Document:

EX-4.2

 Exhibit 4.2 
  

 
  

[FORM OF] SERIES 20[    ]-[    ] SUPPLEMENT 

Dated as of [            ] [    ],
20[    ] 
 to 

FOURTH AMENDED AND RESTATED 

POOLING AND SERVICING AGREEMENT 

Dated as of April 1, 2018 

$[                ] 

 
  

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

Series 20[    ]-[    ] 

 
  

among 
 AMERICAN EXPRESS
RECEIVABLES FINANCING CORPORATION III LLC 
 as Transferor 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

as Servicer 
 and 

THE BANK OF NEW YORK MELLON 
 as
Trustee 
 on behalf of the Series 20[    ]-[    ] Certificateholders 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE I
	  	CREATION OF THE SERIES 20[    ]-[    ] 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 20[    ]-[    ] CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  	 	16	 
	 Section 4.01.
	  	Collections and Allocations	  	 	16	 
			
	 Section 4.02.
	  	Determination of Monthly Interest	  	 	18	 
			
	 Section 4.03.
	  	Principal Funding Account; Controlled Accumulation Period	  	 	21	 
			
	 Section 4.04.
	  	Required Amount	  	 	22	 
			
	 Section 4.05.
	  	Application of Class A Available Funds, Class B Available Funds, Collateral Available Funds and Available Principal Collections	  	 	23	 
			
	 Section 4.06.
	  	Defaulted Amounts; Investor Charge-Offs	  	 	25	 
			
	 Section 4.07.
	  	Excess Spread; Excess Finance Charge Collections	  	 	26	 
			
	 Section 4.08.
	  	Reallocated Principal Collections	  	 	27	 
			
	 Section 4.09.
	  	Excess Finance Charge Collections	  	 	28	 
			
	 Section 4.10.
	  	Reallocated Investor Finance Charge Collections	  	 	29	 
			
	 Section 4.11.
	  	Shared Principal Collections	  	 	29	 
			
	 Section 4.12.
	  	Reserve Account	  	 	30	 
			
	 Section 4.13.
	  	Investment Instructions	  	 	31	 
			
	 Section 4.14.
	  	[Reserved][ Include for floating rate certificates:
Determination of LIBOR]	  	 	32	 
			
	 ARTICLE V
	  	DISTRIBUTIONS AND REPORTS TO SERIES 20[__]-[_] CERTIFICATEHOLDERS	  	 	33	 
			
	 Section 5.01.
	  	Distributions	  	 	33	 
			
	 Section 5.02.
	  	Reports and Statements to Series 20[    ]-[    ] Certificateholders	  	 	34	 
			
	 ARTICLE VI
	  	PAY-OUT EVENTS	  	 	35	 
			
	 Section 6.01.
	  	Pay-Out Events	  	 	35	 
			
	 ARTICLE VII
	  	OPTIONAL REPURCHASE; SERIES TERMINATION	  	 	36	 
			
	 Section 7.01.
	  	Optional Repurchase	  	 	36	 
			
	 Section 7.02.
	  	Series Termination	  	 	37	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE VIII
	  	FINAL DISTRIBUTIONS	  	 	37	 
			
	 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	  	 	37	 
			
	 Section 8.02.
	  	Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables pursuant to Section 9.01 of the Agreement	  	 	39	 
			
	 ARTICLE IX
	  	MISCELLANEOUS PROVISIONS	  	 	40	 
			
	 Section 9.01.
	  	Ratification of Agreement	  	 	40	 
			
	 Section 9.02.
	  	Counterparts	  	 	40	 
			
	 Section 9.03.
	  	Governing Law	  	 	40	 
			
	 Section 9.04.
	  	[Reserved]	  	 	40	 
			
	 Section 9.05.
	  	FATCA Matters	  	 	40	 
			
	 Section 9.06.
	  	Uncertificated Securities	  	 	41	 
			
	 Section 9.07.
	  	Transfers of the Collateral Interest	  	 	41	 
			
	 EXHIBITS
	  		  			
			
	 Exhibit A-1
	  	Form of Class A Certificate	  	 	A-1-1	 
			
	 Exhibit A-2
	  	Form of Class B Certificate	  	 	A-2-1	 
			
	 Exhibit B    
	  	Form of Monthly Payment Instructions and Notification to the Trustee	  	 	B-1	 
			
	 Exhibit C-1
	  	Form of Monthly Statement	  	 	C-1-1	 
			
	 Exhibit C-2
	  	Form of Annual Payment Information	  	 	C-2-1	 
			
	 Exhibit D    
	  	Form of Monthly Servicer’s Certificate	  	 	D-1	 
			
	 Exhibit E    
	  	Form of Investment Letter	  	 	E-1	 

  

  
 -ii- 

 SERIES 20[__]-[_] SUPPLEMENT, dated as of [______] [__], 20[__] (the
“Supplement”), among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company, as Transferor (the “Transferor”), AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New
York corporation, as Servicer, and THE BANK OF NEW YORK MELLON, a banking corporation organized and existing under the laws of the State of New York, not in its individual capacity, but solely as Trustee. 

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

Creation of the Series 20[__]-[_] 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 20[__]-[_].” The Series 20[__]-[_] Certificates shall be issued in two Classes, the first of which shall be known as the
“Class A Series 20[__]-[_] [Floating Rate][[___]%] Asset Backed Certificates” and the second of which shall be known as the “Class B Series 20[__]-[_] [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 20[__]-[_]” 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 20[__]-[_] 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 20[__]-[_]
shall be included in Group [I][II] and shall be a Principal Sharing Series. Series 20[__]-[_] shall be an Excess Allocation Series. Series 20[__]-[_] 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 20[__]-[_] shall be the [______] 20[__] Distribution Date and the first Monthly Period shall begin on and include the Closing Date and end on and
include [______] [__], 20[__]. 
 (c)        Except as expressly provided herein,
(i) the provisions of Article VI and Article XII of the Agreement relating to the registration, authentication, delivery, presentation, cancellation and surrender of Registered Certificates shall not be applicable to the Collateral Interest,
and (ii) the provisions of Section 3.07 of the Agreement shall not cause the Collateral Interest to be treated as debt for federal, state and local income and franchise tax purposes, but rather the Transferor intends, and together with the
Collateral Interest Holder, agree to treat the Collateral Interest for federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the Trust. 

  
 1 

 (d)        Pursuant to
Section 6.03(c) of the Agreement, the Transferor may, from time to time, increase the amount of the Series 20[__]-[_] Certificates by issuing and selling additional Series 20[__]-[_] Certificates. Any additional Series 20[__]-[_] Certificates
so issued shall be treated, for all purpose, like the Series 20[__]-[_] Certificates subject to the terms of the Agreement and this Supplement. 

(e)        [Series 20[__]-[_] shall be a Repurchase Reporting Series.] 

(f)        [Series 20[__]-[_] 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 20[__]-[_] with respect to any Rating Agency (other than [Moody’s]) then rating Series 20[__]-[_]. 

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 Series20[__]-[_] 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 20[__]-[_] in accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any other amounts which pursuant to Section 4.05 or 4.07 of this Supplement are to be
treated as Available Principal Collections with respect to the related Distribution Date. 

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

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

  
 2 

 
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] [___]%[; provided that if the sum of LIBOR plus [___]% 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 Transferor and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-l. 

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

“Class A Initial Invested Amount” shall mean $[________]. 

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

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

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

  
 3 

“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. 

[Include for floating rate certificates:
“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 [___]%;
[provided, however, that the Transferor may adjust the Class B Certificate Rate from time to time only upon the satisfaction of the Class B Certificate Rate Adjustment Conditions;][provided that if the sum of LIBOR
plus [___]% [(or, if applicable, the sum of LIBOR plus the applicable spread above LIBOR resulting from such an adjustment of the Class B Certificate Rate)] 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%].] 
 [Include for fixed rate certificates:
“Class B Certificate Rate” shall mean, for any Interest Accrual Period with respect to the Class B Certificates, a per annum rate equal to [___]%[;
provided, however, that the Transferor may adjust the Class B Certificate Rate from time to time only upon the satisfaction of the Class B Certificate Rate Adjustment Conditions].] 

[“Class B Certificate Rate 
Adjustment Conditions” shall mean, with respect to any modification of the Class B Certificate Rate by the Transferor, (i) the Transferor shall provide written notice to the Trustee of the modified Class B
Certificate Rate no later than two Business Days prior to the date on which such modified rate is to become effective; (ii) the modified Class B Certificate Rate shall 

  
 4 

 
not exceed a per annum rate equal to [LIBOR plus] [___]%; (iii) the Class B Certificate Rate shall not be modified during the first Interest Accrual Period or more than two times
during any subsequent Interest Accrual Period; (iv) the Transferor shall certify in the related notice that the modified Class B Certificate Rate is a fixed rate or a “qualified floating rate” (within the meaning of Treasury
Regulations section 1.1275-5) otherwise meeting such relevant requirements as would cause the Class B Certificates to constitute variable rate debt instruments (within the meaning of Treasury Regulations
section 1.1275-5, including without limitation paragraph (a)(4) thereof) and determined under procedures consistent with those applicable to reset bonds (as described in Treasury Regulations section 1.1275-5(f)) such that, in either case, the fair market value of the Class B Certificates will be the Class B Invested Amount; (v) the Transferor shall certify in the related notice that the
Class B Certificates have not been previously sold by TRS or any of its Affiliates (including, without limitation, within the meaning of Affiliate, solely for purposes of this clause (v), any Person related to TRS within the meaning of sections
267(b) or 707(b)(1) of the Code) to a Person who is not TRS or any of its Affiliates; (vi) the Transferor shall provide to the Trustee an Opinion of Counsel to the effect that such modification shall not adversely affect the status of the
Class B Certificates as debt for federal income tax purposes; (vii) if the modified Class B Certificate Rate is a fixed rate or a rate based on an index other than LIBOR, the Transferor shall provide two days’ notice of such
modified rate to the Rating Agencies; and (viii) if the modified Class B Certificate Rate is a fixed rate or a rate based on an index other than LIBOR, the Transferor shall certify in the related notice to the Trustee that the Rating
Agencies have been notified pursuant to clause (vii) above.] 

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

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

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

“Class B Initial Invested Amount” shall mean $[________]. 

“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). 

  
 5 

“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 [______] [__], 20[__];
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 [______] [__], 20[__]. 

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

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

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

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

“Collateral Initial Invested Amount” shall mean
$[________]. 
 “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

  
 6 

 
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] [___]% per annum. 

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

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

“Collateral Senior Additional Interest” shall have the meaning
specified in subsection 4.02(d). 
 “Collateral Senior
Initial Invested Amount” shall mean $[________]. 

“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 

  
 7 

 
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] [__]% 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, $[________]; 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 [______] 20[__] Monthly Period or such later date as is determined in accordance with subsection
4.03(c) and ending on the first to occur of (a) the commencement of the Early Amortization Period, (b) the payment in full of the Invested Amount and (c) the Expected Final Payment Date. 

“Controlled Accumulation Period Factor” shall mean,
for each Monthly Period, a fraction, the numerator of which is equal to the sum of the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series, and the denominator of which is equal to the sum (without
duplication) of (a) the Series Invested Amount as of the last day of the prior Monthly Period, (b) the series invested amounts as of the last day of the prior Monthly Period of all outstanding Series (other than Series 20[__]-[_]) 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. 

[Include for floating rate certificates: “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 

  
 8 

 
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.] 

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

“Deficit Controlled Accumulation Amount” shall mean
(a) on the first Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding Account on such
Distribution Date and (b) on each subsequent Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Distribution Date over the amount deposited in the
Principal Funding Account on such subsequent Distribution Date. 
 “Distribution Date”
shall mean [______] [__], 20[__], and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

“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 20[__]-[_] 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 20[__]-[_] Termination Date. 
 “Excess Finance
Charge Collections” shall mean collections of Finance Charge Receivables and certain other amounts allocable to the Certificateholders’ Interest of any Excess Allocation Series in excess of the amounts necessary to make required
payments with respect to such series (including payments to the provider of any related Series Enhancement) that are payable out of collections of Finance Charge Receivables. 

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

“Expected Final Payment Date” shall mean the
[______] 20[__] 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 20[__]-[_] Allocation Percentage with respect to such Monthly Period and (y) the sum of (i) the

  
 9 

 
total amount of Principal Receivables in the Trust as of such day (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust on the Closing Date) and
(ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, as of the Closing Date); provided, however, that with respect to any Monthly Period in which an
Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (y)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period
from and including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal
Date for the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period. 

“Group [I][II]” shall mean Series 20[__]-[_] and each other Series specified in the related Supplement to be
included in Group [I][II]. 
 “Group [I][II]
Investor Additional Amounts” shall mean, with respect to any Distribution Date, the sum of (a) Series 20[__]-[_] Additional Amounts for such Distribution Date and (b) for all other Series
included in Group [I][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 [I][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 [I][II] for such Distribution Date. 
 “Group [I][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 [I][II] for such Distribution Date. 

“Group [I][II] Investor Monthly Fees” shall mean with respect to any
Distribution Date, the sum of (a) Series 20[__]-[_] Monthly Fees for such Distribution Date and (b) the aggregate amount of the servicing fees, investor fees, fees payable to any Series Enhancer and any other similar fees, which are
payable out of reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group [I][II] for such Distribution Date. 

“Group [I][II] Investor Monthly Interest” shall mean, with respect to any Distribution Date, the sum of
(a) Series 20[__]-[_] Monthly Interest for such Distribution Date and (b) the aggregate amount of monthly interest, including overdue monthly interest and interest on such overdue monthly interest, if such amounts are payable out of
reallocated investor finance charge collections pursuant to the related Supplements, for all other Series included in Group [I][II] for such Distribution Date. 

“Initial Invested Amount” shall mean $[________]. 

“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. 

  
 10 

 “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 20[__]-[_] 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 20[__]-[_] Allocable Finance Charge Collections deposited in the Collection
Account for the related Monthly Period. 
 [Include for floating rate certificates: “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.] 

[Include for floating rate certificates: “LIBOR Determination Date” shall mean (i) for the
period from and including the Closing Date to but excluding [______] [__], 20[__], 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.] 
 [Include for floating rate certificates: “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. 

“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 20[__]-[_] as of the last day
of the immediately preceding Monthly Period (or, in the case of the first 

  
 11 

 
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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_], the Transferor may, by written notice delivered to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the Adjusted Invested
Amount as of the last day of the revolving period for such Paired Series, (y) the Transferor shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such designation and
shall have delivered copies of each such written notice to the Servicer and the Trustee and (z) the Transferor shall have delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on the facts known to
such officer at such time, in the reasonable belief of such Transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay-Out Event, to occur with respect to Series 20[__]-[_]. 

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

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

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

“Reallocated Investor Finance Charge 
Collections” shall mean that portion of Group [I][II] Investor Finance Charge Collections allocated to Series 20[__]-[_] pursuant to Section 4.10. 

“Reallocated Principal Collections” shall mean, with respect to any
Monthly Period, the product of (a) the Series 20[__]-[_] 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

  
 12 

 
Date and any Monthly Interest previously due but not distributed to the Series 20[__]-[_] 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 20[__]-[_] Certificateholders on a prior Distribution Date. 

[Include for floating rate certificates: “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 Transferor, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferor shall have received the
prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written
notice to the Servicer and the Trustee. 
 “Reserve Account” shall have the meaning
specified in subsection 4.12(a). 

“Reserve Account Funding Date” shall mean the
Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the
Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the [______] 20[__] 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 [______] 20[__] Monthly Period or any Monthly Period thereafter is less than 3%, the
Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage”
for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period. 

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

“Reserve Draw Amount” shall have the meaning specified in subsection
4.12(c). 
 [Include for floating rate certificates:
“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 

  
 13 

 
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 20[__]-[_]” shall mean the Series of Certificates the terms of which are specified in this
Supplement. 
 “Series 20[__]-[_] 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 20[__]-[_] Allocable Defaulted Amount”
shall mean the Series Allocable Defaulted Amount with respect to Series 20[__]-[_]. 
 “Series
20[__]-[_] Allocable Finance Charge Collections” shall mean the Series Allocable Finance Charge Collections with respect to Series 20[__]-[_]. 

“Series 20[__]-[_] Allocable Principal Collections”
shall mean the Series Allocable Principal Collections with respect to Series 20[__]-[_]. 
 “Series
20[__]-[_] Allocation Percentage” shall mean the Series Allocation Percentage with respect to Series 20[__]-[_]. 

“Series 20[__]-[_] Certificate” shall mean a Class A Certificate or a Class B
Certificate or the Collateral Interest. 
 “Series 20[__]-[_] Certificateholder” shall
mean a Class A Certificateholder or a Class B Certificateholder or the Collateral Interest Holder. 

“Series 20[__]-[_] Certificateholders’ Interest” shall mean the
Certificateholders’ Interest for Series 20[__]-[_], including the Collateral Interest. 
 “Series
20[__]-[_] 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 20[__]-[_] Monthly Interest” shall mean the amounts determined pursuant to subsections 4.02(a), (b)
and (d). 
 “Series 20[__]-[_] Principal Shortfall” shall have the
meaning specified in Section 4.11. 
 “Series
20[__]-[_] Termination Date” shall mean the [______] 20[__] Distribution Date. 

“Series Adjusted Portfolio Yield” shall mean, with
respect to any Monthly Period, the annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (a) Reallocated Investor Finance Charge Collections with respect to such Monthly Period, plus (b) the
amount of any Principal Funding Account Investment Proceeds for the related Distribution Date, plus (c) provided that each Rating Agency has consented in writing to the inclusion thereof in calculating the Series Adjusted
Portfolio Yield, any Excess Finance Charge Collections that are allocated to Series 20[__]-[_] 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. 

  
 14 

“Series Cut-Off Date” shall
mean the close of business on [______] [__], 20[__]. 

“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 20[__]-[_] 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 [______] [__], 20[__], among RFC III, as transferor, TRS, as administrator, and the American Express Credit Account Secured Note Trust 20[__]-[_], 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 20[__]-[_], [Fitch and Moody’s]. As used in this Supplement and in the Agreement with
respect to Series 20[__]-[_], “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 20[__]-[_] Certificates and no other Series of Certificates issued by the Trust, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in the Agreement. In
the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Agreement, the terms and provisions of this Supplement shall govern. 

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

ARTICLE III 

Servicing Fee 

Section 3.01.        Servicing Compensation. The share
of the Servicing Fee allocable to the Series 20[__]-[_] 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 

  
 15 

 
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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] pursuant to Article IV of the Agreement (and, as described herein, Collections of Finance Charge Receivables reallocated from other Series in Group
[I][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 20[__]-[_] Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and 

(ii)        an amount equal to the Transferor Percentage for the
related Monthly Period of Series 20[__]-[_] 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 20[__]-[_] 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. 

  
 16 

(c)        Allocations to 
the Series 20[__]-[_] Certificateholders. The Servicer shall, prior to the close of business on each Deposit Date, allocate to the Series 20[__]-[_] Certificateholders the following amounts as set forth
below: 

(i)        Allocations of 
Finance Charge Collections. The Servicer shall allocate to the Series 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_]
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 

  
 17 

 
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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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][one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of
business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $[___]]. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the
“Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to
pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is
fully paid, an additional amount (“Class A Additional Interest”) equal to [the product of (i) a fraction, the numerator of which is the actual number of days in the
period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the
Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A
Certificateholders)][one-twelfth of the product of (i) the sum of 

  
 18 

 
(x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) 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][one-twelfth of the product of
(i) the Class B Certificate Rate for such Distribution Date and (ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the
first Distribution Date shall be an amount equal to $[________]][; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including
the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect
during such period and a year of 360 days]. 
 On the Determination Date preceding each Distribution Date, the Servicer
shall determine the excess, if any (the “Class B Interest Shortfall”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate
amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date
until such Class B Interest Shortfall is fully paid, an additional amount (“Class B Additional Interest”) equal to [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)][one-twelfth of the product of (i) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (ii) such Class B Interest Shortfall (or the portion
thereof which has not been paid to the Class B Certificateholders)] shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be
payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. 

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

  
 19 

 
rate calculated on the basis of the actual number of days each Collateral Minimum Interest Rate was in effect during such period and a year of 360 days]. 

On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the
“Collateral Interest Shortfall”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and
available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest
Shortfall is fully paid, an additional amount (“Collateral Additional Interest”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to [the product of
(i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360 and
(B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion
thereof which has not been paid to the Collateral Interest Holder)][one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) such Collateral Interest Shortfall (or the portion
thereof which has not been paid to the Collateral Interest Holder)]. Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by
applicable law. 
 (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][one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior
Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $[________]][; 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)][one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and
(ii) such Collateral Senior Interest Shortfall (or the portion thereof which has not been paid to the Collateral 

  
 20 

 
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
20[__]-[_] Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the “Principal Funding Account”), bearing a
designation clearly indicating that the funds deposited therein and the property credited thereto are held for the benefit of the Series 20[__]-[_] 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 20[__]-[_]
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 20[__]-[_] 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 

  
 21 

 
(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 20[__]-[_] Certificateholders. 

(c)        The Controlled Accumulation Period is scheduled to commence at the close
of business on the last day of the [______] 20[__] 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 [______] 20[__] 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 20[__]-[_], 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 Transferor and the Trustee of such excess Class A Required Amount on the date of computation. 

(b)        With respect to each Distribution Date, on the related Determination Date,
the Servicer shall determine the amount (the “Class B Required Amount”), if any, equal to the sum of (x) the 

  
 22 

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

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

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

  
 23 

 (iii)        an
amount equal to the Class A Investor Default Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date; and 

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

(b)        On each Distribution Date, an amount equal to the Class B Available
Funds with respect to such Distribution Date will be distributed or deposited in the following priority: 

(i)        an amount equal to Class B Monthly Interest for such
Distribution Date, plus the amount of any Class B Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Additional Interest for
such Distribution Date and any Class B Additional Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to the Class B
Certificateholders; 
 (ii)        if TRS or an Affiliate of TRS is
no longer the Servicer, an amount equal to the Class B Servicing Fee for such Distribution Date, plus the amount of any Class B Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be
distributed to the Servicer; and 
 (iii)        the balance, if
any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.07. 

(c)        On each Distribution Date, an amount equal to the Collateral Available
Funds with respect to such Distribution Date will be distributed or deposited in the following priority: 

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

(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 

  
 24 

 (iii)        the
balance of such Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the Agreement. 

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

(i)        an amount up to the Class A Adjusted Invested Amount
on such Distribution Date shall be deposited in the Principal Funding Account for distribution to the Class A Certificateholders; 

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

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

Section 4.06.        Defaulted Amounts; 
Investor Charge-Offs. 
 (a)        On each Determination
Date, the Servicer shall calculate the Class A Investor Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Required Amount for the related Monthly Period exceeds the sum of (x) the
amount of Reallocated Principal Collections allocated to Series 20[__]-[_] with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections allocable to Series 20[__]-[_] 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. 

  
 25 

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

(c)        On each Determination Date, the Servicer shall calculate the Collateral
Default Amount. If on any Distribution Date the Collateral Default Amount for the previous Monthly Period exceeds the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-[_] 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 20[__]-[_] 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 

  
 26 

 
subsections 4.05(b)(i) and 4.05(b)(ii), and then (ii) an amount up to the Class B Investor Default Amount will be treated and applied as Available Principal Collections for such
Distribution Date; 
 (e)        an amount equal to the aggregate amount by which
the Class B Invested Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of “Class B Invested Amount” in Section 2.01 of this Supplement (but not in excess of the aggregate amount of such
reductions which have not been previously reimbursed) shall be treated as a portion of Available Principal Collections for such Distribution Date; 

(f)        an amount equal to Collateral Senior Minimum Monthly Interest for such
Distribution Date, plus the amount of any Collateral Senior Minimum Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, plus the amount of any Collateral Senior Additional
Interest for such Distribution Date and any Collateral Senior Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date, shall be distributed to the Collateral Interest Holder; 

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

(h)        an amount equal to the Collateral Default Amount, if any, for such
Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date; 

(i)        an amount equal to the aggregate amount by which the Collateral Invested
Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition of “Collateral Invested Amount” (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be treated
as a portion of Available Principal Collections for such Distribution Date; 

(j)        on each Distribution Date from and after the Reserve Account Funding Date,
but prior to the date on which the Reserve Account terminates pursuant to subsection 4.12(f), an amount up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve
Account; and 
 (k)        the balance, if any, will be distributed to the
Collateral Interest Holder. 

Section 4.08.        Reallocated 
Principal Collections. On each Distribution Date, the Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially 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 20[__]-[_] 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 

  
 27 

 (c)        an amount equal to the
Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that
Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the
Collateral Invested Amount. 
 All Reallocated Principal Collections with respect to the Collateral Invested Amount shall
be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses
(b) or (c) above. 
 On each Distribution Date, the Collateral Invested Amount shall be reduced by the amount of
Reallocated Principal Collections for such Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated
Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) to be a negative number, the Collateral
Invested Amount (after giving effect to any Collateral Charge-Offs for such Distribution Date) shall be reduced to zero and the Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have been
reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Distribution Date) to be a negative
number on any Distribution Date, Reallocated Principal Collections shall be reallocated on such Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Invested Amount (after giving effect to any
Class B Investor Charge-Offs for such Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below
zero. 

Section 4.09.        Excess Finance 
Charge Collections. Series 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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. 

  
 28 

Section 4.10.        Reallocated 
Investor Finance Charge Collections. 

