC in Section 15.9 (Right of First Negotiation).

 

1.106 “RFN
Notice” has the meaning set forth in Section 15.9 (Right of First Negotiation).

 

1.107 “RFN
Period” has the meaning set forth in Section 15.9 (Right of First Negotiation).

 

1.108 “Rules”
has the meaning set forth in Section 15.4(a) (Arbitration).

 

1.109 “RUO”
means research use only.

 

1.110 [***]

 

1.111 “Term”
has the meaning set forth in Section 14.1 (Term).

 

1.112 “Territory”
means the LTC Product Territory with respect to the Collaboration LTC Product and the Determa Product Territory with respect to the Collaboration
Determa Product, as applicable

 

1.113 “Third
Party” means any individual, partnership, corporation, limited liability company, or any other business entity that is not
a Party to this Agreement or an Affiliate of a Party.

 

1.114 “Transfer
Event” has the meaning set forth in Section 15.8(b) (Transfer Event).

 

1.115 “Transfer
Event Date” has the meaning set forth in Section 15.8(b) (Transfer Event).

 

1.116 “[***]”
has the meaning set forth in Section 15.8(b) (Transfer Event).

 

1.117 “Transition
Period” means up to [***] (or a longer period mutually agreed by the Parties) following the effective date of termination if
LTC terminates this Agreement pursuant to Section 14.2(b)(ii) ([***]).

 

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Article
2

GOVERNANCE

 

2.1 Joint
Steering Committee.

 

(a) Formation
and Function. The Parties will form a Joint Steering Committee promptly following the Effective Date. The JSC will serve as a coordinating
body for strategic considerations related to the development and commercialization of the Collaboration LTC Product in and outside the
Territory and of the Collaboration Determa Product in and outside the Territory. Among other things, the JSC will perform the following
functions: (i) review and approve the Determa Product Development Plan (including the Determa Product Development Budget), (ii) review
and approve the LTC Product Commercialization Plan and changes thereto, (iii) review and approve the Determa Product Commercialization
Plan and changes thereto, (iv) receive and review updates on Activities contemplated by the Commercialization Plans, (v) serve as a forum
for resolving disputes arising at the JDC or other Joint Subcommittees, and (vi) all other matters related to this Agreement expressly
delegated to the authority of the JSC hereunder.

 

(b) Composition.
The JSC will be composed of an equal number of representatives from each Party, with each Party designating up to three representatives.
The JSC will be co-chaired by one co-chairperson designated by each of the Parties. Members of the JSC will service in such capacities,
on such terms and conditions, and for such duration as determined by the Party appointing her or him. Each Party may designate an alternate
member or co-chairperson to serve temporarily in the absence of a permanent member or co-chairperson designated by such Party. Each Party
may from time to time, upon prior written notice to the other Party, change its co-chairperson or its representative members on the JSC.
The Parties may agree to invite non-voting employees and consultants to attend meetings of the JSC; provided that each such non-employee
invitee is subject to the confidentiality obligations consistent with those set forth in Article 10 (Confidential Information). The Project
Managers will attend all JSC meetings and coordinate logistics for the JSC, including meeting schedules, agendas and minutes. For purposes
of clarity, the Project Managers will not be counted as Party representatives.

(c) Subcommittees.
The JSC may from time to time establish subcommittees to which the JSC may delegate certain responsibilities of the JSC hereunder (each
a “Joint Subcommittee”); provided, however, that the JSC cannot delegate decision-making responsibilities
to a subcommittee.

 

2.2 Joint
Development Committee.

 

(a) Formation
and Function. The Parties will form a Joint Development Committee promptly following the Effective Date. The JDC will perform the
following functions: (i) review and approve amendments to the LTC Product Development Plan (including the LTC Product Development Budgets),
(ii) review, discuss, and recommend to the JSC for approval the Determa Product Development Plan (including the Determa Product Development
Budget), (iii) review and approve amendments to the Determa Product Development Plan (including the Determa Product Development Budget),
(iv) receive and review updates on Activities contemplated by the Development Plans, (v) review any unforeseen technical, commercial
or regulatory issues that could materially affect the LTC Product Development Plan (including the LTC Product Development Budget) or
the Determa Product Development Plan (including the Determa Product Development Budget), (vi) ensure the cooperation and participation
of the Parties in the performance of the Development Plans, (vii) determine successful achievement of activities as set forth in the
LTC Product Development Plan and the Determa Product Development Plan, and (viii) all other matters related to this Agreement expressly
delegated to the authority of the JDC hereunder.

 

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(b) Composition.
The JDC will be composed of representatives from each Party, with each Party designating up to four representatives, but with each Party
having only one vote for such Party on all decisions of the JDC. Each Party’s representatives may come from any of the following
disciplines, but in any event will have the appropriate expertise and decision-making authority to fulfill their roles and perform their
obligations hereunder: executive management and business development, sales and marketing, research and development, or regulatory and
compliance, or as otherwise agreed by the Parties. The JDC will be co-chaired by one co-chairperson designated by each of the Parties.
Members of the JDC will serve in such capacities, on such terms and conditions, and for such duration as determined by the Party appointing
him or her. Each Party may designate an alternate member or co-chairperson to serve temporarily in the absence of a permanent member
or co-chairperson designated by such Party. Each Party may, from time to time, upon prior written notice to the other Party, change its
co-chairperson or its representative members on the JDC. The Parties may agree to invite non-voting employees and consultants to attend
meetings of the JDC; provided that each such non-employee invitee is subject to the confidentiality obligations consistent with
those set forth in Article 10 (Confidential Information). The Project Managers will attend all JDC meetings and coordinate logistics
for the JDC, including meeting schedules, agendas and minutes. For purposes of clarity, the Project Managers will not be counted as Party
representatives.

 

2.3 General
Provisions Applicable to Joint Committees.

 

(a) Meetings.
Each Joint Committee will establish a regular meeting schedule that will provide for meetings no less frequently than quarterly, or at
such other frequency as the Parties agree. The Joint Committees may conduct meetings in person or by teleconference or video conference
(as agreed by each Joint Committee) and may also act without a meeting through a written consent to an action or decision signed by all
voting members of the Joint Committee. Each Joint Committee may establish procedures for its internal operation at meetings.

 

(b) Actions
or Decisions.

 

(i) All
actions or decisions of each Joint Committee made pursuant to this Agreement must be made by unanimous approval of the Parties, with
each Party’s representatives on each Joint Committee collectively having only one vote. If the JDC or Joint Subcommittee members
cannot reach a unanimous decision after using good faith reasonable efforts over [***] days to reach consensus, then either Party may
submit such deadlock to the JSC for resolution. If the JSC members cannot reach a unanimous decision after using good faith reasonable
efforts over [***] days to reach consensus, then either Party may submit such deadlock to Oncocyte’s Chief Executive Officer (or
his or her nominee) and LTC’s President of the Clinical Next-Generation Sequencing Division (or his or her nominee) (the “Executive
Officers”) for resolution.

 

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(ii) For
decisions pertaining to the approval of the initial Determa Product Development Plan (including the Determa Product Development Budget)
or the initial Determa Product Commercialization Plan for a Collaboration Determa Product, if the Executive Officers are unable to resolve
a deadlock, then [***] If such deadlock regarding the approval of the initial Determa Product Development Plan or initial Determa Product
Commercialization Plan for a Collaboration Determa Product is not resolved within [***] from the time first considered by a Joint Committee
despite the Parties’ good faith efforts to resolve the deadlock, then [***]

 

(iii) If
the Executive Officers are unable to resolve a deadlock with respect to any change to a Development Plan or a Commercialization Plan,
then (A) LTC will have final decision-making authority over [***] and (B) Oncocyte will have final decision-making authority over [***];
provided that, in each case ((A) and (B)) neither Party may use its final decision-making authority to [***] Notwithstanding the
foregoing, LTC may use its final decision-making authority to [***]

 

(c) Agendas.
Each Party will notify the other Party at least [***] business days prior to the date of a meeting of a Joint Committee, proposing the
agenda items it wishes to discuss at such meeting. Notwithstanding the foregoing, each Joint Committee is free to consider any matter
related to this Agreement that is within the scope of its responsibilities and is brought to its attention by either Party at any meeting.

 

(d) Minutes.
At each meeting, a Project Manager will prepare minutes promptly after such meeting, reporting in reasonable detail the actions and decisions
taken by the Joint Committee during such meeting, issues requiring resolution, and resolutions of previously reported issues. Such minutes
are to be reviewed, commented on if needed, and updated per the Joint Committee co-chairperson’s feedback prior to being circulated
to the Joint Committee, and the Project Manager will revise such minutes as necessary. Such minutes will not become final until approved
by both Joint Committee co-chairpersons or by the Joint Committee.

 

2.4 Project
Managers.

 

(a) Role.
Each Party will designate a single individual to serve as its manager under the Development Plan (each a “Project Manager”).
The Project Managers are the principal point of contact for each Party for matters relating to that Party’s performance under the
Development Plans and Commercialization Plans and are responsible for implementing and coordinating, on a day-to-day basis, all Activities
and facilitating the exchange of information between the Parties regarding the performance of the Development Plans and Commercialization
Plans. The Project Managers may delegate tasks and responsibilities to sub-managers or sub-program teams, working groups and other team
members as they deem appropriate to efficiently and effectively perform their respective obligations hereunder. Each Party may replace
its Project Manager at any time and for any reason upon written notice to the other Party. Either Party may submit to the JSC for resolution
any disputes with respect to matters within the scope of authority of the Project Managers that cannot be resolved after good faith efforts.

 

(b) Meetings.
The Project Managers will meet as soon as practicable after the Effective Date and thereafter at least [***] and at such additional times
as the Project Managers or the JSC deem reasonably appropriate. Meetings of the Project Managers may be conducted in person or by teleconference
or video conference as agreed by the Project Managers. Additionally, the Project Managers (or their designees) will maintain close regular
communications with each other as to the status of the ongoing activities under the Development Plans and Commercialization Plans. Each
Project Manager will keep accurate and complete records of their activities and meetings and will, from time to time as requested by
the JSC, provide the JSC with appropriate updates and information to keep the JSC apprised of each Party’s performance under this
Agreement.

 

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2.5 Authority.
The Joint Committees and Project Managers do not have the right to amend this Agreement (which may only be amended or modified as provided
in Section 15.12 (Waivers; Amendment)) or to make any decision or require any Party to take any action that conflicts with the terms
of this Agreement or that is expressly reserved to the Parties hereunder.

 

2.6 Governance
Expenses. Each Party is responsible for all expenses incurred by its representatives in connection with performing their duties
under this Article 2 (Governance), including all costs of travel, lodging and meals in connection with meetings of the Joint Committees
and Project Managers.

 

Article
3

License Grants; Exclusivity

 

3.1 LTC
License Grants to Oncocyte.

 

(a) Subject
to the terms and conditions of this Agreement, LTC hereby grants to Oncocyte, during the Term of this Agreement, a nonexclusive license,
without the right to sublicense (including to an OEM), under the applicable Background IP Controlled by LTC and Arising IP Controlled
by LTC to (i) perform Development Activities with respect to the Collaboration LTC Product pursuant to the LTC Product Development Plan,
(ii) market Kitted LTC Products in the Field in the LTC Product Territory in accordance with the LTC Product Commercialization Plan,
(iii) perform Development Activities with respect to the Collaboration Determa Product pursuant to the Determa Product Development Plan,
(iv) sell, have sold, market and otherwise commercialize Collaboration Determa Products in the Field in the Determa Product Territory
in accordance with the Determa Products Commercialization Plan, (v) sell, have sold, market and otherwise commercialize RUO-labeled Collaboration
Determa Products in the Determa Product Territory for the purpose of demonstrating the capabilities of the Collaboration Determa Products
as a potential IVD assay for the tumor profiling and guidance of therapy selection of solid tumor cancers in humans in accordance with
the Determa Products Commercialization Plan, and (vi) otherwise perform its obligations under this Agreement. Such license includes the
right to utilize Affiliates and approved subcontractors in accordance with Section 4.4 (Performance by Affiliates and Subcontractors).
For clarity, except as expressly provided herein, the grant contained in this Section 3.1(a) (LTC License Grants to Oncocyte) does not
grant Oncocyte any right to: (i) make or have made Collaboration Determa Products or Kitted Determa Products, or (ii) Develop, market,
make, have made, use, have used, sell, have sold, offer for sale, export or import any NGS Workflow or NGS Products or any improvements
thereto; provided that Oncocyte will have equivalent rights as any bona fide Third Party purchaser thereof, such equivalent
rights being at all times subject to LTC’s terms and conditions of sale for the applicable products in effect at the time of purchase.

 

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(b) Subject
to the terms and conditions of this Agreement, LTC hereby grants to Oncocyte a nonexclusive, perpetual, irrevocable, worldwide, royalty-free
license (with the right to grant sublicenses through multiple tiers, including to an OEM), under any Arising IP Controlled by LTC that
is related to any Oncocyte product or service to Develop, manufacture, commercialize and otherwise exploit such Oncocyte product or service.

 

(c) Subject
to the terms and conditions of this Agreement, LTC hereby grants to Oncocyte a nonexclusive, perpetual, irrevocable, worldwide, royalty-free
license (with the right to grant sublicenses through multiple tiers, including to an OEM), under any LTC Product Arising IP that is assigned
to LTC by Oncocyte pursuant to Section 9.1(b)(i) (LTC Product Arising IP) to Develop, manufacture, commercialize, and otherwise exploit
Oncocyte products and services.

 

3.2 Oncocyte
License Grants to LTC.

 

(a) Subject
to the terms and conditions of this Agreement, Oncocyte hereby grants to LTC, during the Term of this Agreement, a nonexclusive license,
without the right to sublicense (including to an OEM), under the applicable Background IP Controlled by Oncocyte and Arising IP Controlled
by Oncocyte to (i) perform development Activities with respect to the Collaboration LTC Product pursuant to the LTC Product Development
Plan, (ii) make, have made, sell, have sold, market and otherwise commercialize Kitted LTC Products in the Field in the LTC Product Territory
in accordance with the LTC Product Commercialization Plan and in the Field outside the LTC Product Territory, (iii) perform development
Activities with respect to the Collaboration Determa Product pursuant to the Determa Product Development Plan, (iv) sell, have sold,
market and otherwise commercialize Kitted Determa Products in the Field outside the Determa Product Territory in accordance with the
Determa Product Commercialization Plan, (v) sell, have sold, market and otherwise commercialize RUO-labeled Collaboration Determa Products
outside the Determa Product Territory for the purpose of demonstrating the capabilities of the Collaboration Determa Products as a potential
IVD assay for the tumor profiling and guidance of therapy selection of solid tumor cancers in humans in accordance with the Determa Products
Commercialization Plan, (vi) make and have made Collaboration Determa Products and Kitted Determa Products both for sale by LTC outside
the Determa Product Territory and for supply to Oncocyte pursuant to the Determa Product Supply Agreement, and (vii) otherwise perform
its obligations under this Agreement. Such license includes the right to utilize Affiliates and approved subcontractors in accordance
with Section 4.4 (Performance by Affiliates and Subcontractors). For clarity, except as expressly provided herein, the grant contained
in this Section 3.2 (Oncocyte License Grants to LTC) does not grant LTC or its Affiliates any right to develop, market, make, have made,
use, have used, sell, have sold, offer for sale, export or import the Determa Assay or any laboratory developed test similar to the Determa
Assay.

 

(b) Subject
to the terms and conditions of this Agreement, Oncocyte hereby grants to LTC a nonexclusive, perpetual, irrevocable, worldwide, royalty-free
license (with the right to grant sublicenses through multiple tiers, including to an OEM), under any Arising IP Controlled by Oncocyte
that is related to any LTC product or service to develop, manufacture, commercialize and otherwise exploit such LTC product or service.

 

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(c) Subject
to the terms and conditions of this Agreement, Oncocyte hereby grants to LTC a nonexclusive, perpetual, irrevocable, worldwide, royalty-free
license (with the right to grant sublicenses through multiple tiers, including to an OEM), under any Oncocyte Product Arising IP that
is assigned to Oncocyte by LTC pursuant to Section 9.1(b)(ii) (Oncocyte Product Arising IP) to develop manufacture, commercialize and
otherwise exploit Oncocyte products and services.

 

3.3 Companion
Diagnostic Claims.

 

(a) Reservation
of Rights. Notwithstanding the exclusivity granted in Section 3.1 (LTC License Grants to Oncocyte) and Section 3.2 (Oncocyte License
Grants to LTC), (a) LTC retains the exclusive right to partner with therapeutics companies to develop and commercialize the Collaboration
LTC Product for companion diagnostic claims (and Oncocyte agrees not to do so), and (b) Oncocyte retains the exclusive right to partner
with therapeutics companies to Develop and commercialize the Collaboration Determa Product for companion diagnostic claims (and LTC agrees
not to do so).

 

 (b)
Preferred Companion Diagnostics Partner. Subject to [***] Schedule 3.3(b)(i) (Clinical Laboratory Site Qualification Questions),
and [***] Schedule 3.3(b)(ii) (CRO Site Key Performance Indicators Assessment), as may be amended from time to time, LTC will
recommend to its pharmaceutical company companion diagnostic partners on a partner-by-partner basis that Oncocyte is LTC’s preferred
contract research organization for select Analytical and Clinical sample testing of the Collaboration LTC Product as a companion diagnostic
in the LTC Product Territory in all appropriate LTC pitches, requests for proposals, and due diligence processes. 

 

3.4 Use
of Residual Knowledge for Research Purposes. Each Party acknowledges that the other Party’s personnel may retain in their
unaided memories knowledge gained in the course of this Agreement. Use of such knowledge for research purposes will not be a misuse of
the other Party’s Confidential Information or a violation of the confidentiality obligation in Article 10 (Confidential Information)
so long as the other Party’s Confidential Information is not disclosed, commercialized, or specifically conveyed to others, and
so long as the individual has not intentionally memorized the knowledge for the purpose of retaining it.

 

3.5 Affiliates.
Each Party acknowledges and accepts that the other Party may exercise its rights, perform its obligations, and pursue its remedies under
this Agreement either directly or through one or more of its Affiliates. A Party’s Affiliates will have the benefit of all rights
(including all licenses) and remedies of such Party under this Agreement. Accordingly, in this Agreement “LTC” will be interpreted
to mean “LTC or its Affiliates” and “Oncocyte” will be interpreted to mean “Oncocyte or its Affiliates”
where necessary to give each Party’s Affiliates the benefit of the rights and remedies provided to such Party in this Agreement;
provided, however, that in any event each Party will remain responsible for the acts and omissions, including financial
liabilities, of its Affiliates.

 

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3.6 No
Implied Licenses. Nothing in this Agreement will be construed as conferring, explicitly or by implication, estoppel or otherwise
any license, right, or immunity under any Patents that a Party (or its successors, Affiliates or assigns, or successors, Affiliates or
assigns of any of the foregoing) owns or Controls as of the Effective Date, or acquires or obtains Control of independent of its performance
of its obligations under this Agreement, other than the rights set forth expressly in this Agreement regardless of whether such other
Patents (or individual Patent claims) are dominant or subordinate to any Intellectual Property Rights developed under this Agreement
or are required to exploit any Intellectual Property Rights developed under this Agreement. Furthermore, neither of the Parties has provided
to the other Party and neither Party will provide to the other Party, and neither of the Parties have received from the other Party and
neither Party will receive from the other Party, any consideration except that which is expressly provided herein for the specific rights
expressly granted herein. LTC and LTC Subsidiaries do not represent or warrant that [***]

 

3.7 Exclusivity.
During the Term of this Agreement, Oncocyte and LTC will have co-exclusive rights to market the Kitted LTC Product for use on the NGS
Instrument in the Field in the LTC Product Territory, meaning they each have the right to do so, but will not grant any Third Party the
right to do so. In addition: (a) LTC will not enter into any agreement or arrangement with any Third Party with respect to the Development
or commercialization of OCA Plus for use on the NGS Instrument in the Field in the LTC Product Territory, (b) Oncocyte will not partner
with any Third Party NGS equipment manufacturer with respect to the Development and commercialization of a Comprehensive Genomic Profiling
Assay on an instrument platform similar to or competitive with LTC’s NGS systems in the Field in the LTC Product Territory, and
(c) LTC will not [***] Notwithstanding the foregoing, the exclusivity covenant in this Section 3.7 (Exclusivity) would not prohibit either
Party from engaging distributors to distribute the Collaboration LTC Product or Kitted LTC Products in the Field in the LTC Product Territory.

 

3.8 [***]
Right of First Negotiation. During the Term, LTC will notify Oncocyte in writing if [***] If within [***] days after receiving
such ROFN Notice Oncocyte notifies LTC in writing that [***] then LTC and Oncocyte will negotiate [***] to enter into [***] During the
foregoing [***] period, [***]

 

Article
4

DEVELOPMENT

 

4.1 Development
Plan.

 

(a) LTC
Product Development Plan. LTC hereby appoints Oncocyte as LTC’s development partner to Develop the Collaboration LTC Product
for use in the Field in accordance with the LTC Product Development Plan. The LTC Product Development Plan is attached hereto as Schedule
4.1 (LTC Product Development Plan) and describes the allocation of activities between the Parties for the validation of and application
for IVD Regulatory Approval for the Collaboration LTC Product in the Field and in the Territory. The Parties agree to adhere to feedback
and guidance provided by Regulatory Authorities and to amend the LTC Product Development Plan as necessary to adhere to such feedback
and guidance. [***] LTC will perform the portion of the research and development activities allocated to it in the LTC Product Development
Plan to complete the IVD development of the Collaboration LTC Product, including: [***] Oncocyte will fund and perform the Development
activities allocated to it in the LTC Product Development Plan to complete the IVD development of the Collaboration LTC Product, including:
[***] The Development Plan will at all times set forth the responsibilities, deliverables, expected timelines and budgets (the “LTC
Product Development Budget”) of each of the Parties for such plan, including LTC Product Development Milestones. Either Party
may propose amendments to the LTC Product Development Plan to the JDC for its review, discussion, and approval in accordance with Section
2.2 (Joint Development Committee).

 

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(b) Determa
Product Development Plan. Within [***] days of the Effective Date, Oncocyte will develop a written plan for conducting activities
with respect to the Development of such Collaboration Determa Product for use in the Field, which will set forth the responsibilities,
deliverables, [***] expected timelines and budgets (such plan the “Determa Product Development Plan” and such budget
the “Determa Product Development Budget”) of each of the Parties for such plan. Under the Determa Product Development
Plan, Oncocyte will fund and perform the following activities to complete the IVD Development of the Collaboration Determa Product: [***]
Under the Determa Product Development Plan, Oncocyte will fund and LTC will perform the following activities to complete the IVD Development
of the Collaboration Determa Product: [***] Oncocyte will submit the proposed Determa Product Development Plan to the JDC for its review,
discussion, and recommendation to the JSC for approval. Proposed amendments to the Determa Product Development Plan, including amendments
to Develop for companion diagnostic claims, would be submitted by either Party to the JDC for its review, discussion, and approval.

 

4.2 Development
Plan Costs. Oncocyte will be responsible for all costs associated with Oncocyte Activities and will be responsible for up to
[***] of LTC Activities under the LTC Product Development Budget. LTC will be responsible for costs associated with LTC Activities that
exceed [***] under the LTC Product Development Budget. Oncocyte will be responsible for all costs associated with Activities of both
Parties under the Determa Product Development Budget. LTC will invoice Oncocyte on a quarterly basis for its costs associated with LTC
Activities under the LTC Product Development Budget for which Oncocyte is responsible pursuant to this Section 4.2 (Development Plan
Costs), and Oncocyte will pay LTC such amount within 45 days of receiving such invoice, subject to the resolution of good faith disputes
in accordance with Section 7.6 (Disputed Payments).

 

4.3 Performance
of Activities. Each Party will perform all Activities in accordance with the terms and conditions of this Agreement, and will
use Commercially Reasonable Efforts to start and complete all Activities pursuant to the applicable timelines set forth in the Development
Plans and the applicable budgets set forth in the Development Budgets. In addition, each Party will use Commercially Reasonable Efforts
to achieve LTC Product Development Milestones on the timelines specified in the LTC Product Development Plan. Each Party will provide
reasonable updates to the other Party, through the JDC, on the status and progress of its Activities, and will promptly notify the other
Party, in writing or via discussions during a JDC meeting, if material delays are likely or if such Party encounters any issue that has
(or would reasonably be expected to have) a material impact on any Activities or budget items contemplated by the Development Plans.
The Parties will perform the Activities with reasonable care and skill in accordance with GCP, QSR and all Applicable Laws.

 

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4.4 Performance
by Affiliates and Subcontractors. (a) Oncocyte may delegate performance of Activities, or portions thereof, to (i) a Third Party
subcontractor set forth in Schedule 4.4 (Approved Subcontractors) or an Affiliate without the prior written consent of LTC or
(ii) to another Third Party subcontractor upon the prior written consent of LTC (such consent not to be unreasonably withheld, delayed,
or conditioned) and (b) LTC may delegate performance of Activities, or portions thereof, to a Third Party subcontractor or an Affiliate;
provided that, in each case ((a) and (b)), with respect to a Third Party subcontractor, such subcontractor must have entered into
an appropriate written agreement with the Party utilizing such subcontractor that: (i) contains obligations of confidentiality and restrictions
on use of any Confidential Information and any proprietary materials that are substantially as restrictive as the obligations set forth
in Article 10 (Confidential Information) (including with respect to duration); and (ii) contains obligations to assign or exclusively
license any intellectual property invented or developed by such authorized subcontractor in performing such Activities to the applicable
Party utilizing such authorized subcontractor to enable such Party to comply with the provisions of Article 9 (Intellectual Property)
regarding ownership and Control of Arising IP. Each Party is and remains solely and exclusively responsible for the conduct of Activities
by any Affiliate or subcontractor under this Agreement as if such Affiliate’s or subcontractor’s actions were its own. For
clarity, LTC may use Third Party subcontractors and Affiliates, in its sole discretion, to exercise its rights and perform its obligations
(other than Activities) under this Agreement, and the above terms in this Section 4.4 (Performance by Affiliates and Subcontractors)
will not apply to such activities.

 

4.5 LTC
Early Development. LTC will be responsible, at LTC’s own cost, for the performance of [***] to enable the Development of
the Collaboration LTC Product as contemplated by the LTC Product Development Plan. LTC will provide the JDC with a summary and timeline
of such research and development activities and update the JDC regarding the progress of such activities, including notice of completion.
[***] Without limiting the generality of the foregoing, [***]

 

4.6 Materials.

 

(a) Provision
of Materials. Each Party will furnish Materials to the other Party to the extent provided under the Development Plan. If Materials
are human samples, and such Materials and information related thereto are provided by one Party to the other Party (or its Affiliates
or subcontractors under Section 4.4 (Performance by Affiliates and Subcontractors)), then the providing Party will ensure that such Materials
and information are De-identified prior to providing them to the receiving Party (or its Affiliates or subcontractors under Section 4.4
(Performance by Affiliates and Subcontractors)). Each Party will comply with all Applicable Laws relating to the Materials, including
HIPAA and other data privacy laws as applicable. Each receiving Party will handle the Materials of the providing Party in accordance
with any applicable documentation and any relevant informed consent provided to the receiving Party by the providing Party in writing,
applicable common scientific standards of care, and the providing Party’s written instructions. Each Party understands and agrees
that the Materials may be experimental in nature and agrees to comply with Applicable Laws and use due care in the use, storage and handling
of the Materials.

