Document:

EX-4.1

Table of Contents

 EXHIBIT 4.1 

Execution Copy 
  

 
  

SERIES 2017-5 SUPPLEMENT 

Dated as of July 31, 2017 
 to

 THIRD AMENDED AND RESTATED 

POOLING AND SERVICING AGREEMENT 

Dated as of July 20, 2016 

$574,715,000 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 Series 2017-5 

 
  

among 
 AMERICAN EXPRESS
RECEIVABLES FINANCING CORPORATION III LLC 
 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC 

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

and 
 THE BANK OF NEW YORK MELLON

 as Trustee 
 on behalf of the
Series 2017-5 Certificateholders 
  

 
  

Table of Contents

 TABLE OF CONTENTS 

 

							
		 		  	 	 Page
	 
	 ARTICLE I
	 	 CREATION OF THE SERIES 2017-5 CERTIFICATES
	  	 	1	 
	 Section 1.01.
	 	 Designation
	  	 	1	 
			
	 ARTICLE II
	 	 DEFINITIONS
	  	 	2	 
	 Section 2.01.
	 	 Definitions
	  	 	2	 
			
	 ARTICLE III
	 	 SERVICING FEE
	  	 	15	 
	 Section 3.01.
	 	 Servicing Compensation
	  	 	15	 
			
	 ARTICLE IV
	 	 RIGHTS OF SERIES 2017-5 CERTIFICATEHOLDERS AND
ALLOCATION AND APPLICATION OF COLLECTIONS
	  	 	15	 
	 Section 4.01.
	 	 Collections and Allocations
	  	 	15	 
	 Section 4.02.
	 	 Determination of Monthly Interest
	  	 	17	 
	 Section 4.03.
	 	 Principal Funding Account; Controlled Accumulation Period
	  	 	19	 
	 Section 4.04.
	 	 Required Amount
	  	 	21	 
	 Section 4.05.
	 	 Application of Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available
Principal Collections
	  	 	22	 
	 Section 4.06.
	 	 Defaulted Amounts; Investor Charge-Offs
	  	 	24	 
	 Section 4.07.
	 	 Excess Spread; Excess Finance Charge Collections
	  	 	25	 
	 Section 4.08.
	 	 Reallocated Principal Collections
	  	 	26	 
	 Section 4.09.
	 	 Excess Finance Charge Collections
	  	 	27	 
	 Section 4.10.
	 	 Reallocated Investor Finance Charge Collections
	  	 	27	 
	 Section 4.11.
	 	 Shared Principal Collections
	  	 	28	 
	 Section 4.12.
	 	 Reserve Account
	  	 	28	 
	 Section 4.13.
	 	 Investment Instructions
	  	 	30	 
	 Section 4.14.
	 	 Determination of LIBOR
	  	 	31	 
			
	 ARTICLE V
	 	 DISTRIBUTIONS AND REPORTS TO SERIES 2017-5
CERTIFICATEHOLDERS
	  	 	31	 
	 Section 5.01.
	 	 Distributions
	  	 	31	 
	 Section 5.02.
	 	
Reports and Statements to Series 2017-5 Certificateholders
	  	 	32	 
			
	 ARTICLE VI
	 	 PAY-OUT EVENTS
	  	 	33	 
	 Section 6.01.
	 	 Pay-Out Events
	  	 	33	 
			
	 ARTICLE VII
	 	 OPTIONAL REPURCHASE; SERIES TERMINATION
	  	 	34	 
	 Section 7.01.
	 	 Optional Repurchase
	  	 	34	 
	 Section 7.02.
	 	 Series Termination
	  	 	35	 
			
	 ARTICLE VIII
	 	 FINAL DISTRIBUTIONS
	  	 	35	 

  
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Table of Contents

 TABLE OF CONTENTS 

(continued) 
  

							
		 		  	 	Page	 
	 Section 8.01.
	 	 Sale of Receivables or Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement and
Section 7.01 or 7.02 of this Supplement
	  	 	36	 
	 Section 8.02.
	 	 Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the
Agreement
	  	 	37	 
			
	 ARTICLE IX
	 	 MISCELLANEOUS PROVISIONS
	  	 	38	 
	 Section 9.01.
	 	 Ratification of Agreement
	  	 	38	 
	 Section 9.02.
	 	 Counterparts
	  	 	38	 
	 Section 9.03.
	 	 Governing Law
	  	 	38	 
	 Section 9.04.
	 	 [Reserved]
	  	 	38	 
	 Section 9.05.
	 	 FATCA Matters
	  	 	38	 
	 Section 9.06.
	 	 Uncertificated Securities
	  	 	39	 
	 Section 9.07.
	 	 Transfers of the Collateral Interest
	  	 	39	 
			
	 EXHIBITS
	 		  			
	
Exhibit A-1
	 	 Form of Class A Certificate
	  	 	A-1-1	 
	
Exhibit A-2
	 	 Form of Class B Certificate
	  	 	A-2-1	 
	 Exhibit B
	 	 Form of Monthly Payment Instructions and Notification to the Trustee
	  	 	B-1	 
	
Exhibit C-1
	 	 Form of Monthly Statement
	  	 	C-1-1	 
	
Exhibit C-2
	 	 Form of Annual Payment Information
	  	 	C-2-1	 
	 Exhibit D
	 	 Form of Monthly Servicer’s Certificate
	  	 	D-1	 
	 Exhibit E
	 	 Form of Investment Letter
	  	 	E-1	 

  
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Table of Contents

 SERIES 2017-5 SUPPLEMENT, dated as of
July 31, 2017 (the “Supplement”), among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, and AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC, a Delaware limited
liability company, as Transferors, AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation, as Servicer, and THE BANK OF NEW YORK MELLON, a banking corporation organized and existing under the laws of the State of New York,
not in its individual capacity, but solely as Trustee. 
 Pursuant to the Third Amended and Restated Pooling and Servicing
Agreement, dated as of July 20, 2016 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), among the Transferors, the Servicer and the Trustee, the AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
(the “Trust”) has been created. Section 6.03 of the Agreement provides that the Transferors may from time to time direct the Trustee to authenticate one or more new Series of Investor Certificates representing fractional
undivided interests in the Trust. The Principal Terms of any new Series are to be set forth in a Supplement to the Agreement. 

Pursuant to this Supplement, the Transferors and the Trustee shall create a new Series of Investor Certificates and specify
the Principal Terms thereof. 
 ARTICLE I 

Creation of the Series 2017-5 Certificates 

Section 1.01. Designation. 

(a) There is hereby created a Series of Investor Certificates to be issued pursuant to the Agreement and this Supplement to be
known as “American Express Credit Account Master Trust, Series 2017-5.” The Series 2017-5 Certificates shall be issued in two Classes, the first of which shall
be known as the “Class A Series 2017-5 Floating Rate Asset Backed Certificates” and the second of which shall be known as the “Class B Series
2017-5 Floating Rate Asset Backed Certificates.” In addition, there is hereby created a third Class of uncertificated interests in the Trust which shall be known as the “Collateral Interest,
Series 2017-5” and which shall be deemed to be “Investor Certificates” for all purposes under the Agreement and this Supplement other than for purposes of the definition of the term “Tax
Opinion” in Section 1.01 of the Agreement. The Collateral Interest shall be considered a Class of Series 2017-5 for all purposes of the Agreement and this Supplement, including for purposes of
voting concerning the liquidation of the Trust pursuant to Section 9.01 of the Agreement. The Collateral Interest Holder shall be deemed to be the Series Enhancer for all purposes under the Agreement and this Supplement. 

(b) Series 2017-5 shall be included in Group II and shall be a Principal Sharing
Series. Series 2017-5 shall be an Excess Allocation Series. Series 2017-5 shall not be subordinated to any other Series. Notwithstanding any provision in the
Agreement or in this Supplement to the contrary, the first Distribution Date with respect to Series 2017-5 shall be the August 2017 Distribution Date and the first Monthly Period shall begin on and include the
Closing Date and end on and include July 31, 2017. 
 (c) Except as expressly provided herein, (i) the provisions
of Article VI and Article XII of the Agreement relating to the registration, authentication, delivery, presentation, cancellation and surrender of Registered Certificates shall not be applicable to the Collateral Interest, and (ii) the
provisions of Section 3.07 of the Agreement shall not cause the Collateral Interest to be treated as debt for 

  
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federal, state and local income and franchise tax purposes, but rather the Transferors intend, and together with the Collateral Interest Holder, agree to treat the Collateral Interest for
federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the Trust. 

(d) Pursuant to Section 6.03(c) of the Agreement, the Transferors may, from time to time, increase the amount of the
Series 2017-5 Certificates by issuing and selling additional Series 2017-5 Certificates. Any additional Series 2017-5
Certificates so issued shall be treated, for all purpose, like the Series 2017-5 Certificates subject to the terms of the Agreement and this Supplement. 

(e) Series 2017-5 shall be a Repurchase Reporting Series. 

(f) Series 2017-5 shall be an Investor Communication Reporting Series. 

(g) In connection with the issuance of any future Series of Investor Certificates, notwithstanding subsection 6.03(b)(iv) of
the Agreement, the Rating Agency Condition need not be satisfied for Series 2017-5 with respect to any Rating Agency (other than Moody’s) then rating Series 2017-5.

 ARTICLE II 

Definitions 

Section 2.01. Definitions. 

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

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

“Adjusted Invested Amount” shall mean, with respect to any date of
determination, an amount equal to the Invested Amount less the Principal Funding Account Balance on such date of determination. 

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

“Available Principal Collections” shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) (i) an amount equal to the Principal Allocation Percentage of Series 2017-5 Allocable Principal Collections received during such Monthly Period minus
(ii) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.08 are required to fund the Required Amount for the related Distribution Date, (b) any Shared Principal
Collections with respect to other Series that are allocated to Series 2017-5 in accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any other amounts which
pursuant to Section 4.05 or 4.07 of this Supplement are to be treated as Available Principal Collections with respect to the related Distribution Date. 

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

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

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

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

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

“Class A Certificate Rate” shall mean, for any
Interest Accrual Period with respect to the Class A Certificates, a per annum rate equal to LIBOR plus 0.38%; provided that if the sum of LIBOR plus 0.38% is less than 0.00% for any Interest Accrual Period, then the Class A
Certificate Rate for such Interest Accrual Period shall be deemed to be 0.00%. 

“Class A Certificateholder” shall mean the Person in whose name a
Class A Certificate is registered in the Certificate Register. 

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

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

“Class A Initial Invested Amount” shall mean $500,000,000. 

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

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

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

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

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

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

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

“Class A Servicing Fee” shall have the meaning
specified in Section 3.01. 

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

“Class B Adjusted Invested 
Amount” shall mean, with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference, if any, between the Principal Funding Account Balance and the Class A Invested Amount on
such date. 
 “Class B Available Funds” shall
mean, with respect to any Monthly Period, an amount equal to the sum of (a) the Class B Floating Percentage of the Reallocated Investor Finance Charge Collections and (b) if such Monthly Period relates to a Distribution Date with
respect to the Controlled Accumulation Period, the Class B Floating Percentage of the Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date. 

“Class B Certificate Rate” shall mean, for any
Interest Accrual Period with respect to the Class B Certificates, a per annum rate equal to LIBOR plus 0.58%; provided that if the sum of LIBOR plus 0.58% is less than 0.00% for any Interest Accrual Period, then the Class B
Certificate Rate for such Interest Accrual Period shall be deemed to be 0.00%. 

“Class B Certificateholder” shall mean the Person in whose name a
Class B Certificate is registered in the Certificate Register. 

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

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

  
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Class B Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of which is the Initial
Invested Amount. 
 “Class B Initial Invested Amount” shall mean $18,679,000. 

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

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

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

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

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

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

“Class B Required Amount” shall have the meaning set
forth in subsection 4.04(b). 

“Class B Servicing Fee” shall have the meaning
specified in Section 3.01. 
 “Closing Date” shall mean July 31, 2017;
provided that, for purposes of determining the date on which the first Monthly Period begins, the Closing Date shall be deemed to be the close of business on June 30, 2017. 

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

  
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“Collateral Available Funds” shall mean with respect to any Distribution
Date, the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections with respect to the preceding Monthly Period. 

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

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

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

“Collateral Initial Invested Amount” shall mean
$56,036,000. 
 “Collateral Interest” shall mean a fractional undivided interest in the
Trust which shall consist of the right to receive, (i) to the extent necessary to make the required payments to the Collateral Interest Holder under this Supplement, the portion of Collections allocable thereto under the Agreement and this
Supplement and funds on deposit in the Collection Account allocable thereto pursuant to the Agreement and this Supplement and (ii) amounts available for payment to the Collateral Interest Holder pursuant to subsections 4.07(k), 4.12(e),
4.12(f), 8.01(b), 8.02(a) and 8.02(b) or any other provision of this Supplement. 

“Collateral Interest Holder” shall mean the entity so designated in the
Transfer Agreement. 
 “Collateral Interest Shortfall” shall have the
meaning specified in subsection 4.02(c). 

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

“Collateral Minimum Interest Rate” shall mean the rate specified in the Transfer Agreement (as modified as
described therein); provided that for purposes of this Supplement, such rate shall not exceed LIBOR plus 1.8667% per annum. 

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

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

“Collateral Senior Additional Interest” shall have the meaning
specified in subsection 4.02(d). 
 “Collateral Senior
Initial Invested Amount” shall mean $37,357,000. 

“Collateral Senior Interest Shortfall” shall have the meaning specified
in subsection 4.02(d). 
 “Collateral Senior Invested Amount” shall
mean, when used with respect to any date, an amount equal to the Collateral Senior Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder in respect of the Collateral Senior Invested
Amount on all prior Distribution Dates, plus the principal amount of any additional Collateral Interest issued in respect of the Collateral Senior Invested Amount after the Closing Date in accordance with Section 6.03(c) of the
Agreement. 
 “Collateral Senior Minimum Interest Rate” shall mean the rate specified in the Transfer
Agreement (as modified as described therein); provided that for purposes of this Supplement, such rate shall not exceed LIBOR plus 0.80% per annum. 

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

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

“Collateral Servicing Fee” shall have the meaning set forth in
Section 3.01. 
 “Controlled Accumulation Amount” shall mean,
for any Distribution Date with respect to the Controlled Accumulation Period, $43,223,250; provided, however, that, if the Controlled Accumulation Period Length is determined to be less than 12 months, the Controlled Accumulation Amount for
each Distribution Date with respect to the Controlled Accumulation Period will be equal to (i) the product of (x) the sum of the Class A Initial Invested Amount and the Class B Initial Invested Amount and (y) the Controlled
Accumulation Period Factor for the related Monthly Period divided by (ii) the Required Accumulation Factor Number. 

“Controlled Accumulation Period” shall mean, unless a Pay-Out Event shall have occurred prior thereto, the period commencing at the close of business on the last day of the June 2021 Monthly Period or such later date as is determined in accordance with subsection
4.03(c) and ending on the first to occur of (a) the commencement of the Early Amortization Period, (b) the payment in full of the Invested Amount and (c) the Expected Final Payment Date. 

  
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“Controlled Accumulation Period Factor” shall mean,
for each Monthly Period, a fraction, the numerator of which is equal to the sum of the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series, and the denominator of which is equal to the sum (without
duplication) of (a) the Series Invested Amount as of the last day of the prior Monthly Period, (b) the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series (other than Series 2017-5) that are not expected to be in their revolving periods, and (c) the series invested amounts as of the last day of the prior Monthly Period of all other outstanding Series that are not Principal Sharing
Series and are in their revolving periods. 

“Controlled Accumulation Period Length” has the
meaning specified in subsection 4.03(c). 

“Controlled Deposit Amount” shall mean, for any Distribution Date with
respect to the Controlled Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such Distribution Date and any Deficit Controlled Accumulation Amount for the immediately preceding Distribution Date. 

“Covered Amount” shall mean, for any Distribution Date with respect to the Controlled Accumulation Period or
the first Special Payment Date, if such Special Payment Date occurs prior to the date the Class A Invested Amount is paid in full, an amount equal to the sum of (x) with respect to the Class A Certificates, the product of (i) the
Class A Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is 360 and,
(iii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class A Certificates and (y) with respect to the Class B Certificates, the product of
(i) the Class B Certificate Rate, (ii) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the then current Distribution Date and the denominator of which is
360 and (iii) the Principal Funding Account Balance, if any, as of the preceding Distribution Date that is allocable to the principal of the Class B Certificates. 

“Deficit Controlled Accumulation Amount” shall mean
(a) on the first Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding Account on such
Distribution Date and (b) on each subsequent Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Distribution Date over the amount deposited in the
Principal Funding Account on such subsequent Distribution Date. 
 “Distribution Date”
shall mean August 15, 2017, and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

“Early Amortization Period” shall mean the period commencing at the
close of business on the Business Day immediately preceding the day on which a Pay-Out Event with respect to Series 2017-5 is deemed to have occurred, and ending on the
first to occur of (i) the payment in full of the Invested Amount or (ii) the Series 2017-5 Termination Date. 

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

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

“Expected Final Payment Date” shall mean the July
2022 Distribution Date. 
 “Finance Charge Shortfall” shall have the
meaning specified in Section 4.09. 
 “Fitch” shall mean Fitch Ratings, Inc. or its successor. 

“Floating Allocation Percentage” shall mean, with respect to any
Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Adjusted Invested Amount as of the last day of the preceding Monthly Period (or with respect to the first Monthly
Period, the Initial Invested Amount) and the denominator of which is the product of (x) the Series 2017-5 Allocation Percentage with respect to such Monthly Period and (y) the sum of (i) the
total amount of Principal Receivables in the Trust as of such day (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust on the Closing Date) and (ii) the principal amount on deposit in the Special
Funding Account as of such last day (or with respect to the first Monthly Period, as of the Closing Date); provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs
the amount in (y)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but
excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition
Date or Removal Date to and including the last day of such Monthly Period. 
 “Group II” shall mean Series 2017-5 and each other Series specified in the related Supplement to be included in Group II. 

“Group II Investor Additional Amounts” shall mean,
with respect to any Distribution Date, the sum of (a) Series 2017-5 Additional Amounts for such Distribution Date and (b) for all other Series included in Group II, the sum of (i) the aggregate
net amount by which the Invested Amounts of such Series have been reduced as a result of investor charge-offs, subordination of principal collections and funding the investor default amounts in respect of any Class or Series Enhancement
interests of such Series as of such Distribution Date and (ii) if the applicable Supplements so provide, the aggregate unpaid amount of interest at the applicable certificate rates that has accrued on the amounts described in the preceding
clause (i) for such Distribution Date. 
 “Group
II Investor Default Amount” shall mean, with respect to any Distribution Date, the sum of (a) the Investor Default Amount for such Distribution Date and (b) the aggregate
amount of the investor default amounts for all other Series included in Group II for such Distribution Date. 

“Group
II Investor Finance Charge Collections” shall mean, with respect to any Distribution Date, the sum of (a) Investor Finance Charge Collections for such
Distribution Date and (b) the aggregate amount of the investor finance charge collections for all other Series included in Group II for such Distribution Date. 

“Group II Investor Monthly Fees” shall mean with
respect to any Distribution Date, the sum of (a) Series 2017-5 Monthly Fees for such Distribution Date and (b) the aggregate amount of the servicing fees, investor fees, fees payable to any Series
Enhancer and any other similar fees, which are payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group II for such Distribution Date. 

  
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 “Group II Investor Monthly Interest” shall
mean, with respect to any Distribution Date, the sum of (a) Series 2017-5 Monthly Interest for such Distribution Date and (b) the aggregate amount of monthly interest, including overdue monthly
interest and interest on such overdue monthly interest, if such amounts are payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group II for such Distribution Date.

 “Initial Invested Amount” shall mean $574,715,000. 

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

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

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

“Investor Charge-Offs” shall mean Class A Investor Charge-Offs, Class B Investor
Charge-Offs and Collateral Charge-Offs. 
 “Investor Default Amount”
shall mean, with respect to any Distribution Date, an amount equal to the product of (a) the Series 2017-5 Allocable Defaulted Amount for the related Monthly Period and (b) the Floating Allocation
Percentage for such Monthly Period. 

“Investor Finance Charge Collections” shall mean
with respect to any Distribution Date, an amount equal to the product of (a) the Floating Allocation Percentage for the related Monthly Period and (b) Series 2017-5 Allocable Finance Charge
Collections deposited in the Collection Account for the related Monthly Period. 
 “LIBOR” shall mean, for
any Interest Accrual Period, a per annum interest rate determined by the Trustee for such Interest Accrual Period in accordance with the provisions of Section 4.14. 

“LIBOR Determination Date” shall mean (i) for the period from and including the Closing Date to but
excluding August 15, 2017, the second London Business Day prior to the Closing Date and (ii) for every other Interest Accrual Period, the second London Business Day prior to the commencement of such Interest Accrual Period. 

“London Business Day” shall mean any day on which dealings in deposits in United States dollars are
transacted in the London interbank market. 
 “Monthly Interest” shall mean, with
respect to any Distribution Date, the Class A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date. 

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

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

“Pay-Out Event” shall mean any Pay-Out Event specified in Section 6.01. 
 “Permitted Assignee”
shall mean any Person who, if it were the Collateral Interest Holder or a holder of an interest in the Trust, as applicable, would not cause the Trust to be taxable as a publicly traded partnership for federal income tax purposes. 

“Principal Allocation Percentage” shall mean, with respect to any day
during a Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for Series 2017-5 as of the last day of the immediately preceding Monthly Period (or, in the case of the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation Period, the Early
Amortization Period or any Partial Amortization Period, the Series Adjusted Invested Amount for Series 2017-5 as of the close of business on the date on which the Revolving Period shall have terminated and the
denominator of which is the product of (x) the sum of (i) the total amount of Principal Receivables in the Trust as of the last day of the immediately preceding Monthly Period (or with respect to the first Monthly Period, the total amount
of Principal Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, the Closing Date) and (y) the Series 2017-5 Allocation Percentage as of the last day of the immediately preceding Monthly Period; provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a
Removal Date occurs the amount in (x)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such
Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including
the related Addition Date or Removal Date to and including the last day of such Monthly Period; and provided further, that if after the commencement of the Controlled Accumulation Period a Pay-Out Event
occurs with respect to another Series that was designated in the Supplement therefor as a Series that is a “Paired Series” with respect to Series 2017-5, the Transferors may, by written notice
delivered to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the Adjusted Invested Amount as of the last day of the revolving period for such Paired
Series, (y) the Transferors shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such designation and shall have delivered copies of each such written notice to the
Servicer and the Trustee and (z) each Transferor shall have delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on the facts known to such officer at such time, in the reasonable belief of such
Transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay-Out Event, to occur
with respect to Series 2017-5. 

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

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

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

  
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“Reallocated Investor Finance Charge 
Collections” shall mean that portion of Group II Investor Finance Charge Collections allocated to Series 2017-5 pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any
Monthly Period, the product of (a) the Series 2017-5 Allocable Principal Collections deposited in the Collection Account for such Monthly Period and (b) the sum of the Class B Principal
Percentage and the Collateral Principal Percentage. 
 “Reassignment Amount” shall mean,
with respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Adjusted Invested Amount on such Distribution Date, plus (ii) Monthly
Interest for such Distribution Date and any Monthly Interest previously due but not distributed to the Series 2017-5 Certificateholders on a prior Distribution Date, plus (iii) the amount of
Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not distributed to the Series 2017-5 Certificateholders on a prior Distribution Date. 

“Reference Banks” shall mean four major banks in the London interbank market selected by the Servicer. 

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

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

“Reserve Account Funding Date” shall mean the
Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the
Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the July 2020 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date
with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the January 2021 Monthly Period or any Monthly Period thereafter is less than 3%, the
Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferors may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage”
for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period. 

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

“Reserve Draw Amount” shall have the meaning specified in subsection
4.12(c). 
 “Reuters Screen LIBOR01 Page” shall mean the display page currently designated as page LIBOR01
on the Reuters Screen (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“Revolving Period” shall mean the period beginning at the close of business on the Series Cut-Off Date and ending on the earlier of (a) the close of business on the day immediately preceding the day the Controlled Accumulation Period commences and (b) the close of business on the day
immediately preceding the day the Early Amortization Period commences. 
 “Series 2017-5” shall mean the Series of Certificates the terms of which are specified in this Supplement. 

“Series 2017-5 
Additional Amounts” shall mean, with respect to any Distribution Date, the sum of the amounts determined pursuant to subsections 4.07(b), (e) and (i) for such Distribution Date. 

“Series 2017-5 
Allocable Defaulted Amount” shall mean the Series Allocable Defaulted Amount with respect to Series 2017-5. 

“Series 2017-5 
Allocable Finance Charge Collections” shall mean the Series Allocable Finance Charge Collections with respect to Series 2017-5. 

“Series 2017-5 
Allocable Principal Collections” shall mean the Series Allocable Principal Collections with respect to Series 2017-5. 

“Series 2017-5 
Allocation Percentage” shall mean the Series Allocation Percentage with respect to Series 2017-5. 

“Series 2017-5 Certificate”
shall mean a Class A Certificate or a Class B Certificate or the Collateral Interest. 

“Series 2017-5 
Certificateholder” shall mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 2017-5 
Certificateholders’ Interest” shall mean the Certificateholders’ Interest for Series 2017-5, including the Collateral Interest. 

“Series 2017-5 
Monthly Fees” shall mean, with respect to any Distribution Date, the amount determined pursuant to subsections 4.05(a)(ii), (b)(ii) and (c)(i) and subsection 4.07(g). 

“Series 2017-5 Monthly Interest” shall mean the amounts determined
pursuant to subsections 4.02(a), (b) and (d). 

“Series 2017-5 
Principal Shortfall” shall have the meaning specified in Section 4.11. 

“Series 2017-5 
Termination Date” shall mean the February 2025 Distribution Date. 

  
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“Series Adjusted Portfolio Yield” shall mean, with
respect to any Monthly Period, the annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (a) Reallocated Investor Finance Charge Collections with respect to such Monthly Period, plus (b) the
amount of any Principal Funding Account Investment Proceeds for the related Distribution Date, plus (c) provided that each Rating Agency has consented in writing to the inclusion thereof in calculating the Series Adjusted
Portfolio Yield, any Excess Finance Charge Collections that are allocated to Series 2017-5 with respect to such Monthly Period, plus (d) the amount of funds, if any, withdrawn from the Reserve
Account which pursuant to subsection 4.12(d) are required to be deposited into the Collection Account and included as Class A Available Funds for the Distribution Date with respect to such Monthly Period, minus (e) the Investor
Default Amount for the Distribution Date with respect to such Monthly Period, and (B) the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period. 

“Series Cut-Off Date” shall
mean the close of business on July 31, 2017. 

“Series Invested Amount” shall mean, on any date of determination, an
amount equal to the Initial Invested Amount plus the aggregate initial principal amount of any additional Series 2017-5 Certificates issued pursuant to Section 6.03(c) of the Agreement. 

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

“Servicing Fee Rate” shall mean 2.0% per annum. 

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

 “Transfer Agreement” shall mean the Transfer and Administration Agreement, dated as of July 31,
2017, among RFC III and RFC IV, as transferors, TRS, as administrator, and the American Express Credit Account Secured Note Trust 2017-5, as issuer, as the same may be amended, supplemented or otherwise
modified from time to time. 
 “Transferor Percentage” shall mean 100% minus
(a) the Floating Allocation Percentage, when used at any time with respect to Finance Charge Receivables and Defaulted Receivables, or (b) the Principal Allocation Percentage, when used at any time with respect to Principal
Receivables. 
 (b) Notwithstanding anything to the contrary in this Supplement or the Agreement, the term
“Rating Agency” shall mean, whenever used in this Supplement or the Agreement with respect to Series 2017-5, Fitch and Moody’s. As used in this Supplement and in the
Agreement with respect to Series 2017-5, “highest investment category” shall mean (i) in the case of Fitch, AAA or F1+, as applicable and (ii) in the case of Moody’s, Aaa or P-1, as applicable. 
 (c) Each capitalized term defined herein shall relate to the Series 2017-5 Certificates and no other Series of Certificates issued by the Trust, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to
them in the Agreement. In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Agreement, the terms and provisions of this Supplement shall govern. 

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

ARTICLE III 

Servicing Fee 

Section 3.01. Servicing Compensation. The share of the Servicing Fee
allocable to the Series 2017-5 Certificateholders with respect to any Distribution Date (the “Monthly Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the last day of the Monthly Period preceding such Distribution Date minus (ii) the
product of the amount, if any, on deposit in the Special Funding Account as of the last day of the Monthly Period preceding such Distribution Date and the Series 2017-5 Allocation Percentage with respect to
such Monthly Period (the amount calculated pursuant to this clause (b) is referred to as the “Servicing Base Amount”). The share of the Monthly Servicing Fee allocable to the Class A
Certificateholders with respect to any Distribution Date (the “Class A Servicing Fee”) shall be equal to one-twelfth of the product of
(a) the Class A Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Class B Certificateholders with respect to any Distribution Date (the
“Class B Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Class B Floating Percentage, (b) the
Servicing Fee Rate and (c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Collateral Interest with respect to any Distribution Date (the
“Collateral Servicing Fee”) shall be equal to one-twelfth of the product of the (a) Collateral Floating Percentage, (b) the Servicing Fee Rate
and (c) the Servicing Base Amount. The remainder of the Servicing Fee shall be paid by the Holders of the Transferor Certificates or the investor certificateholders of other Series (as provided in the related Supplements) and in no event shall
the Trust, the Trustee or the Series 2017-5 Certificateholders be liable for the share of the Servicing Fee to be paid by the Holders of the Transferor Certificates or the investor certificateholders of any
other Series. To the extent that the Class A Servicing Fee, the Class B Servicing Fee and the Collateral Servicing Fee are not paid in full pursuant to the preceding provisions of this Section 3.01, and Sections 4.05 and 4.07, they
shall be paid by the Holders of the Transferor Certificates. 
 ARTICLE IV 

Rights of Series 2017-5 Certificateholders and 

Allocation and Application of Collections 

Section 4.01. Collections and Allocations. 

(a) Allocations. Collections of Finance Charge Receivables and Principal Receivables and Defaulted Receivables allocated
to Series 2017-5 pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables reallocated from other Series in Group II) shall be allocated and distributed or
reallocated as set forth in this Article. 
 (b)
Payments to the Transferor. The Servicer shall on each Deposit Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts:

 (i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 2017-5 Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and 

  
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 (ii) an amount equal to the Transferor Percentage for the related
Monthly Period of Series 2017-5 Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the
Trust on such Deposit Date) exceeds zero. 
 The withdrawals to be made from the Collection Account pursuant to this
subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement,
payment of the purchase price for the Series 2017-5 Certificateholders’ Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables
pursuant to Section 9.01 or 12.02 of the Agreement. 
 (c)
Allocations to the Series 2017-5 Certificateholders. The Servicer shall, prior to the close of business on
each Deposit Date, allocate to the Series 2017-5 Certificateholders the following amounts as set forth below: 

(i)
Allocations of Finance Charge Collections. The Servicer shall allocate to the Series 2017-5 Certificateholders and retain in
the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 2017-5 Allocation Percentage and (C) the
aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date. 

(ii) Allocations of Principal Collections. The
Servicer shall allocate to the Series 2017-5 Certificateholders the following amounts as set forth below: 

(x)
Allocations During the Revolving Period. During the Revolving Period (A) an amount equal to the product of (I) the sum of the Class B Principal
Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2017-5 Allocation Percentage and (IV) the aggregate amount of Collections of
Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2017-5 Certificateholders and retained in the Collection Account until applied as provided
herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2017-5 Allocation Percentage and
(IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date shall be allocated to the Series 2017-5 Certificateholders and first, if any
other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and
second paid to the Holders of the Transferor Certificates; provided, however, that such amount to be paid to the Holders of the Transferor Certificates on any Deposit Date shall be paid to such Holders only if the Transferor Amount on such
Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account. 

(y)
Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period (A) an amount equal to the product of
(I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2017-5 Allocation Percentage and
(IV) the aggregate amount of Collections of Principal 

  
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Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2017-5 Certificateholders and retained in the
Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2017-5 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (the product specified in this clause (B) for any
such date is hereinafter referred to as a “Percentage Allocation”) shall be allocated to the Series 2017-5 Certificateholders and retained in the Collection Account until
applied as provided herein; provided, however, that if the sum of such Percentage Allocation and all preceding Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount during the Controlled
Accumulation Period for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period,
retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such
Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account. 