(a)        That portion of Group [I][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 20[__]-[_] 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 20[__]-[_] Monthly Interest, Investor Default Amount, Series 20[__]-[_] Monthly Fees and Series 20[__]-[_] Additional Amounts for such Distribution Date and
(ii) that portion of excess Group [I][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
[I][II] Investor Finance Charge Collections for such Distribution Date is less than the sum of (w) Group [I][II] Investor Monthly Interest, (x) Group [I][II] Investor Default Amount, (y) Group [I][II] Investor Monthly Fees and
(z) Group [I][II] Investor Additional Amounts, then Reallocated Investor Finance Charge Collections shall equal the sum of the following amounts for such Distribution Date: 

(A)        The product of (I) Group [I][II] Investor Finance
Charge Collections (up to the amount of Group [I][II] Investor Monthly Interest) and (II) a fraction, the numerator of which is Series 20[__]-[_] Monthly Interest and the denominator of which is Group [I][II] Investor Monthly Interest; 

(B)        the product of (I) Group [I][II] Investor Finance
Charge Collections less the amount of Group [I][II] Investor Monthly Interest (up to the Group [I][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
[I][II] Investor Default Amount; 
 (C)        the product of
(I) Group [I][II] Investor Finance Charge Collections less the amount of Group [I][II] Investor Monthly Interest and the Group [I][II] Investor Default Amount (up to Group [I][II] Investor Monthly Fees) and (II) a fraction, the numerator
of which is Series 20[__]-[_] Monthly Fees and the denominator of which is Group [I][II] Investor Monthly Fees; and 

(D)        the product of (I) Group [I][II] Investor Finance
Charge Collections less the sum of (i) Group [I][II] Investor Monthly Interest, (ii) the Group [I][II] Investor Default Amount and (iii) Group [I][II] Investor Monthly Fees and (II) a fraction, the numerator of which is Series
20[__]-[_] Additional Amounts and the denominator of which is Group [I][II] Investor Additional Amounts. 

(c)        If the amount of Group [I][II] Investor Finance Charge Collections for
such Distribution Date exceeds the sum of (i) Group [I][II] Investor Monthly Interest, (ii) Group [I][II] Investor Default Amount, (iii) Group [I][II] Investor Monthly Fees and (iv) Group [I][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 20[__]-[_] only, with respect to the first Distribution Date, as of the Closing Date) and the denominator of which is the sum of such Invested Amount and the aggregate invested amounts for all
other Series included in Group [I][II] as of such last day (or, for Series 20[__]-[_] 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 20[__]-[_] in an amount 

  
 29 

 
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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] Certificateholders, an Eligible Deposit Account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein and
the property credited thereto are held for the benefit of the Series 20[__]-[_] 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 20[__]-[_]
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 20[__]-[_]. For purposes of 

  
 30 

 
determining the availability of funds or the balance in the Reserve Account for any reason under this Supplement, except as otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on deposit. 
 (c)        On the
Determination Date preceding each Distribution Date with respect to the Controlled Accumulation Period and the first Special Payment Date, the Servicer shall calculate the “Reserve Draw Amount”
which shall be equal to the excess, if any, of the Covered Amount with respect to such Distribution Date or Special Payment Date over the Principal Funding Account Investment Proceeds with respect to such Distribution Date or Special Payment Date;
provided, that such amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under subsection 4.07(j) with respect to such Distribution Date or Special Payment Date. 

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

(e)        In the event that the Reserve Account Surplus on any Distribution Date,
after giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Distribution Date, is greater than zero, the Trustee, acting in accordance with the written instructions of the Servicer, shall withdraw from the
Reserve Account, and distribute to the Collateral Interest Holder, an amount equal to such Reserve Account Surplus. 

(f)        Upon the earliest to occur of (i) the day on which the Invested
Amount is paid in full to the Series 20[__]-[_] Certificateholders, (ii) if the Controlled Accumulation Period has not commenced, the occurrence of a Pay-Out Event with respect to Series 20[__]-[_], (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 

  
 31 

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

Section 4.14.        [Reserved][Include for floating rate
certificates: Determination of LIBOR. On each LIBOR Determination Date, the LIBOR shall be determined in accordance with the following provisions: 

(a)        Subject to clause (b), (c), (d) and (e) below, 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. 

(b)        If, on any LIBOR Determination Date, such rate does not appear on Reuters
Screen LIBOR01 Page and the Servicer has not determined that LIBOR has been discontinued, 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 four 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 fewer than four major banks in New York City so selected by the Servicer are 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. 

(c)        If, with respect to any Interest Period, the Servicer determines that
LIBOR has been discontinued and that an alternative reference rate has been selected by the central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof), or identified through any other
applicable regulatory or legislative action or guidance, that is consistent 

  
 32 

 
with accepted market practice, the Servicer will direct the Trustee to use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date and for each future LIBOR
Determination Date unless and until directed otherwise. As part of such substitution, the Servicer may make, or direct the Trustee to make, such adjustments to the alternative rate or the spread thereon, as well as the business day convention,
interest determination dates and related provisions and definitions, in each case that are consistent with accepted market practice or applicable regulatory or legislative action or guidance for the use of such alternative rate for securities such
as the Series 20[__]-[_] Certificates, as determined by the Servicer in its sole discretion. 

(d)        If, with respect to any Interest Period, the Servicer determines that
LIBOR has been discontinued, but that there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, the Servicer may, in its sole discretion, determine the alternative rate and make any adjustments thereon,
which determinations shall be binding on the Trustee and the Series 20[__]-[_] Certificateholders, and direct the Trustee to use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date and for each future LIBOR
Determination Date unless and until directed otherwise. 
 (e)        If, with
respect to any Interest Period, the Servicer determines that LIBOR has been discontinued, but for any reason an alternative rate has not been identified in accordance with clause (c) above and cannot be determined in accordance with clause
(d) above, LIBOR shall be equal to such rate on the determination date when LIBOR was last available on the Reuters LIBOR01 Page, as determined by the Servicer. 

(f)        The Servicer shall determine, and promptly notify the Transferor 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. 

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

ARTICLE V 

Distributions and Reports to 

Series 20[__]-[_] Certificateholders 

Section 5.01.        Distributions. 

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

(b)        On each Special Payment Date and on the Expected Final Payment Date, the
Paying Agent shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section 3.04(b) of the Agreement) to each Class A Certificateholder of record on the related Record Date (other than as provided in
Section 12.02 of the Agreement) such Class A Certificateholder’s pro rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the Paying Agent that are allocated and available on such date to
pay principal of the Class A Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class A Invested Amount on such 

  
 33 

 
date (unless there has been an optional repurchase of the Series 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] Certificateholders hereunder shall be made by check mailed to each Series 20[__]-[_] Certificateholder at such Series 20[__]-[_] Certificateholder’s address appearing in the Certificate
Register without presentation or surrender of any Series 20[__]-[_] Certificate or the making of any notation thereon; provided, however, that with respect to Series 20[__]-[_] 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 20[__]-[_] Certificateholders. 

(a)        On each Distribution Date, the Paying Agent, on behalf of the Trustee,
shall make available, and shall forward to each Series 20[__]-[_] Certificateholder upon request, a statement substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer and
delivered to the Paying Agent. 
 (b)        Not later than each Determination
Date, the Servicer shall deliver to the Trustee, the Paying Agent, the Transferor, each Rating Agency and the Collateral Interest Holder (i) a statement substantially in the form of Exhibit C-1 to this
Supplement prepared by the Servicer and (ii) a certificate of a Servicing Officer substantially in the form of Exhibit D. 

  
 34 

 (c)        A copy of each statement
or certificate provided pursuant to paragraph (a) or (b) may be obtained by any Series 20[__]-[_] 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 2019, 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 20[__]-[_] 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
20[__]-[_] 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 20[__]-[_] Certificates: 

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

(c)        failure on the part of the Transferor (i) to make any payment or
deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other
covenants or agreements of the Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20[__]-[_] Certificateholders and which continues unremedied for a period of 60 days after the date on
which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferor and the Trustee by any Holder of the Series 20[__]-[_] Certificates; 

(d)        any representation or warranty made by the Transferor in the Agreement or
this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material
respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor
by the Trustee, or to such Transferor and the Trustee by any Holder of the Series 20[__]-[_] Certificates and as a result of which the interests of the Series 20[__]-[_] Certificateholders are materially and adversely affected for such period;
provided, however, that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all
of such Receivables, if applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the provisions of the Agreement; 

  
 35 

 (e)        a failure by the
Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of
the Agreement; 
 (f)        any Servicer Default which would have an Adverse
Effect shall occur; 
 (g)        the average Series Adjusted Portfolio Yield for
any three consecutive Monthly Periods is reduced to a rate which is less than the average of the Base Rates for such period; 

(h)        the Class A Invested Amount, the Class B Invested Amount or the
Collateral Invested Amount shall not be paid in full on the Expected Final Payment Date; 

(i)        a Transfer Restriction Event shall occur; 

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

Optional Repurchase; Series Termination 

Section 7.01.        Optional Repurchase. 

(a)        So long as the Transferor is the Servicer or an Affiliate of the Servicer,
on any day occurring on or after the date on which the Invested Amount is reduced to 5% or less of the Initial Invested Amount, such Transferor shall have the option to purchase the Series 20[__]-[_] Certificateholders’ Interest, at a purchase
price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. If, on the date
on which the 

  
 36 

 
Transferor exercises such option, the long-term unsecured debt obligations of such Transferor purchasing the Series 20[__]-[_] Certificateholders’ Interest is not rated at least in the third
highest rating category by the Rating Agency, such Transferor shall deliver to the Trustee, with a copy to the Rating Agency, an Officer’s Certificate of such Transferor which shall have attached to it the relevant fraudulent conveyance
statute, if any, and set forth the factual basis for a conclusion that the exercise of such optional repurchase would not constitute a fraudulent conveyance of such Transferor. 

(b)        The Transferor shall give the Servicer and the Trustee at least 30 days
prior written notice of the date on which the Transferor intends to exercise such purchase option. Not later than 12:00 noon, New York City time, on such day the Transferor shall deposit the Reassignment Amount into the Collection Account in
immediately available funds. Such purchase option is subject to payment in full of the Reassignment Amount. Following the deposit of the Reassignment Amount into the Collection Amount in accordance with the foregoing, the Invested Amount for Series
20[__]-[_] shall be reduced to zero and the Series 20[__]-[_] 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 [______] 20[__] 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 20[__]-[_] Termination
Date (after giving effect to all distributions required to be made on the Series 20[__]-[_] 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 20[__]-[_] Termination Date. The Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such Transferor for purposes of United States generally accepted accounting principles shall not be entitled to
participate in such bidding process or to purchase the Receivables; provided, however, that, to the extent the Collateral Interest Holder is not the Transferor, an Affiliate thereof, an agent thereof or any other party consolidated
with the Transferor for purposes of United States generally accepted accounting principles, the Collateral Interest Holder may participate in such bidding process. 

(b)        The Servicer, on behalf of the Trustee, shall sell such Receivables (or
interests therein) on the Series 20[__]-[_] 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 20[__]-[_]
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 [______] 20[__] Distribution Date to the Series 20[__]-[_] Termination Date, the Servicer shall continue to collect payments on the Receivables and allocate and deposit such
Collections in accordance with the provisions of the Agreement and the Supplements. 
 ARTICLE VIII 

Final Distributions 

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

(a)        (i)              
  The amount to be paid by the Transferor with respect to Series 20[__]-[_] in connection with a reassignment of Receivables to the Transferor pursuant to Section 2.06 of the Agreement shall equal the Reassignment Amount for the first

  
 37 

 
Distribution Date following the Monthly Period in which the reassignment obligation arises under the Agreement. 

(ii)        The amount to be paid by the Transferor with respect to
Series 20[__]-[_] 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 20[__]-[_] Certificateholders’ Interest deposited into the Collection Account pursuant to Section 7.02, the Trustee shall, in accordance with the written
direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any
deposits and distributions otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class A
Certificateholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on
a prior Distribution Date and (C) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on any prior
Distribution Date, will be distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to the
Class B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest previously due but not distributed to the Class B
Certificateholders on a prior Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B
Certificateholders on any prior Distribution Date, will be distributed to the Paying Agent for payment to the Class B Certificateholders and (iii) the balance, if any, will be distributed to the Collateral Interest Holder. 

(c)        Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to subsection 8.01(b) for payment to the Series 20[__]-[_] Certificateholders shall be deemed distributed in full to the Series 20[__]-[_] 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. 

  
 38 

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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] 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 20[__]-[_] Allocable Finance Charge Collections and (B) the Floating Allocation Percentage with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant
to the preceding sentence, the excess shall be distributed to the Collateral Interest Holder. 

(c)        Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 20[__]-[_] Certificateholders shall be distributed in full to the Series 20[__]-[_] Certificateholders on the date on

  
 39 

 
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
20[__]-[_] 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 20[__]-[_] Certificateholder further agrees, upon request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status
and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing, if a payment made under this Supplement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment were to fail to comply
with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver to the Transferor and the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by
the Transferor or the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Transferor or the Trustee to comply with their
respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold from such payment. In addition, the Transferor shall deliver to
the Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional
documentation reasonably requested by the Trustee to comply with its obligations under FATCA, and the Transferor understands that failure to provide such documentation may result in payments being subject to United States withholding tax. The
Trustee shall be entitled to deduct withholding tax imposed pursuant to FATCA, and shall have no obligation to gross up any payment or to pay any additional amount as a result of such withholding tax. For these purposes, “FATCA” means
Section 1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition
to relief or exemption from taxes under such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA after the date of this Supplement. 

  
 40 

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 Transferor, 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 Transferor, no portion of the Collateral
Interest or any interest therein may be Transferred to any Person (each such Person acquiring the Collateral Interest or any interest therein, an “Assignee”) unless such Assignee shall have executed and delivered to the Transferor
on or before the effective date of any Transfer a letter substantially in the form attached hereto as Exhibit E (an “Investment Letter”), executed by such Assignee, with respect to the related Transfer to such Assignee of all
or a portion of the Collateral Interest. 
 (b)        Each Assignee will certify
that the Collateral Interest or the interest therein purchased by such Assignee will be acquired for investment only and not with a view to any public distribution thereof, and that such Assignee will not offer to sell or otherwise dispose of the
Collateral Interest or any interest therein so acquired by it in violation of any of the registration requirements of the Securities Act, or any applicable state or other securities laws. Each Assignee will acknowledge and agree that (i) it has
no right to require the Transferor to register under the Securities Act or any other 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 20[__]-[_] Certificates. Each Assignee will agree with the Transferor that: (a) such Assignee will deliver to the Transferor an Investment Letter and (b) all of the
statements made by such Assignee in its Investment Letter shall be true and correct as of the date made. 

(c)        No portion of the Collateral Interest or any interest therein may be
Transferred to, and each Assignee will certify that it is not, (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA and subject to Title I of ERISA), (b) any “plan” (as defined in and subject to
Section 4975 of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA) by reason of a plan’s investment in the entity, including, without
limitation, an insurance company general account. 
 [The signature page follows this page.] 

  
 41 

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

			
	 AMERICAN EXPRESS RECEIVABLES

  FINANCING CORPORATION III LLC,

		 	as Transferor
		
	By:	 	 
		 	Name:
		 	Title:
	  
 AMERICAN EXPRESS TRAVEL RELATED

  SERVICES COMPANY, INC.,

		 	as Servicer
		
	By:	 	 
		 	Name:
		 	Title:
	  
 THE BANK OF NEW YORK MELLON,

		 	as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature page – Series 20[__]-[_] Supplement] 

					
		  	FORM OF CLASS A CERTIFICATE	  	EXHIBIT A-1
			
	 REGISTERED
	  		  	$                  1/
			
	 No. R-            
	  		  	CUSIP No. [                ]

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 20[      ]-[    ] 

CLASS A [FLOATING RATE][[        ]%] ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
[            ] 20[      ] Distribution Date 

Each $100,000 minimum denomination represents a 

1/[            ]ths undivided interest 

in Class A of the 
 AMERICAN
EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 20[__]-[_] 
 Evidencing an undivided interest in certain assets of a trust, the corpus of which
consists primarily of an interest in receivables generated from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., 

and other assets and interests constituting Trust Assets under the Fourth Amended and Restated Pooling and Servicing Agreement referred to
below. 
 (Not an interest in or obligation of American Express Travel Related Services Company, Inc., 

American Express National Bank, American Express Receivables Financing Corporation III LLC, or any 

of their respective affiliates) 

This certifies that CEDE & CO. (the “Class A Certificateholder”) is the registered owner of a
fractional undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise
amended and supplemented, the “Agreement”), as supplemented by the Series 20[      ]-[    ] Supplement, dated as of
[            ] [      ], 20[      ] (as amended and supplemented, the “Supplement”), 

 
  

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

  
 A-1-1 

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

In general, payments of principal with respect to the Class A Certificates are limited to the Class A Invested
Amount, which may be less than the unpaid principal balance of the Class A Certificates. The Expected Final Payment Date is the [            ]
20[      ] Distribution Date, but principal with respect to the Class A Certificates may be paid earlier or later under certain circumstances described in the Agreement and the Supplement. If for one or more
months during the Controlled Accumulation Period there are not sufficient funds to pay the Controlled Deposit Amount, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation
Period to make up for such shortfalls, the final payment of principal of the Class A Certificates will occur later than the Expected Final Payment Date. 

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

  
 A-1-2 

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

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

 Dated: [            ]
[      ], 20[      ] 

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:  	 	 
		 	 Authorized Signatory

		
		 	 or

		
	By:	 	 
		 	 as Authenticating Agent

for the Trustee

		
	By:	 	 
		 	 Authorized Signatory

  
 A-1-4 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 20[      ]-[    ] 

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
20[      ]-[    ] (the “Series 20[      ]-[    ] Certificates”), and one of a class thereof entitled Class A
Series 20[      ]-[    ] [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 $[            ]. The Class A Invested Amount
on any date will be an amount equal to (a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made to the Class A Certificateholder on or prior to such date, minus (c) the
excess, if any, of the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) of the Supplement prior to such date. 

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

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

On any day occurring on or after the day on which the Invested Amount is reduced to 5% or less of the Initial Invested
Amount, the Transferor has the option to repurchase the Series 20[      ]-[    ] 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 20[      ]-[    ] Certificateholders will not have any interest in the Receivables and the Series
20[      ]-[    ] Certificates will represent only the right to receive such Reassignment Amount. 

  
 A-1-5 

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

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

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

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

  
 A-1-6 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                         
        
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

                                         
                
 (name and address of assignee) 

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

							
	 Dated:
                        
	  		  		    	                                    
    2/ 
	 	 	 	 
		  		  		    	 Signature Guaranteed:
  

		  		  		    	
                       
                         

  

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

  
 A-1-7 

					
		  	FORM OF CLASS B CERTIFICATE	  	EXHIBIT A-2

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

					
			
	 REGISTERED
	  		  	$                  3/
			
	 No. R-            
	  		  	CUSIP No. [                ]

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 20[      ]-[    ] 

CLASS B [FLOATING RATE][[        ]%] ASSET BACKED CERTIFICATE 

Expected Final Payment Date: 
 The
[            ] 20[    ] Distribution Date 

Each $100,000 minimum denomination represents a 

1/[            ]ths undivided interest 

in Class B of the 
 AMERICAN
EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 20[__]-[_] 
 Evidencing an undivided interest in certain assets of a trust, the corpus of which
consists primarily of an interest in receivables generated from time to time in the ordinary course of business in a portfolio of credit and charge accounts serviced by 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., 

and other assets and interests constituting Trust Assets under the Fourth Amended and Restated Pooling and Servicing Agreement referred to
below. 
 (Not an interest in or obligation of American Express Travel Related Services Company, Inc., 

American Express National Bank, American Express Receivables Financing Corporation III LLC or any 

of their respective affiliates) 
  

 

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

  
 A-2-1 

 This certifies that CEDE & CO. (the “Class B
Certificateholder”) is the registered owner of a fractional, undivided interest in certain assets of a trust (the “Trust”) created pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of
April 1, 2018 (as amended and restated and otherwise amended and supplemented, the “Agreement”), as supplemented by the Series 20[      ]-[    ] Supplement, dated
as of [            ] [      ], 20[      ] (as amended and supplemented, the “Supplement”),
among American Express Receivables Financing Corporation III LLC, as transferor (the “Transferor”), American Express Travel Related Services Company, Inc., as servicer, and The Bank of New York Mellon, a New York banking
corporation, as trustee (the “Trustee”). The corpus of the Trust consists of (i) the Transferor’s ownership interest in a portfolio of receivables (the “Receivables”) existing in credit and charge accounts
identified under the Agreement from time to time (the “Accounts”), (ii) all Receivables generated under the Accounts from time to time thereafter, (iii) funds collected or to be collected from cardmembers in respect of the
Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the Special Funding Account, and any other Series Accounts and (v) all other assets and interests constituting the Trust. Although a summary of
certain provisions of the Agreement and the Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this Class B Certificate does not purport to summarize the Agreement and the Supplement
and reference is made to the Agreement and the Supplement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the
Agreement and the Supplement (without schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the
Agreement or the Supplement, as applicable. 
 This Class B Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement and the Supplement, to which Agreement and Supplement, each as amended and supplemented from time to time, the Class B Certificateholder by virtue of the acceptance hereof assents and is bound. 

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

  
 A-2-2 

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

  
 A-2-3 

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

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
		
	By:	 	 
		 	 Name:

		 	 Title:

 Dated: [            ]
[      ], 20[      ] 

  
 A-2-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
	 THE BANK OF NEW YORK MELLON,
 as
Trustee
	 	
			
	By:  	 	 	 	
		 	 Authorized Signatory
	 	
			
	 or
	 		 	
			
	By:	 	 	 	
		 	 as Authenticating Agent

for the Trustee
	 	
			
	By:	 	 	 	
		 	 Authorized Signatory
	 	

  
 A-2-5 

 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 20[      ]-[    ] 

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
20[      ]-[    ] (the “Series 20[      ]-[    ] Certificates”), and one of a class thereof entitled Class B
Series 20[      ]-[    ] [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 $[            ]. 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 20[      ]-[    ] and applied on all prior Distribution Dates for the purpose of reimbursing amounts deducted
pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Class B Invested Amount may not be reduced below zero. 

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

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

  
 A-2-6 

 On any day occurring on or after the day on which the Invested Amount is
reduced to 5% or less of the Initial Invested Amount, the Transferor has the option to repurchase the Series 20[      ]-[    ] 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 20[      ]-[    ] Certificateholders will not have any interest in the Receivables and the
Series 20[      ]-[    ] Certificates will represent only the right to receive such Reassignment Amount. 

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

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

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

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

  
 A-2-7 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                         
    
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

                                         
                            

(name and address of assignee) 

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

							
	 Dated:
                            
	  		  		  	                                    
    4/ 
	 	 	 	 
		  		  		  	 Signature Guaranteed:
  

		  		  		  	
                       
                             

  
  

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

  
 A-2-8 

 EXHIBIT B 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 

NOTIFICATION TO THE TRUSTEE 
  

 
 AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST 
 SERIES 20[        ]-[_] 

 
  

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc.
(“TRS”), as Servicer pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing
Agreement”), among TRS, American Express Receivables Financing Corporation III LLC, as transferor (the “Transferor”), and The Bank of New York Mellon (formerly The Bank of New York), as trustee (the
“Trustee”), does hereby certify as follows: 
 1.    Capitalized terms used in this
Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 20[__]-[_] Supplement, dated as of [______] [__], 20[__], among TRS, the Transferor and the Trustee (as amended and supplemented, the
“Supplement”), as applicable. 
 2.    TRS is the Servicer. 