 

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(b) Use
of Materials. Except as described in Section 4.4 (Performance by Affiliates and Subcontractors), each receiving Party will retain
possession of the providing Party’s Materials and will not sell or otherwise provide such Materials to any Third Party without
the prior written consent of the providing Party. Each receiving Party will only use the Materials of the providing Party for the purposes
of performing the activities under this Agreement.

 

(c) Records
of Use. Each receiving Party will keep records of its use of the providing Party’s Materials and upon completion of the activities
for which the Materials have been provided, or upon expiration or termination of this Agreement, if earlier, each receiving Party will
account for all use of such Materials and, at the option of the providing Party, either destroy or return to the providing Party all
unused Materials, in accordance with Applicable Law and the instructions of the providing Party, if any.

 

(d) Ownership
of Materials. Notwithstanding anything herein to the contrary, each Party will own and retain all rights, title, and interests in
and to all Materials furnished by it pursuant to this Agreement.

 

4.7 AmpliSeqTM
Terms and Conditions. To the extent Oncocyte or its Affiliates, or its or their respective officers, directors, employees,
agents, representatives, or authorized subcontractors (collectively, the “Related Entities”) use of any of LTC’s
proprietary primer designs, primer sequences, primer panels, or primers, including any AmpliSeqTM primer designs, primer sequences,
primer panels or primers, in the performance of Oncocyte’s obligations and activities under this Agreement, Oncocyte acknowledges
that such use is subject to the AmpliSeqTM Terms and Conditions attached hereto and incorporated herein as Schedule 4.7
(AmpliSeq Terms and Conditions) (the “AmpliSeq Terms”). Oncocyte and its Affiliates agree to abide by the AmpliSeq
Terms and further, Oncocyte will have entered into an appropriate written agreement with any Related Entities who use any of LTC’s
proprietary primer designs, primer sequences, primer panels, or primers, including any AmpliSeqTM or AmpliSeqTM
primer designs, primer sequences, primer panels, or primers, obligating such Related Entities to agree to and abide by the obligations
and restrictions set forth in the AmpliSeq Terms.

 

Article
5

MANUFACTURING AND CO-MARKETING

 

5.1 Manufacture
and Supply of Products.

 

(a) Collaboration
LTC Product. As between LTC and Oncocyte, LTC is responsible for the manufacture and supply of [***] necessary for the Development
of the Collaboration LTC Product. LTC will supply [***] to Oncocyte for use in Developing Kitted LTC Products pursuant to the LTC Product
Development Plan at [***].

 

(b) Collaboration
Determa Products. Within [***] days following the Effective Date, the Parties will negotiate in good faith a supply agreement pursuant
to which LTC will supply Oncocyte with the Collaboration Determa Products for commercialization in the Field in the Territory (“Determa
Product Supply Agreement”). LTC will also supply Oncocyte with [***] necessary for use in Developing Collaboration Determa
Products pursuant to the Determa Product Development Plan at [***]. The Determa Product Supply Agreement will include provisions under
which LTC will be designated as Oncocyte’s “contract manufacturer” for the Collaboration Determa Product and, as such,
will manufacture and label the Collaboration Determa Product at the [***] price set forth in the Determa Product Supply Agreement. The
Determa Product Supply Agreement will also provide that, in the Determa Product Territory, [***]

 

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(c) Intended
Use; Label. The Collaboration LTC Product will be labeled for use in pan-cancer tumor mutation profiling, translocation identification
through the detection of RNA fusion transcripts, homologous recombination deficiency, tumor mutational burden, and microsatellite instability.
Schedule 5.1(c) (Intended Use) provides an example of the intended use.

 

(d) Branding.
Consistent with the brand guidelines of LTC and Oncocyte, the Collaboration LTC Product will be co-branded as “Determa Oncomine
Comprehensive Dx Test.” The Collaboration Determa Product will be branded by Oncocyte, but will contain language on the label stating
that the product is “Manufactured for Oncocyte by Thermo Fisher Scientific.”

 

5.2 Supply
of the NGS Instrument and NGS Consumables.

 

(a) Collaboration
LTC Product. To enable Oncocyte’s performance of its obligations under the LTC Product Development Plan, LTC will supply to
Oncocyte: (a) [***] Genexus Integrated Sequencers at [***]; (b) [***] Genexus Purification Instruments at [***]; and (c) all necessary
NGS Consumables to perform the NGS Workflow for the Collaboration LTC Product at [***], all under LTC’s standard terms and conditions
of sale.

 

(i) Schedule
5.2(a)(i) (Genexus Price List) includes the list price of the Genexus Integrated Sequencer and the Genexus Purification Instrument
as of the Effective Date, and forecasted cost for the necessary NGS Consumables to perform the NGS Workflow for the Collaboration LTC
Product.

 

(ii) Schedule
5.2(a)(ii) (Initial Purchase Order Quote) includes the list price of the [***] Genexus Integrated Sequencer and [***] Genexus Purification
Instrument as of the Effective Date, and [***] service contracts for each of these instruments. Oncocyte will submit a Purchase Order
for these instruments in accordance with Schedule 5.2(a)(ii) (Initial Purchase Order Quote) by [***].

 

(iii) Schedule
5.2(a)(iii) (Second Purchase Order Quote) includes a purchase order quote for [***] Genexus Integrated Sequencers, [***] Genexus
Purification Instruments, and [***] service contracts for each of these instruments. Oncocyte will submit a Purchase Order for these
instruments in accordance with Schedule 5.2(a)(iii) (Second Purchase Order Quote) by[***].

 

(iv) For
the avoidance of doubt, the prices included in Schedule 5.2(a)(ii) (Initial Purchase Order Quote) and Schedule 5.2(a)(iii)
(Second Purchase Order Quote) are calculated as [***]. LTC reserves the right to change list prices at any time. Any increase or
decrease to the list price of a product would result in a change to the [***] price shown. Pricing for service contracts for NGS Instruments
used in Activities are discussed in Section 8.3 (Development Activities).

 

(b) Collaboration
Determa Products. To enable Oncocyte’s performance of its obligations under the Determa Product Development Plan, LTC will
supply to Oncocyte: (a) Genexus Integrated Sequencers at [***]; (b) Genexus Purification Instruments at [***]; and (c) all necessary
NGS Consumables to perform the NGS Workflow for the Collaboration Determa Products at [***], all under LTC’s standard terms and
conditions of sale. Following review of the approved Determa Product Development Plan, the JDC would determine the quantity of NGS Instruments
and volume of NGS Consumables necessary for LTC to supply to Oncocyte to perform the activities thereunder.

 

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5.3 Commercialization
of Products.

 

(a) Collaboration
LTC Products. At a reasonable time prior to the commercial launch of the Kitted LTC Products, the Parties will develop and submit
to the JSC for approval a plan for the co-marketing of the Kitted LTC Product, co-branded in accordance with Section 5.1(c) (Branding),
in the Field and in the Territory (“LTC Product Commercialization Plan”) containing each Party’s responsibilities
set forth in Schedule 5.3(a) (Kitted LTC Product Commercialization Responsibilities). Under the LTC Product Commercialization
Plan, Oncocyte will be responsible for [***], and LTC will be responsible for [***]. Subject to both Parties completing their activities
under the LTC Product Development Plan and achieving the LTC Product Development Milestones, following the Regulatory Approval of a Kitted
LTC Product in the Field in a country in the Territory, each Party will use Commercially Reasonable Efforts to complete the Activities
in the LTC Product Commercialization Plan in such country. Subject to the foregoing, LTC will make and book all sales of Kitted LTC Products
in the Territory. Outside the Territory, LTC will be solely responsible for the marketing and commercialization of the co-branded Kitted
LTC Product consistent with LTC’s standard practices.

 

(b) Collaboration
Determa Products. Upon Regulatory Approval of a Collaboration Determa Product for IVD use, Oncocyte will be solely responsible for
commercialization of the Collaboration Determa Products in the Field in the Determa Product Territory. At a reasonable time prior to
Regulatory Approval of a Collaboration Determa Product for IVD use the Parties will develop and submit to the JSC for approval a plan
for (i) Oncocyte to market and sell the RUO-labeled Collaboration Determa Products for the purpose of demonstrating the capabilities
of the Collaboration Determa Products as a potential IVD assay for tumor profiling and guidance of therapy selection of solid tumor cancers
in humans in accordance with the Determa Product Commercialization Plan, (ii) Oncocyte to market and sell the IVD-labeled Collaboration
Determa Products in the Field in the Territory, and (iii) LTC to market and sell the Kitted Determa Products in the Field outside the
Determa Product Territory (the “Determa Product Commercialization Plan”). Subject to both Parties completing their
activities under the Determa Product Development Plan, following the Regulatory Approval of the Collaboration Determa Product in a relevant
country, (i) Oncocyte will use Commercially Reasonable Efforts to complete the Activities in the Determa Product Commercialization Plan
in such country in the Territory and (ii) LTC will use Commercially Reasonable Efforts to complete the Activities in the Determa Product
Commercialization Plan in such country outside the Territory.

 

(c) Reimbursement
Efforts. The Parties will collaborate to work with payers to support market access, health economics, and reimbursement activities
as detailed in the LTC Product Commercialization Plan and Determa Product Commercialization Plan.

 

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5.4 Pricing.
The Parties will mutually agree upon and submit to the JSC for approval a list price for the Kitted LTC Product and the Collaboration
Determa Product in the Territory; provided, however, that if the Parties are unable to resolve their disagreement regarding
pricing after using Commercially Reasonable Efforts and escalating the matter to the Executive Officers, then [***] and [***], and [***],
in each case, after taking into account the price of comparable products in each relevant market. Each Party commits to price the Kitted
LTC Products, the Kitted Determa Product, and the Collaboration Determa Product in accordance with its normal practices and will not
discount the price of Kitted LTC Products, the Kitted Determa Products or the Collaboration Determa Product disproportionately as compared
with its other similar products or otherwise use the Kitted LTC Products, the Kitted Determa Product or the Collaboration Determa Product
as any kind of “loss leader” to facilitate the sale of other products.

 

Article
6

REGULATORY MATTERS

 

6.1 Collaboration
LTC Products.

 

(a) General
Responsibilities. LTC will be designated as the Manufacturer of Record for the Collaboration LTC Product and Kitted LTC Product and
will be responsible for all attendant responsibilities, including: (i) all product specifications, design control, product submission
activities, and manufacturing; and (ii) product maintenance such as documenting complaints and investigations, medical device review
and reporting, recall review and reporting, labels and labeling, and for reviewing changes for product impact. LTC has the right to leverage
registration data for the Collaboration LTC Product and Kitted LTC Product for IVD filings outside the Territory.

 

(b) Ownership
of Regulatory Approvals. LTC or its designee will own all rights, title, and interests, in and to all Regulatory Submissions and
Regulatory Approvals for the Collaboration LTC Product throughout the world; provided that nothing herein will be deemed to alter
the ownership of any data (including Collaboration Data), results, Background IP, Arising IP or Confidential Information included in
any Regulatory Submission or Regulatory Approval.

 

(c) Cooperation.
As and to the extent reasonably requested by LTC, Oncocyte will, and will cause its Affiliates to, cooperate with LTC with respect to
all regulatory matters relating to the Collaboration LTC Product, including the utilization of LTC product development process SOPs that
support the program such as those for plans, protocols, reviews, and reports, LTCs preparation and filing of all Regulatory Submissions
for any Collaboration LTC Product that are necessary to manufacture, use or commercialize the Kitted LTC Products. Without limiting the
foregoing, as reasonably requested by LTC, Oncocyte will provide assistance to technical documentation and will assist LTC in preparing
portions of Regulatory Submissions for the Collaboration LTC Product.

 

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(d) Regulatory
Submissions and Approvals. LTC will be responsible for submitting all Regulatory Submissions (including all pre-submissions
and applications for Regulatory Approval) to the Regulatory Authorities, all communications with Regulatory Authorities, and the maintenance
of all Regulatory Approvals, in each case, relating to Development, manufacturing, use, or commercialization of Collaboration LTC Products
throughout the world. Upon Oncocyte’s written request, LTC will provide Oncocyte with access to all draft Regulatory Submissions
relating to the Collaboration LTC Product in the Field in the Territory. Oncocyte will provide comments, if any, back to LTC within [***]
days for each document. LTC will consider in good faith any comments from Oncocyte regarding such draft Regulatory Submission and the
final Regulatory Submissions relating to the Collaboration LTC Product. Each Party will use Commercially Reasonable Efforts to protect
trade secret information that may be contained in Regulatory Approvals with respect to the Collaboration LTC Product.

 

(e) Written
Communications. LTC will furnish to Oncocyte a copy of any substantive written communication received by LTC from Regulatory
Authorities with respect to Regulatory Approval of the Collaboration LTC Product in the Field in the Territory; provided that,
prior to furnishing such written communications to Oncocyte, LTC may redact (i) Confidential Information of a Third Party contained in
such communication and (ii) any proprietary information of LTC, including regarding the NGS Products, that may be contained in such communications.
Oncocyte will provide comments, if any, back to LTC no later than [***] days after receipt of the information. LTC reserves the right
to respond to FDA prior to any Oncocyte’s comments as their will be times when same day or same hour response is required. LTC
will consider in good faith any comments from Oncocyte.

 

(f) Meetings
with Regulatory Authorities. Except as otherwise provided herein, LTC will remain solely responsible for all interactions
with Regulatory Authorities throughout the world related to the Collaboration LTC Product; provided that, when possible, LTC will
notify Oncocyte in advance of all applicable meetings with Regulatory Authorities relating to Regulatory Approvals of the Collaboration
LTC Product in the Field in the Territory, whether in person or by telephone or videoconference and LTC and Oncocyte will use reasonable
efforts to coordinate their schedules with respect to meeting dates with Regulatory Authorities. Oncocyte may attend and, if appropriate
and permitted under Applicable Law, participate in all such meetings with Regulatory Authorities in the Field in the Territory; provided
that LTC may require that the Oncocyte be excused from any discussions of LTC proprietary or confidential information, and Oncocyte
may be excused from any discussions at the request of a Regulatory Authority.

 

6.2 Collaboration
Determa Products.

 

(a) General
Responsibilities. Oncocyte will be designated as the Manufacturer of Record for the Collaboration Determa Product and Kitted Determa
Product and will be responsible for all attendant responsibilities, including: (i) all design control and product submission activities;
and (ii) product maintenance such as documenting complaints and investigations, medical device review and reporting, recall review and
reporting, labels and labeling, and for reviewing changes for product impact. LTC will serve as Oncocyte’s “contract manufacturer”
with respect to the Collaboration Determa Product and Kitted Determa Product in accordance with the Determa Product Supply Agreement
and quality agreement associated therewith.

 

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(b) Ownership
of Regulatory Approvals. Oncocyte or its designee will own all rights, title, and interests, in and to all Regulatory Submissions
and Regulatory Approvals for the Collaboration Determa Product and Kitted Determa Product throughout the world; provided that
nothing herein will be deemed to alter the ownership of any data (including Collaboration Data), results, Background IP, Arising IP or
Confidential Information included in any Regulatory Submission or Regulatory Approval.

 

(c) Cooperation.
As and to the extent reasonably requested by Oncocyte, LTC will, and will cause its Affiliates to, provide reasonable assistance
to Oncocyte with respect to interactions with Regulatory Authorities that require knowledge and expertise relating to the panel designed
and manufactured by LTC.

 

(d) Regulatory
Submissions and Approvals. Oncocyte will be responsible for writing and submitting all applications for Regulatory Approval
to the Regulatory Authorities, all communications with Regulatory Authorities and the maintenance of all Regulatory Approvals, in each
case, relating to the Development, manufacturing, use, or commercialization of such Collaboration Determa Product throughout the world.
Upon LTC’s written request, Oncocyte will provide LTC with access to all draft Regulatory Submissions relating to the Collaboration
Determa Product in the Field inside and outside the Territory. LTC will provide comments, if any, back to Oncocyte within [***] days
for each document. Oncocyte will consider in good faith any comments from LTC regarding such draft Regulatory Submission, and the final
Regulatory Submissions relating to the Collaboration Determa Product will be submitted by Oncocyte to the relevant Regulatory Authorities.

 

(e) Written
Communications. Oncocyte will promptly provide to LTC a copy of any substantive written communication received by Oncocyte
from Regulatory Authorities with respect to Regulatory Approval of the Collaboration Determa Products in the Field inside and outside
the Territory; provided that, prior to furnishing such written communications to LTC, Oncocyte may redact (i) Confidential Information
of a Third Party contained in such communication and (ii) any proprietary information of Oncocyte that may be contained in such communications.
LTC will provide comments, if any, back to Oncocyte no later than [***] days prior to Oncocyte responding to such written communication
from a Regulatory Authority. Oncocyte will consider in good faith any comments from LTC.

 

(f) Meetings
with Regulatory Authorities. Except as otherwise provided herein, the Parties agree that Oncocyte will remain solely responsible
for all interactions with the Regulatory Authorities throughout the world related to the Collaboration Determa Product; provided
that Oncocyte will notify LTC in advance of all applicable meetings with Regulatory Authorities relating to Regulatory Approvals of the
Collaboration Determa Product in the Field inside and outside the Territory, whether in person or by telephone or videoconference and
LTC and Oncocyte will use reasonable efforts to coordinate their schedules with respect to meeting dates with Regulatory Authorities.
LTC will be entitled to attend and, if appropriate and permitted under Applicable Law, participate in all such meetings with Regulatory
Authorities in the Field inside and outside the Territory; provided that that either Party may require that the other Party be
excused from any discussions of proprietary or confidential information of such Party, and either Party may be excused from any
discussions at the request of a Regulatory Authority.

 

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6.3 Regulatory
Diligence.

 

(a) Collaboration
LTC Product. Subject to both Parties completing their activities under the LTC Product Development Plan and the LTC Product Development
Milestones being achieved, each Party will use Commercially Reasonable Efforts to obtain Regulatory Approval for the Kitted LTC Product
in the Field in the Territory. The Parties agree to [***] such costs associated with obtaining and maintaining such Regulatory Approval
in the Field in the Territory. LTC will be solely responsible for obtaining and maintaining Regulatory Approval for Collaboration LTC
Product or Kitted LTC Product in the Field outside the Territory, at its sole cost.

 

(b) Collaboration
Determa Product. Oncocyte will use Commercially Reasonable Efforts to obtain Regulatory Approval for the Collaboration Determa Product
and Kitted Determa Product in the Field in the Territory, and outside the Territory to the extent contemplated by the Determa Product
Development Plan or Determa Product Commercialization Plan. Oncocyte will be solely responsible for obtaining and maintaining Regulatory
Approval for the Collaboration Determa Product or the Kitted Determa Product, at its sole cost.

 

6.4
Records. The Parties will maintain complete and accurate records of all development Activities conducted and deliverables
provided pursuant to this Agreement, and all results, data, and developments made in conducting such development Activities. Such records
will reflect all work done and results achieved in sufficient detail and in good scientific manner appropriate for patent and regulatory
purposes. Each Party agrees to retain all such records for the time required by Applicable Laws and will allow for auditing by Regulatory
Authorities of all such records.

 

6.5 Right
of Reference. LTC will and hereby does grant to Oncocyte a right of reference, which will provide Regulatory Authorities the
ability to reference applicable LTC submission records in order to complete Oncocyte product submission reviews. The related IVD data
generated under this Agreement are owned or Controlled by LTC and the right of reference is solely for the purpose of obtaining Regulatory
Approval in the Field for the Collaboration Determa Products or the Kitted Determa Products. In furtherance of such right of reference,
upon Oncocyte’s written request to LTC, LTC will send a letter to Oncocyte that authorizes the FDA and corresponding Regulatory
Authorities in foreign jurisdictions to access the pre-market notification of the Collaboration LTC Product or other applicable regulatory
filings, on behalf of Oncocyte for the purposes of obtaining Regulatory Approval in the Field for any Collaboration Determa Product or
Kitted Determa Product. Such letters may be included in Oncocyte’s Regulatory Submissions. If needed, alternate mechanisms will
be used by the Parties to achieve appropriate rights of reference or provide information not included in the Regulatory Submission to
the required Regulatory Authorities.

 

6.6 Post-Market
Activities.

 

(a) Collaboration
LTC Product. LTC will conduct all pre- and post-market surveillance and other post-market activities with respect to the Collaboration
LTC Product in and outside the Territory.

 

(b) Collaboration
Determa Product. Oncocyte will conduct all pre- and post-market surveillance and other post-market activities with respect to the
Collaboration Determa Product in and outside the Territory.

 

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Article
7

PAYMENTS

 

7.1 [***]
Milestone Payment. If LTC enters into an agreement with a therapeutics company pursuant to [***], which diagnostic product has
a [***], then, [***], LTC will pay to Oncocyte [***]. [***]. Accordingly, amounts owed by LTC to Oncocyte under this Section 3.3(b) [***]
will not exceed [***]. For clarity, if the first such [***] containing a [***], then LTC will pay Oncocyte [***].

 

7.2 Revenue
Share Payments.

 

(a) Kitted
LTC Products In the Territory. On a country-by-country basis in the Territory, beginning on the First Commercial Sale of such Kitted
LTC Product in the Field in such country and ending on the expiration of the Term or earlier termination of this Agreement with respect
to Collaboration LTC Products and subject to the terms and conditions set forth in Section 14.3(d) [***], LTC will pay to Oncocyte a
Revenue Share Payment on Net Sales of Kitted LTC Products in the Territory as follows:

	Product	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Kitted LTC Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Kitted LTC Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Kitted LTC Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 

 

Notwithstanding
the foregoing, in no event will the foregoing calculation of Net Sales in any given calendar quarter result in the double counting of
any sale of any individual unit of the Kitted LTC Product.

 

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(b) Kitted
LTC Products Outside the Territory. On a country-by-country basis outside the Territory, beginning on the First Commercial Sale of
such Kitted LTC Product in the Field in such country and ending on the expiration of the Term or earlier termination of this Agreement
with respect to Collaboration LTC Products and subject to the terms and conditions set forth in Section 14.3(d) [***], LTC will pay to
Oncocyte a Revenue Share Payment on Net Sales of Kitted LTC Products outside the Territory as follows:

 

	Product	 	 	Revenue Share

 Percentage	 
	Kitted LTC Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 
	Kitted LTC Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 
	Kitted LTC Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 

 

provided
that LTC will only pay to Oncocyte a Revenue Share Payment on Kitted LTC Products in the Field and outside the Territory to the extent
[***]. Notwithstanding the foregoing, in no event will the foregoing calculation of Net Sales in any given calendar quarter result in
the double counting of any sale of any individual unit of the Kitted LTC Product.

 

(c) Kitted
Determa Products Outside the Territory. On a country-by-country basis outside the Territory, beginning on the First Commercial
Sale of such Kitted Determa Product in the Field in such country and ending on the expiration of the Term or earlier termination of
this Agreement with respect to Collaboration Determa Products and subject to the terms and conditions set forth in Section 14.3(d)
[***], LTC will pay to Oncocyte a Revenue Share Payment on Net Sales of Kitted Determa Products outside the Territory as
follows:

 

	Product	 	 	Revenue Share Percentage	 
	Kitted Determa Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 
	Kitted Determa Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 
	Kitted Determa Product comprising [***], that is sold by LTC under a single SKU	 	 	[***]	 

 

(d) Collaboration
Determa Products In the Territory. Beginning on the First Commercial Sale of a Collaboration Determa Product in the Field in the
Territory and ending on the expiration of the Term or earlier termination of this Agreement with respect to the Collaboration Determa
Product and subject to the terms and conditions set forth in Section 14.3(d) [***], Oncocyte will pay to LTC a Revenue Share Payment
equal to [***] of Net Sales of Collaboration Determa Products in the Territory.

 

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7.3 Third
Party Payment Reductions. With respect to Net Sales during the Term, if the selling Party determines, on a country-by-country
basis, in good faith, that Third Party intellectual property rights are necessary to develop, manufacture, commercialize or otherwise
exploit the Collaboration LTC Product or Collaboration Determa Products (as applicable) in the country of sale, then the selling Party
will have the right to obtain a license under such Third Party intellectual property rights in such country and to deduct [***] of the
[***]; provided that in no event will the Revenue Share Payments, in aggregate, due to the other Party in any Calendar Year with
respect to Net Sales to be reduced pursuant to this Section 7.3 (Third Party Payment Reduction) by more than [***] of the amount that
would otherwise have been due under Section 7.2(a) (Kitted LTC Products in the Field in the Territory), Section 0 (Kitted LTC Products
Outside the Territory), Section 7.2(c) (Kitted Determa Products Outside the Territory), or Section 7.2(d) (Collaboration Determa Products
In the Territory); with respect to Net Sales. [***]

 

7.4 Revenue
Share Statements and Payments.

 

(a) LTC
Net Sales In the Territory. Within [***] days following the end of each calendar quarter, LTC will deliver to Oncocyte a report setting
forth, for such calendar quarter, the following information, on a country-by-country basis: (a) Net Sales of the Kitted LTC Product in
the Field and in the Territory [***], (b) the applicable percentage of Net Sales payable as part of the Revenue Share Payment, and (c)
the Revenue Share Payment due to Oncocyte hereunder for the sale of such Kitted LTC Product in the Field in such country in the Territory.
No such reports will be due for the Kitted LTC Product before the First Commercial Sale of the Kitted LTC Product in the Territory. The
total Revenue Share Payment due for the sale of all Kitted LTC Products in the Field in the Territory during such calendar quarter will
be remitted [***].

 

(b) LTC
Net Sales Outside the Territory. Within [***] days of the end of each calendar quarter, LTC will deliver to Oncocyte a report setting
forth, for such calendar quarter, the following information, on a country-by-country basis: (a) Net Sales of the Kitted LTC Product or
Kitted Determa Products (as applicable) in the Field and outside the Territory [***], (b) the applicable percentage of Net Sales payable
as part of the Revenue Share Payment, and (c) the Revenue Share Payment due to Oncocyte hereunder for the sale of the Kitted LTC Product
or Kitted Determa Products (as applicable) in the Field in such country outside the Territory. No such reports will be due for any such
Kitted LTC Product or Kitted Determa Products (as applicable) before the First Commercial Sale of the Kitted LTC Product or Kitted Determa
Products (as applicable) outside the Territory. The total Revenue Share Payment due for the sale of all Kitted LTC Products or Kitted
Determa Products (as applicable) in the Field outside the Territory during such calendar quarter will be remitted [***].

 

(c) Oncocyte
Net Sales in the Territory. Within [***] days of the end of each calendar quarter, Oncocyte will deliver to LTC a report setting
forth, for such calendar quarter, the following information, on a country-by-country basis: (a) Net Sales of the Collaboration Determa
Product in the Field and in the Territory [***], (b) the applicable percentage of Net Sales payable as part of the Revenue Share Payment,
and (c) the Revenue Share Payment due to LTC hereunder for the sale of the Collaboration Determa Product in the Field in such country
in the Territory. No such reports will be due for any such Collaboration Determa Product before the First Commercial Sale of the Collaboration
Determa Product in the Territory. The total Revenue Share Payment due for the sale of all Collaboration Determa Products in the Field
in the Territory during such calendar quarter will be remitted [***].

 

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7.5 Late
Payments. Any amount owed by a Party to the other Party under this Agreement that is not paid within the applicable time period
set forth herein will accrue interest at the lesser of (a) [***], or (b) the highest rate permitted under Applicable Law.

