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Lightbridge Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1 

LIGHTBRIDGE CORPORATION 

2015 EQUITY INCENTIVE PLAN

1. Purpose; Eligibility. 

     1.1 General Purpose. The
name of this plan is the Lightbridge Corporation 2015 Equity Incentive Plan (the
“Plan”). The purposes of the Plan are to (a) enable Lightbridge
Corporation, a Nevada corporation (the “Company”), and any Affiliate to
attract and retain the types of Employees, Consultants and Directors who will
contribute to the Company's long range success; (b) provide incentives that
align the interests of Employees, Consultants and Directors with those of the
shareholders of the Company; and (c) promote the success of the Company's
business. 

     1.2 Eligible Award
Recipients. The persons eligible to receive Awards are the Employees,
Consultants and Directors of the Company and its Affiliates and such other
individuals designated by the Committee who are reasonably expected to become
Employees, Consultants and Directors after the receipt of Awards. 

     1.3 Available Awards.
Awards that may be granted under the Plan include: (a) Incentive Stock Options,
(b) Non-qualified Stock Options, (c) Stock Appreciation Rights, (d) Restricted
Awards, (e) Performance Share Awards, and (f) Performance Compensation Awards.

2. Definitions. 

     “Affiliate” means a
corporation or other entity that, directly or through one or more
intermediaries, controls, is controlled by or is under common control with, the
Company.

     “Applicable Laws” means
the requirements related to or implicated by the administration of the Plan
under applicable state corporate law, United States federal and state securities
laws, the Code, any stock exchange or quotation system on which the shares of
Common Stock are listed or quoted, and the applicable laws of any foreign
country or jurisdiction where Awards are granted under the Plan. 

     “Award” means any right
granted under the Plan, including an Incentive Stock Option, a Non-qualified
Stock Option, a Stock Appreciation Right, a Restricted Award, a Performance
Share Award or a Performance Compensation Award. 

     “Award Agreement” means a
written agreement, contract, certificate or other instrument or document
evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the
Company, be transmitted electronically to any Participant. Each Award Agreement
shall be subject to the terms and conditions of the Plan. 

     “Beneficial Owner” has the
meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” shall be deemed to have beneficial ownership of all securities that
such “person” has the right to acquire by conversion or exercise of other
securities, whether such right is currently exercisable or is exercisable only
after the passage of time. The terms “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning.

     “Board” means the Board of
Directors of the Company, as constituted at any time.

     “Cause” means: 

          
With respect to any Employee or Consultant: (a) If the Employee or Consultant is
a party to an employment or service agreement with the Company or its Affiliates
and such agreement provides for a definition of Cause, the definition contained
therein; or (b) If no such agreement exists, or if such agreement does not
define Cause: (i) the commission of, or plea of guilty or no contest to, a
felony or a crime involving moral turpitude or the commission of any other act
involving willful malfeasance or material fiduciary breach with respect to the
Company or an Affiliate; (ii) conduct that results in or is reasonably likely to
result in harm to the reputation or business of the Company or any of its
Affiliates; (iii) gross negligence or willful misconduct with respect to the
Company or an Affiliate; or (iv) material violation of state or federal
securities laws. 

          With
respect to any Director, a determination by a majority of the disinterested
Board members that the Director has engaged in any of the following: (a)
malfeasance in office; (b) gross misconduct or neglect; (c) false or fraudulent
misrepresentation inducing the director's appointment; (d) willful conversion of
corporate funds; or (e) repeated failure to participate in Board meetings on a
regular basis despite having received proper notice of the meetings in advance.

          The
Committee, in its absolute discretion, shall determine the effect of all matters
and questions relating to whether a Participant has been discharged for
Cause.

2 

     “Change in Control” means
(a) The direct or indirect sale, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the
Company and its subsidiaries, taken as a whole, to any Person that is not a
subsidiary of the Company; (b) The Incumbent Directors cease for any reason to
constitute at least a majority of the Board; (c) The date which is 10 business
days prior to the consummation of a complete liquidation or dissolution of the
Company; (d) The acquisition by any Person of Beneficial Ownership of more than
50% (on a fully diluted basis) of either (i) the then outstanding shares of Common Stock of the Company,
taking into account as outstanding for this purpose such Common Stock issuable
upon the exercise of options or warrants, the conversion of convertible stock or
debt, and the exercise of any similar right to acquire such Common Stock (the
“Outstanding Company Common Stock”) or (ii) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this Plan, the following acquisitions
shall not constitute a Change in Control: (A) any acquisition by the Company or
any Affiliate, (B) any acquisition by any employee benefit plan sponsored or
maintained by the Company or any subsidiary, (C) any acquisition which complies
with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in
respect of an Award held by a particular Participant, any acquisition by the
Participant or any group of persons including the Participant (or any entity
controlled by the Participant or any group of persons including the
Participant); or (e) The consummation of a reorganization, merger,
consolidation, statutory share exchange or similar form of corporate transaction
involving the Company that requires the approval of the Company's shareholders,
whether for such transaction or the issuance of securities in the transaction (a
“Business Combination”), unless immediately following such Business Combination:
(i) more than 50% of the total voting power of (A) the entity resulting from
such Business Combination (the “Surviving Company”), or (B) if applicable, the
ultimate parent entity that directly or indirectly has beneficial ownership of
sufficient voting securities eligible to elect a majority of the members of the
board of directors (or the analogous governing body) of the Surviving Company
(the “Parent Company”), is represented by the Outstanding Company Voting
Securities that were outstanding immediately prior to such Business Combination
(or, if applicable, is represented by shares into which the Outstanding Company
Voting Securities were converted pursuant to such Business Combination), and
such voting power among the holders thereof is in substantially the same
proportion as the voting power of the Outstanding Company Voting Securities
among the holders thereof immediately prior to the Business Combination; (ii) no
Person (other than any employee benefit plan sponsored or maintained by the
Surviving Company or the Parent Company) is or becomes the Beneficial Owner,
directly or indirectly, of 50% or more of the total voting power of the
outstanding voting securities eligible to elect members of the board of
directors of the Parent Company (or the analogous governing body) (or, if there
is no Parent Company, the Surviving Company); and (iii) at least a majority of
the members of the board of directors (or the analogous governing body) of the
Parent Company (or, if there is no Parent Company, the Surviving Company)
following the consummation of the Business Combination were Board members at the
time of the Board's approval of the execution of the initial agreement providing
for such Business Combination. 

      “Code” means the Internal
Revenue Code of 1986, as it may be amended from time to time. Any reference to a
section of the Code shall be deemed to include a reference to any regulations
promulgated thereunder. 

     “Committee” means a
committee of one or more members of the Board appointed by the Board to
administer the Plan in accordance with Section 3.3 and
Section 3.4.

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     “Common Stock” means the
common stock, $0.001 par value per share, of the Company, or such other
securities of the Company as may be designated by the Committee from time to
time in substitution thereof. 

     “Company” means
Lightbridge Corporation, a Nevada corporation, and any successor thereto.

     “Consultant” means any
individual who is engaged by the Company or any Affiliate to render consulting
or advisory services. 

     “Continuous Service” means
that the Participant's service with the Company or an Affiliate, whether as an
Employee, Consultant or Director, is not interrupted or terminated. The
Participant's Continuous Service shall not be deemed to have terminated merely
because of a change in the capacity in which the Participant renders service to
the Company or an Affiliate as an Employee, Consultant or Director or a change
in the entity for which the Participant renders such service, provided
that there is no interruption or termination of the Participant's Continuous
Service; provided further that if any Award is subject to Section 409A of
the Code, this sentence shall only be given effect to the extent consistent with
Section 409A of the Code. For example, a change in status from an Employee of
the Company to a Director of an Affiliate will not constitute an interruption of
Continuous Service. The Committee or its delegate, in its sole discretion, may
determine whether Continuous Service shall be considered interrupted in the case
of any leave of absence approved by that party, including sick leave, military
leave or any other personal or family leave of absence.

     “Covered Employee” has the
same meaning as set forth in Section 162(m)(3) of the Code, as interpreted by
IRS Notice 2007-49.

     “Deferred Stock Units
(DSUs)” has the meaning set forth in Section 7.2 hereof. 

     “Director” means a member
of the Board.

     “Disability” means that
the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment; provided,
however, for purposes of determining the term of an Incentive Stock Option
pursuant to Section 6.10 hereof, the term Disability shall
have the meaning ascribed to it under Section 22(e)(3) of the Code. The
determination of whether an individual has a Disability shall be determined
under procedures established by the Committee. Except in situations where the
Committee is determining Disability for purposes of the term of an Incentive
Stock Option pursuant to Section 6.10 hereof within the
meaning of Section 22(e)(3) of the Code, the Committee may rely on any
determination that a Participant is disabled for purposes of benefits under any
long-term disability plan maintained by the Company or any Affiliate in which a
Participant participates.

4 

     “Disqualifying
Disposition” has the meaning set forth in Section
14.12. 

     “Effective Date” shall
mean the date as of which this Plan is adopted by the Board.

     “Employee” means any
person, including an Officer or Director, employed by the Company or an
Affiliate; provided, that, for purposes of determining eligibility to
receive Incentive Stock Options, an Employee shall mean an employee of the
Company or a parent or subsidiary corporation within the meaning of Section 424
of the Code. Mere service as a Director or payment of a director's fee by the
Company or an Affiliate shall not be sufficient to constitute “employment” by
the Company or an Affiliate.

     “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

     “Fair Market Value” means,
as of any date, the value of the Common Stock as determined below. If the Common
Stock is listed on any established stock exchange or a national market system,
including without limitation, the New York Stock Exchange or the NASDAQ Stock
Market, the Fair Market Value shall be the closing price of a share of Common
Stock (or if no sales were reported the closing price on the date immediately
preceding such date) as quoted on such exchange or system on the day of
determination, as reported in the Wall Street Journal or similar
publication. In the absence of an established market for the Common Stock, the
Fair Market Value shall be determined in good faith by the Committee and such
determination shall be conclusive and binding on all persons.

     “Free Standing Rights” has
the meaning set forth in Section 7.1(a) .

      “Grant Date” means the
date on which the Committee adopts a resolution, or takes other appropriate
action, expressly granting an Award to a Participant that specifies the key
terms and conditions of the Award or, if a later date is set forth in such
resolution, then such date as is set forth in such resolution.

     “Incentive Stock Option”
means an Option intended to qualify as an incentive stock option within the
meaning of Section 422 of the Code.

     “Incumbent Directors”
means individuals who, on the Effective Date, constitute the Board, provided
that any individual becoming a Director subsequent to the Effective Date
whose election or nomination for election to the Board was approved by a vote of
at least two-thirds of the Incumbent Directors then on the Board (either by a
specific vote or by approval of the proxy statement of the Company in which such
person is named as a nominee for Director without objection to such nomination)
shall be an Incumbent Director. No individual initially elected or nominated as
a director of the Company as a result of an actual or threatened election
contest with respect to Directors or as a result of any other actual or
threatened solicitation of proxies by or on behalf of any person other than the
Board shall be an Incumbent Director.

5 

     “Negative Discretion”
means the discretion authorized by the Plan to be applied by the Committee to
eliminate or reduce the size of a Performance Compensation Award in accordance
with Section 7.4(d)(iv) of the Plan; provided, that, the exercise
of such discretion would not cause the Performance Compensation Award to fail to
qualify as “performance-based compensation” under Section 162(m) of the
Code.

     “Non-Employee Director”
means a Director who is a “non-employee director” within the meaning of Rule
16b-3.

     “Non-qualified Stock
Option” means an Option that by its terms does not qualify or is not
intended to qualify as an Incentive Stock Option.

     “Officer” means a person
who is an officer of the Company within the meaning of Section 16 of the
Exchange Act and the rules and regulations promulgated thereunder.

     “Option” means an
Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the
Plan.

     “Optionholder” means a
person to whom an Option is granted pursuant to the Plan or, if applicable, such
other person who holds an outstanding Option.

     “Option Exercise Price”
means the price at which a share of Common Stock may be purchased upon the
exercise of an Option.

     “Outside Director” means a
Director who is an “outside director” within the meaning of Section 162(m) of
the Code and Treasury Regulations Section 1.162 -27(e)(3) or any successor to
such statute and regulation.

     “Participant” means an
eligible person to whom an Award is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Award.

