Document:

EX-4.1

 Exhibit 4.1 
  

 
  

FORM OF 
 SECOND AMENDED
AND RESTATED MASTER INDENTURE 
 Dated as of June [    ], 2016 

 
  

FIRST NATIONAL MASTER NOTE TRUST, 

Issuer, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

Indenture Trustee 
  

 
  

FIRST NATIONAL MASTER NOTE TRUST 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS	  
			
	 Section 1.01.
	  	 Definitions
	  	 	2	  
	 Section 1.02.
	  	 Other Definitional Provisions
	  	 	2	  
	
	ARTICLE II	  
	THE NOTES	  
			
	 Section 2.01.
	  	 Form Generally
	  	 	3	  
	 Section 2.02.
	  	 Denominations
	  	 	4	  
	 Section 2.03.
	  	 Execution, Authentication and Delivery
	  	 	4	  
	 Section 2.04.
	  	 Authenticating Agent
	  	 	4	  
	 Section 2.05.
	  	 Registration of and Limitations on Transfer and Exchange of Notes
	  	 	6	  
	 Section 2.06.
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	8	  
	 Section 2.07.
	  	 Persons Deemed Owners
	  	 	8	  
	 Section 2.08.
	  	 Appointment of Paying Agent
	  	 	9	  
	 Section 2.09.
	  	 Access to List of Noteholders’ Names and Addresses
	  	 	9	  
	 Section 2.10.
	  	 Cancellation
	  	 	10	  
	 Section 2.11.
	  	 New Issuances
	  	 	10	  
	 Section 2.12.
	  	 Book-Entry Notes
	  	 	11	  
	 Section 2.13.
	  	 Notices to Clearing Agency or Foreign Clearing Agency
	  	 	12	  
	 Section 2.14.
	  	 Definitive Notes
	  	 	12	  
	 Section 2.15.
	  	 Global Note
	  	 	13	  
	 Section 2.16.
	  	 Meetings of Noteholders
	  	 	13	  
	 Section 2.17.
	  	 Uncertificated Classes
	  	 	13	  
	 Section 2.18.
	  	 Record Date for Voting
	  	 	13	  
	
	ARTICLE III	  
	REPRESENTATIONS AND COVENANTS OF ISSUER	  
			
	 Section 3.01.
	  	 Payment of Principal and Interest
	  	 	14	  
	 Section 3.02.
	  	 Maintenance of Office or Agency
	  	 	14	  
	 Section 3.03.
	  	 Money for Note Payments to Be Held in Trust
	  	 	14	  
	 Section 3.04.
	  	 Existence
	  	 	15	  
	 Section 3.05.
	  	 Protection of Collateral
	  	 	16	  
	 Section 3.06.
	  	 Opinions as to Collateral
	  	 	16	  
	 Section 3.07.
	  	 Performance of Obligations; Servicing of Receivables
	  	 	17	  
	 Section 3.08.
	  	 Negative Covenants
	  	 	18	  
	 Section 3.09.
	  	 Statements as to Compliance
	  	 	19	  
	 Section 3.10.
	  	 Issuer May Consolidate, Etc., Only on Certain Terms
	  	 	20	  
	 Section 3.11.
	  	 Successor Substituted
	  	 	21	  
	 Section 3.12.
	  	 No Other Business
	  	 	21	  
	 Section 3.13.
	  	 Investments
	  	 	21	  
	 Section 3.14.
	  	 Capital Expenditures
	  	 	22	  
	 Section 3.15.
	  	 Removal of Administrator
	  	 	22	  

							
	 Section 3.16.
	  	 Restricted Payments
	  	 	22	  
	 Section 3.17.
	  	 Notice of Events of Default and Pay Out Events
	  	 	22	  
	 Section 3.18.
	  	 Derivative Financial Investments
	  	 	22	  
	 Section 3.19.
	  	 Further Instruments and Acts
	  	 	22	  
	 Section 3.20.
	  	 Perfection Representations and Warranties
	  	 	22	  
	 Section 3.21.
	  	 Tax Treatment
	  	 	23	  
	
	ARTICLE IV	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 4.01.
	  	 Satisfaction and Discharge of the Indenture
	  	 	23	  
	 Section 4.02.
	  	 Application of Issuer Money
	  	 	24	  
	
	ARTICLE V	  
	PAY OUT EVENTS, DEFAULTS AND REMEDIES	  
			
	 Section 5.01.
	  	 Pay Out Events
	  	 	25	  
	 Section 5.02.
	  	 Events of Default
	  	 	25	  
	 Section 5.03.
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	26	  
	 Section 5.04.
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	27	  
	 Section 5.05.
	  	 Remedies; Priorities
	  	 	29	  
	 Section 5.06.
	  	 Optional Preservation of the Collateral
	  	 	31	  
	 Section 5.07.
	  	 Limitation on Suits
	  	 	31	  
	 Section 5.08.
	  	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	 	32	  
	 Section 5.09.
	  	 Restoration of Rights and Remedies
	  	 	32	  
	 Section 5.10.
	  	 Rights and Remedies Cumulative
	  	 	32	  
	 Section 5.11.
	  	 Delay or Omission Not Waiver
	  	 	32	  
	 Section 5.12.
	  	 Rights of Noteholders to Direct Indenture Trustee
	  	 	32	  
	 Section 5.13.
	  	 Waiver of Past Defaults
	  	 	33	  
	 Section 5.14.
	  	 Undertaking for Costs
	  	 	33	  
	 Section 5.15.
	  	 Waiver of Stay or Extension Laws
	  	 	33	  
	 Section 5.16.
	  	 Sale of Receivables
	  	 	34	  
	 Section 5.17.
	  	 Action on Notes
	  	 	34	  
	
	ARTICLE VI	  
	INDENTURE TRUSTEE	  
			
	 Section 6.01.
	  	 Duties of Indenture Trustee
	  	 	34	  
	 Section 6.02.
	  	 Notice of Pay Out Event or Event of Default
	  	 	36	  
	 Section 6.03.
	  	 Rights of Indenture Trustee
	  	 	37	  
	 Section 6.04.
	  	 Not Responsible for Recitals or Issuance of Notes
	  	 	38	  
	 Section 6.05.
	  	 Dealings With Issuer
	  	 	38	  
	 Section 6.06.
	  	 Money Held in Trust
	  	 	39	  
	 Section 6.07.
	  	 Compensation, Reimbursement and Indemnification
	  	 	39	  
	 Section 6.08.
	  	 Replacement of Indenture Trustee
	  	 	40	  
	 Section 6.09.
	  	 Successor Indenture Trustee by Merger
	  	 	41	  
	 Section 6.10.
	  	 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee
	  	 	41	  
	 Section 6.11.
	  	 Eligibility; Disqualification
	  	 	42	  
	 Section 6.12.
	  	 Preferential Collection of Claims Against
	  	 	42	  

  
 ii 

							
	 Section 6.13.
	  	 Representations and Covenants of Indenture Trustee
	  	 	42	  
	 Section 6.14.
	  	 Custody of the Collateral
	  	 	43	  
	
	ARTICLE VII	  
	NOTEHOLDERS’ LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER	  
			
	 Section 7.01.
	  	 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders
	  	 	43	  
	 Section 7.02.
	  	 Preservation of Information; Communications to Noteholders
	  	 	44	  
	 Section 7.03.
	  	 Reports by Issuer
	  	 	44	  
	 Section 7.04.
	  	 Reports by Indenture Trustee
	  	 	45	  
	
	ARTICLE VIII	  
	ALLOCATION AND APPLICATION OF COLLECTIONS	  
			
	 Section 8.01.
	  	 Collection of Money
	  	 	45	  
	 Section 8.02.
	  	 Rights of Noteholders
	  	 	45	  
	 Section 8.03.
	  	 Establishment of Collection Account and Excess Funding Account
	  	 	45	  
	 Section 8.04.
	  	 Collections and Allocations
	  	 	47	  
	 Section 8.05.
	  	 Excess Principal Collections
	  	 	48	  
	 Section 8.06.
	  	 Excess Finance Charge Collections
	  	 	49	  
	 Section 8.07.
	  	 Release of Collateral; Eligible Loan Documents
	  	 	49	  
	 Section 8.08.
	  	 Opinion of Counsel
	  	 	50	  
	
	ARTICLE IX	  
		
	 DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS
	  	 	50	  
	
	ARTICLE X	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 10.01.
	  	 Supplemental Indentures Without Consent of Noteholders
	  	 	50	  
	 Section 10.02.
	  	 Supplemental Indentures with Consent of Noteholders
	  	 	52	  
	 Section 10.03.
	  	 Execution of Supplemental Indentures
	  	 	53	  
	 Section 10.04.
	  	 Effect of Supplemental Indenture
	  	 	53	  
	 Section 10.05.
	  	 Conformity with Trust Indenture Act
	  	 	53	  
	 Section 10.06.
	  	 Reference in Notes to Supplemental Indentures
	  	 	53	  
	
	ARTICLE XI	  
	TERMINATION	  
			
	 Section 11.01.
	  	 Termination of Issuer
	  	 	54	  
	 Section 11.02.
	  	 Final Distribution
	  	 	54	  
	 Section 11.03.
	  	 Issuer’s Termination Rights
	  	 	55	  
	
	ARTICLE XII	  
	MISCELLANEOUS	  
			
	 Section 12.01.
	  	 Compliance Certificates and Opinions etc.
	  	 	55	  
	 Section 12.02.
	  	 Form of Documents Delivered to Indenture Trustee
	  	 	57	  
	 Section 12.03.
	  	 Acts of Noteholders
	  	 	58	  
	 Section 12.04.
	  	 Notices, Etc. to Indenture Trustee and Issuer
	  	 	58	  

  
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	 Section 12.05.
	  	 Notices to Noteholders; Waiver
	  	 	59	  
	 Section 12.06.
	  	 Alternate Payment and Notice Provisions
	  	 	59	  
	 Section 12.07.
	  	 Conflict with Trust Indenture Act
	  	 	60	  
	 Section 12.08.
	  	 Effect of Headings and Table of Contents
	  	 	60	  
	 Section 12.09.
	  	 Successors and Assigns
	  	 	60	  
	 Section 12.10.
	  	 Separability
	  	 	60	  
	 Section 12.11.
	  	 Benefits of Indenture
	  	 	60	  
	 Section 12.12.
	  	 Legal Holidays
	  	 	60	  
	 Section 12.13.
	  	 Governing Law; Waiver of Trial by Jury
	  	 	60	  
	 Section 12.14.
	  	 Counterparts
	  	 	60	  
	 Section 12.15.
	  	 Issuer Obligation
	  	 	60	  
	 Section 12.16.
	  	 No Petition
	  	 	61	  
	 Section 12.17.
	  	 Limited Recourse
	  	 	61	  
	
	ARTICLE XIII	  
	COMPLIANCE WITH REGULATION AB	  
			
	 Section 13.01.
	  	 Intent of Parties; Reasonableness
	  	 	61	  
	 Section 13.02.
	  	 Additional Representations and Warranties of Indenture Trustee
	  	 	62	  
	 Section 13.03.
	  	 Information to be Provided by Indenture Trustee
	  	 	62	  
	 ANNEX A
	  	 DEFINITIONS
	  	 	1	  
			
	 EXHIBIT A
	  	 FORM 10-D, FORM 10-K AND FORM 8-K REPORTING RESPONSIBILITIES
	  			
	 EXHIBIT B
	  	 ADDITIONAL DISCLOSURE NOTIFICATION
	  			
	 EXHIBIT C
	  	 SERVICING CRITERIA
	  			
	 EXHIBIT D
	  	 FORM OF INDENTURE TRUSTEE ANNUAL CERTIFICATION
	  			
			
	 ANNEX A
	  	 DEFINITIONS
	  	 	A-1	  

  
 iv 

 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE 

ACT OF 1939 AND INDENTURE PROVISIONS1 

 

			
	 Trust Indenture Act Section
	  	 Indenture Section

	310(a)(1)	  	6.11
	  (a)(2)	  	6.11
	  (a)(3)	  	6.10
	  (a)(4)	  	Not Applicable
	  (a)(5)	  	6.11
	      (b)	  	6.08, 6.11
	      (c)	  	Not Applicable
	311(a)	  	6.12
	      (b)	  	6.12
	      (c)	  	Not Applicable
	312(a)	  	7.01, 7.02(a)
	      (b)	  	7.02(b)
	      (c)	  	7.02(c)
	313(a)	  	7.04
	      (b)	  	7.04
	      (c)	  	7.03, 7.04
	      (d)	  	7.04
	314(a)	  	3.09, 7.03(a)
	      (b)	  	3.06
	  (c)(1)	  	8.07(c), 12.01(a)
	  (c)(2)	  	8.07(c), 8.08, 12.01(a)
	  (c)(3)	  	8.07(c), 12.01(a)
	  (d)(1)	  	8.07(c), 12.01(b)
	  (d)(2)	  	Not Applicable
	  (d)(3)	  	Not Applicable
	      (e)	  	12.01(a)
	315(a)	  	6.01(b)
	      (b)	  	6.02
	      (c)	  	6.01(a)
	      (d)	  	6.01(d)
	  (d)(1)	  	6.01(d)
	  (d)(2	  	6.01(d)
	  (d)(3)	  	6.01(d)
	      (e)	  	5.14
	316(a)(1)(A)	  	5.12
	316(a)(1)(B)	  	5.13
	316(a)(2)	  	Not Applicable
	316(b)	  	5.08
	316(c)	  	2.18
	317(a)(1)	  	5.04
	317(a)(2)	  	5.04(d)
	317(b)	  	5.04(a)
	318(a)	  	12.07

  
  

	1 	This reconciliation and tie shall not, for any purpose, be deemed to be part of the within indenture. 

 This SECOND AMENDED AND RESTATED MASTER INDENTURE, dated as of June
[    ], 2016, (the “Indenture”), between FIRST NATIONAL MASTER NOTE TRUST, a statutory trust organized under the laws of the State of Delaware (“Issuer”), and U.S. Bank National Association, a national
banking association with the authority to exercise trust powers, as indenture trustee (“Indenture Trustee”). The Indenture may be supplemented at any time and from time to time by an indenture supplement in accordance with Article X
(an “Indenture Supplement,” and together with the Indenture and any amendments, the “Agreement”). If a conflict exists between the terms and provisions of the Indenture and any Indenture Supplement, the terms and provisions of
the Indenture Supplement shall be controlling with respect to the related Series. 
 PRELIMINARY STATEMENTS 

Issuer has duly authorized the execution and delivery of the Indenture to provide for an issue of its Notes as provided in the
Indenture. All covenants and agreements made by Issuer herein are for the benefit and security of the Noteholders. Issuer is entering into the Indenture, and Indenture Trustee is accepting the trusts created hereby, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged. 
 Simultaneously with the delivery of the Indenture, Issuer is
entering into a Second Amended and Restated Transfer and Servicing Agreement with First National Funding LLC, a Nebraska limited liability company, as Transferor, and First National Bank of Omaha, a national banking association, as Servicer,
pursuant to which (a) Transferor will convey to Issuer all of its right, title and interest in, to and under the Receivables arising in the Accounts from time to time, which Transferor will have received from FNBO pursuant to the Receivables
Purchase Agreement and (b) Servicer will agree to service the Receivables and make collections thereon on behalf of the Noteholders. 

The Issuer and the Indenture Trustee, or their predecessors in interest, had previously entered into a Master Indenture, dated as of October
24, 2002, as amended by First Amendment to Master Indenture, dated as of November 17, 2003 (the “Original Indenture”) and as amended and restated, in its entirety, by a First Amended and Restated Master Indenture dated as of December 20,
2012 (the “Existing Indenture”). This Indenture amends and restates, in its entirety, the Existing Indenture and constitutes an indenture supplemental to the Existing Indenture pursuant to Section 10.02(b) of the Existing Indenture. 

GRANTING CLAUSE 
 Issuer
hereby Grants to Indenture Trustee, for the benefit of the Holders of the Notes and the Enhancement Providers, all of Issuer’s right, title and interest, whether now owned or hereafter acquired, in, to and under (a) the Receivables,
(b) Collections and Recoveries related to and all money, instruments, investment property and other property distributed or distributable in respect of (together with all earnings, dividends, distributions, income, issues, and profits relating
to) the Receivables pursuant to the terms of the Transfer and Servicing Agreement, the Indenture and any Indenture Supplement; (c) all Permitted Investments and all money, investment property, instruments and other property on deposit from time
to time in, credited to or related to the Collection Account, the Series Accounts and the Excess Funding Account 

 
(including any subaccounts of any such account), and in all interest, dividends, earnings, income and other distributions from time to time received, receivable or otherwise distributed or
distributable thereto or in respect thereof (including any accrued discount realized on liquidation of any investment purchased at a discount); (d) all rights, remedies, powers, privileges and claims of Issuer under or with respect to any
Enhancement and the Transfer and Servicing Agreement (whether arising pursuant to the terms of the related Enhancement Agreement or the Transfer and Servicing Agreement or otherwise available to Issuer at law or in equity), including the rights of
Issuer to enforce such Enhancement Agreement or the Transfer and Servicing Agreement, and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to such Enhancement Agreement
or the Transfer and Servicing Agreement to the same extent as Issuer could but for the assignment and security interest granted to Indenture Trustee for the benefit of the Noteholders; (e) all Insurance Proceeds; (f) all proceeds of any
derivative contracts between Issuer and a counterparty, as described in any Indenture Supplement; (g) all money, accounts, general intangibles, chattel paper, instruments, documents, goods, investment property, deposit accounts, letters of
credit, and letter-of-credit rights consisting of, arising from or related to the foregoing; (h) all other property of Issuer; (i) all present and future
claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds, products,
rents, receipts or profits of the conversion, voluntary or involuntary, into cash or other property, all cash and non-cash proceeds, and other property consisting of, arising from or relating to all or any
part of any of the foregoing; and (j) any proceeds of the foregoing (collectively, the “Collateral”). 
 LIMITED RECOURSE

 The obligation of Issuer to make payments of principal, interest and other amounts in respect of the Notes is limited by recourse
only to the Collateral. 
 ARTICLE I 

DEFINITIONS 
 Section
1.01. Definitions. Capitalized terms used herein are defined in Annex A. 
 Section 1.02. Other
Definitional Provisions. 
 (a) All terms defined directly or by reference in the Indenture shall have the defined
meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of the Indenture and all such certificates and other documents, unless the context otherwise requires:
(i) accounting terms not otherwise defined in the Indenture, and accounting terms partly defined in the Indenture to the extent not defined, shall have the respective meanings given to them under GAAP; (ii) terms defined in Article 9
of the UCC as in effect in the State of Nebraska and not otherwise defined in the Indenture are used as defined in that Article; (iii) any reference to each Rating Agency shall only apply to any specific rating agency if such rating agency is
then rating any outstanding Series at the request of the Issuer; 

  
 2 

 
(iv) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (v) the words “hereof,”
“herein” and “hereunder” and words of similar import refer to the Indenture (or the certificate or other document in which they are used) as a whole and not to any particular provision of the Indenture (or such certificate or
document); (vi) references to any Section, Annex, Schedule or Exhibit are references to Sections, Annexes, Schedules and Exhibits in or to the Indenture (or the certificate or other document in which the reference is made), and references to
any paragraph, Section, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (vii) the term “including” means “including
without limitation”; (viii) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (ix) references to any Person include that Person’s
successors and assigns; (x) references to any agreement refer to that agreement as amended, amended and restated, supplemented or otherwise modified from time to time; and (xi) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof. 
 (b) Whenever the Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of the Indenture. The following TIA terms used in the Indenture have the following meanings: 

(i) “indenture securities” means the Notes; 

(ii) “indenture security holder” means a Noteholder; 

(iii) “indenture to be qualified” means the Indenture; 

(iv) “indenture trustee” or “institutional trustee” means Indenture Trustee; and 

(v) “obligor” on the indenture securities means Issuer and any other obligor on the indenture securities. 

All other TIA terms used in the Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meanings assigned to them by such definitions. 
 ARTICLE II 

THE NOTES 
 Section
2.01. Form Generally. Any Series or Class of Notes, together with Indenture Trustee’s certificate of authentication related thereto, may be issued in bearer form (the “Bearer Notes”) with attached interest
coupons and a special coupon (collectively, the “Coupons”) or in fully registered form (the “Registered Notes”) and shall be in substantially the form of an exhibit to the related Indenture Supplement with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by the Indenture or such Indenture Supplement, and may have such letters, numbers or other marks of identification and such legends or endorsements

  
 3 

 
placed thereon, as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be
set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. The terms of any Notes set forth in an exhibit to the related Indenture Supplement are part of the terms of the Indenture, as applicable. 

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods, all as
determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Each Note will be dated the related
Closing Date and each Definitive Note will be dated as of the date of its authentication. 
 Section
2.02. Denominations. Except as otherwise specified in the related Indenture Supplement and the Notes, each class of Notes of each Series shall be issued in fully registered form in minimum amounts of $1,000 and in
integral multiples of $1,000 in excess thereof (except that one Note of each Class may be issued in a different amount, so long as such amount exceeds the applicable minimum denomination for such Class), and shall be issued upon initial issuance as
one or more Notes in an aggregate original principal amount equal to the applicable Note Principal Balance for such Class or Series. 

Section 2.03. Execution, Authentication and Delivery. Each Note shall be executed by manual or facsimile
signature on behalf of Issuer by an Authorized Officer. 
 Notes bearing the manual or facsimile signature of an individual who was, at the
time when such signature was affixed, authorized to sign on behalf of Issuer shall not be rendered invalid, notwithstanding the fact that such individual ceased to be so authorized prior to the authentication and delivery of such Notes or does not
hold such office at the date of issuance of such Notes. 
 At any time and from time to time after the execution and delivery of the
Indenture, Issuer may deliver Notes executed by Issuer to Indenture Trustee for authentication and delivery, and Indenture Trustee shall authenticate at the written direction of Issuer and deliver such Notes as provided in the Indenture or the
related Indenture Supplement and not otherwise.
 No Note shall be entitled to any benefit under the Indenture or the applicable Indenture
Supplement or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein or in the related Indenture Supplement executed by or on behalf of Indenture
Trustee by the manual signature of a duly authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.04. Authenticating Agent. 

(a) Indenture Trustee, at the expense of Issuer, may appoint one or more authenticating agents with respect to the Notes which
shall be authorized to act on behalf of Indenture Trustee in authenticating the Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Notes. Whenever reference is

  
 4 

 
made in the Indenture to the authentication of Notes by Indenture Trustee or Indenture Trustee’s certificate of authentication, such reference shall be deemed to include authentication on
behalf of Indenture Trustee by an authenticating agent and a certificate of authentication executed on behalf of Indenture Trustee by an authenticating agent. Each authenticating agent must be acceptable to Issuer and Servicer. 

(b) Any institution succeeding to the corporate agency business of an authenticating agent shall continue to be an
authenticating agent without the execution or filing of any power or any further act on the part of Indenture Trustee or such authenticating agent. 

(c) An authenticating agent may at any time resign by giving written notice of resignation to Indenture Trustee, Issuer and
Servicer. Indenture Trustee may at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and to Issuer and Servicer. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time an authenticating agent shall cease to be acceptable to Indenture Trustee or Issuer and Servicer, Indenture Trustee may promptly appoint a successor authenticating agent. Any successor authenticating agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an authenticating agent. No successor authenticating agent shall be appointed
unless acceptable to Issuer and Servicer. 
 (d) Issuer agrees to pay to each authenticating agent from time to time
reasonable compensation for its services under this Section 2.04. 
 (e) The provisions of Sections 6.01 and 6.04
shall be applicable to any authenticating agent. 
 (f) Pursuant to an appointment made under this Section 2.04, the
Notes may have endorsed thereon, in lieu of or in addition to Indenture Trustee’s certificate of authentication, an alternative certificate of authentication in substantially the following form: 

“This is one of the Notes described in the within-mentioned Agreement. 

 

					
	as Authenticating Agent
for Indenture Trustee	  	
		
	By:	  	
		
	Authorized Signatory”	  	
			
	Dated:	 	  
	  	

  
 5 

 Section 2.05. Registration of and Limitations on Transfer and Exchange of
Notes. Issuer shall cause to be kept a register (the “Note Register”) in which Issuer shall provide for the registration of Notes and the registration of transfers of Notes. Indenture Trustee initially shall be Transfer Agent and
Registrar (in such capacity, the “Transfer Agent and Registrar”) for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Transfer Agent and Registrar, Issuer shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties of Transfer Agent and Registrar. 
 If a Person other than
Indenture Trustee is appointed by Issuer as Transfer Agent and Registrar, Issuer will give Indenture Trustee prompt written notice of the appointment of a Transfer Agent and Registrar and of the location, and any change in the location, of Transfer
Agent and Registrar and Note Register. Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and Indenture Trustee shall have the right to conclusively rely upon a certificate
executed on behalf of Transfer Agent and Registrar by an officer thereof as to the names and addresses of the Noteholders and the principal amounts and numbers of such Notes. 

Upon surrender for registration of transfer of any Note at the office or agency of Transfer Agent and Registrar, to be maintained as provided
in Section 3.02, if the requirements of Section 8-401 of the UCC are met as certified by Issuer to Indenture Trustee, Issuer shall execute, and upon receipt of such surrendered Note, Indenture
Trustee shall authenticate and deliver to the Noteholder, in the name of the designated transferee or transferees, one or more new Notes (of the same Series and Class) in any authorized denominations of like aggregate principal amount. 

At the option of a Noteholder, Notes may be exchanged for other Notes (of the same Series and Class) in any authorized denominations and of
like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of Transfer Agent and Registrar. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met as certified by Issuer to Indenture Trustee, Issuer shall execute, and upon receipt of such surrendered Note, Indenture Trustee shall authenticate and deliver to the
Noteholder, the Notes which the Noteholder making the exchange is entitled to receive. 
 All Notes issued upon any registration of transfer
or exchange of Notes shall evidence the same obligations, evidence the same debt, and be entitled to the same rights and privileges under the Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in a form satisfactory to Indenture Trustee duly executed by, the Noteholder thereof or its attorney-in-fact duly authorized in writing, and by
such other documents as Indenture Trustee may reasonably require. 
 Any Note held by Transferor at any time after the date of its initial
issuance may be transferred or exchanged only upon the delivery to the Owner Trustee and Indenture Trustee of a Tax Opinion dated as of the date of such transfer or exchange, as the case may be, with respect to such transfer or exchange. 

  
 6 

 The registration of transfer of any Note shall be subject to the additional requirements, if any,
set forth in the related Indenture Supplement. 
 No service charge shall be made for any registration of transfer or exchange of Notes, but
Issuer and 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 with any registration of transfer or exchange of such Notes. 

All Notes surrendered for registration of transfer and exchange shall be canceled by Issuer and delivered to Indenture Trustee for subsequent
destruction without liability on the part of either. Indenture Trustee shall destroy the Global Note upon its exchange in full for Definitive Notes and shall deliver a certificate of destruction to Transferor. Such certificate shall also
state that a certificate or certificates of each Foreign Clearing Agency referred to in the applicable Indenture Supplement was received with respect to each portion of the Global Note exchanged for Definitive Notes. 

The preceding provisions of this Section 2.05 notwithstanding, Issuer shall not be required to make, and Transfer Agent and Registrar
need not register, transfers or exchanges of Notes for a period of twenty (20) days preceding the due date for any payment with respect to the Note. 

If and so long as any Series of Notes are listed on the Luxembourg Stock Exchange and such exchange shall so require, Issuer shall appoint a co-transfer agent and co-registrar in Luxembourg or another European city. Any reference in the Indenture to Transfer Agent and Registrar shall include any co-transfer agent and co-registrar unless the context otherwise requires. Indenture Trustee will enter into any appropriate agency agreement with any co-transfer agent and co-registrar not a party to the Indenture, which will implement the provisions of the Indenture that relate to such agent. 

Notwithstanding any other provision of the Indenture, with respect to any Notes for which an Opinion of Counsel has not been issued opining on
the treatment of such Notes as debt for federal income tax purposes, no transfer (or purported transfer) of all or any part of such Notes (or any economic interest therein) shall be effective, and any such transfer (or purported transfer) shall be
void ab initio, and no Person shall otherwise become a Holder of such Notes if (i) at the time of transfer (or purported transfer) such Notes are traded on an established securities market or readily tradeable on a secondary market or
(ii) after such transfer (or purported transfer) the Trust would have more than 95 Holders of such Notes and any other interests in the Trust for which an Opinion of Counsel is not rendered in connection with the issuance of such interest
to the effect that such interest will be characterized as debt for federal income tax purposes. For purposes of determining whether the Trust will have more than 95 Holders, each Person indirectly owning an interest in the Trust through a
partnership (including an entity treated as a partnership for federal income tax purposes), a grantor trust or an S corporation (each such entity a “flow through entity”) shall be treated as a Holder unless the Servicer determines,
after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Trust. 

  
 7 

 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. If
(a) any mutilated Note is surrendered to Indenture Trustee, or Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (b) in case of destruction, loss, or theft there is delivered to
Indenture Trustee such security or indemnity as may be required by it to hold Issuer, the Noteholders, Indenture Trustee and Transfer Agent and Registrar harmless, then, in the absence of notice to Issuer, Transfer Agent and Registrar or Indenture
Trustee that such Note has been acquired by a protected purchaser (as defined in Section 8-303 of the UCC as in effect in the State of Nebraska), Issuer shall execute, and Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor (including the same date of issuance) and principal amount, bearing a number not contemporaneously
outstanding; provided, however, that if any such mutilated, destroyed, lost or stolen Note shall have become or within seven (7) days shall be due and payable, or shall have been selected or called for redemption, instead of issuing a
replacement Note, Issuer may pay such Note without surrender thereof, except that any mutilated Note shall be surrendered. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to
the preceding sentence, a protected purchaser (as defined in Section 8-303 of the UCC as in effect in the State of Nebraska) of the original Note in lieu of which such replacement Note was issued presents
for payment such original Note, Issuer and Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by Issuer or
Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section 2.06, Issuer may require the
payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of Indenture Trustee or Transfer Agent
and Registrar) connected therewith. 
 Every replacement Note issued pursuant to this Section 2.06 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute complete and indefeasible evidence of an obligation of the Trust, as if originally issued, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time, and shall be entitled
to all the benefits of the Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of
this Section 2.06 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.07. Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, Issuer,
Transferor, Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee shall treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving distributions pursuant to the terms of the
applicable Indenture Supplement and for all other purposes whatsoever, whether or not such Note is overdue, and neither Issuer, Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture Trustee shall be affected by any notice to
the contrary. 

  
 8 

 Section 2.08. Appointment of Paying Agent. 

(a) Issuer reserves the right at any time to vary or terminate the appointment of a Paying Agent for the Notes, and to appoint
additional or other Paying Agents, provided that it will at all times maintain Indenture Trustee as a Paying Agent. 
 If and
so long as any Notes are listed on the Luxembourg Stock Exchange and such exchange shall so require, Issuer will appoint a co-paying agent in Luxembourg or another European city. Indenture Trustee will
enter into any appropriate agency agreement with any co-paying agent not a party to the Indenture, which will implement the provisions of the Indenture that relate to such agent. 

Notice of all changes in the identity or specified office of a Paying Agent will be delivered promptly to the Noteholders by
Indenture Trustee. 
 (b) Indenture Trustee shall cause each Paying Agent (other than itself) to execute and deliver to
Indenture Trustee an instrument in which such Paying Agent shall agree with Indenture Trustee that such Paying Agent will hold all sums, if any, held by it for payment to the Noteholders in trust for the benefit of the Noteholders entitled thereto
until such sums shall be paid to such Noteholders and shall agree, and if Indenture Trustee is Paying Agent it hereby agrees, that it shall comply with all requirements of the Code regarding the withholding by Indenture Trustee of payments in
respect of federal income taxes due from the Note Owners. 
 Section 2.09. Access to List of Noteholders’ Names and
Addresses. 
 (a) Issuer will furnish or cause to be furnished to Indenture Trustee, Servicer or Paying
Agent, within five (5) Business Days after receipt by Issuer of a written request therefor from Indenture Trustee, Servicer or Paying Agent, respectively, a list of the names and addresses of the Noteholders. Unless otherwise provided in the
related Indenture Supplement, the Holders of not less than 10% of the principal balance of the Outstanding Notes of any Series (the “Applicants”) may apply in writing to Indenture Trustee, and if such application states that the Applicants
desire to communicate with other Noteholders of any Series with respect to their rights under the Indenture or under the Notes and is accompanied by a copy of the communication which such Applicants propose to transmit, then Indenture Trustee, after
having been adequately indemnified by such Applicants for its costs and expenses, shall afford or shall cause Transfer Agent and Registrar to afford such Applicants access during normal business hours to the most recent list of Noteholders held by
Indenture Trustee and shall give Servicer notice that such request has been made, within five (5) Business Days after the receipt of such application. Such list shall be as of a date no more than
forty-five (45) days prior to the date of receipt of such Applicants’ request. 

(b) Every Noteholder, by receiving and holding a Note, agrees that none of Issuer, Indenture Trustee, Transfer Agent and
Registrar and Servicer or any of their respective agents and employees shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders hereunder, regardless of the sources from which
such information was derived. 

  
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 Section 2.10. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than Indenture Trustee, be delivered to Indenture Trustee and shall be promptly canceled by it. Issuer may at any time deliver to Indenture Trustee for
cancellation any Notes previously authenticated and delivered hereunder which Issuer may have acquired in any lawful manner whatsoever, and all Notes so delivered shall be promptly canceled by Indenture Trustee. No Notes shall be authenticated
in lieu of or in exchange for any Notes canceled as provided in this Section 2.10, except as expressly permitted by the Indenture. All canceled Notes held by Indenture Trustee shall be disposed of by it in its customary manner unless
Issuer shall direct Indenture Trustee in a timely manner that they be returned to Issuer. 
 Section 2.11. New
Issuances. 
 (a) Pursuant to one or more Indenture Supplements, Transferor may from time to time direct the Owner
Trustee, on behalf of Issuer, to issue one or more new Series of Notes (a “New Issuance”). The Notes of all outstanding Series shall be equally and ratably entitled as provided herein to the benefits of the Indenture without preference,
priority or distinction, all in accordance with the terms and provisions of the Indenture and the applicable Indenture Supplement except, with respect to any Series or Class, as provided in the related Indenture Supplement. Interest on and principal
of the Notes of each outstanding Series shall be paid as specified in the Indenture Supplement relating to such outstanding Series. 

(b) On or before the Closing Date relating to any new Series of Notes, the parties hereto will execute and deliver an Indenture
Supplement which will specify the Principal Terms of such Series. The terms of such Indenture Supplement may modify or amend the terms of the Indenture solely as applied to such new Series. The obligation of the Owner Trustee to execute, on behalf
of Issuer, the Notes of any Series and of Indenture Trustee to authenticate such Notes (other than any Series issued pursuant to an Indenture Supplement dated as of the date hereof) and to execute and deliver the related Indenture Supplement is
subject to the satisfaction of the following conditions: 
 (i) on or before the fifth Business Day immediately preceding the
Closing Date, Transferor shall have given Owner Trustee, Indenture Trustee, Servicer and each Rating Agency notice (unless such notice requirement is otherwise waived) of such issuance and the Closing Date; 

(ii) Transferor shall have delivered to Owner Trustee and Indenture Trustee any related Indenture Supplement, in form
satisfactory to Owner Trustee and Indenture Trustee, executed by each party hereto (other than Indenture Trustee); 

  
 10 

 (iii) Transferor shall have delivered to Owner Trustee and Indenture Trustee any
related Enhancement Agreement executed by Transferor and Enhancement Provider; 
 (iv) the Rating Agency Condition shall have
been satisfied with respect to such issuance; 
 (v) Transferor shall have delivered to Owner Trustee and Indenture Trustee
an Officer’s Certificate, dated the Closing Date to the effect that Transferor reasonably believes that such issuance will not, based on the facts known to such officer at the time of such certification have an Adverse Effect; 

(vi) Transferor shall have delivered to Owner Trustee and Indenture Trustee (with a copy to each Rating Agency) a Tax Opinion,
dated the Closing Date with respect to such issuance; and 
 (vii) Transferor shall have delivered to Owner Trustee and
Indenture Trustee an Officer’s Certificate stating that (A) the Transferor Interest shall not be less than the Minimum Transferor Interest and (B) the Aggregate Principal Balance shall not be less than the Minimum Aggregate Principal
Receivables, in each case as of the Closing Date and after giving effect to such issuance. 
 (c) Upon satisfaction of the
above conditions, as evidenced by an Officer’s Certificate of Transferor, pursuant to Section 2.03, Owner Trustee, on behalf of Issuer, shall execute and Indenture Trustee shall upon written direction of Issuer authenticate and deliver the
Notes of such Series as provided in the Indenture and the applicable Indenture Supplement. 
 (d) Issuer may direct Indenture
Trustee in writing to deposit the net proceeds from any New Issuance in the Excess Funding Account. Issuer may also specify that on any Transfer Date the proceeds from the sale of any new Series may be withdrawn from the Excess Funding Account and
treated as Excess Principal Collections. 
 Section
2.12. Book-Entry Notes. Unless otherwise provided in any related Indenture Supplement, the Notes, upon original issuance, shall be issued in the form of typewritten or
printed Notes representing the Book-Entry Notes to be delivered to the depository specified in such Indenture Supplement which shall be the Clearing Agency or Foreign Clearing Agency, by or on behalf of such
Series. 
 The Notes of each Series shall, unless otherwise provided in the related Indenture Supplement, initially be registered in the
Note Register in the name of the nominee of the Clearing Agency or Foreign Clearing Agency for such Book-Entry Notes and shall be delivered to Indenture Trustee or, pursuant to such Clearing Agency’s or
Foreign Clearing Agency’s instructions held by Indenture Trustee’s agent as custodian for the Clearing Agency or Foreign Clearing Agency. 

Unless and until Definitive Notes are issued under the limited circumstances described in Section 2.14, no Note Owner shall be entitled
to receive a Definitive Note representing such Note Owner’s interest in such Note. Unless and until Definitive Notes have been issued to the Note Owners pursuant to Section 2.14: 

(a) the provisions of this Section 2.12 shall be in full force and effect with respect to each such Series; 

  
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 (b) Indenture Trustee shall be entitled to deal with the Clearing Agency or
Foreign Clearing Agency and the Clearing Agency Participants for all purposes of the Indenture (including the payment of principal of and interest on the Notes of each such Series) as the authorized representatives of the Note Owners; 

(c) to the extent that the provisions of this Section 2.12 conflict with any other provisions of the Indenture, the
provisions of this Section 2.12 shall control with respect to each such Series; 
 (d) the rights of Note Owners of each
such Series shall be exercised only through the Clearing Agency or Foreign Clearing Agency and the applicable Clearing Agency Participants and shall be limited to those established by law and agreements between such Note Owners and the Clearing
Agency or Foreign Clearing Agency and/or the Clearing Agency Participants. Pursuant to the depository agreement applicable to a Series, unless and until Definitive Notes of such Series are issued pursuant to Section 2.14, the initial Clearing
Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal and interest on the Notes to such Clearing Agency Participants; and 

(e) whenever the Indenture requires or permits actions to be taken based upon instructions or directions of the Holders of
Notes representing a specified percentage of the Outstanding Amount, the Clearing Agency or Foreign Clearing Agency shall be deemed to represent such percentage only to the extent that they have received instructions to such effect from the Note
Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to Indenture Trustee. 

Section 2.13. Notices to Clearing Agency or Foreign Clearing Agency. Whenever a notice or other communication
to the Noteholders is required under the Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.14, Indenture Trustee shall give all such notices and communications specified herein to be given
to Noteholders to the Clearing Agency or Foreign Clearing Agency, as applicable, and shall have no obligation to the Note Owners. 

Section 2.14. Definitive Notes. If (i)(A) Transferor advises Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to discharge properly its responsibilities as Clearing Agency with respect to the Book-Entry Notes of a given Class or Series and (B) Indenture Trustee or
Issuer is unable to locate and reach an agreement on satisfactory terms with a qualified successor, (ii) Transferor, at its option, advises Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency with respect to such Class or Series or (iii) after the occurrence of a Servicer Default, a Pay Out Event or an Event of

  
 12 

 
Default, Note Owners of Notes evidencing more than 50% of the Outstanding Amount (or such other percentage as specified in the related Indenture Supplement) of such Class or Series, as
applicable, advise Indenture Trustee and the applicable Clearing Agency through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system is no longer in the best
interests of the Note Owners of such Class or Series, the Clearing Agency shall notify all Note Owners of such Class or Series of the occurrence of such event and of the availability of Definitive Notes to Note Owners of such Class or Series
requesting the same. Upon surrender to Indenture Trustee of the Notes of such Class or Series, accompanied by registration instructions from the applicable Clearing Agency, Issuer shall execute and Indenture Trustee shall authenticate
Definitive Notes of such Class or Series and shall recognize the registered holders of such Definitive Notes as Noteholders under the Indenture. Neither Issuer nor Indenture Trustee shall be liable for any delay in delivery of such
instructions, and Issuer and Indenture Trustee may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Notes of such Class or Series, all references herein to obligations imposed
upon or to be performed by the applicable Clearing Agency or Foreign Clearing Agency shall be deemed to be imposed upon and performed by Indenture Trustee, to the extent applicable with respect to such Definitive Notes, and Indenture Trustee shall
recognize the registered holders of the Definitive Notes of such Class or Series as Noteholders of such Class or Series hereunder. Definitive Notes will be transferable and exchangeable at the offices of Transfer Agent and Registrar. 

Section 2.15. Global Note. If specified in the related Indenture Supplement for any Series, Notes may be initially
issued in the form of a single temporary Global Note (the “Global Note”) in bearer form, without interest coupons, in the denomination of the initial principal amount and substantially in the form attached to the related Indenture
Supplement. Unless otherwise specified in the related Indenture Supplement, the provisions of this Section 2.15 shall apply to such Global Note. The Global Note will be authenticated by Indenture Trustee upon the same conditions, in
substantially the same manner and with the same effect as the Definitive Notes. The Global Note may be exchanged in the manner described in the related Indenture Supplement for Registered Notes or Bearer Notes in definitive form. Except as otherwise
specifically provided in the Indenture Supplement, any Notes that are issued in bearer form pursuant to the Indenture shall be issued in accordance with the requirements of Code section 163(f)(2). 

Section 2.16. Meetings of Noteholders. To the extent provided by the Indenture Supplement for any Series issued
in whole or in part in Bearer Notes, Servicer or Indenture Trustee may at any time call a meeting of the Noteholders of such Series, to be held at such time and at such place as Servicer and Indenture Trustee, as the case may be, shall determine,
for the purpose of approving a modification or amendment to, or obtaining a waiver of, any covenant or condition set forth in the Indenture with respect to such Series or in the Notes of such Series, subject to Article X. 

Section 2.17. Uncertificated Classes. Notwithstanding anything to the contrary contained in this
Article II or in Article XI, unless otherwise specified in any Indenture Supplement, any provisions contained in this Article II and in Article XI relating to the registration, form, execution, authentication, delivery,
presentation, cancellation and surrender of Notes shall not be applicable to any uncertificated Notes, provided, however, that, except as otherwise specifically provided in the Indenture Supplement, any such uncertificated Notes shall be
issued in “registered form” within the meaning of Code section 163(f)(1). 
 Section 2.18. Record Date
for Voting. The record date for purposes of determining the identity of Noteholders and Noteowners entitled to vote or consent to any action pursuant to the Indenture or any Indenture Supplement shall be as specified in TIA § 316(c).

  
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 ARTICLE III 

REPRESENTATIONS AND COVENANTS OF ISSUER 

Section 3.01. Payment of Principal and Interest. 

(a) Issuer will duly and punctually pay principal and interest in accordance with the terms of the Notes as specified in the
relevant Indenture Supplement. 
 (b) The Noteholders of a Series as of the Record Date in respect of a Distribution Date
shall be entitled to the interest accrued and payable and principal payable on such Distribution Date as specified in the related Indenture Supplement. All payment obligations under a Note are discharged to the extent such payments are made to the
Noteholder of record. 
 Section 3.02. Maintenance of Office or Agency. Issuer will maintain an office or
agency within the State of New York and such other locations as may be set forth in an Indenture Supplement where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and
where notices and demands to or upon Issuer in respect of the Notes and the Indenture may be served. Issuer hereby initially appoints Indenture Trustee at its Corporate Trust Office to serve as its agent for the foregoing purposes. Issuer
will give prompt written notice to Indenture Trustee and the Noteholders of the location, and of any change in the location, of any such office or agency. If at any time Issuer shall fail to maintain any such office or agency or shall fail to
furnish Indenture Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and Issuer hereby appoints Indenture Trustee at its Corporate Trust Office as its agent to
receive all such presentations, surrenders, notices and demands. 
 Section 3.03. Money for Note Payments to Be Held
in Trust. All payments of amounts due and payable with respect to the Notes which are to be made from amounts withdrawn from the Collection Account and the Excess Funding Account shall be made on behalf of Issuer by Indenture Trustee or by
Paying Agent, and no amounts so withdrawn from the Collection Account or the Excess Funding Account shall be paid over to or at the direction of Issuer except as provided in this Section 3.03 and in the related Indenture Supplement. 