(z)
Allocations During the Early Amortization Period. During the Early Amortization Period, an amount equal to the product of (A) the Principal
Allocation Percentage and (B) the Series 2017-5 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date,
shall be allocated to the Series 2017-5 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such
Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 2017-5 Certificateholders, the remainder that has not been so deposited and
allocated shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the
related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the
Trust on such day) and otherwise shall be deposited in the Special Funding Account. 

Section 4.02.
Determination of Monthly Interest. 
 (a) The amount of
monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an
amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date)
to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of
business on the immediately preceding Record Date. 
 On the Determination Date preceding each Distribution Date, the
Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for

  
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such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest
Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount
(“Class A Additional Interest”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the
immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and
(y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates.
Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. 

(b) The amount of monthly interest (“Class B Monthly Interest”) distributable from the
Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the
immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution
Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the
“Class B Interest Shortfall”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to
pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is
fully paid, an additional amount (“Class B Additional Interest”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period
from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the
Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect
to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. 

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

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

Section 4.03.
Principal Funding Account; Controlled Accumulation Period. 

(a)     (i) The Servicer, for the benefit of the Series 2017-5
Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the “Principal Funding Account”), bearing a designation clearly
indicating that the funds deposited therein 

  
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and the property credited thereto are held for the benefit of the Series 2017-5 Certificateholders. The Principal Funding Account shall initially be
established with The Bank of New York Mellon. 
 (ii) At the written direction of the Servicer (or its agent
appointed pursuant to Section 4.13(c)), funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer (or its agent appointed pursuant to Section 4.13(c)); provided,
however, that if no such written direction is provided, funds on deposit in the Principal Funding Account shall remain uninvested. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2017-5 Certificateholders; provided that on each Distribution Date all interest and other investment income (net of losses and investment expenses) (“Principal Funding Account Investment
Proceeds”) on funds on deposit therein shall be applied as set forth in paragraph (iii) below. Subject to the first sentence of this paragraph (a)(ii), funds on deposit in the Principal Funding Account shall be invested in Eligible
Investments that will mature so that such funds will be available at the close of business on the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Principal Funding Account on a
Transfer Date (which immediately precedes a Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight. No such Eligible Investment shall be disposed of prior to its maturity; provided, however,
that the Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible
Investment; provided further, however, that the Servicer shall deliver prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way
be held liable by reason of any insufficiency in such Principal Funding Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee’s failure to make payments on such Eligible
Investments issued by the Trustee, in its commercial capacity, in accordance with their terms. 
 (iii) On
each Distribution Date with respect to the Controlled Accumulation Period, the Servicer shall direct the Trustee in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account
Investment Proceeds then on deposit in the Principal Funding Account and such Principal Funding Account Investment Proceeds shall be treated as a portion of Class A Available Funds and Class B Available Funds. 

(iv) Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall
not be considered to be principal amounts on deposit therein for purposes of this Supplement. 

(b)     (i) The Trustee shall possess all right, title and interest in all funds and property from
time to time deposited in or credited to the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 2017-5 Certificateholders. If, at any time, the Principal Funding Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period,
not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Principal Funding Account meeting the conditions specified in paragraph (a)(i) above as an Eligible Deposit Account and shall transfer any cash or any
investments to such new Principal Funding Account. 
 (ii) Pursuant to the authority granted to the Servicer
in subsection 3.01(b) of the Agreement, the Servicer shall have the power to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Principal Funding Account for the purposes of carrying out the
Servicer’s or Trustee’s duties hereunder. Pursuant to the authority granted to the Paying Agent in Section 5.01 of this Supplement and Section 6.07 of the Agreement, the Paying Agent shall have the power to withdraw funds from
the Principal Funding Account for the purpose of making distributions to the Series 2017-5 Certificateholders. 

  
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 (c) The Controlled Accumulation Period is scheduled to commence at the close of
business on the last day of the June 2021 Monthly Period; provided, however, that if the Controlled Accumulation Period Length (which shall be determined as described below) is less than 12 months, the date on which the Controlled
Accumulation Period actually commences will be delayed to the close of business on the last day of the month preceding the month that is the number of months prior to the Expected Final Payment Date at least equal to the Controlled Accumulation
Period Length and, as a result, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length. On the Determination Date immediately preceding the June 2021 Distribution Date, and
on each Determination Date thereafter that occurs prior to the Determination Date occurring in the Monthly Period in which the Controlled Accumulation Period commences, the Servicer will determine the
“Controlled Accumulation Period Length” which will equal the number of months such that the sum of the Controlled Accumulation Period Factors for each month during such period
will be equal to or greater than the Required Accumulation Factor Number; provided, however, that the Controlled Accumulation Period Length shall not be less than one month. Notwithstanding the foregoing, if the Controlled Accumulation Period
Length shall have been determined to be less than 12 months and, after the date on which such determination is made, a Pay-Out Event or Reinvestment Event (as those terms are defined in the Supplement for such
Series) shall occur with respect to any outstanding Principal Sharing Series other than Series 2017-5, the Controlled Accumulation Period will commence on the earlier of (i) the first day of the Monthly
Period immediately succeeding the date that such Pay-Out Event or Reinvestment Event shall have occurred with respect to such Series and (ii) the date on which the Controlled Accumulation Period is then
scheduled to commence. 
 Section 4.04. Required Amount. 

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

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

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

Section 4.05. Application of Class A Available Funds,
Class B Available Funds, Collateral Available Funds and Available Principal Collections. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit
B, on each Distribution Date, Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date to make the
following distributions: 
 (a) On each Distribution Date, an amount equal to the Class A Available Funds with respect
to such Distribution Date will be distributed or deposited in the following priority: 
 (i) an amount equal
to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Monthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of
any Class A Additional Interest for such Distribution Date and any Class A Additional Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for
payment to the Class A Certificateholders; 
 (ii) if TRS or an Affiliate of TRS is no longer the
Servicer, an amount equal to the Class A Servicing Fee for such Distribution Date, plus the amount of any Class A Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be distributed to
the Servicer; 
 (iii) an amount equal to the Class A Investor Default Amount for such Distribution Date
shall be treated as a portion of Available Principal Collections for such Distribution Date; and 
 (iv) the
balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07. 

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

  
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Date, shall be distributed to the Paying Agent for payment to the Class B Certificateholders; 

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

(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited
as set forth in Section 4.07. 
 (c) On each Distribution Date, an amount equal to the Collateral Available Funds with
respect to such Distribution Date will be distributed or deposited in the following priority: 
 (i) if TRS
or an Affiliate of TRS is no longer the Servicer, an amount equal to the Collateral Servicing Fee for such Distribution Date, plus the amount of any Collateral Servicing Fee previously due but not distributed to the Servicer on a prior
Distribution Date, shall be distributed to the Servicer; and 
 (ii) the balance, if any, shall constitute
Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07. 
 (d) On each
Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be treated as Shared Principal Collections and applied in
accordance with Section 4.04 of the Agreement. 
 (e) On each Distribution Date with respect to the Controlled
Accumulation Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed in the following order of priority: 

(i) an amount equal to the lesser of (x) the Controlled Deposit Amount and (y) the sum of the
Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount shall be deposited in the Principal Funding Account; 

(ii) for each Distribution Date beginning on the Distribution Date on which the Class B Invested Amount
shall have been paid in full, an amount up to the Collateral Invested Amount shall be distributed to the Collateral Interest Holder; and 

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

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

  
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Invested Amount on such Distribution Date shall be deposited in the Principal Funding Account for distribution to the Class B Certificateholders; 

(iii) for each Distribution Date beginning on the Distribution Date on which the Class B Invested Amount
is paid in full, an amount up to the Collateral Invested Amount on such Distribution Date shall be distributed to the Collateral Interest Holder; and 

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

Section 4.06.
Defaulted Amounts; Investor Charge-Offs. 
 (a) On each
Determination Date, the Servicer shall calculate the Class A Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Required Amount for the related Monthly Period exceeds the sum of
(x) the amount of Reallocated Principal Collections allocated to Series 2017-5 with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections
allocable to Series 2017-5 with respect to such Monthly Period, the Collateral Invested Amount, if any, will be reduced by the amount of such excess, but not by more than the Class A Investor Default
Amount for such Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount will be reduced to zero and the Class B Invested Amount shall be reduced by
the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of the
Collateral Invested Amount with respect to such Distribution Date. In the event that such reduction would cause the Class B Invested Amount to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A
Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default Amount for such Distribution Date over the
aggregate amount of the reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such Distribution Date (a “Class A Investor Charge-Off”). Class A Investor Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A
Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose pursuant to subsection 4.07(b). References to “negative numbers” above shall be
determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 
 (b) On
each Determination Date, the Servicer shall calculate the Class B Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class B Required Amount for such Distribution Date exceeds the sum of
(x) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-5 with respect to the related Monthly Period which are allocated and available to pay such amount pursuant to
subsection 4.07(d) and (y) the Reallocated Principal Collections allocable to the Collateral Interest and not required to pay the Class A Required Amount with respect to such Distribution Date, then the Collateral Invested Amount shall be
reduced by the amount of such excess. In the event that such reduction would cause the Collateral Invested Amount to be a negative number, the Collateral Invested Amount shall be reduced to zero, and the Class B Invested Amount shall be reduced
by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class B Investor Default Amount for such Distribution Date over the amount of such reduction, if any, of
the Collateral Invested Amount with respect to such Distribution Date (a “Class B Investor Charge-Off”). Class B Investor
Charge-Offs shall thereafter be reimbursed and the Class B Invested Amount increased (but not 

  
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by an amount in excess of the aggregate unreimbursed Class B Investor Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and
available for that purpose pursuant to subsection 4.07(e). References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero. 

(c) On each Determination Date, the Servicer shall calculate the Collateral Default Amount. If on any Distribution Date the
Collateral Default Amount for the previous Monthly Period exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-5 with respect to the related Monthly Period which
are allocated and available to pay such amount pursuant to subsection 4.07(h), the Collateral Invested Amount will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Invested
Amount for such Distribution Date (a “Collateral Charge-Off”). The Collateral Invested Amount will be reimbursed after any reduction pursuant to this Section 4.06 on
any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available on such Distribution date for that purpose as described under subsection 4.07(i). 

Section 4.07.
Excess Spread; Excess Finance Charge Collections. The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the
Trustee substantially in the form of Exhibit B, on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 2017-5 with respect to the related Monthly Period, to make the
following distributions or deposits in the following order of priority: 
 (a) an amount equal to the Class A Required
Amount, if any, with respect to such Distribution Date shall be distributed by the Trustee to fund the Class A Required Amount in accordance with, and in the priority set forth in, subsections 4.05(a)(i), (ii) and (iii); 

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

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

  
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 (g) an amount equal to the Monthly Servicing Fee for such Distribution Date that
has not been paid to the Servicer and any Monthly Servicing Fee due but not paid to the Servicer on a prior Distribution Date shall be paid to the Servicer; 

(h) an amount equal to the Collateral Default Amount, if any, for such Distribution Date shall be treated as a portion of
Available Principal Collections for such Distribution Date; 
 (i) an amount equal to the aggregate amount by which the
Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of “Collateral Invested Amount” (but not in excess of the aggregate amount of such reductions which have not been previously
reimbursed) shall be treated as a portion of Available Principal Collections for such Distribution Date; 
 (j) on each
Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates pursuant to subsection 4.12(f), an amount up to the excess, if any, of the Required Reserve Account Amount over the
Available Reserve Account Amount shall be deposited into the Reserve Account; and 
 (k) the balance, if any, will be
distributed to the Collateral Interest Holder. 
 Section 4.08.
Reallocated Principal Collections. On each Distribution Date, the Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in the form of Exhibit B,
Reallocated Principal Collections with respect to such Distribution Date, to make the following distributions or deposits in the following order of priority 

(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such
Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-5 with respect to the related Monthly Period shall be distributed by the Trustee to
fund any deficiency pursuant to and in the priority set forth in subsections 4.05(a)(i), (ii) and (iii); 
 (b) an amount
equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B
Certificates pursuant to subsections 4.07(c) and (d) on such Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set
forth in subsections 4.07(c) and (d); and 
 (c) an amount equal to the Collateral Senior Required Amount, if any, with
respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be
applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. 

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

On each Distribution Date, the Collateral Invested Amount shall be reduced by the amount of Reallocated Principal Collections
for such Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to
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the event that such reduction would cause the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) to be a negative number, the Collateral
Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) shall be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been
reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be a negative
number on any Distribution Date, Reallocated Principal Collections shall be reallocated on such Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Invested Amount (after giving effect to any
Class B Investor Charge-Offs for such Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below
zero. 
 Section 4.09.
Excess Finance Charge Collections. Series 2017-5 shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess
Finance Charge Collections with respect to the Excess Allocation Series for any Distribution Date will be allocated to Series 2017-5 in an amount equal to the product of (x) the aggregate amount of Excess
Finance Charge Collections with respect to all the Excess Allocation Series for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2017-5 for such
Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series for such Distribution Date. The
“Finance Charge Shortfall” for Series 2017-5 for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be
paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and the full amount required to be paid, without duplication, pursuant to subsections 3.02(a)(iii) and
3.02(a)(iv) of the Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to
a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if
any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. The amount of Excess Finance Charge Collections for Series 2017-5 for any Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer Agreement. On each Distribution Date, the Trustee shall deposit into the Collection Account for application in accordance
with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the Transfer Agreement on such date. 

Section 4.10.
Reallocated Investor Finance Charge Collections. 

(a) That portion of Group II Investor Finance Charge Collections for any Distribution Date equal to the amount of Reallocated
Investor Finance Charge Collections for such Distribution Date will be allocated to Series 2017-5 and will be distributed as set forth in this Supplement. 

(b) Reallocated Investor Finance Charge Collections with respect to any Distribution Date shall equal the sum of (i) the
aggregate amount of Series 2017-5 Monthly Interest, Investor Default Amount, Series 2017-5 Monthly Fees and Series 2017-5
Additional Amounts for such Distribution Date and (ii) that portion of excess Group II Investor Finance Charge Collections to be included in Reallocated Investor Finance Charge Collections pursuant to subsection (c) hereof; provided,
however, that if the amount of Group II Investor Finance Charge Collections for such Distribution Date is less than the sum of (w) Group II Investor Monthly Interest, (x) Group II Investor Default Amount, (y) Group II Investor
Monthly Fees and (z) Group II Investor Additional Amounts, then Reallocated Investor Finance Charge Collections shall equal the sum of the following amounts for such Distribution Date: 

  
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 (A) The product of (I) Group II Investor Finance Charge
Collections (up to the amount of Group II Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 2017-5 Monthly Interest and the denominator of which is Group II Investor Monthly
Interest; 
 (B) the product of (I) Group II Investor Finance Charge Collections less the amount of
Group II Investor Monthly Interest (up to the Group II Investor Default Amount) and (II) a fraction, the numerator of which is the Investor Default Amount and the denominator of which is the Group II Investor Default Amount; 

(C) the product of (I) Group II Investor Finance Charge Collections less the amount of Group II Investor
Monthly Interest and the Group II Investor Default Amount (up to Group II Investor Monthly Fees) and (II) a fraction, the numerator of which is Series 2017-5 Monthly Fees and the denominator of which is
Group II Investor Monthly Fees; and 
 (D) the product of (I) Group II Investor Finance Charge
Collections less the sum of (i) Group II Investor Monthly Interest, (ii) the Group II Investor Default Amount and (iii) Group II Investor Monthly Fees and (II) a fraction, the numerator of which is Series 2017-5 Additional Amounts and the denominator of which is Group II Investor Additional Amounts. 

(c) If the amount of Group II Investor Finance Charge Collections for such Distribution Date exceeds the sum of (i) Group
II Investor Monthly Interest, (ii) Group II Investor Default Amount, (iii) Group II Investor Monthly Fees and (iv) Group II Investor Additional Amounts, then Reallocated Investor Finance Charge Collections for such Distribution Date
shall include an amount equal to the product of (x) the amount of such excess and (y) a fraction, the numerator of which is the Invested Amount as of the last day of the second preceding Monthly Period (or, for Series 2017-5 only, with respect to the first Distribution Date, as of the Closing Date) and the denominator of which is the sum of such Invested Amount and the aggregate invested amounts for all other Series included in
Group II as of such last day (or, for Series 2017-5 only, with respect to the first Distribution Date, as of the Closing Date). 

Section 4.11. Shared Principal Collections.
Subject to Section 4.04 of the Agreement, Shared Principal Collections for any Distribution Date will be allocated to Series 2017-5 in an amount equal to the product of (x) the aggregate amount of
Shared Principal Collections with respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 2017-5 Principal Shortfall for such
Distribution Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The
“Series 2017-5 Principal Shortfall” will be equal to (a) for any Distribution Date with respect to the Revolving Period, zero,
(b) for any Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such
Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of
Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections). 

Section 4.12. Reserve Account. 

(a) The Servicer shall establish and maintain, in the name of the Trustee, on behalf of the Trust, for the benefit of the
Series 2017-5 Certificateholders, an Eligible Deposit Account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein and the

  
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property credited thereto are held for the benefit of the Series 2017-5 Certificateholders. The Reserve Account shall initially be established with The
Bank of New York Mellon. The Trustee shall possess all right, title and interest in all funds and property from time to time deposited in or credited to the Reserve Account and in all proceeds thereof. The Reserve Account shall be under the sole
dominion and control of the Trustee for the benefit of the Series 2017-5 Certificateholders. If at any time the Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its
behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency shall consent) establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and
shall transfer any cash or any investments to such new Reserve Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount
at such time, for the purposes set forth in this Supplement, and (ii) on each Distribution Date (from and after the Reserve Account Funding Date) prior to the termination of the Reserve Account make a deposit into the Reserve Account in the
amount specified in, and otherwise in accordance with, subsection 4.07(j). 
 (b) Funds on deposit in the Reserve Account
shall be invested at the written direction of the Servicer (or its agent appointed pursuant to Section 4.13(c)) by the Trustee in Eligible Investments; provided, however, that if no such written direction is provided, funds on deposit in
the Reserve Account shall remain uninvested. Subject to the immediately preceding sentence, funds on deposit in the Reserve Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall be
invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the
Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment;
provided further, however, that the Servicer shall deliver prompt written notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of the Agreement, the Trustee will not in any way be held
liable by reason of any insufficiency in such Reserve Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trustee’s failure to make payments on such Eligible Investments issued by
the Trustee, in its commercial capacity, in accordance with their terms. On each Distribution Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on funds on deposit in the Reserve
Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account and treated as
collections of Finance Charge Receivables allocable to Series 2017-5. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Supplement, except as
otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit. 

(c) On the Determination Date preceding each Distribution Date with respect to the Controlled Accumulation Period and the first
Special Payment Date, the Servicer shall calculate the “Reserve Draw Amount” which shall be equal to the excess, if any, of the Covered Amount with respect to such Distribution Date or Special
Payment Date over the Principal Funding Account Investment Proceeds with respect to such Distribution Date or Special Payment Date; provided, that such amount will be reduced to the extent that funds otherwise would be available
for deposit in the Reserve Account under subsection 4.07(j) with respect to such Distribution Date or Special Payment Date. 

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

  
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 (e) In the event that the Reserve Account Surplus on any Distribution Date, after
giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Distribution Date, is greater than zero, the Trustee, acting in accordance with the written instructions of the Servicer, shall withdraw from the Reserve
Account, and distribute to the Collateral Interest Holder, an amount equal to such Reserve Account Surplus. 
 (f) Upon the
earliest to occur of (i) the day on which the Invested Amount is paid in full to the Series 2017-5 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of
a Pay-Out Event with respect to Series 2017-5, (iii) if the Controlled Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected
Final Payment Date and (iv) the termination of the Trust pursuant to the Agreement, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Class A Certificateholders
which are payable from the Reserve Account as provided herein, shall withdraw from the Reserve Account and pay to the Collateral Interest Holder all amounts, if any, on deposit in the Reserve Account and the Reserve Account shall be deemed to have
terminated for purposes of this Supplement. 
 Section 4.13.
Investment Instructions. 
 (a) Any investment instructions required to be given to the Trustee
pursuant to the terms hereof must be given to the Trustee no later than 10:30 a.m. (New York City time) on the date such investment is to be made. In the event the Trustee receives such investment instruction later than such time, the Trustee may,
but shall have no obligation to, make such investment. In the event the Trustee is unable to make an investment required in an investment instruction received by the Trustee after 10:30 a.m. (New York City time) on such day, such investment shall be
made by the Trustee on the next succeeding Business Day. In no event shall the Trustee be liable for any investment not made pursuant to investment instructions received after 10:30 a.m. (New York City time) on the day such investment is requested
to be made. 
 (b) The Trustee shall hold each Eligible Investment that constitutes investment property through a securities
intermediary, which securities intermediary shall agree with the Trustee that (i) such investment property at all times shall be credited to a securities account of the Trustee, (ii) all property credited to such securities account shall
be treated as a financial asset, (iii) such securities intermediary shall treat the Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (iv) such securities intermediary shall
comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (v) such securities intermediary shall not agree with any person or entity other than the Trustee to comply with entitlement
orders originated by any person or entity other than the Trustee, (vi) such securities account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or
encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than the Trustee), (vii) such agreement between such securities intermediary and the Trustee shall be governed by the laws of the
State of New York, and (viii) such securities intermediary’s jurisdiction for purposes of the Uniform Commercial Code shall be the State of New York. The Trustee shall maintain possession of each other Eligible Investment in the State of
New York, separate and apart from all other property held by the Trustee. Notwithstanding any other provision of this Supplement, the Trustee shall not hold any Eligible Investment through an agent except as expressly permitted by this
Section 4.13(b). Each term used in this Section 4.13(b) and defined in the New York Uniform Commercial Code shall have the meaning set forth in the New York Uniform Commercial Code. 

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

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

Section 4.14. Determination of LIBOR. 

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

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

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

Distributions and Reports to 

Series 2017-5 Certificateholders 

Section 5.01. Distributions. 

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

  
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share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to pay principal of the Class A
Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class A Invested Amount on such date (unless there has been an optional repurchase of the Series 2017-5
Certificateholders’ Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 

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

(d) On each Special Payment Date, and on the Expected Final Payment Date, the Paying Agent shall distribute (in accordance with
the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date (other than as provided in Section 12.02 of the Agreement) such
Class B Certificateholder’s pro rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to pay principal of the Class B
Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class B Invested Amount on such date (unless there has been an optional repurchase of the Series 2017-5
Certificateholders’ Interest pursuant to Section 10.01 of the Agreement, in which event the foregoing limitation will not apply). 

(e) On each Distribution Date, the Trustee shall distribute to the Collateral Interest Holder the aggregate amount payable to
the Collateral Interest Holder pursuant to Sections 4.05, 4.07, 4.12, 8.01 and 8.02 to the Collateral Interest Holder’s account, as specified in writing by the Collateral Interest Holder, in immediately available funds. 

(f) The distributions to be made pursuant to this Section 5.01 are subject to the provisions of Sections 2.06, 9.02, 10.01
and 12.02 of the Agreement and Sections 8.01 and 8.02 of this Supplement. 
 (g) Except as provided in Section 12.02 of
the Agreement with respect to a final distribution, distributions to Series 2017-5 Certificateholders hereunder shall be made by check mailed to each Series 2017-5
Certificateholder at such Series 2017-5 Certificateholder’s address appearing in the Certificate Register without presentation or surrender of any Series 2017-5
Certificate or the making of any notation thereon; provided, however, that with respect to Series 2017-5 Certificates registered in the name of a Clearing Agency, such distributions shall be made to
such Clearing Agency in immediately available funds. 
 (h) The distributions to be made pursuant to this Section 5.01
are to be made pursuant to the written instructions of the Servicer substantially in the form of Exhibit B. 
 
Section 5.02. Reports and Statements to Series 2017-5 Certificateholders. 

(a) On each Distribution Date, the Paying Agent, on behalf of the Trustee, shall make available, and shall forward to each
Series 2017-5 Certificateholder upon request, a statement substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer and delivered to
the Paying Agent. 
 (b) Not later than each Determination Date, the Servicer shall deliver to the Trustee, the Paying Agent,
the Transferors, each Rating Agency and the Collateral Interest Holder (i) a statement 

  
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substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer and (ii) a certificate of a Servicing Officer substantially in
the form of Exhibit D. 
 (c) A copy of each statement or certificate provided pursuant to paragraph (a) or (b)
may be obtained by any Series 2017-5 Certificateholder or any Certificate Owner thereof by a request in writing to the Servicer. 

(d) On or before January 31 of each calendar year, beginning with calendar year 2018, the Paying Agent, on behalf of the
Trustee, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2017-5 Certificateholder, a statement substantially in the form of Exhibit C-2 to this Supplement to the extent prepared by the Servicer and delivered to the Paying Agent for such calendar year or the applicable portion thereof during which such Person was a Series 2017-5 Certificateholder, together with such information as is required to be provided by a paying agent under the Code (including Forms 1099 and other customary tax reporting information) and, to the extent
prepared by the Servicer and delivered to the Paying Agent, such other information as is required to be provided by an issuer of indebtedness under the Code. The obligations of the Servicer and Paying Agent to prepare and deliver the statement
substantially in the form of Exhibit C-2 to this Supplement shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant
to any requirements of the Code as from time to time in effect. 
 ARTICLE VI 

Pay-Out Events 

Section 6.01.
Pay-Out Events. If any one of the following events shall occur with respect to the Series 2017-5 Certificates: 

(a) the occurrence of an Insolvency Event relating to any Transferor or other holder of the Original Transferor Certificate;

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

(c) failure on the part of any Transferor (i) to make any payment or deposit required by the terms of the Agreement or
this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Transferors set forth
in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2017-5 Certificateholders and which continues unremedied for a period of 60 days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferors and the Trustee by any Holder of the Series 2017-5 Certificates; 

(d) any representation or warranty made by any Transferor in the Agreement or this Supplement, or any information contained in
a computer file or microfiche list required to be delivered by any Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which
continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to such Transferor and
the Trustee by any Holder of the Series 2017-5 Certificates and as a result of which the interests of the Series 2017-5 Certificateholders are materially and adversely
affected for such period; provided, however, that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if a Transferor has accepted reassignment of the
related Receivable, or all of such Receivables, if 

  
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applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the provisions of the Agreement; 

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

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

(g) the average Series Adjusted Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less
than the average of the Base Rates for such period; 
 (h) the Class A Invested Amount, the Class B Invested Amount
or the Collateral Invested Amount shall not be paid in full on the Expected Final Payment Date; 
 (i) a Transfer Restriction
Event shall occur; 
 (j) the occurrence of an Insolvency Event as defined in the Receivables Purchase Agreement relating to
any Account Owner; or 
 (k) a Transfer Restriction Event as defined in the Receivables Purchase Agreements shall occur
between an Account Owner and the related Transferor; 
 then, (A) in the case of any event described in subparagraph (c), (d) or (f),
after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Investor Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount of the Investor Certificates of this
Series by notice then given in writing to the Transferors and the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may declare that a Pay-Out Event has occurred with
respect to this Series as of the date of such notice; (B) in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event shall occur with respect to this Series without any
notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event; and (C) in the case of any event described in subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event
(or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that (x) as of the date of such event, the average of the Monthly
Receivables Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly
Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables outstanding in the Trust does not at least equal the Required Minimum
Principal Balance (without giving effect to Principal Receivables attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer Restriction Event has occurred). 

ARTICLE VII 

Optional Repurchase; Series Termination 

Section 7.01. Optional Repurchase. 

(a) So long as a Transferor is the Servicer or an Affiliate of the Servicer, on any day occurring on or after the date on which
the Invested Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 2017-5 Certificateholders’

  
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Interest, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date following such day. If, on the date on which a Transferor exercises such option, the long-term unsecured debt obligations of such Transferor purchasing the Series
2017-5 Certificateholders’ Interest is not rated at least in the third highest rating category by the Rating Agency, such Transferor shall deliver to the Trustee, with a copy to the Rating Agency, an
Officer’s Certificate of such Transferor which shall have attached to it the relevant fraudulent conveyance statute, if any, and set forth the factual basis for a conclusion that the exercise of such optional repurchase would not constitute a
fraudulent conveyance of such Transferor. 
 (b) The Transferors shall give the Servicer and the Trustee at least 30 days
prior written notice of the date on which the Transferors intend to exercise such purchase option. Not later than 12:00 noon, New York City time, on such day the Transferors shall deposit the Reassignment Amount into the Collection Account in
immediately available funds. Such purchase option is subject to payment in full of the Reassignment Amount. Following the deposit of the Reassignment Amount into the Collection Amount in accordance with the foregoing, the Invested Amount for Series 2017-5 shall be reduced to zero and the Series 2017-5 Certificateholders shall have no further interest in the Receivables. The Reassignment Amount shall be distributed as set
forth in subsection 8.01(b). 
 Section 7.02. Series Termination.

 (a) If, on the December 2024 Distribution Date, the Invested Amount (after giving effect to all changes therein on such
date) would be greater than zero, the Servicer, on behalf of the Trustee, shall, within the 40-day period which begins on such Distribution Date, solicit bids for the sale of Principal Receivables and the
related Finance Charge Receivables (or interests therein) in an amount equal to the Invested Amount at the close of business on the last day of the Monthly Period preceding the Series 2017-5 Termination Date
(after giving effect to all distributions required to be made on the Series 2017-5 Termination Date, except pursuant to this Section 7.02). Such bids shall require that such sale shall (subject to
subsection 7.02(b)) occur on the Series 2017-5 Termination Date. No Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such Transferor for purposes of United States
generally accepted accounting principles shall be entitled to participate in such bidding process or to purchase the Receivables; provided, however, that, to the extent the Collateral Interest Holder is not a Transferor, an Affiliate
thereof, an agent thereof or any other party consolidated with a Transferor for purposes of United States generally accepted accounting principles, the Collateral Interest Holder may participate in such bidding process. 

(b) The Servicer, on behalf of the Trustee, shall sell such Receivables (or interests therein) on the Series 2017-5 Termination Date to the bidder who made the highest cash purchase offer. The proceeds of any such sale shall be treated as Collections on the Receivables allocated to the Series
2017-5 Certificateholders pursuant to the Agreement and this Supplement; provided, however, that the Servicer shall determine conclusively the amount of such proceeds which are allocable to Finance
Charge Receivables and the amount of such proceeds which are allocable to Principal Receivables. During the period from the December 2024 Distribution Date to the Series 2017-5 Termination Date, the Servicer
shall continue to collect payments on the Receivables and allocate and deposit such Collections in accordance with the provisions of the Agreement and the Supplements. 

  
 35 

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 ARTICLE VIII 

Final Distributions 

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

(a)     (i) The amount to be paid by the Transferors with respect to Series 2017-5 in connection with a reassignment of Receivables to the Transferors pursuant to Section 2.06 of the Agreement shall equal the Reassignment Amount for the first Distribution Date following the Monthly
Period in which the reassignment obligation arises under the Agreement. 
 (ii) The amount to be paid by the
Transferors with respect to Series 2017-5 in connection with a repurchase of the Certificateholders’ Interest pursuant to Section 10.01 of the Agreement shall equal the sum of (x) the
Reassignment Amount for the Distribution Date of such repurchase and (y) the sum of (A) the excess, if any, of (I) a price equivalent to the average of bids quoted on the Record Date preceding the date of repurchase or, if not a
Business Day, on the next succeeding Business Day by at least two recognized dealers selected by the Trustee for the purchase by such dealers of a security which is similar to the Class A Certificates with a remaining maturity approximately
equal to the remaining maturity of the Class A Certificates and rated by each Rating Agency in the rating category originally assigned to the Class A Certificates over (II) the portion of the Reassignment Amount attributable to the
Class A Certificates and (B) the excess, if any, of (I) a price equivalent to the average of bids quoted on such Record Date, or if not a Business Day, on the next succeeding Business Day by at least two recognized dealers selected by
the Trustee for the purchase by such dealers of a security which is similar to the Class B Certificates with a remaining maturity approximately equal to the remaining maturity of the Class B Certificates and rated by each Rating Agency in
the rating category originally assigned to the Class B Certificates over (II) the portion of the Reassignment Amount attributable to the Class B Certificates. 