     “Performance Compensation
Award” means any Award designated by the Committee as a Performance
Compensation Award pursuant to Section 7.4 of the Plan.

     “Performance Criteria”
means the criterion or criteria that the Committee shall select for purposes of
establishing the Performance Goal(s) for a Performance Period with respect to
any Performance Compensation Award under the Plan. The Performance Criteria that
will be used to establish the Performance Goal(s) shall be based on the
attainment of specific levels of performance of the Company (or Affiliate,
division, business unit or operational unit of the Company) and may include the
following: (a) net earnings or net income (before or after taxes); (b) basic or
diluted earnings per share (before or after taxes); (c) net revenue or net
revenue growth; (d) gross revenue; (e) gross profit or gross profit growth; (f)
net operating profit (before or after taxes); (g) return on assets, capital,
invested capital, equity, or sales; (h) cash flow (including, but not limited
to, operating cash flow, free cash flow, and cash flow return on capital); (i)
earnings before or after taxes, interest, depreciation and/or
amortization; (j) gross or operating margins; (k) improvements in capital
structure; (l) budget and expense management; (m) productivity ratios; (n)
economic value added or other value added measurements; (o) share price
(including, but not limited to, growth measures and total shareholder return);
(p) expense targets; (q) margins; (r) operating efficiency; (s) working capital
targets; (t) enterprise value; (u) safety record; (v) completion of acquisitions
or business expansion; (w) achieving research and development goals and
milestones; (x) achieving product commercialization goals; and (y) other
criteria as may be set by the Committee from time to time. 

6 

     Any one or more of the
Performance Criteria may be used on an absolute or relative basis to measure the
performance of the Company and/or an Affiliate as a whole or any division,
business unit or operational unit of the Company and/or an Affiliate or any
combination thereof, as the Committee may deem appropriate, or as compared to
the performance of a group of comparable companies, or published or special
index that the Committee, in its sole discretion, deems appropriate, or the
Committee may select Performance Criterion (o) above as compared to various
stock market indices. The Committee also has the authority to provide for
accelerated vesting of any Award based on the achievement of Performance Goals
pursuant to the Performance Criteria specified in this paragraph. To the extent
required under Section 162(m) of the Code, the Committee shall, within the first
90 days of a Performance Period (or, if longer or shorter, within the maximum
period allowed under Section 162(m) of the Code), define in an objective fashion
the manner of calculating the Performance Criteria it selects to use for such
Performance Period. In the event that applicable tax and/or securities laws
change to permit the Committee discretion to alter the governing Performance
Criteria without obtaining shareholder approval of such changes, the Committee
shall have sole discretion to make such changes without obtaining shareholder
approval.

     “Performance Formula”
means, for a Performance Period, the one or more objective formulas applied
against the relevant Performance Goal to determine, with regard to the
Performance Compensation Award of a particular Participant, whether all, some
portion but less than all, or none of the Performance Compensation Award has
been earned for the Performance Period.

     “Performance Goals” means,
for a Performance Period, the one or more goals established by the Committee for
the Performance Period based upon the Performance Criteria. The Committee is
authorized at any time during the first 90 days of a Performance Period (or, if
longer or shorter, within the maximum period allowed under Section 162(m) of the
Code), or at any time thereafter (but only to the extent the exercise of such
authority after such period would not cause the Performance Compensation Awards
granted to any Participant for the Performance Period to fail to qualify as
“performance-based compensation” under Section 162(m) of the Code), in its sole
and absolute discretion, to adjust or modify the calculation of a Performance
Goal for such Performance Period to the extent permitted under Section 162(m)
of the Code in order to prevent the dilution or enlargement of the rights of
Participants based on the following events: (a) asset write-downs; (b)
litigation or claim judgments or settlements; (c) the effect of changes in tax
laws, accounting principles, or other laws or regulatory rules affecting
reported results; (d) any reorganization and restructuring programs; (e)
extraordinary nonrecurring items as described in Accounting Principles Board
Opinion No. 30 (or any successor or pronouncement thereto) and/or in
management's discussion and analysis of financial condition and results of
operations appearing in the Company's annual report to shareholders for the
applicable year; (f) acquisitions or divestitures; (g) any other specific
unusual or nonrecurring events, or objectively determinable category thereof;
(h) foreign exchange gains and losses; and (i) a change in the Company's fiscal
year. 

7 

     “Performance Period” means
the one or more periods of time not less than one fiscal quarter in duration, as
the Committee may select, over which the attainment of one or more Performance
Goals will be measured for the purpose of determining a Participant's right to
and the payment of a Performance Compensation Award.

     “Performance Share Award”
means any Award granted pursuant to Section 7.3 hereof.

     “Performance Share” means
the grant of a right to receive a number of actual shares of Common Stock or
share units based upon the performance of the Company during a Performance
Period, as determined by the Committee. 

     “Permitted Transferee”
means: (a) a member of the Optionholder's immediate family (child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships), any person
sharing the Optionholder's household (other than a tenant or employee), a trust
in which these persons have more than 50% of the beneficial interest, a
foundation in which these persons (or the Optionholder) control the management
of assets, and any other entity in which these persons (or the Optionholder) own
more than 50% of the voting interests; (b) third parties designated by the
Committee in connection with a program established and approved by the Committee
pursuant to which Participants may receive a cash payment or other consideration
in consideration for the transfer of a Non-qualified Stock Option; and (c) such
other transferees as may be permitted by the Committee in its sole discretion.

     “Plan” means this
Lightbridge Corporation 2015 Equity Incentive Plan, as amended and/or amended
and restated from time to time. 

     “Related Rights” has the
meaning set forth in Section 7.1(a) . 

8 

     “Restricted Award” means
any Award granted pursuant to Section 7.2(a) .

     “Restricted Period” has
the meaning set forth in Section 7.2(a) .

     “Restricted Stock” has the
meaning set forth in Section 7.2(a) . 

     “Restricted Stock Units”
has the meaning set forth in Section 7.2(a) . 

     “Rule 16b-3” means Rule
16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in
effect from time to time. 

     “Securities Act” means the
Securities Act of 1933, as amended.

     “Stock Appreciation Right”
means the right pursuant to an Award granted under Section
7.1 to receive, upon exercise, an amount payable in cash or
shares equal to the number of shares subject to the Stock Appreciation Right
that is being exercised multiplied by the excess of (a) the Fair Market Value of
a share of Common Stock on the date the Award is exercised, over (b) the
exercise price specified in the Stock Appreciation Right Award Agreement.

     “Stock for Stock Exchange”
has the meaning set forth in Section 6.4. 

     “Ten Percent Shareholder”
means a person who owns (or is deemed to own pursuant to Section 424(d) of the
Code) stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or of any of its Affiliates. 

3. Administration. 

     3.1 Authority of
Committee. The Plan shall be administered by the Committee or, in the
Board's sole discretion, by the Board. Subject to the terms of the Plan, the
Committee's charter and Applicable Laws, and in addition to other express powers
and authorization conferred by the Plan, the Committee shall have the
authority:

          (a)
to construe and interpret the Plan and apply its provisions;

          (b)
to promulgate, amend, and rescind rules and regulations relating to the
administration of the Plan;

          (c)
to authorize any person to execute, on behalf of the Company, any instrument
required to carry out the purposes of the Plan; 

          (d)
to delegate its authority to one or more Officers of the Company with respect to
Awards that do not involve Covered Employees or “insiders” within the meaning of
Section 16 of the Exchange Act; 

9 

          (e)
to determine when Awards are to be granted under the Plan and the applicable
Grant Date;

          (f)
from time to time to select, subject to the limitations set forth in this Plan,
those Participants to whom Awards shall be granted;

          (g)
to determine the number of shares of Common Stock to be made subject to each
Award;

          (h)
to determine whether each Option is to be an Incentive Stock Option or a
Non-qualified Stock Option;

          (i)
to prescribe the terms and conditions of each Award, including, without
limitation, the exercise price and medium of payment and vesting provisions, and
to specify the provisions of the Award Agreement relating to such grant;

          (j)
to determine the target number of Performance Shares to be granted pursuant to a
Performance Share Award, the performance measures that will be used to establish
the performance goals, the performance period(s) and the number of Performance
Shares earned by a Participant;

          (k)
to designate an Award (including a cash bonus) as a Performance Compensation
Award and to select the Performance Criteria that will be used to establish the
Performance Goals;

          (l)
to amend any outstanding Awards, including for the purpose of modifying the time
or manner of vesting, or the term of any outstanding Award; provided,
however, that if any such amendment impairs a Participant's rights or
increases a Participant's obligations under his or her Award or creates or
increases a Participant's federal income tax liability with respect to an Award,
such amendment shall also be subject to the Participant's consent;

          (m)
to determine the duration and purpose of leaves of absences which may be granted
to a Participant without constituting termination of their employment for
purposes of the Plan, which periods shall be no shorter than the periods
generally applicable to Employees under the Company's employment policies;

          (n)
to make decisions with respect to outstanding Awards that may become necessary
upon a change in corporate control or an event that triggers anti-dilution
adjustments;

          (o)
to interpret, administer, reconcile any inconsistency in, correct any defect in
and/or supply any omission in the Plan and any instrument or agreement relating
to, or Award granted under, the Plan; and

10 

          (p)
to exercise discretion to make any and all other determinations which it
determines to be necessary or advisable for the administration of the Plan.

          The
Committee also may modify the purchase price or the exercise price of any
outstanding Award, provided that if the modification effects a repricing,
shareholder approval shall be required before the repricing is effective.

     3.2 Committee Decisions
Final. All decisions made by the Committee pursuant to the provisions of the
Plan shall be final and binding on the Company and the Participants, unless such
decisions are determined by a court having jurisdiction to be arbitrary and
capricious. 

     3.3 Delegation. The
Committee, or if no Committee has been appointed, the Board, may delegate
administration of the Plan to a committee or committees of one or more members
of the Board, and the term “Committee” shall apply to any person or
persons to whom such authority has been delegated. The Committee shall have the
power to delegate to a subcommittee any of the administrative powers the
Committee is authorized to exercise (and references in this Plan to the Board or
the Committee shall thereafter be to the committee or subcommittee), subject,
however, to such resolutions, not inconsistent with the provisions of the Plan,
as may be adopted from time to time by the Board. The Board may abolish the
Committee at any time and revest in the Board the administration of the Plan.
The members of the Committee shall be appointed by and serve at the pleasure of
the Board. From time to time, the Board may increase or decrease the size of the
Committee, add additional members to, remove members (with or without cause)
from, appoint new members in substitution therefor, and fill vacancies, however
caused, in the Committee. The Committee shall act pursuant to a vote of the
majority of its members or, in the case of a Committee comprised of only two
members, the unanimous consent of its members, whether present or not, or by the
written consent of the majority of its members and minutes shall be kept of all
of its meetings and copies thereof shall be provided to the Board. Subject to
the limitations prescribed by the Plan and the Board, the Committee may
establish and follow such rules and regulations for the conduct of its business
as it may determine to be advisable.

     3.4 Committee Composition.
Except as otherwise determined by the Board, the Committee shall consist solely
of two or more Non-Employee Directors who are also Outside Directors. The Board
shall have discretion to determine whether or not it intends to comply with the
exemption requirements of Rule 16b-3 and/or Section 162(m) of the Code. However,
if the Board intends to satisfy such exemption requirements, with respect to
Awards to any Covered Employee and with respect to any insider subject to
Section 16 of the Exchange Act, the Committee shall be a compensation committee
of the Board that at all times consists solely of two or more Non-Employee
Directors who are also Outside Directors. Within the scope of such authority,
the Board or the Committee may (a) delegate to a committee of one or more
members of the Board who are not Outside Directors the authority to grant Awards to eligible persons who
are either (i) not then Covered Employees and are not expected to be Covered
Employees at the time of recognition of income resulting from such Award or (ii)
not persons with respect to whom the Company wishes to comply with Section
162(m) of the Code or (b) delegate to a committee of one or more members of the
Board who are not Non-Employee Directors the authority to grant Awards to
eligible persons who are not then subject to Section 16 of the Exchange Act.
Nothing herein shall create an inference that an Award is not validly granted
under the Plan in the event Awards are granted under the Plan by a compensation
committee of the Board that does not at all times consist solely of two or more
Non-Employee Directors who are also Outside Directors. 