 

7.6 Disputed
Payments. If a Party disputes a payment under Section 7.4 (Revenue Share Statements and Payments) or Section 4.2 (Development
Plan Costs), then the Party owing payment will timely pay the undisputed amount of such payment and the JSC will resolve such dispute
in accordance with Section 2.3(b) (Actions or Decisions). The disputing Party will provide the JSC with a written notice setting forth
in reasonable detail the nature and factual basis for such dispute and the JSC will seek to resolve such dispute within [***] days after
the date such written notice is received. Any outstanding amounts due will be payable by the applicable Party within [***] days after
the resolution of the dispute.

 

7.7 Taxes.
Each Party will be responsible for its own taxes, duties, levies, imposts, assessments, deductions, fees, withholdings or similar charges
imposed on or measured by net income or overall gross income (including branch profits), gross receipts, capital, ability or right to
do business, property, and franchise or similar taxes pursuant to Applicable Law. Each Party may deduct and withhold from payments any
amounts it is required to deduct and withhold pursuant to Applicable Law, which such amounts will be treated as having been paid hereunder.

 

7.8 Currency.
All amounts payable and calculations under this Agreement will be in United States dollars. As applicable, Net Sales and any deductions
will be translated into United States dollars at the average of the exchange rates published by Bloomberg (or if Bloomberg is unavailable,
a comparable publication) on each business day of the calendar quarter to which such Revenue Share Payments relate.

 

7.9 Record
Keeping. Each Party will keep and will cause its Affiliates to keep books and accounts of record in connection with the commercialization
of the Kitted LTC Product, Kitted Determa Products, and Collaboration Determa Products in sufficient detail to permit accurate determination
of all figures necessary for verification of Revenue Share Payments under this Agreement. Each Party and its Affiliates will maintain
such records for the longer of (a) at least three years after the end of the calendar year in which they were generated or otherwise
relevant and (b) as is required by Applicable Law.

 

7.10 Audits.
Each Party will permit an independent certified public accounting firm of nationally recognized standing selected by the auditing Party
and reasonably acceptable to the audited Party, to examine, at the auditing Party’s sole expense and upon reasonable prior notice,
the relevant books and records of the audited Party and its Affiliates as may be reasonably necessary to verify the Net Sales amounts
reported by the audited Party in accordance with Section 7.4 (Revenue Share Statements and Payments). An examination by the auditing
Party under this Section 7.10 (Audits) (a) will be subject to standard confidentiality obligations, (b) will occur not more than once
in any [***], (c) will be limited to the audited Party’s and its Affiliate’s pertinent books and records to the extent relevant
to the calculation of Net Sales for any calendar year ending not more than three years before the date of the request, (d) will not exceed
a period of [***] business days in duration, (e) may not unreasonably disrupt the operations of the audited Party or its Affiliates,
and (f) may be reasonably delayed by the audited Party to the extent such examination conflicts with any previously scheduled audit of
the audited Party. The accounting firm will be provided access to such books and records at the audited Party’s or its Affiliates’
facility(ies), or remotely, where such books and records are normally kept and such examination will be conducted during the audited
Party’s normal business hours. Upon completion of the audit, the accounting firm will provide both LTC and Oncocyte a written report
disclosing any discrepancies in (i) the reports submitted by the audited Party or (ii) the Revenue Share Payments or any other amounts
paid by the audited Party under this Agreement, and, in each case, the specific details concerning any discrepancies.

 

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7.11 Underpayments/Overpayments.
If such accounting firm concludes that additional amounts were due to the auditing Party, then the audited Party will pay to the auditing
Party such additional amounts within [***] days of the date the audited Party receives such accountant’s written report. Further,
if the amount of such underpayments exceeds more than [***] of the amounts that were properly payable to the auditing Party, then the
audited Party will reimburse the auditing Party for its reasonable out-of-pocket costs in connection with the audit. If such accounting
firm concludes that the audited Party made payments to the auditing Party under this Agreement in excess of the amounts due under this
Agreement, then the auditing Party will refund such excess amount to the audited Party, within [***] days of the date the auditing Party
receives such accountant’s report and all invoices for the audit.

 

Article
8

SERVICE AND SUPPORT

 

8.1 Collaboration
LTC Product. LTC will be responsible for providing field-based training and customer support for Collaboration LTC Product customers
in the Territory consistent with LTC’s standard practices and procedures.

 

8.2 Collaboration
Determa Products.

 

(a) In
the Territory. Oncocyte will be responsible for providing first level field-based training and customer support for Collaboration
Determa Product to customers in the Territory. If any customer complaint remains unresolved for [***], then Oncocyte will share the complaint
with LTC and LTC will be responsible for providing second level support services to Oncocyte in accordance with LTC’s Instrument
Services Terms and Conditions set forth in Schedule 8.2 (LTC Instrument Services Terms and Conditions). If any customer complaint
is specific to the NGS Instrument, Oncocyte will share the complaint with LTC within [***].

 

(b) Outside
the Territory. LTC will be responsible for providing all field-based training and customer support for Kitted Determa Products to
customers outside the Territory in accordance with the Determa Product Commercialization Plan. Oncocyte will provide “train-the-trainer”
training to LTC personnel and contractors as reasonably necessary to enable LTC to provide such field-based training and customer support.

 

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8.3 Development
Activities. In support of the NGS Instruments used by Oncocyte to perform its obligations under the LTC Product Development Plan
and its obligations under the Determa Product Development Plan, LTC will supply to Oncocyte [***] service contracts at [***].

 

Article
9

INTELLECTUAL PROPERTY

 

9.1 Ownership
of Intellectual Property.

 

(a) Background
Intellectual Property. Each Party retains all rights, title, and interest in and to such Party’s Background IP. Each Party,
in its sole discretion, is responsible for the filing, prosecution, maintenance, abandonment and enforcement of its own Background IP.

 

(b) Arising
Intellectual Property. Inventorship of Arising IP will be determined in accordance with U.S. patent laws. Ownership, as well as responsibility
for prosecution, maintenance, abandonment and enforcement of Arising IP will be as set forth below.

 

(i) LTC
Product Arising IP. All rights, title, and interests in and to all LTC Product Arising IP, irrespective of inventorship, will vest
in LTC. Oncocyte hereby assigns and transfers and will assign and transfer to LTC all rights, title, and interests that it may have in
or to any LTC Product Arising IP. LTC, in its sole discretion, is responsible for the filing, prosecution, maintenance, abandonment and
enforcement of LTC Product Arising IP.

 

(ii) Oncocyte
Product Arising IP. All rights, title, and interests in and to all Oncocyte Product Arising IP, irrespective of inventorship, will
vest in Oncocyte. LTC hereby assigns and transfer to Oncocyte all rights, title, and interests that it may have in or to any Oncocyte
Product Arising IP. Oncocyte, in its sole discretion, is responsible for the filing, prosecution, maintenance, abandonment and enforcement
of Oncocyte Product Arising IP.

 

(iii) Sole
Ownership of Other Arising IP. Ownership of any Other Arising IP will be according to inventorship, with the inventor(s) owning the
IP and inventorship determined in accordance with U.S. patent law. Subject to Section 9.1(b)(v) (Procedure), each Party, in its sole
discretion, is responsible for the filing, prosecution, maintenance, abandonment and enforcement of Other Arising IP invented or developed
solely by such Party.

 

(iv) Joint
Other Arising IP. Subject to Section 9.1(b)(v) (Procedure For Patent Claiming Arising IP), the filing Party will provide the other
Party with a reasonable opportunity to review and comment on its efforts to prepare, file, prosecute, and maintain Joint Other Arising
IP, including by providing other Party with a copy of material communications from any patent authority in such country(ies) regarding
any such Joint Other Arising IP, and by providing drafts of any material filings or responses to be made to such patent authorities in
advance of submitting such filings or responses. Filing Party will consider other Party’s comments regarding such communications
and drafts in good faith. For the avoidance of doubt, in no instance will any Joint Other Arising IP be abandoned without giving the
other Party an opportunity to maintain a patent or pursue a patent application. The filing Party will provide to the other Party at least
[***] days’ written notice prior to a final patent deadline of its intent to abandon such patent application or issued patent and
will allow the other Party to directly pay the costs of preparing, filing, prosecuting, issuing, or maintaining such patent application
or issued patent. Should other Party choose to directly pay such costs, filing Party will execute all documents and do all acts necessary
to vest ownership of Joint Other Arising IP in the other Party. Subject to the terms and conditions of this Agreement, each Party will
have the right to freely exploit and license the Joint Other Arising IP without the consent of or obligation to account to the other
Party. To the extent that Applicable Law requires either Party to obtain the consent of the other Party to exploit or license its interest
in the Joint Other Arising IP, each Party hereby grants and will grant such consent upon the request of the other Party.

 

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(v) Procedure
for Patent Claiming Arising IP. Prior to either Party filing a patent application claiming Arising IP, each Party will notify the
other Party of its intent to file such patent application, provide a draft of such patent application (which may be redacted to protect
the Confidential Information of the filing Party), and allow the other Party a reasonable opportunity to comment on such patent application
with respect to inventorship and ownership of any patent that would be granted if such patent application were approved. If the other
Party notifies the filing Party that it does not agree with the filing Party’s view of inventorship and ownership of any patent
that would be granted if such patent application were approved, then the Parties will endeavor in good faith to resolve such disagreement.
Notwithstanding the foregoing, [***]; provided that [***].

 

(vi) Collaboration
Data. All Collaboration Data generated in the Development of the Collaboration LTC Product will be solely owned by LTC. All Collaboration
Data generated in the Development of the Collaboration Determa Product, including analytical validation data, will be jointly owned by
the Parties and will be Joint Other Arising IP hereunder, and will be jointly owned by the Parties, subject to the terms and conditions
of this Agreement, and each Party will have the right to freely exploit and license its interest in Collaboration Data as provided in
Section 9.1(b)(iv) (Joint Other Arising IP). Each Party hereby assigns to the other Party an undivided one-half interest in and to the
Collaboration Data owned by such Party.

 

(c) Defense
of Joint Other Arising IP. Each Party will notify the other if becomes aware of any alleged or threatened assertion that the practice
of Joint Other Arising IP infringes or misappropriates the Intellectual Property Rights of a Third Party. The Parties will discuss in
good faith the defense of such assertion, including which Party shall have the right to conduct any related proceedings, and whether
one or both Parties will bear the related costs and expenses.

 

(d) Cooperation.
Each Party agrees to perform, during or after termination of this Agreement, such further acts as may be necessary or desirable to transfer,
perfect, and defend the other Party’s worldwide ownership of their respective Arising IP as reasonably requested by a Party and
to provide all assistance reasonably requested by a Party, at the requesting Party’s expense, in the establishment, preservation,
and enforcement of a Party’s rights in its respective Arising IP as delineated in this Section 9.1(b) (Arising Intellectual Property),
including by: [***].

 

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9.2 Relevant
Third Party IP. During the Term, if either Party becomes aware of: (i) any Intellectual Property Rights that such Party determines
may constitute Relevant Third Party IP that would materially affect the transactions contemplated by this Agreement, or (ii) any allegation
that any Party infringes the Intellectual Property Rights of a Third Party related to its Activities or transactions under its Agreement;
such Party will promptly notify the other Party. Upon any such notice, the Parties will enter into discussions and any necessary protective
agreements to determine:

 

(a) Solely
with respect to any Relevant Third Party IP that may be directly infringed by: [***] (“Platform Relevant IP”), whether
a license to such Platform Relevant IP must be pursued. If a license to such Platform Relevant IP is to be pursued, [***]; provided [***];
and

 

(b) With
respect to any Relevant Third Party IP other than Platform Relevant IP, [***].

 

9.3 Trademarks.
Each Party will provide to the other Party a license to use its trademarks to the extent necessary to accomplish the commercialization
of the Collaboration LTC Product and Collaboration Determa Product in a manner consistent with Section 5.1(d) (Branding). In addition,
Oncocyte will provide to LTC a license to use its trademarks related to the Collaboration Determa Product to use in marketing and promotional
materials in the Determa Product Territory in connection with marketing and promotion of the NGS Instrument for the sole purpose of indicating
that the Collaboration Determa Product runs on the NGS Instrument.

 

Article
10

CONFIDENTIAL INFORMATION

 

10.1 Confidentiality
Requirement. Each Party will (a) maintain the other Party’s Confidential Information in confidence during the Term and
for [***] thereafter, (b) limit dissemination of the other Party’s Confidential Information to those of its employees who require
such Confidential Information in order for such Party to perform its obligations and exercise its rights under this Agreement, and (c)
use and disclose such Confidential Information only to the extent necessary for such Party to perform its obligations and exercise its
rights under this Agreement.

 

10.2 Authorized
Disclosure. Notwithstanding the obligations set forth in Section 10.1 (Confidentiality Requirement), Confidential Information
may be disclosed by the Receiving Party to the extent such disclosure is required to comply with Applicable Law and a court order; provided
that the Receiving Party gives prior notice to the Providing Party regarding such disclosure, and seeks, or cooperates with the Disclosing
Party in obtaining, confidential treatment of such disclosure to the maximum extent permitted by Applicable Law. In addition, each Party
will have the right to disclose Confidential Information belonging to the other Party in connection with a prospective acquisition, merger,
financing, license or sublicense for such Party to potential or actual (a) acquirers or merger candidates, (b) Development or commercialization
collaborators or partners for the Kitted LTC Product engaged in accordance with this Agreement, or (c) investors, lenders or financing
sources, in each case, including any investment bank, placement agent, accountant or other financial or legal adviser in connection with
any such actual or potential transaction; provided that, in each case, (i) such persons are bound by written obligations or other
obligations of confidentiality and non-use with respect to such Confidential Information no less stringent than the confidentiality and
non-use terms of this Agreement and (ii) any such disclosure is limited to the maximum extent practicable for the particular context
in which it is being disclosed.

 

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10.3 Terms
of this Agreement. The Parties acknowledge that the terms and contents of this Agreement (including any Exhibits attached hereto)
will be treated as the Confidential Information of each Party, as appropriate.

 

10.4 Publicity.
Except as otherwise required by Applicable Law, and only after compliance with this Section 10.4 (Publicity), no Party will issue a press
release or make any other public disclosure of the existence or terms of this Agreement, without the prior written approval of such press
release or disclosure by the other Party. However if, in the reasonable opinion of a Party’s counsel, a public disclosure is required
by Applicable Law, or court order, including in a filing with the United States Securities and Exchange Commission, then such Party will
provide copies of the disclosure reasonably in advance of such filing or other disclosure for the other Party’s prior review and
comment, and the other Party will provide their comments as soon as practicable, provided that, with respect to a filing with the United
States Securities and Exchange Commission and where such time permits, such comments will be provided no later than [***] prior to the
filing deadline. No disclosure permitted by this Section 10.4 (Publicity) is allowed to contain any Confidential Information of the other
Party unless otherwise permitted in accordance with this Article 10 (Confidential Information).

 

10.5 Use
of Name. No right, express or implied, is granted to either Party by this Agreement to use in any manner any trademark, logo
or trade name of either Party without the prior written consent of the owning Party. No Party will make, place or disseminate any advertising,
public relations, marketing material or any material of any kind using the name of the other Party or any subsidiary or Affiliate of
the other Party or use their trademark, logo or trade name, without the prior written approval of the owning Party.

 

10.6 Publications.
The Parties will have the right to publish or present Collaboration Data or any portion thereof for their publication objectives
(a “Publication”) in accordance with this Section 10.6 (Publications). For avoidance of doubt, the publishing Party
will have no right to publish the non-publishing Party’s Confidential Information (not including Collaboration Data) without the
prior affirmative written consent of the non-publishing Party. The publishing Party will provide the non-publishing Party with an advance
copy of any Publication containing Collaboration Data or the non-publishing Party’s Confidential Information at least [***] days
prior to such submission for publication or presentation for the non-publishing Party’s review and written consent. The non-publishing
Party will have the right to (a) provide comments, which will be considered and reasonably incorporated by the publishing Party, or (b)
remove any Confidential Information of the non-publishing Party (not including Collaboration Data). The non-publishing Party may request,
and the publishing Party will not unreasonably deny, postponement of the Publication for up to [***] additional days to allow for filing
or registration of Intellectual Property Rights protection. For clarity, (i) a non-publishing Party’s failure to redact any of
its Confidential Information from a Publication, or silence around the same, and (ii) expiration of the review or postponement periods
described herein, is not affirmative written consent by the non-publishing Party under this Section 10.6 (Publications).

 

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Article
11

REPRESENTATIONS, WARRANTIES, AND COVENANTS

 

11.1 Representations,
Warranties and Covenants of LTC. LTC represents and warrants to and covenants with Oncocyte that:

 

(a) As
of the Effective Date, LTC is a corporation duly organized, validly existing and in corporate good standing under the laws of the State
of Delaware.

 

(b) LTC
has the legal power and authority to execute, deliver and perform this Agreement.

 

(c) The
execution, delivery and performance of this Agreement by LTC has been duly authorized by all necessary corporate action.

 

(d) Upon
the execution and delivery of this Agreement, this Agreement constitutes the legal, valid and binding obligation of LTC, enforceable
against LTC in accordance with its terms.

 

(e) The
execution, delivery and performance of this Agreement will not cause or result in a violation of any Applicable Law.

 

(f) LTC
has enforceable written agreements with all of its employees who receive Confidential Information of Oncocyte or perform activities under
this Agreement assigning to LTC ownership of all Intellectual Property Rights created in the course of their employment.

 

(g) LTC
will comply with all Applicable Laws and obtain all required governmental permits, licenses, and authorizations in the performance of
its Activities under the Agreement.

 

(h) LTC
represents that it is not debarred under subsections 306(a) or (b) of the US Federal Food Drug and Cosmetic Act US Generic Drug Enforcement
Act of 1992, 21 USC 335a (a) or (b), and that it has not and will not use in any capacity the services of any person debarred under such
law to conduct Activities. LTC further represents that none of its Affiliates in the US are excluded from any federal health care program,
including but not limited to Medicare and Medicaid.

 

(i) [***]

 

(j) If
LTC Materials are human specimens, such LTC Materials will be De-identified prior to transfer to Oncocyte (or its Affiliates or subcontractors
under Section 4.4 (Performance by Affiliates and Subcontractors)), and LTC will not provide Oncocyte any Protected Health Information
(as such term is defined under HIPAA) or Personal Information as defined under the GDPR, the CCPA, or similarly defined term in Applicable
Law, about any human donors of LTC Materials or of the original tissues from which LTC Materials were derived. LTC has legal title, power
and authority to provide all LTC Materials provided to Oncocyte under this Agreement, and with respect to human specimens, a legal, valid,
and binding informed consent from the patient authorizing such provision of such LTC Materials has been obtained from the patient in
accordance with Applicable Law.

 

(k) LTC
has and will comply with all Applicable Laws and obtain all required governmental permits, licenses, and authorizations in the collection
and handling of LTC Materials and the performance of its Activities under the Agreement.

 

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(l) LTC
has legal right and title to LTC Materials and any uses of LTC Materials described in this Agreement (including the Development Plans)
are within the scope of and consistent with the informed consents applicable to such LTC Materials or otherwise permissible under Applicable
Law.

 

(m) To
the extent that the LTC Materials include human specimens, LTC represents and warrants to Oncocyte that either it: (i) has obtained all
informed consents and Institutional Review Board or Ethics Committee approvals required by Applicable Law with respect to such Materials,
(ii) is not required under Applicable Law to obtain such informed consents, (iii) it has received a waiver for consent from an Institutional
Review Board or Ethics Committee, or (iv) the use of the LTC Materials by Oncocyte in connection with this Agreement is within the scope
of and consistent with the informed consents applicable to the LTC Materials.

 

11.2 Representations,
Warranties, and Covenants of Oncocyte. Oncocyte represents and warrants to and covenants with LTC that:

 

(a) As
of the Effective Date, Oncocyte is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction
in which it is registered.

 

(b) Oncocyte
has the legal power and authority to execute, deliver, and perform this Agreement.

 

(c) The
execution, delivery and performance by Oncocyte of this Agreement has been duly authorized by all necessary corporate action.

 

(d) Upon
the execution and delivery of this Agreement, this Agreement constitutes the legal, valid and binding obligation of Oncocyte, enforceable
against Oncocyte in accordance with its terms.

 

(e) The
execution, delivery and performance of this Agreement will not cause or result in a violation of any Applicable Law.

 

(f) Oncocyte
has enforceable written agreements with all of its employees who receive Confidential Information of LTC or perform Activities under
this Agreement assigning to Oncocyte ownership of all Intellectual Property Rights created in the course of their employment.

 

(g) If
Oncocyte Materials are human specimens, such Oncocyte Materials will be De-identified prior to transfer to LTC (or its Affiliates or
subcontractors under Section 4.4 (Performance by Affiliates and Subcontractors)), and Oncocyte will not provide LTC any Protected Health
Information (as such term is defined under HIPAA) or Personal Information as defined under the GDPR, the CCPA, or similarly defined term
in Applicable Law, about any human donors of Materials or of the original tissues from which Oncocyte Materials were derived. Oncocyte
has legal title, power and authority to provide all Materials provided to LTC under this Agreement, and with respect to human specimens,
a legal, valid, and binding informed consent from the patient authorizing such provision of such Oncocyte Materials has been obtained
from the patient in accordance with Applicable Law.

 

(h) Any
Oncocyte-provided software that runs on an NGS Instrument or interacts with NGS Software will not contain any time bomb, virus, worm,
Trojan horse, back door, drop dead device, or any other software that would interfere with the normal operation of any NGS Software or
NGS Instrument, would allow circumvention of security controls for the same, or that is intended to cause damage to any NGS Instrument,
NGS Software or data.

 

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(i) [***]

 

(j) Oncocyte
has and will comply with all Applicable Laws and obtain all required governmental permits, licenses, and authorizations in the collection
and handling of Oncocyte Materials and the performance of its Activities under the Agreement.

 

(k) Oncocyte
has legal right and title to Oncocyte Materials and any uses of Oncocyte Materials described in this Agreement (including the Development
Plans) are within the scope of and consistent with the informed consents applicable to such Oncocyte Materials or otherwise permissible
under Applicable Law.

 

(l) To
the extent that the Oncocyte Materials include human specimens, Oncocyte represents and warrants to LTC that either it: (i) has obtained
all informed consents and Institutional Review Board or Ethics Committee approvals required by Applicable Law with respect to such Oncocyte
Materials, (ii) is not required under Applicable Law to obtain such informed consents, (iii) it has received a waiver for consent from
an Institutional Review Board or Ethics Committee, or (iv) the use of the Oncocyte Materials by LTC in connection with this Agreement
is within the scope of and consistent with the informed consents applicable to the Materials.

 

(m) Oncocyte
represents that it is not debarred under subsections 306(a) or (b) of the US Federal Food Drug and Cosmetic Act US Generic Drug Enforcement
Act of 1992, 21 USC 335a (a) or (b), and that it has not and will not use in any capacity the services of any person debarred under such
law to conduct Activities. Oncocyte further represents that none of its Affiliates in the US are excluded from any federal health care
program, including but not limited to Medicare and Medicaid.

 

Article
12

INDEMNIFICATION

 

12.1 Indemnification
by LTC. LTC agrees to indemnify, defend, and hold harmless Oncocyte Indemnified Parties against all Losses to the extent resulting
from Claims brought by a Third Party and arising from: (a) any gross negligence, recklessness or willful misconduct of the LTC Indemnified
Parties in connection with this Agreement, (b) any breach by LTC of this Agreement (c) any violation of Applicable Law by LTC Indemnified
Parties in connection with the performance of LTC’s obligations or Activities under this Agreement, (d) the LTC’s and its
Affiliates’ development, commercialization, manufacture, or sale of NGS Products, including the Kitted LTC Product, (e) LTC’s
and its Affiliates’ commercialization of the Collaboration Determa Product outside the Determa Product Territory; (e) LTC’s
performance of its activities under the Development Plans or Commercialization Plans, or (f) any failure of any NGS Product to conform
to its standard LTC specification. In all cases in (a) through (f) above, such indemnity will be reduced up to the amount and to the
extent that Oncocyte is required to indemnify any of the LTC Indemnified Parties for the relevant Losses or Claims under Section 12.2
(Indemnification by Oncocyte).

 

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12.2 Indemnification
by Oncocyte. Oncocyte agrees to indemnify, defend, and hold harmless LTC Indemnified Parties against all Losses to the extent
resulting from Claims brought by a Third Party and arising from: (a) any gross negligence, recklessness, or willful misconduct of Oncocyte
Indemnified Parties in connection with this Agreement, (b) any breach by Oncocyte of this Agreement, or (c) any violation of Applicable
Law by Oncocyte Indemnified Parties in connection with the performance of Oncocyte’s obligations or Activities under this Agreement,
(d) Oncocyte’s performance of its activities under the Development Plans or Commercialization Plans, or (e) Oncocyte’s and
its Affiliates’ development, manufacture, performance, or sale of any Oncocyte product, service or software that includes or is
performed using any NGS Product, including the Determa Assay or any Collaboration Determa Product, (except to the extent arising from
(i) any defect in or failure of such NGS Product to conform to its standard warranty, or (ii) the commercialization of the Collaboration
Determa Product by LTC outside the Determa Product Territory). In all cases in (a) through (e) above, such indemnity will be reduced
up to the amount and to the extent that LTC is required to indemnify any of the Oncocyte Indemnified Parties for the relevant Losses
or Claims under Section 12.1 (Indemnification by LTC).

 

12.3 Notice.
Should any claim arise which could reasonably be expected to lead to a claim for indemnification, the Indemnified Party will promptly
notify, in writing, the Indemnifying Party of the claim and the facts constituting the basis for such claim and will promptly provide
the Indemnifying Party with such documents and information that are reasonably requested. An Indemnifying Party will have no obligation
or liability under this Article 12 as to any claim for which settlement or compromise of such claim, or an offer of settlement or compromise
of such claim, is made by an Indemnified Party without the prior written consent of the Indemnifying Party, which consent will not be
unreasonably withheld. Further, the Indemnified Party will take such lawful action as the Indemnifying Party may reasonably request to
mitigate Losses, subject to the indemnification obligations set forth in Article 12 (Indemnification).

 

12.4 Defense;
Mitigation. The Indemnifying Party will assume exclusive control of the defense of any claim for which the Indemnified Party
may be liable under Article 12 (Indemnification) at its sole cost and expense. The Indemnified Party will provide cooperation and assistance
in the defense of such claim in the event the Indemnifying Party assumes the defense as set forth above. The Indemnifying Party will
not settle or compromise any such claim without the prior written consent of the Indemnified Party, which consent will not be unreasonably
withheld, conditioned or delayed; provided, however, that no consent is required to be obtained if: (a) the Indemnified
Party is fully released of all liability without admission of liability or wrongdoing, and (b) the settlement is limited to a financial
payment by the Indemnifying Party, and (c) the settlement does not otherwise adversely impact the Indemnified Party. Further, the Oncocyte
Indemnified Parties and the LTC Indemnified Parties, as the case may be, will take such measures as are commercially reasonable to minimize
risks and mitigate Losses related to any Claims under this Article 12 (Indemnification).