(b) With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 7.01 or any amounts
allocable to the Series 2017-5 Certificateholders’ Interest deposited into the Collection Account pursuant to Section 7.02, the Trustee shall, in accordance with the written direction of the
Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and
distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class A Certificateholders and
(y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution
Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on any prior Distribution Date,
will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class B
Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest previously due but not distributed to the Class B Certificateholders on
a prior Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B Certificateholders on any prior
Distribution Date, will be distributed to the Paying Agent for payment to the Class B Certificateholders and (iii) the balance, if any, will be distributed to the Collateral Interest Holder. 

  
 36 

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 (c) Notwithstanding anything to the contrary in this Supplement or the Agreement,
all amounts distributed to the Paying Agent pursuant to subsection 8.01(b) for payment to the Series 2017-5 Certificateholders shall be deemed distributed in full to the Series
2017-5 Certificateholders on the date on which such funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the
Agreement. 
 Section 8.02. Distribution of Proceeds of Sale, Disposition or Liquidation
of the Receivables pursuant to Section 9.01 of the Agreement. 
 (a) Not later than 12:00 noon, New
York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.01(b) of the Agreement, the Trustee shall in accordance with the written direction of the
Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the Class A Invested Amount on such Distribution
Date from the portion of the Insolvency Proceeds allocated to Series 2017-5 Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class A Certificateholders,
provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2017-5 Allocable Principal Collections and (y) the
Principal Allocation Percentage with respect to the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2017-5 Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed (x) the
product of (A) the portion of such Insolvency Proceeds allocated to Series 2017-5 Allocable Principal Collections and (B) the Principal Allocation Percentage with respect to the related Monthly
Period minus (y) the amount distributed to the Paying Agent pursuant to clause (i) of this sentence and (iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder. 

(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall in accordance with the written
direction of the Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly
Interest for such Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if
any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of
Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency
Proceeds allocated to Series 2017-5 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class A Floating
Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the
Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the
Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2017-5 Allocable Finance Charge Collections and distribute such amount to the Paying
Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series
2017-5 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating Percentage with respect to such
Monthly Period. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2017-5 Allocable Finance Charge Collections and (B) the Floating Allocation Percentage
with respect to the related Monthly Period exceeds the aggregate amount 

  
 37 

Table of Contents

 
distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Collateral Interest Holder. 

(c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent
pursuant to this Section for payment to the Series 2017-5 Certificateholders shall be distributed in full to the Series 2017-5 Certificateholders on the date on which
funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. 

ARTICLE IX 

Miscellaneous Provisions 

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

Section 9.02. Counterparts. This Supplement may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 

Section 9.03. Governing Law. THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.04. [Reserved]. 

Section 9.05. FATCA Matters. 

Each Certificate Owner and Series 2017-5 Certificateholder, by the purchase of a
Certificate or its acceptance of a beneficial interest therein, acknowledges that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding tax may apply. Each such Certificate Owner and
Series 2017-5 Certificateholder further agrees, upon request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status and understands that if
it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may be subject to United States withholding tax (without any corresponding gross-up).
Without limiting the foregoing, if a payment made under this Supplement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment were to fail to comply with FATCA (including the requirements of Code
Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver to the Transferors and the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Transferors or the Trustee, such
documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Transferors or the Trustee to comply with their respective obligations under FATCA, to
determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold from such payment. In addition, the Transferors shall deliver to the Trustee, at the time or times
prescribed by the Code and at such time or times reasonably requested by the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by
the Trustee to comply with its obligations under FATCA, and the Transferors understand that failure to provide such documentation may result in payments being subject to United States withholding tax. The Trustee shall be entitled to deduct
withholding tax imposed pursuant to FATCA, and shall have no obligation to gross up any payment or to 

  
 38 

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pay any additional amount as a result of such withholding tax. For these purposes, “FATCA” means Section 1471 through 1474 of the Code and any regulations or official
interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and
interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA after the date of this Supplement. 

Section 9.06. Uncertificated Securities. The Collateral Interest shall be delivered in
uncertificated form. 
 Section 9.07. Transfers of the Collateral Interest. 

(a) Unless otherwise consented to by the Transferors, no portion of the Collateral Interest or any interest therein may be
sold, conveyed, assigned, hypothecated, pledged, participated, exchanged or otherwise transferred (each, a “Transfer”) except in accordance with this Section 9.07 and only to a Permitted Assignee. Any attempted or purported
transfer, assignment, exchange, conveyance, pledge, hypothecation or grant other than to a Permitted Assignee shall be void. Unless otherwise consented to by the Transferors, no portion of the Collateral Interest or any interest therein may be
Transferred to any Person (each such Person acquiring the Collateral Interest or any interest therein, an “Assignee”) unless such Assignee shall have executed and delivered to the Transferors on or before the effective date of any
Transfer a letter substantially in the form attached hereto as Exhibit E (an “Investment Letter”), executed by such Assignee, with respect to the related Transfer to such Assignee of all or a portion of the Collateral
Interest. 
 (b) Each Assignee will certify that the Collateral Interest or the interest therein purchased by such Assignee
will be acquired for investment only and not with a view to any public distribution thereof, and that such Assignee will not offer to sell or otherwise dispose of the Collateral Interest or any interest therein so acquired by it in violation of any
of the registration requirements of the Securities Act, or any applicable state or other securities laws. Each Assignee will acknowledge and agree that (i) it has no right to require the Transferors to register under the Securities Act or any
other securities law the Collateral Interest or the interest therein to be acquired by the Assignee and (ii) the sale of the Collateral Interest is not being made by means of the prospectus prepared in connection with the sale of the Series 2017-5 Certificates. Each Assignee will agree with the Transferors that: (a) such Assignee will deliver to the Transferors an Investment Letter and (b) all of the statements made by such Assignee in its
Investment Letter shall be true and correct as of the date made. 
 (c) No portion of the Collateral Interest or any interest
therein may be Transferred to, and each Assignee will certify that it is not, (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA and subject to Title I of ERISA), (b) any “plan” (as defined in and
subject to Section 4975 of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA) by reason of a plan’s investment in the entity, including, without
limitation, an insurance company general account. 
 [The signature page follows this page.] 

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

			
	 AMERICAN EXPRESS RECEIVABLES

		 	 FINANCING CORPORATION III LLC,

		 	 as a Transferor

		
	 By:
	 	 /s/ Denise D. Roberts

		 	 Name: Denise D. Roberts

		 	 Title:   President

  

			
	 AMERICAN EXPRESS RECEIVABLES

		 	 FINANCING CORPORATION IV LLC,

		 	 as a Transferor

		
	 By:
	 	 /s/ Denise D. Roberts

		 	 Name: Denise D. Roberts

		 	 Title:   President

  

			
	 AMERICAN EXPRESS TRAVEL RELATED

		 	 SERVICES COMPANY, INC.,

		 	 as the Servicer

		
	 By:
	 	 /s/ David L. Yowan

		 	 Name: David L. Yowan

		 	 Title:   Treasurer

  

			
	 THE BANK OF NEW YORK MELLON,

		 	 as Trustee

		
	 By:
	 	 /s/ Esther Antoine

		 	 Name: Esther Antoine

		 	 Title:   Vice President

 [Signature page – Series 2017-5 Supplement] 

Table of Contents

  

					
		 	FORM OF CLASS A CERTIFICATE	  	EXHIBIT A-1
	  
 REGISTERED
	 		  	  

$                1/

	  
 No.
R-            
	 		  	  
 CUSIP No. 02588N AA3

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2017-5 

CLASS A FLOATING RATE ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
July 2022 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/5,000ths undivided interest 
 in
Class A of the 
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2017-5 

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated
from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 
 AMERICAN EXPRESS TRAVEL
RELATED SERVICES COMPANY, INC., 
 and other assets and interests constituting Trust Assets under the Third Amended and Restated Pooling and
Servicing Agreement referred to below. 
 (Not an interest in or obligation of American Express Travel Related Services
Company, Inc., American Express Centurion Bank, American Express Bank, FSB, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC or any of their respective affiliates) 

This certifies that CEDE & CO. (the “Class A Certificateholder”) is the registered owner of a
fractional undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Third Amended and Restated Pooling and Servicing Agreement, dated as of July 20, 2016 (as amended and restated and as 

 

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

  
 A-1-1 

Table of Contents

 
otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 2017-5 Supplement, dated as of July 31, 2017 (as
amended and supplemented, the “Supplement”), among American Express Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors (together, the
“Transferors”), American Express Travel Related Services Company, Inc., as servicer, and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the Trust consists of
(i) the Transferors’ ownership interest in a portfolio of receivables (the “Receivables”) existing in credit and charge accounts identified under the Agreement from time to time (the “Accounts”), (ii) all
Receivables generated under the Accounts from time to time thereafter, (iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection
Account, the Special Funding Account and any other Series Accounts and (v) all other assets and interests constituting the Trust. The Holder of this Certificate is entitled to the benefits of the subordination of the Class B Certificates
and the Collateral Interest to the extent provided in the Supplement. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof,
this Class A Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreement or the Supplement, as applicable. 

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

It is the intent of the Transferors and the Class A Certificateholder that, for federal, state and local income and
franchise tax purposes, the Class A Certificates will qualify as indebtedness of the Transferors secured by the Receivables. The Class A Certificateholder, by the acceptance of this Class A Certificate, agrees to treat this
Class A Certificate for federal, state and local income and franchise tax purposes as debt of the Transferors. 
 In
general, payments of principal with respect to the Class A Certificates are limited to the Class A Invested Amount, which may be less than the unpaid principal balance of the Class A Certificates. The Expected Final Payment Date is
the July 2022 Distribution Date, but principal with respect to the Class A Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled
Accumulation Period there are not sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such
shortfalls, the final payment of principal of the Class A Certificates will occur later than the Expected Final Payment Date. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this
Class A Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  
 A-1-2 

Table of Contents

 IN WITNESS WHEREOF, the Transferors have caused this Class A Certificate to
be duly executed. 
  

			
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  

			
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Dated: July 31, 2017 

  
 A-1-3 

Table of Contents

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2017-5 Class A
Certificates described in the within-mentioned Agreement and Supplement. 
  

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

  

			
		 	 or

		
	 By:
	 	 
		 	 as Authenticating Agent

for the Trustee

  

			
		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-1-4 

Table of Contents

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2017-5 

CLASS A FLOATING RATE ASSET BACKED CERTIFICATE 

Summary of Terms and Conditions 

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts
advanced to cardmembers as cash advances and Finance Charge Receivables. This Class A Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 2017-5
(the “Series 2017-5 Certificates”), and one of a class thereof entitled Class A Series 2017-5 Floating Rate Asset Backed Certificates (the
“Class A Certificates”), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all
outstanding Series (the “Certificateholders’ Interest”) with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class A Certificates at any time in the
Principal Receivables in the Trust shall not exceed an amount equal to the Class A Invested Amount at such time. The Class A Initial Invested Amount is $500,000,000. The Class A Invested Amount on any date will be an amount equal to
(a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class A Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate
amount of Class A Investor Charge-Offs for all prior Distribution Dates over Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) of the Supplement prior to such date. 

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

On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder of record on the last day
of the preceding calendar month (each a “Record Date”) such Class A Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are
payable to the Class A Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class A Certificate will be made by the Paying Agent by check mailed to the address of the Class A
Certificateholder of record appearing in the Certificate Register without the presentation or surrender of this Class A Certificate or the making of any notation thereon (except for the final distribution in respect of this Class A
Certificate) except that with respect to Class A Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of
this Class A Certificate will be made only upon presentation and surrender of this Class A Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2017-5 Certificateholders in accordance with the Agreement and the Supplement. 
 On any
day occurring on or after the day on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, the Transferors have the option to repurchase the Series 2017-5 Certificateholders’
Interest in the Trust. The repurchase price will be equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the
Distribution Date following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series 2017-5 Certificateholders will not have any interest in the Receivables and the Series 2017-5 Certificates will represent only the right to receive such Reassignment Amount. 

  
 A-1-5 

Table of Contents

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

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

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

The Servicer, the Transferors, the Trustee, the Paying Agent and the Transfer Agent and Registrar and any agent of any of
them, may treat the person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and none of the Servicer, the Transferors, the Trustee, the Paying Agent, the Transfer Agent and Registrar, or any agent of
any of them, shall be affected by notice to the contrary except in certain circumstances described in the Agreement. 

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

  
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 ASSIGNMENT 

Social Security or other identifying number of assignee
                     

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

			
	  
	  	
	(name and address of assignee)	  	

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

							
	
Dated:                    

	 		 	                                  
  2/
		 		 	 Signature Guaranteed:

				
		 		 		 	 

  

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

  
 A-1-7 

Table of Contents

					
		 	FORM OF CLASS B CERTIFICATE	  	EXHIBIT A-2

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

					
	  
 REGISTERED
	 		  	  

$                3/

	  
 No.
R-            
	 		  	  
 CUSIP No. 02588N AB1

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2017-5 

CLASS B FLOATING RATE ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
July 2022 Distribution Date 
 Each $100,000 minimum denomination represents a 

1/18679/100ths undivided interest 
 in Class B of the 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2017-5 

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists primarily of an interest in receivables generated
from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 
 AMERICAN EXPRESS TRAVEL
RELATED SERVICES COMPANY, INC., 
 and other assets and interests constituting Trust Assets under the Third Amended and Restated Pooling and
Servicing Agreement referred to below. 
 (Not an interest in or obligation of American Express Travel Related Services Company, Inc., 

American Express Centurion Bank, American Express Bank, FSB, American Express Receivables 

 

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

  
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Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC or any of 

their respective affiliates) 

This certifies that CEDE & CO. (the “Class B Certificateholder”) is the registered owner of a
fractional, undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Third Amended and Restated Pooling and Servicing Agreement, dated as of July 20, 2016 (as amended and restated and otherwise
amended and supplemented, the “Agreement”), as supplemented by the Series 2017-5 Supplement, dated as of July 31, 2017 (as amended and supplemented, the “Supplement”),
among American Express Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors (together, the “Transferors”), American Express Travel Related Services Company, Inc., as
servicer, and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the Trust consists of (i) the Transferors’ ownership interest in a portfolio of receivables (the
“Receivables”) existing in credit and charge accounts identified under the Agreement from time to time (the “Accounts”), (ii) all Receivables generated under the Accounts from time to time thereafter,
(iii) funds collected or to be collected from cardmembers in respect of the Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account, and any other Series Accounts and
(v) all other assets and interests constituting the Trust. Although a summary of certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this
Class B Certificate does not purport to summarize the Agreement and the Supplement and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreement or the Supplement, as applicable. 

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

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

  
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 It is the intent of the Transferors and the Class B Certificateholder that,
for federal, state and local income and franchise tax purposes, the Class B Certificates will qualify as indebtedness of the Transferors secured by the Receivables. The Class B Certificateholder, by the acceptance of this Class B
Certificate, agrees to treat this Class B Certificate for federal, state and local income and franchise tax purposes as debt of the Transferors. 

In general, payments of principal with respect to the Class B Certificates are limited to the Class B Invested
Amount, which may be less than the unpaid principal balance of the Class B Certificates. The Expected Final Payment Date is the July 2022 Distribution Date, but principal with respect to the Class B Certificates may be paid earlier or
later under certain circumstances described in the Agreement and the Supplement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess
funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the Class B Certificates will occur later than the Expected Final
Payment Date. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual
signature, this Class B Certificate shall not be entitled to any benefit under the Agreement or the Supplement or be valid for any purpose. 

  
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 IN WITNESS WHEREOF, the Transferors have caused this Class B Certificate to
be duly executed. 
  

			
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  

			
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Dated: July 31, 2017 

  
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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the American Express Credit Account Master Trust Series 2017-5
Class B Certificates described in the within mentioned Agreement and Supplement. 
  

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

  

			
	 or

		
	 By:
	 	 
		 	 as Authenticating Agent

for the Trustee

  

			
	 By:
	 	 
		 	 Authorized Signatory

  
 A-2-5 

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 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2017-5 

CLASS B FLOATING RATE ASSET BACKED CERTIFICATE 

Summary of Terms and Conditions 

The Receivables consist of Principal Receivables which arise generally from the purchase of goods and services and amounts
advanced to cardmembers as cash advances and Finance Charge Receivables. This Class B Certificate is one of a Series of Certificates entitled American Express Credit Account Master Trust, Series 2017-5
(the “Series 2017-5 Certificates”), and one of a class thereof entitled Class B Series 2017-5 Floating Rate Asset Backed Certificates (the
“Class B Certificates”), each of which represents a fractional, undivided interest in certain assets of the Trust. The assets of the Trust are allocated in part to the investor certificateholders of all
outstanding Series (the “Certificateholders’ Interest”) with the remainder allocated to the Holders of the Transferor Certificates. The aggregate interest represented by the Class B Certificates at any time in the
Principal Receivables in the Trust shall not exceed an amount equal to the Class B Invested Amount at such time. The Class B Initial Invested Amount is $18,679,000. The Class B Invested Amount on any date will be an amount equal to
(a) the Class B Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class B Certificateholder on or prior to such date, minus (c) the excess, if any, of the aggregate
amount of Class B Investor Charge-Offs for all prior Distribution Dates over Class B Investor Charge-Offs reimbursed, minus (d) the amount of Reallocated Principal Collections allocated on all prior Distribution Dates pursuant
to subsection 4.08(a) of the Supplement (excluding any Reallocated Principal Collections that have resulted in a reduction in the Collateral Invested Amount pursuant to Section 4.08), minus (e) an amount equal to the amount by which
the Class B Invested Amount has been reduced to cover the Class A Investor Default Amount on all prior Distribution Dates, and plus (f) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-5 and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Class B Invested Amount
may not be reduced below zero. 
 Subject to the terms and conditions of the Agreement, the Transferors may, from time to
time, direct the Trustee, on behalf of the Trust, to issue one or more new Series of Investor Certificates, which will represent fractional, undivided interests in certain of the Trust Assets. 

On each Distribution Date, the Paying Agent shall distribute to each Class B Certificateholder of record on the last day
of the preceding calendar month (each a “Record Date”) such Class B Certificateholder’s pro rata share of such amounts (including amounts on deposit in the Collection Account and Principal Funding Account) as are
payable to the Class B Certificateholder pursuant to the Agreement and the Supplement. Distributions with respect to this Class B Certificate will be made by the Paying Agent by check mailed to the address of the Class B
Certificateholder of record appearing in the Certificate Register without the presentation or surrender of this Class B Certificate or the making of any notation thereon (except for the final distribution in respect of this Class B
Certificate) except that with respect to Class B Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company, distributions will be made in the form of immediately available funds. Final payment of
this Class B Certificate will be made only upon presentation and surrender of this Class B Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2017-5 Certificateholders in accordance with the Agreement and the Supplement. 
 On any
day occurring on or after the day on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, the Transferors have the option to repurchase the Series 2017-5

  
 A-2-6 

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Certificateholders’ Interest in the Trust. The repurchase price will be equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or
(b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date next following such day. Following the deposit of the Reassignment Amount in the Collection Account, Series
2017-5 Certificateholders will not have any interest in the Receivables and the Series 2017-5 Certificates will represent only the right to receive such Reassignment
Amount. 
 This Class B Certificate does not represent an obligation of, or an interest in, the Transferors or the
Servicer or any affiliate of any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality. This Class B Certificate is limited in right of payment to certain
Collections with respect to the Receivables (and certain other amounts), all as more specifically set forth hereinabove and in the Agreement and the Supplement. 

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

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

The Servicer, the Transferors, the Trustee, the Paying Agent and the Transfer Agent and Registrar and any agent of any of
them, may treat the person in whose name this Class B Certificate is registered as the owner hereof for all purposes, and none of the Servicer, the Transferors, the Trustee, the Paying Agent, the Transfer Agent and Registrar, or any agent of
any of them, shall be affected by notice to the contrary except in certain circumstances described in the Agreement. 

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

  
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 ASSIGNMENT 

Social Security or other identifying number of assignee
                 

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

			
	  
	  	
	(name and address of assignee)	  	

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

							
	 Dated:                
	 		 	                                  
  4/
			
		 		 	 Signature Guaranteed:

				
		 		 		 	 

  

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

  
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 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO THE TRUSTEE 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 SERIES 2017-5 

 
  

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc.
(“TRS”), as Servicer pursuant to the Third Amended and Restated Pooling and Servicing Agreement, dated as of July 20, 2016 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing
Agreement”), among TRS, American Express Receivables Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors (together, the “Transferors”), and The Bank of New York Mellon
(formerly The Bank of New York), as trustee (the “Trustee”), does hereby certify as follows: 
 1.
Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2017-5 Supplement, dated as of July 31, 2017, among TRS, the
Transferors and the Trustee (as amended and supplemented, the “Supplement”), as applicable. 
 2. TRS is
the Servicer. 
 3. The undersigned is a Servicing Officer. 

I. INSTRUCTION TO MAKE A WITHDRAWAL 

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

  

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

  
 B-1 

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

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

  
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Table of Contents

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

 

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

 Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee to apply on
                , which is a Distribution Date under the Supplement, any Excess Spread and Excess Finance Charge Collections allocated to
Series 2017-5 as follows: 
  

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

  
 B-3 

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

  
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	 J)
	  	 Pursuant to subsection 4.07(i):
	  			
			
		  	 The amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d) and
(e) of the definition thereof allocated to Available Principal Collections
	  	 	 $        
	 
			
	 K)
	  	 Pursuant to subsection 4.07(j):
	  			
			
		  	 The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the
Reserve Account
	  	 	 $        
	 
			
	 L)
	  	 Pursuant to subsection 4.07(k):
	  			
			
		  	 Amount distributed to the Collateral Interest Holder
	  	 	 $        
	 

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

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

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

  
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	 E)
	  	 Pursuant to subsection 5.01(e):
	  			
			
		  	 Aggregate amount to be distributed to the Collateral Interest Holder
	  	 	 $        
	 

 III. ACCRUED AND UNPAID AMOUNTS 

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

									
	 1.
	  	 Subsection 4.06(a):
	  			
			
		  	 The aggregate amount of all unreimbursed Class A Investor Charge-Offs
	  	 	 $        
	 
			
	 2.
	  	 Subsection 4.06(a), (b) and 4.08(a):
	  			
			
		  	 The aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c), (d)
and (e) of the definition thereof
	  	 	 $        
	 
			
	 3.
	  	 Subsection 4.06(a), (b), (c) and 4.08(a), (b) and (c):
	  			
			
		  	 The aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c), (d)
and (e) of the definition thereof
	  	 	 $        
	 

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

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

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
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 EXHIBIT C-1 

FORM OF MONTHLY STATEMENT 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 
  

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

  
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 B SERIES ALLOCATIONS 

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

 C. GROUP ALLOCATIONS (1) 

																																									
	 	  	Invested
Amount	 	  	Investor
Finance
Charge
Collections	 	  	Investor
Monthly
Interest	 	  	Investor
Default
Amount	 	  	Investor
Monthly
Fees	 	  	Investor
Additional
Amounts	 	  	Total	 	  	Reallocated
Investor
Finance
Charge
Collections	 	  	Investment
Funding
Account
Proceeds	 	  	Available
Excess	 
	 Group
	  	$	            	 	  	$	            	 	  	$	            	 	  	$	            	 	  	$	            	 	  	$	            	 	  	$	            	 	  	$	            	 	  	$	            	 	  	$	            	 
	 Total
	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 
	 Trust Total
	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 	  	$		 

  

													
		  	 
	Group Investor
Finance Charge Collections	 
 	  	 	Group Expenses	 	  	 
	Group Reallocable Investor
Finance Charge Collections	 
 
	 Group
	  	$	            	 	  				  			
		  	  
	  
	 	  				  			

  

	 (1)
	 Series 2009-D-II, Series 2016-E-I and Series 2016-E-II do not share in group allocations with other series. Therefore,
certain figures set forth in section “B. Series Allocations” above, which include Series 2009-D-II, Series 2016-E-I and Series 2016-E-II, will not equal the corresponding figures set forth in this section “C. Group
Allocations.” 

 D. TRUST PERFORMANCE 

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

  

							
	 Loss Experience:
	  		  			
		  	 Ending Principal Receivables Balance
	  			
		  		  	  
	  
	 
		  	 Defaulted Amount
	  			
		  		  	  
	  
	 
		  	 Recoveries
	  			
		  		  	  
	  
	 
		  	 Net Default Amount
	  			
		  		  	  
	  
	 
		  	 Annualized Default Rate
	  	 	            	% 
		  		  	  
	  
	 

  
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		  	 Annualized Recovery Rate
	  	 	            	% 
		  		  	  
	  
	 
		  	 Annualized Default Rate, Net of Recoveries
	  	 	            	% 
		  		  	  
	  
	 
		  	 Number of Accounts Experiencing a Loss
	  			
		  		  	  
	  
	 
		  	 Number of Accounts Experiencing a Recovery
	  			
		  		  	  
	  
	 
		  	 Average Net Default Amount per Account Experiencing a Loss
	  			
		  		  	  
	  
	 

 E. REPURCHASES AND REPLACEMENTS 

					
	 Information required by Rule 15Ga-1(a) concerning the
Trust:

	 [No activity to report for reporting period.]

	 Most recent Form
ABS-15G:

	 Form ABS-15G filed on
             under CIK number             

F. ASSET REVIEW 

					
	 Information required by Item 1121(d)(1) of Regulation AB concerning the Trust:

	 [No activity to report for reporting period.]

	 Information required by Item 1121(d)(2) of Regulation AB concerning the Trust:

	 [There has been no change to the Asset Representation Reviewer during the reporting
period.]

 G. INVESTOR COMMUNICATION 

					
	 Information required by Item 1121(e) of Regulation AB concerning the Trust:

	 [No activity to report for reporting period.]

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

	 [ADDRESS]

	 [PHONE NUMBER]

	 [EMAIL]]

 

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

  
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	 SERIES 2017-5 CERTIFICATES
	 
					
	 A. INVESTOR/

TRANSFEROR

ALLOCATIONS
	  	SERIES
ALLOCATIONS	 	 	TOTAL
INVESTOR
INTEREST	 	 	TRANSFERORS’
INTEREST	 	 	 	 
	 Beginning Invested Amount/Transferor Amount
	  	$	            	 	 	$	            	 	 	$	            	 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			
	 Beginning Adjusted Invested Amount
	  	$		 	 	$		 	 	$		 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			
	 Floating Allocation Percentage
	  	 	            	% 	 	 	            	% 	 	 	            	% 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			
	 Principal Allocation Percentage
	  	 	            	% 	 	 	            	% 	 	 	            	% 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			
	 Collections of Finance Charge Receivables
	  	$		 	 	$		 	 	$		 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			
	 Collections of Principal Receivables
	  	$		 	 	$		 	 	$		 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			
	 Defaulted Amount
	  	$		 	 	$		 	 	$		 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			
	 Ending Invested Amount/Transferor Amount
	  	$		 	 	$		 	 	$		 	 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 			

  

																	
	 B. MONTHLY PERIOD

FUNDING

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

  
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	 Coupon
             to             
	  	 	            	% 	 	 	            	% 	 	 	            	% 	 	 	            	% 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Monthly Interest Due
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Outstanding Monthly Interest Due
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Additional Interest Due
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total Interest Due
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Investor Default Amount
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Investor Monthly Fees Due
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Investor Additional Amounts Due
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total Due
	  	$		 	 	$		 	 	$		 	 	$		 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
					
	 Reallocated Investor Finance Charge Collections
	  				 				 				 	$		 
		  				 				 				 	  
	  
	 
	 Interest and Principal Funding Investment Proceeds
	  				 				 				 	$		 
		  				 				 				 	  
	  
	 
	 Interest on Reserve Account
	  				 				 				 	$		 
		  				 				 				 	  
	  
	 
	 Series Adjusted Portfolio Yield
	  				 				 				 	 	            	% 
		  				 				 				 	  
	  
	 
	 Base Rate
	  				 				 				 	 	            	% 
		  				 				 				 	  
	  
	 
	 Excess Spread Percentage
	  				 				 				 	 	            	% 
		  				 				 				 	  
	  
	 

  

																	
	 C. CERTIFICATES –

BALANCES AND

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

  
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	 D)    Information regarding distributions on the
Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount.
	  	
			
		 	 (1)    The total amount of the distribution:
	  	 $            

		 		  	  

			
		 	 (2)    The amount of the distribution in respect of
Class A Monthly Interest:
	  	 $       

		 		  	  

			
		 	 (3)    The amount of the distribution in respect of
Class A Outstanding Monthly Interest:
	  	 $       

		 		  	  

			
		 	 (4)    The amount of the distribution in respect of
Class A Additional Interest:
	  	 $       

		 		  	  

			
		 	 (5)    The amount of the distribution in respect of principal
of the Class A Certificates:
	  	 $       

		 		  	  

		
	 E)     Class A Investor Charge-Offs and
Reimbursement of Class A Investor Charge-Offs.
	  	
			
		 	 (1)    The total amount of Class A Investor
Charge-Offs:
	  	 $       

		 		  	  

			
		 	 (2)    The amount of Class A Investor Charge-Offs per
$1,000 original certificate principal amount:
	  	 $       

		 		  	  

			
		 	 (3)    The total amount reimbursed in respect of Class A
Investor Charge-Offs:
	  	 $       

		 		  	  

			
		 	 (4)    The amount reimbursed in respect of Class A
Investor Charge-Offs per $1,000 original certificate principal amount:
	  	 $       

		 		  	  

			
		 	 (5)    The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date:
	  	 $       

		 		  	  

		
	 F)     Information regarding distributions in
respect of the Class B Certificates, per $1,000 original certificate principal amount.
	  	
			
		 	 (1)    The total amount of the distribution in respect of
Class B Certificates:
	  	 $       

		 		  	  

			
		 	 (2)    The amount of the distribution in respect of
Class B Monthly Interest:
	  	 $       

		 		  	  

  
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		 	 (3)    The amount of the distribution in respect of
Class B Outstanding Monthly Interest:
	  	 $            

		 		  	  

			
		 	 (4)    The amount of the distribution in respect of
Class B Additional Interest:
	  	 $       

		 		  	  

			
		 	 (5)    The amount of the distribution in respect of principal
of the Class B Certificates:
	  	 $       

		 		  	  

		
	 G)    Amount of reductions in Class B
Invested Amount pursuant to clauses (c), (d), and (e) of the definition of Class B Invested Amount on such Distribution Date.
	  	
			
		 	 (1)    The amount of reductions in Class B Invested
Amount pursuant to clauses (c), (d) and (e) of the definition of Class B Invested Amount:
	  	 $       

		 		  	  

			
		 	 (2)    The amount of the reductions in the Class B
Invested Amount per $1,000 original certificate principal amount:
	  	 $       

		 		  	  

			
		 	 (3)    The total amount reimbursed in respect of such
reductions in the Class B Invested Amount:
	  	 $       

		 		  	  

			
		 	 (4)    The amount reimbursed in respect of such reductions in
the Class B Invested Amount, per $1,000 original certificate principal amount:
	  	 $       

		 		  	  

			
		 	 (5)    The amount, if any, by which the outstanding principal
balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date:
	  	 $       

		 		  	  

		
	 H)    Information regarding distributions on the
Distribution Date to the Collateral Interest Holder.
	  	
			
		 	 (1)    The total amount distributed to the Collateral Interest
Holder:
	  	 $       

		 		  	  

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

		 		  	  

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

		 		  	  

			
		 	 (4)    The amount distributed to the Collateral Interest
Holder in respect of principal on the Collateral Invested Amount:
	  	 $       

		 		  	  

  
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		 	 (5)    The amount of the distribution to the Collateral
Interest Holder in respect of remaining Excess Spread:
	  	 $            

		 		  	  

		
	 I)      Amount of reductions in
Collateral Invested Amount pursuant to clauses (c), (d), and (e) of the definition of Collateral Invested Amount.
	  	