11 

     3.5 Indemnification. In
addition to such other rights of indemnification as they may have as Directors
or members of the Committee, and to the extent allowed by Applicable Laws, the
Committee shall be indemnified by the Company against the reasonable expenses,
including attorney's fees, actually incurred in connection with any action, suit
or proceeding or in connection with any appeal therein, to which the Committee
may be party by reason of any action taken or failure to act under or in
connection with the Plan or any Award granted under the Plan, and against all
amounts paid by the Committee in settlement thereof (provided, however,
that the settlement has been approved by the Company, which approval shall not
be unreasonably withheld) or paid by the Committee in satisfaction of a judgment
in any such action, suit or proceeding, except in relation to matters as to
which it shall be adjudged in such action, suit or proceeding that such
Committee did not act in good faith and in a manner which such person reasonably
believed to be in the best interests of the Company, or in the case of a
criminal proceeding, had no reason to believe that the conduct complained of was
unlawful; provided, however, that within 60 days after institution of any
such action, suit or proceeding, such Committee shall, in writing, offer the
Company the opportunity at its own expense to handle and defend such action,
suit or proceeding.

4. Shares Subject to the Plan. 

     4.1 Subject to adjustment in
accordance with Section 11, a total of three million
(3,000,000) shares of Common Stock shall be available for the grant of Awards
under the Plan. Any shares of Common Stock granted in connection with Options
and Stock Appreciation Rights shall be counted against this limit as one (1)
share for every one (1) Option or Stock Appreciation Right awarded. Any shares
of Common Stock granted in connection with Awards other than Options and Stock
Appreciation Rights shall be counted against this limit as two (2) shares of
Common Stock for every one (1) share of Common Stock granted in connection with
such Award. During the terms of the Awards, the Company shall keep available at
all times the number of shares of Common Stock required to satisfy such
Awards.

12 

     4.2 Shares of Common Stock
available for distribution under the Plan may consist, in whole or in part, of
authorized and unissued shares, treasury shares or shares reacquired by the
Company in any manner. 

     4.3 Subject to adjustment in
accordance with Section 11, no Participant shall be
granted, during any one (1) year period, Options to purchase Common Stock and
Stock Appreciation Rights with respect to more than two hundred fifty thousand
(250,000) shares of Common Stock in the aggregate or any other Awards with
respect to more than two hundred fifty thousand (250,000) shares of Common Stock
in the aggregate. If an Award is to be settled in cash, the number of shares of
Common Stock on which the Award is based shall count toward the individual share
limit set forth in this Section 4.

     4.4 Any shares of Common Stock
subject to an Award that is canceled, forfeited or expires prior to exercise or
realization, either in full or in part, shall again become available for
issuance under the Plan. Any shares of Common Stock that again become available
for future grants pursuant to this Section 4.4 shall be added back as one (1)
share if such shares were subject to Options or Stock Appreciation Rights and as
two (2) shares if such shares were subject to other Awards. Notwithstanding
anything to the contrary contained herein: shares subject to an Award under the
Plan shall not again be made available for issuance or delivery under the Plan
if such shares are (a) shares tendered in payment of an Option, (b) shares
delivered or withheld by the Company to satisfy any tax withholding obligation,
or (c) shares covered by a stock-settled Stock Appreciation Right or other
Awards that were not issued upon the settlement of the Award.

5. Eligibility. 

     5.1 Eligibility for Specific
Awards. Incentive Stock Options may be granted only to Employees. Awards
other than Incentive Stock Options may be granted to Employees, Consultants and
Directors and those individuals whom the Committee determines are reasonably
expected to become Employees, Consultants and Directors following the Grant
Date.

     5.2 Ten Percent
Shareholders. A Ten Percent Shareholder shall not be granted an Incentive
Stock Option unless the Option Exercise Price is at least 110% of the Fair
Market Value of the Common Stock at the Grant Date and the Option is not
exercisable after the expiration of five years from the Grant Date.

6. Option Provisions. Each Option granted under the Plan
shall be evidenced by an Award Agreement. Each Option so granted shall be
subject to the conditions set forth in this Section 6, and to such other
conditions not inconsistent with the Plan as may be reflected in the applicable
Award Agreement. All Options shall be separately designated Incentive Stock
Options or Non-qualified Stock Options at the time of grant, and, if
certificates are issued, a separate certificate or certificates will be issued
for shares of Common Stock purchased on exercise of each type of Option.
Notwithstanding the foregoing, the Company shall have no liability to any
Participant or any other person if an Option designated as an Incentive Stock
Option fails to qualify as such at any time or if an Option is determined to
constitute “nonqualified deferred compensation” within the meaning of Section
409A of the Code and the terms of such Option do not satisfy the requirements of
Section 409A of the Code. The provisions of separate Options need not be
identical, but each Option shall include (through incorporation of provisions
hereof by reference in the Option or otherwise) the substance of each of the
following provisions:

13 

     6.1 Term. Subject to the
provisions of Section 5.2 regarding Ten Percent
Shareholders, no Incentive Stock Option shall be exercisable after the
expiration of 10 years from the Grant Date. The term of a Non-qualified Stock
Option granted under the Plan shall be determined by the Committee; provided,
however, no Non-qualified Stock Option shall be exercisable after the
expiration of 10 years from the Grant Date. 

     6.2 Exercise Price of An
Incentive Stock Option. Subject to the provisions of Section
5.2 regarding Ten Percent Shareholders, the Option Exercise Price
of each Incentive Stock Option shall be not less than 100% of the Fair Market
Value of the Common Stock subject to the Option on the Grant Date.
Notwithstanding the foregoing, an Incentive Stock Option may be granted with an
Option Exercise Price lower than that set forth in the preceding sentence if
such Option is granted pursuant to an assumption or substitution for another
option in a manner satisfying the provisions of Section 424(a) of the Code.

     6.3 Exercise Price of a
Non-qualified Stock Option. The Option Exercise Price of each Non-qualified
Stock Option shall be not less than 100% of the Fair Market Value of the Common
Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a
Non-qualified Stock Option may be granted with an Option Exercise Price lower
than that set forth in the preceding sentence if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the
provisions of Section 409A of the Code. 

     6.4 Consideration. The
Option Exercise Price of Common Stock acquired pursuant to an Option shall be
paid, to the extent permitted by applicable statutes and regulations, either (a)
in cash or by certified or bank check at the time the Option is exercised or (b)
in the discretion of the Committee, upon such terms as the Committee shall
approve, the Option Exercise Price may be paid: (i) by delivery to the Company
of other Common Stock, duly endorsed for transfer to the Company, with a Fair
Market Value on the date of delivery equal to the Option Exercise Price (or
portion thereof) due for the number of shares being acquired, or by means of
attestation whereby the Participant identifies for delivery specific shares of
Common Stock that have an aggregate Fair Market Value on the date of attestation
equal to the Option Exercise Price (or portion thereof) and receives a number of
shares of Common Stock equal to the difference between the number of shares
thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”); (ii) a “cashless”
exercise program established with a broker; (iii) by reduction in the number of
shares of Common Stock otherwise deliverable upon exercise of such Option with a
Fair Market Value equal to the aggregate Option Exercise Price at the time of
exercise; (iv) any combination of the foregoing methods; or (v) in any other
form of legal consideration that may be acceptable to the Committee. Unless
otherwise specifically provided in the Option, the exercise price of Common
Stock acquired pursuant to an Option that is paid by delivery (or attestation)
to the Company of other Common Stock acquired, directly or indirectly from the
Company, shall be paid only by shares of the Common Stock of the Company that
have been held for more than six months (or such longer or shorter period of
time required to avoid a charge to earnings for financial accounting purposes).
Notwithstanding the foregoing, during any period for which the Common Stock is
publicly traded (i.e., the Common Stock is listed on any established stock
exchange or a national market system) an exercise by a Director or Officer that
involves or may involve a direct or indirect extension of credit or arrangement
of an extension of credit by the Company, directly or indirectly, in violation
of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with
respect to any Award under this Plan.

14 

     6.5 Transferability of An
Incentive Stock Option. An Incentive Stock Option shall not be transferable
except by will or by the laws of descent and distribution and shall be
exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written
notice to the Company, in a form satisfactory to the Company, designate a third
party who, in the event of the death of the Optionholder, shall thereafter be
entitled to exercise the Option.

     6.6 Transferability of a
Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole
discretion of the Committee, be transferable to a Permitted Transferee, upon
written approval by the Committee to the extent provided in the Award Agreement.
If the Non-qualified Stock Option does not provide for transferability, then the
Non-qualified Stock Option shall not be transferable except by will or by the
laws of descent and distribution and shall be exercisable during the lifetime of
the Optionholder only by the Optionholder. Notwithstanding the foregoing, the
Optionholder may, by delivering written notice to the Company, in a form
satisfactory to the Company, designate a third party who, in the event of the
death of the Optionholder, shall thereafter be entitled to exercise the
Option.

     6.7 Vesting of Options.
Each Option may, but need not, vest and therefore become exercisable in periodic
installments that may, but need not, be equal. The Option may be subject to such
other terms and conditions on the time or times when it may be exercised (which
may be based on performance or other criteria) as the Committee may deem
appropriate. The vesting provisions of individual Options may vary. No Option
may be exercised for a fraction of a share of Common Stock. The Committee may,
but shall not be required to, provide for an acceleration of vesting and
exercisability in the terms of any Award Agreement upon the occurrence of a
specified event. 

15 

     6.8 Termination of Continuous
Service. Unless otherwise provided in an Award Agreement or in an employment
agreement the terms of which have been approved by the Committee, in the event
an Optionholder's Continuous Service terminates (other than upon the
Optionholder's death or Disability), the Optionholder may exercise his or her
Option (to the extent that the Optionholder was entitled to exercise such Option
as of the date of termination) but only within such period of time ending on the
earlier of (a) the date three months following the termination of the
Optionholder's Continuous Service or (b) the expiration of the term of the
Option as set forth in the Award Agreement; provided that, if the
termination of Continuous Service is by the Company for Cause, all outstanding
Options (whether or not vested) shall immediately terminate and cease to be
exercisable. If, after termination, the Optionholder does not exercise his or
her Option within the time specified in the Award Agreement, the Option shall
terminate.

     6.9 Extension of Termination
Date. An Optionholder's Award Agreement may also provide that if the
exercise of the Option following the termination of the Optionholder's
Continuous Service for any reason would be prohibited at any time because the
issuance of shares of Common Stock would violate the registration requirements
under the Securities Act or any other state or federal securities law or the
rules of any securities exchange or interdealer quotation system, then the
Option shall terminate on the earlier of (a) the expiration of the term of the
Option in accordance with Section 6.1 or (b) the expiration
of a period after termination of the Participant's Continuous Service that is
three months after the end of the period during which the exercise of the Option
would be in violation of such registration or other securities law
requirements.

     6.10 Disability of
Optionholder. Unless otherwise provided in an Award Agreement, in the event
that an Optionholder's Continuous Service terminates as a result of the
Optionholder's Disability, the Optionholder may exercise his or her Option (to
the extent that the Optionholder was entitled to exercise such Option as of the
date of termination), but only within such period of time ending on the earlier
of (a) the date 12 months following such termination or (b) the expiration of
the term of the Option as set forth in the Award Agreement. If, after
termination, the Optionholder does not exercise his or her Option within the
time specified herein or in the Award Agreement, the Option shall terminate.

     6.11 Death of
Optionholder. Unless otherwise provided in an Award Agreement, in the event
an Optionholder's Continuous Service terminates as a result of the
Optionholder's death, then the Option may be exercised (to the extent the
Optionholder was entitled to exercise such Option as of the date of death) by
the Optionholder's estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the
Option upon the Optionholder's death, but only within the period ending on the
earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth in
the Award Agreement. If, after the Optionholder's death, the Option is not
exercised within the time specified herein or in the Award Agreement, the Option
shall terminate.

16 

     6.12 Incentive Stock Option
$100,000 Limitation. To the extent that the aggregate Fair Market Value
(determined at the time of grant) of Common Stock with respect to which
Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and its Affiliates)
exceeds $100,000, the Options or portions thereof which exceed such limit
(according to the order in which they were granted) shall be treated as
Non-qualified Stock Options.

7. Provisions of Awards Other Than Options. 

     7.1 Stock Appreciation
Rights.

          (a)
General 

               Each
Stock Appreciation Right granted under the Plan shall be evidenced by an Award
Agreement. Each Stock Appreciation Right so granted shall be subject to the
conditions set forth in this Section 7.1, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award
Agreement. Stock Appreciation Rights may be granted alone (“Free Standing
Rights”) or in tandem with an Option granted under the Plan (“Related
Rights”). 