Whenever Issuer shall have a Paying Agent in addition to Indenture Trustee, it will, on or before the Business Day next preceding each
Distribution Date, direct Indenture Trustee to deposit with such Paying Agent on or before such Distribution Date an aggregate sum sufficient to pay the amounts then becoming due, such sum to be (i) held in trust for the benefit of Persons
entitled thereto and (ii) invested, pursuant to an Issuer Order, by Paying Agent in Permitted Investments in accordance with the terms of the related Indenture Supplement. For all 

  
 14 

 
investments made by a Paying Agent under this Section 3.03, such Paying Agent shall be entitled to all of the rights and obligations of Indenture Trustee under the related Indenture
Supplement, such rights and obligations being incorporated in this paragraph by this reference. 
 Issuer will cause each Paying Agent other
than Indenture Trustee to execute and deliver to Indenture Trustee an instrument in which such Paying Agent shall agree with Indenture Trustee (and if Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section 3.03, that such Paying Agent, in acting as Paying Agent, is an express agent of Issuer and, further, that such Paying Agent will: 

(a) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(b) give Indenture Trustee written notice of any default by Issuer (or any other obligor upon the Notes) of which it has actual
knowledge in the making of any payment required to be made with respect to the Notes; 
 (c) at any time during the
continuance of any such default, upon the written request of Indenture Trustee, forthwith pay to Indenture Trustee all sums so held in trust by such Paying Agent; 

(d) immediately resign as a Paying Agent and forthwith pay to Indenture Trustee all sums held by it in trust for the payment of
Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(e) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 Issuer
may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to Indenture Trustee all sums held in trust by such Paying Agent, such sums to be
held by Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such payment by any Paying Agent to Indenture Trustee, such Paying Agent shall be released from all further liability with respect
to such sums. 
 Section 3.04. Existence. Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case Issuer
will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other related instrument or agreement. 

  
 15 

 Section 3.05. Protection of Collateral. Issuer will from time to
time prepare, or cause to be prepared, execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action
necessary or advisable to: 
 (a) grant more effectively all or any portion of the Collateral as security for the Notes; 

(b) maintain or preserve the lien (and the priority thereof) of the Indenture or to carry out more effectively the purposes
hereof; 
 (c) perfect, publish notice of, or protect the validity of any Grant made or to be made under the Indenture; 

(d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral securing the Notes and the rights therein of Indenture Trustee and the
Noteholders secured thereby against the claims of all Persons and parties. 
 Issuer hereby designates Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required pursuant to this Section 3.05 and provided to it. 

Issuer shall pay or cause to be paid any taxes levied on all or any part of the Collateral securing the Notes. 

Section 3.06. Opinions as to Collateral. 

(a) On the Closing Date relating to any new Series of Notes, Issuer shall furnish to Indenture Trustee an Opinion of Counsel
(with a copy to each Rating Agency) either stating that, in the opinion of such counsel, such action has been taken to perfect the lien and security interest of the Indenture, including with respect to the recording and filing of the Indenture, any
indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are so necessary and reciting the details of such action, or stating that, in
the opinion of such counsel, no such action is necessary to maintain the perfection of such lien and security interest. 

(b) On or before March 31 in each calendar year, beginning in 2003, Issuer shall furnish to Indenture Trustee an Opinion
of Counsel satisfactory to the Rating Agencies either stating that, in the opinion of such counsel, such action has been taken to perfect the lien and security interest of the Indenture, including with respect to the recording, filing, re-recording and refiling of the Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements
as is so necessary and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of

  
 16 

 
Counsel shall also describe the recording, filing, re-recording and refiling of the Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the perfection of the lien and security interest of the Indenture until March 31
in the following calendar year. 
 Section 3.07. Performance of Obligations; Servicing of Receivables. 

(a) Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would
release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or
impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Indenture, the Transfer and Servicing Agreement or such other instrument or agreement. 

(b) Issuer may contract with other Persons to assist it in performing its duties under the Indenture, and any performance of
such duties by a Person identified to Indenture Trustee in an Officer’s Certificate of Issuer shall be deemed to be action taken by Issuer. Initially, Issuer has contracted with Administrator to assist Issuer in performing its duties under the
Indenture. 
 (c) Issuer will punctually perform and observe all of its obligations and agreements contained in the
Indenture, the other Transaction Documents and in the instruments and agreements relating to the Collateral, including but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed by
the terms of the Indenture, the Transfer and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

(d) If Issuer shall have knowledge of the occurrence of a Servicer Default under the Transfer and Servicing Agreement, Issuer
shall promptly notify the Rating Agencies thereof, and specify in such notice the action, if any, being taken with respect to such default. If a Servicer Default arises from the failure of Servicer to perform any of its duties or obligations under
the Transfer and Servicing Agreement with respect to the Receivables, Issuer shall take all reasonable steps available to it to remedy such failure. 

(e) On and after the receipt by Servicer of a Termination Notice pursuant to Section 7.01 of the Transfer and Servicing
Agreement, Servicer shall continue to perform all servicing functions under the Transfer and Servicing Agreement until the date specified in the Termination Notice or until a date mutually agreed upon by Servicer and Indenture Trustee. As promptly
as possible after the giving of a Termination Notice to Servicer, Indenture Trustee shall appoint a Successor Servicer, and such Successor Servicer shall accept its appointment by a written assumption. In the event that a Successor Servicer has not
been appointed and accepted its appointment at the time when Servicer ceases to act as Servicer, Indenture Trustee in accordance with Section 7.02 of the Transfer and Servicing Agreement without further action shall automatically be appointed
the Successor Servicer. Indenture Trustee may delegate any of its servicing 

  
 17 

 
obligations to an Affiliate or agent in accordance with Section 3.01(b) and Section 5.07 of the Transfer and Servicing Agreement. Notwithstanding the foregoing, Indenture Trustee
shall, if it is legally unable so to act, petition at the expense of Servicer a court of competent jurisdiction to appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer. Indenture Trustee shall give
prompt notice to each Rating Agency and each Enhancement Provider upon the appointment of a Successor Servicer. Upon its appointment, the Successor Servicer shall be the successor in all respects to Servicer with respect to servicing functions
under the Transfer and Servicing Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on Servicer after the date of such appointment by the terms and provisions thereof, and all references in the
Indenture to Servicer shall be deemed to refer to the Successor Servicer. In connection with any Termination Notice, Indenture Trustee will review any bids which it obtains from Eligible Servicers and shall be permitted to appoint any Eligible
Servicer submitting such a bid as a Successor Servicer for servicing compensation, subject to the limitations set forth in Section 7.02 of the Transfer and Servicing Agreement. Notwithstanding anything else herein to the contrary, in no
event shall Indenture Trustee be liable for any servicing fee. 
 (f) Without derogating from the absolute nature of the
assignment granted to Indenture Trustee under the Indenture or the rights of Indenture Trustee hereunder, Issuer agrees (i) that it will not, without the prior written consent of Indenture Trustee and Noteholders holding a majority of the
Outstanding Amount of each Series, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise
provided in the Transfer and Servicing Agreement) or the Transaction Documents (except to the extent otherwise provided in the Transaction Documents), or waive timely performance or observance by Servicer or Transferor of their respective
obligations under the Transfer and Servicing Agreement (except to the extent otherwise provided therein); and (ii) that any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of,
distributions that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes that is required to consent to any such amendment, without the consent of the Holders of all the Outstanding
Notes. If any such amendment, modification, supplement or waiver shall be so consented to by Indenture Trustee and such Noteholders, Issuer agrees, to execute and deliver, in its own name and at its own expense, such agreements, instruments,
consents and other documents as are necessary or appropriate in the circumstances. 
 Section 3.08. Negative
Covenants. So long as any Notes are Outstanding, Issuer will not: 
 (a) sell, transfer, exchange, or otherwise
dispose of any part of the Collateral unless directed to do so by Indenture Trustee, except as expressly permitted by the Indenture and any Indenture Supplement, the Trust Agreement or the Transfer and Servicing Agreement; 

  
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 (b) claim any credit on, or make any deduction from, the principal and interest
payable in respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of any taxes levied or assessed
upon any part of the Collateral; 
 (c) incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness other than incurred under the Notes and the Indenture; 
 (d) (i) permit the validity or effectiveness of
the Indenture to be impaired, or permit the lien of the Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under the
Indenture except as may be expressly permitted hereby, (ii) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of the Indenture) to be created on or extend to or otherwise arise upon or
burden the Collateral or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of the Indenture not to constitute a valid first priority security interest (other than with respect to a tax, mechanics, or
similar lien) in the Collateral; 
 (e) amend its operating agreement or articles of organization, unless the Rating Agency
Condition is met; or 
 (f) voluntarily dissolve or liquidate in whole or in part. 

Section 3.09. Statements as to Compliance. Issuer will deliver to Indenture Trustee and the Rating Agencies, within
120 days after the end of each fiscal year of Issuer at the end of which any Notes are outstanding (commencing within 120 days after the end of the fiscal year 2002) an Officer’s Certificate stating, as to the Authorized Officer
signing such Officer’s Certificate, that 
 (a) a review of the activities of Issuer during the 12-month period ending at the end of such fiscal year and of performance under the Indenture has been made under such Authorized Officer’s supervision; 

(b) to the best of such Authorized Officer’s knowledge, based on such review, Issuer has complied with all conditions and
covenants under the Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof; and 

(c) such Authorized Officer is the principal executive officer, principal financial officer or principal accounting officer of
the Administrator. 

  
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 Section 3.10. Issuer May Consolidate, Etc., Only on Certain Terms. 

(a) Issuer shall not consolidate or merge with or into any other Person, unless: 

(i) the Person (if other than Issuer) formed by or surviving such consolidation or merger (the “Surviving Person”)
(A) is organized and existing under the laws of the United States of America or any state thereof, (B) is not subject to regulation as an “investment company” under the Investment Company Act and (C) expressly assumes,
by an indenture supplemental hereto, executed and delivered to Indenture Trustee, in a form satisfactory to Indenture Trustee, the obligation to make due and punctual payment of the principal of and interest on all Notes and the performance of every
covenant of the Indenture on the part of Issuer to be performed or observed; 
 (ii) immediately after giving effect to such
transaction, no Event of Default or Pay Out Event shall have occurred and be continuing; 
 (iii) Issuer shall have delivered
to Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that (A) such consolidation or merger and such supplemental indenture comply with this Section 3.10, (B) all conditions precedent provided for
in this Section 3.10 relating to such transaction have been complied with (including any filing required by the Exchange Act) and (iii) such supplemental indenture is duly authorized, executed and delivered and is valid, binding and
enforceable against the Surviving Person; 
 (iv) the Rating Agency Condition shall have been satisfied with respect to such
transaction; 
 (v) Issuer shall have received a Tax Opinion with respect to such consolidation or merger; and 

(vi) any action that is necessary to maintain the lien and security interest created by the Indenture shall have been taken.

 (b) Issuer shall not convey or transfer any of its properties or assets, including those included in the Collateral,
substantially as an entirety to any Person, unless: 
 (i) the Person that acquires by conveyance or transfer the properties
and assets of Issuer (the “Acquiring Person”) (A) is a United States citizen or a Person organized and existing under the laws of the United States of America, any state thereof, or the District of Columbia, (B) is not
subject to regulation as an “investment company” under the Investment Company Act, (C) expressly assumes, by an indenture supplemental hereto, executed and delivered to Indenture Trustee, in form satisfactory to Indenture Trustee, the
obligation to make due and punctual payments of the principal of and interest on all Notes and the performance of every covenant of the Indenture on the part of Issuer to be performed or observed, (D) expressly agrees by means of such
supplemental indenture that all right, title and interest so conveyed or transferred shall be 

  
 20 

 
subject and subordinate to the rights of Holders of the Notes, (E) expressly agrees to indemnify, defend and hold harmless Issuer against and from any loss, liability or expense arising
under or related to the Indenture and the Notes and (F) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other
appropriate Person) required by the Exchange Act in connection with the Notes; 
 (ii) immediately after giving effect to
such transaction, no Event of Default or Pay Out Event shall have occurred and be continuing; 
 (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction; 
 (iv) Issuer shall have received a Tax Opinion with
respect to such transaction; 
 (v) any action that is necessary to maintain the lien and security interest created by the
Indenture shall have been taken; and 
 (vi) Issuer shall have delivered to Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that (A) such conveyance or transfer and such supplemental indenture comply with this Section 3.10, (B) all conditions precedent herein provided for relating to such transaction have been
complied with (including any filing required by the Exchange Act), and (C) such supplemental indenture is duly authorized, executed and delivered and is valid, binding and enforceable against the Acquiring Person. 

Section 3.11. Successor Substituted. Upon any consolidation or merger, or any conveyance or transfer of the
properties and assets of Issuer substantially as an entirety in accordance with Section 3.10, the Surviving Person or the Acquiring Person, as the case may be, shall succeed to, and be substituted for, and may exercise every right and power of,
Issuer under the Indenture with the same effect as if such Person had been named as Issuer herein. In the event of any such conveyance or transfer, the Person named as Issuer in the first paragraph of the Indenture or any successor which shall
theretofore have become such in the manner prescribed in this Section 3.11 shall be released from its obligations under the Indenture immediately upon the effectiveness of such conveyance or transfer, provided that Issuer shall not be released
from any obligations or liabilities to Indenture Trustee or the Noteholders arising prior to such effectiveness. 
 Section
3.12. No Other Business. Issuer shall not engage in any business other than the activities set forth in Section 2.03 of the Trust Agreement. 

Section 3.13. Investments. Except as contemplated by the Indenture or the Transfer and Servicing Agreement,
Issuer shall not own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

  
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 Section 3.14. Capital Expenditures. Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

Section 3.15. Removal of Administrator. So long as any Notes are outstanding, Issuer shall not remove
Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal. 
 Section
3.16. Restricted Payments. Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in Issuer or otherwise with respect to any ownership or equity interest or security in or of Issuer or to Servicer, (ii) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that Issuer may make, or cause to be made, (x) distributions as contemplated by, and to the
extent funds are available for such purpose under, the Transaction Documents and (y) payments to Indenture Trustee pursuant to Section 6.07. Issuer will not, directly or indirectly, make payments to or distributions from the
Collection Account except in accordance with the Transaction Documents. 
 Section 3.17. Notice of Events of Default
and Pay Out Events. Issuer agrees to give Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default and each Pay Out Event hereunder, written notice of each default on the part of
Servicer or Transferor of its obligations under the Transfer and Servicing Agreement and each default on the part of RPA Seller of its obligations under the Receivables Purchase Agreement, immediately after obtaining knowledge thereof. 

Section 3.18. Derivative Financial Investments. Issuer shall not hold any derivative financial instrument
unless such derivative financial instrument complies with the requirements of paragraph 40 of Statement of Financial Accounting Standards No. 140 issued by the Financial Accounting Standards Board, including any interpretations thereof or
any successor regulations issued by the Financial Accounting Standards Board. 
 Section 3.19. Further Instruments and
Acts. Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of the Indenture. 

Section 3.20. Perfection Representations and Warranties. Issuer hereby makes the Perfection Representations and
Warranties to the Indenture Trustee as of the Certificate Trust Termination Date, with the Indenture as the Specified Agreement, the Issuer as the Debtor and the Indenture Trustee as the Secured Party. The rights and remedies with respect to
any breach of the Perfection Representations and Warranties made under this Section 3.20 shall be continuing and shall survive any termination of the Specified Agreement. Secured Party shall not waive a breach of any Perfection
Representation and Warranty. In order to evidence the interests of Debtor and Secured Party under the Specified Agreement, the Debtor and Servicer shall, from time to time take such action, and execute and deliver such instruments (including,
without limitation, such actions or filings as are requested by the Secured Party and financing statements under the UCC as enacted and then in effect in any jurisdiction in which the Debtor is organized, has its principal

  
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place of business or maintains any books, records, files or other information concerning the Receivables) in order to maintain and perfect, as a first priority interest, the Secured Party’s
security interest in the Receivables. Debtor hereby authorizes Servicer to file financing statements under the UCC without Debtor’s signature where allowed by applicable law. 

Section 3.21. Tax Treatment. Issuer has entered into the Indenture, and the Notes will be issued, with the
intention that, for federal, state and local income and franchise tax purposes, (i) the Notes will qualify as indebtedness and (ii) the Issuer shall not be treated as an association or publicly traded partnership taxable as a
corporation. The Issuer, by entering into the Indenture, and each Noteholder by the acceptance of any such Note (and each beneficial owner of a Note, by its acceptance of an interest in the applicable Note), agree to treat such Notes for
federal, state and local income and franchise tax purposes as indebtedness. Each Holder of such Note agrees that it will cause any Person acquiring an interest in such Note through it to comply with the Indenture as to treatment of indebtedness
under applicable tax law, as described in this Section 3.21. The parties hereto agree that they shall not cause or permit the making, as applicable, of any election under Treasury Regulation
Section 301.7701-3 whereby the Issuer or any portion thereof would be treated as a corporation for federal income tax purposes and, except as required by applicable law, shall not file tax returns or
obtain any federal employer identification number for the Issuer, but shall treat the Issuer as a security device or disregarded entity for federal income tax purposes. The provisions of the Indenture shall be construed in furtherance of the
foregoing intended tax treatment. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.01. Satisfaction and Discharge of the Indenture. The Indenture shall cease to be of further effect
with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Noteholders to receive payments of principal thereof and
interest thereon, (d) Sections 3.03, 3.07, 3.08, 3.11, 3.12 and 12.16, (e) the rights and immunities of Indenture Trustee hereunder, including the rights of Indenture Trustee under Section 6.07, and the obligations of Indenture
Trustee under Section 4.02, and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with Indenture Trustee and payable to all or any of them, and Indenture Trustee, at the expense of Issuer and
on written demand of, or on behalf of, Issuer, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture with respect to the Notes when: 

(i) either 

(A) all Notes theretofore authenticated and delivered (other than (1) Notes which have been destroyed, lost or stolen and
which have been replaced, or paid as provided in Section 2.06, and (2) Notes for whose full payment Servicer or Transferor, on behalf of Issuer, has theretofore deposited money in trust, which money has thereafter been repaid to Issuer or
discharged from such trust, as provided in Section 3.03) have been delivered to Indenture Trustee for cancellation; or 

  
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 (B) all Notes not theretofore delivered to Indenture Trustee for cancellation:

 (1) have become due and payable; or 

(2) will become due and payable at the Series Termination Date for such Class or Series of Notes; or 

(3) are to be called for redemption within one year under arrangements satisfactory to Indenture Trustee for the giving of
notice of redemption by Indenture Trustee in the name, and at the expense, of Issuer; and 
 (4) Transferor or Servicer, in
the case of (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the
date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to Indenture Trustee for cancellation when due at the Series Termination Date for
such Class or Series of Notes or the Redemption Date (if Notes shall have been called for redemption pursuant to the related Indenture Supplement), as the case may be; 

(ii) Issuer has paid or caused to be paid all other sums payable hereunder by Issuer; and 

(iii) Issuer has delivered or caused to be delivered to Indenture Trustee an Officer’s Certificate, an Opinion of Counsel
and (if required by the TIA or Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 12.01(a) and each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of the Indenture have been complied with. 
 Section
4.02. Application of Issuer Money. All monies deposited with Indenture Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes, the Indenture and the
applicable Indenture Supplement, to make payments, either directly or through any Paying Agent to the Noteholders and for the payment in respect of which such monies have been deposited with Indenture Trustee, of all sums due and to become due
thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or in the Transfer and Servicing Agreement or required by law. 

  
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 ARTICLE V 

PAY OUT EVENTS, DEFAULTS AND REMEDIES 

Section 5.01. Pay Out Events. If any one of the following events (each, a “Trust Pay Out Event”) shall
occur: 
 (a) the occurrence of an Insolvency Event relating to FNBO or Transferor; 

(b) FNBO shall become unable for any reason to transfer Receivables to Transferor pursuant to the Receivables Purchase
Agreement or Transferor shall become unable for any reason to transfer Receivables to Issuer pursuant to the Transfer and Servicing Agreement; or 

(c) Issuer shall become subject to regulation by the Commission as an “investment company” within the meaning of the
Investment Company Act; 
 then a Pay Out Event with respect to all Series of Notes shall occur without any notice or other action on the part of Indenture
Trustee or the Noteholders immediately upon the occurrence of such event. 
 Section 5.02. Events of Default.
“Event of Default,” wherever used herein, means with respect to any Series any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) default in the payment of the principal of any Note of that Series, if and to the extent not previously paid, when the same
becomes due and payable on its Series Termination Date; 
 (b) default in the payment of any interest on any Note of that
Series when the same becomes due and payable, and such default shall continue for a period of thirty-five (35) days; 

(c) the occurrence of an Insolvency Event relating to Issuer; or 

(d) default in the observance or performance of any covenant or agreement of Issuer made in the Indenture made in respect of
the Notes of such Series (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section 5.02 specifically dealt with) (all of such covenants and agreements in the Indenture which are not
expressly stated to be for the benefit of a particular Series being deemed to be in respect of the Notes of all Series for this purpose) and such default shall continue or not be cured for a period of sixty (60) days after there shall have been
given, by registered or certified mail, return receipt requested, or by courier or overnight delivery, to Issuer by Indenture Trustee or to Issuer and Indenture Trustee by the Holders of Notes representing at least 25% of the Outstanding Amount of
such Series, a written notice specifying such default and requiring it to be remedied and stating that such notice 

  
 25 

 
is a “Notice of Default” hereunder and, as a result of such default, the interests of the Holders of the Notes are materially and adversely affected and continue to be materially and
adversely affected during the 60-day period; or 
 (e) any additional events
specified in the Indenture Supplement related to such Series. 
 In addition to the notice required under Section 3.17, Issuer shall
deliver to Indenture Trustee, within five (5) days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any Default or Event of Default, its status and what action Issuer is taking or proposes to take
with respect thereto. 
 Section 5.03. Acceleration of Maturity; Rescission and Annulment. If an Event of
Default described in paragraph (a), (b) or (d) of Section 5.02 should occur and be continuing with respect to a Series, then and in every such case Indenture Trustee or the Holders of Notes representing more than 50% of the Outstanding
Amount of such Series may declare all the Notes of such Series to be immediately due and payable, by a notice in writing to Issuer (and to Indenture Trustee if declared by Noteholders), and upon any such declaration the Outstanding Amount of such
Series, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
 If
an Event of Default described in paragraph (c) of Section 5.02 should occur and be continuing, then the Outstanding Amount of each Series, together with accrued and unpaid interest thereon through the date of acceleration, shall
automatically become due and payable. 
 At any time after such declaration of acceleration of maturity has been made and before a judgment
or decree for payment of the money due has been obtained by Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing more than 50% of the Outstanding Amount of such Series, by written notice to Issuer (with
a copy to the Administrator) and Indenture Trustee, may rescind and annul such declaration and its consequences; provided, that: 

(a) Issuer has paid or deposited with Indenture Trustee a sum sufficient to pay: 

(i) all payments of principal of and interest on all Notes, and all other amounts, that would then be due hereunder or upon
such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
 (ii) all sums paid or advanced
by Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of Indenture Trustee and its agents and counsel; and 

(b) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.13. 

  
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 No such rescission shall affect any subsequent default or impair any right consequent thereto.

 The Issuer shall promptly provide to the Rating Agencies a copy of any notice from the Holders of Notes it has received pursuant to this
Section 5.03. 
 Section 5.04. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

 (a) Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due
and payable, and such default continues for a period of thirty-five (35) days following the date on which such interest became due and payable or (ii) default is made in the payment of principal of
any Note, if and to the extent not previously paid, when the same becomes due and payable on the Series Termination Date, Issuer will, upon demand of Indenture Trustee, pay to it, for the benefit of the Holders of the Notes of the affected Series,
the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, interest upon overdue installments of
interest, as specified in the related Indenture Supplement, and in addition thereto will pay such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of Indenture Trustee and its agents and counsel. 
 (b) In case Issuer shall fail forthwith to pay such amounts upon
such demand, Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same
against Issuer or other obligor upon such Notes and collect in the manner provided by law out of the Collateral or the property of such other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 

(c) If an Event of Default occurs and is continuing, Indenture Trustee may, as more particularly provided in Section 5.05,
in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders of the affected Series, by such appropriate Proceedings as Indenture Trustee shall deem necessary to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in the Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in Indenture Trustee by the Indenture or by law. 

(d) In case there shall be pending, relative to Issuer or any other obligor upon the Notes of the affected Series, or any
Person having or claiming an ownership interest in the Collateral, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or in
case a receiver, conservator, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator, custodian or other similar official shall have been appointed for or taken possession of Issuer or its property or such other obligor or
Person, 

  
 27 

 
or in case of any other comparable judicial Proceedings relative to Issuer or other obligor upon the Notes of such Series, or to the creditors or property of Issuer or such other obligor,
Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether Indenture Trustee shall have made any demand pursuant to the
provisions of this Section 5.04, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes
of such Series and to file such other papers or documents as may be necessary or advisable in order to have the claims of Indenture Trustee (including any claim for reasonable compensation to Indenture Trustee and each predecessor Indenture Trustee,
and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or willful
misconduct) and of the Noteholders of such Series allowed in such Proceedings; 
 (ii) unless prohibited by applicable law
and regulations, to vote on behalf of the Holders of Notes of such Series in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders of such Series and of Indenture Trustee on their behalf; and 

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
Indenture Trustee or the Holders of Notes of such Series allowed in any judicial Proceedings relative to Issuer, its creditors and its property; 

and any trustee, receiver, conservator, liquidator, custodian, assignee, sequestrator or other similar official in any such Proceeding is
hereby authorized by each of such Noteholders to make payments to Indenture Trustee, and, in the event that Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by Indenture Trustee and
each predecessor Indenture Trustee except as a result of negligence or willful misconduct. 
 (e) Nothing herein contained
shall be deemed to authorize Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

  
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 (f) All rights of action and of asserting claims under the Indenture, or under
any of the Notes, may be enforced by Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by Indenture Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of Indenture Trustee, each predecessor Indenture Trustee and their respective agents and
attorneys, shall be for the benefit of the Holders of the Notes of the affected Series as provided herein. 
 (g) In any
Proceedings brought by Indenture Trustee (and also any Proceedings involving the interpretation of any provision of the Indenture to which Indenture Trustee shall be a party), Indenture Trustee shall be held to represent all the Holders of the Notes
of the affected Series, and it shall not be necessary to make any such Noteholder a party to any such Proceedings. 
 Section
5.05. Remedies; Priorities. 
 (a) If an Event of Default shall have occurred and be continuing with
respect to any Series, and the Notes of such Series have been accelerated pursuant to Section 5.03, Indenture Trustee may do one or more of the following (subject to Sections 5.06 and 12.16): 

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on
the Notes of the affected Series or under the Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from Issuer and any other obligor upon such Notes moneys adjudged due; 

(ii) take any other appropriate action to protect and enforce the rights and remedies of Indenture Trustee and the Holders of
the Notes of the affected Series; 
 (iii) cause the Trust to sell Principal Receivables in an amount equal to the Collateral
Amount of the accelerated Series, together with the related Finance Charge Receivables, or interests therein, in accordance with Section 5.16; 

provided, however, that Indenture Trustee may not exercise the remedy described in subparagraph (iii) above unless (A)(1) the Holders
of Notes representing 100% of the Outstanding Amount of the affected Series consent in writing thereto, (2) Indenture Trustee determines that any proceeds of such exercise distributable to the Noteholders of the affected Series will be
sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest and obtains the consent to exercise this remedy from Holders of Notes representing more than 50% of the Outstanding Amount of such Series or
(3) Indenture Trustee determines that the Collateral may not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would 

  
 29 

 
have become due if the Notes had not been declared due and payable, and Indenture Trustee obtains the consent of the Holders of Notes representing at least
66-2/3% of the Outstanding Amount of each Class of such Series and (B) Indenture Trustee has been provided with an Opinion of Counsel to the effect that the exercise of such remedy complies with
applicable federal and state securities laws. In determining such sufficiency or insufficiency with respect to clauses (A)(2) and (A)(3), Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 

The remedies provided in this Section 5.05(a) are the exclusive remedies provided to the Noteholders with respect to the
Collateral and each of the Noteholders (by their acceptance of their respective interests in the Notes) hereby expressly waives any other remedy that might have been available under the applicable UCC or any other law. 

(b) If Indenture Trustee collects any money or property pursuant to this Article V following the acceleration of the Notes of
the affected Series pursuant to Section 5.03 (so long as such a declaration shall not have been rescinded or annulled), it shall pay out the money or property in the following order: 

FIRST: to Indenture Trustee for amounts due pursuant to Section 6.07; and 

SECOND: unless otherwise specified in the related Indenture Supplement, to Servicer for distribution in accordance with
Article IV of the related Indenture Supplement with such amounts being deemed to be Principal Collections and Finance Charge Collections in the same proportion as (x) the outstanding principal balance of the Notes bears to (y) the sum
of the accrued and unpaid interest on the Notes and other fees and expenses payable in connection therewith under the applicable Indenture Supplement, including the amounts payable under any Enhancements with respect to such Series. 

(c) Indenture Trustee may, upon notification to Issuer, fix a record date and payment date for any payment to Noteholders of
the affected Series pursuant to this Section 5.05. At least fifteen (15) days before such record date, Indenture Trustee shall mail or send by facsimile, at the expense of Servicer, to each such Noteholder a notice that states the record
date, the payment date and the amount to be paid. 
 (d) In addition to the application of money or property referred to in
Section 5.05(b) for an accelerated Series, amounts then held in the Collection Account, Excess Funding Account or any Series Accounts for such Series and any amounts available under the Enhancement for such Series shall be used to make payments
to the Holders of the Notes of such Series and the Enhancement Provider for such Series in accordance with the terms of the Indenture, the related Indenture Supplement and the Enhancement for such Series. Following the sale of any Principal
Receivables and related Finance Charge Receivables pursuant to Section 5.05(a)(iii) (or interests therein) for a Series and the application of the proceeds of such sale to such Series and the 

  
 30 

 
application of the amounts then held in the Collection Account, the Excess Funding Account and any Series Accounts for such Series as are allocated to such Series and any amounts available under
the Enhancement for such Series, such Series shall no longer be entitled to any allocation of Collections or other property constituting the Collateral under the Indenture. 

Section 5.06. Optional Preservation of the Collateral. If the Notes of any Series have been declared to be due
and payable under Section 5.03 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, and Indenture Trustee has not received directions from the Noteholders pursuant to Section 5.12,
Indenture Trustee may, but need not, elect to maintain possession of the portion of the Collateral which secures such Notes and apply proceeds of the Collateral to make payments on such Notes to the extent such proceeds are available
therefor. In determining whether to maintain possession of the Collateral, Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 Section
5.07. Limitation on Suits. Except as otherwise provided in Section 4.21 of the applicable Indenture Supplement, no Noteholder shall have any right to institute any proceedings, judicial or otherwise, with respect to the
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) the Holders of
Notes representing not less than 25% of the Outstanding Amount of each affected Series have made written request to Indenture Trustee to institute such proceeding in its own name as indenture trustee; 

(b) such Noteholder or Noteholders has previously given written notice to Indenture Trustee of a continuing Event of Default;

 (c) such Noteholder or Noteholders has offered to Indenture Trustee indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (d) Indenture Trustee for sixty (60) days
after its receipt of such request and offer of indemnity has failed to institute any such Proceeding; and 
 (e) no direction
inconsistent with such written request has been given to Indenture Trustee during such 60-day period by the Holders of Notes representing more than 25% of the Outstanding Amount of each affected Series; 

it being understood and intended that no one or more Noteholders of the affected Series shall have any right in any manner whatever by virtue of, or by
availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other Noteholders of such Series or to obtain or to seek to obtain priority or preference over any other Noteholders of such Series or to enforce any right
under the Indenture, except in the manner herein provided. 
 In the event Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two (2) or more groups of Noteholders of any affected Series, each representing 

  
 31 

 
no more than 50% of the Outstanding Amount of such Series, Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of the
Indenture. 
 Section 5.08. Unconditional Rights of Noteholders to Receive Principal and
Interest. Notwithstanding any other provision in the Indenture, each Noteholder shall have the right which is absolute and unconditional to receive payment of the principal of and interest in respect of such Note as such principal and
interest becomes due and payable and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder. 

Section 5.09. Restoration of Rights and Remedies. If Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under the Indenture and such Proceeding has been discontinued or abandoned, or has been determined adversely to Indenture Trustee or to such Noteholder, then and in every such case Issuer, Indenture Trustee
and the Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of Indenture Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted. 
 Section 5.10. Rights and Remedies Cumulative. Except as
specified in Section 5.05(a) above, no right, remedy, power or privilege herein conferred upon or reserved to Indenture Trustee or to the Noteholders is intended to be exclusive of any other right, remedy, power or privilege, and every right,
remedy, power or privilege shall, to the extent permitted by law, be cumulative and in addition to every other right, remedy, power or privilege given hereunder or now or hereafter existing at law or in equity or otherwise. Except as specified
in Section 5.05(a) above, the assertion or exercise of any right or remedy shall not preclude any other further assertion or the exercise of any other appropriate right or remedy. 

Section 5.11. Delay or Omission Not Waiver. No failure to exercise and no delay in exercising, on the part of
Indenture Trustee or of any Noteholder or other Person, any right or remedy occurring hereunder upon any Event of Default shall impair any such right or remedy or constitute a waiver thereof of any such Event of Default or an acquiescence
therein. Except as specified in Section 5.05(a) above, every right and remedy given by this Article V or by law to Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by
Indenture Trustee or by the Noteholders, as the case may be. 
 Section 5.12. Rights of Noteholders to Direct
Indenture Trustee. The Holders of Notes representing more than 50% of the Outstanding Amount of any affected Series shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available
to Indenture Trustee with respect to such Series or exercising any trust or power conferred on Indenture Trustee with respect to such Series; provided, however, that subject to Section 6.01 Indenture Trustee shall have the right to decline any
such direction if: 
 (a) Indenture Trustee, after being advised by counsel, determines that the action so directed is in
conflict with any rule of law or with the Indenture; 

  
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 (b) Indenture Trustee in good faith shall, by a Responsible Officer of Indenture
Trustee, determine that the Proceedings so directed would be illegal or involve Indenture Trustee in personal liability or be unjustly prejudicial to the Noteholders not parties to such direction; or 

(c) Indenture Trustee reasonably believes it will not be adequately indemnified against the costs, expenses and liabilities
which might be incurred by it in complying with the action so directed. 
 Section 5.13. Waiver of Past Defaults.
Prior to the declaration of the acceleration of the maturity of the Notes of the affected Series as provided in Section 5.03, Holders of Notes representing not less than 66 2⁄3 of the Outstanding Amount of such Series (or with respect to any such Series with two or more Classes, of each Class), may, on behalf of all such Noteholders, waive in writing any past default, with written
notice to Indenture Trustee, with respect to such Notes and its consequences, except a default: 
 (a) in the payment of the
principal or interest in respect of any Note of such Series, or 
 (b) in respect of a covenant or provision hereof that
under Section 10.02 cannot be modified or amended without the consent of the Noteholder of each Outstanding Note affected; 
 which, in the case of
either clause (a) or (b), can only be waived by all Noteholders of each affected Series. Upon any such written waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of the Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14. Undertaking for Costs. All parties to the Indenture agree, and each Noteholder by its acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under the Indenture, or in any suit against Indenture Trustee for any action taken, suffered or omitted by
it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant (other than Indenture Trustee) in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit
instituted by Indenture Trustee, to any suit instituted by any Noteholder, or group of Noteholders (in compliance with Section 5.08) holding Notes representing more than 10% of the Outstanding Amount of the affected Series, or to any suit
instituted by any Noteholder for the enforcement of the payment of the principal or interest in respect of any Note on or after the Distribution Date on which any of such amounts was due (or, in the case of redemption, on or after the applicable
Redemption Date). 
 Section 5.15. Waiver of Stay or Extension Laws. Issuer covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at 

  
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any time hereafter in force, which may adversely affect the covenants or the performance of the Indenture; and Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted. 
 Section 5.16. Sale of Receivables. 

(a) The method, manner, time, place and terms of any sale of Receivables (or interests therein) pursuant to
Section 5.05(a)(iii) shall be commercially reasonable. Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. Indenture Trustee hereby expressly waives its right to any amount
fixed by law as compensation for any sale. 
 (b) Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of Issuer in connection with any sale of Receivables pursuant to Section 5.05(a)(iii). No purchaser or transferee at any such sale shall be bound to
ascertain Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(c) In its exercise of the foreclosure remedy pursuant to Section 5.05(a)(iii), Indenture Trustee shall solicit, or cause
to be solicited, bids for the sale of Receivables (or interests therein), in the amount specified in Section 5.05(a)(iii). Indenture Trustee shall sell, or cause to be sold, such Receivables (or interests therein) to the bidder with the highest
cash purchase offer. The proceeds of any such sale shall be applied as specified in the applicable Indenture Supplement. 
 Section
5.17. Action on Notes. Indenture Trustee’s right to seek and recover judgment on the Notes or under the Indenture shall not be affected by the seeking or obtaining of or application for any other relief under or with
respect to the Indenture. Neither the lien of the Indenture nor any rights or remedies of Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by Indenture Trustee against Issuer or by the levy of any execution
under such judgment upon any portion of the Collateral or upon any of the assets of Issuer. Any money or property collected by Indenture Trustee shall be applied as specified in the applicable Indenture Supplement. 

ARTICLE VI 
 INDENTURE
TRUSTEE 
 Section 6.01. Duties of Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing and a Responsible Officer of Indenture Trustee shall have actual
knowledge or written notice of such Event of Default, Indenture Trustee shall exercise the rights and powers vested in it by the Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs. 

  
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 (b) Except during the continuance of an Event of Default or a Pay Out Event: 

(i) Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in the Indenture,
and no implied covenants or obligations shall be read into the Indenture against Indenture Trustee; and 
 (ii) in the
absence of bad faith or negligence on its part, Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to Indenture Trustee and
conforming to the requirements of the Indenture; provided, however, Indenture Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to Indenture Trustee which are
specifically required to be furnished pursuant to any provision of the Indenture or any Indenture Supplement, shall examine them to determine whether they substantially conform to the requirements of the Indenture or any Indenture Supplement but
need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein. 
 (c) If a Pay Out
Event has occurred and is continuing and a Responsible Officer of Indenture Trustee shall have actual knowledge or written notice of such Pay Out Event, Indenture Trustee shall exercise the rights and powers vested in it by the Indenture, and use
the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(d) No provision of the Indenture shall be construed to relieve Indenture Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this Section 6.01(d) shall not be
construed to limit the effect of Section 6.01(a); 
 (ii) Indenture Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer of Indenture Trustee, unless it shall be proved that Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) Indenture Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good
faith in accordance with the Indenture and/or the direction of the Holders of Notes or for exercising any trust or power conferred upon Indenture Trustee, under the Indenture. Indenture Trustee shall not be liable for any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of Servicer, Transferor, Administrator or Owner Trustee in compliance with the terms of the Indenture or any Indenture Supplement. 

  
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 (e) No provision of the Indenture shall require Indenture Trustee to expend or
risk its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such
funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (f) Every provision
of the Indenture that in any way relates to Indenture Trustee is subject to this Section 6.01. 
 (g) Except as
expressly provided in the Indenture, Indenture Trustee shall have no power to vary the Collateral, including by (i) accepting any substitute payment obligation for a Receivable initially transferred to the Trust under the Transfer and Servicing
Agreement, (ii) adding any other investment, obligation or security to the Trust or (iii) withdrawing from Issuer any Receivable (except as otherwise provided in the Transfer and Servicing Agreement). The Indenture Trustee shall promptly
send to Issuer, Transferor and Servicer a copy of any notice or direction it receives from the Majority Holders relating to a reassignment of Principal Receivables to Transferor pursuant to Section 2.04(e) of the Transfer and Servicing
Agreement. 
 (h) Indenture Trustee shall have no responsibility or liability for investment losses on Permitted Investments
(other than Permitted Investments on which the institution acting as Indenture Trustee is an obligor). Indenture Trustee shall have no obligation to invest and reinvest any cash held in the absence of timely and specific written investment direction
from Issuer. In no event shall Indenture Trustee be liable for the selection of investments or for investment losses incurred thereon. Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any
investment prior to its stated maturity or the failure of Issuer or Servicer to provide timely written investment direction. 

(i) Indenture Trustee shall promptly notify each Rating Agency (i) of any change in any rating of the Notes by any other
Rating Agency of which a Responsible Officer of Indenture Trustee has written notice and (ii) of the occurrence of any Event of Default or Pay Out Event (or any other event or condition which, with the giving of notice or passage of time, or
both, will constitute an Event of Default or Pay Out Event) of which a Responsible Officer of Indenture Trustee has actual knowledge or has received written notice from Servicer. 

(j) For all purposes under this Indenture, Indenture Trustee shall not be deemed to have notice or knowledge of any Event of
Default, Pay Out Event or Servicer Default unless a Responsible Officer of Indenture Trustee has actual knowledge thereof or has received written notice thereof. For purposes of determining Indenture Trustee’s responsibility and liability
hereunder, any reference to an Event of Default, Pay Out Event or Servicer Default shall be construed to refer only to such event of which Indenture Trustee is deemed to have notice as described in this Section 6.01(j). 

Section 6.02. Notice of Pay Out Event or Event of Default. Upon the occurrence of any Pay Out Event or Event of
Default of which a Responsible Officer of Indenture Trustee has 

  
 36 

 
actual knowledge or has received written notice, Indenture Trustee shall transmit by mail to all Noteholders as their names and addresses appear on the Note Register and the Rating Agencies,
notice of such Pay Out Event or Event of Default within ten (10) Business Days after a Responsible Officer of Indenture Trustee receives such written notice or obtains such actual knowledge. 

Section 6.03. Rights of Indenture Trustee. Except as otherwise provided in Section 6.01: 

(a) Indenture Trustee may conclusively rely and shall fully be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been
signed or presented by the proper party or parties; 
 (b) Whenever, in the administration of the Indenture, Indenture
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its
part, conclusively rely upon an Officer’s Certificate of Issuer. Issuer shall provide a copy of such Officer’s Certificate to the Noteholders at or prior to the time Indenture Trustee receives such Officer’s Certificate; 

(c) As a condition to the taking, suffering or omitting of any action by it hereunder, Indenture Trustee may consult with
counsel of its own selection (and upon the advice of such counsel Indenture Trustee may consult with investment banking firms, accounting firms and other experts) and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in-good faith and in reliance thereon; 

(d) Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture or to
honor the request or direction of any of the Noteholders pursuant to the Indenture to institute, conduct or defend any litigation hereunder in relation thereto, including, without limitation, any mediation or arbitration pursuant to the applicable
Indenture Supplement, unless such Noteholders shall have offered to Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;
provided, however, that nothing contained herein shall relieve Indenture Trustee of the obligations, upon the occurrence of an Event of Default (which has not been waived) to exercise such of the rights and powers vested in it by the Indenture and
to use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; 

(e) Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document, but Indenture Trustee at the written direction of one or more of the Noteholders and at the

  
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expense of the Noteholders, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if Indenture Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of Issuer and Servicer, personally or by agent or attorney and shall at the expense of the Servicer incur no liability of any kind by reason of such
inquiry or investigation; 
 (f) Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, custodians or nominees and Indenture Trustee shall not be responsible for any (i) misconduct or negligence on the part of any agent, attorney, custodians or nominees appointed with
due care by it hereunder or (ii) the supervision of such agents, attorneys, custodians or nominees after such appointment with due care; 

(g) Indenture Trustee shall not be liable for any actions taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights conferred upon Indenture Trustee by the Indenture; and 
 (h) in the event
that Indenture Trustee is also acting as Paying Agent and Transfer Agent and Registrar and Successor Servicer, if it becomes Successor Servicer pursuant to Section 7.02 of the Transfer and Servicing Agreement, the rights and protections
afforded to Indenture Trustee pursuant to this Article VI shall also be afforded to such Paying Agent and Transfer Agent and Registrar and Successor Servicer, if it becomes Successor Servicer pursuant to Section 7.02 of the Transfer and
Servicing Agreement. 
 (i) In no event shall Indenture Trustee be liable for special, indirect or consequential damages or
lost profits or loss of business, arising in connection with this Indenture, even if Indenture Trustee has been advised or is aware of the possibility of such damages. 

(j) Any permissive or discretionary right of the Indenture Trustee under the Indenture or any other Transaction Document shall
not be construed as a duty of the Indenture Trustee. 
 Section 6.04. Not Responsible for Recitals or Issuance of
Notes. The recitals contained herein and in the Notes, except the certificate of authentication of Indenture Trustee, shall be taken as the statements of Issuer, and Indenture Trustee assumes no responsibility for their
correctness. Neither Indenture Trustee nor any of its agents makes any representation as to the validity or sufficiency of the Indenture, the Notes, or any related document. Indenture Trustee shall not be accountable for the use or
application by Issuer of the proceeds from the Notes. 
 Section 6.05. Dealings With Issuer. Indenture
Trustee, any Paying Agent or Transfer Agent and Registrar that is not also Indenture Trustee and any other agent of Issuer, each in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with Issuer
(including arranging for purchases of Permitted Investments) with the same rights it would have if it were not Indenture Trustee, Paying Agent, Transfer Agent and Registrar or such other agent. 

  
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 Section 6.06. Money Held in Trust. Money held by Indenture Trustee
in trust hereunder need not be segregated from other funds held by Indenture Trustee in trust hereunder except to the extent required herein or required by law. Indenture Trustee shall be under no liability for interest on any money received by
it hereunder except as otherwise agreed upon in writing by Indenture Trustee and Issuer. 
 Section
6.07. Compensation, Reimbursement and Indemnification. Servicer shall pay to Indenture Trustee from time to time reasonable compensation for all services rendered by Indenture Trustee and the Authenticating Agent under
this Agreement (which compensation shall not be limited by any law on compensation of a trustee of an express trust). Servicer shall reimburse Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of Indenture Trustee’s agents, counsel, accountants and experts. Issuer shall direct Servicer to indemnify, defend and hold harmless, and Servicer shall indemnify Indenture
Trustee and its officers, directors, employees and agents against any and all loss, liability, expense, damage or claim (including the fees of either in-house counsel or outside counsel) incurred by it in
connection with the administration of this trust and the performance of its duties hereunder and under any other Transaction Document, including any claim arising from any failure by Issuer or Transferor to pay when due any sales, excise, transfer
or personal taxes relating to the Receivables. Indenture Trustee shall notify Issuer and Servicer promptly of any claim for which it may seek indemnity. Failure by Indenture Trustee to so notify the Issuer and Servicer of a claim of which a
Responsible Officer has received written notice shall not relieve Servicer of its obligations hereunder unless such loss, liability or expense could have been avoided with such prompt notification and then only to the extent of such loss, expense or
liability which could have been so avoided. Servicer shall defend any claim against Indenture Trustee. Indenture Trustee may have separate counsel and, if it does, Servicer shall pay the fees and expenses of such counsel. Servicer will not be liable
for any settlement of any claim or action effected without its prior written consent, which will not be unreasonably withheld. Neither Issuer nor Servicer need reimburse any expense or indemnify against any loss, liability or expense determined by a
court of competent jurisdiction to have been caused by Indenture Trustee through Indenture Trustee’s own fraud, willful misconduct or negligence. 