			
		 	 (1)    The amount of reductions in the Collateral Invested
Amount pursuant to clauses (c), (d) and (e) of the definition of Collateral Invested Amount:
	  	 $       

		 		  	  

			
		 	 (2)    The total amount reimbursed in respect of such
reductions in the Collateral Invested Amount:
	  	 $       

		 		  	  

  
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 J. APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS 

					
	 1. CLASS A AVAILABLE FUNDS
	  	$		 
		  	  
	  
	 
	 a. Class A Monthly Interest
	  	$	            	 
		  	  
	  
	 
	 b. Class A Outstanding Monthly Interest
	  	$		 
		  	  
	  
	 
	 c. Class A Additional Interest
	  	$		 
		  	  
	  
	 
	 d. Class A Investor Default Amount (treated as Available Principal
Collections)
	  	$		 
		  	  
	  
	 
	 e. Excess Spread
	  	$		 
		  	  
	  
	 
	 2. CLASS B AVAILABLE FUNDS
	  	$		 
		  	  
	  
	 
	 a. Class B Monthly Interest
	  	$		 
		  	  
	  
	 
	 b. Class B Outstanding Monthly Interest
	  	$		 
		  	  
	  
	 
	 c. Class B Additional Interest
	  	$		 
		  	  
	  
	 
	 d. Excess Spread
	  	$		 
		  	  
	  
	 
	 3. COLLATERAL AVAILABLE FUNDS
	  	$		 
		  	  
	  
	 
	 a. Excess Spread
	  	$		 
		  	  
	  
	 
	 4. TOTAL EXCESS SPREAD
	  	$		 
		  	  
	  
	 

  

					
	 K. REALLOCATED PRINCIPAL COLLECTIONS
	 
	 1. Principal Allocation Percentage
	  	 	            	% 
		  	  
	  
	 
	 2. Series 2017-5 Allocable Principal
Collections
	  	$	            	 
		  	  
	  
	 
	 3. Principal Allocation Percentage of Series
2017-5 Allocable Principal Collections
	  	$		 
		  	  
	  
	 
	 4. Reallocated Principal Collections Required to fund the Required Amount
	  	$		 
		  	  
	  
	 
	 5. Item 3 minus Item 4
	  	$		 
		  	  
	  
	 
	 6. Shared Principal Collections from other Series allocated to Series 2017-5
	  	$		 
		  	  
	  
	 
	 7. Other amounts treated as Available Principal Collections
	  	$		 
		  	  
	  
	 
	 8. Available Principal Collections (total of items 5, 6 and 7)
	  	$		 
		  	  
	  
	 

  

					
	 L. APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
	 
	 1. Collateral Invested Amount
	  	$	            	 
		  	  
	  
	 
	 2. Required Collateral Invested Amount
	  	$		 
		  	  
	  
	 
	 3. Excess of Collateral Invested Amount over Required Collateral Invested
Amount
	  	$		 
		  	  
	  
	 
	 4. Treated as Shared Principal Collections
	  	$		 
		  	  
	  
	 

  

					
	 M. APPLICATION OF PRINCIPAL COLLECTIONS DURING ACCUMULATION OR AMORTIZATION PERIOD
	 
	 1. Principal Funding Account
	  	$	            	 
		  	  
	  
	 
	 2. Excess of Collateral Invested Amount over Required Collateral Invested
Amount
	  	$		 
		  	  
	  
	 
	 3. Distribution of Principal
	  	$		 
		  	  
	  
	 

  
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	 4. Treated as Shared Principal Collections
	  	$	            	 
		  	  
	  
	 

  

					
	 N. APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2017-5
	 
	 1. Excess Spread
	  	$	            	 
		  	  
	  
	 
	 2. Excess Finance Charge Collections
	  	$		 
		  	  
	  
	 
	 3. Applied to fund Class A Required Amount
	  	$		 
		  	  
	  
	 
	 4. Class A Investor Charge-Offs treated as Available Principal
Collections
	  	$		 
		  	  
	  
	 
	 5. Applied to fund overdue Class B Interest
	  	$		 
		  	  
	  
	 
	 6. Applied to fund Class B Required Amount
	  	$		 
		  	  
	  
	 
	 7. Reduction of Class B Invested Amount treated as Available Principal
Collections
	  	$		 
		  	  
	  
	 
	 8. Applied to Collateral Senior
Minimum Monthly Interest
	  	$		 
		  	  
	  
	 
	 9. Applied to unpaid Monthly Servicing Fee
	  	$		 
		  	  
	  
	 
	 10. Collateral Default Amount treated as Available Principal Collections
	  	$		 
		  	  
	  
	 
	 11. Reduction of Collateral Invested Amount treated as Available Principal
Collections
	  	$		 
		  	  
	  
	 
	 12. Deposited to Reserve Account
	  	$		 
		  	  
	  
	 
	 13. Remaining Excess Spread distributed to Collateral Interest Holder(s)
	  	$		 
		  	  
	  
	 

  

					
	 O. YIELD AND BASE RATE
	  			
	 1. Base Rate
	  			
	 a. Current Monthly Period
	  	 	            	% 
		  	  
	  
	 
	 b. Prior Monthly Period
	  	 	            	% 
		  	  
	  
	 
	 c. Second Prior Monthly Period
	  	 	            	% 
		  	  
	  
	 
	 2. Three Month Average Base Rate
	  	 	            	% 
		  	  
	  
	 
	 3. Series Adjusted Portfolio Yield
	  			
	 a. Current Monthly Period
	  	 	            	% 
		  	  
	  
	 
	 b. Prior Monthly Period
	  	 	            	% 
		  	  
	  
	 
	 c. Second Prior Monthly Period
	  	 	            	% 
		  	  
	  
	 
	 4. Three Month average Series Adjusted Portfolio Yield
	  	 	            	% 
		  	  
	  
	 
	 5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month
average Base Rate?
	  	 	[Yes/No	] 

  
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	 P. REASSIGNMENT AMOUNT
	  			
	 Adjusted Invested Amount
	  	$	            	 
		  	  
	  
	 
	 Monthly Interest
	  	$		 
		  	  
	  
	 
	 Monthly Interest previously due but not paid
	  	$		 
		  	  
	  
	 
	 Additional Interest
	  	$		 
		  	  
	  
	 
	 Additional Interest previously due but not paid
	  	$		 
		  	  
	  
	 
	 Reassignment Amount
	  	$		 
		  	  
	  
	 

  
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 EXHIBIT C-2 

FORM OF ANNUAL PAYMENT INFORMATION 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 2017-5 

FOR THE YEAR ENDED DECEMBER 31, 20[_] 

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”),
as Servicer pursuant to the Third Amended and Restated Pooling and Servicing Agreement, dated as of July 20, 2016 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS,
American Express Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and American Express Receivable Financing Corporation IV LLC, as transferors (together, the “Transferors”) and The Bank of New
York Mellon, as trustee (the “Trustee”), does hereby certify as follows: 
 Capitalized terms used in this
Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2017-5 Supplement, dated as of July 31, 2017, among TRS, the Transferors and the Trustee (as
amended and supplemented, the “Supplement”), as applicable. 
 Pursuant to Section 5.01 of the Series
Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31,
20[        ]: 
  

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

  
 C-2-1 

Table of Contents

							
			
		  	 Aggregate amount distributed to the Collateral Interest Holder in respect of principal
	  	$	                    	 

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

 

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

		
	 By:
	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  
 C-2-2 

Table of Contents

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc., as Servicer
(“TRS”), pursuant to the Third Amended and Restated Pooling and Servicing Agreement, dated as of July 20, 2016 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), as
supplemented by the Series Supplements (as amended and supplemented, the “Series Supplements”), among TRS, as Servicer, American Express Receivables Financing Corporation III LLC and American Express Receivables Financing
Corporation IV LLC, as Transferors, and The Bank of New York Mellon, as Trustee, does hereby certify as follows: 
 1.
Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as applicable. 

2. TRS is, as of the date hereof, the Servicer under the Agreement. 

3. The undersigned is a Servicing Officer. 

4.    This Certificate relates to the Distribution Date occurring on
                             ,
20     and covers activity from                     
        , 20     through
                             ,
20    . 
 5. As of the date hereof, to the best knowledge of the undersigned, the Servicer has
performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date [or, if there has been a default in the performance of any such obligation, set forth in detail the
(i) nature of such default, (ii) the action taken by the Servicer, if any, to remedy such default and (iii) the current status of each such default; if applicable, insert “None”]. 

6. As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event occurred on or prior to such Distribution
Date. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this
     day of                     , 20    . 

 

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

		
	 By:
	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  
 D-1 

Table of Contents

 EXHIBIT E 

FORM OF INVESTMENT LETTER 
 [Date]

 Re: American Express Credit Account Master Trust; 

Purchases of Series 2017-5 Collateral Interest 

Ladies and Gentlemen: 

This letter (the “Investment Letter”) is delivered by the undersigned (the “Purchaser”) pursuant to
Section 9.07 of the Series 2017-5 Supplement, dated as of July 31, 2017 (the “Series Supplement”) to Third Amended and Restated Pooling and Servicing Agreement, dated as of July 20,
2016 (as amended and restated and as otherwise amended and supplemented, the “Agreement”), each among The Bank of New York Mellon, as Trustee, American Express Receivables Financing Corporation III LLC and American Express Receivables
Financing Corporation IV LLC, as Transferors, and American Express Travel Related Services Company, Inc., as Servicer. Capitalized terms used herein without definition shall have the meanings set forth in the Agreement. The Purchaser represents to
and agrees with the Transferors as follows: 
  

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

  

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

  

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

  
 E-1 

Table of Contents

	 	 (d)
	 No portion of the Collateral Interest or any interest therein may be Transferred, and each Assignee will
certify that it is not, (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any “plan” (as defined in Section 4975(e)(1) of the Code)
including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation
Section 2510.3-101, 29 C.F.R. § 2510.3-101 or otherwise under ERISA) by reason of a plan’s investment in the entity, including, without limitation, an
insurance company general account. 

  

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

  

					
	 Very truly yours,

	
	 [NAME OF PURCHASER]

		
	 By:
	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  

					
	 AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:

	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC,

as Transferor

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

as Transferor

		
	 By:
	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  
 E-2Net 1 UEPS Technologies, Inc.: Exhibit 10.77- Filed by newsfilecorp.com

Exhibit 10.77 
 

Execution Version 

	 
	MASTER IMPLEMENTATION AND FUNDS FLOW AGREEMENT
  
	 

between 

THE PARTIES LISTED IN SCHEDULE 1 

     d 

CONTENTS 

	1.
    	DEFINITIONS
    AND INTERPRETATION 	2
  
	2.
    	CONDITIONS
    	18
  
	3.
    	APPOINTMENT
    OF DESIGNATED REPRESENTATIVES/CP SATISFACTION LETTERS 	19
  
	4.
    	APPOINTMENT
    OF FUNDS FLOW BANK 	19
  
	5.
    	ESCROW
    	20
  
	6.
    	PRE-CLOSING
    MEETINGS 	21
  
	7.
    	FUNDING
      OF FUNDS FLOW BANK ACCOUNTS/EXISTING BONDHOLDER DISTRIBUTION
    INSTRUCTION 	21 
	8.
    	FLOW
    OF FUNDS AND TRANSACTION STEPS 	22
  
	9.
    	TRANSACTION
    STEPS 	24
  
	10.
    	IMPLEMENTATION/TIMING
    	30
  
	11.
    	INDEMNIFICATION
    	30
  
	12.
    	FUNDS
    FLOW BANK ACCOUNTS 	31
  
	13.
    	CONFIDENTIALITY
    	31
  
	14.
    	GENERAL
    	33
  
	15.
    	NOTICES
    AND DOMICILIA 	35
  
	SCHEDULE
    1 PARTIES TO THIS AGREEMENT 	47
  
	SCHEDULE
    2 M5 	49
  
	SCHEDULE
    3 FUNDS FLOW BANK ACCOUNTS AND BANK ACCOUNTS 	50
  
	SCHEDULE
    4 DESIGNATED REPRESENTATIVES 	54
  
	SCHEDULE
    5 ADDRESSES AND DETAILS 	55
  
	SCHEDULE
    6 ESCROW DOCUMENTS DELIVERY CONFIRMATION 	61
  
	SCHEDULE
    7 ESCROW AGENT CONFIRMATION 	62
  
	SCHEDULE
    8 FUNDS FLOW BANK PRE-CLOSING STEP 2 CONFIRMATION 	63
  
	SCHEDULE
    9 FUNDS FLOW BANK PRE-CLOSING STEP 3 CONFIRMATION 	64
  
	SCHEDULE
    10 CLOSING CONFIRMATION 	65
  
	SCHEDULE
    11 FORM OF CP SATISFACTION LETTER 	66
  
	SCHEDULE
    12 FUNDS FLOW BANK PAYMENTS SCHEDULE 	67
  
	SCHEDULE
    13 TRANSACTION DOCUMENTS EXECUTION CONFIRMATION 	68

PARTIES: 

This Agreement is made between the Parties listed in Schedule
1. 

WHEREAS 

	A. 	
      Each of the Parties is a party to certain of the
      Transaction Documents.

	 	 
	B. 	
      The Parties have agreed to enter into this Agreement to
      regulate the implementation of the transactions contemplated in the
      Transaction Documents and the flow of funds under the Transaction
      Documents.

	 	 
	C. 	
      In terms of this Agreement, the Conditions must be
      satisfied by no later than the relevant dates set out in clauses 2.1, the
      Escrow Documents must be delivered by the relevant Parties to the Escrow
      Agent by no later than 26 July 2017, the relevant Parties (other than ICBC
      and Nedbank) must pay their subscription and other amounts to the Funds
      Flow Bank by no later than 28 July 2017, ICBC must pay the Cash Portion
      New ICBC Loan to the Funds Flow Bank by no later than 31 July 2017,
      Nedbank must pay an amount equal to the SPV3 Loan to the Funds Flow Bank
      by no later than 31 July 2017, the First Pre- Closing Meeting is to be
      held on 27 July 2017, the Second Pre-Closing Meeting is to be held on 31
      July 2017, and Closing is to commence on the Implementation
  Date.

IT IS AGREED AS FOLLOWS: 

	1. 	
      DEFINITIONS AND
INTERPRETATION

	1.1 	
      Definitions

	 	 
		
      For the purposes of this Agreement and the preamble
      above, unless the context requires otherwise:

	1.1.1 	
      3C Residual Shares means the 641 shares in the
      issued share capital of Cell C beneficially held by 3C on the Signature
      Date;

	 	 
	1.1.2 	
      3C SPV1 Shares means all of the shares in the
      issued share capital of SPV1 beneficially held by 3C;

	 	 
	1.1.3 	
      3C SPV2 Shares means all of the shares in the
      issued share capital of SPV2 beneficially held by 3C;

	 	 
	1.1.4 	
      3C SPV3 Shares means all of the shares in the
      issued share capital of SPV3 beneficially held by 3C;

	 	 
	1.1.5 	
      3C (SPV1) Pledge and Cession in Security means the
      pledge and cession in security agreement dated on or about the Signature
      Date in terms of which 3C pledges the 3C SPV1 Shares in favour of TMF (in
      its capacity as creditor in respect of the Parallel Obligations (as
      defined in that agreement);

	 	 
	1.1.6 	
      3C (SPV2) Pledge and Cession in Security means the
      pledge and cession in security agreement dated on or about the Signature
      Date in terms of which 3C pledges the 3C SPV2 Shares in favour of ICBC (in
      its capacity as creditor in respect of the Parallel Obligations (as
      defined in that agreement);

	 	 
	1.1.7 	
      3C (SPV3) Pledge and Cession in Security means the
      pledge and cession in security agreement dated on or about the Signature
      Date in terms of which 3C pledges the 3C SPV3 Shares in favour of
      Nedbank;

	 	 
	1.1.8 	
      Affiliate means, in relation to any person, a
      subsidiary of that person or a holding company of that person or any other
      subsidiary of that holding company;

	 	 
	1.1.9 	
      Agreement means this master implementation and
      funds flow agreement and its Schedules;

- 2 - 

Master Implementation and Funds Flow Agreement 

	1.1.10 	
      Amendment and Restatement Agreement means the
      amendment and restatement agreement dated on or about the Signature Date
      between, inter alia, Cell C, the Subsidiaries and the Security SPV
      amending certain Original Documents (as defined in that
  agreement);

	 	 
	1.1.11 	
      Arrangement means the arrangement in terms of
      section 155 of the Companies Act proposed by Cell C and approved by the
      Existing Bondholders;

	 	 
	1.1.12 	
      Average Trade Rate means the average of the spot
      rates for exchange between: ZAR and USD; and ZAR and EUR (as the case may
      be), obtained by the Nedbank in trading, on behalf of Cell C, equal
      amounts of ZAR for USD, and equal amounts of ZAR for EUR (as the case may
      be) through a process agreed to between Cell C, CDB and ICBC;

	 	 
	1.1.13  	
      Bank Accounts
means: 

	1.1.13.1 	
      the BLT Bank Account;

	 	 
	1.1.13.2 	
      the CDB Bank Account;

	 	 
	1.1.13.3 	
      the DBSA Bank Account;

	 	 
	1.1.13.4 	
      the Existing Paying Agent Bank Account;

	 	 
	1.1.13.5 	
      the ICBC Bank Account;

	 	 
	1.1.13.6 	
      the Net1 Bank Account;

	 	 
	1.1.13.7 	
      OTL Bank Account;

	 	 
	1.1.13.8 	
      OTSA Bank Account; and

	 	 
	1.1.13.9 	
      the SPV2 DSRA Bank Accounts,

in each case as set out in Schedule 3;

	1.1.14 	
      BLT EGM CP means the Transaction Documents
      Condition set out in clause 3.1.3 of the Equity Implementation
      Agreement;

	 	 
	1.1.15 	
      BLT EGM CP Satisfaction Letter means the letter to
      be delivered by the BLT Designated Representative to the Escrow Agent and
      Cell C in terms of clause 3.4 confirming that the BLT EGM CP has been
      fulfilled in terms of the Equity Implementation Agreement;

	 	 
	1.1.16 	
      BLT Subscription Agreement means the subscription
      agreement between Cell C and BLT pertaining to the subscription by BLT for
      the BLT Subscription Shares dated on or about the 19 June 2017;

	 	 
	1.1.17 	
      BLT Subscription Price means the BLT Subscription
      Price as defined in the BLT Subscription Agreement;

	 	 
	1.1.18 	
      BLT Subscription Shares means the BLT Subscription
      Shares as defined in the BLT Subscription Agreement;

	 	 
	1.1.19 	
      Bondholder Documents
means:

	1.1.19.1 	
      in respect of the Cell C
Bonds:

	1.1.19.1.1 	
      the Cell C Bonds Trust Deed;

	 	 
	1.1.19.1.2 	
      the Cell C Bonds Paying Agency
  Agreement;

- 3 - 

Master Implementation and Funds Flow Agreement 

	1.1.19.2 	
      in respect of the SPV1 Bonds:

	1.1.19.2.1 	
      the SPV1 Bonds Trust Deed; and

	 	 
	1.1.19.2.2 	
      the SPV1 Bonds Paying Agency
Agreement;

	1.1.20 	
      Bondholder Interest Payment Amount means the
      Interest Payment Amount as defined in the Bondholder Repayment and
      Interest Payment Agreement;

	 	 
	1.1.21 	
      Bondholder Repayment Amount means the Repayment
      Amount as defined in the Bondholder Repayment and Interest Payment
      Agreement;

	 	 
	1.1.22 	
      Bondholder Repayment and Interest Payment Agreement
      means the repayment and interest payment agreement between Cell C, the
      Existing Paying Agent and SPV1 dated on or about the Signature
  Date;

	 	 
	1.1.23 	
      BONY Side Letter means the letter between BONY and
      Cell C in the form agreed as between BONY and Cell C;

	 	 
	1.1.24 	
      Business Day means any day (other than a Saturday
      or Sunday) on which the banks are open for general business in
      Johannesburg, London, Hong Kong, New York and Beijing;

	 	 
	1.1.25 	
      Buyback Price means ZAR17,095.47;

	 	 
	1.1.26 	
      Buyback Resolutions means the board resolutions of
      each of Cell C and 3C setting out the terms of the acquisition by Cell C
      from 3C of the 3C Residual Shares;

	 	 
	1.1.27 	
      Cash Portion New ICBC Loan means ZAR953,948,967.99
      (being a portion of the New ICBC Loan);

	 	 
	1.1.28 	
      CDB Documents means:

	1.1.28.1 	
      the CDB Facility Agreement; and

	 	 
	1.1.28.2 	
      any other Finance Document (as defined in the CDB
      Facility Agreement);

	1.1.29 	
      CDB Existing Debt means the amounts owing by Cell
      C to CDB under the Original CDB Finance Documents;

	 	 
	1.1.30 	
      CDB Facility Agreement means the amendment,
      restatement, termination and accession agreement relating to a facility
      agreement between Cell C as borrower, Cell C SP, Cell C Tower and Cell C
      Property as original subsidiary guarantors and China Development Bank as
      arranger, original lender and facility agent dated on or about the
      Signature Date;

	 	 
	1.1.31 	
      CDB Interest Payment Amounts means the CDB
      Interest Payment Amounts as defined in the SPV2 Repayment and Interest
      Payment Agreement and as set out in the CDB Payment Notices;

	 	 
	1.1.32 	
      CDB Payment Notices means the pack of payment,
      prepayment, fee payment and other notices in respect of the Original CDB
      Finance Documents as agreed between CDB and Cell C;

	 	 
	1.1.33 	
      CDB Repayment Amount means the CDB Repayment
      Amount as defined in the SPV2 Repayment and Interest Payment Agreement and
      as set out in more detail in the CDB Payment Notices;

	 	 
	1.1.34 	
      CDB SPV2 Fee means the fee payable to CDB in terms
      of the SPV2 Fee Letter;

	 	 
	1.1.35 	
      Cell C Bonds means the USD denominated 8.625%
      First Priority Senior Secured Notes due 2020 of Cell C issued pursuant to
      the Arrangement and in accordance with the relevant Bondholder Documents
      on or about the Implementation Date;

- 4 - 

Master Implementation and Funds Flow Agreement 

	1.1.36 	
      Cell C Bonds Trust Deed means the trust deed
      between Cell C and BoNY in respect of the Cell C Bonds dated on or about
      the Implementation Date;

	 	 
	1.1.37 	
      Cell C MOI means the memorandum of incorporation
      of Cell C to be adopted on or prior to the Implementation Date, a copy of
      which is attached to the Shareholders Agreement;

	 	 
	1.1.38 	
      Cell C/CDB Letter of Direction means the letter of
      direction from Cell C to CDB dated on or about the Signature
  Date;

	 	 
	1.1.39 	
      Cell C/ICBC Letter of Direction means the letter
      of direction from Cell C to ICBC dated on or about the Signature
    Date;

	 	 
	1.1.40 	
      Cell C Registered Global Bond means the registered
      global bond representing the Cell C Bonds;

	 	 
	1.1.41 	
      Cell C Bonds Paying Agency Agreement means paying
      agency agreement between Cell C and BoNY, the Principal Paying Agent and
      Registrar dated on or about the Implementation Date;

	 	 
	1.1.42 	
      Cell C Service Provider Loan means a loan in the
      sum of ZAR2,500,000,000 made available by Cell C to Cell C SP pursuant to
      clause 9.3.4.3 on such terms as Cell C and Cell C SP may agree;

	 	 
	1.1.43 	
      Cession and Pledge in Security Agreement means the
      cession and pledge in security agreement dated 26 March 2013 between Cell
      C as pledgor and the Security SPV as pledgee in respect of the pledge by
      Cell C of all of the issued and paid up shares of each of the Subsidiaries
      and the cession of its rights and interests to such shares to the Security
      SPV, as amended and restated in accordance with the Amendment and
      Restatement Agreement effective from the Implementation Date;

	 	 
	1.1.44 	
      Cession in Security Agreements means,
      collectively:

	1.1.44.1 	
      the cession in security agreement dated 26 March 2013
      between Cell C (as cedent) and the Security SPV (as cessionary) in respect
      of the cession by Cell C of all of its rights and interests to, inter
      alia, certain licences, certain commercial agreements and other Ceded
      Rights (as defined in that agreement) to the Security SPV;

	 	 
	1.1.44.2 	
      the cession in security agreement dated 26 March 2013
      between Cell C Property (as cedent) and the Security SPV (as cessionary)
      in respect of the cession by Cell C Property of all of its rights and
      interests to, inter alia, certain Ceded Rights (as defined in that
      agreement) to the Security SPV;

	 	 
	1.1.44.3 	
      the cession in security agreement dated 26 March 2013
      between Cell C SP (as cedent) and the Security SPV (as cessionary) in
      respect of the cession by Cell C SP of all of its rights and interests to,
      inter alia, certain Ceded Rights (as defined in that agreement) to the
      Security SPV; and

	 	 
	1.1.44.4 	
      the cession in security agreement dated 26 March 2013
      between Cell C Tower (as cedent) and the Security SPV (as cessionary) in
      respect of the cession by Cell C Tower of all of its rights and interests
      to, inter alia, certain Ceded Rights (as defined in that agreement) to the
      Security SPV,

in each instance, as amended and
restated in accordance with the Amendment and Restatement Agreement effective
from the Implementation Date; 

	1.1.45 	
      Closing means completion of all the matters
      envisaged in clause 9;

	 	 
	1.1.46 	
      Closing Date means the Implementation
  Date;

	 	 
	1.1.47 	
      Companies Act means the Companies Act 71 of 2008,
      as amended;

- 5 - 

Master Implementation and Funds Flow Agreement 

	1.1.48 	
      Conditions means the conditions precedent set out
      in clause 2.1;

	 	 
	1.1.49 	
      Counter-Indemnity Agreement means the
      counter-indemnity agreement dated 26 March 2013 between Cell C, the
      Subsidiaries and the Security SPV, as amended and restated in accordance
      with the Amendment and Restatement Agreement effective from the
      Implementation Date;

	 	 
	1.1.50 	
      CP Satisfaction Letter means the letter to be
      delivered to the Escrow Agent and Cell C in terms of clause 3.3 confirming
      that the relevant Transaction Documents Conditions (other than the BLT EGM
      CP, as applicable) referred to in such letter have been fulfilled or
      waived in terms of the relevant Transaction Documents, in substantially
      the form set out in Schedule 11;

	 	 
	1.1.51 	
      Creditors means collectively, the Existing
      Bondholders, CDB, ICBC, Nedbank and DBSA;

	 	 
	1.1.52 	
      DBSA Amended and Restated Loan Agreement means the
      amended and restated loan agreement between Cell C and DBSA dated on or
      about the Signature Date;

	 	 
	1.1.53 	
      DBSA Cash Settlement Amount means the Cash
      Settlement Amount as defined in the DBSA Amended and Restated Loan
      Agreement;

	 	 
	1.1.54 	
      DBSA Documents means:

	1.1.54.1 	
      the DBSA Amended and Restated Loan Agreement;
  and

	 	 
	1.1.54.2 	
      any other Finance Document (as defined in the DBSA
      Amended and Restated Loan Agreement);

	1.1.55 	
      DBSA Interest Payment Amount means the Interest
      Payment Amount as defined in the DBSA Amended and Restated Loan
      Agreement;

	 	 
	1.1.56 	
      Default means a default and/or event of default
      howsoever defined in each of the Original Finance Documents, the New
      Finance Documents, the SPV2 Facilities Agreement and/or the SPV3 Facility
      Agreement;

	 	 
	1.1.57 	
      Designated Representative means the designated
      representative of each Party set out in Schedule 4;

	 	 
	1.1.58 	
      Equity Documents
means:

	1.1.58.1 	
      the 3C Buyback Agreement;

	 	 
	1.1.58.2 	
      the BLT Subscription Agreement;

	 	 
	1.1.58.3 	
      the Cell C MOI;

	 	 
	1.1.58.4 	
      the Equity Implementation Agreement;

	 	 
	1.1.58.5 	
      the M5 Subscription Agreement;

	 	 
	1.1.58.6 	
      the MS15 Subscription Agreement;

	 	 
	1.1.58.7 	
      the Net1 Subscription Agreement;

	 	 
	1.1.58.8 	
      the Shareholders Agreement; and

	 	 
	1.1.58.9 	
      the SPV Subscription Agreements;

- 6 - 

Master Implementation and Funds Flow Agreement 

	1.1.59 	
      Equity Implementation Agreement means the equity
      implementation agreement between Cell C, 3C, BLT, Net1, M5, MS15, SPV1,
      SPV2, and SPV3 dated on or about 19 June 2017, pertaining to the
      implementation of the Equity Restructuring;

	 	 
	1.1.60 	
      Equity Restructuring means the equity
      restructuring of Cell C as detailed in the Equity Documents resulting in
      the Post-Recapitalisation Group Structure, and which is to be implemented
      in accordance with the terms of this Agreement;

	 	 
	1.1.61 	
      Escrow Documents means each document or instrument
      which a Party is obliged to deliver for the purposes of completion or
      implementation of each Transaction Step to which that Party is a party,
      including (for the avoidance of doubt) in terms of each Transaction
      Document to which that Party is a party;

	 	 
	1.1.62 	
      Existing Bondholders means the beneficial holders
      of the Existing Bonds;

	 	 
	1.1.63 	
      Existing Bondholder Distribution Instruction means
      the irrevocable distribution instruction provided by Cell C to the Funds
      Flow Bank setting out the details for the payment of the Bondholder
      Repayment Amount and the Bondholder Interest Payment Amount to the account
      of the Existing Paying Agent specified therein;

	 	 
	1.1.64 	
      Existing Bonds means the EUR400,000,000 8.625%
      first priority senior secured notes due 2018 issued by Cell C under the
      Existing Bond Documents;

	 	 
	1.1.65 	
      Existing Bond Documents means the indenture, dated
      as of July 13, 2005, as amended and/or supplemented from time to time in
      terms of which the Existing Bonds were issued to the Existing
      Bondholders;

	 	 
	1.1.66 	
      Existing Paying Agent means The Bank of New York
      Mellon, in its capacity as paying agent under the Existing Bond
      Documents;

	 	 
	1.1.67 	
      Failure Date as defined in clause 2.3;

	 	 
	1.1.68 	
      First Pre-Closing Meeting means the meeting
      referred to in clause 6.1;

	 	 
	1.1.69 	
      Funds Flow Bank Accounts
means:

	1.1.69.1 	
      the BLT Funds Flow Bank Account;

	 	 
	1.1.69.2 	
      the Cell C Funds Flow Bank Account;

	 	 
	1.1.69.3 	
      the Cell C SP Funds Flow Bank Account;

	 	 
	1.1.69.4 	
      the Net1 Funds Flow Bank Account; and

	 	 
	1.1.69.5 	
      the SPV3 Funds Flow Bank Account,

in each case as set out in Schedule 3;

	1.1.70 	
      Funds Flow Bank Fee Letter means the fee letter
      from the Funds Flow Bank to Cell C dated on or about the Signature
      Date;

	 	 
	1.1.71 	
      Funds Flow Bank Payments Schedule means Schedule
      12, which sets out all payments required to be made by the Funds Flow Bank
      on the Implementation Date in terms of clause 9;

	 	 
	1.1.72 	
      General Notarial Bonds means,
  collectively:

	1.1.72.1 	
      the general notarial bond registered by Cell C in favour
      of the Security SPV under number BN14720/2013;

- 7 - 

Master Implementation and Funds Flow Agreement 

	1.1.72.2 	
      the general notarial bond registered by Cell C SP in
      favour of the Security SPV under number BN97250/2005;

	 	 
	1.1.72.3 	
      the general notarial bond registered by Cell C Property
      in favour of the Security SPV under number BN97249/2005; and

	 	 
	1.1.72.4 	
      the general notarial bond registered by Cell C Tower in
      favour of the Security SPV under number
BN39291/2010;

	1.1.73 	
      ICBC Documents means:

	1.1.73.1 	
      the ICBC Facility Agreement; and

	 	 
	1.1.73.2 	
      any other Finance Document (as defined in the ICBC
      Facility Agreement);

	1.1.74 	
      ICBC Existing Debt means amounts owing by Cell C
      to ICBC under the Original ICBC Finance Documents;

	 	 
	1.1.75 	
      ICBC Facility Agreement means the facility
      agreement between Cell C as borrower, Cell C SP, Cell C Tower and Cell C
      Property as original subsidiary guarantors and Industrial and Commercial
      Bank of China Limited as arranger, original lender and facility agent
      dated on or about the Signature Date;

	 	 
	1.1.76 	
      ICBC Interest Payment Amounts means the ICBC
      Interest Payment Amounts as defined in the SPV2 Repayment and Interest
      Payment Agreement and as set out in more detail in the ICBC Payment
      Notices;