          (b)
Grant Requirements 

               Any
Related Right that relates to a Non-qualified Stock Option may be granted at the
same time the Option is granted or at any time thereafter but before the
exercise or expiration of the Option. Any Related Right that relates to an
Incentive Stock Option must be granted at the same time the Incentive Stock
Option is granted.

          (c)
Term of Stock Appreciation Rights 

               The
term of a Stock Appreciation Right granted under the Plan shall be determined by
the Committee; provided, however, no Stock Appreciation Right shall be
exercisable later than the tenth anniversary of the Grant Date. 

          (d)
Vesting of Stock Appreciation Rights 

               Each
Stock Appreciation Right may, but need not, vest and therefore become
exercisable in periodic installments that may, but need not, be equal. The Stock
Appreciation Right may be subject to such other terms and conditions on the time
or times when it may be exercised as the Committee may deem appropriate. The
vesting provisions of individual Stock Appreciation Rights may vary. No Stock
Appreciation Right may be exercised for a fraction of a share of Common Stock.
The Committee may, but shall not be required to, provide for an acceleration of
vesting and exercisability in the terms of any Stock Appreciation Right upon the
occurrence of a specified event. 

17 

          (e)
Exercise and Payment 

               Upon
exercise of a Stock Appreciation Right, the holder shall be entitled to receive
from the Company an amount equal to the number of shares of Common Stock subject
to the Stock Appreciation Right that is being exercised multiplied by the excess
of (i) the Fair Market Value of a share of Common Stock on the date the Award is
exercised, over (ii) the exercise price specified in the Stock Appreciation
Right or related Option. Payment with respect to the exercise of a Stock
Appreciation Right shall be made on the date of exercise. Payment shall be made
in the form of shares of Common Stock (with or without restrictions as to
substantial risk of forfeiture and transferability, as determined by the
Committee in its sole discretion), cash or a combination thereof, as determined
by the Committee.

          (f)
Exercise Price 

               The
exercise price of a Free Standing Stock Appreciation Right shall be determined
by the Committee, but shall not be less than 100% of the Fair Market Value of
one share of Common Stock on the Grant Date of such Stock Appreciation Right. A
Related Right granted simultaneously with or subsequent to the grant of an
Option and in conjunction therewith or in the alternative thereto shall have the
same exercise price as the related Option, shall be transferable only upon the
same terms and conditions as the related Option, and shall be exercisable only
to the same extent as the related Option; provided, however, that a Stock
Appreciation Right, by its terms, shall be exercisable only when the Fair Market
Value per share of Common Stock subject to the Stock Appreciation Right and
related Option exceeds the exercise price per share thereof and no Stock
Appreciation Rights may be granted in tandem with an Option unless the Committee
determines that the requirements of Section 7.1(b) are
satisfied.

          (g)
Reduction in the Underlying Option Shares 

               Upon
any exercise of a Related Right, the number of shares of Common Stock for which
any related Option shall be exercisable shall be reduced by the number of shares
for which the Stock Appreciation Right has been exercised. The number of shares
of Common Stock for which a Related Right shall be exercisable shall be reduced
upon any exercise of any related Option by the number of shares of Common Stock
for which such Option has been exercised.

     7.2 Restricted Awards.

          (a)
General 

               A
Restricted Award is an Award of actual shares of Common Stock (“Restricted
Stock”) or hypothetical Common Stock units (“Restricted Stock Units”)
having a value equal to the Fair Market Value of an identical
number of shares of Common Stock, which may, but need not, provide that such
Restricted Award may not be sold, assigned, transferred or otherwise disposed
of, pledged or hypothecated as collateral for a loan or as security for the
performance of any obligation or for any other purpose for such period (the
“Restricted Period”) as the Committee shall determine. Each Restricted
Award granted under the Plan shall be evidenced by an Award Agreement. Each
Restricted Award so granted shall be subject to the conditions set forth in this
Section 7.2, and to such other conditions not inconsistent with the Plan as may
be reflected in the applicable Award Agreement.

18 

	 	(b) 	
      Restricted Stock and Restricted Stock
  Units

	 	 	 	 
	 		(i) 	
      Each Participant granted Restricted Stock shall execute
      and deliver to the Company an Award Agreement with respect to the
      Restricted Stock setting forth the restrictions and other terms and
      conditions applicable to such Restricted Stock. If the Committee
      determines that the Restricted Stock shall be held by the Company or in
      escrow rather than delivered to the Participant pending the release of the
      applicable restrictions, the Committee may require the Participant to
      additionally execute and deliver to the Company (A) an escrow agreement
      satisfactory to the Committee, if applicable and (B) the appropriate blank
      stock power with respect to the Restricted Stock covered by such
      agreement. If a Participant fails to execute an agreement evidencing an
      Award of Restricted Stock and, if applicable, an escrow agreement and
      stock power, the Award shall be null and void. Subject to the restrictions
      set forth in the Award, the Participant generally shall have the rights
      and privileges of a shareholder as to such Restricted Stock, including the
      right to vote such Restricted Stock and the right to receive dividends;
      provided that, any cash dividends and stock dividends with respect
      to the Restricted Stock shall be withheld by the Company for the
      Participant's account, and interest may be credited on the amount of the
      cash dividends withheld at a rate and subject to such terms as determined
      by the Committee. The cash dividends or stock dividends so withheld by the
      Committee and attributable to any particular share of Restricted Stock
      (and earnings thereon, if applicable) shall be distributed to the
      Participant in cash or, at the discretion of the Committee, in shares of
      Common Stock having a Fair Market Value equal to the amount of such
      dividends, if applicable, upon the release of restrictions on such share
      and, if such share is forfeited, the Participant shall have no right to
      such dividends.

	 	 	 	 
	 		(ii) 	
      The terms and conditions of a grant of Restricted Stock
      Units shall be reflected in an Award Agreement. No shares of Common Stock
      shall be issued at the time a Restricted Stock Unit is granted,
      and the Company will not be required to set aside a fund for the payment
      of any such Award. A Participant shall have no voting rights with respect
      to any Restricted Stock Units granted hereunder. The Committee may also
      grant Restricted Stock Units with a deferral feature, whereby settlement
      is deferred beyond the vesting date until the occurrence of a future
  payment date or event set forth in an Award Agreement.

19 

	 	(c) 	
      Restrictions

	 	 	 	 
	 		(i) 	
      Restricted Stock awarded to a Participant shall be
      subject to the following restrictions until the expiration of the
      Restricted Period, and to such other terms and conditions as may be set
      forth in the applicable Award Agreement: (A) if an escrow arrangement is
      used, the Participant shall not be entitled to delivery of the stock
      certificate; (B) the shares shall be subject to the restrictions on
      transferability set forth in the Award Agreement; (C) the shares shall be
      subject to forfeiture to the extent provided in the applicable Award
      Agreement; and (D) to the extent such shares are forfeited, the stock
      certificates shall be returned to the Company, and all rights of the
      Participant to such shares and as a shareholder with respect to such
      shares shall terminate without further obligation on the part of the
      Company.

	 	 	 	 
	 		(ii) 	
      Restricted Stock Units and Deferred Stock Units awarded
      to any Participant shall be subject to (A) forfeiture until the expiration
      of the Restricted Period, and satisfaction of any applicable Performance
      Goals during such period, to the extent provided in the applicable Award
      Agreement, and to the extent such Restricted Stock Units or Deferred Stock
      Units are forfeited, all rights of the Participant to such Restricted
      Stock Units or Deferred Stock Units shall terminate without further
      obligation on the part of the Company and (B) such other terms and
      conditions as may be set forth in the applicable Award
Agreement.

	 	 	 	 
	 		(iii) 	
      The Committee shall have the authority to remove any or
      all of the restrictions on the Restricted Stock, Restricted Stock Units
      and Deferred Stock Units whenever it may determine that, by reason of
      changes in Applicable Laws or other changes in circumstances arising after
      the date the Restricted Stock or Restricted Stock Units or Deferred Stock
      Units are granted, such action is appropriate.

	 	 	 	 
	 	(d) 	
      Restricted Period

20 

               With
respect to Restricted Awards, the Restricted Period shall commence on the Grant
Date and end at the time or times set forth on a schedule established by the
Committee in the applicable Award Agreement. 

               No
Restricted Award may be granted or settled for a fraction of a share of Common
Stock. The Committee may, but shall not be required to, provide for an
acceleration of vesting in the terms of any Award Agreement upon the occurrence
of a specified event.

          (e)
Delivery of Restricted Stock and Settlement of Restricted Stock Units

               Upon
the expiration of the Restricted Period with respect to any shares of Restricted
Stock, the restrictions set forth in Section 7.2(c) and the
applicable Award Agreement shall be of no further force or effect with respect
to such shares, except as set forth in the applicable Award Agreement. If an
escrow arrangement is used, upon such expiration, the Company shall deliver to
the Participant, or his or her beneficiary, without charge, the stock
certificate evidencing the shares of Restricted Stock which have not then been
forfeited and with respect to which the Restricted Period has expired (to the
nearest full share) and any cash dividends or stock dividends credited to the
Participant's account with respect to such Restricted Stock and the interest
thereon, if any. Upon the expiration of the Restricted Period with respect to
any outstanding Restricted Stock Units, or at the expiration of the deferral
period with respect to any outstanding Deferred Stock Units, the Company shall
deliver to the Participant, or his or her beneficiary, without charge, one share
of Common Stock for each such outstanding vested Restricted Stock Unit or
Deferred Stock Unit (“Vested Unit”) and cash equal to any Dividend
Equivalents credited with respect to each such Vested Unit in accordance with
Section 7.2(b)(ii) hereof and the interest thereon or, at
the discretion of the Committee, in shares of Common Stock having a Fair Market
Value equal to such Dividend Equivalents and the interest thereon, if any;
provided, however, that, if explicitly provided in the applicable Award
Agreement, the Committee may, in its sole discretion, elect to pay cash or part
cash and part Common Stock in lieu of delivering only shares of Common Stock for
Vested Units. If a cash payment is made in lieu of delivering shares of Common
Stock, the amount of such payment shall be equal to the Fair Market Value of the
Common Stock as of the date on which the Restricted Period lapsed in the case of
Restricted Stock Units, or the delivery date in the case of Deferred Stock
Units, with respect to each Vested Unit.

          (f)
Stock Restrictions 

               Each
certificate representing Restricted Stock awarded under the Plan shall bear a
legend in such form as the Company deems appropriate.

     7.3 Performance Share
Awards.

          (a)
Grant of Performance Share Awards

21 

               Each
Performance Share Award granted under the Plan shall be evidenced by an Award
Agreement. Each Performance Share Award so granted shall be subject to the
conditions set forth in this Section 7.3, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award
Agreement. The Committee shall have the discretion to determine: (i) the number
of shares of Common Stock or stock-denominated units subject to a Performance
Share Award granted to any Participant; (ii) the performance period applicable
to any Award; (iii) the conditions that must be satisfied for a Participant to
earn an Award; and (iv) the other terms, conditions and restrictions of the
Award.

          (b)
Earning Performance Share Awards 

               The
number of Performance Shares earned by a Participant will depend on the extent
to which the performance goals established by the Committee are attained within
the applicable Performance Period, as determined by the Committee. No payout
shall be made with respect to any Performance Share Award except upon written
certification by the Committee that the minimum threshold performance goal(s)
have been achieved. 

     7.4 Performance Compensation
Awards.

          (a)
General 

               The
Committee shall have the authority, at the time of grant of any Award described
in this Plan (other than Options and Stock Appreciation Rights granted with an
exercise price equal to or greater than the Fair Market Value per share of
Common Stock on the Grant Date), to designate such Award as a Performance
Compensation Award in order to qualify such Award as “performance-based
compensation” under Section 162(m) of the Code. In addition, the Committee shall
have the authority to make an Award of a cash bonus to any Participant and
designate such Award as a Performance Compensation Award in order to qualify
such Award as “performance-based compensation” under Section 162(m) of the
Code.