 

Article
13

LIMITATION OF LIABILITY AND DISCLAIMER OF WARRANTIES

 

13.1 Limitation
of Liability. EXCEPT WITH RESPECT TO (A) THE GROSS NEGLIGENCE, RECKLESSNESS OR WILLFUL MISCONDUCT OF A PARTY, (B) A BREACH OF
THE CONFIDENTIALITY OBLIGATIONS UNDER ARTICLE 10 (CONFIDENTIAL INFORMATION) BY A PARTY, OR (C) AMOUNTS SOUGHT BY THIRD PARTIES IN CLAIMS
THAT ARE SUBJECT TO EACH PARTY’S RESPECTIVE INDEMNITY OBLIGATIONS UNDER ARTICLE 12 (INDEMNIFICATION), NEITHER PARTY WILL BE LIABLE
WITH RESPECT TO ANY MATTER ARISING UNDER THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY, OR OTHER LEGAL OR EQUITABLE
THEORY FOR ANY PUNITIVE, EXEMPLARY, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF BUSINESS OR
GOOD WILL, LOSS OF REVENUE OR LOST PROFITS.

 

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13.2 Disclaimer
of Warranties. EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT, (A) NEITHER PARTY MAKES ANY
WARRANTIES WITH RESPECT TO ANY PRODUCT, PATENT RIGHTS, GOODS, SERVICES, MATERIALS, KNOW-HOW OR ANY OTHER SUBJECT MATTER OF THIS AGREEMENT,
AND (B) EACH PARTY HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT WITH RESPECT
TO ANY AND ALL OF THE FOREGOING.

 

Article
14

TERM AND TERMINATION

 

14.1 Term.
This Agreement commences on the Effective Date and will remain in effect until December 31, 2035, unless terminated earlier as provided
herein (“Term”); provided [***]. The Parties may extend the Term by mutual written agreement.

 

14.2 Termination
Rights.

 

(a) For
Cause. Either Party may terminate this Agreement by providing written notice of termination to the other Party in the event that
the other Party materially breaches this Agreement and fails to cure such breach within [***] days of receiving a written notice of default
from the non-breaching Party; provided, however, that if the default cannot, by its nature, be cured within such [***]
day period, then the breaching Party may propose a plan to cure such breach in a longer period of time, such period not to exceed [***],
and the Parties will discuss such plan [***]. If the Parties cannot agree on such proposed plan to cure the applicable breach in a period
longer than [***] days (but less than [***]), then the non-breaching Party may terminate this Agreement upon the expiration of such [***]
day period by providing written notice of termination to the other Party. Notwithstanding the foregoing, if the material breach relates
only to Collaboration LTC Products, then the non-breaching Party may only terminate this Agreement with respect to Collaboration LTC
Products, and if the material breach relates only to Collaboration Determa Products, then the non-breaching Party may only terminate
this Agreement with respect to Collaboration Determa Products. Notwithstanding the foregoing, if the allegedly breaching Party disputes
whether it has materially breached this Agreement or whether it has failed to cure such breach within such [***] day cure period and
commences an action to dispute such allegation in accordance with Section 15.3 (Governing Law; Jurisdiction), then the cure period to
cure such breach will be tolled and the Agreement will remain in effect pending the outcome of such litigation.

 

    	43

     

    

 

(b) For
Specific Events by LTC With Respect to a Collaboration LTC Product. LTC may terminate this Agreement with respect to the Collaboration
LTC Product or, at LTC’s option, in its entirety, by providing written notice to Oncocyte if any of the following occurs, which
termination will become effective [***] days following the date of such notice:

 

(i) Failure
to Achieve LTC Product Development Milestone. Oncocyte fails to achieve a LTC Product Development Milestone under the then-current
LTC Product Development Plan; and

 

(ii) [***]

 

(c) For
Specific Events by Oncocyte With Respect to a Collaboration LTC Product. Oncocyte may terminate this Agreement with respect to Collaboration
LTC Products by providing written notice of termination to LTC if LTC fails to achieve an LTC Product Development Milestone under the
then-current LTC Product Development Plan, which termination will become effective [***] days following the date of such notice.

 

(d) With
Respect to a Collaboration Determa Product.

 

(i) [***]
Either Party may terminate this Agreement with respect to the Collaboration Determa Product by providing written notice of termination
to the other Party if [***].

 

(ii) By
LTC for Convenience Outside the Territory. LTC may terminate its license from Oncocyte to commercialize the Kitted Determa Product
outside the Determa Product Territory and all of its obligations with respect to the commercialization of the Kitted Determa Product
outside the Determa Product Territory (including its obligations under 5.3 (Commercialization of Products) with respect to Kitted Determa
Products) by providing written notice of termination to Oncocyte, which termination will become effective [***] days following the date
of such notice.

 

(e) Insolvency.
Either Party may terminate this Agreement if the other Party becomes the subject of a voluntary or involuntary petition in bankruptcy
or any proceeding relating to insolvency, receivership, liquidation, or composition or the benefit of creditors, if that petition or
proceeding is not dismissed with prejudice within [***] days after filing. All licenses granted under this Agreement are deemed to be,
for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of right to “intellectual property” as defined in Section
101 of such code. The Parties agree that any licensee Party will retain and may fully exercise all of its rights and elections under
the U.S. Bankruptcy Code.

 

14.3 Effects
of Expiration or Termination.

 

(a) Generally.
If this Agreement is terminated with respect to the Collaboration LTC Product or the Collaboration Determa Product or if it expires,
then except as expressly provided in this Agreement (including in this Section 14.3 (Effects of Expiration or Termination) and Section
14.4 (Survival), all rights and obligations of the Parties with respect to the terminated product will terminate, or with respect to
expiration, both products.

 

    	44

     

    

 

(b) Expiration.

 

(i) Collaboration
LTC Product. Upon expiration of the Term, the license grants to LTC in Section 3.2(a) (Oncocyte License Grants to LTC) will become
fully paid-up, perpetual and irrevocable with respect to the Collaboration LTC Product, and the license grants to Oncocyte in Section
3.1(a) (LTC License Grants to Oncocyte) will terminate and expire with respect to the Collaboration LTC Product and Kitted LTC Product.

 

(ii) Collaboration
Determa Product. Upon expiration of the Term, the license grants to Oncocyte in Section 3.1(a) (LTC License Grants to Oncocyte) will
become fully paid-up, perpetual, and irrevocable with respect to the Collaboration Determa Product and the license grants to LTC in Section
3.2(a) (Oncocyte License Grants to LTC) will terminate with respect to the Collaboration Determa Product.

 

(iii) Negotiation.
At the request of either Party, reasonably in advance of the expiration of the Term, the Parties will negotiate [***].

 

(iv) Preferred
Diagnostic Partner. For clarity, and without limitation, upon expiration or termination of the Term, LTC will not longer be obligated
to recommend Oncocyte as LTC’s preferred contract research organization as required by Section 3.3(b) (Preferred Diagnostic Partner).

 

(c) Termination
Other Than For [***].

 

(i) If
either Party terminates this Agreement with respect to the Collaboration Determa Product for any reason, then the licenses granted in
(A) Section 3.1(a) (LTC License Grants to Oncocyte) and (B) Section 3.2(a) (Oncocyte License Grants to LTC), in each case (A) and (B)
with respect to the Collaboration Determa Product, will terminate.

 

(ii) If
this Agreement is terminated by Oncocyte with respect to the Collaboration LTC Product pursuant to Section 14.2(c) (For Specific Events
by Oncocyte With Respect to a Collaboration LTC Product) then (A) the licenses granted to Oncocyte in Section 3.1(a) (LTC License Grant
to Oncocyte) with respect to the Collaboration Determa Products will become non-exclusive, worldwide, perpetual, irrevocable, and royalty-free,
(B) the licenses granted in Section 3.1(a) (LTC License Grants to Oncocyte) and Section 3.2(a) (Oncocyte License Grants to LTC) with
respect to the Collaboration LTC Product will terminate and (C) [***]; provided that [***].

 

(iii) If
this Agreement is terminated by LTC with respect to the Collaboration LTC Product pursuant to Section 14.2(a) (For Cause) or Section
14.2(b)(i) (Failure to Achieve the LTC Product Development Milestone) then (A) the licenses granted to LTC in Section 3.2(a) (Oncocyte
License Grants to LTC) with respect to the Collaboration LTC Products and Kitted LTC Product will become non-exclusive, worldwide, perpetual,
irrevocable, and royalty-free, (B) the licenses granted in Section 3.1(a) (LTC License Grants to Oncocyte) and Section 3.2(a) (Oncocyte
License Grants to LTC) with respect to the Collaboration Determa Product will terminate; provided that if such termination occurs
prior to Regulatory Approval of the Collaboration LTC Product in the United States and the European Union, then Oncocyte (A) will (and
hereby does) grant to LTC a non-exclusive license under all relevant Intellectual Property Rights Controlled by it to perform Oncocyte’s
Development obligations with respect to the Collaboration LTC Product under the then-current LTC Product Development Plan in the United
States and European Union, as applicable (and will transfer to LTC all data and information reasonably necessary to perform such activities)
and (B) [***]; provided that [***].

 

    	45

     

    

 

(iv) If
this Agreement is terminated by Oncocyte with respect to the Collaboration LTC Product pursuant to Section 14.2(a) (For Cause), then
the rights granted under in Section 3.1(a) (LTC License Grants to Oncocyte) and Section 3.2(a) (Oncocyte License Grants to LTC) will
terminate.

 

(v) Upon
termination of this Agreement with respect to the Collaboration LTC Product for any reason other than by Oncocyte pursuant to Section
14.2(a) (For Cause), Oncocyte will transfer to LTC all IVD data with respect to the Collaboration LTC Product and rights therein in its
Control as of the effective date of the termination.

 

(d) [***]

 

(e) Confidential
Information. Subject to Section 14.3(c) (Termination), upon termination (but not expiration) of this Agreement, each Receiving Party
will dispose of all tangible embodiments, and render inaccessible or useless all electronic embodiments, of any Confidential Information
of the Disclosing Party hereunder, except that such Receiving Party may retain one copy thereof for legal archival purposes.

 

(f) Materials.
Upon termination (but not expiration) of this Agreement, each receiving Party will, as directed by the providing Party, either (i) return
to the providing Party any unused or reusable Materials provided to the receiving Party by the providing Party hereunder or (ii) destroy
or otherwise dispose in a manner to render inaccessible all such Materials.

 

14.4 Survival.
Termination of this Agreement by either Party for any reason does not affect the rights and obligations (including payment obligations)
of the Parties accrued prior to the effective date of the termination of this Agreement. All rights and obligations of the Parties set
forth herein that expressly or by their nature survive the expiration or termination of this Agreement will continue in full force and
effect subsequent to and notwithstanding the expiration or termination of this Agreement until they are satisfied or by their nature
expire, including Sections 3.6 (No Implied Licenses), 9.1 (Ownership of Intellectual Property), Section 10.1 (Confidentiality Requirement),
Section 10.2 (Authorized Disclosure), 14.3 (Effect of Termination), 14.4 (Survival), Article 1 (Definitions), Article 7 (Payments) (to
the extent related to payment obligation accruing prior to the effective date of termination) Article 12 (Indemnification), Article 13
(Limitation of Liability and Disclaimer of Warranties), and Article 15 (General Provisions). In addition, the provisions of Article 7
(Payments) will survive during any Transition Period and following termination other than Section 14.2(a) (For Cause by LTC)

 

    	46

     

    

 

Article
15

GENERAL PROVISIONS

 

15.1 Notice.
Notices provided for herein must be in writing and delivered by hand or overnight courier service, or mailed (certified or registered)
as follows:

 

If
to Oncocyte: [***]

[***]

Attn:
[***]

Email:
[***]

 

with
a copy to:

[***]

[***]

[***]

 

Attn:
[***]

Email:
[***]

 

If
to LTC: 

[***]

[***]

[***]

Attn:
[***]

with
a copy to: [***]

 

All
notices and other communications given to any Party in accordance with the provisions of this Agreement are deemed to have been given
on the date of receipt if delivered by hand or overnight courier service, or on the date of [***] business days after dispatch by certified
or registered mail return receipt requested (postage prepaid) if mailed, in each case delivered, sent or mailed (properly addressed)
to such Party to its address as set forth in this Section 15.1 (Notice), or to such other address that such Party may have notified to
the other Party from time to time.

 

15.2 Compliance
with Law. Oncocyte, and its respective Affiliates, and LTC and the LTC Subsidiaries, will comply with Applicable Law applicable
to the performance of their activities in connection with this Agreement.

 

15.3 Governing
Law; Jurisdiction. This Agreement is governed by, construed and enforced in accordance with the laws of the State of New York,
other than its conflict of laws principles directing the application of any other law; provided that those matters pertaining
to the validity or enforceability of patent rights will be interpreted and enforced in accordance with the laws of the territory in which
such patent rights exist. Subject to Section 15.4 (Arbitration), any legal suit, action, or proceeding arising out of or based upon this
agreement or the transactions contemplated hereby may be instituted in the state or federal courts of the United States of America located
in the Southern District of New York and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit,
action, or proceeding.

 

15.4 [***]

 

    	47

     

    

 

15.5 Relationship.
This Agreement does not establish any Party as the legal representative or agent of the other, nor does any Party have the right or authority
to assume, create or incur any liability or any obligation of any kind, express or implied, against, or in the name of or on behalf of,
any other Party. This Agreement does not constitute, create or in any way be interpreted as a joint venture, partnership or formal business
organization of any kind.

 

15.6 Force
Majeure. Neither Party will lose any rights hereunder or be liable to the other Party for Losses on account of failure of performance
by the defaulting Party, if the failure is occasioned by government or court action (e.g. injunction), war, terrorism, public health
emergency, pandemic, epidemic, fire, explosion, flood, strike, lockout, embargo, widespread market shortage of materials or utilities
or an act of God; provided that the Party claiming force majeure has exerted all Commercially Reasonable Efforts to avoid or remedy
such force majeure. Such excuse will continue as long as the condition preventing the performance continues. Upon cessation of such condition,
the affected Party will promptly resume performance hereunder. Each Party agrees to give the other Party prompt written notice of the
occurrence of any such condition, the nature thereof, and the extent to which the affected Party will be unable to perform its obligations
hereunder. Each Party further agrees to use Commercially Reasonable Efforts to correct the condition as quickly as possible and to give
the other Party prompt written notice when it is again fully able to perform its obligations hereunder.

 

15.7 Interpretation.
The headings used herein are included for convenience only and are not to be used in construing or interpreting this Agreement. The singular
includes the plural and the plural includes the singular. The word “or” is used in the disjunctive sense, commonly associated
with “and/or.” The term “including,” “include,” or “includes” means including, without
limiting the generality of any description preceding such term. Unless the context requires otherwise, (i) any definition of or reference
to any agreement, document or law will be construed as referring to such agreement, document or law as from time to time amended, supplemented
or otherwise modified, (ii) the words “herein,” “hereof” and “hereunder” and words of similar import
will each be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iii) all references to
Sections or Exhibits will be construed to refer to Sections or Exhibits to this Agreement, (iv) the word “days” means calendar
days unless otherwise specified, (v) the words “copy” and “copies” and words of similar import include, to the
extent available, electronic copies, files or databases containing the information, files, items, documents or materials to which such
words apply, (vi) wherever used, the word “shall” and the word “will” are each understood to be imperative or
mandatory in nature and are interchangeable with one another; (vii) all references to dollars will be to US dollars; and (viii) “person”
and “party” will be interpreted broadly to include any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, government authority or other entity.

 

15.8 Assignment;
Transfer Event; Change of Control.

 

(a) Assignment.
No Party has the right to assign its rights or obligations under this Agreement without the prior written consent of the other Party,
such consent not to be unreasonably withheld, conditioned or delayed; provided, however, that: (a) each Party may assign
this Agreement and all of its rights and obligations hereunder, without such consent, to an entity that acquires substantially all of
the assets of such Party (or the business or assets to which this Agreement pertains) whether by merger, consolidation, reorganization,
acquisition, sale or otherwise, and (b) each Party may assign this Agreement and all of its rights and obligations hereunder, without
such consent, to an Affiliate if the assigning Party remains liable and responsible for the performance and observance of all of the
Affiliate’s duties and obligations hereunder. This Agreement is binding upon and inures to the benefit of the successors and permitted
assigns of each respective Party to the extent necessary to carry out the intent of this Agreement. Any assignment not in accordance
with this Section 15.8 (Assignment; Transfer Event) is null and void.

 

    	48

     

    

 

(b) Transfer
Event. Upon either (a) assignment of this Agreement to a Third Party by Oncocyte pursuant to Section 15.8(a) (Assignment) or (b)
any other Change of Control of Oncocyte (such event, a “Transfer Event”) that, in either case, ((a) or (b)), occurs
after the earlier of (x) [***] following the Effective Date or (y) the date of submission for Regulatory Approval in the Field in the
Territory of the Collaboration LTC Product (such date, the “Transfer Event Date”), Oncocyte shall pay LTC a one-time
amount in U.S. Dollars equal to the lesser of (i) [***] of the value of the total consideration actually received by Oncocyte
or its shareholders in consideration for such Transfer Event (with publicly traded equity securities received in consideration being
valued at their market price on the day of the closing of the Transfer Event, and other securities valued by a nationally recognized
financial valuation firm agreed by the Parties), or (ii) [***] (the “Transfer Event Fee”). For the avoidance of doubt,
no Transfer Event Fee shall be payable prior to the Transfer Event Date. In the case of a Transfer Event, at LTC’s request, Oncocyte
and the acquiring Third Party will implement firewalls and other protective measures to protect LTC’s confidential and proprietary
information pertaining to OCA Plus, the Collaboration LTC Product, and NGS Products, as applicable, and Activities. In addition, if such
Transfer Event occurs before Regulatory Approval is obtained for the Collaboration LTC Product in the Field in the Territory, then the
Parties will enter into an escrow agreement with a Third Party escrow agent mutually agreed by the Parties within [***] days following
the effective date of such Change of Control (the “Escrow Agreement”) pursuant to which Oncocyte will deposit (i)
[***] if Transfer Event occurs within [***] of Effective Date of the Agreement, or (ii) [***] if the Transfer Event occurs after [***]
of the Effective Date Oncocyte will have the right to withdraw funds from the escrow account solely to fund the remaining Activities
under the LTC Product Development Plan and may not be used by Oncocyte for any other purpose. The unused balance of the funds in escrow
(if any) will be released to Oncocyte upon LTC receiving Regulatory Approval for the Collaboration LTC Product in the Field in the Territory;
provided that release of such funds will not diminish Oncocyte’s obligations to complete all remaining Activities under
the LTC Product Development Plan. In addition, if this Agreement is terminated by LTC with respect to the Collaboration LTC Product pursuant
to Section 14.2(a) (For Cause) or Section 14.2(b)(i) (Failure to Achieve the LTC Product Development Milestone), then the unused balance
of the funds in escrow (if any) may be released to Oncocyte solely for use by Oncocyte to fund its reimbursement obligation pursuant
to Section 14.3(c)(iii) (Termination Other Than For [***]) and for no other purpose.

 

15.9 Right
of First Negotiation. During the first [***] after the Effective Date, Oncocyte will provide LTC with at least [***] prior notice
(the “RFN Notice”) prior to each instance of (i) Oncocyte entering into a letter of intent or other similar confidential
written understanding (not including a confidentiality/non-disclosure agreement that does not discuss terms other than confidentiality)
with any Third Party regarding a transaction that may result in a Change of Control, (ii) Oncocyte’s decision to engage in or initiate
a Change of Control process involving one or more Third Parties or a SPAC, (iii) Oncocyte seeking to retain an investment advisor for
the purpose of initiating a Change of Control process, or an Initial Public Offering. During the [***]-day period following the date
of an RFN Notice, (the “RFN Period”), Oncocyte will refrain from granting exclusive negotiating rights to any Third
Party regarding a potential transaction that could result in a Change of Control. Further, during such RFN Period, LTC and Oncocyte will
engage in good faith discussions regarding a potential sale of Oncocyte to LTC or other business arrangement, which will be reasonably
considered by Oncocyte’s board of directors as may be appropriate. For the avoidance of doubt, at all times Oncocyte may consult
with its officers, directors, shareholders, employees, agents, accountants, legal counsel and investment advisor and other representatives.
Following the expiration of such RFN Period, Oncocyte will be under no further obligation to LTC with respect to the Third Party(ies)
and transaction that was the subject of the applicable RFN Notice, including with respect to any transaction with a Third Party resulting
from a Change of Control process pursuant to either (ii) or (iii) above, regardless of whether the Third Party was known as of the time
of the RFN Notice. For clarity, to the extent Oncocyte is engaged in a Change of Control process, whether using an investment advisor
or not, following the expiration of the RFN Period applicable to the applicable RFN Notice, Oncocyte is under no obligation to provide
further RFN Notices relating to such Change of Control process and transactions that may arise out of such Change of Control process.

 

    	49

     

    

 

15.10 Entire
Agreement. This Agreement (including all Exhibits hereof) constitutes the entire agreement between the Parties with respect to
the matters set forth herein, and supersedes all prior agreements and understandings, both written and oral, between the Parties with
respect thereto.

 

15.11 Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy,
all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic and legal
substance of the underlying transaction, taken as a whole, is not affected in any manner materially adverse to either Party. Upon such
determination that: (a) any term or other provision is invalid, illegal or incapable of being enforced, and (b) the economic or legal
substance of the underlying transaction, taken as a whole, is affected in a manner materially adverse to either Party, the Parties will
negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually
acceptable manner to the fullest extent permitted by Applicable Law in order that the underlying transaction be completed as originally
contemplated to the fullest extent possible.

 

15.12 Waivers;
Amendment. The failure of either Party to insist, in any one or more instances, upon the performance of any of the terms, covenants
or conditions of this Agreement or to exercise any right hereunder, will not be construed as a waiver or relinquishment of the future
performance of any such term, covenant or conditions or the future exercise of such right, and the obligation of the other Party with
respect to such future performance will continue in full force and effect. No item or provision of this Agreement may be altered or amended
except by a writing signed by both Parties.

 

15.13 No
Construction Against Drafter. The Parties acknowledge and agree that each Party has participated in the drafting and negotiation
of this contract and have had a free and equal opportunity to do so, that each Party has been represented by counsel or had an opportunity
to be represented by counsel, and that the provisions of this Agreement will not be construed against any Party as the drafter.

 

15.14 Expenses.
Except as expressly provided herein or in any Development Plan, all fees, costs and expenses incurred in connection with the negotiation
of this Agreement and the other agreements contemplated hereby, the performance of this Agreement and the other agreements contemplated
hereby, and the consummation of the transactions contemplated hereby and thereby will be the responsibility of the Party incurring such
fees, costs and expenses.

 

15.15 Counterparts.
This Agreement and any amendments may be executed (including via facsimile or other reliable electronic means of transmitting signed
copies such as emailed scanned signed copies) in any number of counterparts, each of which will be deemed an original, but all of which
together will constitute one and same instrument.

 

[Signature
Page Follows]

 

    	50

     

    

 

IN
WITNESS WHEREOF, the Parties, through their duly authorized representatives, have executed this Collaboration Agreement and have caused
it to be effective as of the Effective Date set forth above.

 

	Oncocyte Corporation	 	Life Technologies Corporation
	 	 	 
	By:	                  	 	By:	                    
	 	 	 
	Name:	 	 	Name:	 
	 	 	 
	Title:	 	 	Title:	 

 

Schedules
Omitted from Collaboration Agreement

 

Certain
schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Oncocyte agrees to furnish a copy of any omitted
schedules to the Securities and Exchange Commission upon request.

 

LIST
OF OMITTED SCHEDULES

 

Schedule
3.3(b)(i) CRO Site Key Performance Indicators Assessment

Schedule
3.3(b)(ii) CRO Site Key Performance Indicators Assessment

Schedule
4.1 LTC Product Development Plan

Schedule
4.4 Approved Subcontractors

Schedule
4.7 AmpliSeq Terms and Conditions

Schedule
5.1(c) Intended Use

Schedule
5.3(a) Kitted LTC Product Commercialization Responsibilities

Schedule
8.2 LTC Instrument Services Terms and Conditions

 

    	51

     

    

 

Schedule
1.13

 

[***]

 

    	 

     

    

 

Schedule
1.24

 

[***]

 

    	 

     

    

 

Schedule
5.2(a)(i): Genexus Price List

 

[***]

 

    	 

     

    

 

Schedule
5.2(a)(ii): Initial Purchase Order Quote

 

[***]

 

    	 

     

    

 

Schedule
5.2(a)(iii): Second Purchase Order Quote

 

[***]EX-4.1

 Exhibit 4.1 

 
  

SERIES 2022-1 SUPPLEMENT 

Dated as of March 18, 2022 

to 
 FOURTH AMENDED AND RESTATED

 POOLING AND SERVICING AGREEMENT 

Dated as of April 1, 2018 

$1,428,574,000 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 Series 2022-1 

 
  

among 
 AMERICAN EXPRESS
RECEIVABLES FINANCING CORPORATION III LLC 
 as Transferor 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

as Servicer 
 and 

THE BANK OF NEW YORK MELLON 
 as
Trustee 
 on behalf of the Series 2022-1 Certificateholders 

 
  

 TABLE OF CONTENTS 

 

							
	Page	 
	 ARTICLE I
	 	CREATION OF THE SERIES 2022-1 CERTIFICATES	  	 	1	 
			
	 Section 1.01.
	 	Designation.	  	 	1	 
			
	 ARTICLE II
	 	DEFINITIONS	  	 	2	 
			
	 Section 2.01.
	 	Definitions.	  	 	2	 
			
	 ARTICLE III
	 	SERVICING FEE	  	 	15	 
			
	 Section 3.01.
	 	Servicing Compensation	  	 	15	 
			
	 ARTICLE IV
	 	RIGHTS OF SERIES 2022-1 CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  	 	15	 
			
	 Section 4.01.
	 	Collections and Allocations.	  	 	15	 
			
	 Section 4.02.
	 	Determination of Monthly Interest.	  	 	17	 
			
	 Section 4.03.
	 	Principal Funding Account; Controlled Accumulation Period.	  	 	19	 
			
	 Section 4.04.
	 	Required Amount.	  	 	21	 
			
	 Section 4.05.
	 	Application of Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections	  	 	21	 
			
	 Section 4.06.
	 	Defaulted Amounts; Investor Charge-Offs.	  	 	23	 
			
	 Section 4.07.
	 	Excess Spread; Excess Finance Charge Collections	  	 	25	 
			
	 Section 4.08.
	 	Reallocated Principal Collections	  	 	26	 
			
	 Section 4.09.
	 	Excess Finance Charge Collections	  	 	27	 
			
	 Section 4.10.
	 	Reallocated Investor Finance Charge Collections.	  	 	27	 
			
	 Section 4.11.
	 	Shared Principal Collections	  	 	28	 
			
	 Section 4.12.
	 	Reserve Account.	  	 	28	 
			
	 Section 4.13.
	 	Investment Instructions	  	 	30	 
			
	 Section 4.14.
	 	[Reserved].	  	 	31	 
			
	 ARTICLE V
	 	DISTRIBUTIONS AND REPORTS TO SERIES 2022-1 CERTIFICATEHOLDERS	  	 	31	 
			
	 Section 5.01.
	 	Distributions.	  	 	31	 
			
	 Section 5.02.
	 	Reports and Statements to Series 2022-1 Certificateholders.	  	 	32	 
			
	 ARTICLE VI
	 	PAY-OUT EVENTS	  	 	32	 
			
	 Section 6.01.
	 	Pay-Out Events	  	 	32	 
			
	 ARTICLE VII
	 	OPTIONAL REPURCHASE; SERIES TERMINATION	  	 	34	 
			
	 Section 7.01.
	 	Optional Repurchase.	  	 	34	 
			
	 Section 7.02.
	 	Series Termination.	  	 	34	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	Page	 
	 ARTICLE VIII
	 	FINAL DISTRIBUTIONS	  	 	35	 
			
	 Section 8.01.
	 	Sale of Receivables or Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement and Section 7.01 or 7.02 of this Supplement.	  	 	35	 
			
	 Section 8.02.
	 	Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the Agreement.	  	 	36	 
			
	 ARTICLE IX
	 	MISCELLANEOUS PROVISIONS	  	 	37	 
			
	 Section 9.01.
	 	Ratification of Agreement	  	 	37	 
			
	 Section 9.02.
	 	Counterparts	  	 	37	 
			
	 Section 9.03.
	 	Governing Law	  	 	37	 
			
	 Section 9.04.
	 	[Reserved]	  	 	37	 
			
	 Section 9.05.
	 	FATCA Matters	  	 	37	 
			
	 Section 9.06.
	 	Uncertificated Securities	  	 	38	 
			
	 Section 9.07.
	 	Transfers of the Collateral Interest.	  	 	38	 
			
	 EXHIBITS
	 		  			
			
	 Exhibit A-1
	 	Form of Class A Certificate	  	 	A-1-1	 
			
	 Exhibit A-2
	 	Form of Class B Certificate	  	 	A-2-1	 
			
	 Exhibit B
	 	Form of Monthly Payment Instructions and Notification to the Trustee	  	 	B-1	 
			
	 Exhibit C-1
	 	Form of Monthly Statement	  	 	C-1-1	 
			
	 Exhibit C-2
	 	Form of Annual Payment Information	  	 	C-2-1	 
			
	 Exhibit D
	 	Form of Monthly Servicer’s Certificate	  	 	D-1	 
			
	 Exhibit E
	 	Form of Investment Letter	  	 	E-1	 

  
 -ii- 

 SERIES 2022-1 SUPPLEMENT, dated as of March 18,
2022 (the “Supplement”), among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, as Transferor (the “Transferor”), AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY,
INC., a New York corporation, as Servicer, and THE BANK OF NEW YORK MELLON, a banking corporation organized and existing under the laws of the State of New York, not in its individual capacity, but solely as Trustee. 

Pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as
otherwise amended and supplemented, the “Agreement”), among the Transferor, the Servicer and the Trustee, the AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST (the “Trust”) has been created. Section 6.03 of the
Agreement provides that the Transferor may from time to time direct the Trustee to authenticate one or more new Series of Investor Certificates representing fractional undivided interests in the Trust. The Principal Terms of any new Series are to be
set forth in a Supplement to the Agreement. 
 Pursuant to this Supplement, the Transferor and the Trustee shall create a new Series of
Investor Certificates and specify the Principal Terms thereof. 
 ARTICLE I 

Creation of the Series 2022-1 Certificates 

Section 1.01. Designation. 

(a) There is hereby created a Series of Investor Certificates to be issued pursuant to the Agreement and this Supplement to be known as
“American Express Credit Account Master Trust, Series 2022-1.” The Series 2022-1 Certificates shall be issued in two Classes, the first of which shall be known
as the “Class A Series 2022-1 2.21% Asset Backed Certificates” and the second of which shall be known as the “Class B Series 2022-1 2.50% Asset
Backed Certificates.” In addition, there is hereby created a third Class of uncertificated interests in the Trust which shall be known as the “Collateral Interest, Series 2022-1” and which
shall be deemed to be “Investor Certificates” for all purposes under the Agreement and this Supplement other than for purposes of the definition of the term “Tax Opinion” in Section 1.01 of the Agreement. The Collateral
Interest shall be considered a Class of Series 2022-1 for all purposes of the Agreement and this Supplement, including for purposes of voting concerning the liquidation of the Trust pursuant to
Section 9.01 of the Agreement. The Collateral Interest Holder shall be deemed to be the Series Enhancer for all purposes under the Agreement and this Supplement. 

(b) Series 2022-1 shall be included in Group I and shall be a Principal Sharing Series. Series 2022-1 shall be an Excess Allocation Series. Series 2022-1 shall not be subordinated to any other Series. Notwithstanding any provision in the Agreement or in this
Supplement to the contrary, the first Distribution Date with respect to Series 2022-1 shall be the April 2022 Distribution Date and the first Monthly Period shall begin on and include the Closing Date and end
on and include March 31, 2022. 
 (c) Except as expressly provided herein, (i) the provisions of Article VI and Article XII of the
Agreement relating to the registration, authentication, delivery, presentation, cancellation and surrender of Registered Certificates shall not be applicable to the Collateral Interest, and (ii) the provisions of Section 3.07 of the
Agreement shall not cause the Collateral Interest to be treated as debt for federal, state and local income and franchise tax purposes, but rather the Transferor intends, and together with the Collateral Interest Holder, agree to treat the
Collateral Interest for federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the Trust. 

(d) Pursuant to Section 6.03(c) of the Agreement, the Transferor may, from time to time, increase the amount of the Series 2022-1 

  
 1 

 
Certificates by issuing and selling additional Series 2022-1 Certificates. Any additional Series 2022-1
Certificates so issued shall be treated, for all purpose, like the Series 2022-1 Certificates subject to the terms of the Agreement and this Supplement. 

(e) Series 2022-1 shall be a Repurchase Reporting Series. 

(f) Series 2022-1 shall be an Investor Communication Reporting Series. 

(g) In connection with the issuance of any future Series of Investor Certificates, notwithstanding subsection 6.03(b)(iv) of the Agreement,
the Rating Agency Condition need not be satisfied for Series 2022-1 with respect to any Rating Agency (other than Moody’s) then rating Series 2022-1. 

ARTICLE II 
 Definitions

 Section 2.01. Definitions. 

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

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

“Adjusted Invested Amount” shall mean, with respect to any date of determination, an
amount equal to the Invested Amount less the Principal Funding Account Balance on such date of determination. 
 “Assignee”
shall have the meaning specified in subsection 9.07(a). 

“Available Principal Collections” shall mean, with respect to any Monthly Period, an
amount equal to the sum of (a) (i) an amount equal to the Principal Allocation Percentage of Series 2022-1 Allocable Principal Collections received during such Monthly Period minus (ii) the
amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.08 are required to fund the Required Amount for the related Distribution Date, (b) any Shared Principal Collections with respect to
other Series that are allocated to Series 2022-1 in accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any other amounts which pursuant to
Section 4.05 or 4.07 of this Supplement are to be treated as Available Principal Collections with respect to the related Distribution Date. 

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

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

  
 2 

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

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

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

“Class A Certificate Rate” shall mean, for any Interest Accrual
Period with respect to the Class A Certificates, a per annum rate equal to 2.21%. 

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

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

“Class A Initial Invested Amount” shall mean $1,250,000,000. 

“Class A Interest Shortfall” shall have the meaning specified in
subsection 4.02(a). 
 “Class A Invested Amount” shall mean, on
any date of determination, an amount equal to (a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class A Certificateholders on or prior to such date, minus
(c) the excess, if any, of (i) the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over (ii) Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) prior to such
date, and plus (d) the principal amount of any additional Class A Certificates issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; provided, however, that the Class A Invested
Amount shall not be reduced below zero. 

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

“Class A Investor Default Amount” shall mean,
with respect to each Distribution Date, an amount equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class A Floating Percentage for such Monthly Period. 

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

  
 3 

“Class A Principal Percentage” shall mean, with respect to any
Monthly Period (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the last day of the immediately preceding
Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of
the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class A Principal Percentage shall mean the percentage equivalent of a fraction,
the numerator of which is the Class A Initial Invested Amount and denominator of which is the Initial Invested Amount. 

“Class A Required Amount” shall have the meaning specified in
subsection 4.04(a). 
 “Class A Servicing Fee” shall have the
meaning specified in Section 3.01. 

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

“Class B Adjusted Invested Amount” shall mean,
with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference, if any, between the Principal Funding Account Balance and the Class A Invested Amount on such date. 

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

“Class B Certificate Rate” shall mean, for any Interest Accrual
Period with respect to the Class B Certificates, a per annum rate equal to 2.50%; provided, however, that the Transferor may adjust the Class B Certificate Rate from time to time only upon the satisfaction of the Class B
Certificate Rate Adjustment Conditions. 
 “Class B Certificate Rate Adjustment Conditions” shall mean,
with respect to any modification of the Class B Certificate Rate by the Transferor, (i) the Transferor shall provide written notice to the Trustee of the modified Class B Certificate Rate no later than two Business Days prior to the
date on which such modified rate is to become effective; (ii) the modified Class B Certificate Rate shall not exceed a per annum rate equal to 2.50%; (iii) the Class B Certificate Rate shall not be modified during the first Interest
Accrual Period or more than two times during any subsequent Interest Accrual Period; (iv) the Transferor shall certify in the related notice that the Class B Certificates have not been previously sold by TRS or any of its Affiliates
(including, without limitation, within the meaning of Affiliate, solely for purposes of this clause (iv), any Person related to TRS within the meaning of sections 267(b) or 707(b)(1) of the Code) to a Person who is not TRS or any of its Affiliates;
(v) the Transferor shall provide two days’ notice of such modified rate to the Rating Agencies; and (vi) the Transferor shall certify in the related notice to the Trustee that the Rating Agencies have been notified pursuant to clause
(v) above. 
 “Class B Certificateholder” shall mean the Person in whose name a
Class B Certificate is registered in the Certificate Register. 

“Class B Certificates” shall mean any one of the Certificates executed by the
Transferor and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-2. 

  
 4 

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

“Class B Initial Invested Amount” shall mean $53,573,000. 

“Class B Interest Shortfall” shall have the meaning specified in
subsection 4.02(b). 
 “Class B Invested Amount” shall mean, on
any date of determination, an amount equal to (a) the Class B Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class B Certificateholders prior to such date, minus
(c) the aggregate amount of Class B Investor Charge-Offs for all prior Distribution Dates, minus (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to subsection 4.08(a)
(excluding any Reallocated Principal Collections that have resulted in a reduction in the Collateral Invested Amount pursuant to Section 4.08), minus (e) an amount equal to the amount by which the Class B Invested Amount has
been reduced on all prior Distribution Dates pursuant to subsection 4.06(a), plus (f) the amount of Excess Spread and Excess Finance Charge Collections allocated and available on all prior Distribution Dates pursuant to subsection
4.07(e) for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e), and plus (g) the principal amount of any additional Class B Certificates issued after the Closing Date in accordance with
Section 6.03(c) of the Agreement; provided, however, that the Class B Invested Amount shall not be reduced below zero. 

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

“Class B Investor Default Amount” shall mean,
with respect to each Distribution Date, an amount equal to the product of (i) the Investor Default Amount for such Distribution Date and (ii) the Class B Floating Percentage for such Monthly Period. 

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

“Class B Required Amount” shall have the meaning set forth in
subsection 4.04(b). 
 “Class B Servicing Fee” shall have the
meaning specified in Section 3.01. 

  
 5 

 “Closing Date” shall mean March 18, 2022;
provided that, for purposes of determining the date on which the first Monthly Period begins, the Closing Date shall be deemed to be the close of business on February 28, 2022. 

“Collateral Additional Interest” shall have the meaning specified in subsection
4.02(c). 
 “Collateral Available Funds” shall mean with respect to any Distribution
Date, the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections with respect to the preceding Monthly Period. 

“Collateral Charge-Offs” shall have the meaning specified in subsection 4.06(c). 

“Collateral Default Amount” shall mean, with respect to any Distribution Date, the
product of the Investor Default Amount for such Distribution Date and the Collateral Floating Percentage. 

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

“Collateral Initial Invested Amount” shall mean $125,001,000. 

“Collateral Interest” shall mean a fractional undivided interest in the Trust which shall consist of the
right to receive, (i) to the extent necessary to make the required payments to the Collateral Interest Holder under this Supplement, the portion of Collections allocable thereto under the Agreement and this Supplement and funds on deposit in
the Collection Account allocable thereto pursuant to the Agreement and this Supplement and (ii) amounts available for payment to the Collateral Interest Holder pursuant to subsections 4.05(e), 4.05(f), 4.07(f), 4.07(k), 4.07(l), 4.12(e),
4.12(f), 8.01(b), 8.02(a) and 8.02(b) or any other provision of this Supplement. 

“Collateral Interest Holder” shall mean (i) initially, the Transferor,
(ii) following a Note Trust Transfer, the entity so designated in the applicable Transfer Agreement, and (iii) following any other transfer in accordance with Section 9.07, the applicable transferee. 

“Collateral Interest Shortfall” shall have the meaning specified in subsection 4.02(c).

 “Collateral Invested Amount” shall mean, when used with respect to any date, an
amount equal to (a) the Collateral Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Collateral Interest Holder prior to such date, minus (c) the aggregate amount of Collateral
Charge-Offs for all prior Distribution Dates pursuant to subsection 4.06(c), minus (d) the aggregate amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant to Section 4.08 allocable to the
Collateral Invested Amount, minus (e) an amount equal to the amount by which the Collateral Invested Amount has been reduced on all prior Distribution Dates pursuant to subsections 4.06(a) and (b), plus (f) the amount
allocated and available on all prior Distribution Dates pursuant to subsection 4.07(i), for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e), and plus (g) the principal amount of any
additional Collateral Interest issued after the Closing Date in accordance with Section 6.03(c) of the Agreement; provided, however, that the Collateral Invested Amount shall not be reduced below zero. 

  
 6 

 “Collateral Minimum Interest Rate” shall mean (i) initially, a per
annum rate equal to 3.318%, and (ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not
exceed 3.318% per annum. 
 “Collateral Minimum Monthly Interest” shall have the meaning specified in subsection
4.02(c). 
 “Collateral Principal Percentage” shall mean, with respect to any Monthly
Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the last day of the immediately preceding Monthly Period
and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of
business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Collateral Principal Percentage shall mean the percentage equivalent of a fraction, the numerator
of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount. 

“Collateral Senior Additional Interest” shall have the meaning specified in subsection
4.02(d). 
 “Collateral Senior Initial Invested Amount” shall mean
$71,429,000. 
 “Collateral Senior Interest Shortfall” shall have the meaning
specified in subsection 4.02(d). 
 “Collateral Senior Invested Amount” shall mean,
when used with respect to any date, an amount equal to the Collateral Senior Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder in respect of the Collateral Senior Invested Amount on
all prior Distribution Dates, plus the principal amount of any additional Collateral Interest issued in respect of the Collateral Senior Invested Amount after the Closing Date in accordance with Section 6.03(c) of the Agreement. 

“Collateral Senior Minimum Interest Rate” shall mean (i) initially, a per annum rate equal to 3.00%, and
(ii) following a Note Trust Transfer, the rate specified in the applicable Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed 3.00% per annum. 

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

“Collateral Senior Required Amount” shall have the meaning set forth in subsection 4.04(c). 

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

“Controlled Accumulation Amount” shall mean, for any Distribution Date with respect to
the Controlled Accumulation Period, $108,631,083.34; provided, however, that, if the Controlled Accumulation Period Length is determined to be less than 12 months, the Controlled Accumulation Amount for each Distribution Date with respect to
the Controlled Accumulation Period will be equal to (i) 

  
 7 

 
the product of (x) the sum of the Class A Initial Invested Amount and the Class B Initial Invested Amount and (y) the Controlled Accumulation Period Factor for the related
Monthly Period divided by (ii) the Required Accumulation Factor Number. 

“Controlled Accumulation Period” shall mean, unless a
Pay-Out Event shall have occurred prior thereto, the period commencing at the close of business on the last day of the February 2024 Monthly Period or such later date as is determined in accordance with
subsection 4.03(c) and ending on the first to occur of (a) the commencement of the Early Amortization Period, (b) the payment in full of the Invested Amount and (c) the Expected Final Payment Date. 

“Controlled Accumulation Period Factor” shall mean, for each Monthly
Period, a fraction, the numerator of which is equal to the sum of the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series, and the denominator of which is equal to the sum (without duplication) of
(a) the Series Invested Amount as of the last day of the prior Monthly Period, (b) the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series (other than Series
2022-1) that are not expected to be in their revolving periods, and (c) the series invested amounts as of the last day of the prior Monthly Period of all other outstanding Series that are not Principal
Sharing Series and are in their revolving periods. 

“Controlled Accumulation Period Length” has the meaning specified in
subsection 4.03(c). 
 “Controlled Deposit Amount” shall mean, for any Distribution
Date with respect to the Controlled Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such Distribution Date and any Deficit Controlled Accumulation Amount for the immediately preceding Distribution Date. 

“Covered Amount” shall mean, for any Distribution Date with respect to the Controlled Accumulation Period
or the first Special Payment Date, if such Special Payment Date occurs prior to the date the Class A Invested Amount is paid in full, an amount equal to the sum of (x) with respect to the Class A Certificates, one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the
Class A Certificates and (y) with respect to the Class B Certificates, one-twelfth of the product of (i) the Class B Certificate Rate and (ii) the Principal Funding Account
Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B Certificates. 

“Deficit Controlled Accumulation Amount” shall mean (a) on the
first Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding Account on such Distribution Date and
(b) on each subsequent Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Distribution Date over the amount deposited in the Principal Funding Account
on such subsequent Distribution Date. 
 “Distribution Date” shall mean April 15, 2022, and the
15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

“Early Amortization Period” shall mean the period commencing at the close of business
on the Business Day immediately preceding the day on which a Pay-Out Event with respect to Series 2022-1 is deemed to have occurred, and ending on the first to occur of
(i) the payment in full of the Invested Amount or (ii) the Series 2022-1 Termination Date. 

  
 8 

 “Excess Finance Charge Collections” shall mean collections of Finance
Charge Receivables and certain other amounts allocable to the Certificateholders’ Interest of any Excess Allocation Series in excess of the amounts necessary to make required payments with respect to such series (including payments to the
provider of any related Series Enhancement) that are payable out of collections of Finance Charge Receivables. 

“Excess Spread” shall mean, with respect to any Distribution Date, the sum of the amounts, if any,
specified pursuant to subsections 4.05(a)(iv), 4.05(b)(iii) and 4.05(c)(ii) with respect to such Distribution Date. 

“Expected Final Payment Date” shall mean the March 2025 Distribution
Date. 
 “Finance Charge Shortfall” shall have the meaning specified in
Section 4.09. 
 “Fitch” shall mean Fitch Ratings, Inc. or its successor. 

“Floating Allocation Percentage” shall mean, with respect to any Monthly Period, the
percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Adjusted Invested Amount as of the last day of the preceding Monthly Period (or with respect to the first Monthly Period, the Initial
Invested Amount) and the denominator of which is the product of (x) the Series 2022-1 Allocation Percentage with respect to such Monthly Period and (y) the sum of (i) the total amount of
Principal Receivables in the Trust as of such day (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust on the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account
as of such last day (or with respect to the first Monthly Period, as of the Closing Date); provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs the amount in
(y)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but excluding the
related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition Date or Removal
Date to and including the last day of such Monthly Period. 
 “Group I” shall mean Series
2022-1 and each other Series specified in the related Supplement to be included in Group I. 

“Group I Investor Additional Amounts” shall mean, with respect to
any Distribution Date, the sum of (a) Series 2022-1 Additional Amounts for such Distribution Date and (b) for all other Series included in Group I, the sum of (i) the aggregate net amount by
which the Invested Amounts of such Series have been reduced as a result of investor charge-offs, subordination of principal collections and funding the investor default amounts in respect of any Class or Series Enhancement interests of such
Series as of such Distribution Date and (ii) if the applicable Supplements so provide, the aggregate unpaid amount of interest at the applicable certificate rates that has accrued on the amounts described in the preceding clause (i) for
such Distribution Date. 
 “Group I Investor Default Amount” shall
mean, with respect to any Distribution Date, the sum of (a) the Investor Default Amount for such Distribution Date and (b) the aggregate amount of the investor default amounts for all other Series included in Group I for such Distribution
Date. 
 “Group
I Investor Finance Charge Collections” shall mean, with respect to any Distribution Date, the sum of (a) Investor Finance Charge Collections for such
Distribution Date and (b) the aggregate amount of the investor finance charge collections for all other Series included in Group I for such Distribution Date. 

  
 9 

 “Group
I Investor Monthly Fees” shall mean with respect to any Distribution Date, the sum of (a) Series 2022-1 Monthly Fees for such Distribution
Date and (b) the aggregate amount of the servicing fees, investor fees, fees payable to any Series Enhancer and any other similar fees, which are payable out of reallocated investor finance charge collections pursuant to the related
Supplements, for all other Series included in Group I for such Distribution Date. 
 “Group I Investor Monthly
Interest” shall mean, with respect to any Distribution Date, the sum of (a) Series 2022-1 Monthly Interest for such Distribution Date and (b) the aggregate amount of monthly interest,
including overdue monthly interest and interest on such overdue monthly interest, if such amounts are payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group I for
such Distribution Date. 
 “Initial Invested Amount” shall mean $1,428,574,000. 

“Interest Accrual Period” shall mean, with respect to any Distribution Date, the period (a) from and including the
Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) and (b) to but excluding such Distribution Date. 

“Invested Amount” shall mean, as of any date of determination, an amount equal to the sum of (a) the
Class A Invested Amount as of such date, (b) the Class B Invested Amount as of such date and (c) the Collateral Invested Amount as of such date. 

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

“Investor Charge-Offs” shall mean Class A Investor Charge-Offs, Class B Investor Charge-Offs and
Collateral Charge-Offs. 
 “Investor Default Amount” shall mean, with respect to any
Distribution Date, an amount equal to the product of (a) the Series 2022-1 Allocable Defaulted Amount for the related Monthly Period and (b) the Floating Allocation Percentage for such Monthly
Period. 
 “Investor Finance Charge Collections” shall mean with
respect to any Distribution Date, an amount equal to the product of (a) the Floating Allocation Percentage for the related Monthly Period and (b) Series 2022-1 Allocable Finance Charge Collections
deposited in the Collection Account for the related Monthly Period. 
 “Monthly Interest” shall mean,
with respect to any Distribution Date, the Class A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date. 

“Monthly Receivables Percentage” shall mean, for any day, the percentage equivalent of a fraction, the numerator of which is
an amount equal to the sum of the aggregate amount of Principal Receivables outstanding in the Trust attributable to the Transferor or Account Owner with respect to which an Insolvency Event or a Transfer Restriction Event has occurred, and the
denominator of which is an amount equal to the sum of the aggregate amount of Principal Receivables outstanding in the Trust, in each as of the last day of the immediately preceding Monthly Period. 

“Monthly Servicing Fee” shall have the meaning specified in subsection 3.01. 

“Note Trust Transfer” shall mean the transfer pursuant to the applicable Transfer Agreement of the Collateral Interest by the
Transferor to a trust established for the purpose of issuing notes collateralized by the Collateral Interest. 

  
 10 

 “Pay-Out Event”
shall mean any Pay-Out Event specified in Section 6.01. 
 “Permitted
Assignee” shall mean any Person who, if it were a Class B Certificateholder, the Collateral Interest Holder or a holder of an interest in the Trust, as applicable, would not cause the Trust to be taxable as a publicly traded
partnership for federal income tax purposes. 
 “Principal Allocation Percentage”
shall mean, with respect to any day during a Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for
Series 2022-1 as of the last day of the immediately preceding Monthly Period (or, in the case of the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation Period,
the Early Amortization Period or any Partial Amortization Period, the Series Adjusted Invested Amount for Series 2022-1 as of the close of business on the date on which the Revolving Period shall have
terminated and the denominator of which is the product of (x) the sum of (i) the total amount of Principal Receivables in the Trust as of the last day of the immediately preceding Monthly Period (or with respect to the first Monthly
Period, the total amount of Principal Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, the Closing Date)
and (y) the Series 2022-1 Allocation Percentage as of the last day of the immediately preceding Monthly Period; provided, however, that with respect to any Monthly Period in which an Addition Date
for an Aggregate Addition or a Removal Date occurs the amount in (x)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and
including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for
the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period; and provided further, that if after the commencement of the Controlled Accumulation Period a Pay-Out Event occurs with respect to another Series that was designated in the Supplement therefor as a Series that is a “Paired Series” with respect to Series
2022-1, the Transferor may, by written notice delivered to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the
Adjusted Invested Amount as of the last day of the revolving period for such Paired Series, (y) the Transferor shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such
designation and shall have delivered copies of each such written notice to the Servicer and the Trustee and (z) the Transferor shall have delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on the
facts known to such officer at such time, in the reasonable belief of such Transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would
constitute a Pay-Out Event, to occur with respect to Series 2022-1. 

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

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

“Principal Funding Account Investment Proceeds” shall have the meaning specified in
subsection 4.03(a)(ii). 
 “Principal Funding Account Investment Shortfall” shall
mean, with respect to each Distribution Date during the Controlled Accumulation Period, the amount, if any, by which the Principal Funding Account Investment Proceeds are less than the Covered Amount. 

  
 11 

“Reallocated Investor Finance Charge Collections”
shall mean that portion of Group I Investor Finance Charge Collections allocated to Series 2022-1 pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any Monthly Period, the
product of (a) the Series 2022-1 Allocable Principal Collections deposited in the Collection Account for such Monthly Period and (b) the sum of the Class B Principal Percentage and the
Collateral Principal Percentage. 
 “Reassignment Amount” shall mean, with respect to any Distribution
Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Adjusted Invested Amount on such Distribution Date, plus (ii) Monthly Interest for such Distribution Date
and any Monthly Interest previously due but not distributed to the Series 2022-1 Certificateholders on a prior Distribution Date, plus (iii) the amount of Additional Interest, if any, for such
Distribution Date and any Additional Interest previously due but not distributed to the Series 2022-1 Certificateholders on a prior Distribution Date. 

“Required Accumulation Factor Number” shall be equal to a fraction,
rounded upwards to the nearest whole number, the numerator of which is one and the denominator of which is equal to the lowest monthly principal payment rate on the Accounts, expressed as a decimal, for the three months preceding the date of such
calculation. 
 “Required Amount” shall mean, with respect to any Monthly Period, the sum of the
Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount. 

“Required Reserve Account Amount” shall mean, with respect to any
Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other
percentage (which may be 0%) of the Class A Invested Amount designated by the Transferor, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferor shall have received the prior written
consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the
Servicer and the Trustee. 
 “Reserve Account” shall have the meaning specified in subsection 4.12(a).

 “Reserve Account Funding Date” shall mean the Distribution Date
which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled
Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the March 2023 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with
respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the September 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution
Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly
Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period. 

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

  
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 “Reserve Draw Amount” shall have the
meaning specified in subsection 4.12(c). 
 “Revolving Period” shall mean the period beginning at the
close of business on the Series Cut-Off Date and ending on the earlier of (a) the close of business on the day immediately preceding the day the Controlled Accumulation Period commences and (b) the
close of business on the day immediately preceding the day the Early Amortization Period commences. 
 “Series 2022-1” shall mean the Series of Certificates the terms of which are specified in this Supplement. 

“Series 2022-1 Additional Amounts” shall mean,
with respect to any Distribution Date, the sum of the amounts determined pursuant to subsections 4.07(b), (e) and (i) for such Distribution Date. 

“Series 2022-1
Allocable Defaulted Amount” shall mean the Series Allocable Defaulted Amount with respect to Series 2022-1. 

“Series 2022-1
Allocable Finance Charge Collections” shall mean the Series Allocable Finance Charge Collections with respect to Series 2022-1. 

“Series 2022-1 Allocable 
Principal Collections” shall mean the Series Allocable Principal Collections with respect to Series 2022-1. 

“Series 2022-1 Allocation 
Percentage” shall mean the Series Allocation Percentage with respect to Series 2022-1. 