	 	 
	1.1.77 	
      ICBC Payment Notices means the pack of payment,
      prepayment, fee payment and other notices in respect of the Original ICBC
      Finance Documents as agreed between ICBC and Cell C;

	 	 
	1.1.78 	
      ICBC Repayment Amount means the ICBC Repayment
      Amount as defined in the SPV2 Repayment and Interest Payment Agreement and
      as set out in more detail in the ICBC Payment Notices;

	 	 
	1.1.79 	
      ICBC SPV2 Fee means the fee payable to CDB in
      terms of the SPV2 Fee Letter;

	 	 
	1.1.80 	
      Implementation Date means 1 August 2017;

	 	 
	1.1.81 	
      Intercreditor Agreement means the intercreditor
      agreement dated on or about March 2013, as amended and restated in
      accordance with an amendment and restatement agreement in respect of the
      Intercreditor Agreement effective from the Implementation Date, between,
      inter alia, Cell C, CDB, ICBC, DBSA, Nedbank and the Bank of New York
      Mellon;

	 	 
	1.1.82 	
      Liquidity Undertaking Agreement means the
      liquidity undertaking agreement between Blue Label Telecoms Limited, BLT,
      SPV2, CDB and ICBC pertaining to the liquidity support to be provided to
      SPV2 dated on or about the Signature Date;

	 	 
	1.1.83 	
      M1 Pledge and Cession in Security means the pledge
      and cession in security dated on or about the Signature Date in terms of
      which José Guilherme Vieira Dos Santos pledges the Shares (as defined in
      that agreement) in favour of ICBC (in its capacity as creditor in respect
      of the Parallel Obligations (as defined in that agreement);

	 	 
	1.1.84 	
      M5 Pledge and Cession in Security means the pledge
      and cession in security dated on or about the Signature Date in terms of
      which each of the members of M5 pledges the M5 Subscription Shares in
      favour of ICBC (in its capacity as creditor in respect of the Parallel
      Obligations (as defined in that agreement);

	 	 
	1.1.85 	
      M5 Subscription Agreement means the subscription
      agreement between Cell C and M5 pertaining to the subscription by M5 for
      the M5 Subscription Shares dated on or about 19 June
  2017;

- 8 - 

Master Implementation and Funds Flow Agreement 

	1.1.86 	
      M5 Subscription Price means the M5 Subscription
      Price as defined in the M5 Subscription Agreement;

	 	 
	1.1.87 	
      M5 Subscription Shares means the M5 Subscription
      Shares as defined in the M5 Subscription Agreement;

	 	 
	1.1.88 	
      MS15 Pledge and Cession in Security means the
      pledge and cession in security dated on or about the Signature Date in
      terms of which MS15 pledges the MS15 Subscription Shares in favour of ICBC
      (in its capacity as creditor in respect of the Parallel Obligations (as
      defined in that agreement);

	 	 
	1.1.89 	
      MS15 Subscription Agreement means the subscription
      agreement between Cell C and MS15 pertaining to the subscription by MS15
      for the MS15 Subscription Shares, dated on or about 19 June
2017;

	 	 
	1.1.90 	
      MS15 Subscription Price means the MS15
      Subscription Price as defined in the MS15 Subscription
Agreement;

	 	 
	1.1.91 	
      MS15 Subscription Shares means the MS15
      Subscription Shares as defined in the MS15 Subscription
  Agreement;

	 	 
	1.1.92 	
      Nedbank Documents means,
  collectively:

	1.1.92.1 	
      the term facility agreement between Cell C and Nedbank
      dated on or about the Signature Date; and

	 	 
	1.1.92.2 	
      any other Finance Document (as defined in the agreement
      referred to in clause 1.1.92.1);

	1.1.93 	
      Nedbank Existing Debt means amounts owing by Cell
      C to Nedbank under the Original Nedbank Facilities Agreement; 

	 	 
	1.1.94 	
      Nedbank Interest Payment Amount as defined in the
      Nedbank Repayment and Interest Payment Agreement; 

	 	 
	1.1.95 	
      Nedbank Repayment Amount as defined in the Nedbank
      Repayment and Interest Payment Agreement; 

	 	 
	1.1.96 	
      Nedbank Repayment and Interest Payment Agreement
      means the repayment and interest payment agreement between Cell C,
      Nedbank and SPV3 dated on or about the Signature Date; 

	 	 
	1.1.97 	
      Nedbank Suspense Account means the Nedbank
      Suspense Account as set out in Schedule 3; 

	 	 
	1.1.98 	
      Net1 Subscription Agreement means the subscription
      agreement between Cell C and Net1 pertaining to the subscription by Net1
      for the Net1 Subscription Shares, dated on or about 19 June 2017;
  

	 	 
	1.1.99 	
      Net1 Subscription Price means the Net1
      Subscription Price as defined in the Net1 Subscription Agreement;
  

	 	 
	1.1.100 	
      Net1 Subscription Shares means the Net1
      Subscription Shares as defined in the Net1 Subscription Agreement;
  

	 	 
	1.1.101 	
      New ICBC Loan means the loan made available to
      Cell C by ICBC under and in terms of the ICBC Documents; 

	 	 
	1.1.102 	
      New Nedbank Loan means the loan made available by
      Nedbank to Cell C under and in terms of the Nedbank Documents; 

	 	 
	1.1.103 	
      New Finance Documents means, collectively:
  

	1.1.103.1 	the Amendment and Restatement Agreement; 
	 	 
	1.1.103.2 	the Bondholder Documents; 
	 	 
	1.1.103.3 	the BONY Side Letter; 
	 	 
	1.1.103.4 	the CDB Documents; 

- 9 - 

Master Implementation and Funds Flow Agreement 

	1.1.103.5 	the Counter-Indemnity Agreement; 
	 	 
	1.1.103.6 	the DBSA Documents; 
	 	 
	1.1.103.7 	the ICBC Documents; 
	 	 
	1.1.103.8 	the Intercreditor Agreement; 
	 	 
	1.1.103.9 	the Nedbank Documents; 
	 	 
	1.1.103.10 	Repayment and Interest Payment Agreements; and
    
	 	 
	1.1.103.11 	the Security SPV Documents;

	1.1.104 	New Security Documents means,
      collectively: 

	1.1.104.1 	the Cession in Security Agreements; 
	 	 
	1.1.104.2 	the General Notarial Bonds; 
	 	 
	1.1.104.3 	the Cession and Pledge in Security Agreement;
    
	 	 
	1.1.104.4 	the Special Notarial Bond; and 
	 	 
	1.1.104.5 	the Trade Mark Security Agreement;
  

	1.1.105 	Original CDB Finance Documents means,
      collectively: 

	1.1.105.1 	
      the €240,000,000 term facility made available to Cell C
      pursuant to a facility agreement dated 24 August 2010, as amended and
      restated on 29 June 2011, 27 September 2011 and 31 December 2012, and
      entered into between Cell C as borrower and CDB as arranger, agent and
      original lender; 

	  	
      

	1.1.105.2 	
      the $360,000,000 term facility made available to Cell C
      pursuant to a facility agreement dated 29 June 2011, as amended and
      restated on 27 September 2011 and 31 December 2012, and entered into
      between Cell C as borrower and CDB as arranger, agent and original lender;
      and 

	  	
      

	1.1.105.3 	
      the $131,000,000 term facility made available to Cell C
      pursuant to a facility agreement dated 28 December 2015 and entered into
      among Cell C as borrower, its subsidiaries named therein as guarantors and
      CDB as arranger, agent and original lender; 

	1.1.106 	
      Original DBSA Facilities Agreement means the
      ZAR325,000,000 loan agreement dated 20 December 2012 between, inter alia,
      Cell C and DBSA; 

	  	
      

	1.1.107 	
      Original Finance Documents means the Original CDB
      Finance Documents, the Original ICBC Finance Documents, the Original
      Nedbank Facilities Agreement, the Original DBSA Facilities Agreement and
      all related finance documents in connection thereto; 

	  	
      

	1.1.108 	
      Original ICBC Finance Documents means,
      collectively: 

	1.1.108.1 	
      the $197,000,000 term facility made available to Cell C
      pursuant to a facility agreement dated 16 June 2014, as amended and
      restated on 10 July 2015, and entered into among Cell C as borrower, its
      subsidiaries named therein as guarantors and ICBC as arranger, agent and
      original lender; and 

- 10 - 

Master Implementation and Funds Flow Agreement 

	1.1.108.2 	
      the $240,000,000 term facility and the ZAR1,300,000,000
      term facility, both made available to Cell C pursuant to the facilities
      agreement dated 18 June 2015 and entered into among Cell C as borrower,
      its subsidiaries named therein as guarantors and ICBC as arranger, agent
      and original lender; 

	1.1.109 	
      Original Nedbank Facilities Agreement means the
      term and revolving credit facilities agreement dated 20 December 2012
      between Nedbank, Cell C, Cell C Property, Cell C SP and Cell C Tower as
      amended and restated by an amendment and restatement agreement dated 30
      April 2015; 

	1.1.110 	OTL Documents means:

	1.1.110.1 	the OTL Residual Value Realisation,
      Recapitalisation Support and Release Agreement; 
	 	 
	1.1.110.2 	the OTL Release Deed; 
	 	 
	1.1.110.3 	the OTSA Share Sale and Purchase Agreement;
  

	1.1.111 	OTL Release Deed means the OTL release
      deed between, inter alia, Cell C, OTL and the Creditors, dated on or about
      the Signature Date pertaining to the release of certain security; 
	 	 
	1.1.112 	OTL Residual Value Realisation,
      Recapitalisation Support and Release Agreement means the OTL residual
      value realisation, recapitalisation and release agreement between, inter
      alia, Cell C, OTL, BLT, the SPVs and the Creditors, dated on or about the
      Signature Date pertaining to the realisation of certain assets of OTL;
  
	 	 
	1.1.113 	OTL Security means the OTL Security as
      defined in the OTL Residual Value Realisation, Recapitalisation Support
      and Release Deed; 
	 	 
	1.1.114 	OTSA Share Sale and Purchase Agreement
      means the agreement between OTSAH, MS15 and OTSA pertaining to the
      sale by OTSAH to MS15 of the OTSA Shares, dated on or about the Signature
      Date; 
	 	 
	1.1.115 	OTSA Shares means 49% of the entire
      issued share capital of OTSA; 
	 	 
	1.1.116 	OTSA Shares Price means ZAR10; 
	 	 
	1.1.117 	Parties means the parties to this
      Agreement (excluding BoNY for these purposes), and Party shall be a
      reference to any one of them, as the context may require; 
	 	 
	1.1.118 	Paying Agent means the Bank of New York
      Mellon, London Branch, in its capacity as Paying Agent under the Existing
      Bond Documents; 
	 	 
	1.1.119 	Pre-Closing Step 1 as defined in clause
      5.2; 
	 	 
	1.1.120 	Pre-Closing Step 2 as defined in clause
      7.3; 
	 	 
	1.1.121 	Pre-Closing Step 3 as defined in clause
      7.5; 
	 	 
	1.1.122 	Principal Paying Agent means The Bank of
      New York Mellon, London Branch; 
	 	 
	1.1.123 	Recapitalisation Transaction means the
      transactions contemplated in the Transaction Documents; 
	 	 
	1.1.124 	Registrar means The Bank of New York
      Mellon SA/NV, Luxembourg Branch; 
	 	 
	1.1.125 	Repayment and Interest Payment Agreements
      means, collectively: 

	1.1.125.1 	the Bondholder Repayment and Interest Payment
      Agreement; 

- 11 - 

Master Implementation and Funds Flow Agreement 

	1.1.125.2 	the SPV2 Repayment and Interest Payment
      Agreement; and 
	 	 
	1.1.125.3 	the Nedbank Repayment and Interest Payment
      Agreement; 

	1.1.126 	
      Resale of Airtime Agreement means the resale of
      airtime agreement between Cell C SP and BLT pertaining to the resale of
      airtime stock by Cell C SP to BLT, dated on or about the Signature Date;
      

	 	 
	1.1.127 	
      Return of Airtime Agreement means the return of
      airtime agreement between, inter alia, Cell C SP and BLT pertaining to the
      return of airtime stock by BLT to Cell C SP, dated on or about the
      Signature Date; 

	 	 
	1.1.128 	
      Second Pre-Closing Meeting as defined in clause
      6.1; 

	 	 
	1.1.129 	
      Security SPV Documents means the SPV Guarantee and
      the SPV Management Agreement; 

	 	 
	1.1.130 	
      Shareholders Agreement means the shareholders
      agreement between Cell C, BLT, Net1, MS15, M5, SPV1, SPV2 and SPV3 dated
      on or about 19 June 2017; 

	 	 
	1.1.131 	
      Signature Date means the date on which this
      Agreement is signed by the Party signing last in time; 

	 	 
	1.1.132 	
      Special Notarial Bond means the special notarial
      bond dated on or about the Signature Date in terms of which Cell C grants
      a Security Interest (as defined in that bond) over its specified movable
      assets in favour of the Security SPV (for and on behalf of each Secured
      Party (as defined in that bond)) as security for its obligations under,
      amongst others, the Counter-Indemnity Agreement; 

	 	 
	1.1.133 	
      Specified Bondholder Documents means:
  

	1.1.133.1 	the Cell C Bonds Trust Deed; 
	 	 
	1.1.133.2 	the Cell C Bonds Paying Agency Agreement;

	 	 
	1.1.133.3 	the Cell C Registered Global Bond 
	 	 
	1.1.133.4 	the SPV1 Bonds Trust Deed; 
	 	 
	1.1.133.5 	the SPV1 Bonds Paying Agency Agreement; and
  
	 	 
	1.1.133.6 	the SPV1 Registered Global Bond;

	1.1.134 	Specified Pre-implementation Documents
      means: 

	1.1.134.1 	any CDB Payment Notice; 
	 	 
	1.1.134.2 	any ICBC Payment Notice; 
	 	 
	1.1.134.3 	any Utilisation Request (as defined in the ICBC
      Facility Agreement) under the ICBC Facility Agreement; and 
	 	 
	1.1.134.4 	any Utilisation Request (as defined in the
      Nedbank Facility Agreement) under the Nedbank Facility Agreement;
  

	1.1.135 	
      SPVs means collectively, SPV1, SPV2 and SPV3;
    

	  	
       

	1.1.136 	
      SPV Guarantee means the SPV Guarantee as defined
      in the Intercreditor Agreement; 

	  	
       

	1.1.137 	
      SPV Management Agreement means the management
      agreement dated on or about 27 March 2013 between the GMG Trust Company
      (SA) Proprietary Limited and the Security SPV, as amended on or about the
      Implementation Date; 

- 12 - 

Master Implementation and Funds Flow Agreement 

	1.1.138 	
      SPV Subscription Agreements means, collectively,
      the SPV1 Subscription Agreement, the SPV2 Subscription Agreement and the
      SPV3 Subscription Agreement; 

	  	
       

	1.1.139 	
      SPV1 Bonds means the USD denominated 8.625% Notes
      due 2022 of SPV1 issued pursuant to the Arrangement and in accordance with
      the relevant Bondholder Documents on or about the Implementation Date;
    

	  	
       

	1.1.140 	
      SPV1 Bonds Fees means any costs, fees and expenses
      related to the administration of the SPV1 Bonds incurred up to and
      including on the Implementation Date (including, but not limited to, the
      issuing and listing of the SPV1 Bonds) to be paid by Cell C on behalf of
      SPV1, as reflected in an invoice submitted by SPV1 to Cell C by no later
      than 28 July 2017; 

	  	
       

	1.1.141 	
      SPV1 Bonds Paying Agency Agreement means the
      paying agency agreement between Cell C and BoNY, the Principal Paying
      Agent and Registrar, dated on or about the Implementation Date; 

	  	
       

	1.1.142 	
      SPV1 Bonds Trust Deed means the trust deed between
      SPV1 and the BoNY, dated on or about the Implementation Date; 

	  	
       

	1.1.143 	
      SPV1 Cession in Security means the cession in
      security agreement dated on or about the Signature Date in terms of which
      SPV1 cedes the Secured Asset (as defined in that agreement) to TMF (in its
      capacity as creditor in respect of the Parallel Obligations (as defined in
      that agreement); 

	  	
       

	1.1.144 	
      SPV1 Documents means, collectively:
  

	1.1.144.1 	
      the relevant Bondholder Documents; and 

	 	
       

	1.1.144.2 	
      the SPV1 Security Documents; 

	1.1.145 	
      SPV1 Loan Assumption Amount means the SPV1
      Assumption Amount as defined in the Bondholder Repayment and Interest
      Payment Agreement; 

	  	
	1.1.146 	
      SPV1 Pledge and Cession in Security means the
      pledge and cession in security agreement dated on or about the Signature
      Date in terms of which SPV1 pledges the SPV1 Subscription Shares in favour
      of TMF (in its capacity as creditor in respect of the Parallel Obligations
      (as defined in that agreement)); 

	  	
	1.1.147 	
      SPV1 Registered Global Bond means the registered
      global bond representing the SPV1 Bonds; 

	  	
	1.1.148 	
      SPV1 Security Documents means, collectively:
    

	1.1.148.1 	
      the SPV1 Pledge and Cession in Security; 

	 	
       

	1.1.148.2 	
      the 3C (SPV1) Pledge and Cession in Security; and
  

	 	
       

	1.1.148.3 	
      the SPV1 Cession in Security;

	1.1.149 	
      SPV1 Subscription Agreement means the subscription
      agreement between Cell C and SPV1 pertaining to the subscription by SPV1
      for the SPV1 Subscription Shares, dated on or about 19 June 2017;
  

	  	
       

	1.1.150 	
      SPV1 Subscription Price means the SPV1
      Subscription Price as defined in the SPV1 Subscription Agreement;
  

	  	
       

	1.1.151 	
      SPV1 Subscription Shares means the SPV1
      Subscription Shares as defined in the SPV1 Subscription Agreement;
  

	  	
       

	1.1.152 	
      SPV2 Cession in Security means the cession in
      security agreement dated on or about the Signature Date in terms of which
      SPV2 cedes the Secured Asset (as defined in that agreement) to ICBC (in
      its capacity as creditor in respect of the Parallel Obligations (as
      defined in that agreement)); 

- 13 - 

Master Implementation and Funds Flow Agreement 

	1.1.153 	SPV2 Documents means, collectively:
  

	1.1.153.1 	the SPV2 Facilities Agreement; 
	 	 
	1.1.153.2 	the SPV2 Security Documents; and 
	 	 
	1.1.153.3 	the Liquidity Undertaking Agreement;
  

	1.1.154 	
      SPV2 Facilities Agreement means the facilities
      agreement dated on or about the Signature Date between, inter alia, SPV2,
      CDB as (arranger, original lender and agent) and ICBC (as arranger,
      original lender and security agent); 

	  	
       

	1.1.155 	
      SPV2 Fee Letter means any letter or letters
      entered into by reference to the relevant SPV2 Documents between CDB, ICBC
      and Cell C (as applicable) setting out the 1.25% arrangement fee pursuant
      to the SPV2 Loan; 

	  	
       

	1.1.156 	
      SPV2 Letters of Direction means the letters of
      direction from SPV2 to each of CDB and ICBC dated on or about the
      Signature Date; 

	  	
       

	1.1.157 	
      SPV2 Loan means, collectively:

	1.1.157.1 	the loan made available to SPV2 by CDB under
      and in terms of the SPV2 Facilities Agreement; and 
	 	 
	1.1.157.2 	the loan made available to SPV2 by ICBC under
      and in terms of the SPV2 Facilities Agreement; 

	1.1.158 	SPV2 Loan Assumption Amount means the
      SPV2 Loan Assumption Amount as defined in the SPV2 Repayment and Interest
      Payment Agreement; 
	  	  
	1.1.159 	SPV2 Pledge and Cession in Security
      means the pledge and cession in security agreement dated on or about
      the Signature Date in terms of which SPV2 pledges the SPV2 Subscription
      Shares in favour of ICBC in its capacity as creditor in respect of the
      Parallel Obligations (as defined in that agreement); 
	  	  
	1.1.160 	SPV2 Repayment and Interest Payment
      Agreement means the repayment and interest payment agreement between
      Cell C and SPV2 dated on or about the Signature Date; 
	  	  
	1.1.161 	SPV2 Security Documents means,
      collectively: 

	1.1.161.1 	the M1 Pledge and Cession in Security; 
	 	 
	1.1.161.2 	the M5 Pledge and Cession in Security; 
	 	 
	1.1.161.3 	the MS15 Pledge and Cession in Security; 
	 	 
	1.1.161.4 	the SPV2 Pledge and Cession in Security; 
	 	 
	1.1.161.5 	the 3C (SPV2) Pledge and Cession in Security;
      and 
	 	 
	1.1.161.6 	the SPV2 Cession in Security;

	1.1.162 	SPV2 Subscription Agreement means the
      subscription agreement between Cell C and SPV2 pertaining to the
      subscription by SPV2 for the SPV2 Subscription Shares, dated on or about
      19 June 2017; 
	 	 
	1.1.163 	SPV2 Subscription Price means the SPV2
      Subscription Price as defined in the SPV2 Subscription Agreement; 
	 	 
	1.1.164 	SPV2 Subscription Shares means the SPV2
      Subscription Shares as defined in the SPV2 Subscription Agreement;
  

- 14 - 

Master Implementation and Funds Flow Agreement 

	1.1.165 	
      SPV3 A&O Fees means the costs, expenses and
      legal fees owing to Allen & Overy (South Africa) LLP by Cell C (being
      a total amount not exceeding ZAR3,363,000 (including VAT)) in connection
      with the negotiation, drafting, preparation and implementation of the SPV3
      Documents, as reflected in an invoice submitted by Allen & Overy
      (South Africa) LLP to Cell C by no later than 28 July 2017; 

	  	
      

	1.1.166 	
      SPV3 Cession in Security means the cession in
      security agreement dated on or about the Signature Date in terms of which
      SPV3 cedes the Secured Asset (as defined in that agreement) to Nedbank;
      

	1.1.167 	SPV3 Documents means:

	1.1.167.1 	the SPV3 Facility Agreement; and 
	 	 
	1.1.167.2 	the SPV3 Security Documents;

	1.1.168 	SPV3 Facility Agreement means the term
      loan facility agreement dated on or about the Signature Date between SPV3
      and Nedbank (as facility agent, arranger and original lender); 
	 	 
	1.1.169 	SPV3 Loan means the loan made available
      to SPV3 by Nedbank under and in terms of the SPV3 Facility Agreement;
  
	 	 
	1.1.170 	SPV3 Security Documents means,
      collectively: 

	1.1.170.1 	the SPV3 Pledge and Cession in Security; 
	 	 
	1.1.170.2 	the 3C (SPV3) Pledge and Cession in Security;
      and 
	 	 
	1.1.170.3 	the SPV3 Cession in Security;

	1.1.171 	
      SPV3 Pledge and Cession in Security means the
      pledge and cession in security agreement dated on or about the Signature
      Date in terms of which SPV3 pledges the SPV3 Subscription Shares in favour
      of Nedbank; 

	 	 
	1.1.172 	
      SPV3 Subscription Agreement means the subscription
      agreement between Cell C and SPV3 pertaining to the subscription by SPV3
      for the SPV3 Subscription Shares, dated on or about 19 June 2017;
  

	 	 
	1.1.173 	
      SPV3 Subscription Price means the SPV3
      Subscription Price as defined in the SPV3 Subscription Agreement;
  

	 	 
	1.1.174 	
      SPV3 Subscription Shares as means the SPV3
      Subscription Shares as defined in the SPV3 Subscription Agreement;
  

	 	 
	1.1.175 	
      Subscribing Parties means BLT, NET1, M5, MS15 and
      each of the SPVs, and Subscribing Party means any one of them;
    

	 	 
	1.1.176 	
      Subscription Agreements means:

	1.1.176.1 	the BLT Subscription Agreement; 
	 	 
	1.1.176.2 	the Net1 Subscription Agreement; 
	 	 
	1.1.176.3 	the M5 Subscription Agreement; 
	 	 
	1.1.176.4 	the MS15 Subscription Agreement; and 
	 	 
	1.1.176.5 	the SPV Subscription Agreements;

	1.1.177 	Subscription Shares means:

	1.1.177.1 	the BLT Subscription Shares; 

- 15 - 

Master Implementation and Funds Flow Agreement 

	1.1.177.2 	
      the Net1 Subscription Shares; 

	 	
       

	1.1.177.3 	
      the M5 Subscription Shares; 

	 	
       

	1.1.177.4 	
      the MS15 Subscription Shares; 

	 	
       

	1.1.177.5 	
      the SPV1 Subscription Shares; 

	 	
       

	1.1.177.6 	
      the SPV2 Subscription Shares; and 

	 	
       

	1.1.177.7 	
      the SPV3 Subscription Shares;

	1.1.178 	Subsidiaries means:

	1.1.178.1 	Cell C SP; 
	 	 
	1.1.178.2 	Cell C Tower; and 
	 	 
	1.1.178.3 	Cell C Property; 

	1.1.179 	
      Trade Mark Security Agreement means the trade mark
      pledge and hypothecation agreement dated on or about the Signature Date
      between Cell C and the Security SPV; 

	  	
	1.1.180 	
      Transaction Documents means collectively:
  

	1.1.180.1 	
      the Equity Documents; 

	 	
       

	1.1.180.2 	
      the New Security Documents; 

	 	
       

	1.1.180.3 	
      the New Finance Documents; 

	 	
       

	1.1.180.4 	
      the OTL Documents; 

	 	
       

	1.1.180.5 	
      the Return of Airtime Agreement; 

	 	
       

	1.1.180.6 	
      the Resale of Airtime Agreement; 

	 	
       

	1.1.180.7 	
      the SPV1 Documents; 

	 	
       

	1.1.180.8 	
      the SPV2 Documents; and 

	 	
       

	1.1.180.9 	
      the SPV3 Documents; 

	1.1.181 	Transaction Documents Conditions means
      all of the conditions precedent and/or suspensive conditions set out in
      each of the Transaction Documents (save for any condition that this
      Agreement becomes unconditional or that Closing has taken place in
      accordance with the terms of this Agreement or that requires evidence that
      the Transaction Steps have been completed); and 
	  	  
	1.1.182 	Transaction Step as defined in clause
      8.1. 

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Master Implementation and Funds Flow Agreement 

	1.2 	
      Interpretation

	1.2.1 	
      Unless the context clearly indicates a contrary
      intention, a reference in this Agreement to:

	1.2.1.1 	
      except where stated to the contrary in this Agreement,
      this Agreement or any other agreement, document or instrument shall
      be construed as a reference to this Agreement or that other agreement,
      document or instrument as amended, varied, novated or substituted from
      time to time in accordance with this Agreement;

	 	 
	1.2.1.2 	
      a clause, sub-clause or Schedule is
      to a clause, sub-clause or Schedule to this Agreement;

	 	 
	1.2.1.3 	
      a person includes any natural person, firm,
      company, corporation, body corporate, juristic person, unincorporated
      association, government, state or agency of a state or any association,
      trust, partnership, syndicate, consortium, joint venture, charity or other
      entity (whether or not having separate legal personality);

	 	 
	1.2.1.4 	
      a holding company shall be construed in accordance
      with the Companies Act;

	 	 
	1.2.1.5 	
      a subsidiary shall be construed in accordance with
      the Companies Act;

	 	 
	1.2.1.6 	
      the singular includes the plural and vice
      versa;

	 	 
	1.2.1.7 	
      any one gender, whether masculine, feminine or neuter,
      includes the other two genders;

	 	 
	1.2.1.8 	
      a statutory provision includes any subordinate
      legislation made from time to time under that provision and a reference to
      a statutory provision includes that provision as from time to time
      modified or re-enacted as far as such modification or re-enactment
      applies, or is capable of applying, to this Agreement or any transaction
      entered into in accordance with this Agreement;

	 	 
	1.2.1.9 	
      the words including, include or in
      particular followed by specific examples shall be construed by way of
      example or emphasis only and shall not be construed, nor shall it take
      effect, as limiting the generality of any preceding words, and the
      eiusdem generis rule is not to be applied in the interpretation of
      such specific examples or general words;

	 	 
	1.2.1.10 	
      the words other or otherwise shall not be
      construed eiusdem generis with any foregoing words where a wider
      construction is possible;

	 	 
	1.2.1.11 	
      references to dollar, USD or $ are
      to the lawful currency of the United States of America;

	 	 
	1.2.1.12 	
      references to euro, EUR or € are to the
      lawful currency of each member of the European Community that at the
      relevant time has adopted the euro as its lawful currency in accordance
      with legislation of the European Community relating to Economic and
      Monetary Union;

	 	 
	1.2.1.13 	
      references to rand, ZAR or R are to
      the lawful currency of the Republic of South Africa; and

	 	 
	1.2.1.14 	
      a time of day is a reference to Johannesburg
  time.

	1.2.2 	
      Where appropriate, meanings ascribed to defined words and
      expressions in clause 1.1, shall impose substantive obligations on the
      Parties as provided for in the definition concerned.

	 	 
	1.2.3 	
      The clause headings and sub-headings in this Agreement
      have been inserted for convenience only and shall not be taken into
      account in its interpretation.

	 	 
	1.2.4 	
      Words and expressions defined in any sub-clause shall,
      for the purposes of the clause of which that sub-clause forms part, bear
      the meaning assigned to such words and expressions in that
    sub-clause.

    	1.2.5 	
      Words and expressions defined in any Schedule shall, for
      the purposes of this Agreement, bear the meaning assigned to such words
      and expressions in that Schedule.

- 17 - 

Master Implementation and Funds Flow Agreement 

	2. 	
      CONDITIONS

	2.1 	
      Save for clauses 1 to 7 (both inclusive) and clauses 11
      to 15 (both inclusive), all of which will become effective immediately on
      the Signature Date, this Agreement is subject to the fulfilment of the
      conditions precedent that:

	2.1.1 	
      the Designated Representative of each Party (or in the
      case of CDB and ICBC their legal advisers White & Case, or in the case
      of the Bondholders the Designated Representative of Cell C) has confirmed
      to the Escrow Agent and Cell C in writing in the form set out in Schedule
      13 that all of the Transaction Documents to which that Party is a party
      have been executed by that Party by no later than 25 July 2017 (provided
      that such confirmation in respect of the Specified Bondholder Documents
      shall be to the effect that the Specified Bondholder Documents have been
      signed but left undated and save for the authentication by BoNY of each of
      the Cell C Registered Global Bond and the SPV1 Registered Global Bond
      which are envisaged to be executed in accordance with clauses
      9.7.1-9.7.4);

	2.1.2 	
      by no later than 25 July 2017 each of the CP Satisfaction
      Letters have been delivered to the Escrow Agent and Cell C pursuant to
      clause 3.3; and

	 	 
	2.1.3 	
      by no later than 26 July 2017 the BLT EGM CP Satisfaction
      Letter has been delivered to the Escrow Agent and Cell C pursuant to
      clause 3.4.

	2.2 	
      The Conditions are not capable of being waived.

	 	 
	2.3 	
      Unless the Conditions have been fulfilled by not later
      than the relevant dates set out in clause 2.1 (each date, a Failure
      Date):

	2.3.1 	
      the provisions of this Agreement, save for clause 1, this
      clause 2.3 and clauses 13 to 15 (both inclusive), which will remain of
      full force and effect, will be deemed never to have become of any force or
      effect and this Agreement shall terminate, the status quo ante will be
      restored as near as may be and none of the Parties will have any claim
      against the others in terms of this Agreement, provided that no such
      termination shall relieve any Party from liability (including any
      liability for damages) for any breach of this Agreement prior to
      termination hereof; and

	 	 
	2.3.2 	
      the Funds Flow Bank shall, within 5 (five) Business Days
      after the relevant Failure Date return the amount deposited into each of
      the relevant Funds Flow Bank Accounts in terms of clause 7.1 to the
      relevant Bank Account of the depositor.