          (b)
Eligibility 

               The
Committee will, in its sole discretion, designate within the first 90 days of a
Performance Period (or, if longer or shorter, within the maximum period allowed
under Section 162(m) of the Code) which Participants will be eligible to receive
Performance Compensation Awards in respect of such Performance Period. However,
designation of a Participant eligible to receive an Award hereunder for a
Performance Period shall not in any manner entitle the Participant to receive
payment in respect of any Performance Compensation Award for such Performance
Period. The determination as to whether or not such Participant becomes entitled
to payment in respect of any Performance Compensation Award shall be decided
solely in accordance with the provisions of this Section 7.4. Moreover,
designation of a Participant eligible to receive an Award hereunder for a particular Performance Period shall
not require designation of such Participant eligible to receive an Award
hereunder in any subsequent Performance Period and designation of one person as
a Participant eligible to receive an Award hereunder shall not require
designation of any other person as a Participant eligible to receive an Award
hereunder in such period or in any other period.

22 

          (c)
Discretion of Committee with Respect to Performance Compensation Awards

               With
regard to a particular Performance Period, the Committee shall have full
discretion to select the length of such Performance Period (provided any such
Performance Period shall be not less than one fiscal quarter in duration), the
type(s) of Performance Compensation Awards to be issued, the Performance
Criteria that will be used to establish the Performance Goal(s), the kind(s)
and/or level(s) of the Performance Goal(s) that is (are) to apply to the Company
and the Performance Formula. Within the first 90 days of a Performance Period
(or, if longer or shorter, within the maximum period allowed under Section
162(m) of the Code), the Committee shall, with regard to the Performance
Compensation Awards to be issued for such Performance Period, exercise its
discretion with respect to each of the matters enumerated in the immediately
preceding sentence of this Section 7.4(c) and record the same in writing.

          (d)
Payment of Performance Compensation Awards 

               (i)
Condition to Receipt of Payment 

Unless otherwise provided in the
applicable Award Agreement, a Participant must be employed by the Company on the
last day of a Performance Period to be eligible for payment in respect of a
Performance Compensation Award for such Performance Period.

               (ii)
Limitation 

A Participant shall be eligible to
receive payment in respect of a Performance Compensation Award only to the
extent that: (A) the Performance Goals for such period are achieved; and (B) the
Performance Formula as applied against such Performance Goals determines that
all or some portion of such Participant's Performance Compensation Award has
been earned for the Performance Period.

               (iii)
Certification 

23 

Following the completion of a
Performance Period, the Committee shall review and certify in writing whether,
and to what extent, the Performance Goals for the Performance Period have been
achieved and, if so, calculate and certify in writing the amount of the
Performance Compensation Awards earned for the period based upon the Performance
Formula. The Committee shall then determine the actual size of each
Participant's Performance Compensation Award for the Performance Period and, in
so doing, may apply Negative Discretion in accordance with Section
7.4(d)(iv) hereof, if and when it deems appropriate.

               (iv)
Use of Discretion 

In determining the actual size of an
individual Performance Compensation Award for a Performance Period, the
Committee may reduce or eliminate the amount of the Performance Compensation
Award earned under the Performance Formula in the Performance Period through the
use of Negative Discretion if, in its sole judgment, such reduction or
elimination is appropriate. The Committee shall not have the discretion to (A)
grant or provide payment in respect of Performance Compensation Awards for a
Performance Period if the Performance Goals for such Performance Period have not
been attained or (B) increase a Performance Compensation Award above the maximum
amount payable under Section 7.4(d)(vi) of the Plan.

               (v)
Timing of Award Payments 

Performance Compensation Awards
granted for a Performance Period shall be paid to Participants as soon as
administratively practicable following completion of the certifications required
by this Section 7.4 but in no event later than 2 1/2 months following the end of
the fiscal year during which the Performance Period is completed. 

               (vi)
Maximum Award Payable 

Notwithstanding any provision
contained in this Plan to the contrary, the maximum Performance Compensation
Award payable to any one Participant under the Plan for a Performance Period
(excluding any Options and Stock Appreciation Rights) is two hundred fifty
thousand (250,000) shares of Common Stock or, in the event such Performance
Compensation Award is paid in cash, the equivalent cash value thereof on the
first or last day of the Performance Period to which such Award relates, as
determined by the Committee. The maximum amount that can be paid in any calendar
year to any Participant pursuant to a cash bonus Award described in the last
sentence of Section 7.4(a) shall be $250,000. Furthermore,
any Performance Compensation Award that has been deferred shall not (between the
date as of which the Award is deferred and the payment date) increase (A) with
respect to a Performance Compensation Award that is payable in cash, by a
measuring factor for each fiscal year greater than a reasonable rate of interest
set by the Committee or (B) with respect to a Performance Compensation Award
that is payable in shares of Common Stock, by an amount greater than the
appreciation of a share of Common Stock from the date such Award is deferred to
the payment date.

24 

8. Securities Law Compliance. Each Award Agreement shall
provide that no shares of Common Stock shall be purchased or sold thereunder
unless and until (a) any then applicable requirements of state or federal laws
and regulatory agencies have been fully complied with to the satisfaction of the
Company and its counsel and (b) if required to do so by the Company, the
Participant has executed and delivered to the Company a letter of investment
intent in such form and containing such provisions as the Committee may require.
The Company shall use reasonable efforts to seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority as may be
required to grant Awards and to issue and sell shares of Common Stock upon
exercise of the Awards; provided, however, that this undertaking shall
not require the Company to register under the Securities Act the Plan, any Award
or any Common Stock issued or issuable pursuant to any such Award. If, after
reasonable efforts, the Company is unable to obtain from any such regulatory
commission or agency the authority which counsel for the Company deems necessary
for the lawful issuance and sale of Common Stock under the Plan, the Company
shall be relieved from any liability for failure to issue and sell Common Stock
upon exercise of such Awards unless and until such authority is obtained. 

9. Use of Proceeds from Stock. Proceeds from the sale of
Common Stock pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company.

10. Miscellaneous. 

     10.1 Acceleration of
Exercisability and Vesting. The Committee shall have the power to accelerate
the time at which an Award may first be exercised or the time during which an
Award or any part thereof will vest in accordance with the Plan, notwithstanding
the provisions in the Award stating the time at which it may first
be exercised or the time during which it will vest.

25 

     10.2 Shareholder Rights.
Except as provided in the Plan or an Award Agreement, no Participant shall be
deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Common Stock subject to such Award unless and until
such Participant has satisfied all requirements for exercise of the Award
pursuant to its terms and no adjustment shall be made for dividends (ordinary or
extraordinary, whether in cash, securities or other property) or distributions
of other rights for which the record date is prior to the date such Common Stock
certificate is issued, except as provided in Section 11
hereof.

     10.3 No Employment or Other
Service Rights. Nothing in the Plan or any instrument executed or Award
granted pursuant thereto shall confer upon any Participant any right to continue
to serve the Company or an Affiliate in the capacity in effect at the time the
Award was granted or shall affect the right of the Company or an Affiliate to
terminate (a) the employment of an Employee with or without notice and with or
without Cause or (b) the service of a Director pursuant to the By-laws of the
Company or an Affiliate, and any applicable provisions of the corporate law of
the state in which the Company or the Affiliate is incorporated, as the case may
be.

     10.4 Transfer; Approved Leave
of Absence. For purposes of the Plan, no termination of employment by an
Employee shall be deemed to result from either (a) a transfer of employment to
the Company from an Affiliate or from the Company to an Affiliate, or from one
Affiliate to another, or (b) an approved leave of absence for military service
or sickness, or for any other purpose approved by the Company, if the Employee's
right to reemployment is guaranteed either by a statute or by contract or under
the policy pursuant to which the leave of absence was granted or if the
Committee otherwise so provides in writing, in either case, except to the extent
inconsistent with Section 409A of the Code if the applicable Award is subject
thereto.

     10.5 Withholding
Obligations. To the extent provided by the terms of an Award Agreement and
subject to the discretion of the Committee, the Participant may satisfy any
federal, state or local tax withholding obligation relating to the exercise or
acquisition of Common Stock under an Award by any of the following means (in
addition to the Company's right to withhold from any compensation paid to the
Participant by the Company) or by a combination of such means: (a) tendering a
cash payment; (b) authorizing the Company to withhold shares of Common Stock
from the shares of Common Stock otherwise issuable to the Participant as a
result of the exercise or acquisition of Common Stock under the Award,
provided, however, that no shares of Common Stock are withheld with a
value exceeding the minimum amount of tax required to be withheld by law; or (c)
delivering to the Company previously owned and unencumbered shares of Common
Stock of the Company.

26 

11. Adjustments Upon Changes in Stock. In the event of
changes in the outstanding Common Stock or in the capital structure of the
Company by reason of any stock or extraordinary cash dividend, stock split,
reverse stock split, an extraordinary corporate transaction such as any
recapitalization, reorganization, merger, consolidation, combination, exchange,
or other relevant change in capitalization occurring after the Grant Date of any
Award, Awards granted under the Plan and any Award Agreements, the exercise
price of Options and Stock Appreciation Rights, the maximum number of shares of
Common Stock subject to all Awards stated in Section 4 and
the maximum number of shares of Common Stock with respect to which any one
person may be granted Awards during any period stated in Section
4 and Section 7.4(d)(vi) will be equitably adjusted or
substituted, as to the number, price or kind of a share of Common Stock or other
consideration subject to such Awards to the extent necessary to preserve the
economic intent of such Award. In the case of adjustments made pursuant to this
Section 11, unless the Committee specifically determines that such adjustment is
in the best interests of the Company or its Affiliates, the Committee shall, in
the case of Incentive Stock Options, ensure that any adjustments under this
Section 11 will not constitute a modification, extension or renewal of the
Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and
in the case of Non-qualified Stock Options, ensure that any adjustments under
this Section 11 will not constitute a modification of such Non-qualified Stock
Options within the meaning of Section 409A of the Code. Any adjustments made
under this Section 11 shall be made in a manner which does not adversely affect
the exemption provided pursuant to Rule 16b-3 under the Exchange Act. Further,
with respect to Awards intended to qualify as “performance-based compensation”
under Section 162(m) of the Code, any adjustments or substitutions will not
cause the Company to be denied a tax deduction on account of Section 162(m) of
the Code. The Company shall give each Participant notice of an adjustment
hereunder and, upon notice, such adjustment shall be conclusive and binding for
all purposes.

12. Effect of Change in Control. 

     12.1 In the discretion of the
Board and the Committee, any Award Agreement may provide, or the Board or the
Committee may provide by amendment of any Award Agreement or otherwise,
notwithstanding any provision of the Plan to the contrary, that in the event of
a Change in Control, Options and/or Stock Appreciation Rights shall become
immediately exercisable with respect to all or a specified portion of the shares
subject to such Options or Stock Appreciation Rights, and/or the Restricted
Period shall expire immediately with respect to all or a specified portion of
the shares of Restricted Stock or Restricted Stock Units. 

     12.2 In addition, in the event of
a Change in Control, the Committee may in its discretion and upon at least 10
days’ advance notice to the affected persons, cancel any outstanding Awards and
pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company
in the event. In the case of any Option or Stock Appreciation Right with an
exercise price that equals or exceeds the price paid for a share of Common Stock
in connection with the Change in Control, the Committee may cancel the Option or
Stock Appreciation Right without the payment of consideration therefor. 

27 

     12.3 The obligations of the
Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, consolidation or other reorganization of
the Company, or upon any successor corporation or organization succeeding to all
or substantially all of the assets and business of the Company and its
Subsidiaries, taken as a whole. 

13. Amendment of the Plan and Awards. 

     13.1 Amendment of Plan.
The Board at any time, and from time to time, may amend or terminate the Plan.
However, except as provided in Section 11 relating to
adjustments upon changes in Common Stock and Section 13.3,
no amendment shall be effective unless approved by the shareholders of the
Company to the extent shareholder approval is necessary to satisfy any
Applicable Laws. At the time of such amendment, the Board shall determine, upon
advice from counsel, whether such amendment will be contingent on shareholder
approval.

     13.2 Shareholder Approval.
The Board may, in its sole discretion, submit any other amendment to the Plan
for shareholder approval, including, but not limited to, amendments to the Plan
intended to satisfy the requirements of Section 162(m) of the Code and the
regulations thereunder regarding the exclusion of performance-based compensation
from the limit on corporate deductibility of compensation paid to certain
executive officers.