3.    The undersigned is a Servicing Officer. 

I.    INSTRUCTION TO MAKE A WITHDRAWAL 

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

  

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

  
 B-1 

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

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

  
 B-2 

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

 

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

 Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee to apply on
                , which is a Distribution Date under the Supplement, any Excess Spread and Excess Finance Charge Collections allocated to
Series 20[__]-[_] as follows: 
  

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

  
 B-3 

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

  
 B-4 

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

  
 B-5 

									
	 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:

  
 B-6 

 EXHIBIT C-1 

FORM OF MONTHLY STATEMENT 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 
  

											
	A. TRUST ACTIVITY	 	TRUST
TOTALS            	 	 	 	 	 	 	 	 
	 Record
Date
	 	                         
         	 	 	                            
        	 	 	 	                            
        	 
	 Number of
days in Monthly Period
	 	                      	 	 	 	 	 	 	 	 
	 Beginning
Number of Accounts
	 	                      	 	 	 	 	 	 	 	 
	 Beginning Principal Receivable Balance,

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

  
 C-1-1 

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

  

																									
	C. GROUP ALLOCATIONS (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	 	 	 	 	  	 	                	% 

  
 C-1-2 

											
	 	 	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 Monthly

Period
	 	 As of the last day of Prior
Monthly
 Period

	
Required Seller’s Interest Amount
	 	$________	 	$________
	
Seller’s Interest Amount
	 	$________	 	 
	
Seller’s Interest Percentage
	 	________%	 	________%

  
 C-1-3 

									
	 SERIES
20[    ]-[  ] CERTIFICATES
  

	 A. INVESTOR/

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

FUNDING
 REQUIREMENTS
	 	CLASS A	 	CLASS B	 	COLLATERAL
INTEREST	 	TOTAL
	 Principal
Funding Account
 Balance
	 	$                        	 	$                        	 	$                        	 	$                        

	 Investment
Proceeds for
 Monthly Period
	 	$                        	 	$                        	 	$                        	 	$                        

	 Required
Reserve Account
 Amount
	 	$                        	 	$                        	 	$                        	 	$                        

	 Reserve
Account Opening
 Balance
	 	$                        	 	$                        	 	$                        	 	$                        

	 Reserve
Account Investment
 Proceeds retained per Section

4.12(b)
	 	$                        	 	$                        	 	$                        	 	$                        

	 Reserve
Account Deposit
	 	$                        	 	$                        	 	$                        	 	$                        

	 Reserve
Draw Amount
	 	$                        	 	$                        	 	$                        	 	$                        

	 Reserve
Account Surplus
 (after giving effect to any

principal distributions on the

related Distribution Date)
	 	$                        	 	$                        	 	$                        	 	$                        

	 Reserve
Account Closing
 Balance (after giving effect

to any principal distributions

and Reserve Account

withdrawals on the related

Distribution Date)
	 	$                        	 	$                        	 	$                        	 	$                        

	 LIBOR
Determination Date
	 	[                        
][NA] 	 	[                        ][NA] 	 	[                        
][NA] 	 	[                        
][NA] 

  
 C-1-4 

									
	
Coupon                
to                
	 	                    
%	 	                    %	 	                    
%	 	                    
%
	 Monthly
Interest Due
	 	$                        	 	$                        	 	$                        	 	$                        

	 Outstanding
Monthly Interest
 Due
	 	$                        	 	$                        	 	$                        	 	$                        

	
Additional Interest Due
	 	$                        	 	$                        	 	$                        	 	$                        

	 Total
Interest Due
	 	$                        	 	$                        	 	$                        	 	$                        

	 Investor
Default Amount
	 	$                        	 	$                        	 	$                        	 	$                        

	 Investor
Monthly Fees Due
	 	$                        	 	$                        	 	$                        	 	$                        

	 Investor
Additional Amounts
 Due
	 	$                        	 	$                        	 	$                        	 	$                        

	 Total
Due
	 	$                        	 	$                        	 	$                        	 	$                        

	 	 	 	 	 	 	 	 	 
	 Reallocated
Investor Finance
 Charge Collections
	 	 	 	 	 	 	 	$                        

	 Interest
and Principal
 Funding Investment Proceeds
	 	 	 	 	 	 	 	$                        

	 Interest
on Reserve Account
	 	 	 	 	 	 	 	$                        

	 Series
Adjusted Portfolio
 Yield
	 	 	 	 	 	 	 	                    %
	 Base
Rate
	 	 	 	 	 	 	 	                    %
	 Excess
Spread Percentage
	 	 	 	 	 	 	 	                    %
	 	 	 	 	 	 	 	 	 
	 C. CERTIFICATES –

BALANCES AND
 DISTRIBUTIONS
	 	CLASS A	 	CLASS B	 	COLLATERAL
INTEREST	 	TOTAL
	 Beginning
Certificates
 Balance
	 	$                        	 	$                        	 	$                        	 	$                        

	
Distributions of Interest
	 	$                         
   	 	$                        	 	$                        	 	$                        

	 Deposits to
the Principal
 Funding Account
	 	$                        	 	$                        	 	$                        	 	$                        

	
Distributions of Principal
	 	$                        	 	$                        	 	$                        	 	$                        

	 Total
Distributions
	 	$                        	 	$                        	 	$                        	 	$                        

	 Ending
Certificates Balance
	 	$                        	 	$                        	 	$                        	 	$                        

  
 C-1-5 

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

  
 C-1-6 

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

  
 C-1-7 

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

  
 C-1-8 

													
	
J. APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS
	
 

	 1.
CLASS A AVAILABLE FUNDS
	 	 	 	 	 	 	$____________	 	 	 	 	 
	 a. Class A
Monthly Interest
 b. Class A Outstanding Monthly Interest

c. Class A Additional Interest

d. Class A Investor Default Amount (treated as
Available Principal Collections)

e. Excess Spread
	  

 

 

 

 
	 	 	$____________	 	 	 	 	 
	 	 	$____________	 	 	 	 	 
	 	 	$____________	 	 	 	 	 
	 	 	$____________	 	 	 	 	 
	 	 	$____________	 	 	 	 	 
	 	 	$____________	 	 			 
	
2. CLASS B AVAILABLE FUNDS
	 	 	                    	 	 	 	$____________	 	 	 	 	 
	 a. Class B
Monthly Interest
 b. Class B Outstanding Monthly Interest

c. Class B Additional Interest

d. Excess Spread
	  

 

 

 
	 	 	$____________	 	 	 	 	 
	 	 	$____________	 	 	 	                	 
	 	 	$____________	 	 	 	 	 
	 	 	$____________	 	 			 
	
3. COLLATERAL AVAILABLE FUNDS
	 	 	 	 	 	 	$____________	 	 	 	 	 
	
a. Excess Spread
	  
	 	 	$____________	 	 	 	 	 
	
4. TOTAL EXCESS SPREAD
	  
	 	 	$____________	 	 	 	 	 
	 
	
    
	
 

	
K. REALLOCATED PRINCIPAL COLLECTIONS
	
 

	 1.
Principal Allocation Percentage
	 	 	 	 	 	 	________%	 	 	 	 	 
	 2. Series
20[__]-[_] Allocable Principal
 Collections
	 	 	 	 	 	 	$____________	 	 	 	 	 
	 3.
Principal Allocation Percentage of Series
20[__]-[_] 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 20[__]-[_]
	 	 	 	 	 	 	$____________	 	 	 	 	 
	 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
	 	 	 	 	 	 	$____________	 	 	 	 	 

  
 C-1-9 

													
	
3. Distribution of Principal
	 	 	 	 	$____________	 	 	 	 	 
	
4. Treated as Shared Principal Collections
	 	 	 	 	$____________	 	 	 	 	 
	 
	 	 
	 N. APPLICATION OF EXCESS SPREAD AND
EXCESS FINANCE CHARGE COLLECTIONS
 ALLOCATED TO SERIES 20[__]-[_]
	
 

 

	
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
	 	 	 	 	 	 	________%	 	 	 	 	 

  
 C-1-10 

																	
	 5. Is the 3 month
average
 Series Adjusted Portfolio
 Yield more than the 3
month
 average Base Rate?
	 	 	            	 	 	 	            	 	 	 	[Yes/No]	 	 	 	                    	 
	 
	 	 
	
P. REASSIGNMENT AMOUNT
	  
	 	 	 	 
	
Adjusted Invested Amount
	  
	 	 	 	 	 	 	$____________	 	 	 	 	 
	
Monthly Interest
	  
	 	 	 	 	 	 	$____________	 	 	 	 	 
	
Monthly Interest previously due but not paid
	  
	 	 	 	 	 	 	$____________	 	 	 	 	 
	
Additional Interest
	  
	 	 	 	 	 	 	$____________	 	 	 	 	 
	
Additional Interest previously due but not paid
	  
	 	 	 	 	 	 	$____________	 	 	 	 	 
	
Reassignment Amount
	  
	 	 	 	 	 	 	$____________	 	 	 	 	 

  
 C-1-11 

 EXHIBIT C-2 

FORM OF ANNUAL PAYMENT INFORMATION 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

SERIES 20[    ]-[  ] 

FOR THE YEAR ENDED DECEMBER 31, 20[  ] 

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

Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or
the Series 20[    ]-[  ] Supplement, dated as of [            ] [    ], 20[    ],
among TRS, the Transferor and the Trustee (as amended and supplemented, the “Supplement”), as applicable. 

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

 

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

  
 C-2-1 

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

			
	 AMERICAN EXPRESS TRAVEL RELATED

SERVICES COMPANY, INC., as Servicer

		
	By:	 	 
		 	Name:
		 	Title:

  
 C-2-2 

 EXHIBIT D 

FORM OF MONTHLY SERVICER’S CERTIFICATE 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 

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

2.          TRS is, as of the date hereof, the Servicer under the
Agreement. 
 3.          The undersigned is a Servicing Officer. 

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

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

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

			
	 AMERICAN EXPRESS TRAVEL RELATED

SERVICES COMPANY, INC.,
 as
Servicer

 
					
			
	By:  	 	 	 	
		 	 Name:

Title:
	 	

  
 D-1 

 EXHIBIT E 

FORM OF INVESTMENT LETTER 
 [Date]

  

	 	Re:	 American Express Credit Account Master Trust; 

	 	Purchases	 of Series 20[__]-[_] 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 20[__]-[_] Supplement, dated as of [______] [__], 20[__] (the “Series Supplement”) to Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as amended and restated and
as otherwise amended and supplemented, the “Agreement”), each among The Bank of New York Mellon, as Trustee, American Express Receivables Financing Corporation III LLC, as Transferor, and American Express Travel Related Services Company,
Inc., as Servicer. Capitalized terms used herein without definition shall have the meanings set forth in the Agreement. The Purchaser represents to and agrees with the Transferor as follows: 

 

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

  

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

  

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

  

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

  
 E-1 

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

 

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

  

			
	Very truly yours,
	
	 [NAME OF PURCHASER]

					
			
	By:  	 	 	 	
		 	 Name:

Title:
	 	

  

			
	AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:
	
	 AMERICAN EXPRESS RECEIVABLES

FINANCING CORPORATION III LLC,
 as
Transferor

			
		
	By:  	 	 
		 	 Name:

		 	 Title:

  
 E-2EX-10.1

 Exhibit 10.1 

Dated 23 May 2017 

RED ROSE SHIPPING CORP. 

and 
 THE AND FINANCIAL
INSTITUTIONS 
 listed in Schedule 1 

as Lenders 
 and 

HSH NORDBANK AG 
 as Agent,
Mandated Lead Arranger 
 and Security Trustee 

LOAN AGREEMENT 
 relating
to a senior secured post-delivery term 
 loan facility of up to US$15,300,000 

to provide finance secured on one 2010-built Capesize 

bulk carrier vessel named “NAVIOS BONHEUR” 
  

 

 Index 
  

							
	Clause	 	 	  	Page	 
	 1
	 	 Interpretation
	  	 	1	 
	 2
	 	 Facility
	  	 	17	 
	 3
	 	 Position of the Lenders
	  	 	17	 
	 4
	 	 Drawdown
	  	 	18	 
	 5
	 	 Interest
	  	 	19	 
	 6
	 	 Interest Periods
	  	 	21	 
	 7
	 	 Default Interest
	  	 	22	 
	 8
	 	 Repayment and Prepayment
	  	 	23	 
	 9
	 	 Conditions Precedent
	  	 	25	 
	 10
	 	 Representations and Warranties
	  	 	26	 
	 11
	 	 General Undertakings
	  	 	29	 
	 12
	 	 Corporate Undertakings
	  	 	34	 
	 13
	 	 Insurance
	  	 	35	 
	 14
	 	 Ship Covenants
	  	 	41	 
	 15
	 	 Security Cover
	  	 	46	 
	 16
	 	 Payments and Calculations
	  	 	48	 
	 17
	 	 Application of Receipts
	  	 	49	 
	 18
	 	 Application of Earnings
	  	 	51	 
	 19
	 	 Events of Default
	  	 	53	 
	 20
	 	 Fees and Expenses
	  	 	57	 
	 21
	 	 Indemnities
	  	 	59	 
	 22
	 	 No Set-Off or Tax Deduction
	  	 	61	 
	 23
	 	 Illegality, etc.
	  	 	64	 
	 24
	 	 Increased Costs
	  	 	64	 
	 25
	 	 Set-Off
	  	 	66	 
	 26
	 	 Transfers and Changes in Lending Offices
	  	 	66	 
	 27
	 	 Variations and Waivers
	  	 	71	 
	 28
	 	 Notices
	  	 	73	 
	 29
	 	 Supplemental
	  	 	75	 
	 30
	 	 Law and Jurisdiction
	  	 	76	 
	 Schedule 1 Lenders and Commitments
	  	 	    	 
	 Schedule 2 Drawdown Notice
	  	 	    	 
	 Schedule 3 Condition Precedent Documents
	  	 	    	 
	 Schedule 4 Mandatory Cost Formula
	  	 	    	 
	 Schedule 5 Transfer Certificate
	  	 	    	 
	 Schedule 6 Power of Attorney
	  	 	    	 
	 Execution Pages
	  	 	77	 

 THIS AGREEMENT is made on 23 May 2017 

BETWEEN 
  

	(1)	 RED ROSE SHIPPING CORP., a corporation incorporated in the Republic of the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960, as Borrower; 

  

	(2)	 THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1, as Lenders; 

 

	(3)	 HSH NORDBANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, as
Agent; 

  

	(4)	 HSH NORDBANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, as
Mandated Lead Arranger; and 

  

	(5)	 HSH NORDBANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, as
Security Trustee. 

 BACKGROUND 

The Lenders have agreed to make available to the Borrower a secured post-delivery term loan facility in one advance in an amount of up to the lesser of
(A) US$15,300,000 and (B) 60 per cent. of the Initial Market Value of the Ship (as defined below) to partly finance the Market Value of the Ship. 

IT IS AGREED as follows: 
  

	1	 INTERPRETATION 

 

	1.1	 Definitions 

Subject to Clause 1.5, in this Agreement: 

“Account” means each of the Earnings Account, the Liquidity Account and the Retention Account and, in the plural, means all of
them; 
 “Account Bank” means HSH Nordbank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50,
20095 Hamburg, Germany, or any successor; 
 “Account Pledge” means, in relation to each Account, a pledge agreement
creating security in respect of that Account in the Agreed Form and, in the plural, means all of them; 
 “Additional Minimum
Liquidity” has the meaning given in Clause 11.19; 
 “Affected Lender” has the meaning given in Clause 5.7; 

“Agency and Trust Agreement” means the agency and trust agreement executed or to be executed between the Borrower and the
Creditor Parties in the Agreed Form; 
 “Agent” means HSH Nordbank AG, acting in such capacity through its office at
Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

“Agreed Form” means in relation to any document, that document in the form approved in writing by the Agent (acting on the
instructions of the Majority Lenders) or as otherwise approved in accordance with any other approval procedure specified in any relevant provisions of any Finance Document; 

 “Applicable Lender” has the meaning given in Clause 5.2; 

“Approved Broker” means each of Arrow Valuations Ltd, Barry Rogliano Salles, H. Clarkson & Co. Ltd., Fearnleys,
Maersk Brokers K/S, SSY Valuations Services Ltd. Maritime Strategies International Ltd., Gibson Shipbrokers, Braemar ACM Shipbroking and Howe Robinson & Co Ltd London and, in the plural, means all of them; 

“Approved Flag” means the Panamanian flag or such other flag as the Agent may approve (with the authorisation of the Majority
Lenders) as the flag on which the Ship is or, as the case may be, shall be registered; 
 “Approved Flag State” means the
Republic of Panama or any other country in which the Agent may approve (with the authorisation of the Majority Lenders) that the Ship is or, as the case may be, shall be registered; 

“Approved Manager” means Navios Shipmanagement Inc., a corporation incorporated in the Republic of the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960 or any other company (for the avoidance of doubt, other than an affiliate of Navios Shipmanagement Inc.) which the Agent (acting on
the instructions of the Majority Lenders) may approve from time to time as the commercial and/or technical manager of the Ship; 

“Approved Manager’s Undertaking” means, in relation to the Ship, a letter of undertaking including (inter alia) an
assignment of the Approved Manager’s rights, title and interest in the Insurances of the Ship executed or to be executed by the Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in relation to the
Approved Manager serving as manager and subordinating its rights against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents and, in the plural, means all of them; 

“Assignable Charter” means any time charterparty, consecutive voyage charter or contract of affreightment in respect of the
Ship having a duration (or capable of exceeding a duration) equal or more than 11 months and any guarantee of the obligations of the charterer under such charter or any bareboat charter in respect of the Ship and any guarantee of the obligations of
the charterer under such bareboat charter, entered or to be entered into by the Borrower and a charterer or, as the context may require, bareboat charterer and, in the plural, means all of them; 

“Availability Period” means the period commencing on the date of this Agreement and ending on: 

 

	 	(a)	 30 June 2017 (or such later date as the Agent may, with the authorisation of the Lenders, agree with the
Borrower); or 

  

	 	(b)	 if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated;

 “Balloon Instalment” has the meaning given in Clause 8.1; 

“Basel III” means, together: 
  

	 	(a)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; 

  
 2 

	 	(b)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement - Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

	 	(c)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”; 

 “Borrower” means Red Rose Shipping Corp., a corporation incorporated in the
Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960; 

“Break Costs” has the meaning given in Clause 21.2; 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business: 

 

	 	(a)	 in Hamburg, Piraeus and London regarding the fixing of any interest rate which is required to be determined
under this Agreement or any Finance Document; 

  

	 	(b)	 in Hamburg, Piraeus and New York in respect of any payment which is required to be made under a Finance
Document; and 

  

	 	(c)	 in Hamburg and in Piraeus regarding any other action to be taken under this Agreement or any other Finance
Document; 

 “Cancellation Notice” has the meaning given in Clause 8.6; 

“Change of Control” means, in relation to: 
  

	 	(a)	 the Borrower, a change in: 

 

	 	(i)	 the beneficial ownership of any of the shares in the Borrower; or 

 

	 	(ii)	 the legal ownership of any of those shares, or 

 

	 	(b)	 the Corporate Guarantor, change which results in Mrs Angeliki Frangou either directly or indirectly (through
entities owned and controlled by her or trusts or foundations of which she is the beneficiary) being the ultimate beneficial owner of, or having ultimate control of the voting rights attaching to, less than 20 per cent. of all the issued shares
in the Corporate Guarantor; 

 “Charterparty Assignment” means an assignment of the rights of the
Borrower under any Assignable Charter and any guarantee of such Assignable Charter executed or to be executed by the Borrower in favour of the Security Trustee in the Agreed Form and, in the plural, means all of them; 

“Code” means the US Internal Revenue Code of 1986; 

“Commitment” means, in relation to a Lender, the amount set opposite its name in Schedule 1, or, as the case may require, the
amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments” means the aggregate of the Commitments of all the Lenders);

 “Compliance Certificate” means a certificate in the form set out in Schedule 1 of the Corporate Guarantee (or in any
other form which the Agent approves or requires) to be provided at the times and in the manner set out in Clause 11.20; 

  
 3 

 “Contractual Currency” has the meaning given in Clause 21.6; 

“Contribution” means, in relation to a Lender, the part of the Loan which is owing to that Lender; 

“Corporate Guarantee” means a guarantee of the obligations of the Borrower under this Agreement and the other Finance
Documents to which the Borrower is a party, in the Agreed Form; 
 “Corporate Guarantor” means Navios Maritime Holdings
Inc., a corporation incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960; 

“Correction Rate” means, at any relevant time in relation to an Applicable Lender, the amount (expressed as a rate per annum)
by which that Lender’s Cost of Funding exceeds LIBOR; 
 “Cost of Funding” means, in relation to a Lender, the rate per
annum determined by that Lender to be the rate at which deposits in Dollars are offered to that Lender by leading banks in the Relevant Interbank Market at that Lender’s request at or about the Specified Time on the Quotation Date for an
Interest Period and for a period equal to that Interest Period and for delivery on the first Business Day of it, or, if that Lender uses other ways to fund deposits in Dollars, such rate as determined by that Lender to be the Lender’s cost of
funding deposits in Dollars for that Interest Period, such determination being conclusive and binding in the absence of manifest error; 

“Creditor Party” means the Agent, the Security Trustee, the Mandated Lead Arranger or any Lender, whether as at the
date of this Agreement or at any later time and, in the plural, means all of them; 
 “Deed of Release” means a deed
releasing the Existing Security on the Ship and the obligations of the Borrower under the relevant Existing Loan Agreement in Agreed Form; 

“Disruption Event” means either or both of: 
  

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Loan (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or 

  

	 	(b)	 the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to
the treasury or payments operations of a Party preventing that, or any other, Party: 

  

	 	(i)	 from performing its payment obligations under the Finance Documents; or 

 

	 	(ii)	 from communicating with other Parties in accordance with the terms of the Finance Documents,

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are
disrupted; 
 “Dollars” and “$” means the lawful currency for the time being of the United States of
America; 
 “Drawdown Date” means the date requested by the Borrower for the Loan to be borrowed, or (as the context
requires) the date on which the Loan is actually borrowed; 

  
 4 

 “Drawdown Notice” means the notice in the form set out in Schedule 2 (or in
any other form which the Agent approves or reasonably requires); 
 “Earnings” means all moneys whatsoever which are now, or
later become, payable (actually or contingently) to the Borrower or the Security Trustee and which arise out of the use or operation of the Ship, including (but not limited to): 

 

	 	(a)	 except to the extent that they fall within paragraph (b); 

 

	 	(i)	 all freight, hire and passage moneys; 

 

	 	(ii)	 compensation payable to the Borrower or the Security Trustee in the event of requisition of the Ship for hire;

  

	 	(iii)	 remuneration for salvage and towage services; 

 

	 	(iv)	 demurrage and detention moneys; 

 

	 	(v)	 damages for breach (or payments for variation or termination) of any charterparty or other contract for the
employment of the Ship; and 

  

	 	(vi)	 all moneys which are at any time payable under any Insurances in respect of loss of hire; and

  

	 	(b)	 if and whenever the Ship is employed on terms whereby any moneys falling within paragraphs (a)(i) to
(vi) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Ship; 

“Earnings Account” means an account in the name of the Borrower with the Account Bank designated “Red Rose Shipping Corp.
- Earnings Account”, or any other account (with that or another office of the Account Bank which replaces such account and is designated by the Agent as that Earnings Account for the purposes of this
Agreement; 
 “Environmental Claim” means: 
  

	 	(a)	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident
or an alleged Environmental Incident or which relates to any Environmental Law; or 

  

	 	(b)	 any claim by any other person which relates to an Environmental Incident or to an alleged Environmental
Incident, 

 and “claim” means a claim for damages, compensation, fines, penalties or any other payment of
any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any
asset; 
 “Environmental Incident” means: 
  

	 	(a)	 any release of Environmentally Sensitive Material from the Ship; or 

 

	 	(b)	 any incident in which Environmentally Sensitive Material is released from a vessel other than the Ship and
which involves a collision between the Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Ship is actually or potentially liable to be arrested, attached, detained or injuncted
and/or the Ship and/or the Borrower and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or 

  
 5 

	 	(c)	 any other incident in which Environmentally Sensitive Material is released otherwise than from the Ship and in
connection with which the Ship is actually or potentially liable to be arrested and/or where the Borrower and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action;

 “Environmental Law” means any law, regulation, convention and agreement relating to pollution or
protection of the environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material; 

“Environmentally Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other
hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous; 
 “Event of
Default” means any of the events or circumstances described in Clause 19.1; 
 “Existing Lender” means Commerzbank
AG acting through its office at Lübeckertordamm 5, D-20099, Hamburg, Germany; 

“Existing Loan Agreement” means the loan agreement dated 24 June 2009 (as amended and supplemented from time to time) and
made between, amongst others, (i) Borrower as borrower and (ii) the Existing Lender as lender in respect of a secured loan facility in an amount of up to $240,000,000 (originally); 

“Existing Indebtedness” means, at any date the outstanding Financial Indebtedness of the Borrower on that date under the
Existing Loan Agreement; 
 “Existing Indebtedness Grace Period” means the period commencing on the date of this Agreement
and ending on the Drawdown Date; 
 “Existing Security” means any Security Interest created to secure the Existing
Indebtedness under the Existing Loan Agreement; 
 “FATCA” means: 

 

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations; 

 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction; 

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA; 

“FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction; 

“Final Repayment Date” means the date falling on the earlier of (i) the date falling four years and three (3) months
from the Drawdown Date and (ii) 30 September 2021; 

  
 6 

 “Finance Documents” means together: 

 

	 	(a)	 this Agreement; 

  

	 	(b)	 the Agency and Trust Agreement; 

 

	 	(c)	 the Account Pledges; 

 

	 	(d)	 the Corporate Guarantee; 

 

	 	(e)	 the Mortgage; 

  

	 	(f)	 the General Assignment; 

 

	 	(g)	 any Charterparty Assignments; 

 

	 	(h)	 the Approved Manager’s Undertaking; and 

 

	 	(i)	 any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower,
the Corporate Guarantor, the Approved Manager or any other person as security for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement or any of the other
documents referred to in this definition and, in the singular, means any of them; 

 “Financial
Indebtedness” means, in relation to a person (the “debtor”), any actual or contingent liability of the debtor: 
  

	 	(a)	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	(b)	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	(c)	 under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

  

	 	(d)	 under a financial lease, a deferred purchase consideration arrangement (in each case, other than in respect of
assets or services obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	(e)	 under any foreign exchange transaction, any interest or currency swap, exchange or any other kind of derivative
transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	(f)	 under receivables sold or discounted (other than any receivables to the extent that they are sold on a non-recourse basis); or 

  

	 	(g)	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of
another person which would fall within (a) to (f) if the references to the debtor referred to the other person; 

“Financial Year” means, in relation to the Borrower, the Corporate Guarantor and the Group, each period of one year commencing
on 1 January in respect of which their individual or, as the case may be, consolidated accounts are or ought to be prepared; 

  
 7 

 “First Indenture” means the Indenture dated as of 28 January 2011 for
$350,000,000 issued by the Corporate Guarantor and Navios Maritime Finance II (US) Inc. for 8 1/8% Senior Notes due on 15 February 2019; 

“General Assignment” means a general assignment of (inter alia) the Earnings, the Insurances and any Requisition
Compensation relative to the Ship in the Agreed Form; 
 “Group” means the Borrower, the Corporate Guarantor and all
subsidiaries directly or indirectly owned by the Corporate Guarantor and “member of the Group” shall be construed accordingly; 