“Series 2022-1 Certificate” shall mean a
Class A Certificate or a Class B Certificate or the Collateral Interest. 
 “Series 2022-1 Certificateholder” shall mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 2022-1 
Certificateholders’ Interest” shall mean the Certificateholders’ Interest for Series 2022-1, including the Collateral Interest. 

“Series 2022-1 Monthly Fees”
shall mean, with respect to any Distribution Date, the amount determined pursuant to subsections 4.05(a)(ii), (b)(ii) and (c)(i) and subsection 4.07(g). 

“Series 2022-1 Monthly Interest” shall mean the amounts determined pursuant to
subsections 4.02(a), (b) and (c). 

“Series 2022-1 Principal 
Shortfall” shall have the meaning specified in Section 4.11. 

“Series 2022-1 Termination 
Date” shall mean the March 2027 Distribution Date. 

“Series Adjusted Portfolio Yield” shall mean, with respect to any
Monthly Period, the annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (a) Reallocated Investor Finance Charge Collections with respect to such Monthly Period, plus (b) the amount of any
Principal Funding Account Investment Proceeds for the related Distribution Date, plus (c) provided that each Rating Agency has consented in writing to the inclusion thereof in calculating the Series Adjusted Portfolio Yield, any
Excess Finance Charge Collections that are allocated to Series 2022-1 with respect to such Monthly Period, plus (d) the amount of funds, if any, withdrawn from the Reserve Account which pursuant to
subsection 4.12(d) are required to be deposited into the Collection Account and included as Class A Available Funds for the Distribution Date with respect to such Monthly Period, minus (e) the

  
 13 

 
Investor Default Amount for the Distribution Date with respect to such Monthly Period, and (B) the denominator of which is the Invested Amount as of the last day of the preceding Monthly
Period. 
 “Series Cut-Off Date” shall mean
the close of business on March 18, 2022. 
 “Series Invested Amount” shall mean,
on any date of determination, an amount equal to the Initial Invested Amount plus the aggregate initial principal amount of any additional Series 2022-1 Certificates issued pursuant to
Section 6.03(c) of the Agreement. 

“Series Required Transferor Amount” shall mean an amount equal to 7%
of the Invested Amount. 
 “Servicing Base Amount” shall have the meaning specified
in Section 3.01. 
 “Servicing Fee Rate” shall mean 2.0% per annum. 

“Special Payment Date” shall mean each Distribution Date with respect to the Early
Amortization Period. 
 “Transfer” shall have the meaning specified in subsection 9.07(a). 

“Transfer Agreement” shall mean, in connection with a Note Trust Transfer, if applicable, the transfer and administration
agreement entered into by RFC III, as transferor, TRS, as administrator, and the applicable trust established in connection with such Note Trust Transfer, as the same may be amended, supplemented or otherwise modified from time to time. 

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

(b) Notwithstanding anything to the contrary in this Supplement or the Agreement, the term “Rating Agency”
shall mean, whenever used in this Supplement or the Agreement with respect to Series 2022-1, Moody’s and Fitch. As used in this Supplement and in the Agreement with respect to Series 2022-1, “highest investment category” shall mean (i) in the case of Moody’s, Aaa or P-1, as applicable and (ii) in the case of Fitch, AAA or F1+, as
applicable. 
 (c) Each capitalized term defined herein shall relate to the Series 2022-1
Certificates and no other Series of Certificates issued by the Trust, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in the Agreement. In the event that
any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Agreement, the terms and provisions of this Supplement shall govern. 

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

  
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 ARTICLE III 

Servicing Fee 

Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to the Series 2022-1 Certificateholders with respect to any Distribution Date (the “Monthly Servicing Fee”) shall be equal to
one-twelfth of the product of (a) the Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the last day of the Monthly Period preceding such Distribution Date minus (ii) the
product of the amount, if any, on deposit in the Special Funding Account as of the last day of the Monthly Period preceding such Distribution Date and the Series 2022-1 Allocation Percentage with respect to
such Monthly Period (the amount calculated pursuant to this clause (b) is referred to as the “Servicing Base Amount”). The share of the Monthly Servicing Fee allocable to the Class A
Certificateholders with respect to any Distribution Date (the “Class A Servicing Fee”) shall be equal to one-twelfth of the product of
(a) the Class A Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Class B Certificateholders with respect to any Distribution Date (the
“Class B Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Class B Floating Percentage, (b) the
Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Collateral Interest with respect to any Distribution Date (the
“Collateral Servicing Fee”) shall be equal to one-twelfth of the product of the (a) Collateral Floating Percentage, (b) the Servicing Fee Rate
and (c) the Servicing Base Amount. The remainder of the Servicing Fee shall be paid by the Holders of the Transferor Certificates or the investor certificateholders of other Series (as provided in the related Supplements) and in no event shall
the Trust, the Trustee or the Series 2022-1 Certificateholders be liable for the share of the Servicing Fee to be paid by the Holders of the Transferor Certificates or the investor certificateholders of any
other Series. To the extent that the Class A Servicing Fee, the Class B Servicing Fee and the Collateral Servicing Fee are not paid in full pursuant to the preceding provisions of this Section 3.01, and Sections 4.05 and 4.07, they
shall be paid by the Holders of the Transferor Certificates. 
 ARTICLE IV 

Rights of Series 2022-1 Certificateholders and 

Allocation and Application of Collections 

Section 4.01. Collections and Allocations. 

(a) Allocations. Collections of Finance Charge Receivables and Principal Receivables and Defaulted Receivables allocated to Series 2022-1 pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables reallocated from other Series in Group I) shall be allocated and distributed or reallocated as set
forth in this Article. 
 (b) Payments to the Transferor. The Servicer shall
on each Deposit Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts: 

(i) an amount equal to the Transferor Percentage for the related Monthly Period of Series
2022-1 Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and 

(ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series
2022-1 Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date)
exceeds zero. 

  
 15 

 The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b)
do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement, payment of the
purchase price for the Series 2022-1 Certificateholders’ Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables pursuant to
Section 9.01 or 12.02 of the Agreement. 
 (c)
Allocations to the Series 2022-1 Certificateholders. The Servicer shall, prior to the close of business on
each Deposit Date, allocate to the Series 2022-1 Certificateholders the following amounts as set forth below: 

(i)
Allocations of Finance Charge Collections. The Servicer shall allocate to the Series 2022-1 Certificateholders and retain in
the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 2022-1 Allocation Percentage and (C) the
aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date. 

(ii) Allocations of Principal Collections. The Servicer shall
allocate to the Series 2022-1 Certificateholders the following amounts as set forth below: 

(x) Allocations During the Revolving Period.
During the Revolving Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2022-1 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2022-1 Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the
Principal Allocation Percentage and (III) the Series 2022-1 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such
Deposit Date shall be allocated to the Series 2022-1 Certificateholders and first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the
Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates; provided, however, that such amount to be paid to
the Holders of the Transferor Certificates on any Deposit Date shall be paid to such Holders only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables
transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account. 
 (y)
Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period (A) an amount equal to the product of
(I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2022-1 Allocation Percentage and
(IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2022-1 Certificateholders and retained in the
Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation 

  
 16 

 
Percentage and (III) the Series 2022-1 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in
the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a “Percentage Allocation”) shall be allocated to the Series 2022-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that if the sum of such Percentage Allocation and all preceding Percentage Allocations
with respect to the same Monthly Period exceeds the Controlled Deposit Amount during the Controlled Accumulation Period for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any
other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and
second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and
otherwise shall be deposited in the Special Funding Account. 
 (z)
Allocations During the Early Amortization Period. During the Early Amortization Period, an amount equal to the product of (A) the Principal
Allocation Percentage and (B) the Series 2022-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date,
shall be allocated to the Series 2022-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such
Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 2022-1 Certificateholders, the remainder that has not been so deposited and
allocated shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the
related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the
Trust on such day) and otherwise shall be deposited in the Special Funding Account. 
 Section 4.02.
Determination of Monthly Interest. 
 (a) The amount of monthly interest
(“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record
Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $2,071,875.00. 
 On
the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A
Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any
Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount
(“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate
and (y) 2.0% per annum and (ii) such Class A 

  
 17 

 
Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates.
Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. 

(b) The amount of monthly interest (“Class B Monthly Interest”) distributable from the Collection Account
with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class B Certificate Rate for such Distribution Date and
(ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $100,449.38; provided,
however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate
described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the
“Class B Interest Shortfall”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to
pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is
fully paid, an additional amount (“Class B Additional Interest”) equal to one-twelfth of the product of (i) the sum of
(x) the Class B Certificate Rate and (y) 2.0% per annum and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein
with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law.

 (c) The amount of monthly interest (“Collateral Minimum Monthly Interest”) distributable from the Collection Account
with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) the Collateral
Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the event the Collateral Minimum Interest Rate has been
modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average
rate calculated on the basis of the actual number of days each Collateral Minimum Interest Rate was in effect during such period and a year of 360 days. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the
“Collateral Interest Shortfall”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and
available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest
Shortfall is fully paid, an additional amount (“Collateral Additional Interest”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to
one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder).
Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. 

  
 18 

 (d) The amount of monthly interest (“Collateral Senior Minimum Monthly
Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of
(i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $160,715.25;
provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but
excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a
year of 360 days. 
 On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the
“Collateral Senior Interest Shortfall”) equal to (x) the aggregate Collateral Senior Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds
allocated and available to pay such Collateral Senior Minimum Monthly Interest on such Distribution Date. If the Collateral Senior Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date
until such Collateral Senior Interest Shortfall is fully paid, an additional amount (“Collateral Senior Additional Interest”) shall be payable as provided herein with respect to the Collateral
Senior Invested Amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) such Collateral Senior Interest Shortfall (or the portion thereof which has not
been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Senior Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

 Section 4.03.
Principal Funding Account; Controlled Accumulation Period. 

(a) (i) The Servicer, for the benefit of the Series 2022-1 Certificateholders, shall establish
and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the “Principal Funding Account”), bearing a designation clearly indicating that the funds deposited
therein and the property credited thereto are held for the benefit of the Series 2022-1 Certificateholders. The Principal Funding Account shall initially be established with The Bank of New York Mellon. 

     (ii) At the written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)), funds
on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer (or its agent appointed pursuant to Section 4.13(c)); provided, however, that if no such written direction is
provided, funds on deposit in the Principal Funding Account shall remain uninvested. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2022-1 Certificateholders;
provided that on each Distribution Date all interest and other investment income (net of losses and investment expenses) (“Principal Funding Account Investment Proceeds”) on funds on deposit therein shall be applied as set
forth in paragraph (iii) below. Subject to the first sentence of this paragraph (a)(ii), funds on deposit in the Principal Funding Account shall be invested in Eligible Investments that will mature so that such funds will be available at the
close of business on the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Principal Funding Account on a Transfer Date (which immediately precedes a Distribution Date) upon the
maturity of any Eligible Investments are not required to be invested overnight. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the Trustee shall sell, liquidate or dispose of any such Eligible
Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment; provided further, however, that the Servicer shall deliver
prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by reason of any insufficiency in such Principal Funding
Account resulting from any loss on any Eligible Investment included therein except for losses 

  
 19 

 
attributable to the Trustee’s failure to make payments on such Eligible Investments issued by the Trustee, in its commercial capacity, in accordance with their terms. 

     (iii) On each Distribution Date with respect to the Controlled Accumulation Period, the Servicer shall direct
the Trustee in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account Investment Proceeds then on deposit in the Principal Funding Account and such Principal Funding Account
Investment Proceeds shall be treated as a portion of Class A Available Funds and Class B Available Funds. 

     (iv) Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall
not be considered to be principal amounts on deposit therein for purposes of this Supplement. 
 (b) (i) The Trustee shall possess all
right, title and interest in all funds and property from time to time deposited in or credited to the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee
for the benefit of the Series 2022-1 Certificateholders. If, at any time, the Principal Funding Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Principal Funding Account meeting the conditions specified in paragraph (a)(i) above as an Eligible Deposit Account and
shall transfer any cash or any investments to such new Principal Funding Account. 
      (ii) Pursuant to the
authority granted to the Servicer in subsection 3.01(b) of the Agreement, the Servicer shall have the power to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Principal Funding Account for the
purposes of carrying out the Servicer’s or Trustee’s duties hereunder. Pursuant to the authority granted to the Paying Agent in Section 5.01 of this Supplement and Section 6.07 of the Agreement, the Paying Agent shall have the
power to withdraw funds from the Principal Funding Account for the purpose of making distributions to the Series 2022-1 Certificateholders. 

(c) The Controlled Accumulation Period is scheduled to commence at the close of business on the last day of the February 2024 Monthly Period;
provided, however, that if the Controlled Accumulation Period Length (which shall be determined as described below) is less than 12 months, the date on which the Controlled Accumulation Period actually commences will be delayed to the close
of business on the last day of the month preceding the month that is the number of months prior to the Expected Final Payment Date at least equal to the Controlled Accumulation Period Length and, as a result, the number of Monthly Periods in the
Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length. On the Determination Date immediately preceding the February 2024 Distribution Date, and on each Determination Date thereafter that occurs prior to the
Determination Date occurring in the Monthly Period in which the Controlled Accumulation Period commences, the Servicer will determine the
“Controlled Accumulation Period Length” which will equal the number of months such that the sum of the Controlled Accumulation Period Factors for each month during such period
will be equal to or greater than the Required Accumulation Factor Number; provided, however, that the Controlled Accumulation Period Length shall not be less than one month. Notwithstanding the foregoing, if the Controlled Accumulation Period
Length shall have been determined to be less than 12 months and, after the date on which such determination is made, a Pay-Out Event or Reinvestment Event (as those terms are defined in the Supplement for such
Series) shall occur with respect to any outstanding Principal Sharing Series other than Series 2022-1, the Controlled Accumulation Period will commence on the earlier of (i) the first day of the Monthly
Period immediately succeeding the date that such Pay-Out Event or Reinvestment Event shall have occurred with respect to such Series and (ii) the date on which the Controlled Accumulation Period is then
scheduled to commence. 

  
 20 

 Section 4.04. Required Amount. 

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

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

(c) With respect to each Distribution Date, on the related Determination Date, the Servicer shall determine the amount (the
“Collateral Senior Required Amount”), if any, by which (x) the sum of (i) if TRS or an Affiliate of TRS is no longer the Servicer, the Collateral Servicing Fee for such Distribution Date, (ii) if TRS or an Affiliate
of TRS is no longer the Servicer, any Collateral Servicing Fee previously due but not paid to the Servicer, (iii) Collateral Senior Minimum Monthly Interest for such Distribution Date, (iv) any Collateral Senior Minimum Monthly Interest
previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, (v) Collateral Senior Additional Interest, if any, for such Distribution Date, and (vi) any Collateral Senior Additional Interest previously
due but not distributed to the Collateral Interest Holder on a prior Distribution Date exceeds (y) the sum of (A) the amount of Collateral Available Funds to be applied under Section 4.05(c)(i) on such Distribution Date and
(B) the amount of Excess Spread and Excess Finance Charge Collections available to be applied pursuant to subsection 4.07(f) on such Distribution Date. In the event that the Collateral Senior Required Amount is greater than zero, the Servicer
shall give written notice to the Transferor and the Trustee of such Collateral Senior Required Amount on the date of computation. 

Section 4.05. Application of Class A Available Funds, Class B Available Funds, Collateral
Available Funds and Available Principal Collections. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit B, on each Distribution Date, Class A
Available Funds, Class B Available Funds, Collateral Available Funds and 

  
 21 

 
Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date to make the following distributions: 

(a) On each Distribution Date, an amount equal to the Class A Available Funds with respect to such Distribution Date will be distributed
or deposited in the following priority: 
 (i) an amount equal to Class A Monthly Interest for such Distribution Date,
plus the amount of any Class A Monthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date
and any Class A Additional Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to the Class A Certificateholders; 

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

(iii) an amount equal to the Class A Investor Default Amount for such Distribution Date shall be treated as a portion of
Available Principal Collections for such Distribution Date; and 
 (iv) the balance, if any, shall constitute Excess Spread
and shall be allocated and distributed or deposited as set forth in Section 4.07. 
 (b) On each Distribution Date, an amount equal to
the Class B Available Funds with respect to such Distribution Date will be distributed or deposited in the following priority: 

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

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

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

  
 22 

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

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

(i) an amount equal to the lesser of (x) the Controlled Deposit Amount and (y) the sum of the Class A Adjusted
Invested Amount and the Class B Adjusted Invested Amount shall be deposited in the Principal Funding Account; 
 (ii)
for each Distribution Date beginning on the Distribution Date on which the Class B Invested Amount shall have been paid in full, an amount up to the Collateral Invested Amount shall be distributed to the Collateral Interest Holder; and 

(iii) the balance of such Available Principal Collections shall be treated as Shared Principal Collections and applied in
accordance with Section 4.04 of the Agreement. 
 (f) On each Distribution Date with respect to the Early Amortization Period, an
amount equal to Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority: 

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

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

Section 4.06. Defaulted Amounts; Investor Charge-Offs. 

(a) On each Determination Date, the Servicer shall calculate the Class A Investor Default Amount, if any, for the related Distribution
Date. If, on any Distribution Date, the Class A Required Amount for the related Monthly Period exceeds the sum of (x) the amount of Reallocated Principal Collections allocated to Series 2022-1 with
respect to such Monthly Period and (y) the amount 

  
 23 

 
of Excess Spread and the Excess Finance Charge Collections allocable to Series 2022-1 with respect to such Monthly Period, the Collateral Invested Amount,
if any, will be reduced by the amount of such excess, but not by more than the Class A Investor Default Amount for such Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the
Collateral Invested Amount will be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the
Class A Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date. In the event that such reduction would cause the Class B
Invested Amount to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but
not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the aggregate amount of the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such
Distribution Date (a “Class A Investor Charge-Off”). Class A Investor Charge-Offs shall thereafter be reimbursed and the
Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and
available for that purpose pursuant to subsection 4.07(b). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

(b) On each Determination Date, the Servicer shall calculate the Class B Investor Default Amount, if any, for the related Distribution
Date. If, on any Distribution Date, the Class B Required Amount for such Distribution Date exceeds the sum of (x) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series
2022-1 with respect to the related Monthly Period which are allocated and available to pay such amount pursuant to subsection 4.07(d) and (y) the Reallocated Principal Collections allocable to the
Collateral Interest and not required to pay the Class A Required Amount with respect to such Distribution Date, then the Collateral Invested Amount shall be reduced by the amount of such excess. In the event that such reduction would cause the
Collateral Invested Amount to be a negative number, the Collateral Invested Amount shall be reduced to zero, and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below
zero, but not by more than the excess, if any, of the Class B Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date (a
“Class B Investor Charge-Off”). Class B Investor Charge-Offs shall thereafter be reimbursed and the Class B Invested Amount
increased (but not by an amount in excess of the aggregate unreimbursed Class B Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose
pursuant to subsection 4.07(e). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

(c) On each Determination Date, the Servicer shall calculate the Collateral Default Amount. If on any Distribution Date the Collateral Default
Amount for the previous Monthly Period exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-1 with respect to the related Monthly Period which are allocated and
available to pay such amount pursuant to subsection 4.07(h), the Collateral Invested Amount will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Invested Amount for such
Distribution Date (a “Collateral Charge-Off”). The Collateral Invested Amount will be reimbursed after any reduction pursuant to this Section 4.06 on any Distribution
Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available on such Distribution date for that purpose as described under subsection 4.07(i). 

  
 24 

 Section 4.07.
Excess Spread; Excess Finance Charge Collections. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the
Trustee substantially in the form of Exhibit B, on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 2022-1 with respect to the related Monthly Period, to
make the following distributions or deposits in the following order of priority: 
 (a) an amount equal to the Class A Required Amount,
if any, with respect to such Distribution Date shall be distributed by the Trustee to fund the Class A Required Amount in accordance with, and in the priority set forth in, subsections 4.05(a)(i), (ii) and (iii); 

(b) an amount equal to the aggregate amount of Class A Investor Charge-Offs which have not been previously reimbursed shall be treated as
a portion of Available Principal Collections for such Distribution Date; 
 (c) an amount equal to interest on the aggregate outstanding
principal balance of the Class B Certificates not otherwise distributed to the Class B Certificateholders pursuant to Section 4.05(b)(i), at a rate per annum equal to the Class B Certificate Rate, shall be distributed to
the Class B Certificateholders, except that interest previously due but not paid will accrue interest at a rate per annum equal to the Class B Certificate Rate plus 2% per annum; 

(d) an amount equal to the Class B Required Amount, if any, with respect to such Distribution Date will be (i) used to fund the
Class B Required Amount and be applied in accordance with subsections 4.05(b)(i) and 4.05(b)(ii), and then (ii) an amount up to the Class B Investor Default Amount will be treated and applied as Available Principal Collections
for such Distribution Date; 
 (e) an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced
pursuant to clauses (c), (d) and (e) of the definition of “Class B Invested Amount” in Section 2.01 of this Supplement (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed)
shall be treated as a portion of Available Principal Collections for such Distribution Date; 
 (f) an amount equal to Collateral Senior
Minimum Monthly Interest for such Distribution Date, plus the amount of any Collateral Senior Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, plus the amount
of any Collateral Senior Additional Interest for such Distribution Date and any Collateral Senior Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to the
Collateral Interest Holder; 
 (g) an amount equal to the Monthly Servicing Fee for such Distribution Date that has not been paid to the
Servicer and any Monthly Servicing Fee due but not paid to the Servicer on a prior Distribution Date shall be paid to the Servicer; 
 (h)
an amount equal to the Collateral Default Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date; 

(i) an amount equal to the aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and
(e) of the definition of “Collateral Invested Amount” (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be treated as a portion of Available Principal Collections for such
Distribution Date; 
 (j) on each Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the
Reserve Account terminates pursuant to subsection 4.12(f), an amount up to the 

  
 25 

 
excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account; 

(k) without duplication of any amount paid pursuant to Section 4.07(f), an amount equal to the Collateral Minimum Monthly Interest for
such Distribution Date, plus the amount of any Collateral Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, plus the amount of any Collateral Additional Interest
for such Distribution Date and any Collateral Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to the Collateral Interest Holder; and 

(l) (i) prior to a Note Trust Transfer, the balance, if any, shall constitute a portion of Excess Finance Charge Collections for such
Distribution Date and shall be available for allocation to other Excess Allocation Series in accordance with Section 4.09 hereof, if so needed, or to the holders of the Transferor Certificates, and (ii) following a Note Trust Transfer the
balance, if any, will be distributed to the Collateral Interest Holder. 
 Section 4.08.
Reallocated Principal Collections. On each Distribution Date, the Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit
B, Reallocated Principal Collections with respect to such Distribution Date, to make the following distributions or deposits in the following order of priority: 

(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Distribution Date over
(ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-1 with respect to the related Monthly Period shall be distributed by the Trustee to fund any deficiency
pursuant to and in the priority set forth in subsections 4.05(a)(i), (ii) and (iii); 
 (b) an amount equal to the excess, if any, of
(i) the Class B Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to
subsections 4.07(c) and (d) on such Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in subsections
4.07(c) and (d); and 
 (c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall
be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c)
to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. 

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

On each Distribution Date, the Collateral Invested Amount shall be reduced by the amount of Reallocated Principal Collections for such
Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection
4.08(c). In the event that such reduction would cause the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) to be a negative number, the Collateral Invested Amount (after giving effect to any
Collateral Charge-Offs for such Distribution Date) shall be reduced to 

  
 26 

 
zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero. In the event that the reallocation of
Reallocated Principal Collections would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be a negative number on any Distribution Date, Reallocated Principal
Collections shall be reallocated on such Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date)
to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

Section 4.09. Excess Finance Charge Collections. Series 2022-1 shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge Collections with respect to the Excess Allocation Series for any Distribution Date will be allocated
to Series 2022-1 in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess Allocation Series for such Distribution Date and
(y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2022-1 for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for
all the Excess Allocation Series for such Distribution Date. The “Finance Charge Shortfall” for Series 2022-1 for any Distribution Date will be equal to
the excess, if any, of (a) the sum of (I) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and
(II) following a Note Trust Transfer, the full amount required to be paid, without duplication, from the portion of Available Funds (as such term is defined in the Transfer Agreement) allocable to Series
2022-1 in accordance with the applicable Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance
Charge Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to
such Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date.
The amount of Excess Finance Charge Collections for Series 2022-1 for any Distribution Date shall be (i) initially, the balance remaining and so available pursuant to Section 4.07(l) and
(ii) following a Note Trust Transfer, the amount so specified pursuant to the Transfer Agreement. On each Distribution Date following a Note Trust Transfer, the Trustee shall deposit into the Collection Account for application in accordance
with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the applicable Transfer Agreement on such date. 

Section 4.10.
Reallocated Investor Finance Charge Collections. 
 (a)
That portion of Group I Investor Finance Charge Collections for any Distribution Date equal to the amount of Reallocated Investor Finance Charge Collections for such Distribution Date will be allocated to Series
2022-1 and will be distributed as set forth in this Supplement. 
 (b) Reallocated Investor Finance
Charge Collections with respect to any Distribution Date shall equal the sum of (i) the aggregate amount of Series 2022-1 Monthly Interest, Investor Default Amount, Series
2022-1 Monthly Fees and Series 2022-1 Additional Amounts for such Distribution Date and (ii) that portion of excess Group I Investor Finance Charge Collections to
be included in Reallocated Investor Finance Charge Collections pursuant to subsection (c) hereof; provided, however, that if the amount of Group I Investor Finance Charge Collections for such Distribution Date is less than the sum of
(w) Group I Investor Monthly Interest, (x) Group I Investor Default Amount, (y) Group I Investor Monthly Fees and (z) Group I Investor Additional Amounts, then Reallocated Investor Finance Charge Collections shall equal the sum
of the following amounts for such Distribution Date: 

  
 27 

 (A) The product of (I) Group I Investor Finance Charge Collections (up
to the amount of Group I Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 2022-1 Monthly Interest and the denominator of which is Group I Investor Monthly Interest; 

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

(C) the product of (I) Group I Investor Finance Charge Collections less the amount of Group I Investor Monthly Interest
and the Group I Investor Default Amount (up to Group I Investor Monthly Fees) and (II) a fraction, the numerator of which is Series 2022-1 Monthly Fees and the denominator of which is Group I Investor
Monthly Fees; and 
 (D) the product of (I) Group I Investor Finance Charge Collections less the sum of (i) Group I
Investor Monthly Interest, (ii) the Group I Investor Default Amount and (iii) Group I Investor Monthly Fees and (II) a fraction, the numerator of which is Series 2022-1 Additional Amounts and
the denominator of which is Group I Investor Additional Amounts. 
 (c) If the amount of Group I Investor Finance Charge Collections for
such Distribution Date exceeds the sum of (i) Group I Investor Monthly Interest, (ii) Group I Investor Default Amount, (iii) Group I Investor Monthly Fees and (iv) Group I Investor Additional Amounts, then Reallocated Investor
Finance Charge Collections for such Distribution Date shall include an amount equal to the product of (x) the amount of such excess and (y) a fraction, the numerator of which is the Invested Amount as of the last day of the second
preceding Monthly Period (or, for Series 2022-1 only, with respect to the first Distribution Date, as of the Closing Date) and the denominator of which is the sum of such Invested Amount and the aggregate
invested amounts for all other Series included in Group I as of such last day (or, for Series 2022-1 only, with respect to the first Distribution Date, as of the Closing Date). 