     13.3 Contemplated
Amendments. It is expressly contemplated that the Board may amend the Plan
in any respect the Board deems necessary or advisable to provide eligible
Employees, Consultants and Directors with the maximum benefits provided or to be
provided under the provisions of the Code and the regulations promulgated
thereunder relating to Incentive Stock Options or to the nonqualified deferred
compensation provisions of Section 409A of the Code and/or to bring the Plan
and/or Awards granted under it into compliance therewith.

     13.4 No Impairment of
Rights. Rights under any Award granted before amendment of the Plan shall
not be impaired by any amendment of the Plan unless (a) the Company requests the
consent of the Participant and (b) the Participant consents in writing.

     13.5 Amendment of Awards.
The Committee at any time, and from time to time, may amend the terms of any one
or more Awards; provided, however, that the Committee may not affect any
amendment which would otherwise constitute an impairment of the rights under any Award unless (a) the Company requests the consent of
the Participant and (b) the Participant consents in writing. 

28 

14. General Provisions. 

     14.1 Forfeiture Events.
The Committee may specify in an Award Agreement that the Participant's rights,
payments and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture or recoupment upon the occurrence of certain events, in
addition to applicable vesting conditions of an Award. Such events may include,
without limitation, breach of non-competition, non-solicitation,
confidentiality, or other restrictive covenants that are contained in the Award
Agreement or otherwise applicable to the Participant, a termination of the
Participant's Continuous Service for Cause, or other conduct by the Participant
that is detrimental to the business or reputation of the Company and/or its
Affiliates. 

     14.2 Clawback.
Notwithstanding any other provisions in this Plan, any Award which is subject to
recovery under any law, government regulation or stock exchange listing
requirement, will be subject to such deductions and clawback as may be required
to be made pursuant to such law, government regulation or stock exchange listing
requirement (or any policy adopted by the Company pursuant to any such law,
government regulation or stock exchange listing requirement). 

     14.3 Other Compensation
Arrangements. Nothing contained in this Plan shall prevent the Board from
adopting other or additional compensation arrangements, subject to shareholder
approval if such approval is required; and such arrangements may be either
generally applicable or applicable only in specific cases.

     14.4 Sub-plans. The
Committee may from time to time establish sub-plans under the Plan for purposes
of satisfying blue sky, securities, tax or other laws of various jurisdictions
in which the Company intends to grant Awards. Any sub-plans shall contain such
limitations and other terms and conditions as the Committee determines are
necessary or desirable. All sub-plans shall be deemed a part of the Plan, but
each sub-plan shall apply only to the Participants in the jurisdiction for which
the sub-plan was designed. 

     14.5 Deferral of Awards.
The Committee may establish one or more programs under the Plan to permit
selected Participants the opportunity to elect to defer receipt of consideration
upon exercise of an Award, satisfaction of performance criteria, or other event
that absent the election would entitle the Participant to payment or receipt of
shares of Common Stock or other consideration under an Award. The Committee may
establish the election procedures, the timing of such elections, the mechanisms
for payments of, and accrual of interest or other earnings, if any, on amounts,
shares or other consideration so deferred, and such other terms, conditions,
rules and procedures that the Committee deems advisable for the administration
of any such deferral program. 

29 

     14.6 Unfunded Plan. The
Plan shall be unfunded. Neither the Company, the Board nor the Committee shall
be required to establish any special or separate fund or to segregate any assets
to assure the performance of its obligations under the Plan. 

     14.7 Recapitalizations.
Each Award Agreement shall contain provisions required to reflect the provisions
of Section 11.

     14.8 Delivery. Upon
exercise of a right granted under this Plan, the Company shall issue Common
Stock or pay any amounts due within a reasonable period of time thereafter.
Subject to any statutory or regulatory obligations the Company may otherwise
have, for purposes of this Plan, 30 days shall be considered a reasonable period
of time.

     14.9 No Fractional Shares.
No fractional shares of Common Stock shall be issued or delivered pursuant to
the Plan. The Committee shall determine whether cash, additional Awards or other
securities or property shall be issued or paid in lieu of fractional shares of
Common Stock or whether any fractional shares should be rounded, forfeited or
otherwise eliminated. 

     14.10 Other Provisions.
The Award Agreements authorized under the Plan may contain such other provisions
not inconsistent with this Plan, including, without limitation, restrictions
upon the exercise of the Awards, as the Committee may deem advisable.

     14.11 Section 409A. The
Plan is intended to comply with Section 409A of the Code to the extent subject
thereto, and, accordingly, to the maximum extent permitted, the Plan shall be
interpreted and administered to be in compliance therewith. Any payments
described in the Plan that are due within the “short-term deferral period” as
defined in Section 409A of the Code shall not be treated as deferred
compensation unless Applicable Laws require otherwise. Notwithstanding anything
to the contrary in the Plan, to the extent required to avoid accelerated
taxation and tax penalties under Section 409A of the Code, amounts that would
otherwise be payable and benefits that would otherwise be provided pursuant to
the Plan during the six (6) month period immediately following the Participant's
termination of Continuous Service shall instead be paid on the first payroll
date after the six-month anniversary of the Participant's separation from
service (or the Participant's death, if earlier). Notwithstanding the foregoing,
neither the Company nor the Committee shall have any obligation to take any
action to prevent the assessment of any excise tax or penalty on any Participant
under Section 409A of the Code and neither the Company nor the Committee will
have any liability to any Participant for such tax or penalty. 

     14.12 Disqualifying
Dispositions. Any Participant who shall make a “disposition” (as defined in
Section 424 of the Code) of all or any portion of shares of Common Stock
acquired upon exercise of an Incentive Stock Option within two years from the
Grant Date of such Incentive Stock Option or within one year after the issuance
of the shares of Common Stock acquired upon exercise of such
Incentive Stock Option (a “Disqualifying Disposition”) shall be required
to immediately advise the Company in writing as to the occurrence of the sale
and the price realized upon the sale of such shares of Common Stock.

30 

     14.13 Section 16. It is
the intent of the Company that the Plan satisfy, and be interpreted in a manner
that satisfies, the applicable requirements of Rule 16b-3 as promulgated under
Section 16 of the Exchange Act so that Participants will be entitled to the
benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the
Exchange Act, and will not be subject to short-swing liability under Section 16
of the Exchange Act. Accordingly, if the operation of any provision of the Plan
would conflict with the intent expressed in this Section 14.13, such provision
to the extent possible shall be interpreted and/or deemed amended so as to avoid
such conflict.

     14.14 Section 162(m). To
the extent the Committee issues any Award that is intended to be exempt from the
deduction limitation of Section 162(m) of the Code, the Committee may, without
shareholder or grantee approval, amend the Plan or the relevant Award Agreement
retroactively or prospectively to the extent it determines necessary in order to
comply with any subsequent clarification of Section 162(m) of the Code required
to preserve the Company's federal income tax deduction for compensation paid
pursuant to any such Award.

     14.15 Beneficiary
Designation. Each Participant under the Plan may from time to time name any
beneficiary or beneficiaries by whom any right under the Plan is to be exercised
in case of such Participant's death. Each designation will revoke all prior
designations by the same Participant, shall be in a form reasonably prescribed
by the Committee and shall be effective only when filed by the Participant in
writing with the Company during the Participant's lifetime. 

     14.16 Expenses. The costs
of administering the Plan shall be paid by the Company. 

     14.17 Severability. If any
of the provisions of the Plan or any Award Agreement is held to be invalid,
illegal or unenforceable, whether in whole or in part, such provision shall be
deemed modified to the extent, but only to the extent, of such invalidity,
illegality or unenforceability and the remaining provisions shall not be
affected thereby. 

     14.18 Plan Headings. The
headings in the Plan are for purposes of convenience only and are not intended
to define or limit the construction of the provisions hereof. 

     14.19 Non-Uniform
Treatment. The Committee's determinations under the Plan need not be uniform
and may be made by it selectively among persons who are eligible to receive, or
actually receive, Awards. Without limiting the generality of the foregoing, the
Committee shall be entitled to make non-uniform and selective determinations,
amendments and adjustments, and to enter into non-uniform and
selective Award Agreements. 

31 

15. Effective Date of Plan. The Plan shall become
effective as of the Effective Date, but no Award shall be exercised (or, in the
case of a stock Award, shall be granted) unless and until the Plan has been
approved by the shareholders of the Company, which approval shall be within
twelve (12) months before or after the date the Plan is adopted by the
Board.

16. Termination or Suspension of the Plan. The Plan
shall terminate automatically on March 25, 2025. No Award shall be granted
pursuant to the Plan after such date, but Awards theretofore granted may extend
beyond that date. The Board may suspend or terminate the Plan at any earlier
date pursuant to Section 13.1 hereof. No Awards may be
granted under the Plan while the Plan is suspended or after it is terminated.
Unless the Company determines to submit Section 7.4 of the
Plan and the definition of “Performance Goal” and “Performance Criteria” to the
Company's shareholders at the first shareholder meeting that occurs in the fifth
year following the year in which the Plan was last approved by shareholders (or
any earlier meeting designated by the Board), in accordance with the
requirements of Section 162(m) of the Code, and such shareholder approval is
obtained, then no further Performance Compensation Awards shall be made to
Covered Employees under Section 7.4 after the date of such
annual meeting, but the Plan may continue in effect for Awards to Participants
not in accordance with Section 162(m) of the Code.

17. Choice of Law. The law of the State of Nevada shall
govern all questions concerning the construction, validity and interpretation of
this Plan, without regard to such state's conflict of law rules.

     As adopted by the Board of
Directors of Lightbridge Corporation on March 25, 2015. 

     As approved by the shareholders
of Lightbridge Corporation on July 14, 2015. 

32EX-4.1

 Exhibit 4.1 

Execution Copy 
  

	
	
	  

 SERIES 2015-1 SUPPLEMENT 

Dated as of July 20, 2015 
 to

 POOLING AND SERVICING AGREEMENT 

Dated as of May 16, 1996, 
 as
amended and restated as of January 1, 2006 
 $1,142,858,000 

 
  

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

Series 2015-1 
  

 
 among 

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II 

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC 

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC 

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

and 
 THE BANK OF NEW YORK MELLON

 as Trustee 
 on behalf of the
Series 2015-1 Certificateholders 
  

	
	
	  

 TABLE OF CONTENTS 

 

							
	 		 		Page	 
			
	 ARTICLE I
		Creation of the Series 2015-1 Certificates		 	1	  
			
	 Section 1.01.
		Designation		 	1	  
			
	 ARTICLE II
		Definitions		 	2	  
			
	 Section 2.01.
		Definitions		 	2	  
			
	 ARTICLE III
		Servicing Fee		 	14	  
			
	 Section 3.01.
		Servicing Compensation		 	14	  
			
	 ARTICLE IV
		Rights of Series 2015-1 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		 	24	  
			
	 Section 4.08.
		Reallocated Principal Collections		 	25	  
			
	 Section 4.09.
		Excess Finance Charge Collections		 	26	  
			
	 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		 	29	  
			
	 Section 4.14.
		Determination of LIBOR		 	30	  
			
	 ARTICLE V
		Distributions and Reports to Series 2015-1 Certificateholders		 	31	  
			
	 Section 5.01.
		Distributions.		 	31	  
			
	 Section 5.02.
		Reports and Statements to Series 2015-1 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	  

  
 -ii- 

 SERIES 2015-1 SUPPLEMENT, dated as of July 20, 2015 (the
“Supplement”), among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II, a Delaware corporation, AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, and AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION IV LLC, a Delaware limited liability company, as Transferors, 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
Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), among the Transferors, 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 Transferors 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 Transferors and the Trustee shall create a new Series of Investor Certificates and specify
the Principal Terms thereof. 
 ARTICLE I 

Creation of the Series 2015-1 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 2015-1.” The Series 2015-1 Certificates shall be issued in two Classes, the first of which shall be known as the “Class A Series 2015-1
Floating Rate Asset Backed Certificates” and the second of which shall be known as the “Class B Series 2015-1 Floating Rate 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 2015-1” 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 2015-1 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 2015-1 shall be included in Group II and shall be a Principal Sharing Series.
Series 2015-1 shall be an Excess Allocation Series. Series 2015-1 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
2015-1 shall be the August 2015 Distribution Date and the first Monthly Period shall begin on and include the Closing Date and end on and include July 31, 2015. 

(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 

  
 1 

 
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 Transferors intend, 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)      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 2015-1 with respect to any Rating Agency (other than Moody’s) then rating Series 2015-1. 