“IACS” means the International Association of Classification Societies; 

“Indenture Guarantee” means, in relation to an Indenture, a guarantee executed, or as the case may be, to be executed by the
Borrower as security for the obligations and liability of the Corporate Guarantor under that Indenture and, in the plural, means both of them; 

“Indentures” means, together, the First Indenture and the Secured Indenture and in the singular means either or both of them;

 “Initial Market Value” means the Market Value thereof calculated in accordance with the valuation(s) relative thereto
referred to in paragraph 4 of Schedule 3, Part B; 
 “Instalment” has the meaning given in Clause 8.1; 

“Insurances” means: 
  

	 	(a)	 all policies and contracts of insurance (including, without limitation, any loss of hire insurance) and any
reinsurance, policies or contracts, including entries of the Ship in any protection and indemnity or war risks association, effected in respect of the Ship, its Earnings or otherwise in relation to it whether before, on or after the date of this
Agreement; and 

  

	 	(b)	 all rights (including, without limitation, any and all rights or claims which the Borrower may have under or in
connection with any cut-through clause relative to any reinsurance contract relating to the aforesaid policies or contracts of insurance) and other assets relating to, or derived from, any of the foregoing,
including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement; 

“Interest Period” means a period determined in accordance with Clause 6; 

“Interpolated Screen Rate” means, in relation to an Interest Period, the rate which results from interpolating
on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
that Interest Period; and 

  

	 	(b)	 the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds that
Interest Period, 

 each as of the Specified Time on the Quotation Date for that Interest Period; 

“ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the
International Maritime Organisation as the same may be amended or supplemented from time to time (and the terms “safety management system”, 

  
 8 

 
“Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code); 

“ISPS Code” means the International Ship and Port Facility Security Code as adopted by the International Maritime
Organisation, as the same may be amended or supplemented from time to time; 
 “ISSC” means a valid and current
International Ship Security Certificate issued under the ISPS Code; 
 “Lender” means, subject to Clause 26.6, a bank or
financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or through another branch notified to the Agent under Clause 26.15) or its transferee, successor or assign; 

“LIBOR” means, for an Interest Period: 
  

	 	(a)	 the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as
possible equal to, the relevant Interest Period which appears on the Screen Rate; or; 

  

	 	(b)	 (if no Screen Rate is available for that Interest Period), the applicable Interpolated Screen Rate for that
Interest Period; or 

  

	 	(c)	 if no Screen Rate is available and it is not possible to calculate an Interpolated Screen Rate for that
Interest Period, the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if necessary, to the nearest fifth decimal point) of the rate(s) per annum notified to the Agent by each, or if there is only one Reference Bank,
that Reference Bank as the rate at which deposits in Dollars are offered to that Reference Bank by leading banks in the Relevant Interbank Market at that Reference Bank’s request, 

at or about the Specified Time on the Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on
the first Business Day of it and, if any such rate is below zero, LIBOR will be deemed to be zero; 
 “Liquidity Account”
means an account in the name of the Borrower with the Account Bank designated “Red Rose Shipping Corp. - Liquidity Account”, or any other account (with that or another office of the Account Bank which replaces such account and is
designated by the Agent as the Liquidity Account for the purposes of this Agreement; 
 “Loan” means the principal amount
for the time being outstanding under this Agreement; 
 “LSW 1189” means the London Standard Wording for marine insurances
which incorporates the German Direct Mortgage Clause; 
 “Major Casualty” means any casualty to the Ship in respect of which
the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency; 

“Majority Lenders” means: 
  

	 	(a)	 before the Loan is made, Lenders whose Commitments total 66
2/3 per cent. of the Total Commitments; and 

  

	 	(b)	 after the Loan is made, Lenders whose Contributions total 66
2/3 per cent. of the Loan; 

 “Mandated Lead
Arranger” means HSH Nordbank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor; 

  
 9 

 “Mandatory Cost” means the percentage rate per annum calculated by the
Agent in accordance with Schedule 4; 
 “Margin” means 3 per cent. per annum; 

“Market Value” means the market value of the Ship determined in accordance with Clause 15.3; 

“Material Adverse Change” means any event or series of events which, in the reasonable opinion of the Majority Lenders, is
likely to have a Material Adverse Effect; 
 “Material Adverse Effect” means, in the reasonable opinion of the Majority
Lenders, a material adverse effect on: 
  

	 	(a)	 the business, property, assets, liabilities, operations or condition (financial or otherwise) of the Borrower
and/or any Security Party taken as a whole; 

  

	 	(b)	 the ability of the Borrower and/or any Security Party to (i) comply with or perform any of its obligations
or (ii) discharge any of its liabilities, under any Finance Document as they fall due; or 

  

	 	(c)	 the validity, legality or enforceability of any Finance Document; 

“Maximum Loan Amount” means an amount up to the lesser of (i) $15,300,000 and (ii) 60 per cent. of the Initial Market
Value of the Ship; 
 “Minimum Liquidity” has the meaning given in Clause 11.19; 

“Mortgage” means the first preferred or, as the case may be, priority ship mortgage on the Ship in the Agreed Form; 

“Negotiation Period” has the meaning given in Clause 5.10; 

“Notifying Lender” has the meaning given in Clause 21.2, Clause 23.1 or Clause 24.1 as the context requires; 

“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union; 
 “Party” means a party to a
Finance Document; 
 “Payment Currency” has the meaning given in Clause 21.6; 

“Permitted Security Interests” means: 
  

	 	(a)	 Security Interests created by the Finance Documents; 

 

	 	(b)	 liens for unpaid master’s and crew’s wages in accordance with usual maritime practice;

  

	 	(c)	 liens for salvage; 

  

	 	(d)	 liens arising by operation of law for not more than one month’s prepaid hire under any charter in relation
to the Ship not prohibited by this Agreement; 

  

	 	(e)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by
operation of law or otherwise in the ordinary course of the 

  
 10 

	 	
operation, repair or maintenance of the Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Borrower in good faith by
appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.13(d); 

  

	 	(f)	 any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as
security for costs and expenses while the Borrower is actively prosecuting or defending such proceedings or arbitration in good faith; 

  

	 	(g)	 Security Interests arising by operation of law in respect of taxes which are not overdue for payment or in
respect of taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have been made; and 

  

	 	(h)	 for the duration of the Existing Indebtedness Grace Period only, Security Interests created in respect of the
Existing Indebtedness. 

 “Pertinent Document” means: 

 

	 	(a)	 any Finance Document; 

 

	 	(b)	 any policy or contract of insurance contemplated by or referred to in Clause 13 or any other provision of this
Agreement or another Finance Document; 

  

	 	(c)	 any other document contemplated by or referred to in any Finance Document; and 

 

	 	(d)	 any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in
connection with any Finance Document or any policy, contract or document falling within paragraphs (b) or (c); 

“Pertinent Jurisdiction” in relation to a company, means: 

 

	 	(a)	 England and Wales; 

  

	 	(b)	 the country under the laws of which the company is incorporated or formed; 

 

	 	(c)	 a country in which the company has the centre of its main interests or which the company’s central
management and control is or has recently been exercised; 

  

	 	(d)	 a country in which the overall net income of the company is subject to corporation tax, income tax or any
similar tax; 

  

	 	(e)	 a country in which assets of the company (other than securities issued by, or loans to, related companies)
having a substantial value are situated, in which the company maintains a branch or permanent place of business, or in which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; and

  

	 	(f)	 a country the courts of which have jurisdiction to make a winding up, administration or similar order in
relation to the company, whether as a main or territorial or ancillary proceedings, or which would have such jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c); 

“Potential Event of Default” means an event or circumstance which, with the giving of any notice, the lapse of time, a
reasonable determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default; 

“Prepayment Date” has the meaning given in Clause 15.2; 

  
 11 

 “Prepayment Notice” has the meaning given in Clause 8.5(b); 

“Quotation Date” means, in relation to any Interest Period (or any other period for which an interest rate is to be determined
under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the Relevant Interbank Market for deposits in the currency in relation to which such rate is to be determined for delivery on the
first day of that Interest Period or other period; 
 “Reference Banks” means, subject to Clause 26.18, together, the
Hamburg branch of HSH Nordbank AG, the head office of any other bank which is a Lender at the relevant time (unless such Lender has advised the Agent in writing that it does not wish to be a Reference Bank) and any of their respective successors;

 “Relevant Interbank Market” means the London interbank market; 

“Relevant Person” has the meaning given in Clause 19.9; 

“Repayment Date” means a date on which a repayment is required to be made under Clause 8; 

“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred
to in paragraph (b) of the definition of “Total Loss”; 
 “Retention Account” means an account in the
name of the Borrower with the Account Bank designated “Red Rose Shipping Corp. - Retention Account”, or any other account (with that or another office of the Account Bank which replaces this account and is designated by the Agent as the
Retention Account for the purposes of this Agreement; 
 “Screen Rate” means the London interbank offered rate
administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement
Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Agent may specify another page
or service displaying the relevant rate after consultation with the Borrower; 
 “Secured Indenture” means the Indenture
dated as of 29 November 2013 for $650,000,000 issued by the Corporate Guarantor and Navios Maritime Finance II (US) Inc. for 7.375% First Priority Ship Mortgage Notes due in 2022; 

“Secured Liabilities” means all liabilities which the Borrower, the Security Parties or any of them have, at the date of this
Agreement or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or
variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country; 

“Security Cover Ratio” means, at any relevant time, the aggregate of (i) the Market Value of the Ship and (ii) the
net realisable value of any additional security provided at that time under Clause 15, at that time expressed as a percentage of the Loan; 

“Security Interest” means: 
  

	 	(a)	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security
interest of any kind; and 

  

	 	(b)	 the rights of a plaintiff under an action in rem; 

  
 12 

 “Security Party” means the Corporate Guarantor, the Approved Manager and
any other person (except a Creditor Party) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the final paragraph of the definition of
“Finance Documents”; 
 “Security Period” means the period commencing on the date of this Agreement and
ending on the date on which the Agent notifies the Borrower, the Security Parties and the other Creditor Parties that: 
  

	 	(a)	 all amounts which have become due for payment by the Borrower or any Security Party under the Finance Documents
have been paid; 

  

	 	(b)	 no amount is owing or has accrued (without yet having become due for payment) under any Finance Document;

  

	 	(c)	 neither the Borrower nor any Security Party has any future or contingent liability under Clauses 20, 21 or 22
or any other provision of this Agreement or another Finance Document; and 

  

	 	(d)	 the Agent, the Mandated Lead Arranger, the Security Trustee and the Majority Lenders do not consider that there
is a significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of the Borrower or a Security Party or in any present or
possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance Document; 

“Security Trustee” means HSH Nordbank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

“Servicing Bank” means the Agent or the Security Trustee; 

“Shareholder” means Anemos Maritime Holdings Inc., a corporation incorporated in the Republic of the Marshall Islands, having
its registered office address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960; 

“Ship” means the 2010-built Capesize bulk carrier vessel of approximately 179,000 dwt, which is registered in the ownership of
the Borrower under the Panamanian flag with IMO Number 9481348 and with the name “NAVIOS BONHEUR”; 
 “Specified
Time” means 11.00 a.m. London time; 
 “Total Loss” means: 

 

	 	(a)	 actual, constructive, compromised, agreed or arranged total loss of the Ship; 

 

	 	(b)	 any expropriation, confiscation, requisition or acquisition of the Ship, whether for full or part
consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or
official authority unless it is within one month from the date of such occurrence redelivered to the full control of the Borrower excluding a requisition for hire for a fixed period not exceeding 90 days without any right to an extension;

  

	 	(c)	 any condemnation of the Ship by any tribunal or by any person or person claiming to be a tribunal; and

  
 13 

	 	(d)	 any arrest, capture, seizure, confiscation or detention of the Ship (including any hijacking or theft) unless
it is within the Relevant Period redelivered to the full control of the Borrower. 

 “Relevant Period”
means: 
  

	 	(i)	 in the case of any arrest, capture, seizure, confiscation or detention of the Ship (including any hijacking or
theft), other than piracy, within 90 days; and 

 in the case of piracy, if the relevant underwriters confirm to the Agent
in writing prior to the end of the 90-day period referred to in (i) above that the Ship is subject to an approved piracy insurance cover, the earlier of 270 days after the date on which the Ship is
captured by pirates and the date on which the piracy insurance cover expires; 
 “Total Loss Date” means: 

 

	 	(a)	 in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when
the Ship was last heard of; 

  

	 	(b)	 in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earlier of:

  

	 	(i)	 30 days after the date on which a notice of abandonment is given to the insurers; and 

 

	 	(ii)	 the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with the Ship’s
insurers in which the insurers agree to treat the Ship as a total loss; and 

  

	 	(c)	 in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the
Agent that the event constituting the total loss occurred; 

 “Transfer Certificate” has the meaning given
in Clause 26.2; 
 “Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Agreement; 

“Underlying Documents” means any Assignable Charters and, in the singular, means any of them; 

“US” means the United States of America; 

“US GAAP” means generally accepted accounting principles as from time to time in effect in the US; and 

“US Tax Obligor” means: 
  

	 	(a)	 the Borrower which is resident for tax purposes in the US; or 

 

	 	(b)	 the Borrower or a Security Party some or all whose payments under the Finance Documents are from sources within
the US for US federal income tax purposes. 

  
 14 

	1.2	 Construction of certain terms 

In this Agreement: 

“administration notice” means a notice appointing an administrator, a notice of intended appointment and any other notice
which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an administrator; 

“approved” means, for the purposes of Clause 13, approved in writing by the Agent at its discretion; 

“asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to any
revenues or other payment; 
 “company” includes any partnership, joint venture and unincorporated association; 

“consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and
legalisation; 
 “contingent liability” means a liability which is not certain to arise and/or the amount of which remains
unascertained; 
 “document” includes a deed; also a letter or fax; 

“excess risks” means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull
and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims; 

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value
added or other tax; 
 “gross negligence” means a form of negligence which is distinct from ordinary negligence, in which
the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody has not been followed; 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation; 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise; 
 “months” shall be construed in accordance with Clause 1.3; 

“obligatory insurances” means all insurances effected, or which the Borrower is obliged to effect in respect of the Ship,
under Clause 13 or any other provision of this Agreement or another Finance Document; 
 “parent company” has the
meaning given in Clause 1.4; 
 “person” includes any individual, any partnership, any company; any state, political sub-division of a state and local or municipal authority; and any international organisation; 

“policy” in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the
contract of insurance or its terms; 

  
 15 

 “protection and indemnity risks” means the usual risks
covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
policies by reason of the incorporation in them of clause 1 of the Institute Time Clauses (Hulls) (1/10/82) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent
provision; 
 “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having
the force of law) of any governmental, intergovernmental or supranational body, agency (monetary or otherwise), department, central bank, regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 1.4; 

“successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to any person’s rights
under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor include a person to whom those
rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person; 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; and 

“war risks” includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or
1/11/03), clause 24 of the Institute Time Clauses (Hulls)(1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83). 
  

	1.3	 Meaning of “month” 

A period of one or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the
calendar month on which the period started (“the numerically corresponding day”), but: 
  

	(a)	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a
Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	(b)	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a
calendar month or if the last calendar month of the period has no numerically corresponding day, 

 and
“month” and “monthly” shall be construed accordingly. 
  

	1.4	 Meaning of “subsidiary” 

A company (S) is a subsidiary of another company (P) if a majority of the issued shares in S (or a majority of the issued shares in S
which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P and any company of which S is a subsidiary is a parent company of S. 

  
 16 

	1.5	 General Interpretation 

In this Agreement: 
  

	(a)	 references to, or to a provision of, a Finance Document or any other document are references to it as amended
or supplemented, whether before the date of this Agreement or otherwise; 

  

	(b)	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Agreement or otherwise; 

  

	(c)	 words denoting the singular number shall include the plural and vice versa; and 

 

	(d)	 Clauses 1.1 to 1.5 apply unless the contrary intention appears. 

 

	1.6	 Headings 

In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and
other headings in that and any other Finance Document shall be entirely disregarded. 
  

	2	 FACILITY 

  

	2.1	 Amount of facility 

Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower a senior secured term loan facility of up
to the lesser of (A) $15,300,000 and (B) 60 per cent. of the Initial Market Value of the Ship, in one advance, for the purpose stated in the preamble to this Agreement. 
  

	2.2	 Lenders’ participations in Loan 

Subject to the other provisions of this Agreement, each Lender shall participate in the Loan in the proportion which, as at the Drawdown Date,
its Commitment bears to the Total Commitments. 
  

	2.3	 Purpose of Loan 

The Borrower undertakes with each Creditor Party to use the Loan only for the purpose stated in the preamble to this Agreement. 

 

	3	 POSITION OF THE LENDERS 

 

	3.1	 Interests several 

The rights of the Lenders under this Agreement are several. 
  

	3.2	 Individual right of action 

Each Lender shall be entitled to sue for any amount which has become due and payable by the Borrower to it under this Agreement without joining
the Agent, the Security Trustee or any other Lender as additional parties in the proceedings. 
  

	3.3	 Proceedings requiring Majority Lender consent 

Except as provided in Clause 3.2, no Lender may commence proceedings against the Borrower or any Security Party in connection with a Finance
Document without the prior consent of the Majority Lenders. 

  
 17 

	3.4	 Obligations several 

The obligations of the Lenders under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement
shall not result in: 
  

	(a)	 the obligations of the other Lenders being increased; nor 

 

	(b)	 the Borrower, any Security Party or other Lender being discharged (in whole or in part) from its obligations
under any Finance Document; 

 and in no circumstances shall a Lender have any responsibility for a failure of another
Lender to perform its obligations under this Agreement.  
  

	4	 DRAWDOWN 

  

	4.1	 Request for the Loan 

Subject to the following conditions, the Borrower may request the Loan to be borrowed by ensuring that the Agent receives the completed
Drawdown Notice not later than 11.00 a.m. (Hamburg time) three Business Days prior to the relevant Drawdown Date. 
  

	4.2	 Availability 

The conditions referred to in Clause 4.1 are that: 
  

	(a)	 the Drawdown Date has to be a Business Day during the Availability Period; 

 

	(b)	 the Loan shall not exceed the Maximum Loan Amount; 

 

	(c)	 any undrawn portion of the Total Commitments in respect of the Loan, upon the determination of the Initial
Market Value of the Ship, shall be automatically cancelled as at the Drawdown Date; and 

  

	(d)	 the amount of the Loan shall not exceed the Total Commitments. 

 

	4.3	 Notification to Lenders of receipt of the Drawdown Notice 

The Agent shall promptly notify the Lenders that it has received the Drawdown Notice and shall inform each Lender of: 

 

	(a)	 the amount of the Loan and the Drawdown Date; 

 

	(b)	 the amount of that Lender’s participation in the Loan; and 

 

	(c)	 the duration of the first Interest Period in respect of the Loan. 

 

	4.4	 Drawdown Notice irrevocable 

The Drawdown Notice must be signed by a duly authorised signatory of the Borrower; and once served, the Drawdown Notice cannot be revoked
without the prior consent of the Agent, acting on the authority of the Lenders. 
  

	4.5	 Lenders to make available Contributions 

Subject to the provisions of this Agreement, each Lender shall, on and with value on the Drawdown Date, make available to the Agent for the
account of the Borrower the amount due from that Lender on the Drawdown Date under Clause 2.2. 

  
 18 

	4.6	 Disbursement of Loan 

Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives from
the Lenders under Clause 4.5 and that payment to the Borrower shall be made: 
  

	(a)	 to the account which the Borrower specifies in the Drawdown Notice; and 

 

	(b)	 in like funds as the Agent received the payments from the Lenders. 

The payment by the Agent under this Clause 4.6 shall constitute the making of the Loan and the Borrower shall at that time become indebted, as
principal and direct obligor, to each Lender in an amount equal to that Lender’s participation in the Loan. 
  

	5	 INTEREST 

  

	5.1	 Payment of normal interest 

Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period shall be paid by the Borrower on the last
day of that Interest Period. 
  

	5.2	 Normal rate of interest 

Subject to the provisions of this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of
(i) the Margin, (ii) the Mandatory Cost (if any), (iii) LIBOR for that Interest Period and (iv) if a Lender (the “Applicable Lender”) notifies the Agent at least 5 Business Days before the start of that Interest
Period that its Cost of Funding exceeds LIBOR (including the amount of such excess) on the Quotation Date for that Interest Period, additionally in respect of that Applicable Lender’s Contribution in the Loan, the Correction Rate applicable to
the Applicable Lender for that Interest Period. 
  

	5.3	 Payment of accrued interest 

In the case of an Interest Period of longer than three months (subject to the prior agreement of the Agent in accordance with Clause 6.2(b)),
accrued interest shall be paid every three months during that Interest Period and on the last day of that Interest Period. 
  

	5.4	 Notification of Interest Periods and rates of normal interest 

The Agent shall notify the Borrower and each Lender of: 
  

	(a)	 each rate of interest; and 

 

	(b)	 the duration of each Interest Period, 

as soon as reasonably practicable after each is determined. 
  

	5.5	 Obligation of Reference Banks to quote 

A Reference Bank which is a Lender shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of
interest under this Agreement unless that Reference Bank ceases to be a Lender pursuant to Clause 26.18. 
  

	5.6	 Absence of quotations by Reference Banks 

If any Reference Bank fails to supply a quotation, the Agent shall determine the relevant LIBOR on the basis of the quotations supplied by the
other Reference Bank(s) but if two or more of the Reference Banks fail (or, if at any time there is only one Reference Bank, that Reference Bank fails) to provide a quotation, the relevant rate of interest shall be set in accordance with the
following provisions of this Clause 5. 

  
 19 

	5.7	 Market disruption 

The following provisions of this Clause 5 apply if: 
  

	(a)	 no rate is quoted on the Screen Rate, it is not possible to calculate an Interpolated Screen Rate for that
Interest Period and two or more of the Reference Banks do not (or, if at any time there is only one Reference Bank, that Reference Bank does not), before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide a quotation to
the Agent in order to fix LIBOR; or 

  

	(b)	 at least three Business Days before the start of an Interest Period, the Agent is notified by a Lender (the
“Affected Lender”) that for any reason it is unable to obtain Dollars in the Relevant Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period. 

 

	5.8	 Notification of market disruption 

The Agent shall promptly notify the Borrower and each of the Lenders stating the circumstances falling within Clause 5.7 which have caused its
notice to be given. 
  

	5.9	 Suspension of drawdown 

If the Agent’s notice under Clause 5.8 is served before the Loan is borrowed: 

 

	(a)	 In a case falling within Clause 5.7(a), the Lender’s obligation to make the Loan available; and

  

	(b)	 In a case falling within Clause 5.7(b), the Affected Lender’s obligation to participate in the Loan,

 shall be suspended while the circumstances referred to in the Agent’s notice continue. 

 

	5.10	 Negotiation of alternative rate of interest 

 

	(a)	 If the Agent’s notice under Clause 5.8 is served after the Loan is borrowed, the Borrower, the Agent, the
Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation Period”), an alternative interest
rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned. 

 

	(b)	 During the Negotiation Period the Agent shall, with the agreement of each Lender or (as the case may be) the
Affected Lender, set an interest period and interest rate representing the Cost of Funding of the Lenders or (as the case may be) the Affected Lender in Dollars, in each case as determined by the relevant Lender, or in any available currency of
their or its Contribution plus the Margin and the Mandatory Cost (if any). 

  

	5.11	 Application of agreed alternative rate of interest 

Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the
terms agreed. 
  

	5.12	 Alternative rate of interest in absence of agreement 

If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing
at the end of the Negotiation Period, then the procedure provided for in Clause 5.10(b) shall be repeated at the end of the interest period set by the Agent pursuant to that Clause. 

  
 20 

	5.13	 Notice of prepayment 

If the Borrower does not agree with an interest rate set by the Agent under Clause 5.12, the Borrower may give the Agent not less than 5
Business Days’ notice of their intention to prepay the Loan at the end of the interest period set by the Agent. 
  

	5.14	 Prepayment; termination of Commitments 

A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender
of the Borrower’s notice of intended prepayment; and: 
  

	(a)	 on the date on which the Agent serves that notice, the Total Commitments or (as the case may require) the
Commitment of the Affected Lender shall be cancelled; and 

  

	(b)	 on the last Business Day of the interest period set by the Agent, the Borrower shall prepay (without premium or
penalty) the Loan or, as the case may be, the Affected Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin and the Mandatory Cost (if any). 

 

	5.15	 Application of prepayment 

The provisions of Clause 8 shall apply in relation to the prepayment. 

 

	6	 INTEREST PERIODS 

 

	6.1	 Commencement of Interest Periods 

The first Interest Period shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding
Interest Period. 
  

	6.2	 Duration of normal Interest Periods 

Subject to Clauses 6.3 and 6.4, each Interest Period shall be: 
  

	(a)	 3 or 6 months; or 

  

	(b)	 such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business
Days before the commencement of the Interest Period) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower (failing which the Interest Period shall be three months). 

 

	6.3	 Duration of Interest Periods for Instalments 

In respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period to which that Repayment Date relates
shall end on that Repayment Date. 
  

	6.4	 Non-availability of matching deposits for Interest Period selected

 If, after the Borrower has proposed and the Lenders have agreed an Interest Period longer than three months, any
Lender notifies the Agent by 11.00 a.m. (Hamburg time) on the third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in
the Relevant Interbank Market when the Interest Period commences, the Interest Period shall be of three months. 