	2.4 	
      In the event that the Conditions are fulfilled on or
      prior to the relevant Failure Dates but Closing does not commence on the
      Implementation Date for any reason:

	2.4.1 	
      the Escrow Agent shall, within 5 (five) Business Days
      after the Implementation Date return to the relevant Party any Escrow
      Documents delivered to the Escrow Agent by that Party in terms of clause
      5.2;

	 	 
	2.4.2 	
      the Funds Flow Bank shall, within 5 (five) Business Days
      after the Implementation Date return the amount deposited into each of the
      relevant Funds Flow Bank Accounts in terms of clause 7.1 to the relevant
      Bank Account of the depositor; and

	 	 
	2.4.3 	
      the status quo ante will be restored as near as may
      be,

and none of the Parties will have any
claim against the others in terms of this Agreement, provided that nothing in
this clause 2.4 shall relieve any Party from liability (including any liability
for damages) for any breach of this Agreement prior to the Implementation Date.

- 18 - 

Master Implementation and Funds Flow Agreement 

	2.5 	
      The Parties shall use their reasonable endeavours,
      co-operate with each other and provide all such assistance as may be
      reasonably required of each other to bring about the fulfilment of the
      Conditions and the Parties shall further comply with their respective
      obligations under clauses 3 to 9 (both
inclusive).

	3. 	
      APPOINTMENT OF DESIGNATED REPRESENTATIVES/CP
      SATISFACTION LETTERS

	3.1 	
      Each Party (other than the Bondholders, the Escrow Agent
      and the Funds Flow Bank) hereby appoints its Designated Representative as
      contemplated in the corresponding column in Schedule 4 to act as its agent
      under and in connection with this Agreement, excluding in relation to the
      execution of this Agreement.

	 	 
	3.2 	
      Each Party (other than the Bondholders, the Escrow Agent
      and the Funds Flow Bank) has authorised its relevant Designated
      Representative to:

	3.2.1 	
      confirm in writing the completion of any Transaction Step
      in clause 9 that is required to be completed by that Party; and

	 	 
	3.2.2 	
      receive notification of any Transaction Step in clause 9
      from other Designated Representatives and the Funds Flow
  Bank,

and in each case that Party shall be
bound as though that Party had itself given or received such confirmation or
notification. 

	3.3 	
      Each of the Parties shall procure that its Designated
      Representative or its advisers (or in the case of the Bondholders, the
      Designated Representative of Cell C) delivers to the Escrow Agent and to
      Cell C its CP Satisfaction Letter immediately upon fulfilment or waiver in
      terms of the relevant Transaction Documents of the relevant Transaction
      Documents Conditions (save that, for the avoidance of doubt, in the case
      of BLT the fulfilment of the BLT EGM CP is addressed in terms of clause
      3.4) and the Escrow Agent shall promptly notify the other Parties in
      writing when all of the CP Satisfaction Letters have been delivered to the
      Escrow Agent.

	 	 
	3.4 	
      BLT shall procure that its Designated Representative
      delivers to the Escrow Agent its BLT EGM CP Satisfaction Letter
      immediately upon fulfilment of the BLT EGM CP and the Escrow Agent shall
      promptly notify the other Parties in writing when the BLT EGM CP
      Satisfaction Letter has been delivered to the Escrow Agent.

	 	 
	3.5 	
      Each of the Parties shall procure, upon entry into of all
      such documents, that its Designated Representative (or its advisers)
      deliver to the Escrow Agent and Cell C written confirmation that all of
      the Transaction Documents to which that Party is a party have been entered
      into by that Party, and the Escrow Agent shall promptly notify the other
      Parties in writing when all such confirmations have been delivered to the
      Escrow Agent.

	4. 	
      APPOINTMENT OF FUNDS FLOW
BANK

	4.1 	
      The Parties hereby appoint the Funds Flow Bank for the
      purposes of administration of the Funds Flow Bank Accounts and the Bank
      Accounts and the coordination of any transactions between the relevant
      Funds Flow Bank Accounts and/or the relevant Bank Accounts (as the case
      may be) in accordance with the terms of this Agreement. The Funds Flow
      Bank hereby accepts such appointment on the terms set out in this
      Agreement.

	 	 
	4.2 	
      The Funds Flow Bank may appoint (with the prior written
      approval of Cell C, which shall not unreasonably be withheld or delayed)
      any other advisers reasonably required for the purposes of performance of
      its obligations under this Agreement, provided that the Funds Flow Bank
      shall be liable for any act or omission of such adviser as if such act or
      omission (as applicable) was performed or not by the Funds Flow
    Bank.

- 19 - 

Master Implementation and Funds Flow Agreement 

	4.3 	
      Nothing in this Agreement or any Transaction Document
      constitutes the Funds Flow Bank or any of its officers, employees,
      partners or agents as a trustee or fiduciary of any other Party.

	 	 
	4.4 	
      The Funds Flow Bank shall be under no greater duty of
      care, skill and diligence than that to which it is subject in the ordinary
      course of it carrying out its banking business.

	 	 
	4.5 	
      The Funds Flow Bank shall not deal with any Funds Flow
      Bank Account, Bank Account and/or the Nedbank Suspense Account in any
      manner other than as provided under this Agreement or by any applicable
      law or regulation or its bank account policies or terms and
    conditions.

	 	 
	4.6 	
      Where the Funds Flow Bank is required to effect a
      transfer of funds in accordance with the terms of this Agreement, the
      Funds Flow Bank shall only be obliged to do so to the extent that
      sufficient funds are standing to the credit of the relevant Bank Account
      or Funds Flow Bank Account (as the case may be) from which such funds are
      required to be transferred.

	 	 
	4.7 	
      Each Party which is required to open a Funds Flow Bank
      Account in terms of this Agreement shall:

	4.7.1 	
      provide such documentation and other evidence as is
      reasonably requested by the Funds Flow Bank in order for the Funds Flow
      Bank to carry out and be satisfied it has complied with all necessary
      “know your customer” or similar identification procedures under
      applicable laws and regulations (including the Financial Intelligence
      Centre Act, 2001) pursuant to the transactions contemplated in this
      Agreement; and

	 	 
	4.7.2 	
      ensure that such Funds Flow Bank Account is opened and
      fully operational,

in each case by no later than 25 July
2017. 

	5. 	
      ESCROW

	5.1 	
      The Parties hereby appoint the Escrow Agent for the
      purposes of receiving and holding in escrow the Escrow Documents in
      accordance with the terms of this Agreement. The Escrow Agent hereby
      accepts such appointment on the terms set out in this Agreement.

	 	 
	5.2 	
      Each Party shall deliver its Escrow Documents to the
      Escrow Agent (together with a written confirmation from its Designated
      Representative (or in the case of CDB and ICBC, their legal advisers White
      & Case) to the Escrow Agent that it has done so in the form set out in
      Schedule 6) by no later than 26 July 2017 in order to facilitate the
      delivery by the Escrow Agent on behalf of such Party of the Escrow
      Document/s required to be delivered by such Party for the purposes of the
      implementation of each Transaction Step to which it is a party. Upon
      receipt by the Escrow Agent of all of the written confirmations from each
      of the Parties in accordance with this clause 5.2, the Escrow Agent shall
      notify each of the other Parties of such receipt in writing in the form
      set out in Schedule 7 and such notification shall comprise the completion
      of Pre-Closing Step 1.

	 	 
	5.3 	
      The Escrow Agent shall hold each Escrow Document
      delivered to it by a Party in terms of clause 5.2 in safe custody for and
      on behalf of that Party and shall (save in respect of the Specified
      Pre-implementation Documents which, in accordance with their terms, are to
      be released after such delivery but prior to the Implementation Date, and
      the Escrow Agent shall so release the Specified Pre-Implementation
      Documents):

	5.3.1 	
      on the Implementation Date, at the commencement of the
      relevant Transaction Step, release and deliver on behalf of that Party
      each Escrow Document which was delivered by that Party to the Escrow Agent
      in terms of clause 5.2, for the purposes of the implementation of such
      relevant Transaction Step; or

- 20 - 

Master Implementation and Funds Flow Agreement 

	5.3.2 	
      in circumstances where Pre-Closing Step 1 has not been
      completed under clause 5.2, Pre-Closing Step 2 has not been completed
      under clause 7.3 and/or Pre-Closing Step 3 has not been completed under
      clause 7.5, tender the release to the relevant Party of each Escrow
      Document which that Party delivered to the Escrow Agent in terms of clause
      5.2.

	5.4 	
      The Parties agree that the Escrow Agent shall bear no
      responsibility or liability to the Parties or any other person in relation
      to this clause 5 (save to the extent that may result from any gross
      negligence, wilful default or fraud, to which extent this clause 5.4 shall
      not apply and the Escrow Agent's liability shall be limited to the amount
      recovered by it under its professional indemnity insurance policy) and
      that:

	5.4.1 	
      each of the Parties hereby waives any claim it may
      otherwise have had against the Escrow Agent in connection with this clause
      5;

	 	 
	5.4.2 	
      each of the Parties (other than the Nedbank, the Funds
      Flow Bank, CDB, ICBC, DBSA, the Bondholders and BoNY), acting separately
      and individually and only in respect of its own breaches under this
      Agreement, and Cell C, hereby indemnify and hold the Escrow Agent harmless
      from and against all actual or contingent losses, liabilities, damages,
      costs (including legal costs on the scale as between attorney and own
      client and any additional legal costs) and expenses of any nature
      whatsoever which the Escrow Agent may suffer or incur at any time as a
      result of or in connection with clause 5.3 (but subject to the provisions
      of clause 5.4); and

	 	 
	5.4.3 	
      the Escrow Agent shall:

	5.4.3.1 	
      be entitled to rely in good faith on any document
      purporting to be an Escrow Document or any other document delivered to it
      in terms of or pursuant to this clause 5;

	 	 
	5.4.3.2 	
      not be under any obligation to examine, enquire into or
      check the correctness, accuracy, completeness or authenticity of any
      Escrow Document delivered to it pursuant to this clause 5; and

	 	 
	5.4.3.3 	
      in relation to each Party, be deemed to have accepted the
      rights and obligations in clause 5.3 and this clause 5.4, upon acceptance
      of delivery of any Escrow Document delivered to it by such
  Party.

	6. 	
      PRE-CLOSING MEETINGS

	6.1 	
      The Parties agree that they, and shall procure that their
      respective financial and legal advisers (if any), shall meet at 10h00, or
      such other time as may be agreed by the Parties, on 27 July 2017 (First
      Pre-Closing Meeting) and again at 10h00, or such other time as may be
      agreed by the Parties, on 31 July 2017 (Second Pre-Closing Meeting)
      at the Sandton, Johannesburg offices of Bowmans, or such other venue as
      the Parties may agree upon in writing, in order to prepare for
    Closing.

	 	 
	6.2 	
      At the First Pre-Closing Meeting and the Second
      Pre-Closing Meeting:

	6.2.1 	
      the Parties and their respective advisers (if any) shall
      be entitled to inspect any Escrow Document that has been delivered by a
      Party to the Escrow Agent; and

	 	 
	6.2.2 	
      the Parties and their respective advisers (if any) shall
      conduct a dry-run Closing as many times as may reasonably be
    required.

	7. 	
      FUNDING OF FUNDS FLOW BANK ACCOUNTS/EXISTING
      BONDHOLDER DISTRIBUTION INSTRUCTION

	7.1 	
      By no later than 28 July
2017:

	7.1.1 	
      Net1 shall deposit an amount equal to the Net1
      Subscription Price into the Net1 Funds Flow Bank
Account;

- 21 - 

Master Implementation and Funds Flow Agreement 

	7.1.2 	
      M5 shall deposit an amount equal to the M5 Subscription
      Price into the Cell C Funds Flow Bank Account;

	 	 
	7.1.3 	
      MS15 shall deposit an amount equal to the aggregate of
      the MS15 Subscription Price and the OTSA Shares Price into the Cell C
      Funds Flow Bank Account;

	 	 
	7.1.4 	
      BLT shall deposit ZAR3,000,000,000 of the BLT
      Subscription Price into the BLT Funds Flow Bank
Account,

in each case to be held by the Funds
Flow Bank in accordance with the terms of this Agreement. 

	7.2 	
      By no later than 28 July 2017, Cell C shall deliver to
      the Funds Flow Bank a copy of the Existing Bondholder Distribution
      Instruction.

	 	 
	7.3 	
      Upon:

	7.3.1 	
      the deposit of all of the abovementioned amounts into the
      relevant Funds Flow Bank Accounts as referred to in clause 7.1, the Funds
      Flow Bank shall notify each of the other Parties of such deposit in
      writing in the form set out in Schedule 8; and

	 	 
	7.3.2 	
      the receipt by the Funds Flow Bank of a copy of the
      Existing Bondholder Distribution Instruction referred to in clause 7.2,
      the Funds Flow Bank shall notify each of the other Parties in writing of
      receipt of such instruction in the form set out in Schedule
  8,

and such notifications together shall
comprise the completion of Pre-Closing Step 2. 

	7.4 	
      By no later than 31 July
2017:

	7.4.1 	
      Nedbank shall deposit an amount equal to the SPV3 Loan
      into the Nedbank Suspense Account to be held by the Funds Flow Bank in
      accordance with the terms of this Agreement (and for these purposes
      Nedbank shall, by no later than 12h00 on 31 July 2017 provide Cell C with
      written confirmation that it has made such deposit);

	 	 
	7.4.2 	
      ICBC shall deposit an amount equal to the Cash Portion
      New ICBC Loan into the Nedbank Suspense Account to be held by the Funds
      Flow Bank in accordance with the terms of this Agreement (and for these
      purposes ICBC shall, by no later than 12h00 on 31 July 2017, provide the
      Funds Flow Bank and Cell C with written confirmation from The Standard
      Bank of South Africa Limited that it has made such payment on behalf of
      ICBC by electronic transfer of funds for value received on 31 July 2017);
      and

	7.4.3 	
      Cell C shall pay to the Funds Flow Bank the fee referred
      to in the Funds Flow Bank Fee Letter.

	7.5 	
      Upon the deposit of the amounts referred to in clause 7.4
      into the Nedbank Suspense Account by Nedbank and ICBC, the Funds Flow Bank
      shall notify each of the other Parties of such deposit in writing in the
      form set out in Schedule 9 and such notification shall comprise the
      completion of Pre-Closing Step 3.

	8. 	
      FLOW OF FUNDS AND TRANSACTION
  STEPS

	8.1 	
      Each step in clause 9 comprises a transaction step (each
      a Transaction Step) that is required to be completed to ensure that
      the transactions contemplated in the Transaction Documents are implemented
      in accordance with their terms, as read with this Agreement.

	 	 
	8.2 	
      The implementation of the transactions contemplated in
      the Transaction Documents will occur strictly in accordance with the
      sequence of the Transaction Steps set out in clause 9, provided that
      Transaction Step One shall only occur if Pre- Closing Step 1, Pre-Closing
      Step 2 and Pre-Closing Step 3 have been completed in accordance with this
      Agreement.

- 22 - 

Master Implementation and Funds Flow Agreement 

Each Transaction Step shall only occur
if the previous Transaction Step has been completed in the manner contemplated
in the relevant Transaction Document, as read with this Agreement. 

	8.3 	
      If for any reason whatsoever any Transaction Step does
      not occur by the time on the Implementation Date at which it is required
      to occur in terms of clause 9, notwithstanding anything to the contrary
      contained in this Agreement, the relevant Parties that are required to
      complete that Transaction Step shall use their reasonable commercial
      endeavours to complete the relevant Transaction Step as soon as reasonably
      possible thereafter, until all of the Transaction Steps have been
      completed.

	 	 
	8.4 	
      Each Party chooses the email address(es) set out opposite
      its name in Schedule 5 as its email address(es) to which any notice
      required to be given to such Party pursuant to clause 9 shall be given.
      Notwithstanding the provisions of clause 15, any confirmation or proof
      required to be given to or by a Party in relation to the completion of a
      Transaction Step pursuant to clause 9 shall be given to or by the relevant
      Party in writing by email to the email address(es) of the relevant
      Designated Representative(s) set out for this purpose in Schedule 4.
      Confirmation or proof shall be deemed to have been given when an email is
      sent to the relevant Party regardless of whether a confirmation of
      delivery or receipt is generated in respect of such email and no other
      acknowledgement or confirmations (whether of receipt or otherwise) shall
      be required for the completion of the relevant Transaction Step.

	 	 
	8.5 	
      Whenever a Transaction Step includes the transfer of an
      amount from any Funds Flow Bank Account, the Funds Flow Bank is hereby
      authorised, irrevocably and unconditionally, by the holder of the relevant
      Funds Flow Bank Account to:

	8.5.1 	
      effect the required transfer at the time, in the manner
      and generally in accordance with the provisions of this Agreement without
      receiving further instruction or confirmation from such account holder;
      and

	 	 
	8.5.2 	
      disclose the amount transferred to or from, or standing
      to the credit of, the relevant Funds Flow Bank Account to any other Party
      as and when required for purposes of completing any Transaction Step in
      accordance with the provisions of this Agreement and generally until such
      time as all Transaction Steps have been completed in accordance with the
      provisions of this Agreement.

	8.6 	
      Whenever the Funds Flow Bank acts under this Agreement
      (including in transferring moneys to or from any Funds Flow Bank Account
      and/or Bank Account), it does so on the instructions and at the request of
      one or more Parties and with the consent of all other Parties. Accordingly
      (and without derogating from the provisions of clause 11), the Funds Flow
      Bank shall not incur any liability to any Party relating to or arising out
      of or in connection with acts or omissions on the basis of such
      instructions, requests and/or consents (save in the case of gross
      negligence, wilful default or fraud by the Funds Flow Bank) and the Funds
      Flow Bank shall be entitled to assume that any instruction, request and
      consent given to it under or in connection with this Agreement by a
      Designated Representative has been duly authorised and validly given and
      that it may act accordingly.

	 	 
	8.7 	
      The Parties (other than the Escrow Agent and the Funds
      Flow Bank) agree that:

	8.7.1 	
      payments, repayments and disbursements made pursuant to,
      and in accordance with, the Transaction Steps shall on completion of all
      the Transaction Steps on the Implementation Date constitute proper
      discharge of the corresponding obligations described in the Transaction
      Steps; and

	 	 
	8.7.2 	
      except as specifically provided in this clause 8 or
      clause 9, no amount may, until such time as all Transaction Steps have
      been completed in accordance with the provisions of this Agreement, be
      withdrawn or transferred from any Funds Flow Bank Account by any Party
      other than the Funds Flow Bank (in accordance with the provisions of this
      Agreement), and no Party other than the Funds Flow Bank (in accordance
      with the provisions of this Agreement) shall be entitled to receive,
      withdraw, transfer or otherwise have access to any funds standing to the
      credit of any Funds Flow Bank Account.

- 23 - 

Master Implementation and Funds Flow Agreement 

	9. 	
      TRANSACTION STEPS

	9.1 	
      Subject to clause 8.3, the Parties agree, provided that
      Pre-Closing Step 1, Pre-Closing Step 2 and Pre-Closing Step 3 have been
      completed in accordance with this Agreement, to implement each of the
      Transaction Steps in the following sequence on the Implementation Date at
      a meeting to be held at the Sandton, Johannesburg offices of Bowmans, or
      such other venue as the Parties may agree upon in writing commencing at
      09h00, or such other time as may be agreed between the Parties in
      writing.

	 	 
	9.2 	
      Despite the order in which the actions comprising a
      Transaction Step appear, each action comprising such Transaction Step
      shall take place simultaneously or shall be deemed to take place
      simultaneously, as the circumstances may require.

	 	 
	9.3 	
      Transaction Step One

	9.3.1 	
      Net1 Subscription

	9.3.1.1 	
      Net1 shall subscribe for the Net1 Subscription Shares
      pursuant to the Net1 Subscription Agreement.

	 	 
	9.3.1.2 	
      Net1 hereby irrevocably instructs the Funds Flow Bank to
      transfer an amount equal to the Net1 Subscription Price from the Net1
      Funds Flow Bank Account to the Cell C Funds Flow Bank Account as
      consideration for the Net1 Subscription Shares and the Funds Flow Bank
      shall make such transfer.

	 	 
	9.3.1.3 	
      Each of the relevant Parties to the Net1 Subscription
      Agreement shall fulfil all of its other closing obligations as set out in
      the Net1 Subscription Agreement and the Equity Implementation
      Agreement.

	9.3.2 	
      M5 Subscription

	9.3.2.1 	
      M5 shall subscribe for the M5 Subscription Shares
      pursuant to the M5 Subscription Agreement.

	 	 
	9.3.2.2 	
      Cell C hereby acknowledges that it has received an amount
      equal to the M5 Subscription Price from M5 as consideration for the M5
      Subscription Shares.

	 	 
	9.3.2.3 	
      Each of the relevant Parties to the M5 Subscription
      Agreement shall fulfil all of its other closing obligations as set out in
      the M5 Subscription Agreement and the Equity Implementation
    Agreement.

	9.3.3 	
      MS15 Subscription

	9.3.3.1 	
      MS15 shall subscribe for the MS15 Subscription Shares
      pursuant to the MS15 Subscription Agreement.

	 	 
	9.3.3.2 	
      Cell C hereby acknowledges that it has received an amount
      equal to the MS15 Subscription Price from MS15 as consideration for the
      MS15 Subscription Shares.

	 	 
	9.3.3.3 	
      Each of the relevant Parties to the MS15 Subscription
      Agreement shall fulfil all of its other closing obligations as set out in
      the MS15 Subscription Agreement and the Equity Implementation
      Agreement.

	9.3.4 	
      BLT Subscription

	9.3.4.1 	
      BLT shall subscribe for the BLT Subscription Shares
      pursuant to the BLT Subscription Agreement.

	 	 
	9.3.4.2 	
      BLT hereby irrevocably instructs the Funds Flow Bank to
      transfer ZAR3,000,000,000 from the BLT Funds Flow Bank Account to the Cell
      C Funds Flow Bank Account as part consideration for the BLT Subscription
      Shares and the Funds Flow Bank shall make such
transfer.

- 24 - 

Master Implementation and Funds Flow Agreement 

	9.3.4.3 	
      Cell C hereby irrevocably instructs the Funds Flow Bank
      to transfer ZAR2,500,000,000 from the Cell C Funds Flow Bank Account to
      the Cell C SP Funds Flow Bank Account by way of advance of the Cell C
      Service Provider Loan and the Funds Flow Bank shall make such
    transfer.

	 	 
	9.3.4.4 	
      Cell C SP hereby irrevocably instructs the Funds Flow
      Bank to transfer ZAR2,500,000,000 from the Cell C SP Funds Flow Bank
      Account to the BLT Funds Flow Bank Account as payment of the purchase
      price under the Return of Airtime Agreement and the Funds Flow Bank shall
      make such transfer.

	 	 
	9.3.4.5 	
      BLT hereby irrevocably instructs the Funds Flow Bank to
      transfer ZAR2,500,000,000 from the BLT Funds Flow Bank Account to the Cell
      C Funds Flow Bank Account as the remaining consideration for the BLT
      Subscription Shares and the Funds Flow Bank shall make such
    transfer.

	 	 
	9.3.4.6 	
      Each of the relevant Parties to the BLT Subscription
      Agreement and the Return of Airtime Agreement shall fulfil all of its
      other closing obligations as set out in the BLT Subscription Agreement,
      the Equity Implementation Agreement and the Return of Airtime
      Agreement.

	9.3.5 	
      SPV1 Subscription

	9.3.5.1 	
      Cell C shall assume the obligation to pay to SPV1 the
      SPV1 Loan Assumption Amount, which payment obligation of Cell C shall
      remain outstanding on loan account as between Cell C and SPV1 pursuant to
      the terms of the Bondholder Repayment and Interest Payment
    Agreement.

	 	 
	9.3.5.2 	
      SPV1 shall subscribe for the SPV1 Subscription Shares
      pursuant to the SPV1 Subscription Agreement.

	 	 
	9.3.5.3 	
      The SPV1 Loan Assumption Amount shall be set off against
      the SPV1 Subscription Price pursuant to the terms of the Bondholders
      Repayment and Interest Payment Agreement.

	 	 
	9.3.5.4 	
      Each of the relevant Parties to the SPV1 Subscription
      Agreement and the SPV1 Documents shall fulfil all of its other closing
      obligations as set out in the SPV1 Subscription Agreement and the Equity
      Implementation Agreement and the SPV1
Documents.

	9.3.6 	
      SPV2 Subscription

	9.3.6.1 	
      Cell C, for and on behalf of OTL, hereby irrevocably
      instructs the Funds Flow Bank to transfer the sum of USD20,000,000 from
      the Cell C Funds Flow Bank Account to the SPV2 DSRA Bank Account pursuant
      to the terms of the Liquidity Undertaking Agreement and the OTL Residual
      Value Realisation, Recapitalisation Support and Release Agreement, and the
      Funds Flow Bank shall make such transfer and shall provide CDB’s and
      ICBC’s Designated Representative with a copy of the SWIFT instruction
      promptly upon making such transfer.

	 	 
	9.3.6.2 	
      Cell C shall assume the obligation to pay to SPV2 the
      SPV2 Loan Assumption Amount, which payment obligation of Cell C shall
      remain outstanding on loan account as between Cell C and SPV2 pursuant to
      the terms of the SPV2 Repayment and Interest Payment Agreement.

	 	 
	9.3.6.3 	
      Each of CDB and ICBC shall advance the relevant SPV2
      Loans to SPV2 in accordance with the SPV2 Documents.

	 	 
	9.3.6.4 	
      SPV2 shall subscribe for the SPV2 Subscription Shares
      pursuant to the SPV2 Subscription Agreement.

	 	 
	9.3.6.5 	
      SPV2 shall direct each of CDB and ICBC to advance the
      relevant SPV2 Loans to Cell C in accordance with the SPV2 Letters of
      Direction.

- 25 - 

Master Implementation and Funds Flow Agreement 

	9.3.6.6 	
      The SPV2 Loan Assumption Amount shall be set off against
      the SPV2 Subscription Price pursuant to the terms of the SPV2 Repayment
      and Interest Payment Agreement.

	 	 
	9.3.6.7 	
      Cell C shall direct CDB to apply the advance of the
      relevant SPV2 Loan in repayment of part of the CDB Existing Debt in
      accordance with the Cell C/CDB Letter of Direction, the SPV2 Repayment and
      Interest Payment Agreement and the CDB Payment Notices.

	 	 
	9.3.6.8 	
      Cell C shall direct ICBC to apply the advance of the
      relevant SPV2 Loan in repayment of part of the ICBC Existing Debt
      respectively in accordance with the Cell C/ICBC Letter of Direction, the
      SPV2 Repayment and Interest Payment Agreement and the ICBC Payment
      Notices.

	 	 
	9.3.6.9 	
      Each of the relevant Parties to the SPV2 Subscription
      Agreement and the SPV2 Documents shall fulfil all of its other closing
      obligations as set out in the SPV2 Subscription Agreement and the Equity
      Implementation Agreement and the SPV2
Documents.

	9.3.7 	
      SPV3 Subscription

	9.3.7.1 	
      Nedbank shall advance the SPV3 Loan to SPV3 in accordance
      with the SPV3 Documents by transferring an amount equal to the SPV3 Loan
      from the Nedbank Suspense Account to the SPV3 Funds Flow Bank
    Account.

	 	 
	9.3.7.2 	
      SPV3 shall subscribe for the SPV3 Subscription Shares
      pursuant to the SPV3 Subscription Agreement.

	 	 
	9.3.7.3 	
      SPV3 hereby irrevocably instructs the Funds Flow Bank to
      transfer an amount equal to the SPV3 Subscription Price from the SPV3
      Funds Flow Bank Account to the Cell C Funds Flow Bank Account as
      consideration for the SPV3 Subscription Shares and the Funds Flow Bank
      shall make such transfer.

	 	 
	9.3.7.4 	
      Cell C hereby irrevocably instructs the Funds Flow Bank
      to transfer an amount equal to the SPV3 Subscription Price from the Cell C
      Funds Flow Bank Account to the Nedbank Suspense Account in part repayment
      of the Nedbank Existing Debt in accordance with the Nedbank Repayment and
      Interest Payment Agreement.

	 	 
	9.3.7.5 	
      Each of the relevant Parties to the SPV3 Subscription
      Agreement and the SPV3 Documents shall fulfil all of its other closing
      obligations as set out in the SPV3 Subscription Agreement and the Equity
      Implementation Agreement and the SPV3
Documents.

	9.3.8 	
      New Loans

	9.3.8.1 	
      Cell C and ICBC hereby confirm that drawdown by Cell C of
      the New ICBC Loan occurred on 31 July 2017.

	 	 
	9.3.8.2 	
      ICBC shall finalise the advance of the New ICBC Loan and
      hereby irrevocably instructs the Funds Flow Bank to transfer an amount
      equal to the Cash Portion New ICBC Loan from the Nedbank Suspense Account
      to the Cell C Funds Flow Bank Account and the Funds Flow Bank shall make
      such transfer.

	 	 
	9.3.8.3 	
      Cell C hereby irrevocably instructs the Funds Flow Bank
      to transfer an amount equal to the USD equivalent of the amount equal to
      the Cash Portion New ICBC Loan (converted at Average Trade Rate) from the
      Cell C Funds Flow Bank Account to the ICBC Bank Account pursuant to the
      terms of the SPV2 Repayment and Interest Payment Agreement and the
      relevant prepayment notice under the Original ICBC Finance Documents and
      the Funds Flow Bank shall make such transfer and shall provide ICBC’s
      Designated Representative with a copy of the SWIFT instruction promptly
      upon making such transfer.

	 	 
	9.3.8.4 	
      Cell C shall direct ICBC to apply the balance of the
      advance of the New ICBC Loan (being ZAR43,051,032.01) in part repayment of
      the ICBC Existing Debt in accordance with the relevant prepayment notice
      under the Original ICBC Finance Documents.

- 26 - 

Master Implementation and Funds Flow Agreement 

	9.3.8.5 	
      Cell C shall drawdown the New Nedbank Loan and direct
      Nedbank to apply the advance of the New Nedbank Loan in part repayment of
      the Nedbank Existing Debt in accordance with the Nedbank Repayment and
      Interest Payment Agreement.

	9.3.9 	
      Each of the relevant Parties to the New Finance Documents
      and the New Security Documents shall fulfil all of its other closing
      obligations as set out in each New Finance Document and each New Security
      Document (save for any of the payments forming part of Transaction Step
      Four).

	 	 
	9.3.10 	
      This Transaction Step One shall be completed
  upon:

	9.3.10.1 	
      the Funds Flow Bank confirming in writing to the relevant
      Parties that the transfers of funds referred in this clause 9.3 have been
      completed;

	 	 
	9.3.10.2 	
      Cell C:

	9.3.10.2.1 	
      updating the register of members of Cell C to reflect the
      issuance of the Subscription Shares pursuant to the Subscription
      Agreements;

	 	 
	9.3.10.2.2 	
      delivering to Net1 (or its nominee), the duly signed
      share certificates relating to the Net1 Subscription Shares;

	 	 
	9.3.10.2.3 	
      on behalf of José Guilherme Vieira Dos Santos, delivering
      to CDB and/or ICBC (or its nominee), the duly signed share certificates
      relating to the Shares (as defined in the M1 Pledge and Cession in
      Security) under the M1 Pledge and Cession in Security and the share
      transfer forms in respect of the Shares (as defined in the M1 Pledge and
      Cession in Security) duly completed and signed, but undated and otherwise
      in blank as to the transferee

	 	 
	9.3.10.2.4 	
      on behalf of M5, delivering to CDB and/or ICBC (or its
      nominee), the duly signed share certificates relating to the M5
      Subscription Shares under the M5 Pledge and Cession in Security and the
      share transfer forms in respect of the M5 Subscription Shares duly
      completed and signed, but undated and otherwise in blank as to the
      transferee;

	 	 
	9.3.10.2.5 	
      on behalf of MS15, delivering to CDB and/or ICBC (or its
      nominee), the duly signed share certificates relating to the MS15
      Subscription Shares under the MS15 Pledge and Cession in Security and the
      share transfer forms in respect of the MS15 Subscription Shares duly
      completed and signed, but undated and otherwise in blank as to the
      transferee;

	 	 
	9.3.10.2.6 	
      on behalf of SPV2, delivering to CDB and/or ICBC (or its
      nominee), the duly signed share certificates relating to the SPV2
      Subscription Shares under the SPV2 Pledge and Cession in Security and the
      share transfer forms in respect of the SPV2 Subscription Shares duly
      completed and signed, but undated and otherwise in blank as to the
      transferee;

	 	 
	9.3.10.2.7 	
      delivering to BLT (or its nominee), the duly signed share
      certificates relating to the BLT Subscription Shares;

	 	 
	9.3.10.2.8 	
      on behalf of SPV1, delivering to TMF, the duly signed
      share certificates relating to the SPV1 Subscription Shares under the SPV1
      Pledge and Cession in Security and the share transfer forms in respect of
      the SPV1 Subscription Shares duly completed and signed, but undated and
      otherwise in blank as to the transferee;

	 	 
	9.3.10.2.9 	
      on behalf of SPV3, delivering to Nedbank (or its
      nominee), the duly signed share certificates relating to the SPV3
      Subscription Shares under the SPV3 Pledge and Cession in Security and the
      share transfer forms in respect of the SPV3 Subscription Shares duly
      completed and signed, but undated and otherwise in blank as to the
      transferee;

- 27 - 

Master Implementation and Funds Flow Agreement 

	9.3.10.2.10 	
      3C:

	9.3.10.2.10.1 	
      delivering to TMF, the duly signed share certificates
      relating to the 3C (SPV1) Pledge and Cession in Security and the share
      transfer forms in respect of the 3C SPV1 Shares duly completed and signed,
      but undated and otherwise in blank as to the transferee; and

	 	 
	9.3.10.2.10.2 	
      delivering to Nedbank (or its nominee), the duly signed
      share certificates relating to the 3C (SPV3) Pledge and Cession in
      Security and the share transfer forms in respect of the 3C SPV3 Shares
      duly completed and signed, but undated and otherwise in blank as to the
      transferee.