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” means, 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 2015-1 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 2015-1
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 Senior 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. 

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

  
 2 

 “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 LIBOR plus 0.29%. 

“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 Transferors 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 $1,000,000,000. 

“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. 

“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). 

“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 

  
 3 

 
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 LIBOR plus 0.60%. 

“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 Transferors and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-2. 

“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 $31,429.000. 

“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) and
plus (f) the amount of Excess Spread and Excess Finance Charge Collections allocated and available on all prior Distribution Dates 

  
 4 

 
pursuant to subsection 4.07(e) 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. 
 “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. 

“Closing Date” shall mean July 20, 2015; 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 June 30, 2015. 

“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 $111,429,000. 

  
 5 

 “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
4.07(k), 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 the entity so designated in the Transfer Agreement. 

“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), and 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); provided, however, that the Collateral Invested Amount may not be reduced
below zero. 
 “Collateral Minimum Interest Rate” shall mean the rate specified in the Transfer Agreement
(as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed LIBOR plus 2.167% 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 $74,286,000. 

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

  
 6 

 “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. 
 “Collateral Senior Minimum Interest Rate” shall mean the rate specified in
the Transfer Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed LIBOR plus 1.00% 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, $85,952,416.67; 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) 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 May 2016 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 2015-1) 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, the product of
(i) the Class A Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then 

  
 7 

 
current Distribution Date and the denominator of which is 360 and, (iii) 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, the product of (i) the Class B Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the
prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is 360 and (iii) 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
August 17, 2015, 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 2015-1 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 2015-1
Termination Date. 
 “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 June 2017 Distribution Date. 

“Finance Charge Shortfall” shall have the meaning specified in Section 4.09. 

“Fitch” means 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 2015-1 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 

  
 8 

 
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 II” shall mean Series 2015-1 and each other Series specified in the related Supplement
to be included in Group II. 
 “Group II Investor Additional Amounts” shall mean, with
respect to any Distribution Date, the sum of (a) Series 2015-1 Additional Amounts for such Distribution Date and (b) for all other Series included in Group II, 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 II 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 II for such Distribution Date. 

“Group II 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 II for such Distribution Date.

 “Group II Investor Monthly Fees” shall mean with respect to any Distribution Date, the
sum of (a) Series 2015-1 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 II for such Distribution Date. 

“Group II Investor Monthly Interest” shall mean, with respect to any Distribution Date, the sum of
(a) Series 2015-1 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 II for such Distribution Date. 

“Initial Invested Amount” shall mean $1,142,858,000. 

“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. 

  
 9 

 “Investor Default Amount” shall mean, with respect to
any Distribution Date, an amount equal to the product of (a) the Series 2015-1 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 2015-1 Allocable Finance Charge Collections deposited in the Collection Account for the related Monthly Period. 

“LIBOR” shall mean, for any Interest Accrual Period, a per annum interest rate determined by the
Trustee for such Interest Accrual Period in accordance with the provisions of Section 4.14. 
 “LIBOR
Determination Date” shall mean July 16, 2015 for the period from and including the Closing Date to but excluding August 17, 2015, and for every other Interest Accrual Period, the second London Business Day prior to the
commencement of such Interest Accrual Period. 
 “London Business Day” shall mean any day on which
dealings in deposits in United States dollars are transacted in the London interbank market. 

“Monthly Interest” means, 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. 

“Moody’s” means Moody’s Investors Service, Inc., or its successors. 

“Pay-Out Event” shall mean any Pay-Out Event specified in Section 6.01. 

“Permitted Assignee” shall mean any Person who, if it were 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 2015-1 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 2015-1 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 2015-1 Allocation Percentage as 

  
 10 

 
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 2015-1, the Transferors 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 Transferors 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) each 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 2015-1. 

“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. 

“Reallocated Investor Finance Charge Collections” shall mean that portion of Group II
Investor Finance Charge Collections allocated to Series 2015-1 pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any Monthly Period, the product of
(a) the Series 2015-1 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 2015-1 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 2015-1 Certificateholders on a prior Distribution Date. 
 “Reference Banks”
shall mean four major banks in the London interbank market selected by the Servicer. 

  
 11 

 “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 Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors 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 September 2015 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 December 2015 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 Transferors 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. 

“Reserve Draw Amount” shall have the meaning specified in subsection 4.12(c). 

“Reuters Screen LIBOR01 Page” shall mean the display page currently designated as page LIBOR01 on the
Reuters Screen (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“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 2015-1” shall mean the Series of Certificates the terms of which are
specified in this Supplement. 
 “Series 2015-1 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. 

  
 12 

 “Series 2015-1 Allocable Defaulted Amount”
shall mean the Series Allocable Defaulted Amount with respect to Series 2015-1. 

“Series 2015-1 Allocable Finance Charge Collections” shall mean the Series
Allocable Finance Charge Collections with respect to Series 2015-1. 

“Series 2015-1 Allocable Principal Collections” shall mean the Series Allocable
Principal Collections with respect to Series 2015-1. 

“Series 2015-1 Allocation Percentage” shall mean the Series Allocation Percentage with
respect to Series 2015-1. 
 “Series 2015-1 Certificate” shall mean a Class A Certificate
or a Class B Certificate or the Collateral Interest. 
 “Series 2015-1 Certificateholder” shall
mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 2015-1 Certificateholders’ Interest” shall mean the Certificateholders’
Interest for Series 2015-1, including the Collateral Interest. 

“Series 2015-1 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 2015-1
Monthly Interest” shall mean the amounts determined pursuant to subsections 4.02(a), (b) and (d). 

“Series 2015-1 Principal Shortfall” shall have the meaning specified in Section 4.11.

 “Series 2015-1 Termination Date” shall mean the January 2020 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 2015-1 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 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 July 20, 2015. 

“Series Invested Amount” shall mean the Initial Invested Amount. 

“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. 

  
 13 

 “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 the Transfer and Administration Agreement, dated as
of July 20, 2015, among RFC II, RFC III and RFC IV, as transferors, TRS, as administrator, and the American Express Credit Account Secured Note Trust 2015-1, as issuer, 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 2015-1, Fitch and Moody’s. As used in this Supplement and in the Agreement with respect to Series 2015-1, “highest
investment category” shall mean (i) in the case of Fitch, AAAsf or F1+sf, as applicable and (ii) in the case of Moody’s, Aaa (sf) or P-1 (sf), as applicable. 

(c)      Each capitalized term defined herein shall relate to the Series 2015-1 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.” 

ARTICLE III 

Servicing Fee 

Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to the Series 2015-1
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 2015-1 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 

  
 14 

 
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 2015-1 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 2015-1 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 2015-1 pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables reallocated from other Series in Group II) 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 2015-1 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 2015-1 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. 
 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 2015-1 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 2015-1 
Certificateholders.    The Servicer shall, prior to the close of business on each Deposit Date, allocate to the Series 2015-1 Certificateholders the following amounts as set forth below: 

(i)        
Allocations of Finance Charge Collections. The Servicer shall allocate to the Series 2015-1 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 2015-1 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 2015-1 Certificateholders the following amounts as set forth below: 

  
 15 

(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 2015-1 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 2015-1 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 2015-1 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 2015-1 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 2015-1 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 2015-1 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 2015-1 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 2015-1 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 2015-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal
Receivables deposited in the 

  
 16 

 
Collection Account on such Deposit Date, shall be allocated to the Series 2015-1 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 2015-1 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 the product of (i) a fraction, the
numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the
denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date.

 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 the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in
the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and
(iii) such Class A 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 the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and
including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such
Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. 

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 

  
 17 

 
Shortfall is fully paid, an additional amount (“Class B Additional Interest”) equal to the product of (i) a fraction, the numerator of which is the actual
number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360,
(ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) 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 the product of (i) (A) a fraction, the numerator of which is the actual
number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and
(B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such
Distribution Date, 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)(B) 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 the product of (i) (A) a fraction, the numerator of which
is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Minimum Interest Rate in effect
during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, 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. 

(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 the product of (i) (A) a fraction, the numerator of which is the
actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and
(B) the Collateral Senior Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such
Distribution Date, and (ii) the Collateral Senior Invested Amount; 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 

  
 18 

 
described in (i)(B) 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 the
product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360
and (B) the Collateral Senior Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, 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 2015-1 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 2015-1 Certificateholders. The Principal Funding Account shall initially be established with The Bank of New York Mellon. 

        (ii)        At the written direction
of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer; 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 2015-1 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 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 

  
 19 

 
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 2015-1 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 2015-1 Certificateholders. 

(c)      The Controlled Accumulation Period is scheduled to commence at the close of business
on the last day of the May 2016 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 May 2016 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 2015-1, 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 Transferors 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 Transferors 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 Transferors 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 Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date to make the following distributions: 

  
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 (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 

(ii)        the balance, if any, shall constitute Excess Spread and shall be
allocated and distributed or deposited as set forth in Section 4.07. 

  
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 (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 2015-1 with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections allocable to Series 2015-1 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 

  
 23 

 
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 2015-1 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 2015-1 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). 

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 2015-1
with respect to the related Monthly Period, to make the following distributions or deposits in the following order of priority: 

  
 24 

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

(k)      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 

  
 25 

 
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 2015-1 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 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 2015-1 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 2015-1 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 2015-1 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 2015-1 for any
Distribution Date will 

  
 26 

 
be equal to the excess, if any, of (a) 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 the full amount required to be paid, without duplication, pursuant to subsections 3.02(a)(iii) and 3.02(a)(iv) of the 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 2015-1 for any Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer Agreement. On
each Distribution Date, 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
Transfer Agreement on such date. 

Section 4.10.    Reallocated Investor Finance Charge Collections. 

(a)      That portion of Group II 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 2015-1 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 2015-1 Monthly Interest, Investor Default Amount, Series 2015-1 Monthly Fees and Series 2015-1 Additional Amounts for such Distribution Date and (ii) that portion of excess Group II
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 II Investor Finance Charge Collections for such
Distribution Date is less than the sum of (w) Group II Investor Monthly Interest, (x) Group II Investor Default Amount, (y) Group II Investor Monthly Fees and (z) Group II Investor Additional Amounts, then Reallocated Investor
Finance Charge Collections shall equal the sum of the following amounts for such Distribution Date: 

(A)      The product of (I) Group II Investor Finance Charge Collections (up to the amount
of Group II Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 2015-1 Monthly Interest and the denominator of which is Group II Investor Monthly Interest; 

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

(C)      the product of (I) Group II Investor Finance Charge Collections less the amount
of Group II Investor Monthly Interest and the Group II Investor Default Amount (up to Group II Investor Monthly Fees) and (II) a fraction, the numerator of which is Series 2015-1 Monthly Fees and the denominator of which is Group II Investor Monthly
Fees; and 
 (D)      the product of (I) Group II Investor Finance Charge Collections
less the sum of (i) Group II Investor Monthly Interest, (ii) the Group II Investor Default Amount and (iii) Group II Investor Monthly Fees and (II) a fraction, the numerator of which is Series 2015-1 Additional Amounts and the
denominator of which is Group II Investor Additional Amounts. 

  
 27 

 (c)      If the amount of Group II Investor
Finance Charge Collections for such Distribution Date exceeds the sum of (i) Group II Investor Monthly Interest, (ii) Group II Investor Default Amount, (iii) Group II Investor Monthly Fees and (iv) Group II 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 2015-1 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 II as of such last day (or, for Series 2015-1 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 2015-1 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 2015-1 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 2015-1 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 2015-1 Certificateholders, an Eligible Deposit Account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein and the property credited thereto
are held for the benefit of the Series 2015-1 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 2015-1 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 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 

  
 28 

 
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 2015-1. 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. 

(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 2015-1 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with respect to Series 2015-1, (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 

  
 29 

 
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. 

Section 4.14.    Determination of LIBOR. 

(a)      On each LIBOR Determination Date, the Trustee will determine LIBOR for the related
Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London
time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined
on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing
on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR
Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City,
selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the
banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period. 

(b)      The Servicer shall determine, and promptly notify the Transferors and the Trustee of,
the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest
Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (212) 815-6258. 

  
 30 

 (c)      On each LIBOR Determination Date prior to
3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period. 

ARTICLE V 

Distributions and Reports to 

Series 2015-1 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 2015-1
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 2015-1 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. 
 (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. 