  
 21 

	7	 DEFAULT INTEREST 

 

	7.1	 Payment of default interest on overdue amounts 

The Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any
Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: 
  

	(a)	 the date on which the Finance Documents provide that such amount is due for payment; or 

 

	(b)	 if a Finance Document provides that such amount is payable on demand, the date on which the demand is served;
or 

  

	(c)	 if such amount has become immediately due and payable under Clause 19.4, the date on which it became
immediately due and payable. 

  

	7.2	 Default rate of interest 

Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before
judgment) at the rate per annum determined by the Agent to be 2.50 per cent. above: 
  

	(a)	 in the case of an overdue amount of principal, the higher of the rates set out at Clauses 7.3(a) and 7.3(b); or

  

	(b)	 in the case of any other overdue amount, the rate set out at Clause 7.3(b). 

 

	7.3	 Calculation of default rate of interest 

The rates referred to in Clause 7.2 are: 
  

	(a)	 the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any
unexpired part of any then current Interest Period applicable to it); 

  

	(b)	 the aggregate of the Margin, any Correction Rate and the Mandatory Cost (if any) plus, in respect of successive
periods of any duration (including at call) up to three months which the Agent may select from time to time: 

  

	 	(i)	 LIBOR; or 

  

	 	(ii)	 if the Agent (after consultation with the Reference Banks) determines that Dollar deposits for any such period
are not being made available to any Reference Bank by leading banks in the Relevant Interbank Market in the ordinary course of business, a rate from time to time determined by the Agent by reference to the cost of funds to the Reference Banks from
such other sources as the Agent (after consultation with the Reference Banks) may from time to time determine. 

  

	7.4	 Notification of interest periods and default rates 

The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined by the Agent under Clause 7.3 and of each period
selected by the Agent for the purposes of paragraph 7.3(b) of that Clause; but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of the Agent’s notification. 

  
 22 

	7.5	 Payment of accrued default interest 

Subject to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference
to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 
  

	7.6	 Compounding of default interest 

Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded. 

 

	8	 REPAYMENT AND PREPAYMENT 

 

	8.1	 Amount of Instalments 

The Borrower shall repay the Loan by: 
  

	 	(i)	 17 equal consecutive quarterly instalments, each in the amount of $382,500 (each an
“Instalment” and, together, the “Instalments”); and 

  

	 	(ii)	 a balloon instalment in the amount of $8,797,500 (the “Balloon Instalment”),

 Provided that, if the amount of the Loan advanced is less than $15,300,000, the aggregate amount of the
Instalments and the Balloon Instalment shall be reduced by an amount equal to the undrawn amount on a pro rata basis. 
  

	8.2	 Repayment Dates 

The first Instalment shall be repaid on the date falling three months after the Drawdown Date, each subsequent Instalment shall be repaid at
three-monthly intervals thereafter and the last Instalment, shall be repaid together with the Balloon Instalment, on the relevant Final Repayment Date. 
  

	8.3	 Final Repayment Date 

On the Final Repayment Date, the Borrower shall additionally pay to the Agent for the account of the Creditor Parties all other sums then
accrued or owing under any Finance Document. 
  

	8.4	 Voluntary prepayment 

Subject to the following conditions, the Borrower may prepay the whole or any part of the Loan on the last day of an Interest Period or on such
other date agreed between the Borrower and the Agent. 
  

	8.5	 Conditions for voluntary prepayment 

The conditions referred to in Clause 8.4 are that: 
  

	(a)	 a partial prepayment shall be $500,000 or a higher integral multiple thereof (or such other amount acceptable
to the Agent in its sole discretion); 

  

	(b)	 the Agent has received from the Borrower at least 3 Business Days’ prior irrevocable written notice (each,
a “Prepayment Notice”) specifying the amount to be prepaid and the date on which the prepayment is to be made; 

  

	(c)	 the Borrower has provided evidence satisfactory to the Agent that any consent required by the Borrower or any
Security Party in connection with the prepayment has been obtained and remains in force, and that any regulation relevant to this Agreement which affects the Borrower or any Security Party has been complied with; and 

  
 23 

	(d)	 the Borrower is in compliance with Clause 8.10 on or prior to the date of prepayment. 

 

	8.6	 Optional facility cancellation 

The Borrower shall be entitled, upon giving to the Agent not less than 5 Business Days’ prior written notice, to cancel, in whole or in
part, and, if in part, by an aggregate amount not less than $500,000 or a higher multiple thereof (or such other amount acceptable to the Agent in its sole discretion), the undrawn balance of the Total Commitments (the “Cancellation
Notice”) which notice shall be irrevocable. Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the
Total Commitments to which such Cancellation Notice relates shall terminate. 
  

	8.7	 Cancellation Notice or Prepayment Notice 

The Agent shall notify the Lenders promptly upon receiving a Cancellation Notice or Prepayment Notice, and shall provide, in the case of a
Prepayment Notice, any Lender which so requests with a copy of any document delivered by the Borrower under Clause 8.5(c). 
  

	8.8	 Mandatory prepayment 

The Borrower shall be obliged to prepay the Loan if the Ship: 
  

	(a)	 is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or

  

	(b)	 becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of
receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss. 

  

	8.9	 Effect of Prepayment Notice and Cancellation Notice 

Neither a Prepayment Notice nor a Cancellation Notice may be withdrawn or amended without the consent of the Agent, given with the
authorisation of the Majority Lenders, and: 
  

	(a)	 in the case of a Prepayment Notice, the amount specified in that Prepayment Notice shall become due and payable
by the Borrower on the date for prepayment specified in that Prepayment Notice; and 

  

	(b)	 in the case of a Cancellation Notice, the amount cancelled shall be permanently cancelled and may not be
borrowed. 

  

	8.10	 Amounts payable on prepayment 

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount
prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.2) but without premium or penalty. 
  

	8.11	 Application of partial prepayment or cancellation 

Each partial prepayment if made pursuant to Clauses 5.13, 8.4, 15.2, 19.2, 23.3 or 24.6, shall be applied pro rata against the Instalments and
the Balloon Instalment. 

  
 24 

	8.12	 No reborrowing 

No amount prepaid or cancelled may be (re)borrowed. 
  

	9	 CONDITIONS PRECEDENT 

 

	9.1	 Documents, fees and no default 

Each Lender’s obligation to contribute to the Loan is subject to the following conditions precedent: 

 

	(a)	 that, on or before the date of this Agreement, the Agent receives the documents described in Part A of Schedule
3 in form and substance satisfactory to the Agent and its lawyers; 

  

	(b)	 that, on or before the Drawdown Date but prior to the borrowing of the Loan, the Agent receives;

  

	 	(i)	 the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its
lawyers; 

  

	 	(ii)	 payment in full of the structuring fee payable pursuant to Clause 20.1(a) and of any commitment fee payable
pursuant to Clause 20.1(b); and 

  

	 	(iii)	 payment of any expenses payable pursuant to Clause 20.2 which are due and payable on the Drawdown Date,

 save for any documents and conditions that the Agent agrees, in its absolute sole discretion, at the Borrower’s
request to receive after any prepositioning of funds but before the release of the Loan; 
  

	(c)	 that both at the date of the Drawdown Notice and at the Drawdown Date: 

 

	 	(i)	 no Event of Default or Potential Event of Default has occurred or would result from the borrowing of the Loan;

  

	 	(ii)	 the representations and warranties in Clause 10 and those of the Borrower or any Security Party which are set
out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; 

  

	 	(iii)	 none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and 

 

	 	(iv)	 there has been no Material Adverse Change; and 

 

	(d)	 that, if the Security Cover Ratio were applied immediately following the borrowing of the Loan, the Borrower
would not be obliged to provide additional security or prepay part of the Loan under that Clause; and 

  

	(e)	 that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and
documents in connection with the Finance Documents which the Agent may, with the authorisation of the Majority Lenders, request by notice to the Borrower prior to the Drawdown Date. 

 

	9.2	 Waiver of conditions precedent 

If the Majority Lenders, at their discretion, permit the Loan to be borrowed before certain of the conditions referred to in Clause 9.1 are
satisfied, the Borrower shall ensure that those conditions are satisfied within 5 Business Days after the Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders, specify). 

  
 25 

	10	 REPRESENTATIONS AND WARRANTIES 

 

	10.1	 General 

The Borrower represents and warrants to each Creditor Party as follows. 

 

	10.2	 Status 

The Borrower is duly incorporated, validly existing and in good standing under the laws of the Republic of the Marshall Islands. 

 

	10.3	 Share capital and ownership 

The Borrower has an authorised share capital of 500 bearer and/or registered shares with no par value, all of which shares have been issued and
fully paid, and the legal title and beneficial ownership of all those shares is held, free of any Security Interest or other claim, by the Shareholder. 
  

	10.4	 Corporate power 

The Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it: 

 

	(a)	 to execute the Underlying Documents to which it is a party and to maintain the Ship in its ownership under the
applicable Approved Flag; 

  

	(b)	 to execute the Finance Documents to which the Borrower is a party; and 

 

	(c)	 to borrow under this Agreement and to make all the payments contemplated by, and to comply with, those Finance
Documents to which the Borrower is a party. 

  

	10.5	 Consents in force 

All the consents referred to in Clause 10.4 remain in force and nothing has occurred which makes any of them liable to revocation. 

 

	10.6	 Legal validity; effective Security Interests 

The Finance Documents to which the Borrower is a party, does now or, as the case may be, will, upon execution and delivery (and, where
applicable, registration as provided for in the Finance Documents): 
  

	(a)	 constitute the Borrower’s legal, valid and binding obligations enforceable against the Borrower in
accordance with their respective terms (having the requisite corporate benefit which is legally and economically sufficient); and 

  

	(b)	 create legal, valid and binding Security Interests (having the priority specified in the relevant Finance
Document) enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate, 

subject to any relevant insolvency laws affecting creditors’ rights generally. 

  
 26 

	10.7	 No third party Security Interests 

Without limiting the generality of Clause 10.6, at the time of the execution and delivery of each Finance Document to which the Borrower is a
party: 
  

	(a)	 the Borrower will have the right to create all the Security Interests which that Finance Document purports to
create; and 

  

	(b)	 no third party will have any Security Interest (except for Permitted Security Interests) or any other interest,
right or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates. 

  

	10.8	 No conflicts 

The execution by the Borrower and each other Security Party of each Finance Document and each Underlying Document to which it is a party, and
the borrowing by the Borrower of the Loan (or any part thereof), and its compliance with each Finance Document and each Underlying Document to which it is a party: 
  

	(a)	 will not involve or lead to a contravention of: 

 

	 	(i)	 any law or regulation; or 

 

	 	(ii)	 the constitutional documents of the Borrower or other Security Party; or 

 

	 	(iii)	 any contractual or other obligation or restriction which is binding on the Borrower or other Security Party or
any of its assets, and 

  

	(b)	 will not have a Material Adverse Effect; and 

 

	(c)	 is for the corporate benefit of the Borrower or each other Security Party. 

 

	10.9	 No withholding taxes 

All payments which the Borrower is liable to make under the Finance Documents to which it is a party may be made without deduction or
withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 
  

	10.10	 No default 

No Event of Default or Potential Event of Default has occurred. 
  

	10.11	 Information 

All information which has been provided in writing by or on behalf of the Borrower or any Security Party to any Creditor Party in connection
with any Finance Document satisfied the requirements of Clause 11.5; all audited and unaudited accounts and financial statements which have been so provided satisfied the requirements of Clause 11.7 and are true, correct and not misleading and
present fairly and accurately the financial position of the Borrower the Corporate Guarantor or the Group (as the case may be); and there has been no change in the financial position or state of affairs of the Borrower, the Corporate Guarantor or
the Group (or any member thereof) from that disclosed in the latest of those accounts which is likely to have a Material Adverse Effect. 

  
 27 

	10.12	 No litigation 

No legal or administrative action involving the Borrower or any Security Party (including action relating to any alleged or actual breach of
the ISM Code or the ISPS Code) has been commenced or taken or, to the Borrower’s knowledge, is likely to be commenced or taken which would, in either case, be likely to have a Material Adverse Effect. 

 

	10.13	 Validity and completeness of Underlying Documents 

Each Underlying Document constitutes valid, binding and enforceable obligations of the parties thereto in accordance with its terms and: 

 

	(a)	 each of the copies of that Underlying Document delivered to the Agent before the date of this Agreement is a
true and complete copy; and 

  

	(b)	 no amendments or additions to that Underlying Document have been agreed nor has any party which is the party to
that Underlying Document, waived any of their respective rights thereunder. 

  

	10.14	 Compliance with certain undertakings 

At the date of this Agreement, the Borrower is in compliance with Clauses 11.2, 11.4, 11.9, 11.13, 13, 14.3 and 14.10 and none of the events
listed in Clause 19.1(g) has occurred in respect of either the Borrower or any Security Party. 
  

	10.15	 Taxes paid 

The Borrower has paid all taxes applicable to, or imposed on or in relation to the Borrower, its business or the Ship. 

 

	10.16	 ISM Code, ISPS Code compliance 

All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Corporate Guarantor, the Approved Manager and the Ship
have been complied with. 
  

	10.17	 No Money laundering 

The Borrower: 
  

	(a)	 will not, and will procure that no Security Party, to the extent applicable, will, in connection with this
Agreement or any of the other Finance Documents, contravene or permit any subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of
the Directive 2005/60/EC of the European Parliament and of the Council of the European Union of 26 October 2005) and comparable United States Federal and state laws. The Borrower shall further submit any documents and declarations on request,
if such documents or declarations are required by any Creditor Party to comply with its domestic money laundering and/or legal identification requirements; and 

 

	(b)	 confirms that it is the beneficiary within the meaning of the German Anti Money Laundering Act (Gesetz
über das Aufspüren von Gewinnen aus schweren Straftaten (Geldwäschegesetz)), acting for its own account and not for or on behalf of any other person for each part of the Loan made or to be made available to it under this Agreement.
That is to say, it acts for its own account and not for or on behalf of anyone else. 

 The Borrower will promptly inform
the Agent by written notice, if it is not or ceases to be the beneficiary and will provide in writing the name and address of the beneficiary. 

  
 28 

 The Agent shall promptly notify the Lenders of any written notice it receives under this
Clause 10.17. 
  

	10.18	 No immunity 

Neither the Borrower nor any of its assets is entitled to immunity on grounds of sovereignty or otherwise from any legal action or proceeding
(including, without limitation, suit, attachment prior to judgement, execution or other enforcement). 
  

	10.19	 Choice of law 

The choice of the laws of England to govern this Agreement and those other Finance Documents which are expressed to be governed by the laws of
England, the laws of Germany to govern the Account Pledges and the laws of the applicable Approved Flag State to govern the Mortgage, constitutes a valid choice of law and the submission by the Borrower or, as the case may be, the relevant Security
Parties thereunder to the non-exclusive jurisdiction of the Courts of England and, in the case of the Account Pledges, Germany or, in the case of the Mortgage, the applicable Approved Flag State is a valid
submission and does not contravene the laws of England or, in the case of the Account Pledges, Germany or, in the case of the Mortgage, the applicable Approved Flag State or the laws of any other Pertinent Jurisdiction, will be applied by the courts
of any Pertinent Jurisdiction if this Agreement or those other Finance Documents or any claim thereunder comes under their jurisdiction upon proof of the relevant provisions of the laws of England or, in the case of the Account Pledges, Germany or,
in the case of the Mortgage, the applicable Approved Flag State. 
  

	10.20	 Repetition 

The representations and warranties in this Clause 10 shall be deemed to be repeated by the Borrower: 

 

	(a)	 on the date of service of the Drawdown Notice; 

 

	(b)	 on the Drawdown Date; and 

 

	(c)	 with the exception of Clauses 10.9 and 10.14, on the first day of each Interest Period and on the date of any
Compliance Certificate issued pursuant to Clause 11.20, 

 as if made with reference to the facts and circumstances
existing on each such day. 
  

	11	 GENERAL UNDERTAKINGS 

 

	11.1	 General 

The Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security
Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	11.2	 Title and negative pledge 

The Borrower will: 
  

	(a)	 hold the legal title to, and own the entire beneficial interest in its Ship, her Insurances and Earnings, free
from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and

  

	(b)	 not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other
asset, present or future. 

  
 29 

	11.3	 No disposal of assets 

Subject to Clause 8.8 (Mandatory prepayment), the Borrower will not transfer, lease or otherwise dispose of: 

 

	(a)	 all or a substantial part of its assets, whether by one transaction or a number of transactions, whether
related or not; or 

  

	(b)	 any debt payable to it or any other right (present, future or contingent right) to receive a payment, including
any right to damages or compensation, 

 but paragraph (a) does not apply to any charter of the Ship. 

 

	11.4	 No other liabilities or obligations to be incurred 

The Borrower will not enter into any other investments, any sale or leaseback agreements, or any
off-balance sheet transaction not incur any other liability or obligation (including, without limitation, any Financial Indebtedness or any obligations under a guarantee) except: 

 

	(a)	 liabilities and obligations under the Finance Documents and the Underlying Documents to which it is or, as the
case may be, will be a party and under the relevant Indenture Guarantee; and 

  

	(b)	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Ship. 

  

	11.5	 Information provided to be accurate 

All financial and other information, including but not limited to factual information, exhibits and reports, which is provided in writing by or
on behalf of the Borrower under or in connection with any Finance Document will be true, correct and not misleading and will not omit any material fact or consideration. 
  

	11.6	 Provision of financial statements 

The Borrower will send or procure that there are sent to the Agent: 
  

	(a)	 as soon as possible, but in no event later than 180 days after the end of each Financial Year of the Corporate
Guarantor, the consolidated audited annual financial statements of the Corporate Guarantor for that Financial Year (commencing, in each case, with the financial statements for the Financial Year which ended on 31 December 2017); and

  

	(b)	 as soon as possible, but in no event later than 90 days after the end of the
6-month period ending on 30 June in each Financial Year of the Corporate Guarantor, the semi-annual consolidated unaudited financial statements of the Corporate Guarantor, in each case, for that 6-month period (commencing with the financial statements for the 6-month period ending on 30 June 2017), duly certified as to their correctness by a director of the
Corporate Guarantor; and 

  

	(c)	 promptly after each request by the Agent, such further financial or other information in respect of the
Borrower, the Ship, the Corporate Guarantor, the other Security Parties and the Group (including, without limitation, any information regarding any sale and purchase agreements, investment brochures, shipbuilding contracts and charter agreements) as
may be requested by the Agent. 

  
 30 

	11.7	 Form of financial statements 

All accounts delivered under Clause 11.6 will: 
  

	(a)	 be prepared in accordance with all applicable laws and US GAAP and, in the case of any audited financial
statements, be certified by an independent and reputable auditor having requisite experience selected and appointed by the relevant Security Party; 

  

	(b)	 fairly represent the financial condition of the Borrower, the Corporate Guarantor and the Group at the date of
those accounts and of their profit for the period to which those accounts relate; and 

  

	(c)	 fully disclose or provide for all significant liabilities of the Borrower, the Corporate Guarantor and the
Group and each of its/their subsidiaries. 

  

	11.8	 Shareholder and creditor notices 

The Borrower will send the Agent copies of any relevant press releases and, promptly upon its request, copies of all communications which are
despatched to the Borrower’s shareholders or creditors or any class of them. 
  

	11.9	 Consents 

The Borrower will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents
required: 
  

	(a)	 for the Borrower to perform its obligations under any Finance Document or any Underlying Document to which it
is a party; 

  

	(b)	 for the validity or enforceability of any Finance Document or any Underlying Document to which it is a party;

  

	(c)	 for the Borrower to continue to own and operate the Ship, 

and the Borrower will comply with the terms of all such consents. 
  

	11.10	 Maintenance of Security Interests 

The Borrower will: 
  

	(a)	 at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the
obligations and the Security Interests which it purports to create; and 

  

	(b)	 without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any
Finance Document with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the opinion
of the Majority Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 

 

	11.11	 Notification of litigation 

The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, the Ship, the Earnings or the
Insurances, any Security Party or the Approved Manager, as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered
material in the context of any Finance Document, and the Borrower shall procure that all reasonable measures are taken to defend any such legal or administrative action. 

  
 31 

	11.12	 No amendment to Underlying Documents 

The Borrower will not waive or fail to enforce, the Underlying Documents to which it is a party or any of its provisions and shall promptly
notify the Agent of any amendment or supplement to any Underlying Document. 
  

	11.13	 Principal place of business 

The Borrower will maintain its place of business, and keep its corporate documents and records, at the address stated in Clause 28.2(a); and
the Borrower will not establish, or do anything as a result of which it would be deemed to have, a place of business in the United Kingdom or the United States. 
  

	11.14	 Confirmation of no default 

The Borrower will, within two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by the
director(s) of the Borrower and which: 
  

	(a)	 states that no Event of Default or Potential Event of Default has occurred; or 

 

	(b)	 states that no Event of Default or Potential Event of Default has occurred, except for a specified event or
matter, of which all material details are given. 

 The Agent may serve requests under this Clause 11.14 from time to time
but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if the Loan has not been borrowed) Commitments exceeding 10 per cent. of the Total Commitments; and this Clause 11.14 does not
affect the Borrower’s obligations under Clause 11.15. 
  

	11.15	 Notification of default 

The Borrower will notify the Agent as soon as the Borrower becomes aware of: 

 

	(a)	 the occurrence of an Event of Default or a Potential Event of Default; or 

 

	(b)	 any matter which indicates that an Event of Default or a Potential Event of Default may have occurred,

 and will keep the Agent fully up-to-date
with all developments. 
  

	11.16	 Provision of further information 

The Borrower will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other information
relating: 
  

	(a)	 to the Borrower, the Ship, the Earnings or the Insurances; or 

 

	(b)	 to any other matter relevant to, or to any provision of, a Finance Document, 

which may be requested by the Agent, the Security Trustee or any Lender at any time. 

 

	11.17	 Provision of copies and translation of documents 

The Borrower will supply the Agent with a sufficient number of copies of the documents referred to above to provide one copy for each Creditor
Party; and if the Agent so requires in respect of any of those documents, the Borrower will provide a certified English translation prepared by a translator approved by the Agent. 

  
 32 

	11.18	 “Know your customer” checks 

If: 
  

	(a)	 the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation made after the date of this Agreement; 

  

	(b)	 any change in the composition of the shareholders of the Borrower or any Security Party after the date of this
Agreement; or 

  

	(c)	 a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a
party that is not a Lender prior to such assignment or transfer, 

 obliges the Agent or any Lender (or, in the case of
paragraph (c), any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the
request of the Agent or the Lender concerned supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case
of the event described in paragraph (c), on behalf of any prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective new Lender to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	11.19	 Minimum Liquidity and Additional Minimum Liquidity 

The Borrower shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than: 

 

	(a)	 $200,000 (“Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter
throughout the remainder of the Security Period; and 

  

	(b)	 in addition to the amount required to be maintained under paragraph (a) of this Clause 11.19, an
additional amount of $1,200,000 (“Additional Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter up to and including (i) the date falling on the fourth Repayment Date, at which time, $500,000 of
the Additional Minimum Liquidity shall be released to or to the order of the Borrower and (ii) the date falling on the eighth Repayment Date, at which time, the remaining $700,000 of the Additional Minimum Liquidity shall be released to or to
the order of the Borrower, Provided that no Event of Default or Potential Event of Default has occurred or is continuing at that time or will occur as a result of the release of the relevant part of the Additional Minimum Liquidity.

  

	11.20	 Compliance Certificate 

 

	(a)	 The Borrower shall supply to the Agent, together with each set of financial statements delivered pursuant to
paragraphs (a) and (b) of Clause 11.6 (commencing with the financial statements to be provided for the 6-month period ending on 30 June 2017), a Compliance Certificate. 

 

	(b)	 Each Compliance Certificate shall be duly signed by two directors of the Corporate Guarantor, evidencing (inter
alia) the Borrower’s compliance (or not, as the case may be) with the provisions of Clause 11.19 and Clause 15.1 and the Corporate Guarantor’s compliance with Clause 12.4 of the Corporate Guarantee. 

  
 33 

	12	 CORPORATE UNDERTAKINGS 

 

	12.1	 General 

The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times during the
Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	12.2	 Maintenance of status 

The Borrower will maintain its separate corporate existence and remain in good standing under the laws of the Republic of the Marshall Islands.

  

	12.3	 Negative undertakings 

The Borrower will not: 
  

	(a)	 change the nature of its business or carry on any business other than the ownership, chartering and operation
of the Ship; 

  

	(b)	 pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of
share capital if an Event of Default has occurred and is continuing at the relevant time or an Event of Default will result from the payment of a dividend or the making of any other form of distribution; 

 

	(c)	 provide any form of credit or financial assistance to: 

 

	 	(i)	 a person who is directly or indirectly interested in the Borrower’s share or loan capital; or

  

	 	(ii)	 any company in or with which such a person is directly or indirectly interested or connected,

 or enter into any transaction with or involving such a person or company on terms which are, in any respect, less
favourable to the Borrower than those which it could obtain in a bargain made at arms’ length; 
  

	(d)	 open or maintain any account with any bank or financial institution except accounts with the Agent, the Account
Bank and the Security Trustee for the purposes of the Finance Documents; 

  

	(e)	 issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share
capital; 

  

	(f)	 acquire any shares or other securities other than short term debt obligations or Treasury bills issued by the
US, the UK or a Participating Member State and certificates of deposit issued by major North American or European banks, or enter into any transaction in a derivative; or 

 

	(g)	 enter into any form of amalgamation, merger or de-merger, acquisition,
divesture, split-up or any form of reconstruction or reorganisation; or 

  

	(h)	 change its Financial Year; or 

 

	(i)	 change its auditors. 