	9.4 	
      Transaction Step Two

	9.4.1 	
      Each of the relevant Parties to the OTSA Share Sale and
      Purchase Agreement shall fulfill all of its closing obligations as set out
      in the OTSA Share Sale and Purchase Agreement.

	 	 
	9.4.2 	
      MS15 hereby irrevocably instructs the Funds Flow Bank to
      transfer an amount equal to the OTSA Shares Price from the Cell C Funds
      Flow Bank Account to the OTL Bank Account as consideration for the OTSA
      Shares and the Funds Flow Bank shall make such transfer.

	 	 
	9.4.3 	
      This Transaction Step Two shall be completed upon the
      Funds Flow Bank confirming in writing to the relevant Parties that the
      transfer of funds referred in this clause 9.4 has been
  completed.

	9.5 	
      Transaction Step Three

	9.5.1 	
      The OTL Security (insofar only as it relates to any
      security over the 3C Residual Shares) shall be released by the relevant
      Parties in accordance with the terms of the OTL Residual Value
      Realisation, Recapitalisation Support and Release Agreement and the OTL
      Release Deed.

	 	 
	9.5.2 	
      Cell C shall acquire the 3C Residual Shares from 3C as
      contemplated in section 46 as read with section 48 of the Companies Act in
      accordance with the terms governing such acquisition set out in the
      Buyback Resolutions.

	 	 
	9.5.3 	
      Cell C hereby irrevocably instructs the Funds Flow Bank
      to transfer an amount equal to the Buyback Price from the Cell C Funds
      Flow Bank Account to the OTSA Bank Account as consideration for the 3C
      Residual Shares and the Funds Flow Bank shall make such
transfer.

	 	 
	9.5.4 	
      This Transaction Step Three shall be completed
    upon:

	9.5.4.1 	
      the Funds Flow Bank confirming in writing to the relevant
      Parties that the transfer of funds referred in this clause 9.5 has been
      completed;

	 	 
	9.5.4.2 	
      Cell C confirming to the other Parties that it
  has:

	9.5.4.2.1 	
      cancelled the 3C Residual Shares as issued shares and
      restored the 3C Residual Shares to the status of authorised (but unissued)
      shares by updating the securities register of Cell C accordingly;
    and

	 	 
	9.5.4.2.2 	
      cancelled any share certificates evidencing 3C’s
      shareholding of the 3C Residual Shares.

	9.6 	
      Transaction Step Four

	9.6.1 	
      Cell C hereby irrevocably instructs the Funds Flow Bank
      to transfer:

	9.6.1.1 	
      the Bondholder Repayment Amount and the Bondholder
      Interest Payment Amount from the Cell C Funds Flow Bank Account to the
      Existing Paying Agent Bank Account in the amounts specified in the
      Existing Bondholder Distribution Instruction pursuant to the terms of the
Bondholder Repayment and Interest Payment Agreement, and the Funds Flow Bank
shall make such transfer(s); 

- 28 - 

Master Implementation and Funds Flow Agreement 

	9.6.1.2 	
      the CDB Repayment Amount and the CDB Interest Payment
      Amounts from the Cell C Funds Flow Bank Account to the CDB Bank Account
      pursuant to the terms of the SPV2 Repayment and Interest Payment Agreement
      and the CDB Payment Notices, and the Funds Flow Bank shall make such
      transfer and shall provide CDB’s Designated Representative with a copy of
      the SWIFT instruction promptly upon making such transfer;

	 	 
	9.6.1.3 	
      the ICBC Repayment Amount and the ICBC Interest Payment
      Amounts from the Cell C Funds Flow Bank Account to the ICBC Bank Account
      pursuant to the terms of the SPV2 Repayment and Interest Payment Agreement
      and the ICBC Payment Notices, and the Funds Flow Bank shall make such
      transfer and shall provide ICBC’s Designated Representative with a copy of
      the SWIFT instruction promptly upon making such transfer;

	 	 
	9.6.1.4 	
      the Nedbank Repayment Amount and the Nedbank Interest
      Payment Amount from the Cell C Funds Flow Bank Account to the Nedbank
      Suspense Account pursuant to the terms of the Nedbank Repayment and
      Interest Payment Agreement, and the Funds Flow Bank shall make such
      transfer;

	 	 
	9.6.1.5 	
      the DBSA Cash Settlement Amount and the DBSA Interest
      Payment Amount from the Cell C Funds Flow Bank Account to the DBSA Bank
      Account pursuant to the terms of the DBSA Amended and Restated Loan
      Agreement, and the Funds Flow Bank shall make such transfer;

	 	 
	9.6.1.6 	
      for and on behalf of SPV1, the SPV1 Bonds Fees from the
      Cell C Funds Flow Bank Account to the bank account specified in the
      invoice referred to in clause 1.1.140 pursuant to the terms of the
      Bondholder Repayment and Interest Payment Agreement, and the Funds Flow
      Bank shall make such transfer;

	 	 
	9.6.1.7 	
      the CDB SPV2 Fee from the Cell C Funds Flow Bank Account
      to the CDB Bank Account pursuant to the terms of the relevant SPV2
      Documents and the SPV2 Fee Letter, and the Funds Flow Bank shall make such
      transfer and shall provide CDB’s Designated Representative with a copy of
      the SWIFT instruction promptly upon making such transfer;

	 	 
	9.6.1.8 	
      the ICBC SPV2 Fee from the Cell C Funds Flow Bank Account
      to the ICBC Bank Account pursuant to the terms of the relevant SPV2
      Documents and the SPV2 Fee Letter, and the Funds Flow Bank shall make such
      transfer and shall provide ICBC’s Designated Representative with a copy of
      the SWIFT instruction promptly upon making such transfer; and

	 	 
	9.6.1.9 	
      the SPV3 A&O Fees from the Cell C Funds Flow Bank
      Account to the bank account specified in the invoice referred to in clause
      1.1.165 pursuant to the terms of the SPV3 Documents and the Nedbank
      Repayment and Interest Payment Agreement, and the Funds Flow Bank shall
      make such transfer.

	9.6.2 	
      Upon the Funds Flow Bank confirming in writing to the
      relevant Parties that the transfers of funds referred in this clause 9.6
      have been completed, the OTL Security shall be released by the relevant
      Parties in accordance with the terms of the OTL Residual Value
      Realisation, Recapitalisation Support and Release Agreement and the OTL
      Release Deed, whereupon this Transaction Step Four shall be
    completed.

	9.7 	
      Transaction Step Five

	9.7.1 	
      Cell C shall, upon receipt by Cell C of the written
      confirmation delivered by BoNY pursuant to the terms of the BoNY Side
      Letter (that the onward payment of the Bondholder Repayment Amount and the
      Bondholder Interest Payment Amount have been made to the relevant clearing
      systems in the case of the instructed positions), deliver such written
      confirmation to each of the other Parties.

- 29 - 

Master Implementation and Funds Flow Agreement 

	9.7.2 	
      Cell C shall confirm to the other Parties that any
      undated Specified Bondholder Documents have been dated.

	 	 
	9.7.3 	
      The Cell C Registered Global Bond and the SPV1 Registered
      Global Bond shall be executed by Cell C in accordance with the relevant
      Bondholder Documents.

	 	 
	9.7.4 	
      Upon receipt by CDB of the payments referred to in
      clauses 9.6.1.2 and 9.6.1.7, CDB shall forthwith confirm to Cell C that it
      has received such payments.

	 	 
	9.7.5 	
      Upon receipt by ICBC of the payments referred to in
      clauses 9.3.8.3; 9.6.1.3 and 9.6.1.8, ICBC shall forthwith confirm to Cell
      C that it has received such payments.

	 	 
	9.7.6 	
      Cell shall confirm that it has delivered the
      authentication instruction to BoNY in respect of the Cell C Bonds and the
      SPV1 Bonds and has received the appropriate authentication in respect
      thereof from BoNY, and the Cell C Bonds and the SPV1 Bonds shall be issued
      in accordance with the terms of the relevant Bondholder
  Documents.

	 	 
	9.7.7 	
      This Transaction Step 5 shall be completed upon Cell C
      having delivered and received (as the case may be) the confirmations
      contemplated in this clause 9.7.

	9.8 	
      Transaction Step Six

	9.8.1 	
      Forthwith upon completion of all of Transaction Steps
      One, Two, Three, Four and Five, Cell C shall deliver to each of the other
      Parties the confirmation in the form set out in Schedule 10 that Closing
      has occurred.

	 	 
	9.8.2 	
      Following delivery of the confirmation referred to in
      clause 9.8.1 Cell C hereby irrevocably instructs the Funds Flow Bank to
      transfer an amount equal to the credit balance of the Cell C Funds Flow
      Bank Account to the Cell C Bank Account and the Funds Flow Bank shall make
      such transfer.

	10. 	
      IMPLEMENTATION/TIMING

Each Party which is a party to each of
the Original Finance Documents, the New Finance Documents, the SPV2 Facilities
Agreement, the SPV3 Facility Agreement hereby agrees (provided that such
agreement shall lapse and no longer be of any force and effect if Closing does
not occur on or before 4 August 2017) in respect of each such document or
agreement that no Default shall arise under such document or agreement solely as
a result of: 

	10.1 	
      the New ICBC Loan being utilised prior to the
      Implementation Date; and/or

	 	 
	10.2 	
      payments made to the relevant parties under clauses
      9.3.8.3, 9.6.1.1, 9.6.1.2, 9.6.1.3, 9.6.1.7, and 9.6.1.8 only being
      received after the Implementation Date but by no later than 4 August 2017
      (and otherwise in accordance with the terms of this Agreement) and as a
      result the liabilities to be extinguished by such payments remaining
      outstanding during such period prior to the receipt of such
    payments.

	11. 	
      INDEMNIFICATION

	11.1 	
      Each Party (other than the Escrow Agent, the Funds Flow
      Bank, CDB, ICBC, DBSA, the Bondholders and BoNY), acting separately and
      individually and only in respect of its own breaches under this Agreement,
      and Cell C acting separately and individually and only in respect of its
      own and CDB’s and ICBC’s breaches under this Agreement, agrees to
      indemnify, hold harmless and reimburse the Funds Flow Bank, within 20
      Business Days of demand, for the full amount of any and all costs,
      expenses, losses, claims, damages and liabilities to which the Funds Flow
      Bank may become subject relating to or arising out of or in connection
      with any of the transactions contemplated by the irrevocable payment
      instructions set out in clause 9 as read with the Funds Flow Bank Payments
      Schedule, save for any costs, expenses, losses, claims, damages and
      liabilities arising out of the Funds Flow Bank's gross negligence, wilful
      default or fraud.

- 30 - 

Master Implementation and Funds Flow Agreement 

	11.2 	
      The Funds Flow Bank (in its capacity as
  such):

	11.2.1 	
      shall not be required to investigate whether any
      conditions to any Transaction Document have been fulfilled or waived in
      accordance with its terms and may for the purpose of this Agreement assume
      that any condition contained in a Transaction Document other than this
      Agreement has been fulfilled or waived in accordance with its terms and
      shall not be required to do anything or perform any act other than those
      specified in clause 9 as read with the Funds Flow Bank Payments
      Schedule;

	 	 
	11.2.2 	
      may rely on any information provided to it by another
      Party or its Designated Representative in connection with the execution of
      a Transaction Step (including the status of completion of that Transaction
      Step); and

	 	 
	11.2.3 	
      is not required to do anything, perform any act or incur
      any obligation other than those specified in clauses 2, 4, 7 and 9 as read
      with the Funds Flow Bank Payments Schedule insofar as such act is required
      to be performed by the Funds Flow Bank in clauses 2, 4, 7 and 9 as read
      with the Funds Flow Bank Payments Schedule.

	11.3 	
      The Funds Flow Bank and its officers, directors, agents,
      employees and advisers are held harmless and shall not be liable for any
      cost, expense, loss, claim, damage or liability (whether direct or
      indirect, consequential or otherwise) to which any other Party or person
      may become subject or that may be incurred or suffered by any other Party
      or person relating to or arising from or in connection with any cause in
      connection with this Agreement and the transactions contemplated in this
      Agreement as read with the Funds Flow Bank Payments Schedule (including
      the operations of any Bank Account, Nedbank Suspense Account or Funds Flow
      Bank Account by the Funds Flow Bank), whether the cost, expense, loss,
      claim, damage or liability concerned results from breach of contract
      (whether total, fundamental or otherwise), delict, negligence or any other
      cause and whether this Agreement has been terminated or not, other than as
      a result of the Funds Flow Bank's own gross negligence, wilful default or
      fraud.

	 	 
	11.4 	
      This clause 11 shall survive the termination of this
      Agreement.

	12. 	
      FUNDS FLOW BANK
ACCOUNTS

	12.1 	
      The BLT Funds Flow Bank Account and the Net1 Funds Flow
      Bank Account shall be established as call accounts; all other Funds Flow
      Bank Accounts shall be established as current accounts. The Funds Flow
      Bank shall credit any Funds Flow Bank Account which is a call account and
      that has an overnight credit balance at the close of business on any day
      with interest on such credit balance calculated at the rate payable under
      the Fund Flow Bank's standard terms and conditions relating to such Funds
      Flow Bank Account. Funds Flow Bank Accounts which are current accounts
      will not earn interest.

	 	 
	12.2 	
      The Funds Flow Bank shall make all transfers it is
      authorised to make under this Agreement to and from a Funds Flow Account
      free from any bank charge or transfer cost.

	 	 
	12.3 	
      Once all Funds Flow Bank Accounts have a zero balance
      after completion of the flow of funds described in clause 9, all of the
      Funds Flow Bank Accounts shall be closed.

	13. 	
      CONFIDENTIALITY

	13.1 	
      For purposes of this Agreement, Confidential
      Information shall mean:

	13.1.1 	
      all written and/or tangible information and other
      materials supplied to, or received by, another Party related to this
      Agreement and the Recapitalisation Transaction; and

	 	 
	13.1.2 	
      information and/or data created by Cell C or by any of
      the Parties or their Affiliates and disclosed by either Cell C or any
      Party or its Affiliate to another Party or such Party's Affiliate which is
      confidential, proprietary and/or not generally available to the public, including, but not limited
to, information relating in whole or in part to Cell C, including present and
future services, business plans and strategies, marketing ideas and concepts,
especially with respect to unannounced services, present and future business
plans, marketing plans, sales strategies, customer information, development
plans, customer requirements, or other technical and business information. 

- 31 - 

Master Implementation and Funds Flow Agreement 

	13.2 	
      The Parties undertake to:

	13.2.1 	
      treat all Confidential Information as private and
      confidential and safeguard it accordingly;

	 	 
	13.2.2 	
      use Confidential Information only for the purpose of the
      discussions and negotiations in connection with this Agreement and the
      Recapitalisation Transaction (Approved Purpose); and

	 	 
	13.2.3 	
      use each and every reasonable effort (including without
      limitation at least those steps as it applies in protecting its own most
      sensitive confidential information) to ensure that the Confidential
      Information is protected against theft or unauthorised access and that
      no-one receives Confidential Information unless authorised in terms of
      this Agreement.

	13.3 	
      The Parties shall not, and each Party shall use all
      reasonable endeavours to procure that every Affiliate of such Party shall
      not, disclose to any person or use the Confidential Information or cause
      the use of the Confidential Information for any purpose other than the
      Approved Purpose, provided however that in respect of each Party or
      Affiliates thereto, the foregoing obligations shall not apply to the
      disclosure of Confidential Information if and to the
  extent:

	13.3.1 	
      disclosure is required by law or for the purpose of any
      judicial, arbitration, administrative or other investigative proceedings
      or by any governmental entity or regulatory body if (to the extent
      practicable) prior notice is given to the other Parties;

	 	 
	13.3.2 	
      that a Party is obliged to make such disclosure in terms
      of the Companies Act or any other law or enactment, or the rules,
      regulations or other requirements of any stock exchange or any other
      regulator having jurisdiction;

	 	 
	13.3.3 	
      the Confidential Information is disclosed by a Party in
      connection with judicial or arbitral proceedings (and only to the extent
      it is used in the proceedings);

	 	 
	13.3.4 	
      the Confidential Information is or becomes generally
      available to the public other than as a result of a breach of any
      undertaking or duty of confidentiality by the disclosing party;

	 	 
	13.3.5 	
      the Confidential Information is disclosed on a
      confidential basis by a Party to its Affiliates and their advisers,
      employees, representatives, directors, shareholders, auditors or bankers
      for the purposes of its business;

	 	 
	13.3.6 	
      the Confidential Information is disclosed on a
      confidential basis by the Parties and/or their Affiliates for the taking
      of any action contemplated by this Agreement or related
    documentation;

	 	 
	13.3.7 	
      disclosure is by a Party to one of its Affiliates which
      accepts or is otherwise subject to reasonable confidentiality
      restrictions;

	 	 
	13.3.8 	
      disclosure is to a person to whom disclosure is required
      to be made in accordance with the terms of the Senior Debt Documents (as
      defined in the Intercreditor Agreement); or

	 	 
	13.3.9 	
      the other Parties have given their prior written consent
      to the contents and the manner of the disclosure by a Party (not to be
      unreasonably withheld or delayed); or

	 	 
	13.3.10 	
      the Confidential Information is disclosed on a
      confidential basis by the Bondholders to their underlying
  holders.

- 32 

Master Implementation and Funds Flow Agreement 

	13.4 	
      Save as set out in clause 13.3.2, and save for an
      announcement to be made by Cell C immediately after Closing to the effect
      only that Closing has occurred, no Party shall make any announcement or
      statement about this Agreement, or its contents or the Recapitalisation
      Transaction without having first obtained the other Parties’ prior written
      consent to the announcement or statement and to its contents, provided
      that such consent may not be unreasonably withheld or delayed.

	 	 
	13.5 	
      The Parties acknowledge that damages would not be a
      sufficient remedy for any breach of this clause 13 and each Party will be
      entitled to the remedy of injunction, specific performance and other
      equitable relief for any threatened or actual breach, in addition to any
      damages or other remedy to which it may be entitled and no proof of
      special damages will be necessary for the enforcement of this
      Agreement.

	13.6 	
      This clause 13 shall survive for a period of 6 months
      after termination of this Agreement.

	14. 	
      GENERAL

	14.1 	
      Costs

	14.1.1 	
      Each Party will pay its own costs, fees and other
      expenses in connection with the negotiation, drafting, preparation and
      implementation of this Agreement and the Recapitalisation Transaction,
      provided that Cell C shall pay all reasonable and necessary legal fees of
      each of the Creditors and BoNY in connection with such negotiation,
      drafting, preparation and implementation. It is acknowledged and agreed
      that legal advisers may submit monthly invoices as they consider
      appropriate.

	 	 
	14.1.2 	
      Cell C shall pay all reasonable and necessary costs, fees
      and other expenses incurred by the Funds Flow Bank in connection with the
      performance of its obligations under this
Agreement.

	14.2 	
      Counterparts

This Agreement may be executed in any
number of counterparts, and by each signatory on separate counterparts, each of
which will be an original and which together will constitute the one and the
same instrument. Delivery of an executed counterpart signature page of this
Agreement by email (PDF) or telecopy shall be as effective as delivery of a
manually executed counterpart of this Agreement. In relation to each
counterpart, upon confirmation by or on behalf of the signatory that the
signatory authorises the attachment of such counterpart signature page to the
final text of this Agreement, such counterpart signature page shall take effect
together with such final text as a complete authoritative counterpart. 

	14.3 	
      Applicable Law

	14.3.1 	
      This Agreement shall be governed by and construed and
      interpreted in accordance with the laws of South Africa.

	 	 
	14.3.2 	
      Subject to the provisions of this Agreement, the Parties
      consent and submit themselves to the exclusive jurisdiction of the High
      Court of South Africa, Gauteng Local Division, Johannesburg (or its
      successor) in any dispute arising from or in connection with this
      Agreement.

	14.4 	
      Communications between the Parties

	 	 
		
      All notices, demands and other oral or written
      communications given or made by or on behalf of one of the Parties to
      another Party shall be in English or accompanied by a certified
      translation into English.

	14.5 	
      Further Assurance

	 	 
		
      Each of the Parties undertakes at all times to do all
      such things, to perform all such acts and to take all such steps and to
      procure the doing of all such things, the performance of all such actions
      and the taking of all such steps as may be open to it and necessary for the putting into effect of this Agreement
(including in the circumstances contemplated in clause 2.3 or clause 2.4, as the
case may be). 

- 33 - 

Master Implementation and Funds Flow Agreement 

	14.6 	
      Remedies

	 	 
		
      No remedy conferred by this Agreement is intended to be
      exclusive of any other remedy which is otherwise available at law, by
      statute or otherwise. Each remedy is cumulative and in addition to every
      other remedy given hereunder or now or hereafter existing at law, by
      statute or otherwise. The election of any one or more remedies by a Party
      does not constitute a waiver by such Party of the right to pursue any
      other remedy.

	 	 
	14.7 	
      Entire Agreement

	14.7.1 	
      This Agreement constitutes the entire agreement between
      the Parties in regard to its subject matter and supersedes any prior oral
      or written agreement.

	 	 
	14.7.2 	
      None of the Parties shall have any claim or right of
      action arising from any undertaking, representation or warranty not
      included in this Agreement in regard to its subject
  matter.

	14.8 	
      Variations

	 	 
		
      No agreement to vary, add to or cancel this Agreement
      shall be of any force or effect unless recorded in writing and signed by
      or on behalf of all of the Parties. For the purposes of this clause 14.8,
      “writing” shall not include email or other data message and “signed” shall
      not include electronic signature, as defined in the Electronic
      Communications and Transactions Act, 2002.

	 	 
	14.9 	
      No Waiver

	14.9.1 	
      A waiver of any right or remedy under this Agreement or
      by law is only effective if given in writing and is not deemed a waiver of
      any subsequent breach or default.

	 	 
	14.9.2 	
      A failure to exercise or a delay by a Party in exercising
      any right or remedy provided under this Agreement or by law does not
      constitute a waiver of that or any other right or remedy, nor does it
      prevent or restrict any further exercise of that or any other right or
      remedy. No single or partial exercise of any right or remedy provided
      under this Agreement or by law prevents or restricts the further exercise
      of that or any other right or remedy.

	 	 
	14.10 	
      Third Party Enforcement Rights

	 	 
		
      No person who is not a Party to this Agreement, other
      than a person granted specific rights under this Agreement, shall have any
      right under any applicable legislation giving rights to such persons or on
      any other basis, to enforce any of its terms.

	 	 
	14.11 	
      No Partnership or
Agency

	14.11.1 	
      Nothing in this Agreement (or any of the arrangements
      contemplated by it) is or shall be deemed to constitute a partnership
      between the Parties or, except as may be expressly set out in it or them,
      constitute any Party the agent of any other for any purpose.

	 	 
	14.11.2 	
      The obligations of each Creditor under this Agreement are
      several. Failure by a Creditor to perform its obligations under this
      Agreement does not affect the obligations of any other Party under this
      Agreement. No Creditor is responsible for the obligations of any other
      Creditor under this Agreement. The obligations of each Subscribing Party
      under this Agreement are several. Failure by a Subscribing Party to
      perform its obligations under this Agreement does not affect the obligations of any other Party under this
Agreement. No Subscribing Party is responsible for the obligations of any other
Subscribing Party under this Agreement. 

- 34 - 

Master Implementation and Funds Flow Agreement 

	14.11.3 	
      The rights of each Creditor under or in connection with
      this Agreement are separate and independent rights. A Creditor may
      separately enforce its rights under this Agreement. The rights of each
      Subscribing Party under or in connection with this Agreement are separate
      and independent rights. A Subscribing Party may separately enforce its
      rights under this Agreement.

	 	 
	14.11.4 	
      Each Creditor acknowledges that at all times it has
      itself been, and will continue to be, solely responsible for making its
      own independent appraisal of and investigation into all risks arising in
      respect of the business of Cell C or under or in connection with the
      Recapitalisation Transaction and any associated
  documentation.

	14.12 	
      Survival of Rights, Duties and
  Obligations

	 	 
		
      Termination or expiry of this Agreement for any cause
      does not release any Party from any liability which at the time of
      termination or expiry has already accrued to such Party or which
      thereafter may accrue in respect of any act or omission prior to such
      termination or expiry.

	 	 
	14.13 	
      Severance

	 	 
		
      If any provision of this Agreement that is not material
      to its efficacy as a whole is rendered void, illegal or unenforceable in
      any respect under any law of any jurisdiction, the validity, legality and
      enforceability of the remaining provisions are not in any way affected or
      impaired thereby and the legality, validity and unenforceability of such
      provision under the law of any other jurisdiction are not in any way
      affected or impaired.

	 	 
	14.14 	
      Assignment

	 	 
		
      Save as permitted by the provisions of this Agreement, no
      Party may cede any of its rights or delegate any of its obligations under
      this Agreement.

	 	 
	14.15 	
      Independent Advice

	 	 
		
      Each of the Parties acknowledges that they have been free
      to secure independent legal and other advice as to the nature and effect
      of all of the provisions of the Agreement and that they have either taken
      such independent legal and other advice or dispensed with the necessity of
      doing so. Further, each of the Parties acknowledges that all of the
      provisions of the Agreement and the restrictions therein contained are
      fair and reasonable in all the circumstances and are part of the overall
      intention of the Parties in connection with this
  Agreement.

	15. 	
      NOTICES AND DOMICILIA

	15.1 	
      Communications in Writing

	 	 
		
      Any communication to be made under or in connection with
      this Agreement shall be made in writing and, unless otherwise stated, may
      be made by fax, email or letter.

	 	 
	15.2 	
      Addresses

	 	 
		
      The address, email address and fax number (and the
      department or officer, if any, for whose attention the communication is to
      be made) of each Party for any communication or document to be made or
      delivered under or in connection with this Agreement are set out in
      Schedule 5 or any substitute address or fax number or department or
      officer as a Party may notify to the other Parties by not less than 5
      Business Days’ written notice.

- 35 - 

Master Implementation and Funds Flow Agreement 

	15.3 	
      Domicilia

	15.3.1 	
      Each of the Parties chooses its physical address provided
      under or in connection with clause 15.2 (Addresses) as its
      domicilium citandi et executandi at which documents in legal proceedings
      in connection with this Agreement may be served.

	 	 
	15.3.2 	
      Any Party may by written notice to the other Parties
      change its domicilium from time to time to another address, not
      being a post office box or a poste restante, in South Africa,
      provided that any such change shall only be effective on the fourteenth
      day after deemed receipt of the notice by the other Parties pursuant to
      clause 15.4 (Delivery).

	15.4 	
      Delivery

	15.4.1 	
      Any communication or document made or delivered by one
      person to another under or in connection with this Agreement
  will:

	15.4.1.1 	
      if delivered by email, be deemed to have been received at
      the time of receiving a delivery notice;

	 	 
	15.4.1.2 	
      if delivered by hand, be deemed to have been received at
      the time of delivery; and

	 	 
	15.4.1.3 	
      if by way of courier service, be deemed to have been
      received on the seventh Business Day following the date of such
      sending,

and provided, if a particular
department or officer is specified as part of its address details provided under
clause 15.2 (Addresses), if such communication or document is addressed
to that department or officer, unless the contrary is proved. 

	15.4.2 	
      Any communication or document to be made or delivered to
      any Party will be effective only when actually received by such Party and
      then only if it is expressly marked for the attention of the department or
      officer specified as part of its address details provided under clause
      15.2 (Addresses) (or any substitute department or officer as such
      Party shall specify for this purpose).

	 	 
	15.4.3 	
      Notwithstanding anything to the contrary herein
      contained, a written notice or communication actually received by a Party
      shall be an adequate written notice or communication to it,
      notwithstanding that it was not sent to or delivered at its chosen
      address, email address and/or telefax number.

	 	 
	15.4.4 	
      Any communication or document which becomes effective, in
      accordance with clause 15.4, after 5.00 p.m. in the place of receipt shall
      be deemed only to become effective on the following
day.

- 36 - 

Master Implementation and Funds Flow Agreement 

	15.5 	Electronic
      Communication

	15.5.1 	Any communication to be made between the Parties under or
      in connection with this Agreement may be made by email or other electronic
      means, if the Parties:

	15.5.1.1 	agree that, unless and until notified to the contrary,
      this is to be an accepted form of communication;

	 	 
	15.5.1.2 	notify each other in writing of their electronic mail
      address and/or any other information required to enable the sending and
      receipt of information by that means; and

	 	 
	15.5.1.3 	notify each other of any change to their address or any
      other such information supplied by them.

	15.5.2 	Any electronic communication made between the Parties
      will be effective only when actually received in readable
      form.

The remainder of this page has intentionally been left blank.

Signature pages to follow. 

- 37 - 

Master Implementation and Funds Flow Agreement 

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	CELL C PROPRIETARY LIMITED 
	  
	  
	  
	/s/ Jose dos Santos 
	Signatory: Jose dos Santos 
	Capacity: C.E.O 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	CELL C SERVICE PROVIDER COMPANY PROPRIETARY
      LIMITED 
	  
	  
	  
	/s/ Robert Pasley 
	Signatory: Robert Pasley 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	CELL C TOWER COMPANY PROPRIETARY LIMITED 
	  
	  
	  
	/s/ Robert Pasley 
	Signatory: Robert Pasley 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	CELL C PROPERTY COMPANY PROPRIETARY LIMITED 
	  
	  
	  
	/s/ Robert Pasley 
	Signatory: Robert Pasley 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

- 38 - 

Master Implementation and Funds Flow Agreement 

	For and on behalf of 
	THE PREPAID COMPANY PROPRIETARY LIMITED 
	  
	  
	  
	/s/ Dean Suntup 
	Signatory: 
	Capacity: 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED 
	  
	  
	  
	/s/ H.G. Kotze 
	Signatory: H.G. Kotze 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Shenzen on this the 25th day of July 2017.

	For and on behalf of 
	CHINA DEVELOPMENT BANK 
	  
	  
	  
	/s/ Liu Wensheng 
	Signatory: Liu Wensheng 
	Capacity: Deputy General Manager of China Development Bank,
    
	Shenzhen Branch 
	Who warrants his authority hereto

SIGNED at Beijing on this the 25th day of July 2017.