Servicer’s payment obligations to Indenture Trustee pursuant to this Section 6.07 shall survive the discharge of the Indenture or
earlier resignation or removal of Indenture Trustee. When Indenture Trustee incurs expenses after the occurrence of an Event of Default specified in Section 5.02(c) or 5.02(d) with respect to Issuer, the expenses are intended to constitute
expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

To secure Servicer’s and Issuer’s payment obligations in this Section 6.07, Indenture Trustee shall have a lien prior to the
Notes on all money or property held or collected by Indenture Trustee, in its capacity as Indenture Trustee, except money or property held in trust to pay principal of, or interest on, the Notes. 

  
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 Section 6.08. Replacement of Indenture Trustee. No resignation or
removal of Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. Indenture Trustee may resign at
any time by giving thirty (30) days written notice to Issuer and the Rating Agencies. The Holders of Notes representing more than 66 2/3% of the Outstanding Amount of all Series may remove Indenture Trustee by so notifying Indenture
Trustee in writing and may appoint a successor Indenture Trustee. Issuer shall remove Indenture Trustee upon written notice if: 

(a) Indenture Trustee fails to comply with Section 6.11; 

(b) Indenture Trustee is adjudged a bankrupt or insolvent; 

(c) a receiver of Indenture Trustee or of its property shall be appointed, or any public officer takes charge of Indenture
Trustee or its property or its affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (d) Indenture
Trustee otherwise becomes legally unable to act. 
 If Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for
any reason (Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), Issuer or Administrator shall promptly appoint a successor Indenture Trustee. 

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, Servicer and to
Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of Indenture Trustee under the Indenture. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee, subject to the payment of any and
all amounts then due and owing to Indenture Trustee. 
 If a successor Indenture Trustee does not take office within sixty (60) days
after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, Issuer or the Holders of Notes representing more than 25% of the Outstanding Amount of all Series may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee. 
 If Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition
any court of competent jurisdiction for the removal of Indenture Trustee and the appointment of a successor Indenture Trustee. 

Notwithstanding the replacement of Indenture Trustee pursuant to this Section 6.08, Issuer’s obligations under Section 6.07
shall continue for the benefit of the retiring Indenture Trustee. 
 Issuer shall notify the Rating Agencies of any replacement of Indenture
Trustee pursuant to this Section 6.08. 

  
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 Section 6.09. Successor Indenture Trustee by Merger. If Indenture
Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further
act shall be the successor Indenture Trustee; provided that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. Indenture Trustee shall provide Issuer (with a copy to the Administrator)
prior written notice of any such transaction and the Issuer shall promptly provide a copy of such notice to the Rating Agencies. 
 In case
at the time such successor or successors by merger, conversion, consolidation or transfer to Indenture Trustee shall succeed to the trusts created by the Indenture any of the Notes shall have been authenticated but not delivered, any such successor
to Indenture Trustee may adopt the certificate of authentication of any predecessor Indenture Trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to Indenture
Trustee may authenticate such Notes in the name of the successor to Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in the Indenture provided that the certificate of Indenture
Trustee shall have. 
 Section 6.10. Appointment of Co-Indenture
Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of the Indenture,
at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or
more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as Indenture
Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

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

  
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 (ii) no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder; 
 (iii) Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee; and 
 (iv) Indenture Trustee shall not be liable for
any act or failure to act on the part of any separate trustee or co-trustee. 
 (c)
Any notice, request or other writing given to Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to the Indenture and the conditions of this Article VI. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with Indenture Trustee or separately, as may be
provided therein, subject to all the provisions of the Indenture, specifically including every provision of the Indenture relating to the conduct of, affecting the liability of, or affording protection to, Indenture Trustee. Every such
instrument shall be filed with Indenture Trustee. 
 (d) Any separate trustee or
co-trustee may at any time constitute Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of the Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.11. Eligibility; Disqualification. Indenture Trustee shall at all times satisfy the requirements of TIA
§310(a). Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and either its long-term unsecured debt
shall be rated at least Baa3 by Moody’s or BBB- by Standard & Poor’s or its short-term debt shall be rated at least
P-2 by Moody’s or A-2 by Standard & Poor’s. Indenture Trustee shall comply with TIA §310(b); provided, however, that there shall be excluded from the
operation of TIA §310(b)(1) any indenture or indentures under which other securities of Issuer are outstanding if the requirements for such exclusion set forth in TIA §310(b)(1) are met. 

Section 6.12. Preferential Collection of Claims Against. Indenture Trustee shall comply with TIA §311(a),
excluding any creditor relationship listed in TIA §311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA §311(a) to the extent indicated. 

Section 6.13. Representations and Covenants of Indenture Trustee. Indenture Trustee represents, warrants and
covenants that: 
 (a) Indenture Trustee is a national banking association duly organized and existing under the laws of the
United States; 

  
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 (b) Indenture Trustee has full power and authority to deliver and perform the
Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of the Indenture and other Transaction Documents to which it is a party; and 

(c) Each of the Indenture and the other Transaction Documents to which it is a party has been duly executed and delivered by
Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 
 Section
6.14. Custody of the Collateral. Indenture Trustee shall hold such of the Collateral as consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State
of New York. Indenture Trustee shall hold such of the Collateral as constitutes investment property through a securities intermediary, which securities intermediary shall agree with Indenture Trustee that (a) such investment property
shall at all times be credited to a securities account of Indenture Trustee, (b) such securities intermediary shall treat Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities
account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by Indenture Trustee without the further consent of any
other person or entity, (e) such securities intermediary will not agree with any person or entity other than Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and
the property credited thereto shall not be subject to any lien, security interest, or right of set-off in favor of such securities intermediary or anyone claiming through it (other than Indenture Trustee) and
(g) such agreement shall be governed by the laws of the State of New York. Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the
New York UCC. Except as permitted by this Section 6.14 and except through the Paying Agent for brief periods to the extent reasonably necessary for the Paying Agent to perform its duties hereunder, Indenture Trustee shall not hold any
part of the Trust Estate through an agent or a nominee. 
 ARTICLE VII 

NOTEHOLDERS’ LIST AND REPORTS BY 

INDENTURE TRUSTEE AND ISSUER 

Section 7.01. Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. Issuer will furnish or
cause to be furnished to Indenture Trustee (a) upon each transfer of a Note, a list, in such form as Indenture Trustee may reasonably require, of the names, addresses and taxpayer identification numbers of the Noteholders as they appear on the
Note Register as of such Record Date and (b) every six months and at such other times as Indenture Trustee may request in writing, within ten (10) days after receipt by Issuer of any such request, a list of similar form and content as of a
date not more than ten (10) days prior to the time such list is furnished. 

  
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 Section 7.02. Preservation of Information; Communications to
Noteholders. 
 (a) Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of the Noteholders contained in the most recent list furnished to Indenture Trustee as provided in Section 7.01 and the names, addresses and taxpayer identification numbers of the Noteholders received by Indenture Trustee in its
capacity as Transfer Agent and Registrar. Indenture Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 

(b) Noteholders may communicate, pursuant to TIA §312(b), with other Noteholders with respect to their rights under the
Indenture or under the Notes. 
 (c) Issuer, Indenture Trustee and Transfer Agent and Registrar shall have the protection of
TIA §312(c). 
 Section 7.03. Reports by Issuer. 

(a) Issuer shall: 

(i) file with Indenture Trustee, within fifteen (15) days after Issuer is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which Issuer may be required to file
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with Indenture Trustee and the
Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by Issuer with the conditions and covenants of the Indenture as may be
required from time to time by such rules and regulations; and 
 (iii) supply to Indenture Trustee (and Indenture Trustee
shall transmit by mail to all Noteholders described in TIA §313(c)) such summaries of any information, documents and reports required to be filed by Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) as may be required by
rules and regulations prescribed from time to time by the Commission. 
 (b) Unless Issuer otherwise determines, the fiscal
year of Issuer shall end on December 31 of each year. 
 (c) Delivery of such reports, information and documents to
Indenture Trustee is for informational purposes only, and Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including
Issuer’s compliance with any of the covenants hereunder. 

  
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 Section 7.04. Reports by Indenture Trustee. If required by TIA
§313(a), within sixty (60) days after each March 31 beginning with March 31, 2003, Indenture Trustee shall mail to each Noteholder as required by TIA §313(c) a brief report dated as of such date that complies with TIA
§313(a). Indenture Trustee also shall comply with TIA §313(b). 
 A copy of each report at the time of its mailing to Noteholders
shall be filed by Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. Issuer shall notify Indenture Trustee if and when the Notes are listed on any stock exchange or delisted therefrom. 

ARTICLE VIII 

ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 8.01. Collection of Money. Except as otherwise expressly provided herein and in the related Indenture
Supplement, Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by
Indenture Trustee pursuant to the Indenture. Indenture Trustee shall hold all such money and property received by it in trust for the Noteholders and shall apply it as provided in the Indenture and the applicable Indenture
Supplement. Except as otherwise expressly provided in the Indenture, if any default occurs in the making of any payment or performance under the Transfer and Servicing Agreement or any other Transaction Document, Indenture Trustee may, and upon
the written request of the Holders of Notes representing more than 50% of the Outstanding Amount of the affected Series shall, subject to Sections 6.01(e) and 6.03(d), take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Pay Out Event or a Default or Event of Default under the Indenture and to proceed thereafter as
provided in Article V. 
 Section 8.02. Rights of Noteholders. The Collateral shall secure Issuer’s
obligations to pay to the Holders of the Notes of each Series a portion of Collections allocable to the Noteholders of such Series pursuant to the Indenture and the related Indenture Supplement, funds and other property credited to the Collection
Account and the Excess Funding Account (or any subaccount thereof) allocable to the Noteholders of such Series pursuant to the Indenture and such Indenture Supplement, funds and other property credited to any related Series Account and funds
available pursuant to any related Enhancement, it being understood that, except as specifically set forth in the Indenture Supplement with respect thereto, the Notes of any Series or Class shall not be secured by any interest in any Series Account
or Enhancement pledged for the benefit of any other Series or Class. 
 Section 8.03. Establishment of Collection
Account and Excess Funding Account. Servicer, for the benefit of the Holders, shall establish and maintain in the name of Indenture Trustee a segregated trust account with a Qualified Institution (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Holders. Servicer, for the benefit of the Holders, shall also establish and maintain in the name of Indenture Trustee, a segregated trust account with a
Qualified Institution, which may be a 

  
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subaccount of the Collection Account, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders (the “Excess Funding Account”).
The Collection Account and the Excess Funding Account shall initially be established with Indenture Trustee. Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Collection Account and the
Excess Funding Account and in all proceeds thereof for the benefit of the Holders. The Collection Account and the Excess Funding Account shall be under the sole dominion and control of Indenture Trustee for the benefit of the Holders. Except as
expressly provided in the Indenture, Indenture Trustee agrees that it shall have no right of set-off or banker’s lien against, and no right to otherwise deduct from, any funds held in the Collection
Account or the Excess Funding Account for any amount owed to it by Issuer, any Holder or any Enhancement Provider. If at any time the institution with which the Collection Account or the Excess Funding Account is maintained ceases to be a Qualified
Institution, Indenture Trustee (or Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition is satisfied) of receipt by a Responsible Officer of
Trustee of written notice or actual knowledge of such change, establish a new account meeting the conditions specified above and transfer any cash or any investments from the affected account to such new account, and from the date such new account
is established, it shall be the “Collection Account” or the “Excess Funding Account,” as the case may be. So long as FNBO remains as Servicer, it is hereby authorized to withdraw from the Collection Account any funds not required
by the Indenture or the applicable Indenture Supplement to be deposited into the Collection Account. 
 Funds on deposit in the Collection
Account and the Excess Funding Account shall, at the direction of Servicer, be invested by Indenture Trustee in Permitted Investments selected by Servicer, except that funds on deposit in either such account on any Transfer Date need not be invested
through the immediately following Distribution Date. All such Permitted Investments shall be held by Indenture Trustee for the benefit of the Holders. Indenture Trustee shall maintain for the benefit of the Holders possession of the
negotiable instruments or securities, if any, evidencing such Permitted Investments. Investments of funds representing Collections collected during any Monthly Period shall be invested in Permitted Investments that will mature so that all funds
will be available at the close of business on the Transfer Date following such Monthly Period. No Permitted Investment shall be disposed of prior to its maturity unless Servicer so directs and either (i) such disposal will not result in a
loss of all or part of the principal portion of such Permitted Investment or (ii) prior to the maturity of such Permitted Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Permitted
Investment. On each Transfer Date, (i) all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Collection Account shall be remitted to the Servicer, and (ii) all interest and other
investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account shall be treated as Collections of Finance Charge Receivables with respect to the last day of the related Monthly Period, except as
otherwise specified in any Indenture Supplement. For purposes of determining the availability of funds or the balances in the Collection Account or the Excess Funding Account for any reason under this Indenture, all investment earnings net of
investment expenses and losses on such funds shall be deemed not to be available or on deposit. In no event shall Indenture Trustee be liable for the selection of investments or for investment losses incurred thereon. Indenture Trustee
shall have no liability in respect of losses incurred as a result of the liquidation of any such investment prior to its stated maturity or the 

  
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failure of the party directing such investment to provide timely written investment direction. Indenture Trustee shall have no obligation to invest or reinvest any amounts held hereunder in
the absence of such written investment direction. 
 Funds on deposit in the Excess Funding Account will be withdrawn and paid to Transferor
on any day to the extent that the Transferor Interest exceeds the Minimum Transferor Interest on such day; provided however, no funds shall be withdrawn from the Excess Funding Account for distribution to Transferor on any day on which the aggregate
Principal Receivables in the Trust are less than the Minimum Aggregate Principal Receivables. On any Transfer Date on which one or more Series is in an Amortization Period, Servicer shall determine the aggregate amounts of Principal Shortfall,
if any, with respect to each such Series that is a Principal Sharing Series (after giving effect to the allocation and payment provisions in the Indenture Supplement with respect to each such Series), and Servicer shall instruct Indenture Trustee to
withdraw such amount from the Excess Funding Account (up to an amount equal to the lesser of (x) the amount on deposit in the Excess Funding Account after application of the preceding sentence on that day and (y) the amount, if any, by
which the Transferor Interest would be less than zero if there were no funds on deposit in the Excess Funding Account on that day) on such Transfer Date and allocate such amount among each such Series as specified for Excess Principal Collections in
each related Indenture Supplement.  
 Section 8.04. Collections and Allocations. From and after the
Certificate Trust Termination Date: 
 (a) Servicer shall apply, or instruct Indenture Trustee to apply, all funds on deposit
in the Collection Account as described in this Article VIII and in each Indenture Supplement. Except as otherwise provided below and in each Indenture Supplement, Servicer shall deposit Collections into the Collection Account no later than the
second Business Day following the Date of Processing of such Collections. 
 Subject to the express terms of any Indenture
Supplement, but notwithstanding anything else in the Indenture to the contrary, if FNBO remains Servicer and (x) for so long as FNBO maintains a short term debt rating of A-1 or better by S&P, P-1 or better by Moody’s, if rated by Fitch, F1 or better by Fitch, and, if rated by any other Rating Agency, the equivalent rating by that Rating Agency (or such other rating below A-1, P-1 or such equivalent rating, as the case may be, which is satisfactory to each Rating Agency, if any), (y) with respect to Collections allocable to any Series, any
other conditions specified in the related Indenture Supplement are satisfied or (z) FNBO has provided to Indenture Trustee a letter of credit, surety bond or other similar arrangement covering collection risk of Servicer and in each case
acceptable to each Rating Agency (as evidenced by a letter from each Rating Agency to the effect that the Rating Agency Condition has been satisfied), if any, Servicer need not make the daily deposits of Collections into the Collection Account as
provided in the preceding paragraph, but may make a single deposit in the Collection Account in immediately available funds not later than 12:00 noon, New York City time, on the related Transfer Date. Subject to the express terms of
any Indenture Supplement, but notwithstanding anything else in the Indenture to the contrary, with respect to any Monthly Period, whether the Servicer is required to make deposits of Collections pursuant to the first or second paragraph of this

  
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subsection 8.04(a), (1) the Servicer will only be required to deposit Collections into the Collection Account up to the aggregate amount of Collections required to be deposited into any
Series Account or, without duplication, distributed on or prior to the related Distribution Date to Noteholders or to any Enhancement Provider pursuant to the terms of any Indenture Supplement or agreement whereby the Enhancement is provided, and
(2) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds such required amount, the Servicer will be permitted to withdraw the excess from the Collection Account for distribution to
the Transferor or payments pursuant to Section 3.02 of the Transfer and Servicing Agreement.
 (b) On each Date of
Processing, Collections of Finance Charge Receivables and of Principal Receivables shall be allocated to each Series of Notes in accordance with the related Indenture Supplement. On each Determination Date, Receivables in Defaulted Accounts will be
allocated to each Series of Notes in accordance with the related Indenture Supplement. 
 (c) Throughout the existence of
Issuer, unless otherwise stated in any Indenture Supplement, on each Date of Processing, Servicer shall allocate to Transferor an amount equal to the product of (i) the Transferor Percentage and (ii) the aggregate amount of Collections
allocated to Principal Receivables and Finance Charge Receivables, respectively, on that Date of Processing; provided that, if the Transferor Interest (determined after giving effect to any transfer of Principal Receivables to the Trust on such
date), is less than or equal to the Minimum Transferor Interest, Servicer shall not allocate to Transferor any such amounts that otherwise would be allocated to Transferor, but shall instead deposit such funds in the Excess Funding Account. Unless
otherwise stated in any Indenture Supplement, neither Servicer nor Transferor need deposit any amounts allocated to Transferor pursuant to the foregoing into the Collection Account and shall pay, or be deemed to pay, such amounts, as collected, to
Transferor. 
 The payments to be made to Transferor, pursuant to this Section 8.04(c) do not apply to deposits to the
Collection Account or other amounts that do not represent Collections, including payment of the purchase price for Receivables pursuant to Section 2.04(e) or 7.01 of the Transfer and Servicing Agreement, proceeds from the sale, disposition or
liquidation of Receivables pursuant to Section 5.05 or payment of the purchase price for the Notes of a specific Series pursuant to the related Indenture Supplement. 

Section 8.05. Excess Principal Collections. On each Distribution Date, Excess Principal Collections from each
Group shall be allocated to each outstanding Series in such Group pro rata based on the Principal Shortfall, if any, for each such Series in such Group, and then, at the option of Transferor, any remainder may be applied as principal with respect to
any Variable Interest in such Group. The Servicer shall pay any remaining Excess Principal Collections on any Business Day to the Holders of the Transferor Interest, provided that if the Transferor Interest as determined on such Business Day
(after giving effect to any Principal Receivables transferred to the Trust on such date) does not exceed the Minimum Transferor Interest on such date, then such remaining Excess Principal Collections shall be deposited in the Excess Funding Account
to be held and/or distributed as provided in Section 8.03. 

  
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 Section 8.06. Excess Finance Charge Collections. On each Transfer Date,
(a) for each Group, Servicer shall allocate the aggregate amount for all outstanding Series in such Group of the amounts which the related Indenture Supplements specify are to be treated as “Excess Finance Charge Collections” for such
Transfer Date to each Series in such Group, pro rata, in proportion to the Finance Charge Shortfalls, if any, with respect to each such Series and (b) Servicer shall on the related Distribution Date withdraw (or shall instruct Indenture Trustee
in writing to withdraw) from the Collection Account and pay to Transferor an amount equal to the excess, if any, of (x) the aggregate amount for all outstanding Series in a Group of the amounts which the related Indenture Supplements specify
are to be treated as “Excess Finance Charge Collections” for such Distribution Date over (y) the aggregate amount for all outstanding Series in such Group which the related Indenture Supplements specify are “Finance Charge
Shortfalls,” for such Distribution Date. 
 Section 8.07. Release of Collateral; Eligible Loan Documents.

 (a) Upon the written direction of Issuer, Indenture Trustee may, and when required by the provisions of the Indenture
shall, execute instruments to release property from the lien of the Indenture, or convey Indenture Trustee’s interest in the same, in a manner and under circumstances which are not inconsistent with the provisions of the Indenture. No party
relying upon an instrument executed by Indenture Trustee as provided in this Article VIII shall be bound to ascertain Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any
monies. 
 (b) In order to facilitate the servicing of the Receivables by Servicer, Indenture Trustee upon Issuer Order shall
authorize Servicer to execute in the name and on behalf of Indenture Trustee instruments of satisfaction or cancellation, or of partial or full release or discharge, and other comparable instruments with respect to the Receivables (and Indenture
Trustee shall execute any such documents prepared by Servicer on written request of Servicer), subject to the obligations of Servicer under the Transfer and Servicing Agreement. 

(c) Indenture Trustee shall, at such time as there are no Notes outstanding, release and transfer, without recourse, all of the
Collateral that secured the Notes (other than any cash held for the payment of the Notes pursuant to Section 4.02). Indenture Trustee shall release property from the lien of the Indenture pursuant to this Section 8.07(c) only upon receipt
of an Issuer Order accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §314(c) and 314(d)(1) meeting the applicable requirements of Section 12.01.

 (d) Notwithstanding anything to the contrary in the Indenture, the Transfer and Servicing Agreement and the Trust
Agreement, immediately prior to the release of any portion of the Collateral or any funds on deposit in the Series Accounts pursuant to the Indenture, Indenture Trustee shall at the written request of Issuer remit to Transferor for its own account
any funds that, upon such release, would otherwise be remitted to Issuer. 

  
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 Section 8.08. Opinion of Counsel. Indenture Trustee shall receive at
least seven (7) days’ notice when requested by Issuer to take any action pursuant to Section 8.07(a), accompanied by copies of any instruments involved, and Indenture Trustee shall also be provided with, as a condition to such action,
an Opinion of Counsel stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of the Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the
fair value of the Collateral. Indenture Trustee and counsel rendering any such opinion may conclusively rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to Indenture Trustee in
connection with any such action. 
 ARTICLE IX 

DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS 

Distributions shall be made to, and reports shall be provided to, Noteholders as set forth in the applicable Indenture Supplement. The
identity of the Noteholders with respect to distributions and reports shall be determined according to the immediately preceding Record Date. 

ARTICLE X 
 SUPPLEMENTAL
INDENTURES 
 Section 10.01. Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior notice to each Rating Agency with respect to the Notes of
all Series rated by such Rating Agency, Issuer and Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the TIA
as in force at the date of the execution thereof), in form satisfactory to Indenture Trustee, for any of the following purposes: 

(i) to correct or amplify the description of any property at any time subject to the lien of the Indenture, or better to
assure, convey and confirm unto Indenture Trustee any property subject or required to be subjected to the lien of the Indenture, or to subject to the lien of the Indenture additional property; 

(ii) to evidence the succession, in compliance with Section 3.11, of another person to Issuer, and the assumption by any
such successor of the covenants of Issuer contained herein and in the Notes; 
 (iii) to add to the covenants of Issuer, for
the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon Issuer; 

  
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 (iv) to convey, transfer, assign, mortgage or pledge any property to or with
Indenture Trustee; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental
indenture that may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under the Indenture or in any supplemental indenture; provided that such
action shall not adversely affect the interests of the Holders of the Notes; 
 (vi) to evidence and provide for the
acceptance of the appointment hereunder by a successor indenture trustee with respect to the Notes and to add to or change any of the provisions of the Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more
than one indenture trustee, pursuant to the requirements of Article VI; 
 (vii) to modify, eliminate or add to the
provisions of the Indenture to such extent as shall be necessary to effect the qualification of the Indenture under the TIA or under any similar federal statute hereafter enacted and to add to the Indenture such other provisions as may be expressly
required by the TIA; or 
 (viii) to provide for the issuance of one or more new Series of Notes, in accordance with the
provisions of Section 2.11. 
 Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
 (b) Issuer and
Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any Noteholders of any Series then Outstanding but upon satisfaction of the Rating Agency Condition with respect to the Notes of all Series, enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture or of modifying in any manner the rights of the Holders of the Notes under the
Indenture; provided, however that Transferor shall have delivered to the Owner Trustee and Indenture Trustee an Officer’s Certificate, dated the date of any such action, stating that all requirements for such amendments contained in the
Indenture have been met and Transferor reasonably believes that such action will not have an Adverse Effect. Additionally, notwithstanding the preceding sentence, Issuer and Indenture Trustee, when authorized by an Issuer Order, may, without the
consent of any Noteholders of any Series then Outstanding or the Enhancement Providers for any Series, enter into an indenture or indentures supplemental hereto to add, modify or eliminate such provisions as may be necessary or advisable in order to
enable all or a portion of Issuer to avoid the imposition of state or local income or franchise taxes imposed on Issuer’s property or its income; provided, however, that (1) Transferor shall have delivered to Indenture Trustee and the
Owner Trustee an Officer’s Certificate to the effect that the proposed amendments meet the requirements set forth in this Section 10.01(b), (2) the Rating Agency Condition shall 

  
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have been satisfied and (3) each of the Owner Trustee and the Indenture Trustee shall have consented to such amendment if it affects their respective rights, duties, protections,
indemnities, immunities or obligations hereunder.
 Section 10.02. Supplemental Indentures with Consent of
Noteholders. Issuer and Indenture Trustee, when authorized by an Issuer Order, also may, upon satisfaction of the Rating Agency Condition and with the consent of the Holders of Notes representing more than
66-2/3% of the principal balance of the Outstanding Notes of each adversely affected Series, by Act of such Holders delivered to Issuer and Indenture Trustee, enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of such Noteholders under the Indenture; provided, however that no such
supplemental indenture shall, without the consent of the Holder of each outstanding Note affected thereby: 
 (a) change the
due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate specified thereon or the redemption price with respect thereto or change any place of payment where, or the coin or
currency in which, any Note or any interest thereon is payable; 
 (b) impair the right to institute suit for the enforcement
of the provisions of the Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption,
on or after the Redemption Date); 
 (c) reduce the percentage of the Outstanding Notes of any Series the consent of the
Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of the Indenture or certain defaults hereunder and their consequences as
provided for in the Indenture; 
 (d) reduce the percentage of the Outstanding Notes of any Series, the consent of the
Holders of which is required to direct Indenture Trustee to sell or liquidate the Collateral if the proceeds of such sale would be insufficient to pay the principal amount and accrued but unpaid interest on the outstanding Notes of such Series; 

(e) decrease the percentage of the Outstanding Notes required to amend the sections of the Indenture which specify the
applicable percentage of the Outstanding Notes of any Series necessary to amend the Indenture or any Transaction Documents which require such consent; 

(f) modify or alter the provisions of the Indenture prohibiting the voting of Notes held by Issuer, any other Obligor on the
Notes, the Transferor or any affiliate thereof; or 
 (g) permit the creation of any Lien ranking prior to or on a parity
with the lien of the Indenture with respect to any part of the Collateral for any Notes or, except as otherwise permitted or contemplated herein, terminate the Lien of the Indenture on any such Collateral at any time subject hereto or deprive the
Holder of any Note of the security provided by the Lien of the Indenture. 

  
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 Satisfaction of the Rating Agency Condition shall not be required with respect to the execution
of any supplemental indenture pursuant to this Section 10.02 for which the consent of all of the affected Noteholders is required; provided that prior notice of any such supplemental indenture shall be given to each Rating Agency. 

It shall not be necessary for any Act of Noteholders under this Section 10.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by Issuer and
Indenture Trustee of any supplemental indenture pursuant to this Section 10.02, Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates written notice setting forth in general terms the
substance of such supplemental indenture. Any failure of Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 10.03. Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by,
any supplemental indenture permitted by this Article X or the modification thereby of the trusts created by the Indenture, Indenture Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by the Indenture and stating that all requisite consents have been obtained or that no consents are required and stating that such supplemental indenture or
modification constitutes the legal, valid and binding obligation of Issuer in accordance with its terms. Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects Indenture Trustee’s own
rights, duties, liabilities or immunities under the Indenture or otherwise. 
 Section 10.04. Effect of Supplemental
Indenture. Upon the execution of any supplemental indenture under this Article X, the Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of the Indenture for all purposes, and every
Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. This Section 10.04 does not apply to Indenture Supplements. 

Section 10.05. Conformity with Trust Indenture Act. Every amendment of the Indenture and every supplemental
indenture executed pursuant to this Article X shall conform to the requirements of the TIA as then in effect so long as the Indenture shall then be qualified under the TIA. 

Section 10.06. Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article X may, and if required by Indenture Trustee shall, bear a notation in form approved by Indenture Trustee as to any matter provided for in such supplemental indenture. If
Issuer shall so determine, new Notes so modified as to conform, in the opinion of Indenture Trustee and Issuer, to any such supplemental indenture may be prepared and executed by Issuer and authenticated and delivered by Indenture Trustee in
exchange for the outstanding Notes. 

  
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 ARTICLE XI 

TERMINATION 
 Section
11.01. Termination of Issuer. Issuer and the respective obligations and responsibilities of Indenture Trustee created hereby (other than the obligation of Indenture Trustee to make payments to Noteholders as hereinafter
set forth) shall terminate, except with respect to the duties described in Section 11.02(b), as provided in the Trust Agreement. 

Section 11.02. Final Distribution. 

(a) Servicer shall give Indenture Trustee and the Rating Agencies at least thirty (30) days prior written notice of the
Distribution Date on which the Noteholders of any Series or Class may surrender their Notes for payment of the final distribution on and cancellation of such Notes (or, in the event of a final distribution resulting from the application of
Section 2.06 or 7.01 of the Transfer and Servicing Agreement or Section 5.05, notice of such Distribution Date promptly after Servicer has determined that a final distribution will occur, if such determination is made less than thirty
(30) days prior to such Distribution Date). Such notice shall be accompanied by an Officer’s Certificate setting forth the information specified in Section 3.05 of the Transfer and Servicing Agreement covering the period during the then-current calendar year through the date of such notice. Not later than the fifth day of the month in which the final distribution in respect of such Series or Class is payable to Noteholders, Indenture
Trustee shall provide notice to Noteholders of such Series or Class specifying (i) the date upon which final payment of such Series or Class will be made upon presentation and surrender of Notes of such Series or Class at the office or offices
therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office
or offices therein specified (which in the case of Bearer Notes shall be outside the United States). Indenture Trustee shall give such notice to Transfer Agent and Registrar and Paying Agent at the time such notice is given to Noteholders. 

(b) Notwithstanding a final distribution to the Noteholders of any Series or Class (or the termination of Issuer), except as
otherwise provided in this paragraph, all funds then on deposit in the Collection Account and any Series Account allocated to such Noteholders shall continue to be held in trust for the benefit of such Noteholders, and Paying Agent or Indenture
Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if certificated (and any excess shall be paid in accordance with the terms of any applicable Enhancement Agreement and the applicable Indenture Supplement). If all such
Noteholders shall not surrender their Notes for cancellation within six (6) months after the date specified in the notice from Indenture Trustee described in paragraph (a), Indenture Trustee shall give a second notice to the remaining such
Noteholders to surrender their Notes for cancellation and receive the final 

  
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distribution with respect thereto (which surrender and payment, in the case of Bearer Notes, shall be outside the United States). If within one year after the second notice all
such Notes shall not have been surrendered for cancellation, Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes, and the cost
thereof shall be paid out of the funds in the Collection Account or any Series Account held for the benefit of such Noteholders. Indenture Trustee and, upon the written request of Servicer, Paying Agent shall pay to Issuer any monies held by
them for the payment of principal or interest that remains unclaimed for two (2) years. After payment to Issuer, Noteholders entitled to the money must look to Issuer for payment as general creditors unless an applicable abandoned property
law designates another Person. 
 Section 11.03. Issuer’s Termination Rights. Upon the termination of Issuer
pursuant to the terms of the Trust Agreement and upon the written direction of Issuer, Indenture Trustee shall assign and convey to the Holders of the Transferor Interest or any of their designees, without recourse, representation or warranty, all
right, title and interest of Issuer in the Receivables, whether then existing or thereafter created, all Recoveries related thereto all monies due or to become due and all amounts received or receivable with respect thereto (including all moneys
then held in the Collection Account or any Series Account) and all proceeds thereof, except for amounts held by Indenture Trustee pursuant to Section 11.02(b). Indenture Trustee shall execute and deliver such instruments of transfer and
assignment, in each case without recourse, as shall be reasonably requested in writing by the Holders of the Transferor Interest to vest in the Holders of the Transferor Interest or any of their designees all right, title and interest which
Indenture Trustee had in the Collateral and such other property. 
 ARTICLE XII 

MISCELLANEOUS 
 Section
12.01. Compliance Certificates and Opinions etc. 
 (a) Upon any application or request by Issuer to
Indenture Trustee to take any action under any provision of the Indenture, Indenture Trustee shall be entitled to request that Issuer furnish to Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any,
provided for in the Indenture relating to the proposed action have been complied with (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if
required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 12.01, except that, in the case of any such application or request as to which the furnishing of
such documents is specifically required by any provision of the Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in the Indenture shall
include: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such
covenant or condition and the definitions herein relating thereto; 

  
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 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied
with. 
 (b) (i) Prior to the deposit of any Collateral or other property or securities with Indenture Trustee that is to be
made the basis for the release of any property or securities subject to the lien of the Indenture, Issuer shall, in addition to any obligation imposed in subsection 12.01(a) or elsewhere in the Indenture, furnish to Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such deposit) to Issuer of the Collateral or other property or securities to be so deposited.

 (ii) Whenever Issuer is required to furnish to Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of any signer thereof as to the matters described in clause (i) above, Issuer shall also deliver to Indenture Trustee (if required by the TIA) an Independent Certificate as to the same matters, if the fair value of Issuer of the
securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then current fiscal year of Issuer, as set forth in the certificates delivered pursuant to clause (i)
above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited if the fair value thereof to Issuer as set forth in the related
Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 
 (iii)
Other than with respect to the release of any Receivables in Removed Accounts and Defaulted Accounts, whenever any property or investment property is to be released from the lien of the Indenture, Issuer shall also furnish to Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the
opinion of such person the proposed release will not impair the security under the Indenture in contravention of the provisions hereof. 

  
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 (iv) Whenever Issuer is required to furnish to Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, Issuer shall also furnish to Indenture Trustee (if required by the TIA) an Independent Certificate as to the
same matters if the fair value of the property or securities and of all other property, other than Receivables in Removed Accounts and Defaulted Accounts, or securities released from the lien of the Indenture since the commencement of the then
current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amounts of the Notes, but such certificate need not be furnished in the case of any release
of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 

(v) Notwithstanding any other provision of this Section 12.01, Issuer may (A) collect, liquidate, sell or otherwise
dispose of Receivables as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Series Accounts as and to the extent permitted or required by the Transaction Documents. 

Section 12.02. Form of Documents Delivered to Indenture Trustee. In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of a Responsible Officer of Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of a Responsible Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of Servicer,
Transferor, Issuer or Administrator, stating that the information with respect to such factual matters is in the possession of Servicer, a Transferor, Issuer or Administrator, unless such Responsible Officer or counsel has actual knowledge that the
certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or
execute two (2) or more applications, requests, consents, certificates, statements, opinions or other instruments under the Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in the Indenture, in connection with any application or certificate or report to Indenture Trustee, it is provided that Issuer shall
deliver any document as a condition of the granting of such application, or as evidence of Issuer’s compliance with any term hereof, it is 

  
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intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect Indenture
Trustee’s right to conclusively rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

Section 12.03. Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by the Indenture to be
given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by their agents duly appointed in writing and satisfying any requisite percentages as to
minimum number or dollar value of outstanding principal amount represented by such Noteholders; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to Indenture
Trustee, and, where it is hereby expressly required, to Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of the Indenture and conclusive in favor of Indenture Trustee and Issuer, if made in the manner provided in this
Section 12.03. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved
in any manner which Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register.

 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes
shall bind the Holder (and any transferee thereof) of every Note issued upon the registration thereof in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by Indenture Trustee or Issuer in reliance
thereon, whether or not notation of such action is made upon such Note. 
 Section 12.04. Notices, Etc. to Indenture
Trustee and Issuer. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by the Indenture or any Indenture Supplement to be made upon, given or furnished to,
or filed with: 
 (a) Indenture Trustee by any Noteholder or by Issuer shall be sufficient for every purpose hereunder if
made, given, furnished or filed, in writing, by facsimile transmission, or by courier or overnight delivery at its Corporate Trust Office, or at any other address or through any other means acceptable to Indenture Trustee previously furnished in
writing or provided for in the related Indenture Supplement. 
 (b) Issuer by Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if sent in writing and mailed, first-class postage prepaid to 

  
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Issuer addressed to it and received by it c/o Owner Trustee at the Corporate Trust Office, or at any other address or through any other means acceptable to the Owner Trustee previously
furnished in writing or provided for in the related Indenture Supplement. A copy of each notice to Issuer shall be sent in writing and mailed, first-class postage prepaid, to Administrator at First National
Bank of Omaha, 1620 Dodge Street, Stop Code 3395, Omaha, Nebraska 68197-3395, Attn.: Treasurer, or at any other address or through any other means acceptable to Administrator previously furnished in
writing or provided for in the related Indenture Supplement 
 Any notice required by the Indenture or any other Transaction Document to be
given to any other Person shall be given in writing, unless otherwise specifically provided. 
 Section 12.05. Notices
to Noteholders; Waiver. Where the Indenture or any Indenture Supplement provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by
registered or certified mail or first class postage prepaid or national overnight courier service to each Noteholder affected by such event, at its address as it appears on the Note Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice which is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where the Indenture or any Indenture Supplement provides for notice in any manner, such notice may be waived in writing by any Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with Indenture Trustee but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of the Indenture or any Indenture Supplement, then any
manner of giving such notice as shall be satisfactory to Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

Where the Indenture or any Indenture Supplement provides for notice to any Rating Agency, failure to give such notice shall not affect any
other rights or obligations created hereunder and shall not under any circumstance constitute a Default or Event of Default. 
 Section
12.06. Alternate Payment and Notice Provisions. Notwithstanding any provision of the Indenture or any of the Notes to the contrary, Issuer, with the prior written consent of Indenture Trustee, may enter into any agreement
with any Holder of a Note providing for a method of payment, or notice by Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in the Indenture for such payments or notices. Issuer will furnish
to Indenture Trustee a copy of each such agreement and Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

  
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 Section 12.07. Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is required to be included in the Indenture by any of the provisions of the TIA, such required provision shall control. 

The provisions of TIA §§310 through 317 that impose duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by the Indenture) are a part of and govern the Indenture, whether or not physically contained herein. 

Section 12.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table
of Contents are for convenience only and shall not affect the construction hereof. 
 Section 12.09. Successors and
Assigns. All covenants and agreements in the Indenture by Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 12.10. Separability. In case any provision in the Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.11. Benefits of Indenture. Nothing in the Indenture or in the Notes, express or implied, shall give
to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, Servicer, Transferor and Enhancement Providers, any benefit. 

Section 12.12. Legal Holidays. In any case where the date on which any payment is due shall not be a Business
Day, then (notwithstanding any other provision of the Notes or the Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due,
and no interest shall accrue for the period from and after any such nominal date. 
 Section 12.13. Governing Law;
Waiver of Trial by Jury. THE INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE CHOICE OF LAWS OF THE STATE OF NEBRASKA WITHOUT REFERENCE TO ITS CHOICE OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS INDENTURE OR FOR ANY COUNTERCLAIM THEREIN OR RELATING THERETO. 

Section 12.14. Counterparts. The Indenture may be executed in any number of counterparts (and by different
parties on separate counterparts), each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 12.15. Issuer Obligation. No recourse may be taken, directly or indirectly, with respect to the
obligations of Issuer on the Notes or under the Indenture or any certificate or other 

  
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writing delivered in connection herewith or therewith, against (i) Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in Issuer,
(iii) Servicer, (iv) FNBO or any of its Affiliates, or (v) Administrator, or any of their respective owners, beneficiaries, agents, officers, directors, employees, agents, successors or assigns, except as any such Person may have
expressly agreed (it being understood that Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. The Notes will represent obligations solely of Issuer and will not be insured or guaranteed by Servicer, FNBO or
any of its Affiliates, Administrator, Owner Trustee, Indenture Trustee or any other Person or Governmental Authority (other than an Enhancement Provider, if any, as specified in the applicable Indenture Supplement). For all purposes of the
Indenture, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 

Section 12.16. No Petition. Indenture Trustee, by entering into the Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they will not at any time institute against Issuer or Transferor, or solicit or join or cooperate with or encourage any institution against Issuer or Transferor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or any of the Transaction
Documents. The foregoing shall not limit the rights of Indenture Trustee to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted against Issuer by any Person other than Indenture Trustee.

 Section 12.17. Limited Recourse. Issuer and each Noteholder by accepting a Note acknowledge and agree that
such Note represents indebtedness of Issuer and does not represent an interest in any assets (other than the Trust Estate) of Transferor (including by virtue of any deficiency claim in respect of obligations not paid or otherwise satisfied from the
Trust Estate and proceeds thereof). Each Noteholder further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 12.17 and the terms of this Section 12.17 may be enforced by an action for specific
performance. 
 ARTICLE XIII 

COMPLIANCE WITH REGULATION AB 

Section 13.01. Intent of Parties; Reasonableness. Transferor and Indenture Trustee acknowledge and agree that
the purpose of this Article XIII is to facilitate compliance by Transferor with the provisions of Regulation AB and related rules and regulations of the Commission. Transferor shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes other than Transferor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private
offering of disclosure comparable to that required under the Securities Act). Indenture Trustee agrees to cooperate in good faith with any reasonable request by Transferor for information regarding Indenture Trustee which is required in order to
enable Transferor to comply with the provisions of Regulation AB as it 

  
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relates to Indenture Trustee or to Indenture Trustee’s obligations under the Indenture or any Indenture Supplement, provided that such information is available to Indenture Trustee without
unreasonable expense or effort and within the timeframe as is reasonably requested. Terms used in this Article XIII that are defined in Regulation AB but are not defined in Annex A to the Indenture shall have the meanings ascribed to them in
Regulation AB. 
 Section 13.02. Additional Representations and Warranties of Indenture
Trustee. Indenture Trustee shall be deemed to represent to Transferor as of the date on which information is provided under Section 13.03 that, except as disclosed in writing to Transferor prior to such date to the best of its
knowledge: (a) neither the execution, delivery and performance by Indenture Trustee of the Indenture or any Indenture Supplement, the performance by Indenture Trustee of its obligations under the Indenture or any Indenture Supplement nor the
consummation of any of the transactions by Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or instrument to which
Indenture Trustee is a party or by which it is bound, which violation would have a material adverse effect on Indenture Trustee’s ability to perform its obligations under the Indenture or any Indenture Supplement, or of any judgment or order
applicable to Indenture Trustee; and (b) there are no proceedings pending or threatened against Indenture Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate,
would have a material adverse effect on the right, power and authority of Indenture Trustee to enter into the Indenture or any Indenture Supplement or to perform its obligations under the Indenture or any Indenture Supplement. 

Section 13.03. Information to be Provided by Indenture Trustee. As to each item marked with an
“X” under the column entitled “Indenture Trustee” on Exhibit A attached hereto, Indenture Trustee shall be primarily responsible for reporting such information to Servicer and Transferor pursuant to subsections 13.03(a), 13.03(b)
or 13.03(c) below, as applicable. 
 (a) Form 10-D Reporting. As set forth on Exhibit A attached hereto,
Indenture Trustee shall, within five (5) calendar days after the Distribution Date of each month that Transferor is subject to Exchange Act reporting requirements, provide Transferor and Servicer, to the extent a Responsible Officer of Indenture
Trustee has knowledge, in EDGAR-compatible form, or in such other format otherwise agreed to by Transferor and Indenture Trustee, a notice in the form of Exhibit B (an “Additional Disclosure Notification”), together with the form and
substance of any additional Form 10-D disclosure, if any, applicable to Indenture Trustee, as specified on Exhibit A attached hereto (“Additional Form 10-D Disclosure”). Transferor will approve, as to form and substance, or disapprove, as
the case may be, the inclusion of Indenture Trustee’s Additional Form 10-D Disclosure on any Form 10-D required by the Exchange Act. 

(b) Form 10-K Reporting. 

(i) As set forth on Exhibit A attached hereto, no later than March 10 of each year that Transferor is subject to the
Exchange Act reporting requirements, Indenture Trustee shall be required to provide Servicer and Transferor, to the extent a Responsible Officer of Indenture Trustee has 

  
 62 

 
knowledge, in EDGAR-compatible format, or in such other format otherwise agreed to by Transferor and Indenture Trustee, an Additional Disclosure Notification in the form of Exhibit B attached
hereto, together with the form and substance of any additional Form 10-K disclosure, if any, applicable to Indenture Trustee as specified on Exhibit A hereto (“Additional Form 10-K Disclosure”). Transferor will approve, as to form and
substance, or disapprove, as the case may be, the inclusion of Indenture Trustee’s Additional Form 10-K Disclosure on any Form 10-K required by the Exchange Act. 