 

	12.4	 Corporate Guarantor’s Subsidiaries 

The Borrower shall provide the Agent with a list of the Borrower’s and the Corporate Guarantor’s (direct and indirect) subsidiaries
at the date of this Agreement (together with information requested by the Agent pursuant to Clause 11.6(c) in respect of such subsidiaries) and shall promptly update this list from time to time to advise the Agent of any amendments to the
information included in the original list delivered to the Agent , unless such information is included in the financial statement or periodic public filings of the Corporate Guarantor. 

  
 34 

	13	 INSURANCE 

  

	13.1	 General 

The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 13 at all times during the
Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	13.2	 Maintenance of obligatory insurances 

The Borrower shall keep the Ship insured at the expense of the Borrower against: 

 

	(a)	 fire and usual marine risks (including hull and machinery and excess risks); 

 

	(b)	 war risks (including, without limitation, protection and indemnity war risks with a separate limit not less
than hull value of the Ship); 

  

	(c)	 protection and indemnity risks (including, without limitation, protection and indemnity war risks in excess of
the amount for war risks (hull) and oil pollution liability risks) in each case in the highest amount available in the international insurance market); and 

  

	(d)	 any other risks the insurance of which the Security Trustee (acting on the instructions of the Majority
Lenders), having regard to practices, recommendations and other circumstances prevailing at the relevant time, may from time to time require by notice to the Borrower. 

 

	13.3	 Terms of obligatory insurances 

The Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation,
any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its sole discretion, but in any event as follows: 

 

	(a)	 in Dollars; 

  

	(b)	 in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at
least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on that Ship and (ii) the Market Value
of that Ship; 

  

	(c)	 in the case of oil pollution liability risks, for an amount equal to the highest level of cover from time to
time available under basic protection and indemnity club entry (with the International Group of Protection and Indemnity Clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence);

  

	(d)	 in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship;

  

	(e)	 in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and
usual marine risks insurance; 

  

	(f)	 on approved terms and conditions; 

 

	(g)	 such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by
a prudent owner of a vessel similar to the Ship; and 

  
 35 

	(h)	 through approved brokers and with approved insurance companies and/or underwriters which have a
Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case
of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Clubs. 

 

	13.4	 Further protections for the Creditor Parties 

In addition to the terms set out in Clause 13.3, the Borrower shall and shall procure that: 

 

	(a)	 it and any and all third parties who are named assured or co-assured
under any obligatory insurance shall assign their interest in any and all obligatory insurances and other Insurances if so required by the Agent; 

  

	(b)	 whenever the Security Trustee requires, the obligatory insurances name (or be amended to name) the Security
Trustee as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation they may have under any applicable law against the Security Trustee but without the Security Trustee
thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance; 

  

	(c)	 the interest of the Security Trustee as assignee and as loss payee shall be duly endorsed on all slips, cover
notes, policies, certificates of entry or other instruments of insurance in respect of the obligatory insurances; 

  

	(d)	 the obligatory insurances shall name the Security Trustee as sole loss payee with such directions for payment
as the Security Trustee may specify; 

  

	(e)	 the obligatory insurances shall provide that all payments by or on behalf of the insurers under the obligatory
insurances to the Security Trustee shall be made without set-off, counterclaim or deductions or condition whatsoever; 

  

	(f)	 the obligatory insurances shall provide that the insurers shall waive, to the fullest extent permitted by
English law, their entitlement (if any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies of the Security Trustee in respect of any rights or interests (secured or not) held by or available to the
Security Trustee in respect of the Secured Liabilities, until the Secured Liabilities shall have been fully repaid and discharged, except that the insurers shall not be restricted by the terms of this paragraph (f) from making personal claims
against persons (other than the Borrower or any Creditor Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances; 

 

	(g)	 the obligatory insurances shall provide that the obligatory insurances shall be primary without right of
contribution from other insurances effected by the Security Trustee or any other Creditor Party; 

  

	(h)	 the obligatory insurances shall provide that the Security Trustee may make proof of loss if the Borrower fails
to do so; and 

  

	(i)	 the obligatory insurances shall provide that if any obligatory insurance is cancelled, or if any substantial
change is made in the coverage which adversely affects the interest of the Security Trustee, or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, charge or lapse
shall only be effective against the Security Trustee 14 days (or 7 days in the case of war risks) after receipt by the Security Trustee of prior written notice from the insurers of such cancellation, change or lapse. 

  
 36 

	13.5	 Renewal of obligatory insurances 

The Borrower shall: 
  

	(a)	 at least 14 days before the expiry of any obligatory insurance effected by it: 

 

	 	(i)	 notify the Security Trustee of the brokers, underwriters, insurance companies and any protection and indemnity
or war risks association through or with whom the Borrower proposes to renew that obligatory insurance and of the proposed terms and conditions of renewal; and 

 

	 	(ii)	 seek the Security Trustee’s approval to the matters referred to in paragraph (i); 

 

	(b)	 at least 7 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance
with the Security Trustee’s approval pursuant to paragraph (a); and 

  

	(c)	 procure that the approved brokers and/or the war risks and protection and indemnity associations with which
such a renewal is effected shall promptly after the renewal notify the Security Trustee in writing of the terms and conditions of the renewal. 

  

	13.6	 Copies of policies; letters of undertaking 

The Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and policies relating
to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that: 

 

	(a)	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of
assignment complying with the provisions of Clause 13.4; 

  

	(b)	 they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in
accordance with the said loss payable clause; 

  

	(c)	 they will advise the Security Trustee immediately of any material change to the terms of the obligatory
insurances; 

  

	(d)	 they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in
the event of their not having received notice of renewal instructions from the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and

  

	(e)	 they will not set off against any sum recoverable in respect of a claim relating to the Ship under such
obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums
or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of the Ship
forthwith upon being so requested by the Security Trustee. 

  

	13.7	 Copies of certificates of entry; letters of undertaking 

The Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship is entered provides the Security
Trustee with: 
  

	(a)	 a certified copy of the certificate of entry for the Ship; 

 

	(b)	 a letter or letters of undertaking in such form as may be required by the Security Trustee;

  
 37 

	(c)	 where required to be issued under the terms of insurance/indemnity provided by the Borrower’s protection
and indemnity association, a certified copy of each United States of America voyage quarterly declaration (or other similar document or documents) made by the Borrower in accordance with the requirements of such protection and indemnity association;
and 

  

	(d)	 a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally
Sensitive Material issued by the relevant certifying authority or, as the case may be, protection and indemnity associations in relation to the Ship (if applicable). 

 

	13.8	 Deposit of original policies 

The Borrower shall ensure that all policies relating to obligatory insurances effected by it are deposited with the approved brokers through
which the insurances are effected or renewed. 
  

	13.9	 Payment of premiums 

The Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all
relevant receipts when so required by the Security Trustee. 
  

	13.10	 Guarantees 

The Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in
full force and effect. 
  

	13.11	 Compliance with terms of insurances 

The Borrower shall not do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory
insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular it shall: 
  

	(a)	 take all necessary action and comply with all requirements which may from time to time be applicable to the
obligatory insurances, and (without limiting the obligation contained in Clause 13.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval;

  

	(b)	 not make any changes relating to the classification or classification society or manager or operator of the
Ship approved by the underwriters of the obligatory insurances; 

  

	(c)	 make (and promptly supply copies to the Agent) of all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which the Ship is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation) and, if applicable, shall procure that the Approved Manager complies with this requirement; and 

  

	(d)	 not employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of
the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	13.12	 Alteration to terms of insurances 

The Borrower shall neither make nor agree to any alteration to the terms of any obligatory insurance or waive any right relating to any
obligatory insurance. 

  
 38 

	13.13	 Settlement of claims 

The Borrower shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall
do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances and shall do all things necessary to
ensure such collection or recovery is made. 
  

	13.14	 Provision of copies of communications 

The Borrower shall provide the Security Trustee, when so requested, copies of all written communications between the Borrower and: 

 

	(a)	 the approved brokers; 

 

	(b)	 the approved protection and indemnity and/or war risks associations; and 

 

	(c)	 the approved insurance companies and/or underwriters, which relate directly or indirectly to:

  

	 	(i)	 the Borrower’s obligations relating to the obligatory insurances including, without limitation, all
requisite declarations and payments of additional premiums or calls; and 

  

	 	(ii)	 any credit arrangements made between the Borrower and any of the persons referred to in paragraphs (a), (b) or
(c) relating wholly or partly to the effecting or maintenance of the obligatory insurances. 

  

	13.15	 Provision of information and further undertakings 

In addition, the Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the
Security Trustee (or any such designated person) requests for the purpose of: 
  

	(a)	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the
obligatory insurances effected or proposed to be effected; and/or 

  

	(b)	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13.16 or dealing with or
considering any matters relating to any such insurances, 

 and the Borrower shall: 

 

	 	(i)	 do all things necessary and provide the Agent and the Security Trustee with all documents and information to
enable the Security Trustee to collect or recover any moneys in respect of the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; and 

 

	 	(ii)	 promptly provide the Agent with full information regarding any Major Casualty in consequence whereof the Ship
has become or may become a Total Loss and agree to any settlement of such casualty or other accident or damage to the Ship only with the Agent’s prior written consent, 

and the Borrower shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees and other expenses incurred by or for the
account of the Security Trustee in connection with any such report as is referred to in paragraph (a). 

  
 39 

	13.16	 Mortgagee’s interest and additional perils insurances 

The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts,
on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate: 
  

	(a)	 a mortgagee’s interest insurance providing for the indemnification of the Creditor Parties for any losses
under or in connection with any Finance Document (in an amount of up to the aggregate of (i) 120 per cent. of the Loan and (ii) the principal amount secured by any equal or prior ranking Security Interest on the Ship) which directly or
indirectly result from loss of or damage to the Ship or a liability of the Ship or of the Borrower, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: 

  

	 	(i)	 any act or omission on the part of the Borrower, of any operator, charterer, manager or sub-manager of the Ship or of any officer, employee or agent of the Borrower or of any such person, including any breach of warranty or condition or any non-disclosure
relating to such obligatory insurance; 

  

	 	(ii)	 any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of the Borrower,
any other person referred to in paragraph (i) above, or of any officer, employee or agent of the Borrower or of such a person, including the casting away or damaging of the Ship and/or the Ship being unseaworthy; and/or 

 

	 	(iii)	 any other matter capable of being insured against under a mortgagee’s interest marine insurance policy
whether or not similar to the foregoing; and 

  

	(b)	 a mortgagee’s interest additional perils insurance providing for the indemnification of the Creditor
Parties against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of the Ship, the imposition of any Security Interest over the Ship and/or
any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and in an amount of up to (i) 110 per cent. of the Loan and (ii) the principal amount
secured by any equal or prior ranking Security Interest on the Ship, 

 and the Borrower shall upon demand fully indemnify
the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such
insurance. 
  

	13.17	 Review of insurance requirements 

The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes
in circumstances after the date of this Agreement which are, in the opinion of the Agent (acting on the instructions of the Majority Lenders), significant and capable of affecting the Borrower, the Ship and its Insurances (including, without
limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower may be subject) and the Borrower shall upon demand fully indemnify the Agent in respect of all fees and other expenses incurred by or for
the account of the Agent in appointing an independent marine insurance broker or adviser to conduct such review. 
  

	13.18	 Modification of insurance requirements 

The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.17 to the requirements of this Clause 13 which the
Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

  
 40 

	13.19	 Compliance with mortgagee’s instructions 

The Security Trustee shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire under any Finance
Document) to require the Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the Borrower implements any amendments to the terms of the obligatory insurances and any operational
changes required as a result of a notice served under Clause 13.18. 
  

	14	 SHIP COVENANTS 

 

	14.1	 General 

The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 14 at all times during the
Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	14.2	 Ship’s name and registration 

The Borrower shall keep the Ship registered in its name under an Approved Flag; shall not do, omit to do or allow to be done anything as a
result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry of the Ship. 
  

	14.3	 Repair and classification 

The Borrower shall, and shall procure that the Approved Manager shall, keep the Ship in a good and safe condition and state of repair, sea and
cargo worthy in all respects: 
  

	(a)	 consistent with first-class ship ownership and management practice; 

 

	(b)	 so as to maintain the highest class free of overdue recommendations and conditions, with a classification
society which is a member of IACS (other than the China Classification Society and the Russian Maritime Registry of Shipping) and acceptable to the Agent; and 

 

	(c)	 so as to comply with all laws and regulations applicable to vessels registered at ports in the applicable
Approved Flag State or to vessels trading to any jurisdiction to which the Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code, 

and the Agent shall be given power of attorney in the form attached as Schedule 6 to act on behalf of the Borrower in order to, inspect the
class records and any files held by the classification society and to require the classification society to provide the Agent or any of its nominees with any information, document or file, it might request and the classification society shall be
fully entitled to rely hereon without any further inquiry. 
  

	14.4	 Classification society undertaking 

The Borrower shall instruct the classification society referred to in Clause 14.3 (and procure that the classification society undertakes with
the Security Trustee) in relation to the Ship: 
  

	(a)	 to send to the Security Trustee, following receipt of a written request from the Security Trustee, certified
true copies of all original class records and any other related records held by the classification society in relation to the Ship; 

  

	(b)	 to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class
and related records of the Ship at the offices of the classification society and to take copies of them; 

  
 41 

	(c)	 to notify the Security Trustee immediately in writing if the classification society: 

 

	 	(i)	 receives notification from the Borrower or any person that the Ship’s classification society is to be
changed; or 

  

	 	(ii)	 becomes aware of any facts or matters which may result in or have resulted in a change, suspension,
discontinuance, withdrawal or expiry of the Ship’s class under the rules or terms and conditions of the Borrower’s or the Ship’s membership of the classification society; 

 

	(d)	 following receipt of a written request from the Security Trustee: 

 

	 	(i)	 to confirm that the Borrower is not in default of any of its contractual obligations or liabilities to the
classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or 

 

	 	(ii)	 if the Borrower is in default of any of its contractual obligations or liabilities to the classification
society, to specify to the Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society. 

 

	14.5	 Modification 

The Borrower shall not make any modification or repairs to, or replacement of, the Ship or equipment installed on it which would or might
materially alter the structure, type or performance characteristics of the Ship or materially reduce its value. 
  

	14.6	 Removal of parts 

The Borrower shall not remove any material part of the Ship, or any item of equipment installed on the Ship unless the part or item so removed
is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and becomes
on installation on the Ship the property of the Borrower and subject to the security constituted by the relevant Mortgage Provided that the Borrower may install equipment owned by a third party if the equipment can be removed without any risk
of damage to the Ship. 
  

	14.7	 Surveys 

The Borrower shall submit the Ship regularly to all periodical or other surveys which may be required for classification purposes and, if so
required by the Security Trustee provide the Security Trustee, with copies of all survey reports. 
  

	14.8	 Inspection 

The Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship at all
reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections at the Borrower’s expense (which if no Event of Default has occurred and is
continuing shall be limited to once in each calendar year). 
  

	14.9	 Prevention of and release from arrest 

The Borrower shall promptly discharge: 
  

	(a)	 all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
the Ship, the Earnings or the Insurances; 

  
 42 

	(b)	 all taxes, dues and other amounts charged in respect of the Ship, the Earnings or the Insurances; and

  

	(c)	 all other outgoings whatsoever in respect of the Ship, the Earnings or the Insurances, 

and, forthwith upon receiving notice of the arrest of the Ship, or of its detention in exercise or purported exercise of any lien or claim, the
Borrower shall procure its release by providing bail or otherwise as the circumstances may require. 
  

	14.10	 Compliance with laws etc. 

The Borrower shall: 
  

	(a)	 comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or
regulations relating to the Ship, its ownership, operation and management or to the business of the Borrower; 

  

	(b)	 not employ the Ship nor allow its employment in any manner contrary to any law or regulation in any relevant
jurisdiction including but not limited to the ISM Code and the ISPS Code; and 

  

	(c)	 in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the
Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship’s war risks insurers unless the prior written consent of the Security Trustee has been given and the Borrower has (at its expense) effected any
special, additional or modified insurance cover which the Security Trustee may require. 

  

	14.11	 Provision of information 

The Borrower shall promptly provide the Security Trustee with any information which it requests regarding: 

 

	(a)	 the Ship, its employment, position and engagements; 

 

	(b)	 the Earnings and payments and amounts due to the master and crew of the Ship; 

 

	(c)	 any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of the
Ship and any payments made in respect of the Ship; 

  

	(d)	 any towages and salvages; and 

 

	(e)	 its compliance, the Approved Manager’s compliance and the compliance of the Ship with the ISM Code and the
ISPS Code, 

 and, upon the Security Trustee’s request, provide copies of any current charter relating to the Ship, of
any current charter guarantee and copies of the Borrower’s or the Approved Manager’s Document of Compliance, Safety Management Certificate and the ISSC. 
  

	14.12	 Notification of certain events 

The Borrower shall: 
  

	(a)	 before entering into: 

 

	 	(i)	 any demise charter for any period in respect of the Ship; or 

 

	 	(ii)	 any other Assignable Charter, 

  
 43 

 notify the Agent and provide copies of any draft charter relating to the Ship and, if
applicable, any draft charter guarantee and the Borrower shall be entitled to enter into such charter without the consent of the Creditor Parties Provided that: 
  

	 	(A)	 that Borrower executes in favour of the Security Trustee a specific assignment of all its rights, title and
interest in and to such charter and any charter guarantee in the form of a Charterparty Assignment; 

  

	 	(B)	 the charterer and any charter guarantor receive a notice (1) of the specific assignment of such charter
and charter guarantee and (2) that the Mortgage over the Ship has been registered prior to the entry into such charter; 

  

	 	(C)	 in the case where such charter is a demise charter the charterer undertakes to the Security Trustee (1) to
comply with all of the Borrower’s undertakings with regard to the employment, insurances, operation, repairs and maintenance of the Ship contained in this Agreement, the Mortgage and the General Assignment in relation to the Ship (2) to
provide an assignment of its interest in the insurances of the Ship in the form of a Charterparty Assignment; 

  

	 	(D)	 the Borrower provides certified true and complete copies of the charter relating to the Ship and of any current
charter guarantee, if any, promptly after its execution; 

  

	 	(E)	 the Agent’s receipt of a copy of the charter and its failure or neglect to act, delay or acquiescence in
connection with the Borrower’s entering into such charter shall not in any way constitute an acceptance by the Agent of whether or not the Earnings under the charter are sufficient to meet the debt service requirements under this Agreement nor
shall it in any way affect the Agent’s or the Security Trustee’s entitlement to exercise its rights under the Finance Documents pursuant to Clause 19 upon the occurrence of an Event of Default arising as a result of an act or omission of
the charterer; and 

  

	 	(F)	 the Borrower delivers to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4,
5,7, 8 and 9 of Schedule 3, Part A as the Agent may require; and 

  

	(b)	 immediately notify the Security Trustee by letter, of: 

 

	 	(i)	 its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the
reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; 

  

	 	(ii)	 its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which
by virtue of any optional extensions may exceed, 11 months; 

  

	 	(iii)	 any casualty which is or is likely to be or to become a Major Casualty; 

 

	 	(iv)	 any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to
become a Total Loss; 

  

	 	(v)	 any requirement, overdue condition or recommendation made by any insurer or classification society or by any
competent authority which is not complied with in accordance with its terms; 

  

	 	(vi)	 any arrest or detention of the Ship, any exercise or purported exercise of any lien on the Ship or its Earnings
or any requisition of the Ship for hire; 

  
 44 

	 	(vii)	 any unscheduled dry docking of the Ship; 

 

	 	(viii)	 any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental
Incident; 

  

	 	(ix)	 any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the Approved Manager or
otherwise in connection with the Ship; 

  

	 	(x)	 its intention to de-activate or lay up the Ship; or

  

	 	(xi)	 any other matter, event or incident, the effect of which will or could lead to the ISM Code or the ISPS Code
not being complied with, 

 and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in
such detail as the Security Trustee shall require of the Borrower’s, the Approved Manager’s or any other person’s response to any of those events or matters. 
  

	14.13	 Restrictions on chartering, appointment of managers etc. 

The Borrower shall not, in relation to the Ship: 
  

	(a)	 enter into any charter in relation to the Ship under which more than two months’ hire (or the equivalent)
is payable in advance; 

  

	(b)	 charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed;

  

	(c)	 appoint a manager of the Ship other than the Approved Manager; or 

 

	(d)	 put the Ship into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or its Earnings
for the cost of such work or for any other reason. 

  

	14.14	 Notice of Mortgage 

The Borrower shall keep the Mortgage registered against the Ship as a valid first preferred or, as the case may be, priority mortgage, carry on
board the Ship a certified copy of that Mortgage and place and maintain in a conspicuous place in the navigation room and the Master’s cabin of the Ship a framed printed notice stating that the Ship is mortgaged by the Borrower to the Security
Trustee. 
  

	14.15	 Sharing of Earnings 

The Borrower shall not enter into any agreement or arrangement for the sharing of any Earnings (other than (i) any profit sharing
agreement with a charterer which takes effect above an agreed minimum charter hire rate payable to the Borrower under a charter to which the Borrower is a party and (ii) any pool agreement, in either case, on bona fide arm’s length terms).

  

	14.16	 ISPS Code 

The Borrower shall comply with the ISPS Code and in particular, without limitation, shall: 

 

	(a)	 procure that the Ship and the company responsible for the Ship’s compliance with the ISPS Code comply with
the ISPS Code; and 

  
 45 

	(b)	 maintain for the Ship an ISSC; and 

 

	(c)	 notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or
modification of the ISSC. 

  

	15	 SECURITY COVER 

 

	15.1	 Minimum required security cover 

Clause 15.2 applies if the Agent notifies the Borrower that the Security Cover Ratio is below 125 per cent. 

 

	15.2	 Prepayment; provision of additional security 

If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall prepay such part at least of the Loan as will eliminate the
shortfall on or before the date falling 14 Business Days after the date on which the Agent’s notice is served under Clause 15.1 (the “Prepayment Date”) unless at least 5 calendar days before the Prepayment Date the Borrower has
provided, or ensured that a third party has provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the
authorisation of the Majority Lenders, approve or require. 
  

	15.3	 Valuation of the Ship 

The Market Value of the Ship: 
  

	(a)	 to be determined for the purposes of Clause 9.1(d), is that shown by taking the arithmetic mean of two
valuations issued by 2 Approved Brokers, one of which shall be issued by an Approved Broker to be nominated by the Borrower and appointed by the Agent and the other nominated and appointed by the Agent (unless the Borrower has not nominated appoint
an Approved Broker by the date falling 14 days prior to the Drawdown Date in which case the Agent will be entitled to select and appoint a second Approved Broker and the Market Value of the Ship shall be shown by taking the arithmetic means of the
two valuations obtained); and 

  

	(b)	 at any other date is that shown in a valuation addressed to the Agent to be issued by an Approved Broker,
nominated and appointed by the Borrower and addressed to the Agent (the “First Valuation”) unless the Agent obtains a second valuation issued by an Approved Broker nominated and appointed by the Agent (the “Second
Valuation”) in which case the Market Value of the Ship at the relevant date is that shown: 

  

	 	(i)	 if the difference between the First Valuation and the Second Valuation is less than 10 per cent., in the
First Valuation; and 

  

	 	(ii)	 if the difference between the First Valuation and the Second Valuation is greater than 10 per cent. but
less than 15 per cent. or less, by taking the arithmetic average of such valuations, 

 each valuation issued pursuant
to paragraphs (a) and (b) of this Clause 15.3 to be prepared: 
  

	 	(A)	 as at a date not more than 30 days previously; 

 

	 	(B)	 with or without physical inspection of that Ship (as the Agent may require); and 

  
 46 

	 	(C)	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a
willing seller and a willing buyer, free of any existing charter or other contract of employment; and 

  

	(c)	 if the difference between 2 valuations in respect of the Ship obtained at any one time, in each case, pursuant
to this Clause 15.3 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker selected and appointed by the Agent. Such valuation to be conducted in accordance with this Clause 15.3 and the Market Value of that
Ship in such circumstances shall be the average of all three valuations. 

  

	15.4	 Value of additional vessel security 

The net realisable value of any additional security which is provided under Clause 15.2 and which consists of a Security Interest over a vessel
shall be that shown by a valuation complying with the requirements of Clause 15.3. 
  

	15.5	 Valuations binding 

Any valuation under Clause 15.2, 15.3 or 15.4 shall be binding and conclusive as regards the Borrowers, as shall be any valuation which the
Majority Lenders make of any additional security which does not consist of or include a Security Interest. 
  

	15.6	 Provision of information 

The Borrower shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.3 or 15.4 with any information which the
Agent or that Approved Broker or expert may request for the purposes of the valuation; and, if the Borrower fails to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which that
Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 
  

	15.7	 Payment of valuation expenses 

Without prejudice to the generality of the Borrower’s obligations under Clauses 20.2, 20.3 and 21.3, the Borrower shall, on demand, pay
the Agent the amount of the fees and expenses of any Approved Broker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause. 

 

	15.8	 Frequency of valuations 

The Borrower shall provide the Agent with a valuation of the Ship, dated as of June or, as the case may be, December, on the date on which the
Agent receives any financial statements in accordance with Clauses 11.6(a) and 11.6(b) for the period ending on the dates referred to above in respect of which the Market Value of the Ship will be determined and the Compliance Certificate in
accordance with Clause 11.20 and the Agent may, otherwise, request valuations to determine the Borrower’s compliance under Clause 15.1 not less than twice during each 12-month period during the Security
Period. 