  
 31 

 (g)      Except as provided in Section 12.02
of the Agreement with respect to a final distribution, distributions to Series 2015-1 Certificateholders hereunder shall be made by check mailed to each Series 2015-1 Certificateholder at such Series 2015-1 Certificateholder’s address appearing
in the Certificate Register without presentation or surrender of any Series 2015-1 Certificate or the making of any notation thereon; provided, however, that with respect to Series 2015-1 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 2015-1 
Certificateholders. 
 (a)      On each Distribution Date, the Paying Agent, on behalf of
the Trustee, shall make available, and shall forward to each Series 2015-1 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 Transferors, 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 2015-1 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 2015,
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 2015-1 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 2015-1 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 2015-1 Certificates: 
 (a)      the occurrence of an Insolvency Event
relating to any Transferor or other holder of the Original Transferor Certificate; 

(b)      the Trust becomes an investment company within the meaning of the Investment Company
Act; 

  
 32 

 (c)      failure on the part of any 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 Transferors set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2015-1 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 Transferors and the Trustee by any Holder of the Series 2015-1 Certificates; 

(d)      any representation or warranty made by any Transferor in the Agreement or this
Supplement, or any information contained in a computer file or microfiche list required to be delivered by any 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 2015-1 Certificates and as a result of which the interests of the Series 2015-1 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 a 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 a 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 any Account Owner; or 
 (k)      a
Transfer Restriction Event as defined in the Receivables Purchase Agreements shall occur between an 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 Transferors 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 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

  
 33 

 
(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 a 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 2015-1 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 a
Transferor exercises such option, the long-term unsecured debt obligations of such Transferor purchasing the Series 2015-1 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 Transferors shall give the Servicer and the Trustee at least 30 days prior written
notice of the date on which the Transferors intend to exercise such purchase option. Not later than 12:00 noon, New York City time, on such day the Transferors 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 2015-1 shall
be reduced to zero and the Series 2015-1 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 November 2019 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 2015-1 Termination Date (after giving effect to all distributions
required to be made on the Series 2015-1 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 2015-1 Termination Date. No 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 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 a Transferor, an Affiliate thereof, an agent thereof or any other party consolidated with a 

  
 34 

 
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 2015-1 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 2015-1 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 November 2019 Distribution Date to the Series 2015-1 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 Transferors with
respect to Series 2015-1 in connection with a reassignment of Receivables to the Transferors 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 Transferors with respect to Series 2015-1 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
over (II) the portion of the Reassignment Amount attributable to the Class B Certificates. 

(b)      With respect to the Reassignment Amount deposited into the Collection Account pursuant
to Section 7.01 or any amounts allocable to the Series 2015-1 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 

  
 35 

 
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 2015-1 Certificateholders shall be deemed distributed in full to the Series 2015-1 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 2015-1 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 2015-1 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 2015-1 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 2015-1 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 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 2015-1 Allocable Finance 

  
 36 

 
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 2015-1 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 2015-1 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 2015-1 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 2015-1 Certificateholders shall be distributed in full to the Series 2015-1 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 2015-1 Certificateholder, by the purchase of a Certificate or its acceptance of a
beneficial interest therein, 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 2015-1 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 

  
 37 

 
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 Transferors and the Trustee,
at the time or times prescribed by the Code and at such time or times reasonably requested by the Transferors 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 Tranferors 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 Transferors shall deliver to the Trustee, at the time or times prescribed by the Internal Revenue 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 Transferors understand
that failure to provide such documentation may result in payments being subject to United States 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 Collateral Interest. 

(a)      Unless otherwise consented to by the Transferors, no portion of 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 Transferors, 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 Transferors 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
Transferors to register under the Securities Act or any other 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 2015-1 Certificates. Each Assignee will agree with the Transferors that: (a) such Assignee will deliver to the Transferors 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-

  
 38 

 
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 II,

	 as a Transferor

		
	By:		 /s/ Anderson Y. Lee

			Name: Anderson Y. Lee
			Title:   President
	
	AMERICAN EXPRESS RECEIVABLES
	 FINANCING CORPORATION III LLC,

as a Transferor

		
	By:		 /s/ Todd N. Boren

			Name: Todd N. Boren
			Title:   President
	
	AMERICAN EXPRESS RECEIVABLES
	 FINANCING CORPORATION IV LLC,

as a Transferor

		
	By:		 /s/ Denise D. Roberts

			Name: Denise D. Roberts
			Title:   President
	
	 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

as the Servicer

		
	By:		 /s/ John D. Koslow

			Name: John D. Koslow
			Title:   Assistant Treasurer
	
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:		 /s/ Leslie Morales

			Name: Leslie Morales
			Title:   Vice President

 [Signature page – Series 2015-1 Supplement] 

			
	FORM OF CLASS A CERTIFICATE		EXHIBIT A-1

  

			
	REGISTERED		$                    1/
		
	No. R-                		CUSIP No. 02582J HA1

 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 II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC or their 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 2015-1 
 CLASS A FLOATING
RATE ASSET BACKED CERTIFICATE 
 Expected Final Payment Date: 

The June 2017 Distribution Date 

Each $100,000 minimum denomination represents a 

1/10,000ths undivided interest 
 in
Class A of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2015-1 

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 Pooling and Servicing Agreement referred to below. 

(Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express Centurion Bank, American Express
Bank, FSB, American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV 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 Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and 

 
  

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

 
restated and as otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 2015-1 Supplement, dated as of July 20, 2015 (as amended and
supplemented, the “Supplement”), among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors
(together, the “Transferors”), 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 Transferors’ 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 Transferors 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 Transferors 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 Transferors. 
 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 June 2017 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 Transferors have caused this Class A Certificate to be duly
executed. 
  

	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II
	
	By:                                     
                                   
	          Name:
	          Title:
	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
	
	By:                                     
                                   
	          Name:
	          Title:
	
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC
	
	By:                                     
                                   
	          Name:
	          Title:

 Dated: July 20, 2015 

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2015-1 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 2015-1 
 CLASS A FLOATING
RATE 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 2015-1 (the “Series 2015-1 Certificates”),
and one of a class thereof entitled Class A Series 2015-1 Floating Rate 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
$1,000,000,000. 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 Transferors 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 2015-1 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 Transferors have the option to repurchase the Series 2015-1 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 2015-1
Certificateholders will not have any interest in the Receivables and the Series 2015-1 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
Transferors 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 Transferors, 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 Transferors, 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. 02582J HB9

 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 II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC or their 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 2015-1 
 CLASS B FLOATING
RATE ASSET BACKED CERTIFICATE 
 Expected Final Payment Date: 

The June 2017 Distribution Date 

Each $100,000 minimum denomination represents a 

1/31429/100ths undivided interest

 in Class B of the 
 AMERICAN
EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2015-1 
 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 Pooling and Servicing Agreement referred to below. 

(Not an interest in or obligation of American Express Travel Related Services Company, Inc., American Express Centurion Bank, American Express
Bank, FSB, American Express Receivables 
  

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

 
Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC or any of their respective affiliates) 

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 Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and otherwise amended and
supplemented, the “Agreement”), as supplemented by the Series 2015-1 Supplement, dated as of July 20, 2015 (as amended and supplemented, the “Supplement”), among American Express Receivables Financing
Corporation II, American Express Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors (together, the “Transferors”), 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 Transferors’ 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. 

  
 A-2-2 

 It is the intent of the Transferors 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 Transferors 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 Transferors. 
 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 June 2017 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 Transferors have caused this Class B Certificate to be duly executed.

  

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II
		
	By:		  

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

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

			Name:
			Title:

 Dated: July 20, 2015 

  
 A-2-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2015-1 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 2015-1 
 CLASS B FLOATING
RATE 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 2015-1 (the “Series 2015-1 Certificates”), and
one of a class thereof entitled Class B Series 2015-1 Floating Rate 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 $31,429,000. 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 2015-1 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 Transferors 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 2015-1 Certificateholders in accordance with the Agreement and the Supplement. 

  
 A-2-6 

 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 Transferors have the option to repurchase the Series 2015-1 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 next following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series 2015-1
Certificateholders will not have any interest in the Receivables and the Series 2015-1 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 Transferors 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 Transferors, 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 Transferors, 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 2015-1 
  

 
 The
undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as
of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express Receivables Financing Corporation II, American Express Receivables
Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors (together, the “Transferors”), 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 2015-1 Supplement, dated as of July 20, 2015, among TRS, the Transferors 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		$                    
				
			    (3)    		Class A Additional Interest and any Class A Additional Interest due but not paid		$                    

  
 B-1 

							
			
	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 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): 
  

  
 B-2 

							
			
	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
2015-1 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)		Pursuant to subsection 4.07(b):    		

  
 B-3 

							
			
			 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
		$                    
			
	J)		    Pursuant to subsection 4.07(i):    		

  
 B-4 

							
			
			 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):
		
			
			 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. 

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
		$                    

  
 B-5 

			
			

 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		$                    
			
	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-6 

 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 or 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
	  	$	                    	  	 		  	
				
	 B. SERIES ALLOCATIONS
	  				 		  	
	 Group Number
	  	 	                    	  	 		  	
	 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
	  	$	                    	  	 		  	

  
 C-1-1 

			                        			                        				                        			                        
	 C. GROUP ALLOCATIONS (1)
	  				 				  	
	 Group Number
	  	 	                    	  	 				  	
	 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 Investor Finance Charge Collections
	  	$	                    	  	 				  	
	 Group Expenses
	  	$	                    	  	 				  	
	 Group Reallocable Investor Finance Charge Collections
	  	$	                    	  	 				  	
	
	 (1)    Series 2009-D-II does not share in group allocations with other series. Therefore, certain
figures set forth in section “B. Series Allocations” above, which include Series 2009-D-II, will not equal the corresponding figures set forth in this section “C. Group Allocations.”

					
	 D. TRUST PERFORMANCE
	  		  				 				  	
	 Delinquencies
	  		  	 
  
 
	Percentage of
 Ending Total
Receivables
	  
   
  
	 				  	
		  	31-60 Days
 Delinquent
	  	 	                    	% 	 	 	                    	  	  	
		  	61-90 Days
 Delinquent
	  	 	                    	% 	 	 	                    	  	  	
		  	90+ Days
Delinquent	  	 	                    	% 	 	 	                    	  	  	
		  	Total 30+ Days
 Delinquent
	  	 	                    	% 	 	 	                    	  	  	
	
	 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             

  
 C-1-2 

				                        				                        				                        				                        	
	 SERIES 2015-1 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
	  	 	                    	  	 	 	                    	  	 	 	                    	  	 	 	                    	  

  
 C-1-3 

				                        				                        				                        				                        	
	 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-1-4 

							
	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-1-5 

							
			(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 Senior Minimum Monthly Interest:		$                    
				
			(3)		The amount of the distribution in respect of Collateral Senior Additional Interest:		$                    
				
			(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:		$                    

  
 C-1-6 

							
			
	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-1-7 

							
	 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 2015-1 Allocable Principal Collections
				$                        		
	 3.  Principal Allocation Percentage of Series 2015-1 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 2015-1
				$                        		
	 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.  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
				$                        		
	 4.  Treated as Shared Principal Collections
				$                        		

  
 C-1-8 

							
	 N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES
2015-1

	 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. 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
				                    %		
	 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]		

  
 C-1-9 

							
	 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-1-10 

 EXHIBIT C-2 

FORM OF ANNUAL PAYMENT INFORMATION 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2015-1 
 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 Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the
“Pooling and Servicing Agreement”), among TRS, American Express Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and American Express Receivable Financing Corporation IV LLC, as transferors
(together, the “Transferors”) 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
2015-1 Supplement, dated as of July 20, 2015, among TRS, the Transferors 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 Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (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 II, American Express
Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as Transferors, 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 2015-1 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 2015-1 Supplement, dated as of July 20, 2015 (the “Series Supplement”) to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (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 II, American Express Receivables Financing Corporation III LLC and American
Express Receivables Financing Corporation IV LLC, as Transferors, and American Express Travel Related Services Company, Inc., as Servicer. Capitalized terms used herein without definition shall have the meanings set forth in the Agreement. The
Purchaser represents to and agrees with the Transferors 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 a Transferor or any affiliate of a 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. 

  
 E-1 

	 	(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 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 II,

as Transferor

		
	By:		 
			Name:
			Title:
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC,

as Transferor

		
	By:		 
			Name:
			Title:
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC,

as Transferor

		
	By:		 
			Name:
			Title:

  
 E-2

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