(ii) For the purpose of compliance with Item 1122 of Regulation AB and as part of its Additional Form 10-K Disclosure,
Indenture Trustee shall: 
 (A) Deliver to Transferor and Servicer a report regarding Indenture Trustee’s assessment of
its compliance with the Servicing Criteria during the immediately preceding fiscal year, as required under Rules 13a-18(b) and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to Transferor and Servicer and
signed by a Responsible Officer of Indenture Trustee and shall address each of the Servicing Criteria applicable to it as specified on Exhibit C attached hereto or such criteria as mutually agreed upon by Transferor and Indenture Trustee; 

(B) Deliver to Transferor and Servicer a report of a nationally recognized registered public accounting firm that satisfies
the requirements of Rule 2-01 of Regulation S-X under the Securities Act and the Exchange Act (who may also render services to Servicer or RPA Seller), that pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB
attests to, and reports on, the assessment of compliance of Indenture Trustee and delivered pursuant to the preceding paragraph; such attestation shall be in accordance with Rule 1-02(a)(3) and Section 2-02(g) of Regulation S-X under the Securities
Act and the Exchange Act; and 
 (C) Deliver to Transferor and Servicer and any other Person that will be responsible for
signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuer, Servicer or Transferor with
respect to a publicly-offered Securitization Transaction, certifications substantially in the form (with appropriate insertions) attached as Exhibit D to the Indenture. 

Indenture Trustee acknowledges that the parties identified in subsection 13.03(b)(ii)(C) above may rely on the certifications provided by
Indenture Trustee pursuant to subsection 13.03(b)(ii)(C) in signing a Sarbanes Certification and filing such with the Commission. 

(c) Form 8-K Reporting. As set forth in Exhibit A hereto, for so long as Transferor is subject to the
Exchange Act reporting requirements, no later than the close of business (New York City time) on the second Business Day after the occurrence of an 

  
 63 

 
event requiring disclosure on Form 8-K (each such event, a “Reportable Event”), Indenture Trustee shall provide Transferor and Servicer, in writing and to the extent a Responsible
Officer of Indenture Trustee has knowledge, in EDGAR-compatible format, or in such other format as otherwise agreed by Transferor and Indenture Trustee, an Additional Disclosure Notice in the form attached hereto as Exhibit B, together with the form
and substance of the additional Form 8-K disclosure information, if any, applicable to Indenture Trustee (“Additional Form 8-K Disclosure”). Transferor will approve, as to form and substance, or disapprove, as the case may be, any
inclusion of Indenture Trustee’s Additional Form 8-K Disclosure on any Form 8-K required by the Exchange Act. 
 (d)
Securitization Transactions. Indenture Trustee shall (i) in connection with any Securitization Transaction which requires a prospectus, offering memorandum or related documents, provide to Transferor and Servicer such information
regarding Indenture Trustee as is requested and within the timeframe as is reasonably requested for the purpose of compliance with Items 1103(a)(1), 1109(a)(1), 1109(a)(2), 1117 and 1119 of Regulation AB and (ii) as promptly as practicable following
notice to or discovery by Indenture Trustee of any material changes to such previously provided information or to the business operations of Indenture Trustee, provide Transferor and Servicer, in writing, such updated information, and such other
information as may be reasonably requested for the purposes of satisfying Exchange Act reporting obligations of Issuer. Such information in clause (i) of this subsection 13.03(d) shall include, at a minimum: 

(A) Indenture Trustee’s name and form of organization; 

(B) a description of the extent to which Indenture Trustee has had prior experience serving as a trustee for asset backed
securitization transactions involving credit card receivables; 
 (C) a description of any affiliation between Indenture
Trustee and any of the following parties to such Securitization Transaction, as such parties are identified to Indenture Trustee by Transferor in advance of such Securitization Transaction: 

(1) the sponsor 

(2) any depositor 

(3) the issuing entity 

(4) any servicer 

(5) any trustee 

(6) any originator 

(7) any significant obligor 

  
 64 

 (8) any enhancement or support provider 

(9) the asset representations reviewer; and 

(10) any other material transaction party. 

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

[Remainder of page intentionally left blank] 

  
 65 

 IN WITNESS WHEREOF, Issuer and Indenture Trustee have caused the Indenture to be duly executed by
their respective officers thereunto duly authorized, all as of the day and year first above written. 
  

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

	Name	 	  

	Title	 	  

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

	Name	 	  

	Title	 	  

  

			
	Acknowledged and Accepted:
	
	FIRST NATIONAL FUNDING LLC, as Transferor
		
	By	 	First National Funding Corporation,
		 	its Managing Member
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL BANK OF OMAHA,
	as Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT A 

FORM 10-D, FORM 10-K AND FORM 8-K 

REPORTING RESPONSIBILITY 
 As to each item
described below, the entity indicated as the Responsible Party shall be primarily responsible for reporting the information to Transferor pursuant to Transfer and Servicing Agreement or the Indenture, as applicable. 

Under Item 1 of Form 10-D: a) items marked “monthly statement” are required to be included in the periodic Monthly Report to Noteholders under
Section 5.03 of the applicable Indenture Supplement provided by Indenture Trustee based on information received from the Servicer and b) items marked “Form 10-D report” are required to be in the Form 10-D report but not the monthly
statement, provided by the party indicated under the Transfer and Servicing Agreement or Master Indenture, as applicable. Information under all other Items of Form 10-D is to be included in the Form 10-D report. 

 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

		
	10-D	 	
	 	  
 1A
	 	  
 Distribution and Pool Performance Information
	 		 		 		 	
	 	 	  
 Item 1121(a) – Distribution and Pool Performance
Information
	 		 		 		 	
	 		 	  
 (1) Any applicable record dates, accrual dates, determination dates for
calculating distributions and actual Distribution Dates for the distribution period.
	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(2) Cash flows received and the sources thereof for distributions, fees and expenses (including portfolio yield).	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including:	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses.	 	 X

(monthly statement)
	 		 		 	

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	(ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an identification of the general purpose of
such payments and the party receiving such payments.	 		 	 X

(to the extent there is any Enhancement)
	 		 	
							
		 		 	(iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or carryovers.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(4) Beginning and ending principal balances of the asset-backed securities.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period.	 	 X

(monthly statement)
	 		 		 	

  
 A-2 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	(7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if known and applicable.	 		 	 X

(to the extent there is any Enhancement)
	 		 	
							
		 		 	(8) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average remaining term, pool factors and prepayment amounts.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(9) Delinquency and loss information for the period. Present historical delinquency information and loss information in accordance with Item 1100(b) of Regulation AB through no less than 120 days.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets. (methodology)	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements.	 	 X

(to the extent any advances have been made)
	 		 		 	

  
 A-3 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	(11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(12) Material breaches of pool asset representations or warranties or transaction covenants.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met.	 	 X

(monthly statement)
	 		 		 	
							
		 		 	(14) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as
additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or
revolving accounts, if applicable.	 	 X

(monthly statement)
	 		 		 	

  
 A-4 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.	 	 X

(monthly statement)
	 		 		 	
							
		 	1B	 	 Item 1121(b) – Pre-Funding or Revolving Period Information

 
 Updated pool information as required under Item 1121(b).
	 	 X

(monthly statement, material changes to pool assets, if any)
	 	 X

(changes to Originators and Significant Obligors, if any)
	 		 	
							
		 	1C	 	Item 1121(d) Asset Review	 		 		 		 	
							
		 		 	(1) If during the distribution period a review of the underlying assets for compliance with the representations and warranties on the underlying assets is required, provide the following information, as applicable:	 		 		 		 	
							
		 		 	(i) A description of the event(s) that triggered the review during the distribution period; and	 	 X
  

(monthly statement)
	 		 		 	
							
		 		 	(ii) If the asset representations reviewer provided to the trustee during the distribution period a report of the findings and conclusions of the review, a summary of the report.	 	 X
  

(monthly statement)
	 		 		 	

  
 A-5 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	 (2) Change in asset representations reviewer.
  

If during the distribution period an asset representation reviewer has resigned or has been removed, replaced or substituted, of if a new asset representations
reviewer has been appointed, state the date the event occurred and the circumstances surrounding the change. If a new asset representations reviewer has been appointed, provide the disclosure required by Item 1109(b), as applicable, regarding
such asset representations reviewer. 
	 	 X
  

(monthly statement)
	 		 		 	
							
		 	1D	 	Item 1121(e) Investor Communications	 		 		 		 	
							
		 		 	Disclose any request received from an investor to communicate with other investors during the reporting period received by the party responsible for making the Form 10-D filings on or before the end of a distribution
period. The disclosure regarding the request to communicate is required to include the name of the investor making the request, the date the request was received, a statement to the effect that the party responsible for filing the Form 10-D has
received a request from such investor, stating that such investor is interested in communicating with other investors with regard to the possible exercise of rights under the transaction agreements, and a description of the method by which other
investors may contact the requesting investor.	 	 X
  

(monthly statement)
	 		 		 	

  
 A-6 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	2	 	Legal Proceedings	 		 		 		 	
							
		 		 	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Noteholders, including proceedings known to be contemplated by governmental authorities:	 		 		 		 	
							
		 		 	Sponsor (Seller)	 		 		 	X	 	
							
		 		 	Transferor	 		 	X	 		 	
							
		 		 	Indenture Trustee	 		 		 		 	X
							
		 		 	Issuer	 		 	X	 		 	
							
		 		 	Servicer or other servicer servicing 20% or more of pool assets at time of report, other material servicers (each as to itself)	 	X	 		 		 	
							
		 		 	Originator of 20% or more of pool assets as of the Cut-off Date	 		 	X	 		 	

  
 A-7 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	3	 	Sales of Securities and Use of Proceeds	 		 		 		 	
							
		 		 	 Provide the information required by Part II, Item 2 of Form 10-Q. Regarding information from Item 2(a) of Part II of Form
10-Q:
  
 With respect to any sale of securities by the sponsor, depositor or issuing
entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K. Pricing information can be omitted if
securities were not registered. Also provide the information required by Item 1113(e) of Regulation AB.
	 		 	X	 		 	
							
		 	4	 	Defaults Upon Senior Securities	 		 		 		 	
							
		 		 	 Information from Item 3 of Part II of Form 10-Q:
  

Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)
	 		 	X	 		 	
							
		 	5	 	Submission of Matters to a Vote of Security Holders	 		 		 		 	
							
		 		 	Information from Item 4 of Part II of Form 10-Q	 		 		 		 	X

  
 A-8 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	6	 	Significant Obligors of Pool Assets	 		 		 		 	
							
		 		 	 Item 1112(b) – Significant Obligor Financial Information*

 
 *  This information need only be
reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.
	 	X	 	X	 		 	
							
		 	7	 	Sponsor Interest in the Securities	 		 		 		 	
							
		 		 	 Item 1124—Sponsor Interest in the Securities.
  

Provide the required information about any material change in the sponsor’s or an affiliate’s interest in the securities resulting from the purchase,
sale or other acquisition or disposition of the securities by sponsor or an affiliate, during period covered by the report.
	 		 		 	 X
  

(monthly statement
	 	
							
		 	8	 	Significant Enhancement Provider Information	 		 		 		 	
							
		 		 	 Item 1114(b)(2) – Credit Enhancement Provider Financial Information*

 
 Determining applicable disclosure threshold
	 	 X

(to the extent there is an Enhancement Provider)
	 	 X

(to the extent there is an Enhancement Provider)
	 		 	

  
 A-9 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	Notifying the applicable party of the need to request required financial information or effecting incorporation by reference	 	 X

(to the extent there is an Enhancement Provider)
	 	 X

(to the extent there is an Enhancement Provider)
	 		 	
							
		 		 	Item 1115(b) – Derivative Counterparty Financial Information*	 		 		 		 	
							
		 		 	Determining current maximum probable exposure	 	 X

(to the extent there is a Derivative Counterparty)
	 	 X

(to the extent there is a Derivative Counterparty)
	 		 	
							
		 		 	Determining current significance percentage	 	 X

(to the extent there is a Derivative Counterparty)
	 	 X

(to the extent there is a Derivative Counterparty)
	 		 	
							
		 		 	 Notifying the applicable party of the need to request required financial information or effecting incorporation by reference

 
 *  This information need only be
reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.
	 	 X

(to the extent there is a Derivative Counterparty)
	 	 X

(to the extent there is a Derivative Counterparty)
	 		 	

  
 A-10 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	9	 	Other Information	 		 		 		 	
				
		 		 	Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported	 	 The Responsible Party for the applicable

Form 8-K as indicated below.

							
		 	10	 	Exhibits	 		 		 		 	
							
		 		 	Distribution report	 	X	 		 		 	
							
		 		 	Exhibits required by Item 601 of Regulation S-K, such as material agreements	 		 	X	 		 	

  
 A-11 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

		
	10-K	 	Must be filed within 90 days of the fiscal year end for the registrant.
							
		 	9B	 	Other Information	 		 		 		 	
				
		 		 	Disclose any information required to be reported on Form 8-K during the period since the last required distribution report on Form 10-D.	 	 The Responsible Party for the applicable Form 8-K as indicated above

							
		 	15	 	Exhibits and Financial Statement Schedules	 		 		 		 	
							
		 		 	Item 1112(b) – Significant Obligor Financial Information	 	 X

(to the extent there are any Significant Obligors)
	 	 X

(to the extent there are any Significant Obligors)
	 		 	
							
		 		 	Item 1114(b)(2) – Credit Enhancement Provider	 		 		 		 	
							
		 		 	Determining applicable disclosure threshold	 	 X

(to the extent there is an Enhancement Provider)
	 	 X

(to the extent there is an Enhancement Provider)
	 		 	
							
		 		 	Requesting required financial information or effecting incorporation by reference	 	 X

(to the extent there is an Enhancement Provider)
	 	 X

(to the extent there is an Enhancement Provider)
	 		 	

  
 A-12 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	Item 1115(b) – Derivative Counterparty Financial Information	 		 		 		 	
							
		 		 	Determining current maximum probable exposure	 	 X

(to the extent there is a Derivative Counterparty)
	 	 X

(to the extent there is a Derivative Counterparty)
	 		 	
							
		 		 	Notifying the applicable party of the need to request required financial information or effecting incorporation by reference	 	 X

(to the extent there is a Derivative Counterparty)
	 	 X

(to the extent there is a Derivative Counterparty)
	 		 	
							
		 		 	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Certificate holders, including proceedings known to be contemplated by governmental
authorities:	 		 		 		 	
							
		 		 	Sponsor	 		 		 	X	 	
							
		 		 	Transferor	 		 	X	 		 	
							
		 		 	Indenture Trustee	 		 		 		 	X
							
		 		 	Issuer	 		 	X	 		 	
							
		 		 	Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers (each as to itself)	 	X	 		 		 	

  
 A-13 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 		 	Originator of 20% or more of pool assets as of the Cut-off Date	 		 	X	 		 	
							
		 		 	Item 1119 – Affiliations and relationships between the following entities, or their respective affiliates, that are material to Noteholders:	 		 		 		 	
							
		 		 	Sponsor	 		 		 	X	 	
							
		 		 	Transferor	 		 	X	 		 	
							
		 		 	Indenture Trustee	 		 		 		 	X
							
		 		 	Servicer or other servicer servicing 20% or more of pool assets at time of report, other material servicers (each as to itself)	 	X	 		 		 	
							
		 		 	Originator	 		 	X	 		 	
							
		 		 	Credit Enhancer/Support Provider	 		 	 X

(to the extent there is a Credit Enhancer/Support Provider)
	 		 	
							
		 		 	Significant Obligor	 	X	 	X	 		 	
							
		 		 	Asset Representations Reviewer	 	X	 	X	 	X	 	X
							
		 		 	Item 1122 – Assessment of Compliance with Servicing Criteria	 	X	 		 		 	X
							
		 		 	Item 1123 – Servicer Compliance Statement	 	X	 		 		 	

  
 A-14 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

						
		 		 	 Item 1124— Sponsor interest in the Securities.
  

Provide the required information about any material change in the sponsor’s or an affiliate’s interest in the securities resulting from the purchase,
sale or other acquisition or disposition of the securities by sponsor or an affiliate, during period covered by the report.
	 		 	X	 	

  
 A-15 

 ADDITIONAL FORM 8-K DISCLOSURE 

 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

		
	8-K	 	Must be filed within 4 business days of an event reportable on Form 8-K.
							
		 	1.01	 	Entry into a Material Definitive Agreement	 		 		 		 	
							
		 		 	 Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if
depositor is not a party.
  
 Examples: servicing agreement, custodial agreement.

 
 NOTE: disclosure not required as to definitive agreements that are fully disclosed in
the prospectus.
	 	X	 	X	 	 X

(if Servicer is not a party)
	 	 X

(if Servicer is not a party and Indenture Trustee is a party)

							
		 	1.02	 	Termination of a Material Definitive Agreement	 		 		 		 	
							
		 		 	 Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in
accordance with its terms), even if depositor is not a party.
  
 Examples: servicing
agreement, custodial agreement.
	 	X	 	X	 	 X

(if Servicer is not a party)
	 	 X

(if Servicer is not a party and Indenture Trustee is a party)

  
 A-16 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	1.03	 	Bankruptcy or Receivership	 		 		 		 	
							
		 		 	 Disclosure is required regarding the bankruptcy or receivership, if known to the Transferor, with respect to any of the following:

 
 Sponsor (Seller), Transferor, Master Servicer, affiliated Servicer, other Servicer
servicing 20% or more of pool assets at time of report, other material servicers, Certificate Administrator, Trustee, significant obligor, credit enhancer (10% or more), derivatives counterparty, Custodian (each as to itself)
	 	X	 	X	 	X	 	X
							
		 	2.04	 	Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	 		 		 		 	
							
		 		 	Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cashflows/amortization schedule	 	X	 	X	 		 	
							
		 	3.03	 	Material Modification to Rights of Security Holders	 		 		 		 	
							
		 		 	Disclosure is required of any material modification to documents defining the rights of Noteholders, including the Master Indenture	 	X	 	X	 		 	 X

(if Indenture Trustee is a party thereto)

  
 A-17 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	5.03	 	Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year	 		 		 		 	
							
		 		 	Disclosure is required of any amendment “to the governing documents of the issuing entity”	 	X	 	X	 		 	
							
		 	5.06	 	Change in Shell Company Status	 		 		 		 	
							
		 		 	[Not applicable to ABS issuers]	 		 		 		 	
							
		 	6.01	 	ABS Informational and Computational Material	 		 	X	 		 	
							
		 	6.02	 	Change of Servicer, Securities Administrator or Trustee	 		 		 		 	
							
		 		 	Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers, certificate
administrator or trustee.	 	X	 	X	 		 	
							
		 		 	Reg AB disclosure about any new servicer (from entity appointing new servicer) or trustee (from Transferor) is also required.	 		 	X	 		 	

  
 A-18 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	6.03	 	Change in Credit Enhancement or Other External Support	 		 		 		 	
							
		 		 	Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided. Applies to external credit enhancements as well as derivatives.	 		 	 X

(to the extent there is any Enhancement)
	 		 	
							
		 		 	Reg AB disclosure about any new enhancement provider is also required.	 		 	 X

(to the extent there is any Enhancement)
	 		 	
							
		 	6.04	 	Failure to Make a Required Distribution	 		 		 		 	X
							
		 	6.05	 	Securities Act Updating Disclosure	 		 		 		 	
							
		 		 	If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual assets pool.	 	X	 	X	 		 	
							
		 		 	If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	 		 	X	 		 	

  
 A-19 

													
	 Form
	 	 Item
	 	 Description
	 	 Servicer
	 	 Transferor
	 	 Sponsor
	 	 Indenture

Trustee

							
		 	7.01	 	Regulation FD Disclosure	 	X	 	X	 	X	 	
							
		 	8.01	 	Other Events	 		 		 		 	
							
		 		 	Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to security holders.	 		 		 	X	 	
				
		 	9.01	 	Financial Statements and Exhibits	 	The Responsible Party applicable to reportable event.

  
 A-20 

 EXHIBIT B 

ADDITIONAL DISCLOSURE NOTIFICATION 
 First
National Bank of Omaha 
 1620 Dodge Street, Stop Code 3395 

Omaha, Nebraska 68197-3395 
 Attention: Mr. Timothy D.
Hart 
 First National Funding LLC 
 c/o First National Bank of
Omaha 
 1620 Dodge Street, Stop Code 3271 
 Omaha,
Nebraska 68197-3271 
 Attention: Ms. Karlyn M. Knieriem 

Re: **Additional Form [10-D][10-K][8-K] Disclosure**Required 

Ladies and Gentlemen: 
 In accordance with
Section 13.03 of the Second Amended and Restated Master Indenture, dated as of June [    ], 2016, between First National Master Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, the undersigned
hereby notifies you that certain events have come to our attention that [will][may] need to be disclosed on Form [10-D][10-K] [8-K].
 Description of
Additional Form [10-D][10-K][8-K] Disclosure: 
 List of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

Any inquiries related to this notification should be directed to
[                    ], phone number :[    ]; email
address:[                    ]. 
  

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

	Name:	 	  

	Title:	 	  

 EXHIBIT C 

SERVICING CRITERIA 
  

							
	 	 	 Servicing Criteria
	 	 Applicable

Servicing

Criteria for

the Servicer
	 	 Applicable

Servicing Criteria

For the

Indenture Trustee

	 Reference
	 	 Criteria
	 	 	 	 
		 	General Servicing Considerations	 		 	
				
	1122(d)(1)(i)	 	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 	X	 	X
				
	1122(d)(1)(ii)	 	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	 	 X

(to the extent there are any material servicing activities outsourced to third parties)
	 	X
				
	1122(d)(1)(iii)	 	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card receivables are maintained.	 	N/A	 	N/A
				
	 1122(d)(1)(iv)
	 	 A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting
period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.
	 	 X
	 	 X

				
	1122(d)(1)(v)	 	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	 	N/A	 	N/A
				
		 	Cash Collection and Administration	 		 	
				
	1122(d)(2)(i)	 	Payments on credit card receivables are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the
transaction agreements.	 	X	 	X

  
 C-1 

							
	 	 	 Servicing Criteria
	 	 Applicable

Servicing

Criteria for

the Servicer
	 	 Applicable

Servicing Criteria

For the

Indenture Trustee

	 Reference
	 	 Criteria
	 	 	 	 
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 	X	 	X
				
	1122(d)(2)(iii)	 	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	 	N/A	 	X
				
	1122(d)(2)(iv)	 	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	 	X	 	X
				
	1122(d)(2)(v)	 	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) under the Securities Exchange Act of 1934, as amended.	 	X	 	X
				
	1122(d)(2)(vi)	 	Unissued checks are safeguarded so as to prevent unauthorized access.	 	N/A	 	X
				
	1122(d)(2)(vii)	 	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) are mathematically accurate;
(B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared the
reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 	X	 	X

  
 C-2 

							
	 	 	 Servicing Criteria
	 	 Applicable

Servicing

Criteria for

the Servicer
	 	 Applicable

Servicing Criteria

For the

Indenture Trustee

	 Reference
	 	 Criteria
	 	 	 	 
		 	Investor Remittances and Reporting	 		 	
				
	1122(d)(3)(i)	 	Reports to investors, including those to be filed with the SEC, are maintained in accordance with the transaction agreements and applicable SEC requirements. Specifically, such reports (A) are prepared in accordance with
timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the SEC as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the servicer.	 	X	 	X
				
	1122(d)(3)(ii)	 	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	 	X	 	X
				
	1122(d)(3)(iii)	 	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	 	N/A	 	X
				
	1122(d)(3)(iv)	 	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 	N/A	 	X
				
		 	Pool Asset Administration	 		 	
				
	1122(d)(4)(i)	 	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related credit card agreements.	 	X	 	
				
	1122(d)(4)(ii)	 	Credit card accounts and related documents are safeguarded as required by the transaction agreements.	 	X	 	
				
	1122(d)(4)(iii)	 	Any additions, removals or substitutions to the pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 	X	 	X

  
 C-3 

							
	 	 	 Servicing Criteria
	 	 Applicable

Servicing

Criteria for

the Servicer
	 	 Applicable

Servicing Criteria

For the

Indenture Trustee

	 Reference
	 	 Criteria
	 	 	 	 
	1122(d)(4)(iv)	 	Payments on credit card receivables, including any payoffs, made in accordance with the related credit card agreements are posted to the servicer’s obligor records maintained no more than two business days after receipt, or
such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related credit card agreements.	 	X	 	
				
	1122(d)(4)(v)	 	The servicer’s records regarding the credit card accounts agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	 	X	 	
				
	1122(d)(4)(vi)	 	Changes with respect to the terms or status of an obligor’s credit card account (e.g. loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements
and related credit card agreements.	 	X	 	
				
	1122(d)(4)(vii)	 	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the
timeframes or other requirements established by the transaction agreements.	 	X	 	

  
 C-4 

							
	 	 	 Servicing Criteria
	 	 Applicable

Servicing

Criteria for

the Servicer
	 	 Applicable

Servicing Criteria

For the

Indenture Trustee

	 Reference
	 	 Criteria
	 	 	 	 
	1122(d)(4)(viii)	 	Records documenting collection efforts are maintained during the period a credit card account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent credit card accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed
temporary (e.g., illness or unemployment).	 	X	 	
				
	1122(d)(4)(ix)	 	Adjustments to interest rates or rates of return for credit card accounts with variable rates are computed based on the related credit card agreements.	 	X	 	
				
	1122(d)(4)(x)	 	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s credit card agreements, on at least an annual basis, or such other period specified
in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable credit card agreements and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related credit card account, or such other number of days specified in the transaction agreements.	 	N/A	 	N/A
				
	1122(d)(4)(xi)	 	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	X	 	
				
	1122(d)(4)(xii)	 	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	 	X	 	

  
 C-5 

							
	 	 	 Servicing Criteria
	 	 Applicable

Servicing

Criteria for

the Servicer
	 	 Applicable

Servicing Criteria

For the

Indenture Trustee

	 Reference
	 	 Criteria
	 	 	 	 
	1122(d)(4)(xiii)	 	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	 	X	 	
				
	1122(d)(4)(xiv)	 	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 	X	 	
				
	1122(d)(4)(xv)	 	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 	 X

(to the extent there is any external enhancement or other support)
	 	X

  
 C-6 

 EXHIBIT D 

FORM OF INDENTURE TRUSTEE ANNUAL CERTIFICATION 
  

	Re:	Second Amended and Restated Master Indenture, dated as of June [    ], 2016, between First National Master Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, as amended
on or prior to the date hereof (the “Agreement”). 

 I, [NAME, TITLE] of U.S. BANK NATIONAL ASSOCIATION (the
“Company”), certify to Transferor and each of its officers, with the knowledge and intent that they will rely upon this certification, that: 

(1) I have reviewed the Report of Assessment of Compliance with Applicable Servicing of the Company dated as of December 31, [YEAR], as
asserted by the Management of the Company, in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122(a) of Regulation AB (the “Servicing Assessment”) and
the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the Company to
Servicer and Transferor pursuant to the Agreement (collectively, the “Company Information”); 
 (2) To the best of my knowledge,
the Company Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not
misleading with respect to the period of time covered by the Company Information; 
 (3) To the best of my knowledge, all of the Company
Information required to be provided by the Company under the Agreement has been provided to Servicer and Transferor; and 
 (4) To the best
of my knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement. 
  

									
	Dated:	 	  
	 		 		 	
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

 ANNEX A 

DEFINITIONS 

“Account” means each VISA and MasterCard credit card account (i) designated as an “Account” pursuant to (and
as defined in) the Pooling and Servicing Agreement on or prior to the Certificate Trust Termination Date or (ii) designated as an Additional Account pursuant to the Transfer and Servicing Agreement. The term “Account” excludes any
Account all the Receivables in which were either reassigned or assigned to Transferor or its designee or Servicer in accordance with the Pooling and Servicing Agreement on or prior to the Certificate Trust Termination Date and any Account all of the
Receivables of which are either reassigned or assigned to Transferor or its designee or Servicer in accordance with the Transfer and Servicing Agreement, and any inactive Accounts which in accordance with the Credit Card Guidelines have been removed
from the computer records of the Transferor. The term “Account” includes each account into which an Account is transferred (a “Transferred Account”) so long as (a) such transfer is made in accordance with the Credit Card
Guidelines and (b) such Transferred Account can be traced or identified, by reference to or by way of the Account Schedule delivered to the Issuer pursuant to Section 2.01 or 2.06(c)(ii) of the Transfer and Servicing Agreement, as an
account into which an Account has been transferred. The term “Account” includes an Additional Account only from and after its Addition Date and includes any Removed Account only prior to its Removal Date. 

“Account Schedule” means a computer file or tape, hard copy, compact disc or other tangible medium containing a true
and complete list of Accounts, identified by account number and setting forth the Receivable balance as of (a) the month-end immediately preceding the Certificate Trust Termination Date (for the Account
Schedule delivered on the Certificate Trust Termination Date) or (b) the related Addition Date (for any supplement to the Account Schedule delivered in connection with any designation of Additional Accounts). 

“Acquiring Person” is defined in Section 3.10 (b) of the Indenture. 

“Act” is defined in Section 12.03 (a) of the Indenture. 

“Addition” means the designation of additional Eligible Accounts to be included as Accounts pursuant to Section 2.06(a),
(b) or (c) of the Transfer and Servicing Agreement. 
 “Addition Date” means the date as of which any Additional Accounts
are included as Accounts, as specified in the related Assignment. 
 “Additional Account” is defined in
(a) Section 2.06 of the Pooling and Servicing Agreement for additions made prior to the Certificate Trust Termination Date and (b) Section 2.06 of the Transfer and Servicing Agreement for additions made on or after the
Certificate Trust Termination Date. 
 “Administration Agreement” means the Second Amended and Restated Administration
Agreement, originally dated as of October 24, 2002, as amended by First Amendment to Administration Agreement dated as of May 18, 2009, as amended and restated, in its entirety, as of December 20, 2012 and as amended and restated a
second time, in its entirety, as of June [    ], 2016, between Issuer and Administrator, as the same may be amended, amended and restated, modified or supplemented from time to time. 

 “Administrator” means FNBO, its capacity as administrator under the
Administration Agreement, and any successor in that capacity. 
 “Adverse Effect” means, with respect to any action, that
such action will (a) result in the occurrence of a Pay Out Event or an Event of Default or (b) materially and adversely affect the amount or timing of distributions to be made to the Noteholders of any Series or Class pursuant to the
Transaction Documents. 
 “Affiliate” means, as to any specified Person, any other Person controlling or controlled by or
under common control with such specified Person. For this purpose, “control” means the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and “controlling” and “controlled” have correlative meanings. 
 “Aggregate Principal
Balance” means, as of any time of determination, the sum of (a) the Aggregate Principal Receivables and (b) the amount on deposit in the Excess Funding Account (exclusive of any investment earnings on such amount). 

“Aggregate Principal Receivables” means, as of any date of determination, the total amount of Principal Receivables as of
such date other than Discount Option Receivables and Receivables in Defaulted Accounts. 
 “Allocation Percentage” is
defined, for any Series, with respect to Principal Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts, in the related Indenture Supplement. 

“Amortization Period” means, as to any Series or any Class within a Series, any period specified in the related Indenture
Supplement during which a share of principal collections is set aside or applied to repay the outstanding principal amount of that Series (excluding repayments of a Variable Interest during its revolving period). 

“Annual Membership Fee” has the meaning specified in the Credit Card Agreement applicable to each Account for annual
membership fees or similar terms. 
 “Applicants” is defined in Section 2.09(a) of the Indenture. 

“Asset Representations Review Agreement” means that certain Asset Representations Review Agreement, dated as of [Month]
[Day], [Year] among Issuer, Transferor, Servicer and the Asset Representations Reviewer, as the same may be amended, amended and restated, modified or supplemented from time to time. 

“Asset Representations Reviewer means [Name of Asset Representations Reviewer], a [Name of State] [limited liability company]
[corporation], and its successors and any entity resulting from or surviving any consolidation or merger to which it or its successors may be a party, and any successor asset representations reviewer appointed as provided in the Asset
Representations Review Agreement. 

  
 A-2 

 “Assignment” is defined in Section 2.06 of the Transfer and Servicing
Agreement. 
 “Assignment and Termination Agreement” means the Assignment and Termination Agreement dated as of December
18, 2008, by and among Transferor, Servicer, Indenture Trustee and Issuer relating to the termination of the Certificate Trust. 

“Authorized Newspaper” means any newspaper or newspapers of general circulation in the Borough of Manhattan, The City of
New York (and in such other cities as shall be specified in the Supplements, if any) printed in the English language (and, with respect to any Series or Class, if and so long as the Notes of such Series or Class are listed on the Luxembourg
Stock Exchange and such exchange shall so require, in Luxembourg, printed in any language satisfying the requirements of such exchange) and customarily published on each business day at such place, whether or not published on Saturdays, Sundays or
holidays. 
 “Authorized Officer” means: 

(a) with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters
relating to the Issuer and who is identified on the list of Authorized Officers (containing the specimen signature of each such Person) delivered by the Owner Trustee to the Indenture Trustee on the Initial Closing Date (as such list may be modified
or supplemented from time to time thereafter) and any Vice President or more senior officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and to be acted upon by the Administrator pursuant to
the Administration Agreement and who is identified on the list of Authorized Officers (containing the specimen signatures of such officers) delivered by the Administrator to the Indenture Trustee on the Initial Closing Date (as such list may be
modified or supplemented from time to time thereafter); 
 (b) with respect to the Transferor, any officer of the Transferor
who is authorized to act for the Transferor in matters relating to the Transferor and who is identified on the list of Authorized Officers (containing the specimen signature of each such Person) delivered by the Transferor to the Indenture Trustee
on the Initial Closing Date (as such list may be modified or supplemented from time to time thereafter); and 
 (c) with
respect to the Servicer, any officer of the Servicer who is authorized to act for the Servicer in matters relating to the Servicer and who is identified on the list of Authorized Officers (containing the specimen signature of each such Person)
delivered by the Servicer to the Indenture Trustee on the Initial Closing Date (as such list may be modified or supplemented from time to time thereafter). 

“Average Principal Receivables” means, for any period, an amount equal to the sum of the Aggregate Principal Receivables at
the end of each day during such period, divided by the number of days in such period. 
 “Base Rate” is defined, with
respect to any Series, in the related Indenture Supplement. 

  
 A-3 

 “Bearer Note” is defined in Section 2.01 of the Indenture. 

“Book-Entry Notes” means beneficial interests in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency or Foreign Clearing Agency as described in Section 2.12 of the Indenture. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York,
New York, St. Paul, Minnesota, Wilmington, Delaware or Omaha, Nebraska (or, with respect to any Series, any additional city specified in the related Supplement) are authorized or obligated by law or executive order to be closed.  

“Cash Advance Fees” has the meaning specified in the Credit Card Agreement applicable to each Account for cash advance fees
or similar terms. 
 “Certificate of Trust” means the Certificate of Trust in the form attached to the Trust Agreement as
Exhibit A, which has been filed for the Issuer pursuant to Section 3810(a) of the Statutory Trust Act. 
 “Certificate
Trust” means First Bankcard Master Credit Card Trust. 
 “Certificate Trust Termination Date” means December 18,
2008. 
 “Certificate Trust Trustee” means the trustee under the Pooling and Servicing Agreement. 

“Certificateholder” is defined in the Pooling and Servicing Agreement. 

“Class” means, with respect to any Series, any one of the classes of Notes of that Series. 

“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Securities
Exchange Act of 1934. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other
Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Clearstream” means Clearstream Banking, société anonyme, a professional depository incorporated under the laws
of Luxembourg. 
 “Closing Date” means, with respect to any Series, the closing date specified in the related Indenture
Supplement. 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” is defined in the Granting Clause of the Indenture. 

“Collateral Amount” is defined, with respect to any Series, in the related Indenture Supplement. 

  
 A-4 

 “Collateral Certificate” means the certificate, representing an undivided
interest in the assets held in the Certificate Trust, issued pursuant to the Pooling and Servicing Agreement and the Collateral Series Supplement, dated as of October 24, 2002, to the Pooling and Servicing Agreement. 

“Collateral Series Supplement” means the supplement to the Pooling and Servicing Agreement, executed and delivered in
connection with the original issuance of the Collateral Certificate pursuant to Section 6.03 of the Pooling and Servicing Agreement. 

“Collection Account” is defined in Section 8.03(a) of the Indenture. 

“Collections” means all payments (including Insurance Proceeds and recoveries, net of expense of collection, on Defaulted
Accounts) received by the Servicer or Transferor in respect of the Receivables, in the form of cash, checks, wire transfers, ATM transfers or other form of payment in accordance with the Credit Card Agreement in effect from time to time on any
Receivables. A Collection processed on an Account in excess of the aggregate amount of Receivables in such Account as of the Date of Processing of such Collection shall be deemed to be a payment in respect of Principal Receivables to the extent of
such excess. Collections of recoveries, net of expenses of collection, on Defaulted Accounts shall be deemed to be Collections of Finance Charge Receivables. Interest and other investment earnings (net of losses and investment expenses) on funds on
deposit in the Excess Funding Account will be deemed Collections of Finance Charge Receivables, as set forth in Section 8.03 of the Indenture. Collections with respect to any Monthly Period shall include the amount of Interchange (if any)
allocable to any Series of Notes, pursuant to the applicable Indenture Supplement, with respect to such Monthly Period (to the extent received by the Issuer and deposited on the Transfer Date following such Monthly Period in accordance with the
Transfer and Servicing Agreement), to be applied as if such Collections were Finance Charge Receivables for all purposes. The amount of Collections by check which is dishonored by the drawee bank of such check shall be subtracted from the
Collections of Principal Receivables in the Monthly Period in which the dishonor occurs. 
 “Commission” means the
Securities and Exchange Commission. 
 “Conveyance Papers” is defined in Section 4.01(a)(iii) of the Receivables
Purchase Agreement. 
 “Corporate Trust Office” means 

(a) for the Indenture Trustee, the principal office at which at any particular time the Indenture shall be administered, which
office at date of the execution of the Indenture is located at (i) for note transfer purposes, U.S. Bank Corporate Trust, 111 Fillmore Ave. E., Mail Code: EP-MN-WS3D, St. Paul, Minnesota 55107, and (ii) for all other purposes, U.S. Bank
National Association, 60 Livingston Avenue, Mail Code: EP-MN-WS3D, St. Paul, Minnesota 55107, Attention: U.S. Bank Structured Finance/FNBO Series [20    ]-[  ] Notes, or at such other address as the Indenture Trustee
may designate from time to time by notice to the Noteholders and the Transferor, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders and the
Transferor); 
 (b) for the Owner Trustee, the principal office at which at any particular time its corporate trust business
shall be administered, which office at date of the execution of the Indenture is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 

  
 A-5 

 “Coupon” is defined in Section 2.01 of the Indenture. 

“Credit Adjustment” is defined in the Section 3.02 of the Receivables Purchase Agreement. 

“Credit Card Agreement” means, as to any Account, the agreements between FNBO and the related Obligor that govern the
Account. 
 “Credit Card Guidelines” means the written policies and procedures of FNBO relating to the operation of its
credit card business, including written policies and procedures for determining the creditworthiness of credit card customers, the extension of credit to credit card customers and the maintenance of credit card accounts and collection of credit card
receivables, as such policies and procedures may be amended from time to time. 
 “Credit Card Originator” means
(i) FNBO or FNBSD, as applicable, and (ii) with respect to Financial Institution Accounts, the originator of such Accounts. 

“Daily Report” is defined in Section 3.04(a) of the Transfer and Servicing Agreement. 

“Date of Processing” means, as to any transaction, the date on which the transaction is first recorded on Servicer’s
computer master file of VISA and MasterCard accounts (without regard to the effective date of such recordation). 

“Debtor” means the party designated in the Specified Agreement as the “Debtor” for purposes of the Perfection
Representations and Warranties. 
 “Debtor Relief Laws” means Title 11 of the United States Code and all other
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment of debt, marshalling of assets or similar debtor relief laws of the United States,
any state or any foreign country from time to time in effect, affecting the rights of creditors generally. 
 “Default”
means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Defaulted
Account” means each Account with respect to which, in accordance with the Credit Card Guidelines or the Servicer’s customary and usual servicing procedures for servicing credit card receivables comparable to the Receivables, the
Servicer has charged off the Receivables in such Account as uncollectible. An Account shall become a Defaulted Account on the day on which such Receivables are recorded as charged off as uncollectible on the Servicer’s

  
 A-6 

 
computer master file of VISA and MasterCard accounts. Notwithstanding any other provision hereof, any Receivables in a Defaulted Account that are Ineligible Receivables shall be treated as
Ineligible Receivables rather than Receivables in Defaulted Accounts. 
 “Definitive Notes” means Notes in definitive,
fully registered form. 
 “Delinquent” shall mean as to any Account (other than a Defaulted Account), the failure to have
received the minimum monthly payment on the respective due date of such payment, and “Delinquency” shall mean the continuation of such failure beyond such due date. 

“Depositor” means First National Funding LLC. 

“Determination Date” means, unless otherwise specified in any Indenture Supplement with respect to the related Series, the
fourth Business Day preceding each Transfer Date. 
 “Discount Option Receivables” means, on any Date of Processing on and
after the date on which the Transferor’s exercise of its discount option pursuant to Section 2.08 of the Transfer and Servicing Agreement takes effect, the sum of (a) the aggregate Discount Option Receivables at the end of the prior
Date of Processing (which amount, prior to the date on which the Transferor’s exercise of its discount option takes effect, shall be zero) plus (b) any new Discount Option Receivables created on such Date of Processing minus (c) any
Discount Option Receivables Collections received on such Date of Processing. Discount Option Receivables created on any Date of Processing shall mean the product of the amount of any Principal Receivables created on such Date of Processing (without
giving effect to Discount Option Receivables) and the then applicable Discount Percentage. 
 “Discount Option Receivables
Collections” means on any Date of Processing on and after the date on which Transferor’s exercise of its discount option pursuant to Section 2.08 of the Transfer and Servicing Agreement takes effect, the product of (a) a fraction
the numerator of which is the amount of Discount Option Receivables and the denominator of which is the sum of the Principal Receivables plus the Discount Option Receivables, in each case (for both numerator and denominator) on the last day of the
prior Monthly Period and (b) Collections of Principal Receivables (without giving effect to Discount Option Receivables) on such Date of Processing. 

“Discount Percentage” is defined in Section 2.08 of the Transfer and Servicing Agreement. 

“Distribution Date” means, unless otherwise specified in any Indenture Supplement for the related Series, the fifteenth day
of the calendar month following the Closing Date for such Series and the fifteenth day of each month thereafter, or, if such fifteenth day is not a Business Day, the next succeeding Business Day. 

“Document Delivery Date” means the Addition Date in the case of Additional Accounts and the Removal Date in the case of
Removed Accounts. 
 “Dollars,” “$” or “U.S. $” means United States dollars. 

  
 A-7 

 “Draft Fees” has the meaning specified in the Credit Card Agreement applicable
to each Account for any draft fees or similar terms. 
 “DTC” means The Depository Trust Company. 

“Eligible Account” means (i) with respect to “Accounts” designated pursuant to (and as defined in) the Pooling and
Servicing Agreement prior to the Certificate Trust Termination Date, Accounts which are “Eligible Accounts” under (and as defined in) the Pooling and Servicing Agreement; and (ii) each Additional Account which, as of the related Addition
Date: 
 (a) was in existence, maintained or initially opened at least six months prior to its selection for inclusion in the
Trust; 
 (b) is payable in Dollars; 

(c) the Obligor of which is not the U.S. government or any state or local governmental entity and has provided, as its
most recent billing address, an address located in the United States or its territories or possessions, except that up to 1% (or any higher percentage as to which the Rating Agency Condition has been satisfied) of the Aggregate Principal
Receivables as of the most recently ended Monthly Period may have obligors who have provided billing addresses outside of those jurisdictions; 

(d) which FNBO has not classified on its electronic records as counterfeit, canceled, fraudulent, stolen or lost; 

(e) which has either been originated by FNBO or is a Financial Institutions Account; 

(f) the Receivables of which FNBO has not charged off in its customary and usual manner for charging off such Receivables as of
the relevant Addition Date; 
 (g) which was originated in the ordinary course of business; 

(h) which is not more than 30 days Delinquent; 

(i) which is free and clear of all liens that are equal or prior to the interest of the Indenture Trustee; and 

(j) as to any Series, meets any additional requirements set forth in the respective Indenture Supplement for such Series. 

Notwithstanding the foregoing, Eligible Accounts may include accounts, the receivables in which have been written off, or as to which FNBO
believes the related Obligor is bankrupt and certain receivables that have been identified by the Obligor as having been incurred as a result of fraudulent use of credit cards or credit cards that have been reported to FNBO as lost or stolen, so
long as (1) the balance of all receivables included in such accounts is reflected on the books and records of the Servicer (and is treated for purposes of the Transaction Documents) as “zero” and (2) charging privileges with
respect to all such accounts have been canceled and are not reinstated. 