Section 4.11. Shared Principal Collections. Subject to Section 4.04 of the Agreement,
Shared Principal Collections for any Distribution Date will be allocated to Series 2022-1 in an amount equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all
Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 2022-1 Principal Shortfall for such Distribution Date and the denominator of which is the
aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The
“Series 2022-1 Principal Shortfall” will be equal to (a) for any Distribution Date with respect to the Revolving Period, zero,
(b) for any Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such
Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of
Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections). 

Section 4.12. Reserve Account. 

(a) The Servicer shall establish and maintain, in the name of the Trustee, on behalf of the Trust, for the benefit of the Series 2022-1 Certificateholders, an Eligible Deposit Account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein and the

  
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property credited thereto are held for the benefit of the Series 2022-1 Certificateholders. The Reserve Account shall initially be established with The
Bank of New York Mellon. The Trustee shall possess all right, title and interest in all funds and property from time to time deposited in or credited to the Reserve Account and in all proceeds thereof. The Reserve Account shall be under the sole
dominion and control of the Trustee for the benefit of the Series 2022-1 Certificateholders. If at any time the Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its
behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency shall consent) establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and
shall transfer any cash or any investments to such new Reserve Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount
at such time, for the purposes set forth in this Supplement, and (ii) on each Distribution Date (from and after the Reserve Account Funding Date) prior to the termination of the Reserve Account make a deposit into the Reserve Account in the
amount specified in, and otherwise in accordance with, subsection 4.07(j). 
 (b) Funds on deposit in the Reserve Account shall be invested
at the written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)) by the Trustee in Eligible Investments; provided, however, that if no such written direction is provided, funds on deposit in the Reserve Account
shall remain uninvested. Subject to the immediately preceding sentence, funds on deposit in the Reserve Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall be invested in such
investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the Trustee shall
sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment; provided
further, however, that the Servicer shall deliver prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by
reason of any insufficiency in such Reserve Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee’s failure to make payments on such Eligible Investments issued by the Trustee,
in its commercial capacity, in accordance with their terms. On each Distribution Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on funds on deposit in the Reserve Account shall
be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account and treated as collections of Finance
Charge Receivables allocable to Series 2022-1. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Supplement, except as otherwise provided in
the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit. 
 (c) On the Determination
Date preceding each Distribution Date with respect to the Controlled Accumulation Period and the first Special Payment Date, the Servicer shall calculate the “Reserve Draw Amount” which shall be
equal to the excess, if any, of the Covered Amount with respect to such Distribution Date or Special Payment Date over the Principal Funding Account Investment Proceeds with respect to such Distribution Date or Special Payment Date; provided,
that such amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under subsection 4.07(j) with respect to such Distribution Date or Special Payment Date. 

(d) In the event that for any Distribution Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available
Reserve Account Amount, shall be withdrawn from the Reserve Account on the related Transfer Date by the Trustee (acting in accordance with the instructions of the Servicer), deposited into the Collection Account and included in Class A
Available Funds for such Distribution Date. 

  
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 (e) In the event that the Reserve Account Surplus on any Distribution Date, after giving
effect to all deposits to and withdrawals from the Reserve Account with respect to such Distribution Date, is greater than zero, the Trustee, acting in accordance with the written instructions of the Servicer, shall withdraw from the Reserve
Account, and distribute to the Collateral Interest Holder, an amount equal to such Reserve Account Surplus. 
 (f) Upon the earliest to
occur of (i) the day on which the Invested Amount is paid in full to the Series 2022-1 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with respect to Series 2022-1, (iii) if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected Final
Payment Date and (iv) the termination of the Trust pursuant to the Agreement, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Class A Certificateholders which are
payable from the Reserve Account as provided herein, shall withdraw from the Reserve Account and pay to the Collateral Interest Holder all amounts, if any, on deposit in the Reserve Account and the Reserve Account shall be deemed to have terminated
for purposes of this Supplement. 
 Section 4.13. Investment Instructions. 

(a) Any investment instructions required to be given to the Trustee pursuant to the terms hereof must be given to the Trustee no later than
10:30 a.m. (New York City time) on the date such investment is to be made. In the event the Trustee receives such investment instruction later than such time, the Trustee may, but shall have no obligation to, make such investment. In the event the
Trustee is unable to make an investment required in an investment instruction received by the Trustee after 10:30 a.m. (New York City time) on such day, such investment shall be made by the Trustee on the next succeeding Business Day. In no event
shall the Trustee be liable for any investment not made pursuant to investment instructions received after 10:30 a.m. (New York City time) on the day such investment is requested to be made. 

(b) The Trustee shall hold each Eligible Investment that constitutes investment property through a securities intermediary, which securities
intermediary shall agree with the Trustee that (i) such investment property at all times shall be credited to a securities account of the Trustee, (ii) all property credited to such securities account shall be treated as a financial asset,
(iii) such securities intermediary shall treat the Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (iv) such securities intermediary shall comply with entitlement orders
originated by the Trustee without the further consent of any other person or entity, (v) such securities intermediary shall not agree with any person or entity other than the Trustee to comply with entitlement orders originated by any person or
entity other than the Trustee, (vi) such securities account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of such
securities intermediary or anyone claiming through such securities intermediary (other than the Trustee), (vii) such agreement between such securities intermediary and the Trustee shall be governed by the laws of the State of New York, and
(viii) such securities intermediary’s jurisdiction for purposes of the Uniform Commercial Code shall be the State of New York. The Trustee shall maintain possession of each other Eligible Investment in the State of New York, separate and
apart from all other property held by the Trustee. Notwithstanding any other provision of this Supplement, the Trustee shall not hold any Eligible Investment through an agent except as expressly permitted by this Section 4.13(b). Each term used
in this Section 4.13(b) and defined in the New York Uniform Commercial Code shall have the meaning set forth in the New York Uniform Commercial Code. 

(c) With respect to investments made by the Trustee pursuant to the terms hereof, the Servicer may appoint as its agent under a separate
agreement a registered investment advisor and authorize such agent to give instructions, which may be provided to the Trustee through S.W.I.F.T., on 

  
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behalf of the Servicer to the Trustee for funds to be invested and reinvested in one or more Eligible Investments. The Servicer shall provide the Trustee with a written direction certifying any
such appointment. The Trustee shall be entitled to conclusively rely on, and shall be protected in acting upon, instructions, which may be provided to the Trustee through S.W.I.F.T., received from such agent on behalf of the Servicer. 

Section 4.14. [Reserved]. 

ARTICLE V 

Distributions and Reports to 

Series 2022-1 Certificateholders 

Section 5.01. Distributions. 

(a) On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder of record on the related Record Date
(other than as provided in Section 12.02 of the Agreement) such Class A Certificateholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on
the Class A Certificates pursuant to this Supplement. 
 (b) On each Special Payment Date and on the Expected Final Payment Date, the
Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class A Certificateholder of record on the related Record Date (other than as provided in
Section 12.02 of the Agreement) such Class A Certificateholder’s pro rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to
pay principal of the Class A Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class A Invested Amount on such date (unless there has been an optional repurchase of the Series 2022-1 Certificateholders’ Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 

(c) On each Distribution Date, the Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to
Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class B Certificateholder’s pro rata share of
the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on the Class B Certificates pursuant to this Supplement. 

(d) On each Special Payment Date, and on the Expected Final Payment Date, the Paying Agent shall distribute (in accordance with the
Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such Class B
Certificateholder’s pro rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to pay principal of the Class B Certificates pursuant
to this Supplement up to a maximum amount on any such date equal to the Class B Invested Amount on such date (unless there has been an optional repurchase of the Series 2022-1 Certificateholders’
Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 
 (e) On each
Distribution Date, the Trustee shall distribute to the Collateral Interest Holder the aggregate amount payable to the Collateral Interest Holder pursuant to Sections 4.05, 4.07, 4.12, 8.01 and 8.02 to the Collateral Interest Holder’s account,
as specified in writing by the Collateral Interest Holder, in immediately available funds. 

  
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 (f) The distributions to be made pursuant to this Section 5.01 are subject to the
provisions of Sections 2.06, 9.02, 10.01 and 12.02 of the Agreement and Sections 8.01 and 8.02 of this Supplement. 
 (g) Except as provided
in Section 12.02 of the Agreement with respect to a final distribution, distributions to Series 2022-1 Certificateholders hereunder shall be made by check mailed to each Series 2022-1 Certificateholder at such Series 2022-1 Certificateholder’s address appearing in the Certificate Register without presentation or surrender of any Series 2022-1 Certificate or the making of any notation thereon; provided, however, that with respect to Series 2022-1 Certificates registered in the name of a Clearing
Agency, such distributions shall be made to such Clearing Agency in immediately available funds. 
 (h) The distributions to be made
pursuant to this Section 5.01 are to be made pursuant to the written instructions of the Servicer substantially in the form of Exhibit B. 

Section 5.02.
Reports and Statements to Series 2022-1 Certificateholders. 

(a) On each Distribution Date, the Paying Agent, on behalf of the Trustee, shall make available, and shall forward to each Series 2022-1 Certificateholder upon request, a statement substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer and delivered to the Paying
Agent. 
 (b) Not later than each Determination Date, the Servicer shall deliver to the Trustee, the Paying Agent, the Transferor, each
Rating Agency and the Collateral Interest Holder (i) a statement substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer and (ii) a certificate of a Servicing
Officer substantially in the form of Exhibit D. 
 (c) A copy of each statement or certificate provided pursuant to paragraph
(a) or (b) may be obtained by any Series 2022-1 Certificateholder or any Certificate Owner thereof by a request in writing to the Servicer. 

(d) On or before January 31 of each calendar year, beginning with calendar year 2020, the Paying Agent, on behalf of the Trustee, shall
furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2022-1 Certificateholder, a statement substantially in the form of Exhibit C-2 to this Supplement to the extent prepared by the Servicer and delivered to the Paying Agent for such calendar year or the applicable portion thereof during which such Person was a Series 2022-1 Certificateholder, together with such information as is required to be provided by a paying agent under the Code (including Forms 1099 and other customary tax reporting information) and, to the extent
prepared by the Servicer and delivered to the Paying Agent, such other information as is required to be provided by an issuer of indebtedness under the Code. The obligations of the Servicer and Paying Agent to prepare and deliver the statement
substantially in the form of Exhibit C-2 to this Supplement shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant
to any requirements of the Code as from time to time in effect. 
 ARTICLE VI 

Pay-Out Events 

Section 6.01. Pay-Out Events. If any one of the following events shall
occur with respect to the Series 2022-1 Certificates: 

  
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 (a) the occurrence of an Insolvency Event relating to the Transferor or other holder of the
Original Transferor Certificate; 
 (b) the Trust becomes an investment company within the meaning of the Investment Company Act; 

(c) failure on the part of the Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on
or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Transferor set forth in the Agreement or
this Supplement, which failure has a material adverse effect on the Series 2022-1 Certificateholders and which continues unremedied for a period of 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferor and the Trustee by any Holder of the Series 2022-1 Certificates; 

(d) any representation or warranty made by the Transferor in the Agreement or this Supplement, or any information contained in a computer file
or microfiche list required to be delivered by the Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be
incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to such Transferor and the Trustee by
any Holder of the Series 2022-1 Certificates and as a result of which the interests of the Series 2022-1 Certificateholders are materially and adversely affected for
such period; provided, however, that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related
Receivable, or all of such Receivables, if applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the provisions of the Agreement; 

(e) a failure by the Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days
after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of the Agreement; 

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

(g) the average Series Adjusted Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average
of the Base Rates for such period; 
 (h) the Class A Invested Amount, the Class B Invested Amount or the Collateral Invested
Amount shall not be paid in full on the Expected Final Payment Date; 
 (i) a Transfer Restriction Event shall occur; 

(j) the occurrence of an Insolvency Event as defined in the Receivables Purchase Agreement relating to the Account Owner; or 

(k) a Transfer Restriction Event as defined in the Receivables Purchase Agreement shall occur between the Account Owner and the related
Transferor; 
 then, (A) in the case of any event described in subparagraph (c), (d) or (f), after the applicable grace period, if any, set forth in
such subparagraphs, either the Trustee or the Investor Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount of the Investor Certificates of this Series by notice then given in writing to the Transferor
and the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may declare that a Pay-Out Event has occurred with 

  
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respect to this Series as of the date of such notice; (B) in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event
shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event; and (C) in the case of any event described in
subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series
immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that (x) as of the date of
such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Receivables Percentage for the
immediately preceding three Monthly Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables outstanding in the Trust does not
at least equal the Required Minimum Principal Balance (without giving effect to Principal Receivables attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer Restriction Event has occurred).

 ARTICLE VII 

Optional Repurchase; Series Termination 

Section 7.01. Optional Repurchase. 

(a) So long as the Transferor is the Servicer or an Affiliate of the Servicer, on any day occurring on or after the date on which the Invested
Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 2022-1 Certificateholders’ Interest, at a purchase price equal to (i) if
such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. If, on the date on which the Transferor
exercises such option, the long-term unsecured debt obligations of such Transferor purchasing the Series 2022-1 Certificateholders’ Interest is not rated at least in the third highest rating category by
the Rating Agency, such Transferor shall deliver to the Trustee, with a copy to the Rating Agency, an Officer’s Certificate of such Transferor which shall have attached to it the relevant fraudulent conveyance statute, if any, and set forth the
factual basis for a conclusion that the exercise of such optional repurchase would not constitute a fraudulent conveyance of such Transferor. 

(b) The Transferor shall give the Servicer and the Trustee at least 30 days prior written notice of the date on which the Transferor intends
to exercise such purchase option. Not later than 12:00 noon, New York City time, on such day the Transferor shall deposit the Reassignment Amount into the Collection Account in immediately available funds. Such purchase option is subject to payment
in full of the Reassignment Amount. Following the deposit of the Reassignment Amount into the Collection Amount in accordance with the foregoing, the Invested Amount for Series 2022-1 shall be reduced to zero
and the Series 2022-1 Certificateholders shall have no further interest in the Receivables. The Reassignment Amount shall be distributed as set forth in subsection 8.01(b). 

Section 7.02. Series Termination. 

(a) If, on the January 2027 Distribution Date, the Invested Amount (after giving effect to all changes therein on such date) would be greater
than zero, the Servicer, on behalf of the Trustee, shall, within the 40-day period which begins on such Distribution Date, solicit bids for the sale of Principal Receivables and the related Finance Charge
Receivables (or interests therein) in an amount equal to the Invested Amount at the close of business on the last day of the Monthly Period preceding the Series 2022-1 Termination Date (after giving effect to
all distributions required to be made on the Series 

  
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2022-1 Termination Date, except pursuant to this Section 7.02). Such bids shall require that such sale shall (subject to subsection 7.02(b)) occur on
the Series 2022-1 Termination Date. The Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such Transferor for purposes of United States generally accepted accounting
principles shall not be entitled to participate in such bidding process or to purchase the Receivables; provided, however, that, to the extent the Collateral Interest Holder is not the Transferor, an Affiliate thereof, an agent thereof
or any other party consolidated with the Transferor for purposes of United States generally accepted accounting principles, the Collateral Interest Holder may participate in such bidding process. 

(b) The Servicer, on behalf of the Trustee, shall sell such Receivables (or interests therein) on the Series
2022-1 Termination Date to the bidder who made the highest cash purchase offer. The proceeds of any such sale shall be treated as Collections on the Receivables allocated to the Series 2022-1 Certificateholders pursuant to the Agreement and this Supplement; provided, however, that the Servicer shall determine conclusively the amount of such proceeds which are allocable to Finance Charge
Receivables and the amount of such proceeds which are allocable to Principal Receivables. During the period from the January 2027 Distribution Date to the Series 2022-1 Termination Date, the Servicer shall
continue to collect payments on the Receivables and allocate and deposit such Collections in accordance with the provisions of the Agreement and the Supplements. 

ARTICLE VIII 

Final Distributions 

Section 8.01. Sale of Receivables or Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of
the Agreement and Section 7.01 or 7.02 of this Supplement. 

(a) (i) The amount to be paid by the Transferor with respect to Series 2022-1 in connection with
a reassignment of Receivables to the Transferor pursuant to Section 2.06 of the Agreement shall equal the Reassignment Amount for the first Distribution Date following the Monthly Period in which the reassignment obligation arises under the
Agreement. 
 (ii) The amount to be paid by the Transferor with respect to Series
2022-1 in connection with a repurchase of the Certificateholders’ Interest pursuant to Section 10.01 of the Agreement shall equal the sum of (x) the Reassignment Amount for the Distribution Date
of such repurchase and (y) the sum of (A) the excess, if any, of (I) a price equivalent to the average of bids quoted on the Record Date preceding the date of repurchase or, if not a Business Day, on the next succeeding Business Day
by at least two recognized dealers selected by the Trustee for the purchase by such dealers of a security which is similar to the Class A Certificates with a remaining maturity approximately equal to the remaining maturity of the Class A
Certificates and rated by each Rating Agency in the rating category originally assigned to the Class A Certificates over (II) the portion of the Reassignment Amount attributable to the Class A Certificates and (B) the excess, if
any, of (I) a price equivalent to the average of bids quoted on such Record Date, or if not a Business Day, on the next succeeding Business Day by at least two recognized dealers selected by the Trustee for the purchase by such dealers of a
security which is similar to the Class B Certificates with a remaining maturity approximately equal to the remaining maturity of the Class B Certificates and rated by each Rating Agency in the rating category originally assigned to the
Class B Certificates, if applicable, over (II) the portion of the Reassignment Amount attributable to the Class B Certificates. 

  
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 (b) With respect to the Reassignment Amount deposited into the Collection Account pursuant
to Section 7.01 or any amounts allocable to the Series 2022-1 Certificateholders’ Interest deposited into the Collection Account pursuant to Section 7.02, the Trustee shall, in accordance with
the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to
any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class A
Certificateholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on
a prior Distribution Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on any prior
Distribution Date, will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the
Class B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest previously due but not distributed to the Class B
Certificateholders on a prior Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B
Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class B Certificateholders and (iii) the balance, if any, will be distributed to the Collateral Interest Holder. 

(c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to
subsection 8.01(b) for payment to the Series 2022-1 Certificateholders shall be deemed distributed in full to the Series 2022-1 Certificateholders on the date on which
such funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. 

Section 8.02. Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to
Section 9.01 of the Agreement. 
 (a) Not later than 12:00 noon, New York City time, on the Distribution Date
following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.01(b) of the Agreement, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and,
in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the Class A Invested Amount on such Distribution Date from the portion of the Insolvency
Proceeds allocated to Series 2022-1 Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such
distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2022-1 Allocable Principal Collections and (y) the Principal Allocation Percentage with
respect to the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2022-1
Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such
Insolvency Proceeds allocated to Series 2022-1 Allocable Principal Collections and (B) the Principal Allocation Percentage with respect to the related Monthly Period minus (y) the amount
distributed to the Paying Agent pursuant to clause (i) of this sentence and (iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder. 

(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall in accordance with the written direction of
the Servicer (in the following priority and, in 

  
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each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly
Interest for such Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if
any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of
Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency
Proceeds allocated to Series 2022-1 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class A Floating
Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the
Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the
Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2022-1 Allocable Finance Charge Collections and distribute such amount to the Paying
Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series
2022-1 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating Percentage with respect to such
Monthly Period. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2022-1 Allocable Finance Charge Collections and (B) the Floating Allocation Percentage
with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Collateral Interest Holder. 

(c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this
Section for payment to the Series 2022-1 Certificateholders shall be distributed in full to the Series 2022-1 Certificateholders on the date on which funds are
distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. 

ARTICLE IX 

Miscellaneous Provisions 

Section 9.01. Ratification of Agreement. As supplemented by this Supplement, the Agreement
is in all respects ratified and confirmed and the Agreement as so supplemented by this Supplement shall be read, taken and construed as one and the same instrument. 

Section 9.02. Counterparts. This Supplement may be executed in two or more counterparts, and by different parties on separate
counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 Section 9.03.
Governing Law. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 9.04. [Reserved]. 

Section 9.05. FATCA Matters. Each Certificate Owner and Series 2022-1 Certificateholder,
by the purchase of a Certificate or its acceptance of a beneficial interest therein, 

  
 37 

 
acknowledges that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding tax may apply. Each such Certificate Owner and Series 2022-1 Certificateholder further agrees, upon request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to
satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without
limiting the foregoing, if a payment made under this Supplement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment were to fail to comply with FATCA (including the requirements of Code
Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver to the Transferor and the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Transferor or the Trustee, such
documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Transferor or the Trustee to comply with their respective obligations under FATCA, to
determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold from such payment. In addition, the Transferor shall deliver to the Trustee, at the time or times
prescribed by the Code and at such time or times reasonably requested by the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by
the Trustee to comply with its obligations under FATCA, and the Transferor understands that failure to provide such documentation may result in payments being subject to United States withholding tax. The Trustee shall be entitled to deduct
withholding tax imposed pursuant to FATCA, and shall have no obligation to gross up any payment or to pay any additional amount as a result of such withholding tax. For these purposes, “FATCA” means Section 1471 through 1474 of the
Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes
under such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA after the date of this Supplement. 

Section 9.06. Uncertificated Securities. The Collateral Interest shall be delivered in uncertificated form. 

Section 9.07. Transfers of the Class B Certificate and the Collateral Interest. 

(a) Unless otherwise consented to by the Transferor, no portion of the Class B Certificates or the Collateral Interest or any interest
therein may be sold, conveyed, assigned, hypothecated, pledged, participated, exchanged or otherwise transferred (each, a “Transfer”) except in accordance with this Section 9.07 and only to a Permitted Assignee. Any attempted
or purported transfer, assignment, exchange, conveyance, pledge, hypothecation or grant other than to a Permitted Assignee shall be void. Unless otherwise consented to by the Transferor, no portion of the Collateral Interest or any interest therein
may be Transferred to any Person (each such Person acquiring the Collateral Interest or any interest therein, an “Assignee”) unless such Assignee shall have executed and delivered to the Transferor on or before the effective date of
any Transfer a letter substantially in the form attached hereto as Exhibit E (an “Investment Letter”), executed by such Assignee, with respect to the related Transfer to such Assignee of all or a portion of the Collateral
Interest. 
 (b) Each Assignee will certify that the Collateral Interest or the interest therein purchased by such Assignee will be acquired
for investment only and not with a view to any public distribution thereof, and that such Assignee will not offer to sell or otherwise dispose of the Collateral Interest or any interest therein so acquired by it in violation of any of the
registration requirements of the Securities Act, or any applicable state or other securities laws. Each Assignee will acknowledge and agree that (i) it has no right to require the Transferor to register under the Securities Act or any other

  
 38 

 
securities law the Collateral Interest or the interest therein to be acquired by the Assignee and (ii) the sale of the Collateral Interest is not being made by means of the prospectus
prepared in connection with the sale of the Series 2022-1 Certificates. Each Assignee will agree with the Transferor that: (a) such Assignee will deliver to the Transferor an Investment Letter and
(b) all of the statements made by such Assignee in its Investment Letter shall be true and correct as of the date made. 
 (c) No
portion of the Collateral Interest or any interest therein may be Transferred to, and each Assignee will certify that it is not, (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA and subject to Title I of
ERISA), (b) any “plan” (as defined in and subject to Section 4975 of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the
meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA) by reason of a
plan’s investment in the entity, including, without limitation, an insurance company general account. 
 [The signature page follows
this page.] 

  
 39 

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

	
	AMERICAN EXPRESS RECEIVABLES
	 FINANCING CORPORATION III LLC,

	 as Transferor

	
	By:                                     
                                         
                  
	 Name:

	 Title:

	
	 AMERICAN EXPRESS TRAVEL RELATED

SERVICES COMPANY, INC.,

	 as Servicer

	
	By:                                     
                                         
                  
	 Name:

	 Title:

	
	 THE BANK OF NEW YORK MELLON,

	 as Trustee

	
	By:                                     
                                         
                  
	 Name:

	 Title:

 [Signature page – Series 2022-1 Supplement] 

 FORM OF CLASS A
CERTIFICATE                                       
                         EXHIBIT A-1 

 

			
	REGISTERED	  	$                            1/
		
	No. R-                	  	CUSIP No. 02589B AA8

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-1 

CLASS A 2.21% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
March 2025 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/12,500ths undivided interest 
 in
Class A of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2022-1 

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated from time to
time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 
 AMERICAN EXPRESS TRAVEL RELATED SERVICES
COMPANY, INC., 
 and other assets and interests constituting Trust Assets under the Fourth Amended and Restated Pooling and Servicing Agreement referred to
below. 
 (Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express National Bank,
American Express Receivables Financing Corporation III LLC, or any of their respective affiliates) 
 This certifies that CEDE & CO. (the
“Class A Certificateholder”) is the registered owner of a fractional undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Fourth Amended and Restated Pooling and
Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 2022-1 Supplement, dated
as of March 18, 2022 (as amended and supplemented, the “Supplement”), among 
  

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

  
 A-1-1 

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

It is the intent of the Transferor and the Class A Certificateholder that, for federal, state and local income and franchise tax
purposes, the Class A Certificates will qualify as indebtedness of the Transferor secured by the Receivables. The Class A Certificateholder, by the acceptance of this Class A Certificate, agrees to treat this Class A Certificate
for federal, state and local income and franchise tax purposes as debt of the Transferor. 
 In general, payments of principal with respect
to the Class A Certificates are limited to the Class A Invested Amount, which may be less than the unpaid principal balance of the Class A Certificates. The Expected Final Payment Date is the March 2025 Distribution Date, but
principal with respect to the Class A Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not
sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of
principal of the Class A Certificates will occur later than the Expected Final Payment Date. 
 Unless the certificate of
authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  
 A-1-2 

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

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
		
	By:	 	
                 

		 	Name:
		 	Title:

 Dated: March 18, 2022 

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2022-1 Class A Certificates described in
the within-mentioned Agreement and Supplement. 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory
		
		 	or
		
	By:	 	  

		 	as Authenticating Agent
		 	for the Trustee
		
	By:	 	
                 

		 	Authorized Signatory

  
 A-1-4 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-1 

CLASS A 2.21% ASSET BACKED CERTIFICATE 

Summary of Terms and Conditions 

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts advanced to
cardmembers as cash advances and Finance Charge Receivables. This Class A Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 2022-1 (the
“Series 2022-1 Certificates”), and one of a class thereof entitled Class A Series 2022-1 2.21% Asset Backed Certificates (the
“Class A Certificates”), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all
outstanding Series (the “Certificateholders’ Interest”) with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class A Certificates at any time in the
Principal Receivables in the Trust shall not exceed an amount equal to the Class A Invested Amount at such time. The Class A Initial Invested Amount is $1,250,000,000. The Class A Invested Amount on any date will be an amount equal to
(a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class A Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate
amount of Class A Investor Charge-Offs for all prior Distribution Dates over Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) of the Supplement prior to such date. 

Subject to the terms and conditions of the Agreement, the Transferor may, from time to time, direct the Trustee, on behalf of the Trust, to
issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets. 

On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder of record on the last day of the preceding
calendar month (each a “Record Date”) such Class A Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are payable to the
Class A Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class A Certificate will be made by the Paying Agent by check mailed to the address of the Class A Certificateholder of record
appearing in the Certificate Register without the presentation or surrender of this Class A Certificate or the making of any notation thereon (except for the final distribution in respect of this Class A Certificate) except that with
respect to Class A Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of this Class A Certificate
will be made only upon presentation and surrender of this Class A Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2022-1
Certificateholders in accordance with the Agreement and the Supplement. 
 On any day occurring on or after the day on which the Invested
Amount is reduced to 5% or less of the Initial Invested Amount, the Transferor has the option to repurchase the Series 2022-1 Certificateholders’ Interest in the Trust. The repurchase price will be equal
to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. Following the deposit of the
Reassignment Amount in the Collection Account, Series 2022-1 Certificateholders will not have any interest in the Receivables and the Series 2022-1 Certificates will
represent only the right to receive such Reassignment Amount. 