	For and on behalf of 
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA
      LIMITED 
	  
	  
	  
	/s/ Liu Jianchang 
	Signatory: Liu Jianchang 
	Capacity: Deputy General Manager, Global Banking Department
    
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

- 39 - 

Master Implementation and Funds Flow Agreement 

	For and on behalf of
	NEDBANK LIMITED 
	(acting through its Corporate and Investment Banking
      division) 
	  
	  
	  
	/s/ Pierre Ferreira 
	Signatory: Pierre Ferreira 
	Capacity: Authorised Signatory 
	Who warrants his authority hereto 
	  
	  
	For and on behalf of 
	NEDBANK LIMITED 
	(acting through its Corporate and Investment Banking
      division) 
	  
	  
	  
	/s/ Johann van Zyl 
	Signatory: Johann van Zyl 
	Capacity: Authorised Signatory 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	NEDBANK LIMITED 
	(as Funds Flow Bank) 
	  
	  
	  
	/s/ Pierre Ferreira 
	Signatory: Pierre Ferreira 
	Capacity: Authorised Signatory 
	Who warrants his authority hereto 
	  
	  
	For and on behalf of 
	NEDBANK LIMITED 
	(as Funds Flow Bank) 
	  
	  
	  
	/s/ Johann van Zyl 
	Signatory: Johann van Zyl 
	Capacity: Authorised Signatory 
	  
	Who warrants his authority hereto

- 40 - 

Master Implementation and Funds Flow Agreement 

SIGNED at Midrand on this the 25th day of July 2017. 

	For and on behalf of 
	DEVELOPMENT BANK OF SOUTHERN AFRICA LIMITED 
	  
	  
	  
	/s/ Cyprian Marowa 
	Signatory: Cyprian Marowa 
	Capacity: General Manager 
	Who warrants his authority hereto

SIGNED at Beirut on this the 24th day of July 2017.

	For and on behalf of 
	Bank Med S.A.L. 
	(representing the Bondholders) 
	(for the purposes only of acknowledging this Agreement)
  
	  
	  
	  
	/s/ Mohamed Ali Beyhum 
	Signatory: Mohamed Ali Beyhum 
	Capacity: Executive G.H. 
	Who warrants his authority hereto

SIGNED at Beirut on this the 25th day of July 2017.

	For and on behalf of 
	Bank Audi S.A.L. 
	(representing the Bondholders) 
	(for the purposes only of acknowledging this Agreement)
  
	  
	  
	  
	/s/ Khalil I. Debs & /s/ M. Baydoun 
	Signatory: Khalil I. Debs & M. Baydoun 
	Capacity: 
	Who warrants his authority hereto

SIGNED at London on this the 25th day of July 2017. 

	For and on behalf of 
	BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED
    
	(for the purposes only of acknowledging this Agreement)
  
	  
	  
	/s/ Charlotte Davidson 
	Signatory: Charlotte Davidson 
	Capacity: Vice President 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

- 41 - 

Master Implementation and Funds Flow Agreement 

	/s/ José Guilherme Vieira Dos Santos 
	JOSÉ GUILHERME VIEIRA DOS SANTOS

SIGNED at Sandton on this the 25th day of July 2017.

	/s/ Robert Killigrew Sabine Pasley 
	ROBERT KILLIGREW SABINE PASLEY

SIGNED at Sandton on this the 25th day of July 2017.

	/s/ Graham Neil Mackinnon 
	GRAHAM NEIL MACKINNON 

SIGNED at Craighall on this the 25th day of July
2017 

	/s/ Hilton Roy Coverly 
	HILTON ROY COVERLY 

SIGNED Sandton on this the 25th day of July 2017.

	For and on behalf of 
	ALBANTA TRADING 109 PROPRIETARY LIMITED
  

- 42 - 

Master Implementation and Funds Flow Agreement 

	/s/ G. Mackinnon 
	Signatory: G. Mackinnon 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Paris on this the 25th day of July 2017

	For and on behalf of 
	3C TELECOMMUNICATIONS PROPRIETARY LIMITED 
	  
	  
	  
	/s/ Mazen Abou Chakra 
	Signatory: Mazen Abou Chakra 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	CEDAR CELLULAR INVESTMENT 1 (RF) PROPRIETARY
      LIMITED 
	  
	  
	  
	/s/ G. Mackinnon 
	Signatory: G. Mackinnon 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	MAGNOLIA CELLULAR INVESTMENT 2
      (RF) 
	PROPRIETARY LIMITED 
	 
	 
	 
	/s/ G. Mackinnon 
	Signatory: G. Mackinnon 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	YELLOWWOOD CELLULAR INVESTMENT 3
      (RF) PROPRIETARY LIMITED 

- 43 - 

Master Implementation and Funds Flow Agreement 

	/s/ G. Mackinnon 
	Signatory: G. Mackinnon 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at London on this the 25th day of July 2017.

	For and on behalf of 
	OGER TELECOM LIMITED 
	  
	  
	  
	/s/ Rami Aslan 
	Signatory: 
	Capacity: 
	Who warrants his authority hereto

SIGNED at London on this the 25th day of July 2017.

	For and on behalf of 
	OGER TELECOM (SOUTH AFRICA)
      PROPRIETARY LIMITED 
	 
	 
	 
	/s/ Rami Aslan 
	Signatory: 
	Capacity: 
	Who warrants his authority hereto

SIGNED at Beirut on this the 25th day of July 2017.

	For and on behalf of 
	OGER TELECOM SOUTH AFRICA HOLDINGS LIMITED 
	  
	  
	/s/ Mohammed Hariri 
	Signatory: 
	Capacity: 
	Who warrants his authority hereto

SIGNED at Hong Kong on this the 25th day of July
2017. 

	For and on behalf of 
	CITICORP INTERNATIONAL LIMITED 
	  
	  
	/s/ Terence Young 
	Signatory: Terence Young 
	Capacity: Vice President 
	Who warrants his authority hereto

- 44 - 

Master Implementation and Funds Flow Agreement 

SIGNED at Cape Town on this the 25th day of July
2017. 

	For and on behalf of 
	MICAWBER 405 (RF) PROPRIETARY LIMITED 
	  
	  
	/s/ Shirvan Schreuder 
	Signatory: Shirvan Schreuder 
	Capacity: Director 
	Who warrants his authority hereto

SIGNED at Cape Town on this the 25th day of July
2017. 

	For and on behalf of 
	TMF CORPORATE SERVICES (SOUTH AFRICA)
      PROPRIETARY LIMITED 
	(for the purposes only of acknowledging this Agreement)
  
	 
	 
	/s/ Nicholas Clarke 
	Signatory: Nicholas Clarke 
	Capacity: Authorised Signatory 
	Who warrants his authority hereto

- 45 - 

Master Implementation and Funds Flow Agreement 

SIGNED at Sandton on this the 25th day of July 2017.

	For and on behalf of 
	BOWMAN GILFILLAN INC. 
	(as Escrow Agent) 
	  
	  
	/s/ David Anderson 
	Signatory: David Anderson 
	Capacity: Director 
	Who warrants his authority hereto

- 46 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 1 

PARTIES TO THIS AGREEMENT 

	(1) 	
      CELL C PROPRIETARY LIMITED, a company registered
      in accordance with the laws of South Africa under registration number
      1999/007722/07 (Cell C);

	 	 
	(2) 	
      CELL C SERVICE PROVIDER COMPANY PROPRIETARY
      LIMITED, a company registered in accordance with the laws of South
      Africa under registration number 2001/008017/07 (Cell C
  SP);

	 	 
	(3) 	
      CELL C TOWER COMPANY PROPRIETARY LIMITED, a
      company registered in accordance with the laws of South Africa under
      registration number 2009/004432/07 (Cell C Tower);

	 	 
	(4) 	
      CELL C PROPERTY COMPANY PROPRIETARY LIMITED, a
      company registered in accordance with the laws of South Africa under
      registration number 2001/008003/07 (Cell C Property);

	 	 
	(5) 	
      THE PREPAID COMPANY PROPRIETARY LIMITED, a company
      registered in accordance with the laws of South Africa under registration
      number 1999/016716/07 (BLT);

	 	 
	(6) 	
      NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED, a company registered in accordance with the laws of South
      Africa under registration number 2002/031446/07 (Net1);

	 	 
	(7) 	
      CHINA DEVELOPMENT BANK, a bank organised under the
      laws of People’s Republic of China with its Shenzen Branch located at No.
      1093 Shennan Zhong Road, CITIC Tower, Shenzhen 518031, People’s Republic
      of China (CDB);

	 	 
	(8) 	
      INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, a
      bank organised under the laws of People’s Republic of China with its head
      office located at No. 55, Fuxingmennei Avenue, Xicheng District, Beijing
      100140, People’s Republic of China (ICBC);

	 	 
	(9) 	
      NEDBANK LIMITED, a company registered in
      accordance with the laws of South Africa under registration number
      1951/000009/06, acting through its Corporate and Investment Banking
      division (Nedbank);

	 	 
	(10) 	
      DEVELOPMENT BANK OF SOUTHERN AFRICA LIMITED, a
      development finance institution established in terms of the Development
      Bank of Southern Africa Act, 1997 (DBSA);

	 	 
	(11) 	
      NEDBANK LIMITED, a company registered in
      accordance with the laws of South Africa under registration number
      1951/000009/06, as funds flow bank (in this capacity, Funds Flow
      Bank);

	 	 
	(12) 	
      CERTAIN HOLDERS OF THE FIRST PRIORITY SENIOR SECURED
      NOTES DUE 2018 ISSUED BY CELL C PROPRIETARY LIMITED, represented
      herein by Bank Med S.A.L. and Bank Audi S.A.L.
  (Bondholders);

	 	 
	(13) 	
      BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED, a
      company registered in accordance with the laws of the United Kingdom under
      company number 02631386 as the notes trustee under the Cell C Bonds Trust
      Deed and the SPV1 Bonds Trust Deed (BoNY);

	 	 
	(14) 	
      THE PERSONS IDENTIFIED IN SCHEDULE 2
      (M5);

	 	 
	(15) 	
      ALBANTA TRADING 109 PROPRIETARY LIMITED, a company
      registered in accordance with the laws of South Africa under registration
      number 2015/261614/07 (MS15);

	 	 
	(16) 	
      3C TELECOMMUNICATIONS PROPRIETARY LIMITED, a
      company registered in accordance with the laws of South Africa under
      registration number 1999/010091/07 (3C);

- 47 - 

Master Implementation and Funds Flow Agreement 

	(17) 	
      CEDAR CELLULAR INVESTMENT 1 (RF) PROPRIETARY
      LIMITED, a company registered in accordance with the laws of South
      Africa under registration number 2017/068178/07 (SPV1);

	 	 
	(18) 	
      MAGNOLIA CELLULAR INVESTMENT 2 (RF) PROPRIETARY
      LIMITED, a company registered in accordance with the laws of South
      Africa under registration number 2017/068221/07 (SPV2);

	 	 
	(19) 	
      YELLOWWOOD CELLULAR INVESTMENT 3 (RF) PROPRIETARY
      LIMITED, a company registered in accordance with the laws of South
      Africa under registration number 2017/068241/07 (SPV3);

	 	 
	(20) 	
      OGER TELECOM LIMITED, a company registered in
      accordance with the laws of the United Arab Emirates under company number
      0054 (OTL);

	 	 
	(21) 	
      OGER TELECOM (SOUTH AFRICA) PROPRIETARY LIMITED, a
      company registered in accordance with the laws of South Africa under
      registration number 1999/010129/07 (OTSA);

	 	 
	(22) 	
      OGER TELECOM SOUTH AFRICA HOLDINGS LIMITED, a
      company registered in accordance with the laws of Bermuda under
      registration number EC26571 (OTSAH);

	 	 
	(23) 	
      CITICORP INTERNATIONAL LIMITED, a company
      registered in accordance with the laws of Hong Kong under registration
      number 21829 (Citi);

	 	 
	(24) 	
      MICAWBER 405 (RF) PROPRIETARY LIMITED, a company
      registered in accordance with the laws of South Africa under registration
      number 2005/000415/07 (Security SPV);

	 	 
	(25) 	
      TMF CORPORATE SERVICES (SOUTH AFRICA) PROPRIETARY
      LIMITED, a private company incorporated under the laws of the Republic
      of South Africa with registration number 2006/013631/07, (TMF);
      and

	 	 
	(26) 	
      BOWMAN GILFILLAN INC., a personal liability
      company incorporated under the laws of the Republic of South Africa with
      registration number 1998/021409/21, as escrow agent (the Escrow
      Agent).

- 48 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 2 

M5 

	José Guilherme Vieira Dos Santos 	
      (South African identity number: XXXXX) as to 37.5% of M5
      

	Robert Killigrew Sabine Pasley 	
      (South African identity number:
      XXXXX) as to 25% of M5 

	Graham Neil Mackinnon 	
      (South African identity number: XXXXX) as to 25% of M5
      

	Hilton Roy Coverly 	
      (South African identity number: XXXXX) as to 12.5% of M5
      

- 49 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 3 

FUNDS FLOW BANK ACCOUNTS AND BANK ACCOUNTS 

CELL C 

	Cell C Funds Flow Bank Account 
	Account Bank: Nedbank 
	XXXXX 

CELL C SP 

	Cell C SP Funds Flow Bank Account 
	Account Bank: Nedbank 
	XXXXX 

DBSA 

	DBSA Bank Account 
	Account Bank: The Standard Bank of South Africa 
	Account Name: Development Bank of South Africa 
	Account Number: XXXXX 
	Branch: Sandton 
	Branch Code: XXXXX 

	CDB Bank Account 
	USD Account – XXXXX 
	EUR Account – XXXXX 

- 50 - 

Master Implementation and Funds Flow Agreement 

ICBC 

	 ICBC Bank Account 
	USD ACCOUNT – XXXXX 
	Payment Reference - XXXXX 
	ZAR ACCOUNT – XXXXX 
	Payment Reference – XXXXX 

BLT 

	BLT Funds Flow Bank Account 	BLT Bank Account 
	Account Bank: Nedbank 	Account Name: The Prepaid Company Proprietary
      
	  	Account Bank: Nedbank Limited 
	XXXXX 	Branch: Constantia Boulevard Roodepoort
  
	  	Branch Code: XXXXX 
	  	Account Number: XXXXX 
	  	Account Type: Current Account 
	  	SWIFT Code: XXXXX 

Net1 

	Net1 Funds Flow Bank Account 	Net1 Bank Account 
	Account Bank: Nedbank 	To be advised in writing by Net1 to the Funds Flow
      Bank 
	Account Name: Net1 Applied Technologies South Africa (Pty) Ltd.
      FFBA 	
	Account Number: XXXXX 	  

OTSA 

	OTSA Bank Account 
	Account Bank: Nedbank 
	Oger Telecom SA (Pty) LTD 
	Account No – XXXXX 

OTL 

	OTL Bank Account 
	Beneficiary Oger Telecom Ltd, BankMed, 
	Branch Clemenceau, Beirut, Lebanon, 
	IBAN – XXXXX 
	Account no XXXXX 

- 51 - 

Master Implementation and Funds Flow Agreement 

SPV2 

	SPV2 DSRA Bank Account 
	 
    
	Name of Account – Magnolia Cellular Investment 2 
	Bank – Standard Bank of SA Ltd 
	Account No - XXXXX 
	Branch – Sandton 

SPV3 

	SPV3 Funds Flow Bank Account 
	Account Bank: Nedbank 
	Account Name :Yellowwood Investments 3 (Pty) Ltd 
	Account Number : XXXXX 
	Corporate Client Services, Branch Code XXXXX

Existing Paying Agent 

	Existing Paying Agent Bank Account 
	 
    
	BNY MELLON BRUSSELS, IRVTBEBB, 
	THE BANK OF NEW YORK MELLON, LONDON (BIC : 
	XXXXX) 
	XXXXX 

- 52 - 

Master Implementation and Funds Flow Agreement 

Nedbank Suspense Account 

	Nedbank Suspense Account 
	 
    
	Account Name: Nedbank Capital – Project Admin 
	Account Number: XXXXX 
	Branch: 100 Main Street, Johannesburg 
	Branch Code: XXXXX 

- 53 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 4 

DESIGNATED REPRESENTATIVES 

	Party 	Designated Representative 
	BLT 	Brett Marlon Levy or Etienne Charl de
      Villiers 
	Net1 	Herman Kotze 
	CDB 	Fan Wen 
	ICBC 	Xin Weibin 
	Cell C 	José Guilherme Vieira Dos Santos 
	Cell C SP 	Robert Killigrew Sabine Pasley 
	Cell C Tower 	Robert Killigrew Sabine Pasley 
	Cell C Property 	Robert Killigrew Sabine Pasley 
	Nedbank 	Cathy Booth or Anil Ramjee 
	DBSA 	Seison Reddy 
	M5 

	José Guilherme Vieira Dos Santos
      
Robert Killigrew Sabine Pasley 
Graham Neil Mackinnon 
Hilton
      Roy Coverly 

	MS15 	Graham Neil Mackinnon 
	3C 	Mazen Abou Chakra or Rami Aslan 
	SPV1 	Graham Neil Mackinnon 
	SPV2 	Graham Neil Mackinnon 
	SPV3 	Graham Neil Mackinnon 
	OTL 	Mazen Abou Chakra or Rami Aslan 
	OTSA 	Mazen Abou Chakra or Rami Aslan 
	OTSAH 	Mazen Abou Chakra or Rami Aslan 
	Citi 	Terence Yeung 
	Security SPV 	Shirvan Schreuder 
	TMF 	Nicholas Russell Clarke

- 54 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 5 

ADDRESSES AND DETAILS 

	Party 	Addresses and Details 
	BLT 	75 Grayston Drive 
	  	Morningside Ext 5 
	  	Sandton 
	  	2196 
	  	South Africa 
	  	Attention: Chief Executive Officer 
	  	Email: xx@xx 
	Net1 	6th Floor 
	  	President Place 
	  	Cnr Jan Smuts Avenue & Bolton Road 
	  	Rosebank 
	  	2121 
	  	South Africa 
	  	Attention: Herman Kotze 
	  	Email address: xx@xx 
	  	Fax: xxxxx
	CDB 	No. 1093 Shennan Zhong Road 
	  	12th Floor CITIC Tower 
	  	Shenzhen 518031 
	  	People’s Republic of China 
	  	Attention: Fan Wen / Henry Yang 
	  	Email address: xx@xx / xx@xx
	  	Fax: xxxxx
	ICBC 	No. 55, Fuxingmennei Avenue 
	  	Xicheng District 
	  	Beijing 100140 
	  	People’s Republic of China 
	  	Attention: Vincent Xin / Geng Chenyao 
	  	Email address: xx@xx / xx@xx
	  	Fax: xxxxx

- 55 - 

Master Implementation and Funds Flow Agreement 

	Cell C 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
		2090  
	  	South Africa 
	  	Attention: Chief Legal Officer 
	  	Email address: xx@xx 
	Cell C SP 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
		 2090  
	  	South Africa 
	  	Attention: Chief Legal Officer 
	  	Email address: xx@xx 
	Cell C Tower 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	 	2090  
	  	South Africa 
	  	Attention: Chief Legal Officer 
	  	Email address: xx@xx 
	Cell C Property 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	 	2090  
	  	South Africa 
	  	Attention: Chief Legal Officer 
	  	Email address: xx@xx 
	Nedbank 	Block H, 6th Floor, Nedbank, 135 Rivonia
      Road 
	  	Sandown 
	  	Sandton, 2196 
	  	South Africa 

- 56 - 

Master Implementation and Funds Flow Agreement 

	  	Attention: Pierre Ferreira / Michelle Davis 
	  	Email address: xx@xx / xx@xx
	DBSA 	1258 Lever Road 
	  	Headway Hill Midrand 
	 	South Africa  
	  	Attention: General Manager: Infrastructure Finance    
	  	Email: xx@xx 
	M5 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	  	2090 
	 	South Africa  
	  	Attention: Chief Legal Officer 
	  	Email address: xx@xx 
	MS15 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	  	2090 
	 	South Africa  
	  	Attention: Chief Legal Officer 
	  	Email address: xx@xx 
	3C 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	  	2090 
	  	Attention: The Company Secretary 
	  	Email address: xx@xx 
	  	With a copy to Bowmans: 
	  	11 Alice Lane, Sandton, Johannesburg, 2146 
	  	Attention: The Senior Partner 
	  	Email address: xx@xx  

- 57 - 

Master Implementation and Funds Flow Agreement 

	SPV1 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
		2090 
	  	Attention: The Company Secretary 
	  	Email address: xx@xx 
	SPV2 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	 	2090  
	  	Attention: The Company Secretary 
	  	Email address: xx@xx 
	SPV3 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
		 2090  
	  	Attention: The Company Secretary 
	  	Email address: xx@xx 
	OTL 	Oger Telecom Limited 
	  	Unit 16-46, Floor 16 
	  	Central Park 
	  	P. O. Box 506524 
	  	Dubai International Financial Center 
		Dubai  
	  	United Arab Emirates 
	 
    	  
	  	Attention: Mazen Abou Chakra 
	  	Email: xx@xx 
	OTSA 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	 	2090  
	  	Attention: Graham Mackinnon 
	  	Email address: xx@xx  

- 58 - 

Master Implementation and Funds Flow Agreement 

	OTSAH 	Cell C Campus 
	  	Cnr Maxwell Drive and Pretoria Main Road 
	  	Buccleuch Ext 10 
	  	2090 
	  	Attention: Graham Mackinnon 
	  	Email address: xx@xx 
	Citi 	39/F, Champion Tower 
	  	3 Garden Road 
	  	Central 
	  	Hong Kong 
	  	Attention: Agency & Trust 
	  	Email address: xx@xx
	Security SPV 	3rd Floor, 200 on Main 
	  	Corner Main Road and Bowwood Road 
	  	Claremont 
	  	Cape Town 
	  	7708 
	  	Attention: The Managing Director 
	  	Email: xx@xx 
	  	Fax: xxxxx
	TMF 	3rd Floor, 200 on Main 
	  	Corner Main Road and Bowwood Road 
	  	Claremont 
	  	Cape Town 
	  	7708 
	  	Attention: The Managing Director 
	  	Email: xx@xx 
	  	Fax: xxxxx
	Escrow Agent 	11Alice Lane 
	  	Sandton, 2196 
	  	South Africa 
	 	Attention: David Anderson 
	  	Email address: xx@xx    

- 59 - 

Master Implementation and Funds Flow Agreement 

	Bondholders 	Bank Audi 
	  	Bank Audi Plaza, Omar Daouk Street, Bab Idriss  
	  	P.O.Box: 11-2560 Riad El-Solh, Beirut – LEBANON  
	  	Attention: Mr Shadi Oueijan 
	  	Email: xx@xx 
	     	BankMed 
	 	 
	  	Bankmed, 482 Clemenceau Street 
	  	P.O. Box: 11-348, Riad el Solh, Beirut, Lebanon  
	  	Attention: Mr Adel Jabre 
	  	Email: xx@xx
	     	  
	Funds Flow Bank 	Block H, 6th Floor, Nedbank, 135 Rivonia
      Road 
		Sandown  
	  	Sandton, 2196 
	  	South Africa 
	  	Attention: Pierre Ferreira / Michelle Davis 
	  	Email address: xx@xx / xx@xx 
	     	  
	BoNY 	The Bank Of New York Mellon 
	  	One Canada Square 
	  	London E14 5AJ 
	  	United Kingdom 

- 60 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 6 

ESCROW DOCUMENTS DELIVERY CONFIRMATION 

From: [•] [Note: Name of Party] 

To: 

Bowman Gilfillan Inc. 
11 Alice Lane 
Sandton

Johannesburg 
South Africa 
Attention: David Anderson 
Email:
xx@xx 

[•] July 2017 

Dear Sirs 

CONFIRMATION OF DELIVERY OF ESCROW DOCUMENTS TO THE ESCROW
AGENT IN TERMS OF CLAUSE 5.2 OF THE MASTER IMPLEMENTATION AND FUNDS FLOW
AGREEMENT 

	1. 	
      We, [•], [Note: Name of Party] refer to the
      master implementation and funds flow agreement dated [•] July 2017 entered
      into between the Parties (the Master Implementation Agreement).
      Capitalised terms used in this letter but not otherwise defined in this
      letter shall have the meanings given to such terms in the Master
      Implementation Agreement.

	 	 
	2. 	
      Further to clause 5.2 of the Master Implementation
      Agreement on the date of this letter we, [•], [Note: Name of Party]
      hereby confirm that we have delivered the [•], [Note: Name
      of Party] Escrow Documents to the Escrow Agent.

	 	 
	3. 	
      This letter is governed by South African
  law.

Yours faithfully 

For and on behalf of 

[•] [Note: Name of Party] 

________________________ 
Signatory:
Capacity: Designated
Representative 

- 61 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 7 

ESCROW AGENT CONFIRMATION 

From: Bowman Gilfillan Inc. 

To: Each of the Parties 

[•] July 2017 

Dear Sirs 

PRE-CLOSING STEP 1 NOTIFICATION IN TERMS OF CLAUSE 5.2 OF
THE MASTER IMPLEMENTATION AND FUNDS FLOW AGREEMENT 

	1. 	
      We, Bowman Gilfillan Inc., refer to the master
      implementation and funds flow agreement dated [•] July 2017 entered into
      between the Parties (the Master Implementation Agreement). Capitalised
      terms used in this letter but not otherwise defined in this letter shall
      have the meanings given to such terms in the Master Implementation
      Agreement.

	 	 
	2. 	
      Further to clause 5.2 of the Master Implementation
      Agreement we, Bowman Gilfillan Inc., hereby notify you that we have
      received from each of the Parties its written confirmation of delivery of
      its Escrow Documents to the Escrow Agent pursuant to clause 5.2 of the
      Master Implementation Agreement.

	 	 
	3. 	
      This letter is governed by South African
  law.

Yours faithfully 

For and on behalf of 

  BOWMAN GILFILLAN INC. (IN ITS CAPACITY AS ESCROW AGENT)

________________________ 
Signatory:
Capacity:

- 62 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 8 

FUNDS FLOW BANK PRE-CLOSING STEP 2 CONFIRMATION 

From: Nedbank Limited 

To: Each of the Parties 

[•] July 2017 

Dear Sirs 

PRE-CLOSING STEP 2 FUNDS FLOW BANK NOTIFICATION IN TERMS OF
CLAUSE 7.3 OF THE MASTER IMPLEMENTATION AND FUNDS FLOW AGREEMENT 

	1. 	
      We, the Funds Flow Bank, refer to the master
      implementation and funds flow agreement dated [•] July 2017 entered into
      between the Parties (the Master Implementation Agreement).
      Capitalised terms used in this letter but not otherwise defined in this
      letter shall have the meanings given to such terms in the Master
      Implementation Agreement.

	 	 
	2. 	
      Further to clause 7.3 of the Master Implementation
      Agreement we hereby confirm that:

	2.1 	
      all of the amounts referred to in clause 7.1 have been
      deposited into the relevant Funds Flow Bank Accounts by no later than 28
      July 2017;

	 	 
	2.2 	
      Cell C has delivered to the Funds Flow Bank a copy of the
      Existing Bondholder Distribution Instruction by no later
  than

	3. 	
      This letter is governed by South African
  law.

Yours faithfully 

For and on behalf of 

  NEDBANK LIMITED (IN ITS CAPACITY AS FUNDS FLOW BANK)

________________________ 
Signatory:
Capacity:

- 63 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 9 

FUNDS FLOW BANK PRE-CLOSING STEP 3 CONFIRMATION 

From: Nedbank Limited 

To: Each of the Parties 

[•] July 2017 

Dear Sirs 

PRE-CLOSING STEP 3 FUNDS FLOW BANK NOTIFICATION IN TERMS OF
CLAUSE 7.5 OF THE MASTER IMPLEMENTATION AND FUNDS FLOW AGREEMENT 

	1. 	
      We, the Funds Flow Bank, refer to the master
      implementation and funds flow agreement dated [•] July 2017 entered into
      between the Parties (the Master Implementation Agreement).
      Capitalised terms used in this letter but not otherwise defined in this
      letter shall have the meanings given to such terms in the Master
      Implementation Agreement.

	 	 
	2. 	
      Further to clause 7.5 of the Master Implementation
      Agreement we hereby confirm that all of the amounts referred to in clause
      7.4 have been deposited into the relevant Nedbank Suspense Accounts by no
      later than 31 July 2017.

	 	 
	3. 	
      This letter is governed by South African
  law.

Yours faithfully 

For and on behalf of 

NEDBANK LIMITED (IN ITS CAPACITY AS FUNDS FLOW BANK)

________________________
Signatory: Capacity:

- 64 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 10 

CLOSING CONFIRMATION 

From: Cell C Proprietary Limited 

To: Each of the Parties 

[•] August 2017 

Dear Sirs 

CLOSING CONFIRMATION IN TERMS OF CLAUSE 9.8 OF THE MASTER
IMPLEMENTATION AND FUNDS FLOW AGREEMENT 

	1. 	
      We, Cell C, refer to the master implementation and funds
      flow agreement dated [•] July 2017 entered into between the Parties (the
      Master Implementation Agreement). Capitalised terms used in this
      letter but not otherwise defined in this letter shall have the meanings
      given to such terms in the Master Implementation Agreement.

	 	 
	2. 	
      Further to clause 9.8 of the Master Implementation
      Agreement we hereby confirm that Closing has
occurred.

	 	 
	3. 	
      This letter is governed by South African
  law.

Yours faithfully 

For and on behalf of 

CELL C PROPRIETARY LIMITED 

________________________
Signatory: Capacity:

- 65 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 11 

FORM OF CP SATISFACTION LETTER 

[NOTE: CP Satisfaction Letter may be from the Party to
the Escrow Agent and to Cell C or from the advisers of a Party to that Party.]

From: Each of the Parties To: 

Cell C Proprietary Limited and

Bowman Gilfillan Inc. 

[•]July 2017 

Dear Sirs 

CP SATISFACTION LETTER IN TERMS OF CLAUSE 3.3 OF THE MASTER
IMPLEMENTATION AND FUNDS FLOW AGREEMENT 

	1. 	
      We, [•], [Note: Name of Party] refer to the
      master implementation and funds flow agreement dated [•] July 2017 entered
      into between the Parties (the Master Implementation Agreement).
      Capitalised terms used in this letter but not otherwise defined in this
      letter shall have the meanings given to such terms in the Master
      Implementation Agreement.

	 	 
	2. 	
      Further to clause 3.3 of the Master Implementation
      Agreement we hereby confirm that as at the date of this letter all of the
      Transaction Documents Conditions in each of the Transaction Documents to
      which we are a party (and lists of such Transaction Documents Conditions and such Transaction Documents
are attached to this list letter for ease of reference) have been fulfilled or
waived in terms of the relevant Transaction Documents. 

	 	 
	3. 	
      This letter is governed by South African
  law.

Yours faithfully 

For and on behalf of 

[•] [Note: Name of Party] 

________________________
Signatory: 

  Capacity: Designated
Representative 

- 66 -

Master Implementation and Funds Flow Agreement 

SCHEDULE 12 

FUNDS FLOW BANK PAYMENTS SCHEDULE 

 

 

 

 

- 67 - 

Master Implementation and Funds Flow Agreement 

SCHEDULE 13 

TRANSACTION DOCUMENTS EXECUTION CONFIRMATION 

[NOTE: Confirmation must be from the Designated
Representative of a Party to the Escrow Agent and to Cell C, with the exception
of CDB and ICBC, whose legal advisers (White & Case) shall deliver
Confirmation to the Escrow Agent and Cell C.] 

From: Each of the Parties 

To: 

Cell C Proprietary Limited and

Bowman Gilfillan Inc. 

[•] July 2017 

Dear Sirs 

CONFIRMATION OF ENTRY INTO TRANSACTION DOCUMENTS IN TERMS OF
CLAUSE 2.1.1 OF THE MASTER IMPLEMENTATION AND FUNDS FLOW AGREEMENT 

	1. 	
      We, [•], [Note: Name of Party] refer to the
      master implementation and funds flow agreement dated [•] July 2017 entered
      into between the Parties (the Master Implementation Agreement).
      Capitalised terms used in this letter but not otherwise defined in this
      letter shall have the meanings given to such terms in the Master
      Implementation Agreement.

	 	 
	2. 	
      Further to clause 2.1.1 of the Master Implementation
      Agreement we hereby confirm that as at the date of this letter we have
      entered into all of the Transaction Documents to which we are a party by
      no later than [•] July 2017 (and lists of such Transaction Documents are
      attached to this list letter for ease of reference).

	 	 
	3. 	
      This letter is governed by South African
  law.

Yours faithfully 

For and on behalf of 

[•] [Note: Name of Party] 
________________________
Signatory: 

Capacity: Designated Representative 

- 68 - 

Master Implementation and Funds Flow Agreement

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