  
 A-8 

 “Eligible Deposit Account” means either (a) a segregated account with a
Qualified Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States, any one of the states thereof, or the District of Columbia (or any
domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each of Moody’s, S&P and, if rated by Fitch, in
one of Fitch’s generic credit rating categories that signifies investment grade. 
 “Eligible Receivable” means each
Receivable: 
 (a) which has arisen under an Eligible Account; 

(b) which was created in compliance, in all material respects, with all Requirements of Law applicable to the Credit Card
Originator and pursuant to a Credit Card Agreement which complies, in all material respects, with all Requirements of Law applicable to the Credit Card Originator; 

(c) with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, any
Governmental Authority required to be obtained, effected or given by the Credit Card Originator in connection with the creation of such Receivable or the execution, delivery and performance by the Credit Card Originator of the Credit Card Agreement
pursuant to which such Receivable was created, have been duly obtained, effected or given and are in full force and effect as of such date of creation; 

(d) as to which, upon the transfer of such Receivable to the Trust, the Trust will have good and marketable title thereto, free
and clear of all Liens other than Liens permitted pursuant to subsection 2.05(b) of the Transfer and Servicing Agreement; 

(e) which is the legal, valid and binding payment obligation of the Obligor thereon, enforceable against such obligor in
accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws or by general principles of equity (whether considered in a suit at law or in equity); 

(f) which constitutes an “account” under and as defined in Article 9 of the UCC; 

(g) as to which, at the time of its transfer to the Receivables Trust, Transferor has not taken any action which, or failed to
take any action the omission of which, would, at the time of transfer to the Receivables Trust, impair the rights therein of the Receivables Trust Trustee or the Holders; 

(h) that, at the time of its transfer to the Receivables Trust, has not been waived or modified except as would be permitted in
accordance with subsections 3.03(h) and 3.03(i) of the Pooling and Servicing Agreement and the Transfer and Servicing Agreement, as applicable; 

  
 A-9 

 (i) that, at the time of its transfer to the Receivables Trust, is not subject to
any right of rescission, setoff, counterclaim or any other defense of the Obligor (including the defense of usury), other than defenses arising out of Debtor Relief Laws and by general principles of equity (whether considered in a suit at law or
equity) or in connection with Credit Adjustments pursuant to Section 3.02 of the Receivables Purchase Agreement; 
 (j)
as to which, at the time of its transfer to the Receivables Trust, the Transferor has satisfied all obligations to be fulfilled at the time it is transferred to the Receivables Trust; and 

(k) as to any Series, which meets any additional requirements set forth in the respective Indenture Supplement for such Series.

 “Eligible Servicer” means the Indenture Trustee, a wholly owned subsidiary of the Indenture Trustee or an entity that,
at the time of its appointment as Servicer: (a) is servicing a portfolio of consumer open end credit card accounts or other consumer open end credit accounts; (b) is legally qualified and has the capacity to service the Accounts;
(c) is qualified (or licensed) to use the software that is then being used to service the Accounts or obtains the right to use, or has its own, software which is adequate to perform its duties under the Transfer and Servicing Agreement;
(d) has, in the reasonable judgment of the Indenture Trustee, the ability to professionally and competently service a portfolio of similar accounts; and (e) has a net worth of at least $50,000,000 as of the end of its most recent fiscal
quarter. 
 “Enhancement” means the rights and benefits provided to the Noteholders of any Series or Class pursuant to any
letter of credit, surety bond, cash collateral account, guaranty, collateral interest, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement, interest rate swap agreement, interest rate cap agreement or
other contract or agreement for the benefit of the Noteholders of such Series. The subordination of any Class to another Class, or a cross support feature which requires collections on Receivables allocated to one Series to be paid as principal
and/or interest with respect to another Series shall be deemed to be an Enhancement for the Class or Series benefiting from the subordination or cross support feature. 

“Enhancement Agreement” means any agreement, instrument or document governing any Enhancement or pursuant to which any
Enhancement is issued or outstanding. 
 “Enhancement Provider” means the Person or Persons providing any Enhancement,
other than the Noteholders of any Class which is subordinated to, or otherwise supports, another Class. 
 “ERISA” means
the Employee Retirement Income Security Act of 1974. 
 “Event of Default” is defined in Section 5.02 of the
Indenture. 

  
 A-10 

 “Excess Allocation Series” means a Series that, pursuant to the Indenture
Supplement therefor, is entitled to receive certain excess Collections of Finance Charge Receivables, as more specifically set forth in such Indenture Supplement. If so specified in the Indenture Supplement for a Series included in a Group, such
Series may be an Excess Allocation Series only for the Series in such Group. 
 “Excess Finance Charge Collections” means
Collections of Finance Charge Receivables allocated to a Series which are not required to fund payments or deposits to or for the benefit of Holders of such Series on the related Distribution Date, as determined in accordance with the terms of the
applicable Indenture Supplement. 
 “Excess Funding Account” is defined in Section 8.03 of the Indenture. 

“Excess Funding Amount” means the amount on deposit in the Excess Funding Account, exclusive of interest (including
reinvested interest) and other investment income and earnings on funds on deposit in the Excess Funding Account. 
 “Excess
Principal Collections” means Collections of Principal Receivables allocated to a Series which are not required to fund payments to or for the benefit of Holders of such Series on the related Distribution Date, as determined in accordance
with the terms of the applicable Indenture Supplement. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Existing Assets” means (i) the Transferor Interest (as defined in the Pooling and Servicing Agreement), (ii) the
Receivables existing at the opening of business on the Effective Date and arising from the Accounts, (iii) all Related Assets with respect to such Receivables, (iv) all right, title and interest of RPA Seller (in its capacity as Transferor
(as defined in the Pooling and Servicing Agreement) but not as Servicer (as defined in the Pooling and Servicing Agreement)) under the Existing PSA and the other Transaction Documents (as defined in the Pooling and Servicing Agreement), including
any loan agreements and Supplements executed in connection with any Series of Investor Certificates and (v) all right, title and interest of RPA Seller, in its capacity as Transferor under (and as defined in) the Pooling and Servicing Agreement
to any funds on deposit in any Series Account (as defined in the Pooling and Servicing Agreement) maintained for the benefit of any Series or Class of Investor Certificates.  

“Existing PSA” means the Pooling and Servicing Agreement, dated as of August 1, 1995, by and between First National Bank of
Omaha, as Transferor and Servicer, and First National Bank of Chicago, as Trustee, as amended and restated as of June 26, 1997 and as further amended prior to October 24, 2002. 

“Existing TSA” is defined in the first paragraph of the Transfer and Servicing Agreement. 

“Expenses” is defined in Section 7.02 of the Trust Agreement. 

“FDIA” means the Federal Deposit Insurance Act, 12 U.S.C. § 1811 et seq. 

“FDIC” means the Federal Deposit Insurance Corporation. 

  
 A-11 

 “Finance Charge Receivables” means (i) Receivables created in respect of
the Periodic Finance Charges, Annual Membership Fees, fees for insufficient fund checks received in payment on Accounts, overlimit fees, Cash Advance Fees, Late Fees and other similar fees and charges, including Special Fees to the extent such
Special Fees are categorized as Finance Charge Receivables; (ii) Discount Option Receivables; and (iii) Collections consisting of recoveries, net of expenses of collection, on Receivables in Defaulted Accounts. Finance Charge Receivables
with respect to any Monthly Period shall include the amount of Interchange (if any) allocable to any Series pursuant to any Indenture Supplement with respect to such Monthly Period (to the extent received and deposited into the Collection Account or
any Series Account, as the case may be, on the Transfer Date following such Monthly Period). 
 “Financial Institutions
Accounts” means revolving credit card accounts acquired by FNBO from third-party financial institutions. 

“Finance Charge Shortfalls” is defined, as to any Series, in the related Indenture Supplement. 

“Fitch” means Fitch Ratings, Inc. 

“FNBO” means First National Bank of Omaha, a national banking association. 

“FNBSD” means First National Bank South Dakota, a national banking association. 

“Foreign Clearing Agency” means Clearstream and the Euroclear Bank S.A./N.V. 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 

“Global Note” is defined in Section 2.15 of the Indenture. 

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

“Grant” means to mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a
lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include
all rights, powers and options (but none of the obligations) of the Granting party thereunder, including if available the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect
of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or
otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Group” means, with respect to any Series, the group of Series, if any, in which the related Indenture Supplement specifies
such Series is to be included. 

  
 A-12 

 “Holder” means a Noteholder or a Person in whose name the Transferor Interest is
registered. 
 “Indemnified Parties” is defined in Section 7.02 of the Trust Agreement. 

“Indenture” means the Second Amended and Restated Master Indenture, originally dated as of October 24, 2002, as amended by a
First Amendment to Master Indenture dated as of November 17, 2003, as amended and restated, in its entirety, as of December 20, 2012 and as amended and restated a second time, in its entirety, as of June [ ], 2016, between the Issuer and Indenture
Trustee, as the same may be amended, amended and restated, supplemented or modified from time to time. 
 “Indenture
Supplement” means, with respect to any Series, a supplement to the Indenture, executed and delivered in connection with the original issuance of the Notes of such Series pursuant to Section 2.12 of the Indenture, and an amendment to
the Indenture executed pursuant to Sections 10.01 or 10.02 of the Indenture. 
 “Indenture Trustee” means U.S. Bank
National Association, in its capacity as indenture trustee under the Indenture, its successors in interest and any successor indenture trustee under the Indenture. 

“Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of the
Issuer, any other obligor upon the Notes, the Transferor and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the
Transferor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Transferor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions. 
 “Independent Certificate” means a certificate or
opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 12.01 of the Indenture, made by an Independent appraiser or other expert appointed by an
Issuer Order, and such opinion or certificate shall state that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof. 

“Independent Director” is defined in Section 2.05(o)(vii) of the Transfer and Servicing Agreement. 

“Indirect Participant” means other Persons such as securities brokers and dealers, banks and trust companies that clear or
maintain a custodial relationship with a participant of DTC, either directly or indirectly. 
 “Ineligible Receivables” is
defined in Section 2.04(d)(iii) of the Transfer and Servicing Agreement. 
 “Initial Closing Date” means
October 24, 2002. 

  
 A-13 

 “Initial Collateral Amount,” with respect to any Series, is defined in the
related Indenture Supplement. 
 “Insolvency Event” means, with respect to any Person, that such person shall consent or
fail to object to the appointment of a bankruptcy trustee or conservator, receiver or liquidator in any bankruptcy proceeding or other insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to
such Person or relating to all or substantially all of such Person’s property, or the commencement of an action seeking a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a
bankruptcy trustee or conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up, insolvency, bankruptcy,
reorganization, conservatorship, receivership or liquidation of such entity’s affairs, or notwithstanding an objection by such Person any such action shall have remained undischarged or unstayed for a period of sixty (60) days or upon
entry of any order or decree providing for such relief; or such Person shall admit in writing its inability to pay its debts generally as they become due, file, or consent or fail to object (or object without dismissal of any such filing within
sixty (60) days of such filing) to the filing of, a petition to take advantage of any applicable bankruptcy, insolvency or reorganization, receivership or conservatorship statute, make an assignment for the benefit of its creditors or
voluntarily suspend payment of its obligations. 
 “Insurance Proceeds” means any amounts recovered pursuant to any credit
insurance policies or debt cancellation or debt deferral programs covering any Obligor with respect to Receivables under such Obligor’s Account, including amounts recovered through reserves established in connection with such programs. 

“Interchange” means interchange fees payable to FNBO, in its capacity as credit card issuer, through VISA USA, Inc. and
MasterCard International Incorporated. 
 “Interest Payment Date” means December 16, 2002, and the fifteenth day
of each calendar month thereafter, or if the fifteenth is not a Business Day, the next succeeding Business Day. 
 “Investment
Company Act” means the Investment Company Act of 1940. 
 “Investor Charge Off” has, with respect to each Series,
the meaning specified in the related Indenture Supplement. 
 “Investor Default Amount” has, with respect to any Series,
the meaning stated in the related Indenture Supplement. 
 “Involuntary Removal” means a removal of Accounts pursuant to
Section 2.07 of the Transfer and Servicing Agreement for which (i) Transferor has no reasonable control and (ii) the removal of Accounts is the result of a third party cancellation, or expiration without renewal, of an affinity, private-label,
co-branding, agent bank or other similar arrangement and the Credit Card Originator is required, by the terms of the arrangement, to sell the Removed Accounts to the related third party. 

  
 A-14 

 “Issuer” means the First National Master Note Trust, which is established by the
Trust Agreement. 
 “Issuer Order” and “Issuer Request” means a written order or request signed in the
name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Late Fees” means the
fees specified in the Credit Card Agreement applicable to each Account for late fees with respect to such Account. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, participation or equity interest, deposit
arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction
to evidence any of the foregoing, excluding any lien or filing pursuant to the Indenture; and excluding any assignment or transfer pursuant to Section 3.04 of the Trust Agreement, Section 7.02 of the Pooling and Servicing Agreement or
Section 7.02 of the Transfer and Servicing Agreement. 
 “Majority Holders” means the Holders of Notes evidencing more
than 50% of the Outstanding Amount of all Notes Outstanding or of a particular Series, as applicable. 
 “Maximum Addition
Amount” means, with respect to any Addition Date after the Certificate Trust Termination Date, (1) an aggregate principal balance as of such Addition Date of eligible Additional Accounts not in excess of either (a) the product of
(i) 15% and (ii) the Aggregate Principal Receivables determined as of the first day of the third preceding Monthly Period minus the Aggregate Principal Receivables in all of the Accounts that have been designated as Additional Accounts
since the first day of the third preceding Monthly Period (measured for each such Additional Account as of the date such Additional Account was added to the Trust), or (b) the product of (i) 20% and (ii) the aggregate amount of
Principal Receivables determined as of the first day of the calendar year in which such Addition Date occurs minus the aggregate amount of Principal Receivables in all of the Accounts that have been designated as Additional Accounts since the first
day of such calendar year (measured, for each such Additional Account, as of the date each such Additional Account was added to the Trust); and (2) a total number of Additional Accounts not in excess of either (a) the product of
(i) 15% and (ii) the total number of Accounts in the Trust determined as of the first day of the third preceding Monthly Period minus the total number of Accounts that have been designated as Additional Accounts since the first day of the
third preceding Monthly Period, or (b) the product of (i) 20% and (ii) the total number of Accounts in the Trust determined as of the first day of the calendar year in which such Addition Date occurs minus the total number of Accounts
that have been designated as Additional Accounts since the first day of such calendar year. 
 “Minimum Aggregate Principal
Receivables” means, as of any date of determination, the sum of the numerators used at such date to calculate the Allocation Percentages with respect to Principal Receivables for all Series outstanding on such date (except for any Series to
be excluded pursuant to the related Indenture Supplement), less the amount on deposit in the Excess Funding Account as of the date of determination. 

  
 A-15 

 “Minimum Transferor Interest” means, as of any date of determination after the
Certificate Trust Termination Date, the product of (a) the Aggregate Principal Receivables and (ii) 7% or, if less, the highest of the Required Retained Transferor Percentages specified in the Indenture Supplement for any outstanding
Series. 
 “Monthly Period” means, as to each Distribution Date, the immediately preceding calendar month, unless otherwise
defined in any Indenture Supplement. 
 “Monthly Servicing Fee” is defined in Section 3.02 of the Transfer and
Servicing Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“New Issuance” is defined in Section 2.12(a) of the Indenture. 

“Note” means one of the Notes issued by the Issuer pursuant to the Indenture and an Indenture Supplement, substantially in
the form attached to the related Indenture Supplement. 
 “Note Interest Rate” means, as of any particular date of
determination and with respect to any Series or Class, the interest rate as of such date specified therefor in the related Indenture Supplement. 

“Note Owner” means, with respect to a Book-Entry Note, the Person who is the owner of
such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect
Participant, in accordance with the rules of such Clearing Agency). 
 “Note Principal Balance” means, as of any particular
date of determination and with respect to any Series or Class, the amount specified in the related Indenture Supplement. 
 “Note
Register” is defined in Section 2.05 of the Indenture. 
 “Note Trust” means First National Master Note
Trust. 
 “Noteholder” means the Person in whose name a Note is registered on the Note Register and, if applicable, the
holder of any Global Note, or Coupon, as the case may be, or such other Person deemed to be a “Noteholder” or “Holder” in any related Indenture Supplement. 

“Noteholder Servicing Fee” is defined in Section 3.02 of the Transfer and Servicing Agreement. 

“Notes” means all Series of Notes issued by the Issuer pursuant to the Indenture and the applicable Indenture Supplements.

 “Notice Date” is defined in Section 2.06(c) of the Transfer and Servicing Agreement. 

  
 A-16 

 “Notices” is defined in Section 9.04(a) of the Transfer and Servicing
Agreement. 
 “Obligor” means, as to any Account, the Person or Persons obligated to make payments on such Account,
including any guarantor. 
 “Officer’s Certificate” means a certificate delivered to the Indenture Trustee or Owner
Trustee signed by the Chairman of the Board, President, any Vice President or the Treasurer or any Assistant Treasurer of Transferor or Servicer, as the case may be. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for, or an employee of, the Person providing the
opinion, and who shall be reasonably acceptable to the Indenture Trustee. 
 “Original Indenture” has the meaning specified
in the Preliminary Statements. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated
and delivered under the Indenture except: 
 (a) Notes theretofore canceled by the Note Registrar or delivered to the Note
Registrar for cancellation; 
 (b) Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or
provision therefor, satisfactory to the Indenture Trustee, has been made); and 
 (c) Notes in exchange for or in lieu of
other Notes which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a protected purchaser; 

provided that in determining whether the Holders of Notes representing the requisite Outstanding Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Notes owned by the Issuer, any other obligor upon the Notes, the Transferor, the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee actually knows to be
so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Transferor, the Servicer or any Affiliate of any of the foregoing Persons. In making any such determination, the Indenture Trustee may conclusively rely on the
representations of the pledgee and shall not be required to undertake any independent investigation. 
 “Outstanding
Amount” means the aggregate principal amount of all Notes Outstanding, or of all Notes Outstanding of a Series, as applicable, at the date of determination. 

  
 A-17 

 “Owner Trustee” means Wilmington Trust Company, not in its individual capacity
but solely in its capacity as owner trustee under the Trust Agreement, its successors in interest and any successor owner trustee under the Trust Agreement. 

“Paying Agent” means any paying agent appointed pursuant to Section 2.08 of the Indenture and shall initially be the
Indenture Trustee; provided that if the Indenture Supplement for a Series so provides, a separate or additional Paying Agent may be appointed with respect to such Series. 

“Pay Out Event” means, as to any Series, a Trust Pay Out Event or each event, if any, specified in the relevant Indenture
Supplement as a Pay Out Event for that Series. 
 “Perfection Representations and Warranties” means the representations and
warranties set forth below: 
 1. General. The Specified Agreement creates a valid and continuing security
interest (as defined in the applicable UCC) in the Receivables and the proceeds thereof in favor of the Secured Party, which, (a) in the case of existing Receivables and the proceeds thereof, is enforceable upon execution of the Specified
Agreement against creditors of and purchasers from Debtor, or with respect to then existing Receivables in Additional Accounts, as of the applicable Addition Date, and which will be enforceable with respect to Receivables hereafter and thereafter
created and the proceeds thereof upon such creation, in each case as such enforceability may be limited by applicable Debtor Relief Laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law or in
equity) and (b) upon filing of the financing statements described in clause 4 below and, in the case of Receivables hereafter created, upon the creation thereof, will be prior to all other Liens (other than Liens permitted pursuant to
clause 3 below). 
 2. General. The Receivables constitute “accounts” within the meaning of UCC Section
9-102. 
 3. Creation. Immediately prior to the conveyance of the
Receivables pursuant to the Specified Agreement, Debtor owns and has good and marketable title to, or has a valid security interest in, the Receivables free and clear of any Lien, claim or encumbrance of any Person; provided that nothing in this
clause 3 shall prevent or be deemed to prohibit Debtor from suffering to exist upon any of the Receivables any Liens for any taxes if such taxes shall not at the time be due and payable or if Transferor or RPA Seller, as applicable, shall
currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto. 

4. Perfection. Debtor has caused or will have caused, within ten days of the Initial Closing Date, the filing
of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Secured Party under the Specified Agreement in the Receivables arising
in the Accounts included in the Existing Assets, and (if any additional filing is so necessary) within 10 days of the applicable Addition Date, in the case of such Receivables arising in Additional Accounts. 

5. Priority. Other than the security interest granted to the Secured Party pursuant to the Specified Agreement,
Debtor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. Debtor has not authorized the filing of and is not aware of any financing statements against Debtor that include a description
of collateral covering the Receivables other than any financing statement (i) relating to the security interest granted to Secured Party under the Specified Agreement, (ii) that has been terminated, or (iii) that has been granted
pursuant to the terms of the Transaction Documents. 

  
 A-18 

 “Periodic Finance Charges” has the meaning specified in the Credit Card
Agreement applicable to each Account for finance charges (due to periodic rate) or any similar term. 
 “Permitted
Assignee” means any Person who, if it were to purchase Receivables (or interests therein) in connection with a sale thereof pursuant to Sections 5.05(a) and 5.16 of the Indenture, would not cause the Issuer to be taxable as a publicly
traded partnership for federal income tax purposes. 
 “Permitted Affiliate Transferor” means a wholly-owned affiliate of
the Sponsor. For the avoidance of doubt, a wholly-owned affiliate of the Sponsor will include any Person, other than the Trust, that directly or indirectly, wholly controls (i.e., owns 100% of the equity of such Person), is wholly controlled
by, or is wholly under common control with, the Sponsor. 
 “Permitted Investments” means, unless otherwise provided in the
Indenture Supplement with respect to any Series (a) negotiable instruments or securities represented by instruments in bearer or registered form which evidence (i) obligations of or fully guaranteed as to timely payment of principal and
interest by the United States of America; (ii) time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any state thereof and subject to
supervision and examination by federal or state banking or depository institution authorities; provided, however, that at the time of the investment or contractual commitment to invest therein, the certificates of deposit or short-term deposits of such depository institution or trust company shall have a credit rating from Moody’s and Standard & Poor’s of “P-1” and “A-l+,” respectively; (iii) commercial paper having, at the time of the Trust’s investment or contractual commitment to invest therein, a rating from Moody’s and Standard and Poor’s of “P-1” and “A-l+,” respectively; (iv) bankers acceptances issued by any depository institution or trust company described in clause (a)(ii) above;
and (v) investments in money market or common trust funds rated “AAA-m” or “AAA-mg” by Standard & Poor’s and “Aaa” by
Moody’s or otherwise approved in writing by each Rating Agency; (b) demand deposits in the name of the Note Trust or the Indenture Trustee in any depository institution or trust company referred to in clause (a)(ii) above; and
(c) any other investment if each Rating Agency confirms in writing that such investment will not adversely affect its then current rating of the Notes. 

  
 A-19 

 “Person” means any legal person, including any individual, corporation,
partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature. 

“Pooling and Servicing Agreement” means the Second Amended and Restated Pooling and Servicing Agreement, originally dated as
of August 1, 1995, amended and restated as of June 26, 1997, amended and restated a second time as of October 24, 2002, as amended by a First Amendment dated as of March 28, 2007 and as amended by Second Amendment dated as of October 31, 2007,
by and among Transferor, Servicer and The Bank of New York Mellon Trust Company (formerly known as The Bank of New York Trust Company, N.A.), as successor trustee to The Bank of New York. 

“Portfolio Reassignment Price” means the amount payable by Purchaser to the Indenture Trustee pursuant to
Section 2.04(e) of the Transfer and Servicing Agreement with respect to Receivables previously sold pursuant to the Receivables Purchase Agreement. 

“Portfolio Yield” is defined, as to any Series, in the related Indenture Supplement. 

“Principal Receivable” means all Receivables other than Finance Charge Receivables. In calculating the aggregate amount of
Principal Receivables on any day, the amount of Principal Receivables shall not include Receivables in Defaulted Accounts or Discount Option Receivables and shall be reduced by the aggregate amount of credit balances in the Accounts on such day. Any
Receivables which the Transferor is unable to transfer as provided in Section 2.05(d) of the Transfer and Servicing Agreement shall not be included in calculating the aggregate amount of Principal Receivables. 

“Principal Sharing Series” means a Series that, pursuant to the Indenture Supplement therefor, is entitled to receive Excess
Principal Collections. 
 “Principal Shortfall” is defined, as to any Series, in the related Indenture Supplement. 

“Principal Terms” means, with respect to any Series, (a) the name or designation; (b) the initial principal amount
(or method for calculating such amount) and the Collateral Amount; (c) the Note Interest Rate for each Class of Notes of such Series (or method for the determination thereof); (d) the payment date or dates and the date or dates from which
interest shall accrue; (e) the method for allocating Collections to Holders of such Series; (f) the designation of any Series Accounts and the terms governing the operation of any such Series Accounts; (g) the Series Servicing Fee
Percentage; (h) the terms of any form of Enhancement with respect thereto; (i) the terms on which the Notes of such Series may be exchanged for Notes of another Series, repurchased by the Transferor or remarketed to other investors;
(j) the Series Termination Date; (k) the number of Classes of Notes of such Series and, if more than one Class, the rights and priorities of each such Class; (l) if the Notes of such Series will be issuable in temporary or permanent
global form, the depositary for such global note or notes, the terms and conditions, if any, upon which such global note or notes may be exchanged, in whole or in part, for Definitive Notes, and the manner in which any interest payable on a
temporary or global note will be paid; (m) if the Notes of such Series may be issued in bearer form, any limitations imposed thereon; (n) the priority of such Series with respect to any other Series; (o) whether such Series will be

  
 A-20 

 
part of a Group; (p) whether such Series will be a Principal Sharing Series; (q) whether such Series will be an Excess Allocation Series; (r) the Distribution Date; (s) the
legal final maturity date on which the rights of the Noteholders of such Series to receive payments from the Issuer will terminate, which shall not be later than the Scheduled Trust Termination Date; (t) whether such Series will or may act as a
paired series with another existing Series and, if so, the Series with which it will be paired; and (u) the Required Retained Transferor Percentage for such Series. 

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

“Purchase Price” is defined in Section 3.01(a) of the Receivables Purchase Agreement. 

“Purchaser” means First National Funding LLC, as purchaser, under the Receivables Purchase Agreement. 

“Purchaser Tangible Equity” means, at any date of determination, an amount equal to: 

(a) the Transferor Interest, plus 

(b) the aggregate amount on deposit in all cash collateral accounts or spread accounts established for the benefit of any
Series or Class of Notes or any series or class of Investor Certificates; minus 
 (c) the outstanding balance of the
Subordinated Note; plus 
 (d) the “Purchaser Tangible Equity” or other similar amounts for any other transactions
to which the Purchaser is a party. 
 “Qualified Institution” means (i) a depository institution or trust company
(which may include Indenture Trustee, Owner Trustee, Servicer or an Affiliate of Servicer) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia and with deposit insurance provided
by the FDIC; provided, however, that at all times the certificates of deposit, short-term deposits or commercial paper or the long-term unsecured debt obligations (other
than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from Moody’s and Standard &
Poor’s of not less than “P-1” and “A-1+,” respectively, in the case of the certificates of deposit,
short-term deposits or commercial paper, or a rating from Moody’s of not less than “Aa3” and from Standard & Poor’s of not less than “AAA” in the case of the long-term unsecured debt obligations, or (ii) a depository institution, which may include the Servicer or the Indenture Trustee, which is acceptable to each Rating Agency, as evidenced by a letter from such
Rating Agency. 
 “Rating Agency” means, as to each Series and as of any date of determination, the rating agency or
agencies, if any, selected by the Sponsor to rate such Series as of such date of determination. 

  
 A-21 

 “Rating Agency Condition” means, unless otherwise specified in the related
Indenture Supplement for any Series or Class of Notes, with respect to any action subject to such condition, (i) that each Rating Agency shall have notified the Issuer and Transferor in writing that the proposed action will not result in a
reduction or withdrawal of its ratings on any outstanding Notes of any Series or (ii) if at such time the Rating Agency has informed the Issuer and Transferor that such Rating Agency does not provide such written notifications for transactions
of this type, then as to such Rating Agency the Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior to the effective date of such action (or such shorter period if
specified in this Indenture or the applicable Indenture Supplement with respect to any specific action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable). 

“Reassignment” is defined in Section 2.07(b) of the Transfer and Servicing Agreement. 

“Reassignment Date” is defined in Section 2.04(e) of the Transfer and Servicing Agreement. 

“Receivable” means any amount owing by the Obligors under Accounts, including amounts due in connection with the sale of
goods and services, cash advances, access checks, Annual Membership Fees, Cash Advance Fees, Periodic Finance Charges, Late Fees, fees for insufficient funds checks given in payment on the Accounts, overlimit fees and Special Fees, if any. A
Receivable shall be deemed to have been created at the end of the day on the Date of Processing of such Receivable. Receivables in Accounts which become Defaulted Accounts shall not be shown on Servicer’s records as amounts payable (and shall
cease to be included as Receivables) on the day on which the underlying Account becomes a Defaulted Account. 
 “Receivables
Purchase Agreement” means the Second Amended and Restated Receivables Purchase Agreement, originally dated as of October 24, 2002, as amended and restated, in its entirety, as of December 20, 2012, as amended and restated a second time, in
its entirety, as of June [    ], 2016, between FNBO, as RPA Seller, and First National Funding LLC, as Purchaser, as the same may be amended, amended and restated, modified or supplemented from time to time. 

“Receivables Trust” means (a) prior to the Certificate Trust Termination Date, the Certificate Trust and (b) on and
after the Certificate Trust Termination Date, the Issuer. 
 “Receivables Trust Trustee” means (a) prior to the
Certificate Trust Termination Date, the Certificate Trust Trustee and (b) after the Certificate Trust Termination Date, the Indenture Trustee. 

“Record Date” means, with respect to any Distribution Date, the last day of the preceding Monthly Period, unless otherwise
specified for a Series in the related Indenture Supplement. 
 “Recoveries” means all amounts received by Servicer with
respect to Principal Receivables in Accounts that have previously become Defaulted Accounts and with respect to Finance Charge Receivables that have been charged off as uncollectible (including Insurance Proceeds). 

  
 A-22 

 “Redemption Date” means, with respect to any Series, the date or dates specified
for redemption of the Notes of such Series in the related Indenture Supplement. 
 “Registered Notes” is defined in
Section 2.01 of the Indenture. 
 “Regulation AB” means Subpart 229.1100—Asset Backed Securities (Regulation AB),
17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (including Asset-Backed Securities, Securities
Act Release No. 33-8518, 70 Fed. Reg. 1, 531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014) or by the staff of the Commission, or as may be
provided by the Commission or its staff from time to time. 
 “Regulation RR” means the regulations promulgated by the
Board of Governors of the Federal Reserve System as set forth under Credit Risk Retention (Regulation RR), 12 C.F.R. §244.1 et seq (2015). 

“Related Assets” means, with respect to any Receivable, all monies due or to become due with respect thereto, all
Collections, all Recoveries, all Insurance Proceeds, all rights, remedies, powers and privileges with respect to such Receivables, and all proceeds of the foregoing. 

“Related Monthly Period” means the Monthly Period immediately preceding a Monthly Period in which a specified Distribution
Date, Determination Date or Transfer Date occurs. 
 “Removal Date” is defined in Section 2.07(a) of the Transfer and
Servicing Agreement. 
 “Removal Notice Date” is defined in Section 2.07(a) of the Transfer and Servicing Agreement.

 “Removed Accounts” is defined in Section 2.07(a) of the Transfer and Servicing Agreement. 

“Reportable Event” has the meaning assigned to such term in (i) Section 13.03(c) of the Indenture and (ii) Section 3.11(c) of
the Transfer and Servicing Agreement, as the context requires. 
 “Required Purchaser Tangible Equity” means, at any date
of determination, the sum of: 
 (a) the product of (i) the Transferor Interest, multiplied by (ii) the higher of
(A) 3% and (B) the highest required enhancement percentage then in effect for any outstanding Class of Notes or Investor Certificates that was rated BBB (or an equivalent rating) by any of Moody’s, S&P or Fitch at the time of its
issuance, which shall be calculated as the quotient (expressed as a percentage) of (x) the amount of Enhancement (including any cash collateral account, the subordination of other Classes of Notes or the subordination of other interests in the
Receivables) that is available or junior to such Class in covering Investor Charge Offs allocated to the related Series, divided by (y) the Initial Collateral Amount for the Series of Notes or Investor Certificates of which such Class is a
part; plus 

  
 A-23 

 (b) the aggregate amount on deposit in all cash collateral accounts or spread
accounts established for the benefit of any Series or Class of Notes or any series or class of Investor Certificates, plus 

(c) the “Required Purchaser Tangible Equity” or other similar amounts for any other transactions to which the
Purchaser is a party. 
 “Required Retained Transferor Percentage” means, for any Series, the percentage specified in the
related Indenture Supplement or if not specified, 4%. 
 “Requirements of Law” means, as to any Person, the certificate of
incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or Governmental
Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, state or local (including usury laws, the federal Truth in Lending Act and Regulation Z and Regulation B of the Board of
Governors of the Federal Reserve System). 
 “Responsible Officer” means: 

(i) with respect to the Issuer, the Chairman or any Vice Chairman of the Board of Directors or Trustees of the Administrator;
the Chairman or Vice Chairman of the Executive or Standing Committee of the Board of Directors or Trustees of the Administrator; and the President, any Executive Vice President, Senior Vice President, Vice President, any Assistant Vice President,
the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, the Cashier, any Assistant or Deputy Cashier, the Controller and any Assistant Controller or any other officer of the Administrator customarily performing functions
similar to those performed by any of the above-designated officers; 
 (ii) with
respect to the Indenture Trustee, any officer assigned to the Corporate Trust Office, including any vice president, assistant vice president, assistant treasurer, or any other officer of the Indenture Trustee customarily performing functions similar
to those performed by any of the above designated officers and having direct responsibility for the administration of the applicable Transaction Documents, and also, with respect to a particular matter, any other officer, to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject; 
 (iii) with respect to
the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee with direct responsibility for the administration of the Trust, or any other officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject; and 
 (iv) with respect to any Person other than the Issuer, the Indenture
Trustee or the Owner Trustee, an officer or employee of such Person corresponding to any officer or employee described in clause (iii) above. 

“RPA Seller” means First National Bank of Omaha, as RPA Seller, under the Receivables Purchase Agreement. 

  
 A-24 

 “Rule 144A” means Rule 144A under the Securities Act.

 “S&P” or “Standard & Poor’s” means Standard & Poor’s
Ratings Service, a division of the McGraw Hill Companies, Inc. 
 “Sarbanes Certification” is defined in Section
13.03(b)(ii)(C) of the Indenture. 
 “Secured Party” means the party designated in the Specified Agreement as the
“Secured Party” for purposes of the Perfection Representations and Warranties. 
 “Securities Act” means the
Securities Act of 1933. 
 “Securitization Transaction” means any issuance of new Notes of any Series or Class, pursuant to
Section 2.11 of the Indenture or the applicable Indenture Supplement, whether publicly-offered or privately-placed. 

“Seller’s Interest” means, commencing on December 24, 2016, a portion of the Transferor Interest maintained by
Transferor calculated in accordance with Regulation RR that will, when combined with funds on deposit in the Excess Funding Account, equal not less than five percent (5%) of the excess of the aggregate unpaid principal balance of all Outstanding
Notes under the Indenture (other than Outstanding Notes that are at all times held by the Sponsor or one or more wholly-owned affiliates), over the aggregate amount of Principal Collections on deposit in the Principal Accounts and/or Principal
Accumulation Accounts relating to all Outstanding Notes under the Indenture. For the purposes of the calculation of the Seller’s Interest, a wholly-owned affiliate of the Sponsor shall include any Person, other than the Trust, that directly or
indirectly, wholly controls (i.e., owns 100% of the equity of such Person), is wholly controlled by, or is wholly under common control with, the Sponsor. 

“Series” means any series of Notes, which may include within any such Series a Class or Classes of Notes subordinate to
another such Class or Classes of Notes. 
 “Series Account” means any deposit, trust, escrow or similar account maintained
for the benefit of the Noteholders of any Series or Class, as specified in any Indenture Supplement. 
 “Series Servicing Fee
Percentage” is defined, as to any Series, in the related Indenture Supplement. 
 “Series Termination Date” means,
with respect to any Series, the termination date for such Series specified in the related Indenture Supplement. 
 “Service
Transaction Fees” has the meaning specified in the Credit Card Agreement applicable to each Account for any service transaction fees or similar terms. 

“Service Transfer” is defined in Section 7.01 of the Transfer and Servicing Agreement. 

“Servicer” means FNBO, in its capacity as Servicer pursuant to the Transfer and Servicing Agreement, and, after any Service
Transfer, the Successor Servicer. 

  
 A-25 

 “Servicer Compliance Certificate” is defined in Section 3.05(a) of the Transfer
and Servicing Agreement. 
 “Servicer Default” (a) prior to the Certificate Trust Termination Date, is defined in
Section 10.01 of the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, is defined in Section 7.01 of the Transfer and Servicing Agreement. 

“Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
amended from time to time. 
 “Servicing Criteria Compliance Report” is defined in Section 3.05(b) of the Transfer and
Servicing Agreement. 
 “Servicing Officer” means any officer of Servicer involved in, or responsible for, the
administration and servicing of the Receivables whose name appears on a list of servicing officers furnished to Indenture Trustee by Servicer, as such list may from time to time be amended. 

“Servicing Party” is defined in Section 10.03(a) of the Transfer and Servicing Agreement. 

“Settlement Statement” is defined in Section 3.03 of the Receivables Purchase Agreement. 

“Special Fees” means Receivables which are Draft Fees, Service Transaction Fees, lost card fees, statement request fees, copy
request fees, foreign ATM fees, balance transfer fees, check fees, stop payment fees, skip payment fees, return payment fees and any other fees which are not now but from time to time may be assessed on the Accounts. On or after the date on which
any of such Special Fees begin to be assessed on the Accounts, the Transferor may designate in an Officer’s Certificate whether such Special Fees shall be treated as Receivables. 

“Specified Agreement” means the agreement specified in a Transaction Document as the “Specified Agreement” for
purposes of the Perfection Representations and Warranties. 
 “Sponsor” means First National Bank of Omaha, a national
banking association. 
 “Statutory Trust Act” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of
the Delaware Code, 12 Del. C. § 3801, et seq. 
 “Subordinated Note” means a note substantially in
the form of Exhibit B to the Receivables Purchase Agreement evidencing borrowings made by Purchaser from RPA Seller pursuant to the Receivables Purchase Agreement. 

“Subordinated Note Maturity Date” is defined in Section 3.01(c) of the Receivables Purchase Agreement. 

“Subordinated Note Rate” is defined in Section 3.01(c) of the Receivables Purchase Agreement. 

  
 A-26 

 “Successor Servicer” is defined in Section 7.02(a) of the Transfer and
Servicing Agreement. 
 “Supplemental Conveyance” is defined in Section 2.02(e) of the Receivables Purchase Agreement.

 “Supplemental Interest” is defined in Section 3.04 of the Trust Agreement. 

“Surviving Person” is defined in Section 3.10(a) of the Indenture. 

“Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for Federal income tax purposes,
(a) such action will not adversely affect the tax characterization as debt of Notes of any outstanding Series or Class with respect to which an Opinion of Counsel was delivered at the time of their issuance that such Notes would be
characterized as debt, (b) such actions will not cause the Trust to be classified, for federal income tax purposes, as an association (or publicly traded partnership) taxable as a corporation, (c) such action will not cause or constitute
an event in which gain or loss would be recognized by any Noteholder and (d) if such Opinion of Counsel is delivered in connection with the issuance of a new Series of Notes, such Notes will constitute indebtedness for Federal income tax
purposes. 
 “Termination Notice” is defined in Section 7.01 of the Transfer and Servicing Agreement. 

“TIA” means the Trust Indenture Act. 

“Transaction Documents” means the Master Indenture, Indenture Supplements, Transfer and Servicing Agreement, Receivables
Purchase Agreement, Trust Agreement, Administration Agreement, Asset Representations Review Agreement and, until the Certificate Trust Termination Date, the Pooling and Servicing Agreement and the Collateral Series Supplement, and any other
documents related to this transaction. 
 “Transfer Agent and Registrar” is defined in Section 2.05 of the Indenture
and shall initially be the Indenture Trustee. 
 “Transfer Agreement” means (a) prior to the Certificate Trust
Termination Date, the Pooling and Servicing Agreement and (b) after the Certificate Trust Termination Date, the Transfer and Servicing Agreement. 

“Transfer and Servicing Agreement” means the Second Amended and Restated Transfer and Servicing Agreement, originally dated
as of October 24, 2002, as amended by a First Amendment dated as of March 28, 2007, as amended by a Second Amendment dated as of October 31, 2007, as amended and restated, in its entirety, as of December 20, 2012 and as amended and restated a second
time, in its entirety, as of June [     ], 2016, among the Transferor, the Servicer and the Issuer, as the same may be amended, amended and restated, modified or supplemented from time to time. 

“Transfer Date” means the Business Day immediately preceding each Distribution Date. 

  
 A-27 

 “Transferor” means First National Funding LLC, a Nebraska limited liability
company. 
 “Transferor Interest” means, on any date of determination, the result of (a) the Aggregate Principal
Receivables on such day, plus the principal amount on deposit in the Excess Funding Account on such day, minus (b) the sum of the Collateral Amounts with respect to all Series then outstanding plus (c) the principal amount on deposit in
the Principal Accounts (as defined in the various Indenture Supplements) for each Series, to the extent not deducted in calculating the Collateral Amount for the related Series and shall also mean the interest of Transferor or its assigns in the
Issuer and the Receivables which entitles Transferor or its permitted assigns to receive funds allocated by reference to the Transferor Interest under the terms, and at the times, specified in the Transaction Documents. 

“Transferor Percentage” means as to Finance Charge Receivables, Receivables in Defaulted Accounts and Principal Receivables,
100% less the sum of the applicable Allocation Percentages for all outstanding Series. 
 “Transferor Retained Note” means
any Note in any Class of Notes that is designated as a “Transferor Retained Class” in any Indenture Supplement. 

“Transferred Account” is defined in the definition of “Account.” 

“Trust” means the First National Master Note Trust. 

“Trust Agreement” means the Second Amended and Restated Trust Agreement relating to the Trust, originally dated as of October
16, 2002, as amended and restated, in its entirety, as of December 20, 2012 and as amended and restated a second time, in its entirety, as of June [     ], 2016, between the Transferor and the Owner Trustee, as the same may be
amended, amended and restated, modified or supplemented from time to time. 
 “Trust Assets” is defined in
Section 2.01 of the Transfer and Servicing Agreement. 
 “Trust Estate” means all right, title and interest of the
Issuer in and to the property and rights assigned to the Issuer pursuant to Section 2.05 of the Trust Agreement and Section 2.01 of the Transfer and Servicing Agreement, all monies, investment property, instruments and other property on
deposit from time to time in the Collection Account, the Series Accounts and the Excess Funding Account and all other property of the Issuer from time to time, including any rights of the Owner Trustee and the Issuer pursuant to the Transaction
Documents. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939. 

“Trust Pay Out Event” is defined, with respect to each Series, in Section 5.01 of the Indenture. 

“Trust Termination Date” is defined in Section 8.01 of the Trust Agreement. 

“UCC” means the Uniform Commercial Code, as in effect in the State of Nebraska and in any other State where the filing of a
financing statement is required to perfect Transferor’s or the Trust’s interest in the Receivables and the proceeds thereof or in any other specified jurisdiction. 

  
 A-28 

 “United States” means the United States of America
(including the States and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 

“Variable Interest” means any Note that is designated as a variable funding note in the related Indenture Supplement. 

  
 A-29EX-4.3

 Exhibit 4.3 

FORM OF 
 SERIES [201  -  ] INDENTURE SUPPLEMENT 
 Dated as of
[            ], 20[    ] 
 to 

SECOND AMENDED AND RESTATED MASTER INDENTURE 

Dated as of June [    ], 2016 
  

 
 FIRST
NATIONAL MASTER NOTE TRUST, 
 Issuer, 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 Indenture Trustee on behalf of the Noteholders 
  

 
  

FIRST NATIONAL MASTER NOTE TRUST 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
		  	ARTICLE I	  			
		
	CREATION OF THE SERIES [201  -  ] NOTES	  	 	1	  
			
		  	ARTICLE II	  			
		
	DEFINITIONS	  	 	1	  
			
		  	 ARTICLE III

NOTEHOLDER SERVICING FEE
	  			
			
	Section 3.01.	  	 Servicing Compensation
	  	 	18	  
			
		  	 ARTICLE IV

RIGHTS OF NOTEHOLDERS AND ALLOCATION AND

APPLICATION OF COLLECTIONS
	  			
			
	Section 4.01.	  	 Collections and Allocations
	  	 	18	  
	Section 4.02.	  	 Determination of Monthly Interest
	  	 	20	  
	Section 4.03.	  	 Determination of Monthly Principal
	  	 	22	  
	Section 4.04.	  	 Application of Available Finance Charge Collections and Available Principal Collections
	  	 	22	  
	Section 4.05.	  	 Investor Charge-Offs
	  	 	25	  
	Section 4.06.	  	 Reallocated Principal Collections
	  	 	25	  
	Section 4.07.	  	 Excess Finance Charge Collections
	  	 	25	  
	Section 4.08.	  	 Excess Principal Collections
	  	 	26	  
	Section 4.09.	  	 Certain Series Accounts
	  	 	26	  
	Section 4.10.	  	 Reserve Account
	  	 	28	  
	Section 4.11.	  	 Spread Account
	  	 	29	  
	Section 4.12.	  	 Investment Instructions
	  	 	31	  
	Section 4.13.	  	 Accumulation Period
	  	 	31	  
	Section 4.14.	  	 Suspension of Accumulation Period
	  	 	32	  
	Section 4.15.	  	 Determination of LIBOR
	  	 	34	  
	Section 4.16.	  	 Interchange
	  	 	34	  
	Section 4.17.	  	 Foreign Accounts
	  	 	35	  
	Section 4.18.	  	 [Pre-Funding Account]
	  	 	35	  
	Section 4.19.	  	 Asset Representations Review Triggers
	  	 	36	  
	Section 4.20.	  	 Appointment of Asset Representations Reviewer
	  	 	40	  
	Section 4.21.	  	 Dispute Resolution
	  	 	40	  
	Section 4.22.	  	 Investor Communication
	  	 	46	  
			
		  	 ARTICLE V

DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS
	  			
			
	Section 5.01.	  	 Delivery and Payment for the
[201  -  ] Notes
	  	 	47	  
	Section 5.02.	  	 Distributions
	  	 	47	  
	Section 5.03.	  	 Reports and Statements to
Series [201  -  ] Noteholders
	  	 	48	  

							
	Section 5.04.	  	 [Annual Servicer’s Certificate.]
	  	 	49	  
	Section 5.05.	  	 [Annual Independent Accountants Servicing Report.]
	  	 	50	  
			
		  	ARTICLE VI	  			
		
	SERIES [201  -  ] PAY OUT EVENTS	  	 	50	  
			
		  	 ARTICLE VII

REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION
	  			
			
	Section 7.01.	  	 Optional Redemption of
Series [201  -  ] Notes; Final Distributions
	  	 	52	  
	Section 7.02.	  	 Series Termination
	  	 	53	  
			
		  	 ARTICLE VIII

MISCELLANEOUS PROVISIONS
	  			
			
	Section 8.01.	  	 Ratification of Indenture; Amendments
	  	 	53	  
	Section 8.02.	  	 Amendments to Asset Representations Review Agreement
	  	 	53	  
	Section 8.03.	  	 Form of Delivery of the Notes
	  	 	54	  
	Section 8.04.	  	 Counterparts
	  	 	54	  
	Section 8.05.	  	 Governing Law
	  	 	54	  
	Section 8.06.	  	 Limitation of Liability
	  	 	54	  
	Section 8.07.	  	 Rights of Indenture Trustee
	  	 	54	  
	Section 8.08.	  	 Additional Requirements for Registration of and Limitations on Transfer and Exchange of
Notes
	  	 	55	  
	Section 8.09.	  	 Notices to Rating Agencies and Indenture Trustee
	  	 	55	  

  

			
	EXHIBIT A-1	  	FORM OF CLASS A NOTE
	EXHIBIT A-2	  	FORM OF CLASS B NOTE
	EXHIBIT A-3	  	FORM OF CLASS C NOTE
	EXHIBIT B	  	FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO INDENTURE TRUSTEE
	EXHIBIT C	  	FORM OF MONTHLY REPORT TO NOTEHOLDERS
	EXHIBIT D	  	FORM OF MONTHLY SERVICER’S CERTIFICATE

  
 ii 

 FORM OF 

SERIES [201  -  ] INDENTURE SUPPLEMENT 

This SERIES [201  -  ] INDENTURE
SUPPLEMENT, dated as of [            ], 20[    ] (this “Indenture Supplement”), between FIRST NATIONAL MASTER NOTE TRUST, a statutory trust
organized and existing under the laws of the State of Delaware (herein, “Issuer” or the “Trust”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee, not in its individual capacity,
but solely as indenture trustee (herein, together with its successors in the trusts thereunder as provided in the Indenture referred to below, “Indenture Trustee”) under the Second Amended and Restated Master Indenture, dated as of
June [    ], 2016 (the “Indenture”), between Issuer and Indenture Trustee. 
 Pursuant to
Section 2.11 of the Indenture, Transferor may direct Issuer to issue one or more Series of Notes. The Principal Terms of this Series are set forth in this Indenture Supplement to the Indenture. 