  
 A-1-5 

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

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

As provided in the Agreement and subject to certain limitations therein set forth, Class A Certificates are exchangeable for new
Class A Certificates evidencing like aggregate fractional, undivided interests as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the
Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

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

  
 A-1-6 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                        
                     

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

                          
                                         
      
 (name and address of assignee) 

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

							
	Dated: ______________	 		 		 	________________________2/
				
		 		 		 	Signature Guaranteed:            
				
		 		 		 	                                    
                        

  

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

  
 A-1-7 

 FORM OF CLASS B
CERTIFICATE                                       
                         EXHIBIT A-2 

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

			
	REGISTERED	  	$                        3/
		
	No. R-                 	  	CUSIP No. 02589B AB6

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-1 

CLASS B 2.50% ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
March 2025 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/53573/100ths undivided interest 

in Class B of the 
 AMERICAN
EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2022-1 
 Evidencing an undivided interest in certain assets of a trust,
the corpus of which consists primarily of an interest in receivables generated from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., 

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

(Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express National Bank, American Express
Receivables Financing Corporation III LLC or any of their respective affiliates) 
  

 

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

  
 A-2-1 

 This certifies that CEDE & CO. (the “Class B
Certificateholder”) is the registered owner of a fractional, undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of
April 1, 2018 (as amended and restated and otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 2022-1 Supplement, dated as of March 18, 2022 (as
amended and supplemented, the “Supplement”), among American Express Receivables Financing Corporation III LLC, as transferor (the “Transferor”), American Express Travel Related Services Company, Inc., as servicer,
and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the Trust consists of (i) the Transferor’s ownership interest in a portfolio of receivables (the
“Receivables”) existing in credit and charge accounts identified under the Agreement from time to time (the “Accounts”), (ii) all Receivables generated under the Accounts from time to time thereafter,
(iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account, and any other Series Accounts and
(v) all other assets and interests constituting the Trust. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this
Class B Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreement or the Supplement, as applicable. 

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

No Class B Certificate may be acquired by or for the account of any employee benefit plan, trust or account, including an individual
retirement account, that is subject to the Employee Retirement Income Security Act of 1974, as amended, or that is described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or an entity whose underlying assets include
plan assets by reason of a plan’s investment in such entity (a “Benefit Plan”), unless (i) such acquirer or holder is an insurance company, (ii) the source of funds used to acquire or hold such Certificate (or interest
therein) is an “insurance company general account” (as defined in U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60), and (iii) the conditions set
forth in Sections I and III of PTCE 95-60 have been satisfied. By acquiring any interest in this Class B Certificate, each applicable Certificate Owner shall be deemed to have represented and warranted
either (i) that it is not a Benefit Plan and is not acting for the account of any Benefit Plan or (ii) that (1) it is an insurance company, (2) the source of funds used to acquire or hold an interest in such Certificate is an
“insurance company general account” (as such term is defined in PTCE 95-60), and (3) the conditions set forth in Sections I and III of PTCE 95-60 have
been satisfied. 
 THIS CLASS B CERTIFICATE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A CERTIFICATES TO THE
EXTENT SPECIFIED IN THE SUPPLEMENT. 
 It is the intent of the Transferor and the Class B Certificateholder that, for federal,
state and local income and franchise tax purposes, the Class B Certificates will qualify as indebtedness of the Transferor secured by the Receivables. The Class B Certificateholder, by the acceptance of this Class B Certificate,
agrees to treat this Class B Certificate for federal, state and local income and franchise tax purposes as debt of the Transferor. 

  
 A-2-2 

 In general, payments of principal with respect to the Class B Certificates are limited
to the Class B Invested Amount, which may be less than the unpaid principal balance of the Class B Certificates. The Expected Final Payment Date is the March 2025 Distribution Date, but principal with respect to the Class B
Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to pay the Controlled Deposit
Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the Class B Certificates will
occur later than the Expected Final Payment Date. 
 Unless the certificate of authentication hereon has been executed by or on behalf of
the Trustee, by manual signature, this Class B Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  
 A-2-3 

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

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
		
	By:	 	
                 

		 	Name:
		 	Title:

 Dated: March 18, 2022 

  
 A-2-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2022-1 Class B
Certificates described in the within mentioned Agreement and Supplement. 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	
                     
        

		 	Authorized Signatory
		
		 	or
		
	By:	 	  

		 	as Authenticating Agent
		 	for the Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-5 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-1 

CLASS B 2.50% ASSET BACKED CERTIFICATE 

Summary of Terms and Conditions 

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts advanced to
cardmembers as cash advances and Finance Charge Receivables. This Class B Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 2022-1 (the
“Series 2022-1 Certificates”), and one of a class thereof entitled Class B Series 2022-1 2.50% Asset Backed Certificates (the
“Class B Certificates”), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all
outstanding Series (the “Certificateholders’ Interest”) with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class B Certificates at any time in the
Principal Receivables in the Trust shall not exceed an amount equal to the Class B Invested Amount at such time. The Class B Initial Invested Amount is $53,573,000. The Class B Invested Amount on any date will be an amount equal to
(a) the Class B Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class B Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate
amount of Class B Investor Charge-Offs for all prior Distribution Dates over Class B Investor Charge-Offs reimbursed, minus (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant
to subsection 4.08(a) of the Supplement (excluding any Reallocated Principal Collections that have resulted in a reduction in the Collateral Invested Amount pursuant to Section 4.08), minus (e) an amount equal to the amount by which
the Class B Invested Amount has been reduced to cover the Class A Investor Default Amount on all prior Distribution Dates, and plus (f) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-1 and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Class B Invested Amount
may not be reduced below zero. 
 Subject to the terms and conditions of the Agreement, the Transferor may, from time to time, direct the
Trustee, on behalf of the Trust, to issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets. 

On each Distribution Date, the Paying Agent shall distribute to each Class B Certificateholder of record on the last day of the preceding
calendar month (each a “Record Date”) such Class B Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are payable to the
Class B Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class B Certificate will be made by the Paying Agent by check mailed to the address of the Class B Certificateholder of record
appearing in the Certificate Register without the presentation or surrender of this Class B Certificate or the making of any notation thereon (except for the final distribution in respect of this Class B Certificate) except that with
respect to Class B Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of this Class B Certificate
will be made only upon presentation and surrender of this Class B Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2022-1
Certificateholders in accordance with the Agreement and the Supplement. 
 On any day occurring on or after the day on which the Invested
Amount is reduced to 5% or less of the Initial Invested Amount, the Transferor has the option to repurchase the Series 2022-1 

  
 A-2-6 

 
Certificateholders’ Interest in the Trust. The repurchase price will be equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or
(b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date next following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series
2022-1 Certificateholders will not have any interest in the Receivables and the Series 2022-1 Certificates will represent only the right to receive such Reassignment
Amount. 
 This Class B Certificate does not represent an obligation of, or an interest in, the Transferor or the Servicer or any
affiliate of any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality. This Class B Certificate is limited in right of payment to certain Collections with
respect to the Receivables (and certain other amounts), all as more specifically set forth hereinabove and in the Agreement and the Supplement. 

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

As provided in the Agreement and subject to certain limitations therein set forth, Class B Certificates are exchangeable for new
Class B Certificates evidencing like aggregate fractional undivided interests as requested by the Class B Certificateholder surrendering such Class B Certificates. No service charge may be imposed for any such exchange but the
Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

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

  
 A-2-7 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                     

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

                          
                                         
          
 (name and address of assignee) 

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

							
	 Dated: ______________
	 		 		 	________________________4/
				
		 		 		 	Signature Guaranteed:                    
				
		 		 		 	                                  
                          

  

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

  
 A-2-8 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO THE TRUSTEE 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 SERIES 2022-1 

 
  

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as
Servicer pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among
TRS, American Express Receivables Financing Corporation III LLC, as transferor (the “Transferor”), and The Bank of New York Mellon (formerly The Bank of New York), as trustee (the “Trustee”), does hereby certify as
follows: 
 1. Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or
the Series 2022-1 Supplement, dated as of March 18, 2022, among TRS, the Transferor and the Trustee (as amended and supplemented, the “Supplement”), as applicable. 

2. TRS is the Servicer. 
 3. The
undersigned is a Servicing Officer. 
  

	I.	 INSTRUCTION TO MAKE A WITHDRAWAL 

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

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

  
 B-1 

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

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

  
 B-2 

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

 

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

 Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee to apply on
                    , which is a Distribution Date under the Supplement, any Excess Spread and Excess Finance Charge Collections allocated to
Series 2022-1 as follows: 
  

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

  
 B-3 

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

  
 B-4 

											
	 J)
	 	Pursuant to subsection 4.07(i):	 			
		 	The amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections	 	$	                     	 
	 K)
	 	Pursuant to subsection 4.07(j):	 			
		 	The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account	 	$	                     	 
	 L)
	 	Pursuant to subsection 4.07(k):	 			
		 	(1)	 	Remaining Collateral Minimum Monthly Interest	 	$	                     	 
		 	(2)	 	Remaining Collateral Minimum Monthly Interest previously due but not paid	 	$	                     	 
		 	(3)	 	Remaining Collateral Additional Interest and any Collateral Additional Interest previously due and not paid	 	$	                     	 
	 M)
	 	Pursuant to subsection 4.07(l):	 			
		 	[Prior to a Note Trust Transfer:	 			
		 		 	(1)	 	The amount to be treated as Excess Finance Charge Collections for such Distribution Date and shall be available for allocation to other Excess Allocation Series	 	$	                     	 
		 		 	(2)	 	The amount distributed to the holders of the Transferor Certificates	 	$	                     	] 
		 	[Following a Note Trust Transfer:	 			
		 		 	The amount distributed to the Collateral Interest Holder	 	$	                     	] 

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

  
 B-5 

	II.	 INSTRUCTION TO MAKE CERTAIN PAYMENTS 

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

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

  

	III.	 ACCRUED AND UNPAID AMOUNTS 

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

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

  
 B-6 

					
	 3.
	 	Subsection 4.06(a), (b), (c) and 4.08(a), (b) and (c):	 	
		 	The aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof	 	$                    

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

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

		 	Name:
		 	Title

 : 

  
 B-7 

 EXHIBIT C-1 

FORM OF MONTHLY STATEMENT 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 
  

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

  
 C-1-1 

																																					
	 B. SERIES ALLOCATIONS
	  

	 	  	Invested
Amount	 	  	Adjusted
Invested
Amount	 	  	Principal
Funding
Account
Balance	 	  	Series
Required
Transferor
Amount	 	  	Series
Allocation
Percentage	 	 	Series
Allocable
Finance
Charge
Collections	 	  	Series
Allocable
Recoveries	 	  	Series
Allocable
Principal
Collections	 	  	Series
Allocable
Defaulted
Amount	 
	 Group ___
	  	$	________	 	  	$	______	 	  	$	______	 	  	$	______	 	  	 	______	% 	 	$	______	 	  	$	______	 	  	$	______	 	  	$	______	 
	 Other
	  	$	________	 	  	$	______	 	  	$	______	 	  	$	______	 	  	 	______	% 	 	$	______	 	  	$	______	 	  	$	______	 	  	$	______	 
	 Total
	  				  				  				  				  				 				  				  				  			
	 Trust
	  				  				  				  				  				 				  				  				  			

  

																																									
	 C. GROUP ALLOCATIONS
	  

	 	  	Invested
Amount	 	  	Investor
Finance
Charge
Collections	 	  	Investor
Monthly
Interest	 	  	Investor
Default
Amount	 	  	Investor
Monthly
Fees	 	  	Investor
Additional
Amounts	 	  	Total	 	  	Reallocated
Investor
Finance
Charge
Collections	 	  	Investment
Funding
Account
Proceeds	 	  	Available
Excess	 
	 Group ___
	  	$	______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	____	 	  	$	________	 	  	$	________	 	  	$	________	 
	 Total
	  	$	______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	____	 	  	$	________	 	  	$	________	 	  	$	________	 
	 Trust Total
	  	$	______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	_______	 	  	$	____	 	  	$	________	 	  	$	________	 	  	$	________	 
				
	 	 	  	Group Investor Finance Charge
Collections	 	  	Group Expenses	 	  	Group Reallocable Investor Finance Charge
Collections	 
	 Group ___
	  
	  	$	________	 	  				  				  				  				  				  				  				  			

  

																			
	 D. TRUST PERFORMANCE
	  

	 Delinquencies
	  	 	  	Dollar Amount	 	  	Percentage of
Ending Total
Receivables	 	 	Number of
Accounts	 	  	Percentage of
Total Number
of Accounts	 
		  	31-60 Days Delinquent	  	$	_________	 	  	 	_________	% 	 	 	_________	 	  	 	_________	% 
		  	61-90 Days Delinquent	  	$	_________	 	  	 	_________	% 	 	 	_________	 	  	 	_________	% 
		  	91-120 Days Delinquent	  	$	_________	 	  	 	_________	% 	 	 	_________	 	  	 	_________	% 
		  	120+ Days Delinquent	  	$	_________	 	  	 	_________	% 	 	 	_________	 	  	 	_________	% 
		  	Total 30+ Days Delinquent	  	$	_________	 	  	 	_________	% 	 	 	_________	 	  	 	_________	% 
	 Loss Experience:
	  

		  	Ending Principal Receivables Balance	  
	  			
		  	Defaulted Amount	  
	  	 	_________	 
		  	Recoveries	  
	  	 	_________	 
		  	Net Default Amount	  
	  	 	_________	 
		  	Annualized Default Rate	  
	  	 	_________	% 
		  	Annualized Recovery Rate	  
	  	 	_________	% 
		  	Annualized Default Rate, Net of Recoveries	  
	  	 	_________	% 

  
 C-1-2 

					
		  	Number of Accounts Experiencing a Loss	  	                    
	                	  	Number of Accounts Experiencing a Recovery	  	                    
		  	Average Net Default Amount per Account Experiencing a Loss	  	                    
	
	E. REPURCHASES AND REPLACEMENTS
	Information required by Rule 15Ga-1(a) concerning the Trust:
	            [No activity to report for reporting period.]
	Most recent Form ABS-15G:
	            Form ABS-15G filed on _______ under CIK number _______
	
	F. ASSET REVIEW
	Information required by Item 1121(d)(1) of Regulation AB concerning the Trust:
	            [No activity to report for reporting period.]
	Information required by Item 1121(d)(2) of Regulation AB concerning the Trust:
	            [There has been no change to the Asset Representation Reviewer during the reporting period.]
	
	G. INVESTOR COMMUNICATION
	Information required by Item 1121(e) of Regulation AB concerning the Trust:
	             [No activity to report for reporting period.]

[On [_________], 20[__], [______] received a request from [______] expressing an interest in communicating with other investors with regard
to the possible exercise of rights under [TRANSACTION AGREEMENT]. The requesting investor may be contacted at:
 [ADDRESS]

[PHONE NUMBER]

[EMAIL]]

  

									
	 H. CREDIT RISK RETENTION
	  	As of the last day of Monthly
Period	 	 	As of the last day of Prior Monthly
Period	 
	 Required Seller’s Interest Amount
	  	 	$___________________	 	 	 	$___________________	 
	 Seller’s Interest Amount
	  	 	$___________________	 	 			
	 Seller’s Interest Percentage
	  	 	___________________	% 	 	 	___________________	% 

  
 C-1-3 

																	
	 SERIES 2022-1 CERTIFICATES

 
	  
 

	 A. INVESTOR/

TRANSFEROR

ALLOCATIONS
	  	SERIES
ALLOCATIONS	 	 	TOTAL
INVESTOR
INTEREST	 	 	TRANSFERORS’
INTEREST	 	 	 	 
	 Beginning Invested Amount/Transferor Amount
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 			
	 Beginning Adjusted Invested Amount
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 			
	 Floating Allocation Percentage
	  	 	_________	% 	 	 	_________	% 	 	 	_________	% 	 			
	 Principal Allocation Percentage
	  	 	_________	% 	 	 	_________	% 	 	 	_________	% 	 			
	 Collections of Finance Charge Receivables
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 			
	 Collections of Principal Receivables
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 			
	 Defaulted Amount
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 			
	 Ending Invested Amount/Transferor Amount
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 			
					
	 B. MONTHLY PERIOD FUNDING

REQUIREMENTS
	  	CLASS A	 	 	CLASS B	 	 	COLLATERAL
INTEREST	 	 	TOTAL	 
	Principal Funding Account Balance	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Investment Proceeds for Monthly Period	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Required Reserve Account Amount	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Reserve Account Opening Balance	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Reserve Account Investment Proceeds retained per Section 4.12(b)	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Reserve Account Deposit	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Reserve Draw Amount	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Reserve Account Surplus (after giving effect to any principal distributions on the related Distribution Date)	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	Reserve Account Closing Balance (after giving effect to any principal distributions and Reserve Account withdrawals on the related Distribution Date)	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	LIBOR Determination Date	  	 	NA	 	 	 	NA	 	 	 	NA	 	 	 	NA	 

  
 C-1-4 

																	
	 Coupon _______to ______
	  	 	_________	% 	 	 	_________	% 	 	 	_________	% 	 	 	_________	% 
	 Monthly Interest Due
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Outstanding Monthly Interest Due
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Additional Interest Due
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Total Interest Due
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Investor Default Amount
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Investor Monthly Fees Due
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Investor Additional Amounts Due
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Total Due
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Reallocated Investor Finance Charge Collections
	  				 				 				 	$	____________	 
	 Interest and Principal Funding Investment Proceeds
	  				 				 				 	$	____________	 
	 Interest on Reserve Account
	  				 				 				 	$	____________	 
	 Series Adjusted Portfolio Yield
	  				 				 				 	 	_________	% 
	 Base Rate
	  				 				 				 	 	_________	% 
	 Excess Spread Percentage
	  				 				 				 	 	_________	% 
					
	 C. CERTIFICATES –

BALANCES AND

DISTRIBUTIONS
	  	CLASS A	 	 	CLASS B	 	 	COLLATERAL
INTEREST	 	 	TOTAL	 
	 Beginning Certificates Balance
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Distributions of Interest
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Deposits to the Principal Funding Account
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Distributions of Principal
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Total Distributions
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 
	 Ending Certificates Balance
	  	$	____________	 	 	$	____________	 	 	$	____________	 	 	$	____________	 

  
 C-1-5 

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

  
 C-1-6 

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

  
 C-1-7 

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

  
 C-1-8 

									
	J. APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS	  
	 			
	1. CLASS A AVAILABLE FUNDS	  	$	____________	 	 			
	 a.   Class A Monthly Interest
	  	$	____________	 	 			
	 b.  Class A Outstanding Monthly Interest
	  	$	____________	 	 	 	                    	 
	 c.   Class A Additional Interest
	  	$	____________	 	 			
	 d.  Class A Investor Default Amount (treated as
	  	$	____________	 	 			
	     Available Principal Collections)
	  	$	____________	 	 			
	 e.   Excess Spread
	  	$	____________	 	 			
	2. CLASS B AVAILABLE FUNDS	  	$	____________	 	 			
	 a.   Class B Monthly Interest
	  	$	____________	 	 			
	 b.  Class B Outstanding Monthly Interest
	  	$	____________	 	 			
	 c.   Class B Additional Interest
	  	$	____________	 	 			
	 d.  Excess Spread
	  	$	____________	 	 			
	3. COLLATERAL AVAILABLE FUNDS	  	$	____________	 	 			
	 a.   Excess Spread
	  	$	____________	 	 			
	4. TOTAL EXCESS SPREAD	  	$	____________	 	 			
	K. REALLOCATED PRINCIPAL COLLECTIONS	  
	 			
	 1.  Principal Allocation Percentage
	  	 	________	% 	 			
	 2.  Series 2022-1 Allocable Principal
Collections
	  	$	____________	 	 			
	 3.  Principal Allocation Percentage of Series
2022-1 Allocable Principal Collections
	  	$	____________	 	 			
	 4.  Reallocated Principal Collections Required to fund the Required Amount
	  	$	____________	 	 			
	 5.  Item 3 minus Item 4
	  	$	____________	 	 			
	 6.  Shared Principal Collections from other Series allocated to Series 2022-1
	  	$	____________	 	 			
	 7.  Other amounts treated as Available Principal Collections
	  	$	____________	 	 			
	 8.  Available Principal Collections (total of items 5, 6 and 7)
	  	$	____________	 	 			
	L. APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD	  
	 			
	 1.  Collateral Invested Amount
	  	$	____________	 	 			
	 2.  Required Collateral Invested Amount
	  	$	____________	 	 			
	 3.  Excess of Collateral Invested Amount over Required Collateral Invested
Amount
	  	$	____________	 	 			
	 4.  Treated as Shared Principal Collections
	  	$	____________	 	 			
	M. APPLICATION OF PRINCIPAL COLLECTIONS DURING ACCUMULATION OR AMORTIZATION PERIOD	  
	 			
	 1.  Principal Funding Account
	  	$	____________	 	 			
	 2.  Excess of Collateral Invested Amount over Required Collateral Invested
Amount
	  	$	____________	 	 			
	 3.  Distribution of Principal
	  	$	____________	 	 			

  
 C-1-9 

													
	 4.  Treated as Shared Principal Collections
	  	$	____________	 	  			
	N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2022-1	  

	 1.  Excess Spread
	  		  	$	____________	 	  			
	 2.  Excess Finance Charge Collections
	  		  	$	____________	 	  	 	                	 
	 3.  Applied to fund Class A Required Amount
	  	                	  	$	____________	 	  			
	 4.  Class A Investor Charge-Offs treated as Available Principal
Collections
	  		  	$	____________	 	  			
	 5.  Applied to fund overdue Class B Interest
	  		  	$	____________	 	  			
	 6.  Applied to fund Class B Required Amount
	  		  	$	____________	 	  			
	 7.  Reduction of Class B Invested Amount treated as Available
Principal Collections
	  		  	$	____________	 	  			
	 8.  Applied to Collateral Senior Minimum Monthly Interest
	  		  	$	____________	 	  			
	 9.  Applied to unpaid Monthly Servicing Fee
	  		  	$	____________	 	  			
	 10.  Collateral Default Amount treated as Available Principal
Collections
	  		  	$	____________	 	  			
	 11.  Reduction of Collateral Invested Amount treated as Available
Principal Collections
	  		  	$	____________	 	  			
	 12.  Deposited to Reserve Account
	  		  	$	____________	 	  			
	 13.  Applied to any remaining Collateral Minimum Monthly Interest
	  		  	$	____________	 	  			
	 14.  [Prior to a Note Trust Transfer:

(a)   remaining Excess Spread applied as Excess Finance Charge Collections
	  		  	$	____________	 	  			
	 (b)   remaining Excess Spread distributed to the holders of the
Transferor Certificates]
	  		  	$	____________	 	  			
	 [Following a Note Trust Transfer: remaining Excess Spread distributed to Collateral Interest
Holder(s)]
	  		  	$	____________	 	  			
	 O. YIELD AND BASE RATE
	  
	  			
	 1. Base Rate
	  		  		  				  			
		  	a. Current Monthly Period	  		  	 	________	% 	  			
		  	b. Prior Monthly Period	  		  	 	________	% 	  			
		  	c. Second Prior Monthly Period	  		  	 	________	% 	  			
	 2. Three Month Average Base Rate
	  		  		  	 	________	% 	  			
	 3. Series Adjusted Portfolio Yield
	  		  		  				  			
		  	a. Current Monthly Period	  		  	 	________	% 	  			

  
 C-1-10 

													
		  	b. Prior Monthly Period	  		  	 	________	% 	  			
		  	c. Second Prior Monthly Period	  	            	  	 	________	% 	  			
	 4. Three Month average Series Adjusted Portfolio Yield
	  		  		  	 	________	% 	  			
	 5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month average Base
Rate?
	  		  		  	 	[Yes/No	] 	  	 	            	 
	 P. REASSIGNMENT AMOUNT
	  
	  			
	 Adjusted Invested Amount
	  	$	____________	 	  			
	 Monthly Interest
	  	$	____________	 	  			
	 Monthly Interest previously due but not paid
	  	$	____________	 	  			
	 Additional Interest
	  	$	____________	 	  			
	 Additional Interest previously due but not paid
	  	$	____________	 	  			
	 Reassignment Amount
	  	$	____________	 	  			

  
 C-1-11 

 EXHIBIT C-2 

FORM OF ANNUAL PAYMENT INFORMATION 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2022-1 

FOR THE YEAR ENDED DECEMBER 31, 20[_] 

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer
pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American
Express Receivable Financing Corporation III LLC, as transferor (the “Transferor”) and The Bank of New York Mellon, as trustee (the “Trustee”), does hereby certify as follows: 

Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2022-1 Supplement, dated as of March 18, 2022, among TRS, the Transferor and the Trustee (as amended and supplemented, the “Supplement”), as applicable. 

Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from
the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31, 20[_]: 
  

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

  
 C-2-1 

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

 

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

		 	Name:
		 	Title:

  
 C-2-2 

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc., as Servicer
(“TRS”), pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), as
supplemented by the Series Supplements (as amended and supplemented, the “Series Supplements”), among TRS, as Servicer, American Express Receivables Financing Corporation III LLC, as Transferor, and The Bank of New York Mellon, as
Trustee, does hereby certify as follows: 
 1. Capitalized terms used in this Certificate have their respective meanings as set forth in the
Agreement or the Series Supplement, as applicable. 
 2. TRS is, as of the date hereof, the Servicer under the Agreement. 

3. The undersigned is a Servicing Officer. 

4. This Certificate relates to the Distribution Date occurring on
                
                , 20     and covers activity from
                
                , 20     through
                
                , 20    . 

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

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

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

 

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

		 	Name:
		 	Title:

  
 D-1 

 EXHIBIT E 

FORM OF INVESTMENT LETTER 
 [Date]

  

	 	Re:	 American Express Credit Account Master Trust; 

	 	 	 Purchases of Series 2022-1 Collateral Interest

 Ladies and Gentlemen: 

This letter (the “Investment Letter”) is delivered by the undersigned (the “Purchaser”) pursuant to Section 9.07 of
the Series 2022-1 Supplement, dated as of March 18, 2022 (the “Series Supplement”) to Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and
restated and as otherwise amended and supplemented, the “Agreement”), each among The Bank of New York Mellon, as Trustee, American Express Receivables Financing Corporation III LLC, as Transferor, and American Express Travel Related
Services Company, Inc., as Servicer. Capitalized terms used herein without definition shall have the meanings set forth in the Agreement. The Purchaser represents to and agrees with the Transferor as follows: 

 

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

  

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

  

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

  

	 	(d)	 No portion of the Collateral Interest or any interest therein may be Transferred, and each Assignee will
certify that it is not, (a) an “employee benefit plan” (as 

  
 E-1 

	 	
defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any “plan” (as defined in Section 4975(e)(1) of the Code) including individual
retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29
C.F.R. § 2510.3-101 or otherwise under ERISA) by reason of a plan’s investment in the entity, including, without limitation, an insurance company general account. 

 

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

  

			
		  	 Very truly yours,
  

[NAME OF PURCHASER]
  

By: ___________________________

      Name:

      Title:

		
	 AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:
  

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC,
 as
Transferor
  
 By: _______________________

      Name:

      Title:
	  	

  
 E-2

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