  
 47 

	16	 PAYMENTS AND CALCULATIONS 

 

	16.1	 Currency and method of payments 

All payments to be made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in
the case of an amount payable to it: 
  

	(a)	 by not later than 11.00 a.m. (New York City time) on the due date; 

 

	(b)	 in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such
other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement); 

 

	(c)	 in the case of an amount payable by a Lender to the Agent or by the Borrower to the Agent or any Lender, to the
account of the Agent at J.P. Morgan Chase Bank (SWIFT Code CHASUS33) (Account No. 001 1331 808 in favour of HSH Nordbank AG, SWIFT Code HSHNDEHH; Reference “Red Rose Shipping Corp.”) or to such other account with such other bank as
the Agent may from time to time notify to the Borrower and the other Creditor Parties; and 

  

	(d)	 in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to
the Borrower and the other Creditor Parties. 

  

	16.2	 Payment on non-Business Day 

If any payment by either Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 

 

	(a)	 the due date shall be extended to the next succeeding Business Day; or 

 

	(b)	 if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to
the immediately preceding Business Day, 

 and interest shall be payable during any extension under paragraph (a) at
the rate payable on the original due date. 
  

	16.3	 Basis for calculation of periodic payments 

All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from
day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 
  

	16.4	 Distribution of payments to Creditor Parties 

Subject to Clauses 16.5, 16.6 and 16.7: 
  

	(a)	 any amount received by the Agent under a Finance Document for distribution or remittance to a Lender or the
Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have
notified to the Agent not less than five Business Days previously; and 

  

	(b)	 amounts to be applied in satisfying amounts of a particular category which are due to the Lenders generally
shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it. 

  

	16.5	 Permitted deductions by Agent 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a
Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on
demand. 

  
 48 

	16.6	 Agent only obliged to pay when monies received 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the
Borrower or any Lender any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender until the Agent has satisfied itself that it has received that sum. 

 

	16.7	 Refund to Agent of monies not received 

If and to the extent that the Agent makes available a sum to the Borrower or a Lender, without first having received that sum, the Borrower or
(as the case may be) the Lender concerned shall, on demand: 
  

	(a)	 refund the sum in full to the Agent; and 

 

	(b)	 pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or
other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving it. 

  

	16.8	 Agent may assume receipt 

Clause 16.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any
form of notice that it had not received the sum which it made available. 
  

	16.9	 Creditor Party accounts 

Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance Documents
and all payments in respect of those amounts made by the Borrower and any Security Party. 
  

	16.10	 Agent’s memorandum account 

The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security
Trustee and each Lender from the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party. 

 

	16.11	 Accounts prima facie evidence 

If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by the Borrower or a Security Party to a Creditor Party,
those accounts shall be prima facie evidence that that amount is owing to that Creditor Party. 
  

	17	 APPLICATION OF RECEIPTS 

 

	17.1	 Normal order of application 

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any
Finance Document shall be applied: 
  

	(a)	 FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the
following order and proportions: 

  

	 	(i)	 firstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under
the Finance Documents (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance
Document) other than those amounts referred to at paragraphs (ii) and (iii); 

  
 49 

	 	(ii)	 secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to
the Creditor Parties under the Finance Documents; and 

  

	 	(iii)	 thirdly, in or towards satisfaction of the Loan; and 

 

	(b)	 SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but
which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards
satisfaction of them in accordance with the provisions of Clause 17.1(a); and 

  

	(c)	 THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.

  

	17.2	 Application by any covered bond Lender 

If and to the extent that any Lender includes the Loan and/or a Mortgage in its covered bond register, any enforcement proceeds recovered under
the Finance Documents and attributable to it under the relevant Finance Document shall, notwithstanding the provisions of Clause 17.1(a), be applied by it first to the part of the Loan that corresponds to that Lender’s Contribution registered
in its covered bond register and thereafter in the following order: 
  

	(a)	 firstly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(i); 

 

	(b)	 secondly, in or towards satisfaction of the amounts set out under Clause 17.1 (a)(ii); and

  

	(c)	 thirdly, in or towards satisfaction of any part of the Loan that corresponds to any unregistered part of that
Lender’s contribution. 

  

	17.3	 Variation of order of application 

The Agent may, with the authorisation of the Majority Lenders, by notice to the Borrower, the Security Parties and the other Creditor Parties
provide for a different manner of application from that set out in Clause 17.1 (but not, for the avoidance of doubt, that set out in Clause 17.2) either as regards a specified sum or sums or as regards sums in a specified category or categories.

  

	17.4	 Notice of variation of order of application 

The Agent may give notices under Clause 17.3 from time to time; and such a notice may be stated to apply not only to sums which may be received
or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served. 
  

	17.5	 Appropriation rights overridden 

This Clause 17 and any notice which the Agent gives under Clause 17.3 shall override any right of appropriation possessed, and any
appropriation made, by the Borrower or any Security Party. 

  
 50 

	18	 APPLICATION OF EARNINGS 

 

	18.1	 Payment of Earnings 

The Borrower undertakes with each Creditor Party that, throughout the Security Period (and subject only to the provisions of the General
Assignment): 
  

	(a)	 it shall maintain the Accounts with the Account Bank; 

 

	(b)	 it shall ensure that all Earnings of the Ship are paid to the Earnings Account; and 

 

	(c)	 all Minimum Liquidity and Additional Minimum Liquidity amounts required pursuant to Clause 11.19 shall be
maintained in the Liquidity Account. 

  

	18.2	 Monthly retentions 

The Borrower undertakes with each Creditor Party to ensure that, on and from the date falling one month after the Drawdown Date and at monthly
intervals thereafter during the Security Period, there are transferred in respect of Loan drawn on the Drawdown Date to the Retention Account out of the Earnings received in the Earnings Account during the preceding month: 

 

	(a)	 one-third of the amount of the relevant Instalment falling due in
respect of the Loan under Clause 8.1 on the next Repayment Date; and 

  

	(b)	 the relevant fraction of the aggregate amount of interest on the Loan which is payable on the next due date for
payment of interest under this Agreement, 

 and the Borrower irrevocably authorises the Agent to make those transfers (in
its sole discretion and without any obligation) if the Borrower fails to do so. 
 The “relevant fraction”, in relation to
paragraph (b), is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period (or if the current Interest Period in respect of the Loan ends after the next due date for payment of
interest under this Agreement, the number of months from the later of the commencement of the current Interest Period in respect of the Loan or the last due date for payment of interest to the next due date for payment of interest in respect of the
Loan under this Agreement). 
  

	18.3	 Shortfall in Earnings 

If the aggregate Earnings received in the Earnings Account are insufficient at any time for the required amount to be transferred to the
Retention Account under Clause 18.2, the Borrower shall immediately pay the amount of the insufficiency into the Retention Account. 
  

	18.4	 Application of retentions 

Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds standing to the
credit of the Retention Account, on each Repayment Date and on each due date for the payment of interest under this Agreement distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals:

  

	(a)	 the Instalment due on that Repayment Date pursuant to Clause 8.1; or 

 

	(b)	 the amount of interest in respect of the Loan payable on that interest payment date, 

in discharge of the Borrower’s liability for that Instalment or that interest. 

  
 51 

	18.5	 Interest accrued on the Accounts 

Any credit balance on each Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits
of similar amounts and for periods similar to those for which such balances appear to the Agent likely to remain on that Account. 
  

	18.6	 Release of accrued interest 

Interest accruing under Clause 18.5 shall be credited to the relevant Account and may be released to the Borrower pursuant to Clause 18.10.

  

	18.7	 Location of Accounts 

The Borrower shall promptly: 
  

	(a)	 comply with any requirement of the Agent as to the location or
re-location of the Accounts (or any of them); and 

  

	(b)	 execute any documents which the Agent specifies to create or maintain in favour of the Security Trustee a
Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the Accounts. 

  

	18.8	 Debits for fees, expenses etc. 

The Agent shall be entitled (but not obliged) from time to time to debit any Account without prior notice in order to discharge any amount due
and payable under Clauses 20 or 21 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clauses 20 or 21. 
  

	18.9	 Borrower’s obligations unaffected 

The provisions of this Clause 18 (as distinct from a distribution effected under Clause 18.4) do not affect: 

 

	(a)	 the liability of the Borrower to make payments of principal and interest on the due dates; or

  

	(b)	 any other liability or obligation of the Borrower or any Security Party under any Finance Document.

  

	18.10	 Restriction on withdrawal 

During the Security Period no sum may be withdrawn by the Borrower from the Liquidity Account or the Retention Account (other than interest
pursuant to Clause 18.6, provided that no Event of Default or Potential Event of Default has occurred which is continuing), without the prior written consent of the Agent. 

The Borrower may, in any calendar month, after having transferred and/or after having taken into account all amounts due or which will become
due to the Retention Account in such calendar month in accordance with Clause 18.2, withdraw any surplus (a “Surplus”) from the Earnings Account as it may think fit for purposes permitted by this Agreement and the other Finance
Documents Provided always no Event of Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the Earnings Account and the Borrower may only withdraw the Surplus (or any part thereof)
with the prior written consent of the Agent (acting upon the instructions of the Majority Lenders in order to satisfy the documented and properly incurred operating expenses of the Ship. 

  
 52 

	19	 EVENTS OF DEFAULT 

 

	19.1	 Events of Default 

An Event of Default occurs if: 
  

	(a)	 the Borrower or any Security Party fails to pay when due or (if so payable) on demand any sum payable under a
Finance Document or under any document relating to a Finance Document unless: 

  

	 	(i)	 its failure to pay is caused by administrative or technical error or a Disruption Event; and

  

	 	(ii)	 payment is made within 5 calendar days; or 

 

	(b)	 any breach occurs of Clause 9.2, 11.2, 11.3, 11.18, 11.19, 11.20, 12.2, 12.3 or 15.2 or clause 12.4 of the
Corporate Guarantee; or 

  

	(c)	 any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a
breach covered by paragraphs (a) or (b)) which, in the reasonable opinion of the Majority Lenders, is capable of remedy, and such default continues unremedied 30 Business Days (or any other grace period agreed by the Agent) after written notice
from the Agent requesting action to remedy the same; or 

  

	(d)	 (subject to any applicable grace period specified in the Finance Documents) any material breach by the Borrower
or any Security Party occurs of any provision of a Finance Document (other than a breach falling within paragraphs (a), (b) or (c)); or 

  

	(e)	 any representation, warranty or statement made or repeated by, or by an officer of, the Borrower or a Security
Party in a Finance Document or in the Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading in any material respect when it is made or repeated; or 

 

	(f)	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person:

  

	 	(i)	 any Financial Indebtedness of a Relevant Person is not paid when due unless the Relevant Person is contesting
its obligation to pay the relevant amount in good faith and on substantial grounds and by appropriate proceedings and adequate reserves have been set aside for its payment if such proceedings fail; or 

 

	 	(ii)	 any Financial Indebtedness of a Relevant Person which in the case of any Relevant Person other than the
Borrower exceeds $10,000,000 (or the equivalent in any other currency in aggregate), becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any event of default; or

  

	 	(iii)	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person which in the case of any Relevant Person other than the Borrower exceeds $10,000,000 (or the equivalent in any other
currency in aggregate) ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being required, in respect of such a facility as a result of any event of
default; or 

  

	 	(iv)	 any Security Interest securing any Financial Indebtedness of a Relevant Person, which in the case of any
Relevant Person other than the Borrower exceeds an amount of $10,000,000 (or the equivalent in any other currency in aggregate), becomes enforceable; or 

  
 53 

	(g)	 any of the following occurs in relation to a Relevant Person: 

 

	 	(i)	 a Relevant Person becomes, in the reasonable opinion of the Majority Lenders, unable to pay its debts as they
fall due; or 

  

	 	(ii)	 any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or
distress or any form of freezing order, which in the case of any Relevant Person other than the Borrower exceeds $10,000,000 (or the equivalent in any other currency in aggregate), and such execution, attachment, arrest, sequestration, distress or
freezing order is not withdrawn within thirty (30) Business Days; or 

  

	 	(iii)	 any administrative or other receiver is appointed over any asset of a Relevant Person; or

  

	 	(iv)	 an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person; or

  

	 	(v)	 any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent
or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in any proceedings, by a lawyer acting for a Relevant Person; or 

 

	 	(vi)	 a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made in relation
to a Relevant Person or a winding up resolution is passed by a Relevant Person; or 

  

	 	(vii)	 a resolution is passed, an administration notice is given or filed, an application or petition to a court is
made or presented or any other step is taken by (aa) a Relevant Person, (bb) the members or directors of a Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant
Person, or (dd) a government minister or public or regulatory authority of a Pertinent Jurisdiction for or with a view to the winding up of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of
that or another Relevant Person, or that or another Relevant Person ceasing or suspending business operations or payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than the
Borrower, or the Corporate Guarantor or the Shareholder which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the Majority Lenders and effected not later than three months after the commencement
of the winding up; or 

  

	 	(viii)	 an administration notice is given or filed, an application or petition to a court is made or presented or any
other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a
provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds
and not with a view to some other insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed or withdrawn within 60 days of being made or presented, or (bb) within 60 days of the administration notice
being given or filed, or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way
and without being the subject of any actual, interim or pending insolvency law procedure; or 

  
 54 

	 	(ix)	 a Relevant Person or its directors take any steps (whether by making or presenting an application or petition
to a court, or submitting or presenting a document setting out a proposal or proposed terms, or otherwise) with a view to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of payments,
reorganisation of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value) of creditors or of any class of them or any such moratorium, suspension or deferral of payments, reorganisation or arrangement is
effected by court order, by the filing of documents with a court, by means of a contract or in any other way at all; or 

  

	 	(x)	 any meeting of the members or directors, or of any committee of the board or senior management, of a Relevant
Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the
members, directors or such a committee resolve or agree that such an action or step should be taken or should be taken if certain conditions materialise or fail to materialise; or 

 

	 	(xi)	 in a Pertinent Jurisdiction other than England, any event occurs, any proceedings are opened or commenced or
any step is taken which, in the reasonable opinion of the Majority Lenders is similar to any of the foregoing; or 

  

	(h)	 the Borrower ceases or suspends carrying on its business or a part of its business which, in the reasonable
opinion of the Majority Lenders, is material in the context of this Agreement; or 

  

	(i)	 it becomes unlawful in any Pertinent Jurisdiction or impossible: 

 

	 	(i)	 for the Borrower or any Security Party to discharge any liability under a Finance Document or to comply with
any other obligation which the Majority Lenders consider material under a Finance Document; or 

  

	 	(ii)	 for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any
Security Interest created by, a Finance Document; or 

  

	(j)	 any official consent necessary to enable the Borrower to own, operate or charter the Ship or to enable the
Borrower or any Security Party to comply with any provision which the Majority Lenders reasonably consider material of a Finance Document or any Underlying Document is not granted, expires without being renewed, is revoked or becomes liable to
revocation or any condition of such a consent is not fulfilled unless such revocation is validly contested in good faith by the Borrower or, as the case may be, that Security Party; or 

 

	(k)	 it appears to the Majority Lenders that, without their prior consent, either (i) a Change of Control has
occurred or probably has occurred after the date of this Agreement or (ii) the Shareholder ceases being the direct legal and beneficial owner of the shares in the Borrower and of the voting rights attaching to those shares; or

  

	(l)	 any provision which the Majority Lenders reasonably consider material of a Finance Document proves to have been
or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security
Interest or any other third party claim or interest (excluding any Permitted Security Interests); or 

  

	(m)	 the security constituted by a Finance Document is in any way imperilled or in jeopardy; or

  

	(n)	 the Borrower or any Security Party or any other person (other than a Creditor Party) repudiates any of the
Finance Documents to which the Borrower or that Security Party or person is a party or evidences an intention to do so; or 

  
 55 

	(o)	 any other event occurs or any other circumstances arise or develop including, without limitation:

  

	 	(i)	 a change in the financial position, state of affairs or prospects of the Borrower, the Corporate Guarantor or
any other Security Party; or 

  

	 	(ii)	 the commencement of legal or administrative action involving the Borrower, the Ship, either of the Approved
Manager or any Security Party; or 

  

	 	(iii)	 the withdrawal of any material license or governmental or regulatory approval in respect of the Ship, the
Borrower, the Approved Manager or the Borrower’s or Approved Manager’s business (unless such withdrawal can be contested with the effect of suspension and is in fact so contested in good faith by the Borrower or the Approved Manager),

 which in the reasonable opinion of the Lenders constitutes a Material Adverse Change. 

 

	19.2	 Actions following an Event of Default 

On, or at any time after, the occurrence of an Event of Default: 
  

	(a)	 the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

 

	 	(i)	 serve on the Borrower a notice stating that all or part of the Commitments and of the other obligations of each
Lender to the Borrower under this Agreement are cancelled; and/or 

  

	 	(ii)	 serve on the Borrower a notice stating that all or part of the Loan together with accrued interest and all
other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or 

  

	 	(iii)	 take any other action which, as a result of the Event of Default or any notice served under paragraph
(i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or 

  

	(b)	 the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority
Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent, the Mandated Lead Arranger and/or the Lenders are entitled to
take under any Finance Document or any applicable law. 

  

	19.3	 Termination of Commitments 

On the service of a notice under Clause 19.2(a)(i), the Commitments and all other obligations of each Lender to the Borrower under this
Agreement shall be cancelled. 
  

	19.4	 Acceleration of Loan 

On the service of a notice under Clause 19.2(a)(ii), all or, as the case may be, the part of the Loan specified in the notice together with
accrued interest and all other amounts accrued or owing from the Borrower or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand. 

 

	19.5	 Multiple notices; action without notice 

The Agent may serve notices under Clauses 19.2(a)(i) or 19.2(a)(ii) simultaneously or on different dates and it and/or the Security Trustee may
take any action referred to in Clause 19.2 if no such notice is served or simultaneously with or at any time after the service of both or either of such notices. 

  
 56 

	19.6	 Notification of Creditor Parties and Security Parties 

The Agent shall send to each Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on
the Borrower under Clause 19.2; but the notice shall become effective when it is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the
Borrower or any Security Party with any form of claim or defence. 
  

	19.7	 Creditor Party rights unimpaired 

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or
the general law; and, in particular, this Clause is without prejudice to Clause 3.1. 
  

	19.8	 Exclusion of Creditor Party liability 

No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:

  

	(a)	 for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance
Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or 

  

	(b)	 as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by
or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset, 

except that this does not exempt a Creditor Party or a receiver or manager from liability for losses shown to have been directly and mainly
caused by gross negligence, the dishonesty or the wilful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such receiver’s or manager’s own partners or employees. 

 

	19.9	 Relevant Persons 

In this Clause 19, a “Relevant Person” means the Borrower or any Security Party. 

 

	19.10	 Interpretation 

In Clause 19.1(f) references to an event of default or a termination event include any event, howsoever described, which is similar to an event
of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g) “petition” includes an application. 
  

	20	 FEES AND EXPENSES 

 

	20.1	 Structuring and commitment fees 

The Borrower shall pay to the Agent: 
  

	(a)	 a non-refundable structuring fee in the amount of $107,100 which shall
be due and payable to the Agent (for its own account) on the earliest of (i) the Drawdown Date, (ii) the last day of the Availability Period and (iii) the date of cancellation of the Total Commitment; and 

 

	(b)	 a non-refundable commitment fee, at the rate of 1.00 per cent. per
annum on the undrawn or uncancelled amount of the Total Commitments, payable quarterly in arrears for distribution among the Lenders pro rata to their Commitments, during the period from (and including) the date of this Agreement to the earlier of
(i) the Drawdown Date and (ii) the last day of the Availability Period (and on the last day of such period). 

  
 57 

	20.2	 Costs of negotiation, preparation etc. 

The Borrower shall pay to the Agent on its demand the amount of all legal and other expenses incurred by the Agent or the Security Trustee in
connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document. 

 

	20.3	 Costs of variations, amendments, enforcement etc. 

The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned, the amount of all legal and
other expenses incurred by a Creditor Party in connection with: 
  

	(a)	 any amendment or supplement (or any proposal for such an amendment or supplement) requested (or, in the case of
a proposal, made) by or on behalf of the Borrower and relating to a Finance Document or any other Pertinent Document; 

  

	(b)	 any consent, waiver or suspension of rights by the Lenders, the Majority Lenders or the Creditor Party
concerned or any proposal for any of the foregoing requested (or, in the case of a proposal, made) by or on behalf of the Borrower under or in connection with a Finance Document or any other Pertinent Document; 

 

	(c)	 the valuation of any security provided or offered under and pursuant to Clause 15 or any other matter relating
to such security; or 

  

	(d)	 any step taken by the Lender concerned with a view to the preservation, protection, exercise or enforcement of
any rights or Security Interest created by a Finance Document or for any similar purpose including, without limitation, any proceedings to recover or retain proceeds of enforcement or any other proceedings following enforcement proceedings until the
date all outstanding indebtedness to the Creditor Parties under the Finance Documents and any other Pertinent Document is repaid in full. 

There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules
of court or any taxation or other procedure carried out under such rules. 
  

	20.4	 Documentary taxes 

The Borrower shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent’s demand, fully
indemnify each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower to pay such a tax. 
  

	20.5	 Certification of amounts 

A notice which is signed by two officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that
Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate
amount, is due. 

  
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	21	 INDEMNITIES 

  

	21.1	 Indemnities regarding borrowing and repayment of Loan 

The Borrower shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of
all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:

  

	(a)	 The Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than a default by
the Lender claiming the indemnity after the Drawdown Notice has been served in accordance with the provisions of this Agreement; 

  

	(b)	 the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an
Interest Period or other relevant period; 

  

	(c)	 any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance Document on
the due date or, if so payable, on demand (after giving credit for any default interest paid by the Borrower on the amount concerned under Clause 7) including but not limited to any costs and expenses of enforcing any Security Interests created by
the Finance Documents and any claims, liabilities and losses which may be brought against, or incurred by, a Creditor Party when enforcing any Security Interests created by the Finance Documents; and 

 

	(d)	 the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the
acceleration of repayment of the Loan under Clause 19, 

 and in respect of any tax (other than tax on its overall net
income and a FATCA Deduction) for which a Creditor Party is liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 

 

	21.2	 Break Costs 

If a Lender (the “Notifying Lender”) notifies the Agent that as a consequence of receipt or recovery of all or any part of the
Loan (a “Payment”) on a day other than the last day of an Interest Period applicable to the sum received or recovered the Notifying Lender has or will, with effect from a specified date, incur Break Costs: 

 

	(a)	 the Agent shall promptly notify the Borrower of a notice it receives from a Notifying Lender under this Clause
21.2; 

  

	(b)	 the Borrower shall, within five Business Days of the Agent’s demand, pay to the Agent for the account of
the Notifying Lender the amount of such Break Costs; and 

  

	(c)	 the Notifying Lender shall, as soon as reasonably practicable, following a request by the Borrower, provide a
certificate confirming the amount of the Notifying Lender’s Break Costs for the Interest Period in which they accrue, such certificate to be, in the absence of manifest error, conclusive and binding on the Borrower. 

In this Clause 21.2, “Break Costs” means, in relation to a Payment the amount (if any) by which: 

 

	 	(i)	 the interest which the Notifying Lender, should have received in accordance with Clause 5 in respect of the sum
received or recovered from the date of receipt or recovery of such Payment to the last day of the then current Interest Period applicable to the sum received or recovered had such Payment been made on the last day of such Interest Period;

 exceeds 
  

	 	(ii)	 the amount which the Notifying Lender, would be able to obtain by placing an amount equal to such Payment on
deposit with a leading bank in the Relevant Interbank Market for a period commencing on the Business Day following receipt or recovery of such Payment (as the case may be) and ending on the last day of the then current Interest Period applicable to
the sum received or recovered. 

  
 59 

	21.3	 Other breakage costs 

Without limiting its generality, Clause 21.1 covers any claim, expense, liability or loss, including (without limitation) (i) a loss of a
prospective profit, incurred by a Lender in borrowing, liquidating or re-employing deposits from third parties acquired, contracted for or arranged to fund, effect or maintain all or any part of its
Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount) other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the gross negligence
or wilful misconduct of the officers or employees of the Creditor Party concerned and (ii) any applicable legal fees. 
  

	21.4	 Miscellaneous indemnities 

The Borrower shall fully indemnify each Creditor Party severally on their respective demands, without prejudice to any of their other rights
under any of the Finance Documents, in respect of all claims, expenses, liabilities and losses which may be made or brought against or sustained or incurred by a Creditor Party, in any country, as a result of or in connection with: 

 

	(a)	 any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the
Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; 

  

	(b)	 investigating any event which the Creditor Party concerned reasonably believes constitutes an Event of Default
or Potential Event of Default; 

  

	(c)	 acting or relying on any notice, request or instruction which the Creditor Party concerned reasonably believes
to be genuine, correct and appropriately authorised, 

 other than claims, expenses, liabilities and losses which are shown
to have been directly and mainly caused by the dishonesty, gross negligence or wilful misconduct of the officers or employees of the Creditor Party concerned. 
  

	21.5	 Environmental Indemnity 

Without prejudice to the generality of Clause 21.4, this Clause 21.5 covers any claims, demands, proceedings, liabilities, taxes, losses,
liabilities or expenses of every kind which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code or the ISPS Code, any Environmental Law. 