ARTICLE I 
 CREATION OF
THE SERIES [201  -  ] NOTES 
 There is hereby created and designated a
Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “First National Master Note Trust, Series [201  -  ]” or the “Series [201  -  ] Notes”. The Series [201  -  ] Notes shall be issued in three Classes, known as the
“Class A Asset Backed Notes, Series [201  -  ],” the “Class B Asset Backed Notes,
Series [201  -  ],” and the “Class C Asset Backed Notes, Series [201  -  ]”. The Series [201  -  ] Notes are secured by the Collateral up to the Collateral Amount and any portion of the Collateral that may be available to the
Series [201  -  ] Notes under the Indenture and this Indenture Supplement. 

[Series [201  -  ] shall be included in Group One and shall be a Principal
Sharing Series. Series [201  -  ] shall be an Excess Allocation Series with respect to Group One
only. Series [201  -  ] shall not be subordinated to any other Series. Series
[201  -  ]-[    ] shall [not] be a Paired Series [with Series [        ]].] 

ARTICLE II 
 DEFINITIONS

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

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

 “60+-Day Delinquent Receivables” means, as of any date of determination, all
Receivables (other than repurchased Receivables and Receivables arising in Defaulted Accounts) that are 60 or more days Delinquent as of the last day of the Monthly Period immediately preceding such date of determination, as determined by Servicer
in accordance with its customary servicing practices. 
 “AAA” means the American Arbitration Association. 

“Accumulation Period” means, unless a Pay Out Event shall have occurred prior thereto, the period commencing at the opening
of business on the Controlled Accumulation Date and ending on the first to occur of (a) the commencement of the Rapid Amortization Period and (b) the Series Termination Date. 

“Accumulation Period Length” is defined in Section 4.13. 

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

(i) for Principal Collections during the Revolving Period, and for Finance Charge Collections during the Revolving Period and
the Accumulation Period, and for Default Amounts at any time, the Collateral Amount at the end of the last day of the prior Monthly Period (or, in the case of the Monthly Period in which the Closing Date occurs, on the Closing Date); or 

(ii) for Finance Charge Collections during the Rapid Amortization Period and for Principal Collections during the Rapid
Amortization Period and the Accumulation Period, the Collateral Amount at the end of the last day of the Revolving Period, or, with respect to Finance Charge Collections, if later, at the end of the last day of the Accumulation Period; 

provided, however, that prior to the occurrence of a Pay Out Event Transferor may, by written notice to Indenture Trustee, Servicer and each
Rating Agency, reduce the numerator used for purposes of allocating Principal Collections and Finance Charge Collections to Series [201  -  ] at any time if (x) the Series Rating
Agency Condition shall have been satisfied with respect to such reduction and (y) Transferor shall have delivered to Indenture Trustee an Officer’s Certificate to the effect that, based on the facts known to such officer at that time, in
the reasonable belief of Transferor, such designation will 

  
 2 

 
not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out Event to occur with respect to
Series [201  -  ]; and provided, further, that Transferor may designate that the numerator for Finance Charge Collections during the Rapid Amortization Period will be the Collateral
Amount at the end of the last day of the prior Monthly Period by notice to Servicer and Indenture Trustee, if the Series Rating Agency Condition has been met; and 

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

[“Annual Servicer Certificate” is defined in subsection 5.04(b).] 

“Asset Representations Review” means any review conducted by the Asset Representations Reviewer pursuant to Section 4.19 of
this Indenture Supplement and the Asset Representations Review Agreement with respect to the Subject Receivables and the related Accounts for compliance with the Pool Asset Representations in order to determine, with respect to each Subject
Receivable and the related Account, whether the Pool Asset Representations were accurate in all material respects. 
 “Asset
Representations Review Agreement” means that certain Asset Representations Review Agreement, dated as of [Month] [Day], [Year] among Issuer, Transferor, Servicer and the Asset Representations Reviewer, as the same may be amended, amended
and restated, modified or supplemented from time to time. 
 “Asset Representations Reviewer means [Name of Asset
Representations Reviewer], a [Name of State] [limited liability company] [corporation], and its successors and any entity resulting from or surviving any consolidation or merger to which it or its successors may be a party, and any successor asset
representations reviewer appointed as provided in the Asset Representations Review Agreement. 
 “Asset Review Quorum”
means the Noteholders evidencing at least five percent (5%) of the Outstanding Amount of all Series of Notes Outstanding. 

“Available Finance Charge Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor
Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to Series [201  -  ] for such Monthly Period, plus (c) Principal
Accumulation Investment Earnings, if any, with respect to the related Transfer Date, plus (d) amounts on deposit in the [Pre-Funding Account,] Reserve Account and Spread Account deposited into the Finance
Charge Account on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to subsections 4.10(b) or (d) [and] 4.11(g) [and 4.18(a)]. 

  
 3 

 “Available Principal Collections” means, for any Monthly Period, an amount equal
to the sum of (a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.06 are required to be applied on
the related Distribution Date, plus (c) any Excess Principal Collections allocated to Series [201  -  ] for such Monthly Period, plus (d) the aggregate amount to be treated
as Available Principal Collections pursuant to subsections 4.04(a)(v) and (vi) for the related Distribution Date. 
 “Available
Reserve Account Amount” means, for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (including Investment Earnings to the extent retained in the Reserve Account pursuant to subsection 4.10(b) on
such date or any prior Transfer Date, and before giving effect to any deposit to or withdrawal from the Reserve Account made or to be made on such date) and (b) the Required Reserve Account Amount for such Transfer Date. 

“Available Spread Account Amount” means, for any Transfer Date, an amount equal to the lesser of (a) the amount on
deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account
Amount, in each case on such Transfer Date. 
 “Base Rate” means, for any Monthly Period, the annualized percentage
equivalent of a fraction, (a) the numerator of which is equal to the sum of (i) the Monthly Interest and (ii) the Noteholder Servicing Fee (calculated by assuming that Interchange allocated to
Series [201  -  ] equals or exceeds Servicer Interchange for such Monthly Period), each with respect to the related Distribution Date, and (b) the denominator of which is the
Collateral Amount plus amounts on deposit in the Principal Accumulation Account as of the first day of such Monthly Period. 

“Class A Default Interest” is defined in subsection 4.02(a). 

“Class A Interest Shortfall” is defined in subsection 4.02(a). 

“Class A Monthly Interest Payment” is defined in subsection 4.02(a). 

“Class A Note Initial Principal Balance” means $[        ].

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

  
 4 

 “Class A Notes” means any one of the Notes executed by Issuer
and authenticated by or on behalf of Indenture Trustee, substantially in the form of Exhibit A-1. 

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

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

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

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

“Class B Note Initial Principal Balance” means
$[        ]. 
 “Class B Note Interest Rate” means
a per annum rate of [    ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period]. 

“Class B Note Principal Balance” means, on any date of determination, an amount equal to (a) the
Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class B Noteholders on or prior to such date. 

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

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

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

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

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

“Class C Note Initial Principal Balance” means $[        ].

 “Class C Note Interest Rate” means a per annum rate of [    ]% [in
excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period]. 

  
 5 

 “Class C Note Principal Balance” means, on any date of
determination, an amount equal to (a) the Class C Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to Class C Noteholders on or prior to such date. 

[“Class C Note Purchase Agreement” means the certain Note Purchase Agreement, dated as of the date hereof, by and among the
Indenture Trustee, the Transferor, the Servicer and the Class C Noteholder (or Class C Noteholders) pursuant to which the Class C Noteholder (or Class C Noteholders) agreed to purchase the Class C Notes, such agreement as may be amended, amended and
restated, or otherwise modified.] 
 “Class C Noteholder” means any Person in whose name a Class C
Note is registered in the Note Register. 
 “Class C Notes” means any one of the Notes executed by
Issuer and authenticated by or on behalf of Indenture Trustee, substantially in the form of Exhibit A-3. 

“Closing Date” means [            ],
201[    ]. 
 “Collateral Amount” means, as of any date of determination, an amount equal to the result
of (a) the Initial Collateral Amount, minus (b) the amount of principal previously paid to the Series [201  -  ] Noteholders (other than any principal payments made from
funds on deposit in the Spread Account), minus (c) the balance on deposit in the Principal Accumulation Account, minus (d) the excess, if any, of the aggregate amount of Investor Charge-Offs and
Reallocated Principal Collections over the reimbursements of such amounts pursuant to subsection 4.04(a)(vi) prior to such date. 

“Controlled Accumulation Amount” means, (a) for any Transfer Date with respect to the Accumulation Period an amount
equal to one-[        ] of the Collateral Amount at the end of the Revolving Period; provided, however, that if the Accumulation Period Length is
determined to be less than [    ] months pursuant to Section 4.13 or 4.14, the Controlled Accumulation Amount shall be equal to (i) the Initial Collateral Amount divided by (ii) the Accumulation Period Length;
provided, further, that the Controlled Accumulation Amount for any Transfer Date shall not exceed the Note Principal Balance minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date. 

“Controlled Accumulation Date” means
[                    ], or such later date as is determined in accordance with Sections 4.13 and 4.14. 

“Controlled Deposit Amount” means, for any Transfer Date with respect to the Accumulation Period, an amount equal to the sum
of the Controlled Accumulation Amount for such Transfer Date and any existing Accumulation Shortfall. 
 “Corporate Trust
Office” means, with respect to the Indenture Trustee, the principal office at which the Indenture shall be administered, which office at the date of execution of this Indenture Supplement is located at (i) for note transfer purposes,
U.S. Bank Corporate Trust, 111 Fillmore Ave. E, Mail Code: EP-MN-WS3D, St. Paul, Minnesota 55107, and (ii) for all other purposes, U.S. Bank National Association, 60 Livingston Avenue, Mail Code: EP-MN-WS3D, St. Paul, Minnesota, 55107,
Attention: U.S. Bank Structured Finance/FNBO Series [201  -  ] Notes. 

  
 6 

 “Covered Amount” means an amount, determined as of each Transfer Date for any
Interest Period, equal to the sum of (a) the product of (i) a fraction the numerator of which is the actual number of days in such Interest Period and the denominator of which is 360, times (ii) the Class A Note Interest
Rate in effect with respect to such Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account up to the Class A Note Principal Balance as of the Record Date preceding such Transfer Date,
plus (b) the product of (i) a fraction the numerator of which is [30] [the actual number of days in such Interest Period] and the denominator of which is 360, times (ii) the Class B Note Interest Rate in effect with
respect to such Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account in excess of the Class A Principal Balance as of the Record Date preceding such Transfer Date up to the Class B
Principal Balance as of the Record Date preceding such Transfer Date, plus (c) the product of (i) a fraction the numerator of which is [30] [the actual number of days in such Interest Period] and the denominator of which is 360,
times (ii) the Class C Note Interest Rate in effect with respect to such Interest Period, times (iii) the aggregate amount on deposit in the Principal Accumulation Account in excess of the sum of the Class A
Principal Balance and the Class B Principal Balance as of the Record Date preceding such Transfer Date. 
 “Default
Amount” means, with respect to any Transfer Date, the aggregate amount of Principal Receivables (other than Ineligible Receivables) in Accounts which became Defaulted Accounts during the Related Monthly Period. 

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

“Delinquency Trigger Rate” means, initially, [    ]%, which percentage will be reviewed and may be
adjusted from time to time by Transferor pursuant to Section 4.19(b) of this Indenture Supplement. 
 [“Designated
Maturity” means, for any LIBOR Determination Date, one month; provided that LIBOR for the initial Interest Period will be determined by straight-line interpolation (based on the actual number of days
in the initial Interest Period) between two rates determined in accordance with the definition of LIBOR, one of which will be determined for a Designated Maturity of one month and the other of which will be determined for a Designated Maturity of
two months.] 
 “Dilution” means any downward adjustment made by Servicer in the amount of any Receivable (a) because
of a rebate, refund, unauthorized charge, fraudulent or counterfeit charge or billing error to an Obligor, (b) because such Receivable was created in respect of merchandise which was refused or returned by an Obligor, (c) because of a
credit pursuant to a debt 

  
 7 

 
cancellation or debt deferral program, if any, which is not recovered from Collections or from Insurance Proceeds or (d) for any other reason other than receiving Collections therefor or
charging off such amount as uncollectible. 
 “Distribution Account” is defined in subsection 4.09(a). 

“Distribution Date” means [            ] 15,
20[    ] and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the
next succeeding Business Day. 
 “Excess Servicing Fee” means, for each Distribution Date following a Servicer Default and
the appointment of a Successor Servicer, an amount equal to one-twelfth of the product of the Collateral Amount as of the last day of the preceding Monthly Period and the excess of the market rate servicing
fee percentage determined by Indenture Trustee over the Series Servicing Fee Percentage plus, if the Indenture Trustee is the Successor Servicer, an amount equal to the amount of the reduction to the applicable Noteholder Servicing Fee pursuant to
the second proviso in Section 3.01 which is attributable to the fact that Interchange included in Finance Charge Collections for the Related Monthly Period and allocated to
Series [201  -  ] is less than Servicer Interchange for such Monthly Period. Indenture Trustee may determine the market rate servicing fee percentage by soliciting three or more
written bids from qualified successors servicers and averaging the rates offered in the bids. 
 “Expected Principal Payment
Date” means [            ], 20[    ]. 

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

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

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

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

[“Funding Period” means the period commencing on the Closing Date and ending upon the first to occur of (x) the
commencement of the Rapid Amortization Period, (y) the date on which the Collateral Amount equals the Note Principal Balance and (z) [            ],
20[    ].] 
 “Group One” means
Series [201  -  ] and each other Series specified in the related Indenture Supplement to be included in Group One. 

“Initial Collateral Amount” means $[        ] [plus the aggregate amount paid to the
Holder of the Transferor Interest pursuant to Section 4.18(d)]. 

  
 8 

 [“Initial Pre-Funded
Amount” means $[        ].] 
 “Interest Period” means, for any
Distribution Date, the period from and including the Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

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

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

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

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

[“LIBOR” means, for any Interest Period, an interest rate per annum for such Interest Period determined by Indenture Trustee
in accordance with the provisions of Section 4.15.] 
 [“LIBOR Determination Date” means
(i) [            ], 20[    ] for the period from and including the Closing Date through and including
[            ], 20[    ] and (ii) the second London Business Day prior to the commencement of [the second and] each subsequent Interest Period.] 

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

“Monthly Period” means the period from and including the first day of the calendar month preceding a related Distribution
Date to and including the last day of such calendar month; [provided that the Monthly Period related to the [            ] 15, 20[    ] Distribution Date means the
period from and including the Closing Date to and including the last day of [            ], 20[    ].] 

  
 9 

 “Monthly Principal” is defined in Section 4.03. 

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

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

(b) the lower of (i) the sum of the Class B Required Amount and the Servicing Fee Required Amount and (ii) the
greater of (A)(x) the product of (I) [    ]% and (II) the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs (after giving effect to
Investor Charge-Offs for the Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as determined pursuant to clause (a) above) and
(B) zero. 
 “Net Yield” means, with respect to any Monthly Period, Portfolio Yield with respect to such Monthly
Period minus the Base Rate with respect to such Monthly Period. 
 “Note Principal Balance” means, on any date of
determination, an amount equal to the sum of the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance. 

“Noteholder Servicing Fee” is defined in Section 3.01. 

[“Paired Series” means a Series that has been paired with
Series [201  -  ] (which Series may be prefunded or partially prefunded or may be a Variable Interest) such that a reduction of the Collateral Amount results in (or permits) an
increase of the collateral amount of the Paired Series.] 
 “Permitted Investments” is defined in Annex A to the Indenture.

 “Pool Asset Representations” means, collectively, (i) the representations and warranties made by the Transferor relating
to the Receivables under Section 2.04(a)(viii) and (ix) of the Transfer and Servicing Agreement and (ii) the representations and warranties made by the RPA Seller relating to the Receivables under Section 4.02(a)(vii) and (viii) of the Receivables
Purchase Agreement. 
 “Portfolio Yield” means, for any Monthly Period, the annualized percentage equivalent of a fraction,
(a) the numerator of which is equal to (i) the Available Finance Charge Collections (excluding any Excess Finance Charge Collections and any amounts withdrawn from the [Spread Account,] [or]
[Pre-Funding Account,] except that Excess Finance Charge Collections from other Series applied for the benefit of Series [201  -  ] Notes may be
included if the Rating Agency Condition is met), minus (ii) the Investor Default Amount and the Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is the Collateral Amount plus amounts on deposit in the
Principal Accumulation Account as of the first day of such Monthly Period. 

  
 10 

 [“Pre-Funded Amount”
means, as of any date of determination, the amount on deposit in the Pre-Funding Account (net of all Investment Earnings).] 

[“Pre-Funding Account” is defined in subsection 4.09(a).] 

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

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

“Principal Accumulation Account Balance” means, for any date of determination, the principal amount, if any, on deposit in
the Principal Accumulation Account on such date of determination. 
 “Principal Accumulation Investment Earnings” means,
with respect to each Transfer Date, the Investment Earnings, if any, on funds in the Principal Accumulation Account. 
 “Principal
Collections” means Collections of Principal Receivables. 
 “Principal Shortfall” means (a) for any
Distribution Date (and related Transfer Date), with respect to the Revolving Period, zero, (b) for any Distribution Date (and related Transfer Date), with respect to the Accumulation Period, an amount equal to the excess, if any, of the
Controlled Deposit Amount with respect to such date over the amount of Available Principal Collections for the Related Monthly Period (excluding any portion thereof attributable to Excess Principal Collections) and (c) for any Distribution Date
(and related Transfer Date), with respect to the Rapid Amortization Period, an amount equal to the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for the Related Monthly
Period (excluding any portion thereof attributable to Excess Principal Collections). 
 “QIB” means a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act. 
 “Qualified Dispute Resolution
Professional” means an attorney or retired judge that is independent, impartial, knowledgeable and experienced with the laws of the State of New York, specializing in commercial litigation with at least 15 years of experience and whose name
is on a list of neutral parties maintained by the AAA. 
 “Qualified Maturity Agreement” means an agreement in which a
Qualified Maturity Agreement Institution agrees to make a deposit into the Principal Accumulation Account on or before the Expected Principal Payment Date in an amount equal to the initial Note Principal Balance (reduced by any amount on deposit in
the Principal Accumulation Account. Each Qualified Maturity Agreement must satisfy the Series Rating Agency Condition. 

“Qualified Maturity Agreement Institution” means a counterparty having short-term
debt ratings of no less than [“P-1/A-1+” by Moody’s and Standard & Poor’s, respectively, or
long-term unsecured ratings of no less than “Aa3” by Moody’s and “AA–” by Standard & Poor’s, or otherwise satisfies the Series Rating Agency Condition.] 

  
 11 

 “Quarterly Net Yield” means, for any Distribution Date, the average of the Net
Yields for each of the three preceding Monthly Periods, and, for purposes of the [            ], 20[    ] and
[            ], 20[    ] Distribution Dates, the Net Yields for [            ] and
[            ], 20[    ] shall be deemed to be [    ]% and [    ]%, respectively. 

“Rapid Amortization Period” means the period commencing on the date on which a Trust Pay Out Event or a Series [201  -  ] Pay Out Event is deemed to occur and ending on the Series Termination Date. 

“Rating Agency” means, with respect to each outstanding Class of the Series [201  ]-[  ] Notes and as of
any date of determination, the rating agency or agencies, if any, selected by the Sponsor to rate such outstanding Class of the Series [201  ]-[  ] Notes. 

“Rating Agency Condition” means, with respect to any action subject to such condition, 

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

[(c) when used in reference to [the Class B Notes and the Class C Notes] [the Class C Notes], [the Class B Noteholders and the
Class C Noteholders] [the Class C Noteholders] shall have consented to such action[; and] 
 [(d)] when used in reference to
the Series [201  ]-[  ] Notes, (i) with respect to [the Class A Notes] [and the Class B Notes], [, the Class B Notes and the Class C Notes], (A) that each Rating Agency shall have notified Issuer and Transferor in writing that
the proposed action will not result in a reduction or withdrawal of its rating[s] with respect to [the Class A Notes] [and the Class B Notes] [, the Class B Notes and the Class C Notes] or (B) if at such time a Rating Agency has informed Issuer and
Transferor that such Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10
Business Days prior to the effective date of such action, or if 10 Business Days prior notice is impractical, such advance notice as is practical [and (ii) with respect to [the Class B Notes and the Class C Notes] [the Class C Notes], [the Class B
Noteholders and Class C Noteholders] [the Class C Noteholders] have consented in writing to such action. 

  
 12 

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

or  
 [The Class C Notes
will not be rated on the Closing Date.] 
 “Reallocated Principal Collections” means, for any Transfer Date, Investor
Principal Collections applied in accordance with Section 4.06 in an amount not to exceed the Monthly Principal Reallocation Amount for the Related Monthly Period. 

“Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and distributions otherwise to be
made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest previously due but not distributed to
the Series [201  -  ] Noteholders, plus (iii) the amount of Default Interest, if any, for the related Distribution Date and any Default Interest previously due but not distributed
to the Series [201  -  ] Noteholders on a prior Distribution Date. 

[“Reference Banks” means four major banks in the London interbank market selected by Servicer.] 

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

“Required Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account Funding Date, an amount equal
to (a) [    ]% of the Note Principal Balance or (b) any other amount designated by Transferor; provided, however, that if such designation is of a lesser amount, Transferor shall (i) provide Servicer and Indenture
Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts known to such officer at such time, in the
reasonable belief of Transferor, such designation will not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out Event to occur with respect to
Series [201  -  ]. 
 “Required Retained Transferor
Percentage” means, for purposes of Series [201  -  ], [    ]%. 

“Required Spread Account Amount” means, for any date of determination, (a) prior to the occurrence of a Pay Out Event, the
product of (i) the Spread Account Percentage in effect on such date and (ii) the Initial Collateral Amount; provided that the Required Spread Account 

  
 13 

 
Amount shall not exceed the Class C Note Principal Balance minus the excess, if any, of the Principal Accumulation Account Balance over the sum of the Class A Note Principal Balance and
the Class B Note Principal Balance on such date of determination and (b) after the occurrence of a Pay Out Event, an amount equal to the Class C Note Principal Balance on such date of determination. 

“Reserve Account” is defined in subsection 4.09(a). 

“Reserve Account Funding Date” means the Transfer Date designated by Servicer which occurs not later than the earliest of
(a) the Transfer Date with respect to the Monthly Period which commences [    ] months prior to the commencement of the Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.14);
(b) the first Transfer Date for which the Quarterly Net Yield is less than [    ]%, but in such event the Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly
Period which commences [    ] months prior to the commencement of the Accumulation Period; (c) the first Transfer Date for which the Quarterly Net Yield is less than [    ]%, but in such event the
Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly Period which commences [    ] months prior to the commencement of the Accumulation Period; and (d) the
first Transfer Date for which the Quarterly Net Yield is less than [    ]%, but in such event the Reserve Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to the Monthly Period which
commences [    ] months prior to the commencement of the Accumulation Period; provided, however, that subject to satisfaction of the Rating Agency Condition, the Reserve Account Funding Date may be any date selected by Servicer;
provided, further, that if a Qualified Maturity Agreement has been assigned to the Indenture Trustee in accordance with the provisions of Section 4.14, the Reserve Account Funding Date shall be the Distribution Date immediately following the
date on which a Qualified Maturity Agreement is terminated if (w) such Qualified Maturity Agreement is terminated because the provider of such Qualified Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution,
(x) such Qualified Maturity Agreement is terminated prior to the earlier of the [        ] Expected Principal Payment Date and the commencement of the Rapid Amortization Period, (y) such Qualified
Maturity Agreement is terminated after the later of the last day of the [        ], 200[    ] Monthly Period and, at the election of Transferor, the date to which the commencement of the
Accumulation Period may be postponed pursuant to Section 4.13 (as determined on the date of such termination) and (z) Transferor does not obtain a substitute Qualified Maturity Agreement. 

“Reserve Account Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if any, by
which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount. 
 “Reserve Draw Amount”
means, with respect to each Transfer Date relating to the Accumulation Period or the first Transfer Date relating to the Rapid Amortization Period, the amount, if any, by which the Principal Accumulation Investment Earnings for such Transfer Date
are less than the Covered Amount determined as of such Transfer Date. 

  
 14 

 “Reset Date” means: 

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

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

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

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

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

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

“Revolving Period” means the period beginning on the Closing Date and ending at the close of business on the day immediately
preceding the earlier of the day the Accumulation Period commences or the day the Rapid Amortization Period commences. 
 “RPA
Repurchase Request” has the meaning assigned to such term in Section 4.21(a)(ii) of this Indenture Supplement. 

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

“Series [201  -  ]” means the Series of Notes the terms of
which are specified in this Indenture Supplement. 

“Series [201  -  ] Final Maturity Date” means the
[            ], 20[    ] Distribution Date. 

“Series [201  -  ] Note” means a Class A Note, a
Class B Note or a Class C Note. 
 “Series [201  -  ]
Note Owner” means, with respect to any Series [201  -  ] Note which is a Book-Entry Note, the Person who is the owner of such Book-Entry Note as reflected on the books of
Clearing Agency, or on the Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect Participant, in accordance with the rules of such Clearing Agency). 

  
 15 

 “Series [201  -  ]
Noteholder” means a Class A Noteholder, a Class B Noteholder or a Class C Noteholder. 
 “Series Allocation
Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the numerator used in determining the Allocation Percentage for Finance Charge Collections for that Monthly Period and
the denominator of which is the sum of the numerators used in determining the Allocation Percentage for Finance Charge Receivables for all outstanding Series for such Monthly Period; provided that if one or more Reset Dates occur in a Monthly
Period, the Series Allocation Percentage will be the percentage equivalent of a fraction, the numerator of which is an amount equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge Collections for Series [201  -  ] for each day during that Monthly Period divided by the total number of days in such Monthly Period and the denominator of which is an amount equal to the sum of the
numerators used in determining the Allocation Percentages for Finance Charge Receivables for all outstanding Series for each day during such Monthly Period divided by the total number of days in such Monthly Period. 

“Series Rating Agency Condition” means,[(i)] when used in reference to the Class A Notes [and Class B Notes] [,Class B Notes
and Class C Notes] and any action subject to such condition, (a) that each Rating Agency shall have notified Issuer in writing that such action will not result in any reduction or withdrawal of the rating, if any, of any outstanding class of the
Series [201  ]-[-] Notes which such Rating Agency has rated at Sponsor’s request or (b) if at such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not provide such notifications for transactions of
this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such Rating Agency or Rating Agencies at least 10 Business Days prior to the effective date of such action, or if 10 Business Days prior notice
is impractical, such advance notice as is practicable; and 
 [(ii) when used in reference to [the Class B Notes and the Class C Notes] [the
Class C Notes], any action subject to such condition, the written consent of [the Class B Noteholders and the Class C Noteholders] [the Class C Noteholders] to such action.] 

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

or 
 [The Class C Notes
will not be rated on the Closing Date.] 
 “Series Servicing Fee Percentage” means [2]% per annum. 

“Series Termination Date” means the earlier to occur of (a) the date on which the Note Principal Balance is paid in full and
(b) the Series [201  -  ] Final Maturity Date. 
 “Servicer
Interchange” means, with respect to any Monthly Period, an amount equal to one-twelfth of the product of (a) [1.50]% and (b) the Collateral Amount as of the last day of the preceding Monthly
Period; provided, however, that Servicer Interchange for the [            ], 20[    ] Distribution Date shall be
$[        ]. 

  
 16 

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

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

“Spread Account Deficiency” means the excess, if any, of the Required Spread Account Amount over the Available Spread Account
Amount. 
 “Spread Account Percentage” means, for any Distribution Date, the applicable percentage specified in the [Class
B][Class C] Note Purchase Agreement. 
 “Subject Receivables” means, with respect to an Asset Representations Review
conducted by the Asset Representations Reviewer pursuant to Section 4.19 of this Indenture Supplement and the Asset Representations Review Agreement, the 60+-Day Delinquent Receivables arising in the Accounts specified on an account schedule
prepared by Servicer and delivered to Asset Representations Reviewer for the purposes of an Asset Representations Review. For the avoidance of doubt, on the date that the conditions for an Asset Representations Review have been satisfied, any
Receivable that is repurchased or reassigned to Transferor pursuant to the Transfer and Servicing Agreement or the RPA Seller pursuant to the Receivables Purchase Agreement, as applicable, on and after such date will not be a Subject Receivable.

 “Three-Month Average 60+-Day Delinquency Rate” means, as of any date of determination, (a) the sum of the 60+-Day
Delinquency Rates for three Monthly Periods immediately preceding such date of determination, divided by (b) three (3). 
 “TSA
Repurchase Request” has the meaning assigned to such term in Section 4.21(a)(i) of this Indenture Supplement. 
 “Uncovered
Dilution Amount” means, for any Distribution Date, an amount equal to the product of (a) the Series Allocation Percentage for the Related Monthly Period times (b) the aggregate Dilutions occurring during that Monthly Period as to
which any deposit is required to be made to the Excess Funding Account pursuant to Section 3.09 of the Transfer and Servicing Agreement but has not been made (either directly by the Transferor or from Principal Collections. 

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

“Verified Note Owner” means a Series [201  -  ] Note Owner that has provided Indenture Trustee with (i) a
written certification that it is the beneficial owner of a specified Outstanding Amount of Series [201  -  ] Notes and (ii) a trade confirmation, an account statement, a letter from a
broker dealer acceptable to Indenture Trustee or other similar document acceptable to Indenture Trustee showing that such Series [201  -  ] Note Owner is a beneficial owner of such
Outstanding Amount of Series [201  -  ] Notes. 
 Each capitalized
term defined herein shall relate to the Series [201  -  ] Notes and no other Series of Notes issued by Issuer, unless the context otherwise requires. All capitalized terms used
herein and not otherwise defined herein have the meanings ascribed to them in Annex A to the Indenture. 

  
 17 

 The interpretive rules specified in Section 1.02 of the Indenture also apply to this
Indenture Supplement. If any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Indenture Supplement shall be controlling. 

ARTICLE III 
 NOTEHOLDER
SERVICING FEE 
 Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to
Series [201  -  ] for any Transfer Date (the “Noteholder Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Series Servicing Fee Percentage and
(b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided, however, that with respect to the first Transfer Date, the Noteholder Servicing Fee shall be equal to
$[        ]; provided, further, that if FNBO or Indenture Trustee is Servicer, the Noteholder Servicing Fee shall be reduced by the amount, if any, by which the Servicer Interchange for such
Monthly Period exceeds the amount of Interchange included as Finance Charge Collections allocable to the Series [201  -  ] Notes with respect to such Monthly Period pursuant to
Section 4.16 of this Indenture Supplement. The remainder of the Servicing Fee shall be paid by the Holders of the Transferor Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event
shall Issuer, Indenture Trustee or the Series [201  -  ] Noteholders be liable for the share of the Servicing Fee to be paid by the Holders of the Transferor Interest or the
Noteholders of any other Series. 
 ARTICLE IV 

RIGHTS OF NOTEHOLDERS AND ALLOCATION 

AND APPLICATION OF COLLECTIONS 

Section 4.01. Collections and Allocations. 

(a) Finance Charge Collections, Principal Collections and Receivables in Defaulted Accounts shall be allocated and distributed
to Series [201  -  ] as set forth in this Article. 
 (b) On
each Date of Processing, Servicer shall allocate to the Series [201  -  ] Noteholders the following amounts as set forth below: 

(i) Allocations of Finance Charge Collections. An amount equal to the Investor Finance Charge Collections processed
on such Date of Processing shall be allocated to the Series [201  -  ] Noteholders and, first, deposited to the Finance Charge Account to the extent required by Section 8.04 of
the Indenture and subsection 4.01(c) below, and, second, paid to the Holder of the Transferor Interest. 

  
 18 

 (ii) Allocations of Principal Collections. 

(A) Allocations During the Revolving Period. 

(1) During the Revolving Period an amount equal to the product of the Investor Principal Collections processed on each Date of
Processing, shall be allocated to the Series [201  -  ] Noteholders and, first, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization
period, deposited to and retained in the Principal Account to the extent necessary for application as Excess Principal Collections for other Principal Sharing Series on the related Distribution Date, second, deposited to the Excess Funding Account
to the extent necessary so that (x) the Transferor Interest is not less than the Minimum Transferor Interest and (y) the sum of the Principal Receivables in the Trust plus the amount on deposit in the Excess Funding Account equals or
exceeds the Minimum Aggregate Principal Receivables and, third, paid to the Holder of the Transferor Interest. 
 (2) With
respect to each Monthly Period falling in the Revolving Period, to the extent that Investor Principal Collections allocated to the Series [20  -  ] Noteholders pursuant to this
subsection 4.01(b)(ii) are paid to Transferor, Transferor shall make an amount equal to the Reallocated Principal Collections for the related Transfer Date available on that Transfer Date for application in accordance with Section 4.06.

 (B) Allocations During the Accumulation Period. During the Accumulation Period an amount equal to the
Investor Principal Collections processed on each Date of Processing shall be allocated to the Series [201  -  ] Noteholders and deposited into the Principal Account in accordance with
Section 8.04 of the Indenture and subsection 4.01(c). 
 (C) Allocations During the Rapid Amortization
Period. During the Rapid Amortization Period, an amount equal to the Investor Principal Collections processed on each Date of Processing shall be allocated to the
Series [201  -  ] Noteholders and deposited into the Principal Account until applied as provided herein; provided, however, that after the date on which an amount of such Principal
Collections equal to the Note Principal Balance has been deposited into the Principal Account, any Investor Principal Collections in excess of such amount shall be, first, if any other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, deposited to and retained in the Principal Account for application, to the extent necessary, as Excess Principal Collections to other Principal Sharing Series on the related Distribution Date, second, deposited in the
Excess Funding Account to the extent necessary so that 

  
 19 

 
(x) the Transferor Interest is not less than the Minimum Transferor Interest and (y) the sum of the Principal Receivables in the Trust plus the amount on deposit in the Excess Funding
Account equals or exceeds the Minimum Aggregate Principal Receivables and, third, paid to the holders of the Transferor Interest. 

(c) During any period when Servicer is permitted by Section 8.04 of the Indenture to make a single monthly deposit to the
Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.01(a) and (b) with respect to any Monthly Period need not be deposited into the Collection Account or any Series Account prior to the related Transfer Date, and,
when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if FNBO is Servicer, Servicer, and (y) shall be deposited into the Finance Charge Account (in the case of Finance Charge Collections)
and the Principal Account (in the case of Collections of Principal Receivables (not including any Excess Principal Collections allocated to Series [201  -  ] pursuant to
Section 8.05 of the Indenture)). The exception to the daily deposit requirements provided by the second paragraph of Section 8.04(a) of the Indenture shall not be available during any Monthly Period during the Rapid Amortization
Period, or at any time that (A) the Transferor Interest is less than the Minimum Transferor Interest, (B) the Available Spread Account Amount is less than the Required Spread Account Amount or (C) the sum of the Principal Receivables
in the Trust plus the amount on deposit in the Excess Funding Account is less than the Minimum Aggregate Principal Receivables. For purposes of the second paragraph of Section 8.04(a) of the Indenture, the amount of Principal Collections
required to be deposited or distributed on or prior to the related Distribution Date during the Accumulation Period shall include an amount equal to the Controlled Deposit Amount. 

Notwithstanding the provisions of the second paragraph of Section 8.04(a) of the Indenture, all Finance Charge Collections
for each Monthly Period shall be deposited daily to the Finance Charge Account and retained therein until the delivery of the statement required by Section 5.03(b). On or after delivery of such statement, Finance Charge Collections for the
Related Monthly Period which are not required to be deposited or distributed pursuant to such statement may be withdrawn by Servicer. 

(d) On any date, Servicer may withdraw from the Collection Account or any Series Account any amounts inadvertently deposited in
such account that should have not been so deposited. 
 Section 4.02. Determination of Monthly Interest. 

(a) The amount of monthly interest (“Class A Monthly Interest Payment”) distributable from the Distribution
Account with respect to the Class A Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the
denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class A Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance). 

  
 20 

 On the Determination Date preceding each Distribution Date, Servicer shall
determine the excess, if any (the “Class A Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(a) as of the prior Distribution Date over (y) the amount actually transferred from the
Distribution Account for payment of such amount. If the Class A Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional
amount (“Class A Default Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times
(B) the Class A Note Interest Rate in effect with respect to the related Interest Period and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Noteholders) shall be payable
as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A Default Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

 (b) The amount of monthly interest (“Class B Monthly Interest Payment”) distributable from the Distribution
Account with respect to the Class B Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the
denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance). 
 On
the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class B Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(b) as of the prior
Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such amount. If the Class B Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution
Date until such Class B Interest Shortfall is fully paid, an additional amount (“Class B Default Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the
related Interest Period] and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) such Class B Interest Shortfall (or the portion thereof which
has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Default Interest shall be payable or distributed to the
Class B Noteholders only to the extent permitted by applicable law. 
 (c) The amount of monthly interest
(“Class C Monthly Interest Payment”) distributable from the Distribution Account with respect to the Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of
which is [30] [the actual number of days in the related Interest Period] the actual number of days in the related Interest Period and the denominator of which is 360, 

  
 21 

 
times (B) the Class C Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class C Note Principal Balance as of the close of business on the
last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class C Note Initial Principal Balance). 

On the Determination Date preceding each Distribution Date, Servicer shall determine the excess, if any (the “Class C
Interest Shortfall”), of (x) the aggregate amount accrued pursuant to this Section 4.02(c) as of the prior Distribution Date over (y) the amount of funds actually transferred from the Distribution Account for payment of such
amount. If the Class C Interest Shortfall for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class C Interest Shortfall is fully paid, an additional amount (“Class C Default
Interest”) equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the related Interest Period] and the denominator of which is 360, times (B) the Class C Note Interest Rate
in effect with respect to the related Interest Period and (ii) such Class C Interest Shortfall (or the portion thereof which has not been paid to the Class C Noteholders) shall be payable as provided herein with respect to the
Class C Notes. Notwithstanding anything to the contrary herein, Class C Default Interest shall be payable or distributed to the Class C Noteholders only to the extent permitted by applicable law. 

Section 4.03. Determination of Monthly Principal. The amount of monthly principal to be transferred from the
Principal Account with respect to the Notes on each Transfer Date (the “Monthly Principal”), beginning with the Transfer Date in the month following the month in which the Accumulation Period or, if earlier, the Rapid Amortization Period,
begins, shall be equal to the least of (i) the Available Principal Collections on deposit in the Principal Account with respect to such Transfer Date, (ii) for each Transfer Date with respect to the Accumulation Period, the Controlled
Deposit Amount for such Transfer Date, (iii) the Collateral Amount (after taking into account any adjustments to be made on such Distribution Date pursuant to Sections 4.05 and 4.06) prior to any deposit into the Principal Accumulation
Account on such Transfer Date, and (iv) the Note Principal Balance, minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date. 

Section 4.04. Application of Available Finance Charge Collections and Available Principal Collections. On or
before each Transfer Date, Servicer shall instruct Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and Indenture Trustee, acting in accordance with such instructions, shall withdraw on
such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the
Distribution Account as follows: 
 (a) On each Transfer Date, an amount equal to the Available Finance Charge Collections
for the Related Monthly Period will be withdrawn from the Finance Charge Account and distributed or deposited by Indenture Trustee in the following priority: 

(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any Class A Interest
Shortfall, plus the amount of any Class A Default Interest for such Distribution Date, plus the amount of any 

  
 22 

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

(iv) an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any Class C Interest
Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be
deposited into the Distribution Account for distribution to the Class C Noteholders; 
 (v) an amount equal to the
Investor Default Amount and any Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and deposited into the Principal Account for application pursuant to
this Section 4.04; 
 (vi) an amount equal to the sum of the aggregate amounts of Investor Charge-Offs and Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vi) shall be treated as a portion of Available Principal Collections for such
Distribution Date and deposited into the Principal Account for application pursuant to this Section 4.04; 
 (vii) on
each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in subsection 4.10(f), an amount up to the excess, if any, of the Required Reserve Account Amount
over the Available Reserve Account Amount shall be deposited into the Reserve Account; 
 (viii) an amount equal to the
excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount shall be deposited into the Spread Account; and 

(ix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date to be
applied in accordance with Section 4.07; [and] 

  
 23 

 [(x) any other amount required to be paid or deposited under the terms of the
Class B Note Purchase Agreement shall be so paid or deposited;] 
 [(xi) any other amount required to be paid or deposited
under the terms of the Class C Note Purchase Agreement shall be so paid or deposited; and] 
 [(x)][(xii)] any remaining
amount to be paid to Transferor. 
 (b) On each Transfer Date with respect to the Revolving Period, an amount equal to the
Available Principal Collections for the Related Monthly Period shall be treated as Excess Principal Collections and applied in accordance with Section 4.08. 

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

(i) on each Transfer Date with respect to the Accumulation Period, an amount equal to the Monthly Principal for such Transfer
Date shall be deposited into the Principal Accumulation Account; 
 (ii) on each Transfer Date with respect to the Rapid
Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account for distribution to the Class A Noteholders until the Class A Note Principal Balance has been paid in
full; 
 (iii) on each Transfer Date with respect to the Rapid Amortization Period, after giving effect to clause (ii)
above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account for distribution to the Class B Noteholders until the Class B Note Principal Balance has been paid in full; 

(iv) on each Transfer Date with respect to the Rapid Amortization Period, after giving effect to clauses (ii) and (iii)
above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account for distribution to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and 

(v) on each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, the balance of such
Available Principal Collections remaining after giving effect to clauses (i) through (iv) above shall be retained in the Principal Account to be treated as Excess Principal Collections and applied in accordance with Section 4.08. 

(d) On each Distribution Date, Indenture Trustee shall make distributions from the Distribution Account in accordance with
Section 5.02 as follows: (i) to the Class A Noteholders, the amount deposited into the Distribution Account pursuant to subsections 4.04(a)(i) and 4.04(c)(ii); (ii) to the Class B Noteholders, the amount

  
 24 

 
deposited into the Distribution Account pursuant to subsections 4.04(a)(ii)[and (x)] and 4.04(c)(iii); and (iii) to the Class C Noteholders, the amount deposited into the
Distribution Account pursuant to subsections 4.04(a)(iv) [and (xi)] and 4.04(c)(iv). 
 (e) On the earlier to occur of
(i) the first Transfer Date during the Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, Indenture Trustee shall withdraw from the Principal Accumulation Account and deposit
into the Distribution Account amounts necessary to pay, first, to the Class A Noteholders, until paid in full, second, to the Class B Noteholders, until paid in full, and, third, to the Class C Noteholders, until paid in full, the
amounts deposited into the Principal Accumulation Account pursuant to subsections 4.04(c)(i). In accordance with Section 5.02, on the related Distribution Date, Indenture Trustee shall pay from the Distribution Account to the Class A
Noteholders, the Class B Noteholders and the Class C Noteholders, as applicable, the amounts deposited into the Distribution Account for the account of such Noteholders pursuant to this subsection 4.04(e). 

[INSERT INFORMATION FOR DISTRIBUTIONS FROM PRE-FUNDING ACCOUNT, IF USED.] 

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

(a) Excess Finance Charge Collections from all Excess Allocation Series in Group One will be allocated to cover any Finance
Charge Shortfall or finance charge shortfalls for other Excess Allocation Series in Group One pursuant to Section 8.06 of the Indenture except that, following a Servicer Default and the appointment of a Successor Servicer, Excess Finance Charge
Collections remaining after their application to cover Finance Charge Shortfalls and other finance charge shortfalls for Group One, shall be 

  
 25 

 
paid to the Successor Servicer to pay any unpaid Excess Servicing Fees or other unpaid excess servicing fees for all Excess Allocation Series in Group One prior to any distribution to the Holder
of the Transferor Interest. If the remaining Excess Finance Charge Collections do not exceed the aggregate amount of such unpaid fees, the remaining Excess Finance Charge Collections shall be allocated among the Group One Excess Allocation
Series pro rata based on the amount of unpaid excess servicing fees for each such Series. Excess Finance Charge Collections with respect to Group One shall be allocated to
Series [201  -  ] in accordance with this Section 4.07, without regard to whether the Rating Agency Condition has been met for purposes of the definition of “Portfolio
Yield.” On each Transfer Date, Indenture Trustee, at the written direction of the Servicer, shall deposit Excess Finance Charge Collections allocated to Series [201  -  ] to the Finance Charge Account prior to the
applications to be made pursuant to Section 4.04. 
 (b) Any Excess Finance Charge Collections relating to the Series [201  -  ] Notes remaining after the application thereof as specified in subsection 4.07(a) above, if any, [shall be applied, first, pursuant to subsection 4.04(a)(x) and (xi) hereof
and second, the remaining balance, if any, shall be paid to Transferor pursuant to subsection 4.04(a)(xii) hereof] [shall be paid to Transferor pursuant to subsection 4.04(a)(x) hereof]. 

Section 4.08. Excess Principal Collections. Excess Principal Collections from all Principal Sharing Series in
Group One will be allocated to cover any Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.05 of the Indenture. If (i) any Principal Shortfall remains after such
allocation, (ii) any Series in Group One is in an Amortization Period and (iii) the amount on deposit in the Excess Funding Account is greater than zero, amounts on deposit in the Excess Funding Account will be treated as Excess Principal
Collections and allocated to cover any remaining Principal Shortfall or principal shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.03 of the Indenture. Indenture Trustee, at the written direction of the
Servicer, shall deposit Excess Principal Collections allocated to Series [201  -  ] to the Principal Accumulation Account or the Distribution Account, as applicable. 

Section 4.09. Certain Series Accounts. 

(a) Indenture Trustee shall establish and maintain with a Qualified Institution, which may be Indenture Trustee, in the name of
the Trust, on behalf of the Trust, for the benefit of the Noteholders, [    ] segregated trust accounts with such Qualified Institution (the “Finance Charge Account,” the “Principal Account,” the
“Principal Accumulation Account,” the “Distribution Account,” the “Spread Account,” the “Reserve Account” [and the “Pre-Funding Account”]), each bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Series [201  -  ] Noteholders. The Finance Charge Account, the Principal Account,
the Principal Accumulation Account, the Distribution Account, [the Pre-Funding Account,] the Reserve Account and the Spread Account are hereby designated as the Series Accounts for the Series [201  -  ] Notes. Except as otherwise provided in Section 4.11, Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in
each Series Account and in all proceeds thereof. Except as otherwise provided in Section 4.11, each Series 

  
 26 

 
Account shall be under the sole dominion and control of Indenture Trustee for the benefit of the Series [201  -  ] Noteholders and
shall be administered out of the Corporate Trust Office of the Indenture Trustee. If at any time the institution holding a Series Account ceases to be a Qualified Institution, Transferor shall notify Indenture Trustee in writing, and Indenture
Trustee upon being notified (or Servicer on its behalf) shall, within ten (10) Business Days, establish a new Series Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to
such new Series Account. Indenture Trustee, at the written direction of Servicer, shall make withdrawals from and deposits to each Series Account from time to time, in the amounts and for the purposes set forth in this Indenture
Supplement. Indenture Trustee at all times shall maintain accurate records reflecting each transaction in each Series Account, so long as such accounts are established and maintained with Indenture Trustee. 

(b) [Except as otherwise provided in Section 4.18,] [F]unds on deposit in each Series Account from time to time shall be
invested and reinvested at the written direction of Servicer by Indenture Trustee in Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Indenture Trustee shall
not be held liable for the performance of any Permitted Investments made in accordance with the terms hereof. 
 On each
Transfer Date with respect to the Accumulation Period and on the first Transfer Date with respect to the Rapid Amortization Period, Indenture Trustee, acting at Servicer’s direction given on or before such Transfer Date, shall transfer from the
Principal Accumulation Account to the Finance Charge Account the Principal Accumulation Investment Earnings on deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in accordance with
Section 4.04(a). 
 Principal Accumulation Investment Earnings (including reinvested interest) shall not be considered part of the
amounts on deposit in the Principal Accumulation Account for purposes of this Indenture Supplement. 
 On each Distribution
Date, all Investment Earnings on funds on deposit in the Principal Account, the Finance Charge Account and the Distribution Account shall be deposited by Indenture Trustee in a separate deposit account with a Qualified Institution in the name of
Servicer, or a Person designated in writing by Servicer, which shall not constitute a part of the Trust, or shall otherwise be turned over by Indenture Trustee to Servicer. 

(c) Indenture Trustee shall hold such of the Permitted Investments of funds in any Series Account as consists of instruments,
deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of Minnesota. Indenture Trustee shall hold such of the Permitted Investments as constitutes investment property through a securities
intermediary, which securities intermediary shall agree with Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of Indenture Trustee, (b) such securities intermediary shall treat
Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account 

  
 27 

 
shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by Indenture Trustee without the further consent of any other person
or entity, (e) such securities intermediary will not agree with any person or entity other than Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property
credited thereto shall not be subject to any lien, security interest or right of set-off in favor of such securities intermediary or anyone claiming through it (other than Indenture Trustee), and (g) such
agreement shall be governed by the laws of the State of New York. Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York
UCC. Except as permitted by this subsection 4.09(c), Indenture Trustee shall not hold Permitted Investments through an agent or nominee. 

(d) No Permitted Investment in any Series Account shall be disposed of prior to its maturity unless Servicer so directs and
either (i) such disposal will not result in a loss of all or part of the principal portion of such Permitted Investment or (ii) prior to the maturity of such Permitted Investment, a default occurs in the payment of principal, interest or
any other amount with respect to such Permitted Investment. 
 Section 4.10. Reserve Account. 

(a) Indenture Trustee, at the written direction of Servicer, shall (i) make withdrawals from the Reserve Account from time
to time in an amount up to the Available Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Transfer Date (from and after the Reserve Account Funding Date) prior to termination of the
Reserve Account, make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.04(a)(vii). 

(b) On each Transfer Date, all Investment Earnings accrued since the preceding Transfer Date on funds on deposit in the Reserve
Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited into the Finance Charge Account and included in
Available Finance Charge Collections for the Related Monthly Period. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture Supplement, Investment Earnings on such funds shall
be deemed not to be available or on deposit, except amounts retained pursuant to the preceding sentence. 
 (c) On or before
each Transfer Date with respect to the Accumulation Period and on or before the first Transfer Date with respect to the Rapid Amortization Period, Servicer shall calculate the Reserve Draw Amount; provided, however, that such amount will be reduced
to the extent that funds otherwise would be available for deposit in the Reserve Account under Section 4.04(a)(vii) with respect to such Transfer Date. 

(d) If for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve
Account Amount, shall be 

  
 28 

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

(f) Upon the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement,
(ii) the first Transfer Date relating to the Rapid Amortization Period and (iii) the Transfer Date immediately preceding the Expected Principal Payment Date, Indenture Trustee, acting in accordance with the written instructions of
Servicer, after the prior payment of all amounts owing to the Series [201  -  ] Noteholders that are payable from the Reserve Account as provided herein, shall withdraw from the
Reserve Account all amounts, if any, on deposit in the Reserve Account and (A) deposit such amounts in the Spread Account, to the extent that funds on deposit in the Spread Account are less than the Required Spread Account Amount, and
(B) distribute any such amounts remaining after application pursuant to subsection 4.10(f)(A) to the Holder of the Transferor Interest. The Reserve Account shall thereafter be deemed to have terminated for purposes of this Indenture
Supplement. Funds on deposit in the Reserve Account at any time that the Accumulation Period is suspended pursuant to Section 4.14 shall remain on deposit until applied in accordance with subsection 4.10(d), (e) or (f). 

Section 4.11. Spread Account. 

(a) Indenture Trustee shall establish and maintain the Spread Account for the benefit of the Class C Noteholders and the
Holder of the Transferor Interest, with an account designation clearly indicating that the funds deposited therein are held for the benefit of the Class C Noteholders and the Holder of the Transferor Interest. The Spread Account shall be under
the sole dominion and control of Indenture Trustee for the benefit of the Class C Noteholders and the Holder of the Transferor Interest. Indenture Trustee, at the written direction of Servicer, shall (i) make withdrawals from the Spread
Account from time to time in an amount up to the Available Spread Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Transfer Date prior to termination of the Spread Account, make a deposit
into the Spread Account in the amount specified in, and otherwise in accordance with, subsection 4.11(f). The Issuer will [make no] deposit into the Spread Account on the Closing Date [an amount equal to the Required Spread Account Amount.]

  
 29 

 (b) On each Transfer Date (but subject to subsections 4.11(c), 4.11(d),
4.11(e) and 4.11(f)), the Investment Earnings, if any, accrued since the preceding Transfer Date on funds on deposit in the Spread Account shall be paid to the Holder of the Transferor Interest by Indenture Trustee upon written direction of
Servicer. For purposes of determining the availability of funds or the balance in the Spread Account for any reason under this Indenture Supplement (subject to subsections 4.11(c), 4.11(d), 4.11(e) and 4.11(f)), all Investment Earnings shall be
deemed not to be available or on deposit; provided that after the maturity of the Series [201  -  ] Notes has been accelerated as a result of an Event of Default, all Investment
Earnings shall be added to the balance on deposit in the Spread Account and treated like the rest of the Available Spread Account Amount. 

(c) If, on any Transfer Date, the aggregate amount of Available Finance Charge Collections otherwise available for application
pursuant to subsection 4.04(a)(iv) is less than the aggregate amount required to be deposited into the Distribution Account pursuant to subsection 4.04(a)(iv), Indenture Trustee, at the written direction of Servicer, shall
(i) withdraw from the Spread Account the amount of such deficiency up to the Available Spread Account Amount and, if the Available Spread Account Amount is less than such deficiency, the Indenture Trustee shall also withdraw Investment Earnings
credited to the Spread Account in an amount so that the total amount withdrawn equals such deficiency, and (ii) deposit such amount into the Distribution Account for payment to the Class C Noteholders in respect of interest on the
Class C Notes pursuant to Section 5.02(c). 
 (d) On the Series
[201  -  ] Final Maturity Date or, if sooner, the date on which the Class A Note Principal Balance and the Class B Note Principal Balance have been paid in full, after applying
any funds on deposit in the Spread Account as described in subsection 4.11(c), Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account an amount equal to the lesser of (i) the Class C Note
Principal Balance (after any payments to be made pursuant to subsection 4.04(c) on such date) and (ii) the Available Spread Account Amount and, if the amount so withdrawn is not sufficient to reduce the Class C Note Principal Balance
to zero, shall also withdraw Investment Earnings credited to the Spread Account up to the amount required to reduce the Class C Note Principal Balance to zero. Indenture Trustee, upon the written direction of Servicer, or Servicer, shall
deposit such amounts into the Distribution Account for distribution to the Class C Noteholders in accordance with subsection 5.02(c). 

(e) On the earlier to occur of (i) the Series [201  -  ] Final
Maturity Date and (ii) the day following the occurrence of an Event of Default with respect to Series [201  -  ] and acceleration of the maturity of the
Series [201  -  ] Notes pursuant to Section 5.03 of the Indenture, Servicer shall withdraw from the Spread Account an amount equal to the Available Spread Account Amount and
Indenture Trustee or Servicer shall deposit such amounts into the Distribution Account for distribution to the Class C Noteholders until the Class C Note Principal Balance is paid in full, [to the Class A Noteholders until the
Class A Note Principal Balance is paid in full,] [and to the Class B Noteholders until the Class B Note Principal Balance is paid in full,] [in that order of priority,] in accordance with Section 5.02, to fund any shortfalls in
amounts owed to such Noteholders. 

  
 30 

 (f) If on any Transfer Date, after giving effect to all withdrawals from the
Spread Account, the Available Spread Account Amount is less than the Required Spread Account Amount then in effect, Available Finance Charge Collections shall be deposited into the Spread Account pursuant to subsection 4.04(a)(viii) up to the
amount of the Spread Account Deficiency and, if such Available Finance Charge Collections are less than such Spread Account Deficiency, Investment Earnings on the Spread Account shall be held and not distributed pursuant to subsection 4.11(b)
until such Spread Account Deficiency is reduced to zero through subsequent deposits pursuant to subsection 4.04(a)(viii). 

(g) If, after giving effect to all deposits to and withdrawals from the Spread Account with respect to any Transfer Date, the
amount on deposit in the Spread Account exceeds the Required Spread Account Amount, Indenture Trustee acting in accordance with the instructions of Servicer, shall withdraw an amount equal to such excess and deposit it into the Finance Charge
Account for application as Available Finance Charge Collections. On the date on which the Class C Note Principal Balance has been paid in full, after making any payments to the Noteholders required pursuant to subsections 4.11(c), (d) and
(e), Indenture Trustee, at the written direction of Servicer, shall withdraw from the Spread Account all amounts then remaining in the Spread Account and pay such amounts to the Holder of the Transferor Interest. 

Section 4.12. Investment Instructions. Any investment instructions required to be given to Indenture Trustee
pursuant to the terms hereof must be given to Indenture Trustee no later than 11:00 a.m., New York City time, on the date such investment is to be made. In the event Indenture Trustee receives such investment instruction later than
such time, Indenture Trustee may, but shall have no obligation to, make such investment. In the event Indenture Trustee is unable to make an investment required in an investment instruction received by Indenture Trustee after 11:00 a.m.,
New York City time, on such day, such investment shall be made by Indenture Trustee on the next succeeding Business Day. In no event shall Indenture Trustee be liable for any investment not made pursuant to investment instructions received
after 11:00 a.m., New York City time, on the day such investment is requested to be made. 
 Section
4.13. Accumulation Period. The Accumulation Period is scheduled to commence at the beginning of business on [            ], 20[    ];
provided that if the Accumulation Period Length (determined as described below) on any Determination Date on or after the [            ] Determination Date is less than
[    ] months, the date on which the Accumulation Period actually commences will be changed to the first Business Day of the month that is the number of whole months prior to the month in which the Expected Principal Payment
Date occurs equal to the Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Accumulation Period will equal the Accumulation Period Length); provided that (i) the length of the Accumulation
Period will not be less than [    ] month[s], (ii) such determination of the Accumulation Period Length shall be made on each Determination Date on and after the
[            ] Determination Date but prior to the commencement of the Accumulation Period, and any postponement of the Accumulation Period

  
 31 

 
shall be subject to the subsequent lengthening of the Accumulation Period to the Accumulation Period Length determined on any subsequent Determination Date, but the Accumulation Period shall in
no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Indenture Supplement to the contrary, no postponement of the commencement of the Accumulation Period shall be made after a Pay
Out Event shall have occurred and be continuing with respect to any other Series. The “Accumulation Period Length” will mean a number of whole months such that the amount available for distribution of principal on the Series [201  -  ] Notes on the Expected Principal Payment Date is expected to equal or exceed the sum of the Class A Note Principal Balance, the Class B Note Principal Balance and
the Class C Note Principal Balance, assuming for this purpose that (1) the payment rate with respect to Principal Collections remains constant at the lowest level of such payment rate during the [    ] preceding
Monthly Periods (or such lower payment rate as Servicer may select), (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the Excess Funding Account, if any) remains constant at the level on such
date of determination, (3) no Pay Out Event with respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such date of determination) will be subsequently issued. Servicer shall
calculate the Accumulation Period Length on each Determination Date on and after the [            ] Determination Date as necessary to determine whether the Accumulation Period is
postponed and to set the Reserve Account Funding Date. If the calculation results in a postponement, Servicer shall provide notice in writing to Indenture Trustee, Transferor, Issuer and each Rating Agency. Any notice by Servicer
confirming the postponement of the Accumulation Period pursuant to this Section 4.13 shall specify (i) the Accumulation Period Length, (ii) the commencement date of the Accumulation Period and (iii) the Controlled Accumulation
Amount with respect to each Monthly Period during the Accumulation Period. The method for determining the Accumulation Period Length may be changed if the Rating Agency Condition is met. 

Section 4.14. Suspension of Accumulation Period. 

(a) Servicer may elect to suspend the commencement of the Accumulation Period with prior written notice to the Rating Agencies,
at any time prior to the Distribution Date preceding the Expected Principal Payment Date. The commencement of the Accumulation Period shall be suspended upon delivery by Servicer to Indenture Trustee of (i) an Officer’s Certificate stating
that Servicer has elected to suspend the commencement of the Accumulation Period and that all conditions precedent to such suspension set forth in this Section 4.14 have been satisfied, (ii) a copy of an executed Qualified Maturity
Agreement and (iii) an Opinion of Counsel addressed to Indenture Trustee as to the due authorization, execution and delivery and the validity and enforceability of such Qualified Maturity Agreement. Issuer does hereby transfer, assign, set-over, and otherwise convey to Indenture Trustee for the benefit of the Series [201  -  ] Noteholders, without recourse, all of its rights under
any Qualified Maturity Agreement obtained in accordance with this Section 4.14 and all proceeds thereof. Such property shall constitute part of the Trust Estate and Collateral for all purposes of the Indenture. The foregoing transfer,
assignment, set-over and conveyance does not constitute and is not intended to result in a creation or an assumption by Indenture Trustee or any Noteholder of any obligation of Issuer or any other Person in
connection with a Qualified Maturity Agreement or under any agreement or instrument relating thereto. 

  
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 Indenture Trustee hereby acknowledges its acceptance, to the extent validly
transferred, assigned, set-over or otherwise conveyed to Indenture Trustee, for the benefit of the Series [201  -  ] Noteholders, of all of the
rights previously held by Issuer under any Qualified Maturity Agreement obtained by Issuer and all proceeds thereof, and declares that it shall hold such rights upon the trust set forth herein and in the Indenture, and subject to the terms hereof
and thereof, for the benefit of the Series [20  -  ] Noteholders. 

(b) Each Qualified Maturity Agreement shall obligate the provider to deposit into the Principal Accumulation Account on or
before the Expected Principal Payment Date an amount equal to the initial Note Principal Balance (reduced by any amount on deposit in the Principal Accumulation Account); provided, however, that Issuer may instead elect to fund all or a portion of
such deposits with the proceeds of the issuance of a new Series or with the Available Principal Collections with respect to such Transfer Date. The amounts so deposited shall be applied on the Expected Principal Payment Date pursuant to
subsection 4.04(c) as if the commencement of the Accumulation Period had not been suspended. The Qualified Maturity Agreement may require that during the period when the Accumulation Period is suspended, upon the occurrence of certain
events, Available Principal Collections will be deposited into the Principal Accumulation Account. 
 (c) Each Qualified
Maturity Agreement shall terminate at the close of business on the Expected Principal Payment Date; provided, however, that Servicer may terminate a Qualified Maturity Agreement prior to such Distribution Date, with notice to each Rating Agency, if
(i) the Available Reserve Account Amount equals the Required Reserve Account Amount and (ii) one of the following events occurs: (A) Issuer obtains a substitute Qualified Maturity Agreement, (B) the provider of the Qualified
Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution and Issuer is unable to obtain a substitute Qualified Maturity Agreement, (C) a Pay Out Event occurs or (D) an event which may be declared to be a Pay Out
Event occurs, whether or not it is declared. In addition, if the available Reserve Account Amount equals the Required Reserve Account Amount, Servicer may terminate a Qualified Maturity Agreement prior to the later of (1) the date on which the
Accumulation Period was scheduled to begin, before giving effect to the suspension of the Accumulation Period, and (2) the date to which the commencement of the Accumulation Period is postponed pursuant to Section 4.13 (as determined on
the Determination Date preceding the date of such termination), in which case the commencement of the Accumulation Period shall be determined as if the commencement had not been postponed. In the event that the provider of a Qualified Maturity
Agreement ceases to qualify as a Qualified Maturity Agreement Institution, Servicer shall use its best efforts to obtain a substitute Qualified Maturity Agreement, unless a substitute Qualified Maturity Agreement is not required for any of the
reasons listed in this subsection (c). 
 (d) If a Qualified Maturity Agreement is terminated prior to the earlier of
the Expected Principal Payment Date and the commencement of the Rapid Amortization Period and Issuer does not obtain a substitute Qualified Maturity Agreement, the Accumulation Period shall commence on the latest of (i) the beginning of
business on 

  
 33 

 
[            ], 20[    ], (ii) the date to which the commencement of the Accumulation Period is
postponed pursuant to Section 4.l4 (as determined on the date of such termination) and (iii) the first day of the Monthly Period following the date of such termination. The Issuer shall notify the Rating Agencies if it intends to
terminate a Qualified Maturity Agreement prior to the Expected Principal Payment Date. 
 Section 4.15. Determination
of LIBOR. 
 (a) On each LIBOR Determination Date in respect of an Interest Period, Indenture Trustee shall determine
LIBOR on the basis of the rate for deposits in United States dollars for a period of the Designated Maturity which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If such rate does not appear on Reuters
Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that
day to prime banks in the London interbank market for a period of the Designated Maturity. Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least
two (2) such quotations are provided, the rate for that Interest Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that Interest Period will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period of
the Designated Maturity. 
 (b) The Class A Note Interest Rate, Class B Note Interest Rate and Class C Note
Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning Indenture Trustee at its Corporate Trust Office at
[(    )            ] or such other telephone number as shall be designated by Indenture Trustee for such purpose by prior written notice by Indenture Trustee to each Series [201  -  ] Noteholder from time to time. 
 (c) On each
LIBOR Determination Date, Indenture Trustee shall send to Servicer by facsimile transmission, notification of LIBOR for the following Interest Period.] 

Section 4.16. Interchange. On or prior to each Determination Date, Transferor shall cause FNBO to notify
Servicer of the amount of Interchange to be included as Finance Charge Collections allocable to the Series [201  -  ] Notes with respect to the Related Monthly Period, which amount
shall be equal to the product of: 
 (a) the total amount of Interchange paid or payable to FNBO with respect to such Related
Monthly Period; 
 (b) a fraction the numerator of which is the volume during the Related Monthly Period of sales net of cash
advances on the Accounts and the denominator of which is the amount of sales net of cash advances during the Related Monthly Period on all VISA and MasterCard accounts owned by FNBO; and 

(c) the Allocation Percentage for Finance Charge Collections with respect to such Related Monthly Period. 

  
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 On each Transfer Date, Transferor shall pay to Servicer, and Servicer shall deposit into the Finance Charge
Account, in immediately available funds, an amount equal to the Interchange to be so included as Finance Charge Collections allocable to the Series [201  -  ] Notes with respect to the
Related Monthly Period. Transferor hereby assigns, sets over, conveys, pledges and grants a security interest and lien to Indenture Trustee for the benefit of the
Series [201  -  ] Noteholders its security interest in Interchange and the proceeds of Interchange, as set forth in this Section 4.16. In connection with the foregoing grant
of a security interest, this Indenture Supplement shall constitute a security agreement under applicable law. To the extent that an Indenture Supplement for a related Series, other than
Series [201  -  ], assigns, sets over, conveys, pledges or grants a security interest in Interchange allocable to the Trust, all Notes of any such Series (except that any Series may be
subordinated to the Series [201  -  ] Notes to the extent specified in any such Indenture Supplement) and the
Series [201  -  ] Notes shall rank pari passu and be equally and ratably entitled in accordance with their respective allocation percentages for Finance Charge Collections as
provided herein to the benefits of such Interchange without preference or priority on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Indenture Supplement and other related
Indenture Supplements. 
 Section 4.17. Foreign Accounts. So long as any
Series [201  -  ] Notes are Outstanding, Receivables arising in Foreign Accounts shall constitute Eligible Receivables for all purposes except that, to the extent that such Receivables
exceed 1% (or any higher percentage as to which the Rating Agency Condition has been met) of the aggregate Principal Receivables as of the most recently ended Monthly Period, such Receivables may not be counted for purposes of determining compliance
with the tests for the Minimum Transferor Interest and the Minimum Aggregate Principal Receivables. 
 Section
4.18. [Pre-Funding Account]. 
 (a) [Transferor shall
on the Closing Date deposit into the Pre-Funding Account the Initial Pre-Funded Amount from the proceeds of the sale of the Series [201  -  ] Notes. On each Transfer Date, Indenture
Trustee, acting in accordance with written instructions from Servicer, shall withdraw from the Pre-Funding Account and deposit into the Finance Charge Account all Investment Earnings on the Pre-Funded Amount with respect to the prior Monthly
Period. Such Investment Earnings shall be deemed to be Finance Charge Collections allocated to Series [201  -  ]. Investment Earnings on funds on deposit in the Pre-Funding Account shall not be considered part of the
Pre-Funded Amount for purposes of this Indenture Supplement. 
 (b) Funds on deposit in the Pre-Funding Account on the
Closing Date and thereafter shall be invested in Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the Business Day preceding the next increase in the Collateral Amount pursuant to
subsection 4.18(d) or, if earlier, on the next succeeding Transfer Date. 

  
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 (c) If the Pre-Funded Amount exceeds zero at the end of the Funding Period, on
the first Distribution Date on or after the last day of the Funding Period, Servicer shall apply or shall cause Indenture Trustee to apply the Pre-Funded Amount to the payment by Indenture Trustee of principal on the Notes [on a pro rata basis based
on the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance.] 

(d) On each Distribution Date during the Funding Period, the Initial Collateral Amount shall increase to the extent that the
Transferor Interest will not be less than the Minimum Transferor Interest on such date (in each case after giving effect to all changes to occur on that date, including the change resulting from the operation of this Section 4.18); provided,
however, that the Initial Collateral Amount shall in no event exceed the Note Principal Balance. Upon any increase in the Initial Collateral Amount pursuant to this Section 4.18, Servicer shall instruct Indenture Trustee in writing to
withdraw from the Pre-Funding Account and pay to the Holder of the Transferor Interest no later than the next succeeding Business Day an amount equal to the amount of such increase in the Initial Collateral Amount.] 

Section 4.19. Asset Representations Review Triggers. 

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

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

In case of a review of the Delinquency Trigger Rate undertaken upon the occurrence of an event described in subsection 4.19(b)(i) above,
Transferor may increase or decrease the Delinquency Trigger Rate by any amount it reasonably determines to be appropriate based upon the composition of the Receivables at the time of the review. For the

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

(c) Disclosure of Adjusted Delinquency Trigger Rate on Form 10-D. Transferor shall, on behalf of Issuer, disclose
the Delinquency Trigger Rate, as adjusted, in the distribution report on Form 10-D for the Monthly Period in which such adjustment occurs, which report shall also include a description of how the adjusted Delinquency Trigger Rate was deemed to be
appropriate pursuant to Section 3.11(a)(iii) of the Transfer and Servicing Agreement. 
 (d) Noteholder Action to
Initiate an Asset Representations Review. 
 (i) Within 90 days following the date upon which Transferor discloses,
on behalf of Issuer, the occurrence of a Delinquency Trigger on a distribution report on Form 10-D, the Noteholders holding at least 5% of the Outstanding Amount of all Series of Notes Outstanding as of the date of the Form 10-D filing, may submit a
written petition to Indenture Trustee directing that a vote be taken on whether to initiate an Asset Representations Review. Such written petition shall specify the related Delinquency Trigger and Form 10-D filing that gave rise to the
Noteholders’ direction. For the avoidance of doubt, as long as a Delinquency Trigger has occurred and is continuing, a new 90-day petition period shall commence each month, beginning on the date on which Transferor discloses in the related
distribution report on Form 10-D that the Delinquency Trigger is continuing. 
 (ii) If the requisite number of Noteholders
submit a written petition to Indenture Trustee directing that a vote be taken in accordance with subsection 4.19(d)(i) above, Indenture Trustee shall (A) promptly provide written notice of such direction to all Noteholders of Outstanding Notes at
their addresses appearing in the Note Register and (B) conduct a solicitation of votes of all Noteholders of Outstanding Notes to initiate an Asset Representations Review, which solicitation of votes shall remain open for a 90-day period which
begins upon the date Indenture Trustee provided notice of the direction to the Noteholders. [With respect to Outstanding Notes that are Book-Entry Notes held through DTC, Indenture Trustee shall conduct the vote pursuant to the voting guidelines
promulgated by DTC relating to Notes registered in the name of its nominee, as described in clause (iii) of this subsection 4.19(d) below.][With respect to Outstanding Notes that are Book-Entry Notes held through a Clearing Agency other than DTC or
a Foreign Clearing Agency, Indenture Trustee shall conduct the vote pursuant to the voting guidelines promulgated by such Clearing Agency or Foreign Clearing Agency.] 

  
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 (iii) [With respect to Outstanding Notes which are Book-Entry Notes held through
DTC, DTC uses a proxy service for voting purposes. Once DTC is notified, it creates an electronic proxy. DTC transfers the right to vote with respect to the related securities via the proxy to the DTC participants that hold positions with respect to
the securities in question as of the record date. A DTC participant is responsible for informing the beneficial owner of any action that requires a vote. The beneficial owner instructs the DTC participant via a proxy card or voting instruction form
how to vote their interest, and the DTC participant then casts the vote in accordance with the instructions from the beneficial owner.][Reserved.] 

(iv) If a vote in which an Asset Review Quorum participates occurs within the 90-day period pursuant to subjection 4.19(d)(ii)
above and the Noteholders holding more than 50% of the Outstanding Amount of all Notes casting a vote direct that an Asset Representations Review be undertaken (the “Review Satisfaction Date”), then Indenture Trustee shall promptly provide
a Review Notice to Transferor, Servicer and all Noteholders of Outstanding Notes in the same manner described above. For the purpose of determining whether the requisite percentage of Noteholders have given any direction, notice or consent under
this Section 4.19: 
 (A) any Notes which Indenture Trustee knows are owned by Issuer, FNBO, Servicer, Transferor, any other
Holder of the Transferor Interest, the Asset Representations Reviewer or any of their respective Affiliates will be disregarded and deemed not to be Outstanding, 

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

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

(v) Upon receipt of a Review Notice from Indenture Trustee as specified in subsection 4.19(d)(iv) above, Servicer will promptly
provide a copy of the Review Notice to the Asset Representations Reviewer and an Asset Representations Review will commence in accordance with the terms of the Asset Representations Review Agreement. In addition, Transferor will include, in the
Issuer’s distribution report on Form 10-D relating to the Monthly Period in which a vote described in subsection 4.19(d)(ii) above has occurred, a description of the 

  
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events which occurred during such Monthly Period that triggered the Asset Representations Review pursuant to Section 3.11(a)(iv)(A) of the Transfer and Servicing Agreement. 

(e) Certain Restrictions Relating to Petitions, Votes and Asset Representations Reviews. Notwithstanding any
provisions of this Section 4.19 to the contrary, and subject to additional requirements and conditions set forth in this Section 4.19, for so long as a petition to direct that a vote be taken, a vote itself, or an Asset Representations Review is
underway in accordance with subsection 4.19(d)(i) above, subsection 4.19(d)(ii) above or the terms of the Asset Representations Review Agreement, respectively, the requisite number of Noteholders may not initiate another petition, vote or Asset
Representations Review unless and until such prior petition, vote or Asset Representations Review is completed. For the purposes of this subsection 4.19(e): 

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

(ii) a vote will be considered completed only (A) if the vote does not result in an Asset Representations Review or (B) if an
Asset Representations Review occurs, at such time as Transferor, on behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting forth the findings of its Asset Representations Review in a distribution
report on Form 10-D in accordance with the terms of the Asset Representations Review Agreement; and 
 (iii) an Asset
Representations Review will be considered completed only at such time as Transferor, on behalf of Issuer, includes a summary of the Asset Representations Reviewer’s final report setting forth the findings of its Asset Representations Review in
a distribution report on Form 10-D in accordance with the terms of the Asset Representations Review Agreement. 
 (f)
Cooperation with Asset Representations Reviewer. Each of Indenture Trustee, Transferor, Servicer and Issuer hereby agrees to cooperate with Asset Representations Reviewer in the event an Asset Representations Review is commenced
pursuant to this Section 4.19 and the Asset Representations Review Agreement and shall provide Asset Representations Reviewer with any documents or other information in its possession that is reasonably requested by Asset Representations Reviewer in
connection with the Asset Representations Review. 
 (g) Procedures following Completion of Asset
Representations Review. Upon completion of an Asset Representations Review undertaken in accordance with the 

  
 39 

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

(h) Resignation or Termination of Asset Representations Reviewer. If Asset Representations
Reviewer gives notice of its intent to resign or Servicer terminates the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the office of the Asset Representation Reviewer for
any reason, (the Asset Representations Reviewer in such event being referred to as the retiring Asset Representations Reviewer), Servicer shall engage and Issuer shall appoint a successor Asset Representations Reviewer in accordance with the
provisions of the Asset Representations Review Agreement. 
 (i) Expenses of Indenture Trustee; No Agency Relationship.
Any expenses incurred by Indenture Trustee in connection with a petition, a vote or an Asset Representations Review shall be subject to reimbursement pursuant to Section 6.07 of the Indenture. For the avoidance of doubt, nothing
in this Indenture Supplement should be construed to require Indenture Trustee to monitor the obligations or the actions of Asset Representations Reviewer or hold Indenture Trustee liable for the performance of Asset Representations Reviewer or the
failure of Asset Representations Reviewer to perform any obligation, duty or agreement in the manner or on the day required to be performed by Asset Representations Reviewer under the Asset Representations Review Agreement. 

Section 4.20. Appointment of Asset Representations Reviewer. Pursuant to the Asset Representations Review Agreement,
Servicer has engaged and Issuer has appointed [Name of Asset Representations Reviewer], [a [Name of State] [limited liability company] [corporation]], as the Asset Representations Reviewer to perform the obligations of the Asset Representations
Reviewer set forth therein and herein, respectively. Issuer hereby represents and warrants that the Asset Representations Reviewer (a) is not an Affiliate of FNBO, Transferor, Indenture Trustee or Owner Trustee and (b) has not been hired by
FNBO to perform any pre-closing due diligence work relating to the Receivables. 
 Section 4.21. Dispute Resolution. 

(a) Notice of the Requesting Party to Refer Matter to Third-Party Mediation or Third-Party Arbitration.  

(i) Repurchase Request Relating to the Transfer and Servicing Agreement. If any Receivable is subject to repurchase
by Transferor pursuant to Section 2.04 of the Transfer and Servicing Agreement and such repurchase is not resolved in accordance with the terms of the Transfer and Servicing Agreement, then Indenture Trustee (at the direction of any Series [201  -  ] Noteholder or any 

  
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Verified Note Owner), any Series [201  -  ] Noteholder or any Verified Note Owner (a “Requesting Party”) may submit, to
Transferor (a “Representing Party”), a written notice that the Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation and warranty (a “TSA “Repurchase Request”) and if such
TSA Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such TSA Repurchase Request, then the Requesting Party shall have
the right to refer the matter, at its discretion, to either third-party mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the dispute resolution method selected by
the Requesting Party. 
 (ii) Repurchase Request Relating to the Receivables Purchase Agreement. If any
Receivable is subject to repurchase by RPA Seller pursuant to Section 6.01 or Section 6.02 of the Receivables Purchase Agreement, as applicable, and such repurchase is not resolved in accordance with the terms of the Receivables Purchase Agreement,
then Transferor, Indenture Trustee (at the direction of any Series [201  -  ] Noteholder or any Verified Note Owner), any
Series [201  -  ] Noteholder or any Verified Note Owner (a “Requesting Party”) may submit to RPA Seller (a “Representing Party”), a written notice that the
Representing Party is obligated to repurchase the Receivable due to an alleged breach of a representation and warranty (a “RPA Repurchase Request”) and if such RPA Repurchase Request has not been fulfilled or otherwise resolved to the
reasonable satisfaction of the Requesting Party within 180 days of the Representing Party’s receipt of such RPA Repurchase Request, then the Requesting Party shall have the right to refer the matter, at its discretion, to either third-party
mediation (including non-binding arbitration) or third-party binding arbitration and the Representing Party agrees to participate in the dispute resolution method selected by the Requesting Party. 

For the purposes of this Section 4.21, subsection 4.21(a)(iii), (iv), (v) and (vi), subsection 4.21(b), subsection 4.21(c) and subsection
4.21(d) apply to subsection 4.21(a)(i) and subsection 4.21(a)(ii), as applicable. Hereafter, the defined term “Repurchase Request” refers to either a TSA Repurchase Request or a RPA Repurchase Request, as the context requires. 

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

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

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

(vi) To the extent a Series [201  -  ] Note Owner is a Requesting
Party, the Series [201  -  ] Note Owner must be a Verified Note Owner. The Series [201  -  ] Note Owner shall submit a copy of
its Repurchase Request and the verification documentation specified in Article II of this Indenture Supplement under the defined term “Verified Note Owner” to Indenture Trustee. Indenture Trustee shall confirm that the Note Owner
has provided Indenture Trustee with evidence that it is a Verified Note Owner and shall provide such evidence to the Issuer. 

(b) Provisions Applicable to Third-Party Mediation. If the Requesting Party selects third-party mediation as
the resolution method, the following provisions apply: 
 (i) The mediation will be administered by the AAA pursuant to the
Rules. However, if any of the Rules are inconsistent with the procedures applicable to third-party mediation or third-party arbitration in this Section 4.21, the procedures in this Section 4.21 shall control. 

(ii) The mediator must be a Qualified Dispute Resolution Professional. Upon being supplied a list, by the AAA, of at least ten
potential mediators that are each Qualified Dispute Resolution Professionals, each of the Requesting Party and the Representing Party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential
mediators in order of preference. The AAA will select the mediator from the remaining potential mediators on the list, respecting the preference choices of the parties to the extent possible. 

(iii) Each of the Requesting Party and the Representing Party will use commercially reasonable efforts to begin the mediation
within 10 Business Days of the selection of the mediator and to conclude the mediation within 30 days of the start of the mediation. 

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

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

  
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 (c) Provisions Applicable to Third-Party Arbitration. If the
Requesting Party selects third-party arbitration as the resolution method, the following provisions will apply: 
 (i) The
arbitration will be held in accordance with the United States Arbitration Act, notwithstanding any choice of law provision in the Indenture, and under the auspices of the AAA and in accordance with the Rules. However, if any of the Rules are
inconsistent with the procedures applicable to third-party arbitration in this Section 4.21, the procedures in this Section 4.21 shall control. 

(ii) If the Repurchase Request involves the repurchase of an aggregate amount of Receivables of less than five percent (5%) of
the total Principal Receivables in the Trust as of the date of the Repurchase Request, a single arbitrator will be used. That arbitrator must be a Qualified Dispute Resolution Professional. Upon being supplied a list of at least ten potential
arbitrators that are each Qualified Dispute Resolution Professionals by the AAA, each of the Requesting Party and the Representing Party (as defined below) will have to the right to exercise two peremptory challenges within 14 days and to rank the
remaining potential arbitrators in order of preference. The AAA will select the arbitrator from the remaining potential arbitrators on the list, respecting the preference choices of the parties to the extent possible. 

(iii) If the Repurchase Request involves the repurchase of an aggregate amount of Receivables equal to or in excess of five
percent (5%) of the total Principal Receivables in the Trust as of the date of the Repurchase Request, a three-arbitrator panel will be used. The arbitral panel will consist of three Qualified Dispute Resolution Professionals, (a) one to be
appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of arbitration, (b) one to be appointed by the Representing Party within five Business Days of the Requesting Party’s
appointment of an arbitrator, and (c) the third arbitrator, who will preside over the arbitral panel, to be chosen by the two party-appointed arbitrators, within five Business Days of the Representing Party’s appointment of an arbitrator. If
any party fails to appoint an arbitrator or the two party-arbitrators fail to appoint a third within the relevant time periods, then the appointments will be made by the AAA pursuant to the Rules. 

(iv) Each arbitrator selected for any arbitration will abide by the Code of Ethics for Arbitrators in Commercial Disputes in
effect at the time the arbitration is initiated. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of
the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias, conflict of interest or other serious potential for conflict. 

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

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

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

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

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

  
 44 

 
the dispute in accordance with the terms of the Transfer and Servicing Agreement or the Receivables Purchase Agreement, as applicable, and may not modify the Transfer and Servicing Agreement or
the Receivables Purchase Agreement, as applicable, in any way. The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive damages or consequential damages in any arbitration conducted. The Requesting Party and the
Representing Party each agree that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine and award the costs of the arbitration (including the fees of the arbitrator or the arbitral panel, as applicable, the
cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator or the arbitral panel, as applicable, in its reasonable discretion. For the avoidance of
doubt, in no event will Indenture Trustee (when acting as Requesting Party at the direction of Series [201  -  ] Noteholders) be liable in its individual capacity for such costs. The determination of the arbitrator or the
arbitral panel, as applicable, must be consistent with Sections 4.03 and 9.13 of the Transfer and Servicing Agreement or Sections 6.01 or 6.02, as applicable, of the Receivables Purchase Agreement, as the case may be, and will be in writing and
counterpart copies will be promptly delivered to the parties. The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the arbitral panel, as applicable, upon the motion and at the
expense of either party. Following that single reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered in and may be enforce in, any court of competent
jurisdiction, except in the case of fraud or corruption of the process. 
 (vii) By selecting third-party binding
arbitration, the Requesting Party is giving up the right to sue in court, including the right to trial by jury. 
 (viii) No
Person may bring a putative or certified class action to arbitration. 
 (d) Provisions Applicable to Third-Party
Mediations and Third-Party Arbitrations. The following provisions will apply to both third-party mediations and third party arbitrations: 

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

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

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

  
 45 

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

Section 4.22. Investor Communication. 

(a) Following receipt of a written request by either Issuer or Indenture Trustee during any Monthly Period (or receipt of
written notice from Transferor that Transferor has received such a written request) from a Series [201  -  ] Noteholder or a Series
[201  -  ] Note Owner (subject to the provisions of subsection 4.22(b)) seeking to communicate with other Noteholders or Note Owners regarding the exercising their contractual rights under
the terms of the Transaction Documents, either Issuer or Indenture Trustee shall provide a copy of the request to the other and Indenture Trustee shall notify Transferor of any such request received by Issuer or Indenture Trustee. Issuer shall cause
Transferor to include in the distribution report on Form 10-D relating to the Monthly Period in which the request was received: (a) the name of the Series [201  -  ] Noteholder or Series [201  -  ] Note Owner, as applicable, delivering such request; (b) the date upon which the request was received; (c) a statement to the effect that Issuer, Indenture Trustee or Transferor, as
applicable, has in fact received such a request from a Series [201  -  ] Noteholder or a Series [201  -  ] Note Owner, as
applicable, and that such Series [201  -  ] Noteholder or Series [201  -  ] Note Owner, as applicable, is interested in
communicating with other Noteholders or Note Owners with regard to the possible exercise of rights under the Transaction Documents; and (d) a description of the method that other Noteholders or Note Owners may use to contact the requesting Series [201  -  ] Noteholder or Series [201  -  ] Note Owner, as applicable. 

(b) If Issuer, Indenture Trustee or Transferor receives such request from a Series
[201  -  ] Note Owner, each of Issuer, Indenture Trustee and Transferor are entitled to verify that such Series [201  -  ] Note
Owner is a Verified Note Owner prior to Transferor’s inclusion of any request from such Series [201  -  ] Note Owner in any distribution report on Form 10-D. Such Series [201  -  ] Note Owner shall submit the verification documents specified in Article II of this Indenture Supplement under the 

  
 46 

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

ARTICLE V 
 DELIVERY OF
NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS 
 Section 5.01. Delivery and Payment for the
[201  -  ] Notes. Issuer shall execute and issue, and Indenture Trustee shall authenticate, the
Series [201  -  ] Notes in accordance with Section 2.03 of the Indenture. Indenture Trustee shall deliver the
Series [201  -  ] Notes to or upon the written order of Issuer when so authenticated. 

Section 5.02. Distributions. 

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

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

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

(e) Except as provided in Section 11.02 of the Indenture with respect to a final distribution, distributions to Series [201  -  ] Noteholders hereunder shall be made by (i) check mailed to each Series [201  -  ] Noteholder (at such
Noteholder’s address as it appears in the Note Register), except that for any Series [201  -  ] Notes registered in the name of the nominee of a Clearing Agency, such distribution
shall be made by wire transfer of immediately available funds and (ii) without presentation or surrender of any Series [201  -  ] Note or the making of any notation thereon. 

  
 47 

 Section 5.03. Reports and Statements to Series [201  -  ] Noteholders. 
 (a) On each Distribution Date, the
Indenture Trustee shall forward to each Series [201  -  ] Noteholder a statement substantially in the form of Exhibit C prepared by Servicer. In addition, the Indenture Trustee shall make the statement publicly available to the
Series [201  -  ] Note Owners on its internet website. The Indenture Trustee’s website shall be initially located at http://www.usbank.com/abs or at such other address as shall be specified by the Indenture Trustee to
the Series [201  -  ] Noteholders, the parties to the Transaction Documents and the Issuer (who shall promptly notify the same to the Rating Agencies, if any). Prior to obtaining access to the Indenture Trustee’s website,
the Indenture Trustee may require each Series [201  -  ] Note Owner to register with the Indenture Trustee using an electronic form available on the website. As part of the registration process, each Series
[201  -  ] Note Owner may be required to accept such terms, conditions and disclaimers and provide such certifications as the Indenture Trustee may, from time to time, require in accordance with its policies and procedures. The
Indenture Trustee will make no representations or warranties as to the accuracy or completeness of information provided by it that was based, in whole or in part, on information received from third parties, and will assume no responsibility for such
information. The Indenture Trustee shall not be liable for the dissemination of information in accordance with the terms of this Indenture Supplement. The Indenture Trustee will not be deemed to have knowledge of any information posted on its
website solely by virtue of such posting. In addition, the Indenture Trustee may disclaim responsibility for any information for which it is not the original source. Assistance in using the Indenture Trustee’s website may be obtained by calling
its customer service desk at (866) 252-4360 and any Series [201  -  ] Noteholder or Series [201  -  ] Note Owner with questions may direct them to the Indenture Trustee’s bondholder services group at
(800) 934-6802. 
 (b) Not later than the second Business Day preceding each Distribution Date, Servicer shall deliver to
Owner Trustee, Indenture Trustee, Paying Agent, any Enhancement Provider and each Rating Agency (i) a statement substantially in the form of Exhibit B prepared by Servicer and (ii) a certificate of an Authorized Officer substantially
in the form of Exhibit D; provided that Servicer may amend the form of Exhibit B from time to time, with the prior written consent of Indenture Trustee and provided further, that the information set forth in Section III of
Exhibit B may be provided once for all outstanding Series. 
 (c) A copy of each statement provided pursuant to
paragraph (a) may be obtained by any Series [201  -  ] Noteholder by a request in writing to Servicer. 

(d) On or before January 31 of each calendar year, beginning with January 31, [201  ], Indenture Trustee
shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series [201  -  ] Noteholder, a statement prepared by Servicer containing
the information which is required to be contained in the 

  
 48 

 
statement to Series [201  -  ] Noteholders, as set forth in paragraph (a) above, aggregated for such calendar year or the
applicable portion thereof during which such Person was a Series [201  -  ] Noteholder, together with other information as is required to be provided by an issuer of indebtedness under
the Code. Such obligation of Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by Servicer pursuant to any requirements of the Code as from time to time in effect.

 Section 5.04. [Annual Servicer’s Certificate.] 

[(a) For as long as Transferor is required to report under the Exchange Act and in order to comply with Item 1122(d) and
Item 1123 of Regulation AB, respectively, Servicer will provide the Servicing Criteria Compliance Report pursuant to Section 3.05(b) of the Transfer and Servicing Agreement and the Servicer Compliance Certificate pursuant to Section 3.05 (a) of the
Transfer and Servicing Agreement. To the extent Servicer is not obligated to provide the Servicing Criteria Compliance Report and the Servicer Compliance under the Transfer and Servicing Agreement, Servicer may, at its option, continue to
provide the Servicing Criteria Compliance Report and the Servicer Compliance Certificate, each, in the time and manner specified in Section 3.05 of the Transfer and Servicing Agreement or Servicer may provide, on an annual basis, the certificate
described in subsection 5.04(b).
 (b) On or before March 31 of each calendar year, Servicer will deliver to the
Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency an Officer’s Certificate stating that (a) a review of the activities of Servicer during the 12-month period ending on
December 31 of the prior calendar year, and of its performance under the Transfer and Servicing Agreement was made under the supervision of the officer signing such certificate, (b) to the best of such officer’s knowledge based on
such review, Servicer has fully performed all its obligations under the Transfer and Servicing Agreement throughout such period, or, if there has been a default in the performance of any such obligation, specifying each such default known to such
officer and the nature and status thereof, (c) during such period, for each outstanding Series, Servicer prepared the monthly items required by Section 3.04(b) of the Transfer and Servicing Agreement and each other monthly report required
by the applicable Indenture Supplement in accordance with Section 3.04(b) of the Transfer and Servicing Agreement and the applicable provisions of each such Indenture Supplement, (d) the amounts included in such reports agree with the
computer records of Servicer and (e) the calculated amounts included in such reports are mathematically correct and made in accordance with the applicable definitions in this the Transfer and Servicing Agreement and the other applicable Transaction
Documents (the “Annual Servicer Certificate.”) A copy of the Annual Servicer Certificate may be obtained by any Series [201  -  ] Noteholder by a request in writing to Indenture Trustee addressed to the Corporate Trust
Office. ] 

  
 49 

 Section 5.05. [Annual Independent Accountants Servicing Report.]

[(a) For as long as Transferor is required to report under the Exchange Act and in order to comply with Item 1123 of Regulation
AB, Servicer shall, pursuant to Section 3.06(a) of the Transfer and Servicing Agreement, provide to Indenture Trustee, Owner Trustee, any Enhancement Provider and each Rating Agency, a copy of the attestation report specified in Section 3.06(a) of
the Transfer and Servicing Agreement. To the extent Servicer is not obligated to provide an attestation report under the Transfer and Servicing Agreement, Servicer may, at its option, continue to provide such attestation report, in the time and
manner specified in Section 3.06(a) of the Transfer and Servicing Agreement or Servicer may provide, on an annual basis, the accountants servicing report described in subsection 5.05(b).

(b) On or before March 31 of each fiscal year, Servicer shall provide to Indenture Trustee, Owner Trustee, any Enhancement
Provider and each Rating Agency, a copy of the report required by 12 C.F.R. § 363.3(b) (or any comparable successor regulation) from a firm of nationally recognized independent certified public accountants (who may also render other
services to Servicer or Transferor) to the effect that, in accordance with attestation standards established by the American Institute of Certified Public Accountants, such firm has examined Servicer’s assertion that it maintained effective
internal accounting controls during the preceding calendar year, and that such firm is of the opinion that Servicer’s assertion is fairly stated in all material respects, based on the criteria established in “Internal
Control–Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. A copy of such report may be obtained by any Series [201  -  ] Noteholder by a request in writing to
Indenture Trustee addressed to the Corporate Trust Office. ] 
 ARTICLE VI 

SERIES [201  -  ] PAY OUT EVENTS 

If any one of the following events shall occur with respect to the
Series [201  -  ] Notes: 
 (a) failure on the part of
Transferor (i) to make any payment or deposit required to be made by it by the terms of the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five (5) Business Days after the
date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform in any material respect any other of its covenants or agreements set forth in the Transfer and Servicing Agreement, the Indenture or this
Indenture Supplement, which failure has a material adverse effect on the Series [201  -  ] Noteholders which continues unremedied for a period of sixty (60) days after the
date on which written notice of such failure, requiring the same to be remedied, shall have been given to Transferor by Indenture Trustee, or to Transferor and Indenture Trustee by Holders of
Series [201  -  ] Notes evidencing more than 25% of the Note Principal Balance and which continues to materially and adversely affect the interest of the Series [201  -  ] Noteholders; 

  
 50 

 (b) any representation or warranty made by Transferor under the Transfer and
Servicing Agreement, or any supplement to either of them, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after
the date on which written notice of such failure, requiring the same to be remedied, shall have been given to Transferor by Indenture Trustee, or to Transferor and Indenture Trustee by Holders of
Series [201  -  ] Notes evidencing more than 25% of the Note Principal Balance and as a result of which the interests of the Noteholders are materially and adversely affected and
continue to be materially and adversely affected for such period; provided, however, that a Series [201  -  ] Pay Out Event pursuant to this subsection (b) of Article VI
shall not be deemed to have occurred hereunder if Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing
Agreement; 
 (c) a failure by Transferor to convey Receivables arising under Additional Accounts to the Trust within
five (5) Business Days after the day on which it is required to convey such Receivables pursuant to subsection 2.06(a) of the Transfer and Servicing Agreement provided that such failure shall not give rise to a Pay Out Event if, prior
to the date on which such conveyance was required to be completed, Transferor causes a reduction in the invested amount of any Variable Interest to occur, so that, after giving effect to that reduction, the Transferor Interest is not less than the
Minimum Transferor Interest and the Aggregate Principal Receivables are not less than the Minimum Aggregate Principal Receivables; 

(d) any Servicer Default shall occur that would have a material adverse effect on the
Series [201  -  ] Noteholders; 
 (e) the Portfolio Yield
averaged over three consecutive Monthly Periods is less than the Base Rate averaged over such period; 
 (f) the Note
Principal Balance shall not be paid in full on the Expected Principal Payment Date; 
 (g) without limiting the foregoing,
the occurrence of an Event of Default with respect to Series [201  -  ] pursuant to Section 5.02 of the Indenture and acceleration of the maturity of the
Series [201  -  ] Notes pursuant to Section 5.03 of the Indenture; or 

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

then, in the case of any event described in subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs,
either Indenture Trustee or the holders of Series [201  -  ] Notes evidencing more than 50% of the aggregate unpaid principal amount of
Series [201  -  ] Notes by notice then given in writing to Transferor and Servicer (and to Indenture Trustee if given by the
Series [201  -  ] Noteholders) may declare that a “Series Pay Out Event” with respect to Series [201  -  ] (a
“Series [201  -  ] Pay Out Event”) has occurred as of the date of such notice, and, in the case of any event described in subsection (c), (e), (f), (g) or (h) a Series [201  -  ] Pay Out Event shall occur without any notice or other action on the part of Indenture Trustee or the
Series [201  -  ] Noteholders immediately upon the occurrence of such event. 

  
 51 

 ARTICLE VII 

REDEMPTION; 
 FINAL
DISTRIBUTIONS; SERIES TERMINATION 
 Section 7.01. Optional Redemption of Series [201  -  ] Notes; Final Distributions. 
 (a) On any day occurring
on or after the date on which the outstanding principal balance of the Series [201  -  ] Notes is reduced to 10% or less of the initial Note Principal Balance of the Series [20  -  ] Notes, Servicer shall have the option to direct Transferor to redeem the Series [201  -  ] Notes, at a
purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such
day. This option shall not be exercisable if the purchase price (reduced by the amount on deposit in the Principal Accumulation Account available for distribution to Noteholders) exceeds the lesser of the estimated fair value, or the par value
plus accrued interest, of a portion of the Receivables in Eligible Accounts then designated to the Trust equal to the Collateral Amount. 

(b) Servicer shall give Indenture Trustee at least thirty (30) days’ prior written notice of the date on which
Servicer intends to direct Transferor to make such optional redemption. Not later than 12:00 noon, New York City time, on such day Transferor shall deposit into the Finance Charge Account and Principal Account, as applicable, in
immediately available funds the excess of the Reassignment Amount over the amount, if any, on deposit in the Principal Accumulation Account. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into
the Finance Charge Account and Principal Account in accordance with the foregoing, the Collateral Amount for Series [201  -  ] shall be reduced to zero and the Series [201  -  ] Noteholders shall have no further security interest in the Receivables. The Reassignment Amount shall be distributed as set forth in subsection 7.01(d). 

(c) The amount to be paid by Transferor with respect to
Series [201  -  ] in connection with a reassignment of Receivables to Transferor pursuant to Section 2.04(e) of the Transfer and Servicing Agreement shall equal the Reassignment
Amount for the Distribution Date related to the Reassignment Date. 
 (d) With respect to (a) the Reassignment Amount
deposited into the Finance Charge Account and Principal Account pursuant to this Section 7.01 or (b) the proceeds of any sale of Receivables pursuant to Section 5.05(a)(iii) of the Indenture with respect to Series [201  -  ], Indenture Trustee shall, in accordance with the written direction of Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date,
make distributions of the following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the
Class A Note Principal Balance on such 

  
 52 

 
Distribution Date will be distributed to the Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest Payment for such Distribution Date,
(B) any Class A Interest Shortfall for such Distribution Date and (C) the amount of Class A Default Interest, if any, for such Distribution Date and any Class A Default Interest previously due but not distributed to the
Class A Noteholders on any prior Distribution Date, will be distributed to the Class A Noteholders, (ii) (x) the Class B Note Principal Balance on such Distribution Date will be distributed to the Class B Noteholders
and (y) an amount equal to the sum of (A) Class B Monthly Interest Payment for such Distribution Date, (B) any Class B Interest Shortfall for such Distribution Date and (C) the amount of Class B Default Interest,
if any, for such Distribution Date and any Class B Default Interest previously due but not distributed to the Class B Noteholders on any prior Distribution Date, will be distributed to the Class B Noteholders, (iii) (x) the
Class C Note Principal Balance on such Distribution Date will be distributed to the Class C Noteholders and (y) an amount equal to the sum of (A) Class C Monthly Interest Payment for such Distribution Date, (B) any
Class C Interest Shortfall for such Distribution Date, (C) the amount of Class C Default Interest, if any, for such Distribution Date and any Class C Default Interest previously due but not distributed to the Class C
Noteholders on any prior Distribution Date will be distributed to the Class C Noteholders and (iv) any excess shall be released to Issuer. 

Section 7.02. Series Termination. On the Series
[201  -  ] Final Maturity Date, the unpaid principal amount of the Series [201  -  ] Notes shall be due and payable, and the
right of the Series [201  -  ] Noteholders to receive payments from Issuer will be limited solely to the right to receive payments pursuant to Section 5.05 of the Indenture. 

ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.01. Ratification of Indenture; Amendments. As supplemented by this Indenture Supplement, the
Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. This Indenture Supplement may be amended only by a
Supplemental Indenture entered in accordance with the terms of Section 10.01 or 10.02 of the Indenture. For purposes of the application of Section 10.02 to any amendment of this Indenture Supplement, the
Series [201  -  ] Noteholders shall be the only Noteholders whose vote shall be required. Notwithstanding the provisions of Section 10.02 of the Indenture and Section 9.01(b)
of the Transfer and Servicing Agreement, this Indenture Supplement may be amended to increase the Series Servicing Fee Percentage with the consent of the Holders of Notes representing more than 66 2⁄3% of the principal balance of each Class of the Outstanding Series [201  -  ] Notes and upon compliance with the other provisions of such sections, as applicable, including satisfaction
of the Series Rating Agency Condition. 
 Section 8.02. Amendments to Asset Representations Review
Agreement. The Indenture Trustee and each Series [201  -  ] Noteholder, by its acceptance of a
Series [201  -  ] Note, acknowledge that RPA Seller, Transferor, Servicer, Issuer and the Asset Representations Reviewer may amend the Asset Representations Review Agreement, including
the content of 

  
 53 

 
any exhibit or schedule to the Asset Representations Review Agreement, without the consent of the Indenture Trustee or any Holders of the
Series [201  -  ] Notes; provided that such amendment shall not, in the reasonable belief of Transferor, adversely affect in any material respect the interests of the Series [201  -  ] Noteholders or Indenture Trustee (as evidenced by an Officer’s Certificate of Transferor delivered to Servicer and Indenture Trustee). 

Section 8.03. Form of Delivery of the Notes. [The Class A Notes, the Class B Notes and the
Class C Notes shall be Book-Entry Notes and shall be delivered as Registered Notes to [U.S. Bank National Association], as agent for [DTC, Clearstream and Euroclear Bank S.A./N.V.], as provided in
Sections 2.01, 2.03 and 2.12 of the Indenture.] 
 or 

The [Class A Notes] [Class A Notes and Class B Notes] shall be Book-Entry Notes and shall be delivered to [U.S. Bank National Association], as agent for [DTC,
Clearstream and Euroclear Bank S.A./N.V.], as provided in Sections 2.01, 2.03 and 2.12 of the Indenture. The [Class B Notes and Class C Notes] [Class C Notes] shall be Definitive Notes and shall be registered in the Note Register in name
of the initial purchaser or purchasers identified in the [applicable] Note Purchase Agreement.] 
 Section
8.04. Counterparts. This Indenture Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall
constitute one and the same instrument. 
 Section 8.05. Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

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

Section 8.07. Rights of Indenture Trustee. Indenture Trustee shall have herein the same rights, protections,
indemnities and immunities as specified in the Indenture. 

  
 54 

 Section 8.08. Additional Requirements for Registration of and Limitations
on Transfer and Exchange of Notes. [All transfers will be subject to the transfer restrictions set forth on the Notes.] 

or 

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

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

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

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

  
 55 

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

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

	Name	 	  

	Title	 	  

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

	Name	 	  

	Title	 	  

  

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

		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL FUNDING LLC,as Transferor
		
	By:	 	First National Funding Corporation,
		 	its Managing Member
		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT A-1 

FORM OF 
 CLASS A ASSET
BACKED NOTE, SERIES [201  -  ] 
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST NATIONAL FUNDING
CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT,
INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS. 

THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A
NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS A NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN
ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT
PLAN OR PLAN IN SUCH ENTITY, OR A GOVERNMENTAL PLAN, NON U.S. PLAN OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE; OR (II) THE
ACQUISITION, HOLDING AND DISPOSITION OF THE CLASS A NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL
PLAN, NON U.S. PLAN OR CHURCH PLAN, A NON-EXEMPT VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW). 

			
	REGISTERED	  	$            *
	No. R-            	  	CUSIP NO.        

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES [201  -  ] 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by the Second Amended and
Restated Trust Agreement dated as of June [    ], 2016, for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions, the principal sum of
                    DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the
[                    ] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid
principal amount of this Note at the Class A Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most
recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on
the basis of a 360-day year [of twelve 30-day months] [and the actual number of days elapsed.] Principal of this Note shall be paid in the manner specified in the
Indenture Supplement referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

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

 

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

  
 A1-2 

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

 

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

	Name	 	  

	Title	 	  

 Dated:            , 201[  ] 

  
 A1-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 	Authorized Signatory

 
			
	Dated	 	  

  
 A1-4 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS A ASSET BACKED NOTE, SERIES [201  -  ] 

SUMMARY OF TERMS AND CONDITIONS 

This Class A Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series [201  -  ] (the “Series [201  -  ] Notes”), issued under a Second Amended and Restated Master Indenture
dated as of June [    ], 2016 (the “Master Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated
as of [            ], 201[  ] (the “Indenture Supplement”), and representing the right to receive certain payments from Issuer. The term “Indenture,” unless
the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class B Notes and the Class C Notes will also be issued under the Indenture. 

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

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

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

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

  
 A1-5 

 ASSIGNMENT 

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

											
	Dated:	 	  
	 		 	  
	 	**	 	
		 		 		 	Signature Guaranteed:	 		 	

  

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

  
 A1-6 

 EXHIBIT A-2 

FORM OF 
 CLASS B ASSET
BACKED NOTE, SERIES [201  -  ] 
 [UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] FOR USE IF CLASS B NOTE IS A BOOK-ENTRY NOTE.] 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS
PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.][FOR USE IF CLASS B NOTE IS ISSUED AS A DEFINITIVE NOTE AND
PRIVATELY-PLACED.] 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE
AGAINST FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR
ANY OF THE TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS B NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROVISIONS OF SECTION
406 OF ERISA OR SECTION 

 
4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR (V) A PERSON INVESTING
“PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 

  
 A2-2 

			
	REGISTERED	  	$            *
	No. R-             	  	CUSIP NO.        

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES [201  -  ] 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended and
Restated Trust Agreement dated as of June [    ], 2016, for value received, hereby promises to pay to [Cede & Co., or registered
assigns][                    ], or its registered assigns], subject to the following provisions, the principal sum of
                    DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the
[                    ] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid
principal amount of this Note at the Class B Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most
recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on the
basis of a 360-day year [of twelve 30-day months.] [and the actual number of days elapsed.] Principal of this Note shall be paid in the manner specified in the Indenture
Supplement referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

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

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

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

  
 A2-3 

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

 

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

	Name	 	  

	Title	 	  

 Dated:            , 201[  ] 

  
 A2-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 	Authorized Signatory

 
			
	Dated	 	  

  
 A2-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS B ASSET BACKED NOTE, SERIES [201  -  ] 

SUMMARY OF TERMS AND CONDITIONS 

This Class B Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series [201  -  ] (the “Series [201  -  ] Notes”), issued under a Second Amended and Restated Master Indenture
dated as of June [    ], 2016 (the “Master Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated
as of [            ], 201[  ] (the “Indenture Supplement”), and representing the right to receive certain payments from Issuer. The term “Indenture,” unless
the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes and the Class C Notes will also be issued under the Indenture. 

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

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

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

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

  
 A2-6 

 ASSIGNMENT 

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

											
	Dated:	 	  
	 		 	  
	 	**	 	
		 		 		 	Signature Guaranteed:	 		 	

  

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

  
 A2-7 

 EXHIBIT A-3 

FORM OF 
 CLASS C ASSET
BACKED NOTE, SERIES [201  -  ] 
 [UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.][FOR USE IF CLASS C NOTE IS A BOOK-ENTRY NOTE.] 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), IN RELIANCE UPON EXEMPTIONS
PROVIDED UNDER THE SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AS SET FORTH IN THE NOTE PURCHASE AGREEMENT RELATING HERETO.][FOR USE IF CLASS C NOTE IS ISSUED AS A DEFINITIVE NOTE AND
PRIVATELY-PLACED.] 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE
AGAINST FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR
ANY OF THE TRANSACTION DOCUMENTS. 
 THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

THE HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)1 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) A GOVERNMENT PLAN, A NON-U.S. PLAN OR CHURCH PLAN, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROVISIONS OF SECTION
406 OF ERISA OR SECTION 

 
4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY, OR (V) A PERSON INVESTING
“PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR PURPOSES OF CLAUSES (IV) AND (V), ANY INSURANCE COMPANY GENERAL ACCOUNT, BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 

  
 A3-2 

			
	REGISTERED	  	$            *
	No. R-             	  	CUSIP NO.        

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES [201  -  ] 

First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust governed by a Second Amended and
Restated Trust Agreement dated as of June [    ], 2016, for value received, hereby promises to pay to [Cede & Co., or registered
assigns][[                    ], or its registered assigns] , subject to the following provisions, the principal sum of
                    DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the
[                    ] Distribution Date, except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid
principal amount of this Note at the Class C Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date from and including the most
recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. Interest will be computed on
the basis of a 360-day year [of twelve 30-day months] [and the actual number of days elapsed.] Principal of this Note shall be paid in the manner specified in the
Indenture Supplement referred to on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

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

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

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

  
 A3-3 

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

 

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

	Name	 	  

	Title	 	  

 Dated:            , 201[  ] 

  
 A3-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 	Authorized Signatory

 
			
	Dated	 	  

  
 A3-5 

 FIRST NATIONAL MASTER NOTE TRUST 

CLASS C ASSET BACKED NOTE, SERIES [201  -  ] 

SUMMARY OF TERMS AND CONDITIONS 

This Class C Note is one of a duly authorized issue of Notes of Issuer, designated as First National Master Note Trust, Series [201  -  ] (the “Series [201  -  ] Notes”), issued under a Second Amended and Restated Master Indenture
dated as of June [    ], 2016 (the “Master Indenture”), between Issuer and U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), as supplemented by the Indenture Supplement dated as
of [            ], 201[  ] (the “Indenture Supplement”), and representing the right to receive certain payments from Issuer. The term “Indenture,” unless the
context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

The Class A Notes and the Class B Notes will also be issued under the Indenture. 

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

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

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

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

  
 A3-6 

 ASSIGNMENT 

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

											
	Dated:	 	  
	 		 	  
	 	**	 	
		 		 		 	Signature Guaranteed:	 		 	

  

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

  
 A3-7 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO INDENTURE TRUSTEE 

FIRST NATIONAL MASTER NOTE TRUST 

SERIES [201  -  ] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of June [    ], 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer and
First National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 A. Capitalized terms
used in this Certificate have their respective meanings set forth in the Second Amended and Restated Master Indenture dated as of June [    ], 2016 (the “Indenture”), between Issuer and U.S. Bank National
Association, as indenture trustee (“Indenture Trustee”), as supplemented by the Series [201  -  ] Indenture Supplement dated as of
[            ], 20[    ] between Issuer and Indenture Trustee (as amended and supplemented, the “Indenture Supplement”). 

B. FNBO is Servicer. 

C. The undersigned is an Authorized Officer of Servicer. 

I. INSTRUCTION TO MAKE [DEPOSITS AND] WITHDRAWALS ON THE TRANSFER DATE ON             ,
20    . 
 [From the aggregate Collections wired to the Indenture Trustee with respect to the Related Monthly Period on
the Transfer Date, the Indenture Trustee shall make deposits to the Series Accounts for Series [201  -  ] as follows: 

 

					
	 To the Finance Charge Account
	  	$	            	  
	 To the Principal Account
	  	$	            	  

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

					
	 Investment Earnings from Principal Accumulation Account to the Finance Charge
Account
	  	$	            	  
		
	 [Investment Earnings from Pre-Funding Account to the
Finance Charge Account]
	  	$	            	  
		
	 Investment Earnings on Principal Account, Finance Charge Account and Distribution Account to
the order of Servicer
	  	$	            	  

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

							
	 A.
	  	Investment Earnings (to the extent not required for Required Reserve Account Amount) for deposit on the Transfer Date to Finance Charge Account pursuant to Section 4.10(b)	  	$	            	  
			
	 B.
	  	On each Transfer Date with respect to the Accumulation Period or the Rapid Amortization Period, the Reserve Draw Amount (reduced by amounts otherwise available under Section 4.04(a)(vii) for deposit to the Reserve Account on such
Transfer Date) for deposit into the Finance Charge Account pursuant to Section 4.10(d)	  	$	            	  
			
	 C.
	  	Reserve Account Surplus, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to the Transfer Date, for deposit to the Spread Account to the extent required to meet Required Spread Account
Amount, pursuant to Section 4.10(e)	  	$	            	  
			
	 D.
	  	Remaining Reserve Account Surplus, if any, for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(e)	  	$	            	  

  
 B-2 

							
	 E.
	  	On (i) Transfer Date preceding Expected Principal Payment Date, (ii) first Transfer Date relating to Rapid Amortization Period or (iii) termination of the Trust pursuant to Article VII of the Trust Agreement,
after all payments set forth above, all remaining funds, for deposit to the Spread Account to the extent required to meet Required Spread Account Amount, pursuant to Section 4.10(f)	  	$	            	  
			
	 F.
	  	After application pursuant to (E) above, all remaining funds for distribution to the Holder of the Transferor Interest, pursuant to Section 4.10(f)	  	$	            	  

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

							
	 A.
	  	On the earlier of the Series Termination Date and the day after acceleration of the Notes following an Event of Default, for deposit of the Available Spread Account Amount to the Distribution Account to pay principal, pursuant to
Section 4.11(e)	  	$	            	  
			
	 B.
	  	On any Transfer Date, for deposit to the Distribution Account, pursuant to Section 4.11(c), to the extent required for the deposit to be made pursuant to subsection 4.04(a)(iv) (reduced by Available Finance Charge
Collections used for such deposit and using Investment Earnings on the Spread Account, if needed)	  	$	            	  
			
	 C.
	  	When the Principal Balance of the Class A Notes and the Class B Notes has been paid in full, for deposit to the Distribution Account, pursuant to Section 4.11(d), to the extent required to reduce Class C Note
Principal Balance to zero, and using Investment Earnings on Spread Account, if needed	  	$	            	  

  
 B-3 

							
	 D.
	  	On any Transfer Date, Investment Earning on the Spread Account, after application above, to the extent not required to maintain Required Spread Account Amount pursuant to subsection 4.11(f), for distribution to the Holder of
the Transferor Interest, pursuant to subsection 4.11(b)	  	$	            	  
			
	 E.
	  	On any Transfer Date, after application above, excess over Required Spread Account Amount for deposit to the Finance Charge Account for application as Available Finance Charge Collections pursuant to subsection 4.11(g)	  	$	            	  

 [INSERT INFORMATION FOR PRE-FUNDING ACCOUNT IF USED] 

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

 

							
	 A.
	  	Pursuant to subsection 4.04(a)(i), for deposit to the Distribution Account:	  			
			
		  	Class A Monthly Interest Payment for the related Interest Period	  	$	            	  
			
		  	Class A Interest Shortfall due to Class A Noteholders	  	$	            	  
			
		  	Class A Default Interest for the related Distribution Date	  	$	            	  
			
		  	Class A Default Interest previously due but not distributed to Class A Noteholders	  	$	            	  
			
	 B.
	  	Pursuant to subsection 4.04(a)(ii), for deposit to the Distribution Account:	  			
			
		  	Class B Monthly Interest Payment for the related Interest Period	  	$	            	  
			
		  	Class B Interest Shortfall due to Class B Noteholders	  	$	            	  
			
		  	Class B Default Interest for the related Distribution Date	  	$	            	  
			
		  	Class B Default Interest previously due but not distributed to Class B Noteholders	  	$	            	  

  
 B-4 

							
	 C.
	  	Pursuant to subsection 4.04(a)(iii), for distribution to the Servicer:	  			
			
		  	Noteholder Servicing Fee for the related Distribution Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Distribution Date	  	$	            	  
			
	 D.
	  	Pursuant to subsection 4.04(a)(iv), for deposit into the Distribution Account:	  			
			
		  	Class C Monthly Interest Payment for the preceding Interest Period	  	$	            	  
			
		  	Class C Interest Shortfall due to Class C Noteholders	  	$	            	  
			
		  	Class C Default Interest for the related Distribution Date	  	$	            	  
			
		  	Class C Default Interest previously due but not distributed to Class C Noteholders	  	$	            	  
			
	 E.
	  	Pursuant to subsection 4.04(a)(v), for deposit to the Principal Account:	  			
			
		  	Investor Default Amount to be treated as Available Principal Collections	  	$	            	  
			
		  	Uncovered Dilution Amount for the related Distribution Date to be treated as Available Principal Collections	  	$	            	  
			
	 F.
	  	Pursuant to subsection 4.04(a)(vi), for deposit to the Principal Account:	  			
			
		  	Investor Charge Offs and the amount of Reallocated Principal Collections not previously reimbursed to be treated as Available Principal Collections	  	$	            	  
			
	 G.
	  	Pursuant to subsection 4.04(a)(vii):	  			
			
		  	Amount to be deposited into the Reserve Account (on and after Reserve Account Funding Date)	  	$	            	  
			
	 H.
	  	Pursuant to subsection 4.04(a)(viii):	  			
			
		  	Amounts to be deposited into the Spread Account	  	$	            	  
			
	 I.
	  	Pursuant to subsection 4.04(a)(ix):	  			
			
		  	The balance will constitute Excess Finance Charge Collections for the related Distribution Date (See III below)	  	$	            	  

  
 B-5 

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

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

  
 B-6 

							
	 E.
	  	Pursuant to subsection 4.04(c)(iv):	  			
			
		  	On each Transfer Date with respect to the Rapid Amortization Period, after giving effect to Clause (D) above, remaining Monthly Principal, if any, to be deposited to the Distribution Account for payment to the Class C
Noteholders, on the related Distribution Date until an aggregate amount equal to the Class C Note Principal Balance has been so deposited	  	$	            	  
			
	 F.
	  	Pursuant to subsection 4.04(c)(v):	  			
			
		  	Available Principal Collections, if any, remaining after giving effect to Clauses (B) through (E) above, to be treated as Excess Principal Collections	  	$	            	  

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

 

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

  
 B-7 

 II. INSTRUCTIONS TO MAKE CERTAIN PAYMENTS ON THE DISTRIBUTION DATE ON
            , 20    . 
 Pursuant to Section 5.02,
Servicer does hereby instruct Indenture Trustee or Paying Agent, as the case may be, to pay in accordance with Section 5.02 from the Distribution Account or the Principal Accumulation Account, as applicable, on the Distribution Date specified
above, the following amounts: 
  

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

  
 B-8 

 III. EXCESS AMOUNTS. 

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

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

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

 

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

  
 B-9 

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

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

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By	 	  

	Name	 	  

	Title	 	  

  
 B-10 

 EXHIBIT C 

FORM OF MONTHLY REPORT TO NOTEHOLDERS 

FIRST NATIONAL MASTER NOTE TRUST SERIES [201  -  ] 

MONTH
ENDING: [                    ] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of June [    ], 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), Servicer and First
National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 (a) The rights of the Issuer under the Transfer and Servicing
Agreement have been assigned to U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), under the Second Amended and Restated Master Indenture, dated as of June [    ], 2016 (the
“Indenture”), by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer, as supplemented by the Series [201  -  ] Indenture Supplement, dated
as of [            ], 201[  ], by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer (the “Supplement”). Capitalized terms used in
this report have their respective meanings set forth in the Supplement or Indenture, as applicable. References herein to certain sections and subsections are references to the respective sections and subsections of the Supplement. This report is
delivered pursuant to Section 5.03(a) of the Supplement. 
 (b) FNBO is the Servicer under the Transfer and Servicing Agreement. 

(c) The undersigned is a Servicing Officer. 
 (d) With respect
to this Certificate: 
  

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

 (e) To the knowledge of the undersigned, there are no Liens on any Receivables in the Trust except as described below: 

 

	
	 [If applicable, insert “None”.]

 (f) To the knowledge of the undersigned, no Series [201  -  ]
Pay Out Event and no Trust Pay Out Event has occurred except as described below: 
  

	
	 [If applicable, insert “None”.]

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

	A.	INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES 

  

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

  

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

  

	 	6.	Account Delinquency Experience 

  

																									
	 	  	Ended [            ]	 	 	Ended [            ]	 	 	Ended [            ]	 	 	Ended [            ]	 
	 	  	Active
Accounts	  	% of Active
Accounts
Outstanding	 	 	Active
Accounts	  	% of Active
Accounts
Outstanding	 	 	Active
Accounts	  	% of Active
Accounts
Outstanding	 	 	Active
Accounts	  	% of Active
Accounts
Outstanding	 
	 Total Active Accounts*
	  		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 
									
	 Accounts Delinquent
	  		  				 		  				 		  				 		  			
	 30-59 days
	  		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 
	 60-89 days
	  		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 
	 90-119 days
	  		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 
	 120-149 days
	  		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 
	 150 or more days
	  		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 
		  		  	  
	  
	 	 		  	  
	  
	 	 		  	  
	  
	 	 		  	  
	  
	 
	 Total
	  		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 	 		  	 	    	% 

  

	*	Active Accounts represent those accounts with a non-zero balance. 

  
 C-2 

	 	7.	Net Charge-Off Experience 

  

																	
	 	  	Ended [            ]	 	 	Ended [            ]	 	 	Ended [            ]	 	 	Ended [            ]	 
	 Average Receivables Outstanding
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
	 Total Gross Charge-Offs
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
					
	 Gross Charge-Offs as a Percentage of Average Receivables Outstanding (annualized)
	  	 	    	% 	 	 	    	% 	 	 	    	% 	 	 	    	% 
					
	 Recoveries
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
					
	 Net Charge-Offs
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
					
	 Net Charge-Offs as a Percentage of Average Receivables Outstanding (annualized)
	  	 	    	% 	 	 	    	% 	 	 	    	% 	 	 	    	% 
	 Accounts Experiencing a Loss
	  				 				 				 			
	 Accounts Experiencing a Recovery
	  				 				 				 			
	 Average Net Loss of Accounts with a Loss
	  	$	            	  	 	$	            	  	 	$	            	  	 	$	            	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  

	 	8.	Three-Month Average 60+-Day Delinquency Rate 

  

									
	 Delinquency Trigger Rate for the Monthly Period
	  				 	 	    	% 
			
	 Three-Month Average 60+-Day Delinquency Rate
	  				 	 	    	% 
	 (a) [        ] Monthly Period:
	  	 	    	% 	 			
	 (b) [        ] Monthly Period:
	  	 	    	% 	 			
	 (c) [        ] Monthly Period:
	  	 	    	% 	 			
	 (Add (a) + (b) + (c), Divide by 3)
	  				 			
			
	 Is the Three-Month Average 60+-Day Delinquency Rate greater than the Delinquency Trigger Rate? (If
the answer is ‘Yes’, please describe.)
	  				 	 	[Yes	][No] 

  

			
	 9.      Aggregate amount of Collections
	 	
		
	 (a)    Total Collections
	 	
	 (b)    Total Principal Collections
	 	
	 (c)    Total Finance Charge Collections
	 	
	 (d)    Aggregate Allocation Percentages for Outstanding Series
	 	
	 (e)    Aggregate Allocation Percentages of Principal Collections
	 	
	 (f)     Aggregate Allocation Percentages of Finance Charge
Collections
	 	
		
	 10.    Aggregate amount of Principal Receivables in Accounts which became
Defaulted Accounts during the Monthly Period
	 	
		
	 11.    Servicer Interchange
	 	
		
	 12.    The aggregate amount of Finance Charge Collections for the Receivables
Trust for the Monthly Period
	 	
	 (a)    Interchange
	 	

  
 C-3 

			
	 (b)    Recoveries
	 	
	 (c)    Finance Charges and Fees
	 	
	 (d)    Discount Receivables
	 	
	 Total
	 	
		
	 13.    Aggregate Uncovered Dilution Amount for the Monthly Period
	 	
		
	 14.    End of Monthly Period Trust Receivables
	 	

  

	B.	OUTSTANDING SECURITIES INFORMATION (TRUST LEVEL) 

  

	 	1.	Outstanding principal balance of all securities secured by pool assets (sum of all Series) 

			
	 (a)    At end of prior Distribution Date
	  	
	 (b)    Increase due to new securities issued
	  	
	 (c)    Decrease due to principal payments
	  	
	 (d)    Increases in variable securities
	  	
	 (e)    Decreases in variable securities
	  	
	 (f)     At end of Distribution Date
	  	

  

	C.	INFORMATION REGARDING THE SERIES [201  -  ] NOTES 

  

			
	 1.      Collateral Amount at the close of business on the prior
Distribution Date
	  	
	 (a)    Reductions due to Investor
Charge-Offs (including Uncovered Dilution Amounts) made on the Distribution Date
	  	
	 (b)    Reimbursements to be made on the Distribution Date from Available
Finance Charge Collections
	  	
	 (c)    Collateral Amount at the close of business on the Distribution
Date
	  	

  

	 	2.	Note Principal Balance at the close of business on the prior Distribution Date 

			
	 (a)    Class A Note Principal Balance
	  	
	 (b)    Class B Note Principal Balance
	  	
	 (c)    Class C Note Principal Balance
	  	
	 Total Note Principal Balance
	  	

  

	 	3.	Series Allocation Percentages for the Monthly Period 

			
	 (a)    Principal Collections
	  	
	 (b)    Finance Charge Collections
	  	
	 (c)    Default Amounts
	  	
		
	 4.      Investor Principal Collections processed during the
Monthly Period and allocated to the Series
	  	
		
	 5.      Excess Principal Collections available from other Group
One Series allocated to the Series
	  	
		
	 6.      Aggregate amounts treated as Available Principal
Collections pursuant to subsections 4.04(a)(v) and (vi)
	  	

  
 C-4 

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

  
 C-5 

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

  
 C-6 

	 	17.	Excess funds were allocated in the following order of priority: 

  

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

  
 C-7 

			
	 24.    Note Interest Rate for the Monthly Period
	  	
	 (a)    Class A Note Interest Rate
	  	
	 (b)    Class B Note Interest Rate
	  	
	 (c)    Class C Note Interest Rate
	  	
		
	 25.    Ending Note Principal Balance on the Distribution Date, after taking
into account distributions on the Notes:
	  	
	 (a)    Class A Note Principal Balance
	  	
	 (b)    Class B Note Principal Balance
	  	
	 (c)    Class C Note Principal Balance
	  	
	 Total Note Principal Balance
	  	

  

	D.	QUARTERLY NET YIELD 

  

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

  

	E.	INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT 

  

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

  
 C-8 

	F.	INFORMATION REGARDING THE SPREAD ACCOUNT 

  

			
	 1.      Opening Available Spread Account Amount on the Distribution
Date
	  	
		
	 2.      Aggregate amount required to be withdrawn pursuant to
Section 4.11(c) for distribution to Class C Noteholders pursuant to Section 4.04(a)(iv)
	  	
		
	 3.      Aggregate amount required to be withdrawn pursuant to
Section 4.11(d) or Section 4.11(e) for distribution in reduction of the Class C Note Principal Balance
	  	
		
	 4.      Spread Account Percentage for the Distribution Date
	  	
		
	 5.      Closing Required Spread Account Amount for the Distribution
Date
	  	
		
	 6.      Amount on deposit in Spread Account after required
withdrawals on the Distribution Date (1-(2+3))
	  	
		
	 7.      Spread Account Deficiency, if any (5 minus 6)
	  	
		
	 8.      Amounts deposited pursuant to Section 4.04(a)(viii) and
Section 4.10(e)
	  	
		
	 9.      Remaining Spread Account Deficiency, if any (7 minus
8)
	  	
		
	 10.    Spread Account Surplus, if any (6 minus 5), included in Available
Finance Charge Collections
	  	

  

	G.	INFORMATION REGARDING THE RESERVE ACCOUNT 

  

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

  
 C-9 

	H.	INFORMATION REGARDING ACCUMULATION PERIOD 

  

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

  

	[I.	ADD INFORMATION REGARDING PRE-FUNDING ACCOUNT, IF USED] 

  
 C-10 

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

			
	FIRST NATIONAL BANK OF OMAHA,
	Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

  
 C-11 

 ATTACHMENT 1 

TO 
 FORM OF MONTHLY
REPORT TO NOTEHOLDERS 
 SERVICER’S CERTIFICATE 

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

			
	 1.      The Transferor Interest is less than Minimum Transferor
Interest
	  	[Yes][No] 

		
	 (a)    Transferor Interest as of the Determination Date
	  	
	 (b)    Minimum Transferor Interest as of the Determination Date
	  	
		
	 2.      The Aggregate Principal Receivables is less than the Minimum
Aggregate Principal Receivables
	  	[Yes][No] 
		
	 (a)    Aggregate Principal Receivables as of the Determination Date
	  	
	 (b)    Minimum Aggregate Principal Receivables as of the Determination
Date
	  	
		
	 3.      [As of the end of the Related Monthly Period, the
Seller’s interest, plus the funds on deposit in the Excess Funding Account, is not less than 5% of the Adjusted Outstanding ABS Investor Interests.
	  	[Yes][No] 
		
	 ((e) is not £ (i))
	  	
		
	 (a)    the Aggregate Principal Receivables as of the end of the Related
Monthly Period
	  	$            
		
	 (b)    the aggregate outstanding principal balance of all Series of Notes
Outstanding under the Indenture as of the end of the Related Monthly Period
	  	$            
		
	 (c)    the Seller’s interest, as of the end of the Related Monthly
Period
	  	$            
		
	 (a) –(b) = (c)
	  	
		
	 (d)    the amount of funds on deposit in the Excess Funding Account as of the
end of the Related Monthly Period
	  	$            
		
	 (e)    the sum of (c) and (d)
	  	$            
		
	 (f)     the aggregate unpaid principal balance of all Series of Notes
Outstanding under the Indenture that are not held by FNBO or
	  	
		
	 (g)    the aggregate amount of principal collections on deposit in the
Principal or Principal Accumulation Accounts, as applicable, for all Series of Notes specified in 3(f) above as of the end of the Related Monthly Period
	  	$            

  
 C-12 

			
		
	 (h)    the Adjusted Outstanding ABS Investor Interests as of the end of the
Related Monthly Period
	  	$            
	 (f) – (g) = (h)
	  	
		
	 (i)     5% of the Adjusted Outstanding ABS Investors Interest as of the
end of the Related Monthly Period
	  	$            
		
	 (h) x 0.05 = (i) ]
	  	
		
	 [For use upon effectiveness of Risk Retention Rules.]
	  	
		
	 4.      Are there any material modifications, extensions or waivers
to pool asset terms, fees, penalties or payments? (If the answer is ‘Yes’, please describe.)
	  	[Yes][No]
		
	 5.      Are there any material breaches of representations and
warranties relating to the pool assets or material breaches of covenants under the Transaction Documents? (If the answer is ‘Yes’, please describe.)
	  	[Yes][No]
		
	 6.      Are there any material changes in the solicitation,
credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets? (If the answer is ‘Yes’, please describe.)
	  	[Yes][No]
		
	 7.      Are there any material changes to the pool assets? (If the
answer is ‘Yes’, please describe.)
	  	[Yes][No]

  
 C-13 

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

			
	 FIRST NATIONAL BANK OF OMAHA,

Servicer

		
	By	 	  

	Name	 	  

	Title	 	  

  
 C-14 

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

FIRST NATIONAL BANK OF OMAHA 

FIRST NATIONAL MASTER NOTE TRUST, SERIES [201  -  ] 

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as Servicer pursuant to the Second
Amended and Restated Transfer and Servicing Agreement, dated as of June [    ], 2016 (the “Transfer and Servicing Agreement”), among First National Funding LLC, as transferor (“Transferor”), FNBO, as
Servicer and First National Master Note Trust, as issuer (“Issuer”), does hereby certify as follows: 
 1. Capitalized terms used
in this Certificate have their respective meanings set forth in the Transfer and Servicing Agreement or the Second Amended and Restated Master Indenture dated as of June [    ], 2016 (the “Master Indenture”), between
Issuer and U.S. Bank National Association, as indenture trustee (“Indenture Trustee”), as supplemented by the Series [201  -  ] Indenture Supplement, dated as of
[            ], 201[  ], between Issuer and Indenture Trustee (as amended and supplemented, the “Indenture Supplement”) and together with the Master Indenture,
the “Indenture”), as applicable. 
 2. FNBO is, as of the date hereof, Servicer under the Transfer and Servicing Agreement. 

3. The undersigned is an Authorized Officer of Servicer. 

4. This Certificate relates to the Distribution Date occurring on
            , 20  . 
 5. As of the date hereof, to the best
knowledge of the undersigned, Servicer has performed in all material respects all of its obligations under the Transfer and Servicing Agreement and the Indenture through the Monthly Period preceding such Distribution Date [or, if there has been a
default in the performance of any such obligation, set forth in detail the (i) nature of such default, (ii) the action taken by Servicer, if any, to remedy such default and (iii) the current status of each such default]; if
applicable, insert “None”. 
 6. As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event occurred on or
prior to such Distribution Date. 

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

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Servicer

		
	By	 	  

	Name	 	  

	Title	 	  

  
 D-2

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