 

	21.6	 Currency indemnity 

If any sum due from the Borrower or any Security Party to a Creditor Party under a Finance Document or under any order, award or judgment
relating to a Finance Document (a “Sum”) has to be converted from the currency in which the Finance Document provided for the Sum to be paid (the “Contractual Currency”) into another currency (the “Payment
Currency”) for the purpose of: 
  

	(a)	 making, filing or lodging any claim or proof against the Borrower or any Security Party, whether in its
liquidation, any arrangement involving it or otherwise; or 

  

	(b)	 obtaining an order, judgment or award from any court or other tribunal in relation to any litigation or
arbitration proceedings; or 

  

	(c)	 enforcing any such order, judgment or award, 

  
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 the Borrower shall as an independent obligation, within three Business Days of demand,
indemnify the Creditor Party to whom that Sum is due against any cost, loss or liability arising when the payment actually received by that Creditor Party is converted at the available rate of exchange back into the Contractual Currency including
any discrepancy between (A) the rate of exchange actually used to convert the Sum from the Payment Currency into the Contractual Currency and (B) the available rate of exchange. 

In this Clause 21.6, the “available rate of exchange” means the rate at which the Creditor Party concerned is able at the
opening of business (London time) on the Business Day after it receives the Sum to purchase the Contractual Currency with the Payment Currency. 

The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in
which it is expressed to be payable. 
 If any Creditor Party receives any Sum in a currency other than the Contractual Currency, the
Borrower shall indemnify in full the Creditor Party concerned against any cost, loss or liability arising directly or indirectly from any conversion of such Sum to the Contractual Currency. 

This Clause 21.6 creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and
which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.7	 Certification of amounts 

A notice which is signed by two officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that
Creditor Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate
amount, is due. 
  

	21.8	 Sums deemed due to a Lender 

For the purposes of this Clause 21, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to a Lender shall be
treated as a sum due to that Lender. 
  

	22	 NO SET-OFF OR TAX DEDUCTION 

 

	22.1	 No deductions 

All amounts due from the Borrower under a Finance Document shall be paid: 

 

	(a)	 without any form of set-off, counter-claim, cross-claim or condition;
and 

  

	(b)	 free and clear of any tax deduction except a tax deduction which the Borrower is required by law to make.

  

	22.2	 Grossing-up for taxes 

If, at any time, the Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a
Finance Document: 
  

	(a)	 the Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

 

	(b)	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the
making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such
tax deduction been required to be made; and 

  
 61 

	(c)	 the Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority
promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises. 

  

	22.3	 Indemnity and evidence of payment of taxes 

The Borrower shall fully indemnify each Creditor Party on the Agent’s demand in respect of all claims, expenses, liabilities and losses
incurred by any Creditor Party by reason of any failure of the Borrower to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 22.2. Within 30 days after making any
tax deduction, the Borrower shall deliver to the Agent any receipts, certificates or other documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority. 

 

	22.4	 Exclusion of tax on overall net income 

In this Clause 22 “tax deduction” means any deduction or withholding from any payment due under a Finance Document for or on
account of any present or future tax except: 
  

	(a)	 tax on a Creditor Party’s overall net income; and 

 

	(b)	 a FATCA Deduction. 

  

	22.5	 FATCA Information 

 

	(a)	 Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by
another Party: 

  

	 	(i)	 confirm to that other Party whether it is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; and 

 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation or exchange of information regime. 

  

	(b)	 If a Party confirms to another Party pursuant to sub-paragraph
(i) of paragraph (a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

 

	(c)	 Paragraph (a) above shall not oblige any Creditor Party to do anything and
sub-paragraph (iii) of paragraph (a) above shall not oblige any other Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

  
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	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with sub-paragraphs (i) or (ii) of paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall
be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

  

	(e)	 If a Lender knows or has reason to know that the Borrower is a US Tax Obligor, or where the Agent reasonably
believes that its obligations under FATCA require it, each Lender shall, within ten Business Days of: 

  

	 	(i)	 where the Lender knows or has reason to know that the Borrower is a US Tax Obligor and the relevant Lender is a
Party as at the date of this Agreement, the date of this Agreement; 

  

	 	(ii)	 where the Lender knows or has reason to know that the Borrower is a US Tax Obligor and the relevant Lender
became a Party after the date of this Agreement, the date on which the relevant Transfer Certificate became effective; or 

  

	 	(iii)	 the date of a request from the Agent, 

supply to the Agent: 
  

	 	(iv)	 a withholding certificate on US Internal Revenue Service Form W-8 or
Form W-9 (or any successor form) (as applicable); or 

  

	 	(v)	 any withholding statement and other documentation, authorisations and waivers as the Agent may require to
certify or establish the status of such Lender under FATCA. 

 The Agent shall provide any withholding certificate,
withholding statement, documentation, authorisations and waivers it receives from a Lender pursuant to this paragraph (e) to the Borrower, to the extent required for compliance with FATCA or any other law or regulation, and shall be entitled to
rely on any such withholding certificate, withholding statement, documentation, authorisations and waivers provided without further verification. The Agent shall not be liable for any action taken by it under or in connection with this paragraph
(e). 
  

	(f)	 Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations
and waivers provided to the Agent pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or
promptly notify the Agent in writing of its legal inability to do so. The Agent shall provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrower, to the extent required for
compliance with FATCA or any other law or regulation. The Agent shall not be liable for any action taken by it under or in connection with this paragraph (f). 

 

	22.6	 FATCA Deduction 

 

	(a)	 Each Party may make any FATCA Deduction as it reasonably determines it is required to make by FATCA, and any
payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

  

	(b)	 Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrower and the Agent and the Agent shall notify the other Creditor Parties.  

  
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	23	 ILLEGALITY, ETC. 

 

	23.1	 Illegality 

This Clause 23 applies if a Lender (the “Notifying Lender”) notifies the Agent that it has become, or will with effect from a
specified date, become: 
  

	(a)	 unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	(b)	 contrary to, or inconsistent with, any regulation, 

for the Notifying Lender to perform, maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
Agreement or to fund or maintain the Loan. 
  

	23.2	 Notification of illegality 

The Agent shall promptly notify the Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1
which the Agent receives from the Notifying Lender. 
  

	23.3	 Prepayment; termination of Commitment 

On the Agent notifying the Borrower under Clause 23.2, the Notifying Lender’s Commitment shall be immediately cancelled; and thereupon or,
if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrower shall prepay the Notifying Lender’s Contribution on the last day of the then
current Interest Period in accordance with Clauses 8.10 and 8.11. 
  

	24	 INCREASED COSTS 

 

	24.1	 Increased costs 

This Clause 24 applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a
result of: 
  

	(a)	 the introduction or alteration after the date of this Agreement of a law or an alteration after the date of
this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on the Lender’s overall net income); or 

 

	(b)	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which
affects the manner in which the Notifying Lender allocates capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement; or

  

	(c)	 the implementation or application of or compliance with the “International Convergence of Capital
Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (the “Basel II Accord”) or any other law or
regulation implementing the Basel II Accord or any of the approaches provided for and allowed to be used by banks under or in connection with the Basel II Accord, in each case when compared to the cost of complying with such regulations as
determined by the Agent (or parent company of it) on the date of this Agreement (whether such implementation, application or compliance is by a government, regulator, supervisory authority, the Notifying Lender or its holding company); or

  
 64 

	(d)	 the implementation or application of or compliance with Basel III or any law or regulation which implements or
applies Basel III (regardless of the date on which it is enacted, adopted or issued and regardless of whether any such implementation, application or compliance is by a government, regulator, the Notifying Lender or any of its affiliates),

 the Notifying Lender (or a parent company of it) has incurred or will incur an “increased cost”. 

 

	24.2	 Meaning of “increased cost” 

In this Clause 24, “increased cost” means, in relation to a Notifying Lender: 

 

	(a)	 an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having
entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or
other unpaid sums; 

  

	(b)	 a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective
return which such a payment represents to the Notifying Lender or on its capital; 

  

	(c)	 an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class
of advances formed by or including the Notifying Lender’s Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or 

 

	(d)	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received
or receivable by the Notifying Lender under this Agreement, 

 but not an item attributable to a change in the rate of tax
on the overall net income of the Notifying Lender (or a parent company of it) or an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or a FATCA Deduction required to be made by a Party. 

For the purposes of this Clause 24.2 the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and
liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate. 
  

	24.3	 Notification to Borrower of claim for increased costs 

The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under
Clause 24.1. 
  

	24.4	 Payment of increased costs 

The Borrower shall pay to the Agent, within 5 Business Days after the Agent’s demand, for the account of the Notifying Lender the amounts
which the Agent from time to time notifies the Borrower that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 
  

	24.5	 Notice of prepayment 

If the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrower may give
the Agent not less than 14 days’ notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period. 

  
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	24.6	 Prepayment; termination of Commitment 

A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower’s notice of intended
prepayment; and: 
  

	(a)	 on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled;
and 

  

	(b)	 on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or
penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin and the Mandatory Cost (if any). 

 

	24.7	 Application of prepayment 

Clause 8 shall apply in relation to the prepayment. 
  

	25	 SET-OFF 

 

	25.1	 Application of credit balances 

Each Creditor Party may without prior notice to the Borrower but with prior notice to the Agent: 

 

	(a)	 apply any balance (whether or not then due) which at any time stands to the credit of any account in the name
of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrower to that Creditor Party under any of the Finance Documents; and 

 

	(b)	 for that purpose: 

  

	 	(i)	 break, or alter the maturity of, all or any part of a deposit of the Borrower; 

 

	 	(ii)	 convert or translate all or any part of a deposit or other credit balance into Dollars; and

  

	 	(iii)	 enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party
concerned considers appropriate. 

  

	25.2	 Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition
to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document). 

 

	25.3	 Sums deemed due to a Lender 

For the purposes of this Clause 25, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to, or for the account
of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender. 

 

	25.4	 No Security Interest 

This Clause 25 gives the Creditor Parties a contractual right of set-off only, and does not create any
equitable charge or other Security Interest over any credit balance of the Borrower. 
  

	26	 TRANSFERS AND CHANGES IN LENDING OFFICES 

 

	26.1	 Transfer by Borrower 

The Borrower may not assign or transfer any of its rights, liabilities or obligations under any Finance Document. 

  
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	26.2	 Transfer by a Lender 

Subject to Clause 26.4, a Lender (the “Transferor Lender”) may at any time, without the consent of the Borrower or any
Security Party, but after consultation with the Borrower, cause: 
  

	(a)	 its rights in respect of all or part of its Contribution; or 

 

	(b)	 its obligations in respect of all or part of its Commitment; or 

 

	(c)	 a combination of (a) and (b); or 

 

	(d)	 all or part of its credit risk under this Agreement and the other Finance Documents, 

to be syndicated to or, (in the case of its rights) assigned, pledged or transferred to, or (in the case of its obligations) pledged or assumed
by, any other bank or financial institution or to a trust, fund or other entity, provided such other entity is regularly engaged in, or established for the purpose of, making, purchasing or investing in loans, securities or other financial assets (a
“Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 5 with any modifications approved or required by the Agent (a “Transfer Certificate”) executed by the
Transferor Lender and the Transferee Lender. 
 However, any rights and obligations of the Transferor Lender in its capacity as Agent or
Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Agreement. 
 All costs and expenses relating
to a transfer effected pursuant to this Clause 26.2 shall be borne by the Transferee Lender. 
  

	26.3	 Transfer Certificate, delivery and notification 

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the
Transfer Certificate may be defective): 
  

	(a)	 sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee and
each of the other Lenders; 

  

	(b)	 on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes notifying
them of the Transfer Certificate and attaching a copy of it; and 

  

	(c)	 send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above.

  

	26.4	 Effective Date of Transfer Certificate 

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that
it is signed by the Agent under Clause 26.3 on or before that date. 
  

	26.5	 No transfer without Transfer Certificate 

Except as provided in Clause 26.17, no assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on,
or effective in relation to, the Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

  
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	26.6	 Lender re-organisation 

However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all
its rights or obligations vest in another person (the “successor”), the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender only upon receipt by the Agent of a notice to
this effect and evidence that all rights and obligations have automatically and by operation of law vested in the successor by virtue of the merger, de-merger or other reorganisation, without the need for the
execution and delivery of a Transfer Certificate; the Agent shall in that event inform the Borrower and the Security Trustee accordingly. 
  

	26.7	 Effect of Transfer Certificate 

A Transfer Certificate takes effect in accordance with English law as follows: 

 

	(a)	 to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent)
which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrower or any Security
Party had against the Transferor Lender; 

  

	(b)	 the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate;

  

	(c)	 the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a
Commitment of an amount specified in the Transfer Certificate; 

  

	(d)	 the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the
Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee
Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them; 

  

	(e)	 any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date
ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor’s title and any rights or equities of the Borrower or any Security Party against
the Transferor Lender had not existed; 

  

	(f)	 the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to
the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be
entitled to them; and 

  

	(g)	 in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any
misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the
original Lender would have incurred a loss of that kind or amount. 

 The rights and equities of the Borrower or any
Security Party referred to above include, but are not limited to, any right of set off and any other kind of cross-claim. 

  
 68 

	26.8	 Maintenance of register of Lenders 

During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative
details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for
inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least three Business Days’ prior notice. 
  

	26.9	 Reliance on register of Lenders 

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the
amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents. 

 

	26.10	 Authorisation of Agent to sign Transfer Certificates 

The Borrower, the Security Trustee and each Lender irrevocably authorises the Agent to sign Transfer Certificates on its behalf. The Borrower
and each Security Party irrevocably agree to the transfer procedures set out in this Clause 26 and to the extent the cooperation of the Borrower and/or any Security Party shall be required to effect any such transfer, the Borrower and such Security
Party shall take all necessary steps to afford such cooperation Provided that this shall not result in any additional costs to the Borrower or such Security Party. 
  

	26.11	 Sub-participation; subrogation assignment 

A Lender may sub-participate or include in a securitisation or similar transaction all or any part of
its rights and/or obligations under or in connection with the Finance Documents without the Borrower’s prior consent and without serving a notice thereon; the Lenders may assign without the Borrower’s prior consent but after consultation
with the Borrower, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them. 

 

	26.12	 Sub-division, split, modification or re-tranching

 Any Lender may, in its sole discretion, sub-divide, split, sever, modify or re-tranche its Contribution into one or more parts subject to the overall cost of its Contribution to the Borrower remaining unchanged, if such changes are necessary in order to achieve a successful execution of a
securitisation, syndication or any other capital market exit in respect of its Contribution (or any applicable part thereof). 
  

	26.13	 Disclosure of information 

A Lender may, without the prior consent of the Borrower, the Corporate Guarantor or any other Security Party, disclose to a potential
Transferee Lender or sub participant as well as, where relevant, to rating agencies, trustees and accountants, any financial or other information which that Lender has received in relation to the Loan, the Borrower, the Corporate Guarantor and any
other Security Party or their affairs and collateral or security provided under or in connection with any Finance Document, their financial circumstances and any other information whatsoever, as that Lender may deem reasonably necessary or
appropriate in connection with the potential syndication, the assessment of the credit risk and the ongoing monitoring of the Loan by any potential Transferee Lender and that Lender shall be released from its obligation of secrecy and from banking
confidentiality. 

  
 69 

 In the event any such potential Transferee Lender,
sub-participant, rating agency, trustee or accountant is not already bound by any legal obligation of secrecy or banking confidentiality, the Lender concerned may only give, disclose or reveal such information
as the Corporate Guarantor is entitled to disclose by rules and regulations of the SEC and the New York Stock Exchange applicable to the Corporate Guarantor and shall require such other party to sign a confidentiality agreement. The Borrower shall,
and shall procure that the Corporate Guarantor and any other Security Party shall: 
  

	(a)	 provide the Creditor Parties (or any of them) with all information deemed, reasonably, necessary by the
Creditor Parties (or any of them) for the purposes of any transfer, syndication or sub-participation to be effected pursuant to this Clause 26; 

 

	(b)	 procure that the directors and officers of the Borrower, the Corporate Guarantor or any other Security Party,
are available to participate in any meeting with any Transferee Lender or any rating agency at such times and places as the Creditor Parties may reasonably request following prior notice (to be served on the Borrower reasonably in advance) to the
Borrower, the Corporate Guarantor or that Security Party; and 

  

	(c)	 permit any Transferee Lender to board the Ship at all reasonable times and locations to inspect its condition
in accordance with Clause 14.8. 

  

	26.14	 Confidentiality 

Any publicity regarding the Loan or any of the terms thereof shall be agreed in advance by the Corporate Guarantor and the Agent (acting on the
instructions of the Majority Lenders) unless otherwise required in connection with the Corporate Guarantor’s reporting obligations under or in connection with the rules and regulations of the SEC and the New York Stock Exchange applicable to
the Corporate Guarantor. 
  

	26.15	 Change of lending office 

A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of: 

 

	(a)	 the date on which the Agent receives the notice; and 

 

	(b)	 the date, if any, specified in the notice as the date on which the change will come into effect.

  

	26.16	 Notification 

On receiving such a notice, the Agent shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall
be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice. 
  

	26.17	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from,
the Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender
including, without limitation: 
  

	(a)	 any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank;
and 

  

	(b)	 in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any
holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities; 

  
 70 

 except that no such charge, assignment or Security Interest shall: 

 

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by the Borrower or any Security Party or grant to any person any more extensive
rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	26.18	 Replacement of a Reference Bank 

If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 then, unless
the Borrower, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrower, shall appoint another bank (whether or not a Lender) to be a replacement Reference
Bank; and, when that appointment comes into effect, the first-mentioned Reference Bank’s appointment shall cease to be effective. 
  

	26.19	 Securitisation 

The Borrower shall, and the Borrower shall procure that each Security Party will, assist the Agent and/or any Lender in achieving a successful
securitisation (or similar transaction) in respect of the Loan and the Finance Documents and such Security Party’s reasonable costs for providing such assistance shall be met by the relevant Lender. 

 

	26.20	 No additional costs 

If a Transferor Lender assigns or transfers any of its rights or obligations under the Finance Documents and as a result of circumstances
existing at the date the assignment or transfer occurs, the Borrower or a Security Party would be obliged to make a payment to the Transferee Lender under Clause 22.2 or under that clause as incorporated by reference or in full in any other Finance
Document, then the Transferee Lender is only entitled to receive payment under that clause to the same extent as the Transferor Lender would have been if the assignment or transfer had not occurred. 

 

	27	 VARIATIONS AND WAIVERS 

 

	27.1	 Required consents 

 

	(a)	 Subject to Clause 27.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the
consent of the Majority Lenders and the Borrower and any such amendment or waiver will be binding on all Creditor Parties and the Borrower. 

  

	(b)	 Any instructions given by the Majority Lenders will be binding on all the Creditor Parties.

  

	(c)	 The Agent may effect, on behalf of any Creditor Party, any amendment or waiver permitted by this Clause.

  

	27.2	 Exceptions 

  

	(a)	 An amendment or waiver that has the effect of changing or which relates to: 

 

	 	(i)	 the definition of “Majority Lenders” or “Finance Documents” in Clause 1.1 (Definitions);

  

	 	(ii)	 an extension to the date of payment of any amount under the Finance Documents; 

  
 71 

	 	(iii)	 a reduction in the Margin or a reduction in the amount of any payment of principal, interest fees, commission
or other amount payable under any of the Finance Documents; 

  

	 	(iv)	 an increase in or an extension of any Lender’s Commitment; 

 

	 	(v)	 any provision which expressly requires the consent of all the Lenders; 

 

	 	(vi)	 Clause 3 (Position of the Lenders), Clause 11.5 (Information provided to be accurate), Clause 11.6 (Provision
of financial statements), Clause 11.7 (Form of financial statements), Clause 11.16 (Provision of Further Information), Clause 26 (Transfers and Changes in Lending Offices) or this Clause 27.2; 

 

	 	(vii)	 any release of any Security Interest, guarantee, indemnities or subordination arrangement created by any
Finance Document; 

  

	 	(viii)	 any change of the currency in which the Loan is provided or any amount is payable under any of the Finance
Documents; 

  

	 	(ix)	 an extension of the Availability Period; or 

 

	 	(x)	 a change in Clauses 16.4 (Distribution of payment to Creditor Parties) or 22
(Grossing-up), 

 may not be effected without the prior written consent of all
Lenders. 
  

	(b)	 An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or the Security
Trustee may not be effected without the consent of the Agent, the Arranger or the Security Trustee, as the case may be. 

  

	27.3	 Exclusion of other or implied variations 

Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and, subject to Clause 27.4, no act, course of
conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any
of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 
  

	(a)	 a provision of this Agreement or another Finance Document; or 

 

	(b)	 an Event of Default; or 

 

	(c)	 a breach by the Borrower or a Security Party of an obligation under a Finance Document or the general law; or

  

	(d)	 any right or remedy conferred by any Finance Document or by the general law, 

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or
remedy to be exercised, within a certain or reasonable time. 
  

	27.4	 Deemed consent 

With respect to any amendment, variation, waiver, suspension or limit requested by any Party and which requires the approval of all the Lenders
or the Majority Lenders (as the case may be), the Agent shall provide each Lender with written notice of such request accompanied by such detailed background information as may be reasonably necessary (in the opinion of the

  
 72 

 
Agent) to determine whether to approve such action. A Lender shall be deemed to have approved such action if such Lender fails to object to such action by written notice to the Agent within 10
days of that Lender’s receipt of the Agent’s notice or such other time as the Agent may state in the relevant notice as being the time available for approval of such action. 

 

	28	 NOTICES 

  

	28.1	 General 

Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and
references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly. 
  

	28.2	 Addresses for communications 

A notice by letter or fax shall be sent: 
  

					
	(a)	 	to the Borrower:	 	c/o Navios Shipmanagement Inc.
		 		 	85 Akti Miaouli Street
		 		 	Piraeus 185 38
		 		 	Greece
			
		 		 	Fax No: +30 210 417 2070
			
	(b)	 	to a Lender:	 	At the address below its name in Schedule 1 or (as
		 		 	the case may require) in the relevant Transfer
		 		 	Certificate.
			
	(c)	 	to the Agent and Security Trustee:	 	
			
		 	for general matters:	 	HSH Nordbank AG
		 		 	UB 25 Shipping
		 		 	Shipping Clients International
		 		 	Gerhart-Hauptmann-Platz 50
		 		 	20095 Hamburg
		 		 	Germany
			
		 		 	Fax No: +49 40 3333 34001
			
		 	for credit administrative matters:	 	HSH Nordbank AG
		 		 	Loan and Collateral Management
		 		 	Shipping International
		 		 	Gerhart-Hauptmann-Platz 50
		 		 	20095 Hamburg
		 		 	Germany
			
		 		 	Fax No: +49 40 3333 34118,

 or to such other address as the relevant Party may notify the Agent or, if the relevant Party is the Agent or
the Security Trustee, the Borrower, the Lenders and the Security Parties. 

  
 73 

	28.3	 Effective date of notices 

Subject to Clauses 28.4 and 28.5: 
  

	(a)	 a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the
time when it is delivered; and 

  

	(b)	 a notice which is sent by fax shall be deemed to be served, and shall take effect, two hours after its
transmission is completed. 

  

	28.4	 Service outside business hours 

However, if under Clause 28.3 a notice would be deemed to be served: 
  

	(a)	 on a day which is not a business day in the place of receipt; or 

 

	(b)	 on such a business day, but after 5 p.m. local time, 

the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business
day. 
  

	28.5	 Illegible notices 

Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within one hour after the time at which the notice would
otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 
  

	28.6	 Valid notices 

A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not
comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 
  

	(a)	 the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the
case may be, has not caused any party to suffer any significant loss or prejudice; or 

  

	(b)	 in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which
the notice was served what the correct or missing particulars should have been. 

  

	28.7	 Electronic communication 

Any communication from the Agent or the other Creditor Parties made by electronic means will be sent unsecured and without electronic
signature, however, the Borrower may request the Agent and the other Creditor Parties at any time in writing to change the method of electronic communication from unsecured to secured electronic mail communication. 

The Borrower hereby acknowledges and accepts the risks associated with the use of unsecured electronic mail communication including, without
limitation, risk of delay, loss of data, confidentiality breach, forgery, falsification and malicious software. The Agent and the other Creditor Parties shall not be liable in any way for any loss or damage or any other disadvantage suffered by the
Borrower resulting from such unsecured electronic mail communication. 
 If the Borrower or any other Security Party wish to cease all
electronic communication, they shall give written notice to the Agent and the other Creditor Parties accordingly after receipt of which notice the Parties shall cease all electronic communication. 

  
 74 

 For as long as electronic communication is an accepted form of communication, the Parties
shall: 
  

	(a)	 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 

  

	(b)	 notify each other of any change to their respective addresses or any other such information supplied to them;
and 

 in case electronic communication is sent to recipients with the domain <domain with ending>, the parties shall
without undue delay inform each other if there are changes to the said domain or if electronic communication shall thereafter be sent to individual e-mail addresses. 

 

	28.8	 English language 

Any notice under or in connection with a Finance Document shall be in English. 

 

	28.9	 Meaning of “notice” 

In this Clause 28, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

  

	29	 SUPPLEMENTAL 

  

	29.1	 Rights cumulative, non-exclusive 

The rights and remedies which the Finance Documents give to each Creditor Party are: 

 

	(a)	 cumulative; 

  

	(b)	 may be exercised as often as appears expedient; and 

 

	(c)	 shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any
right or remedy conferred by any law. 

  

	29.2	 Severability of provisions 

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 
  

	29.3	 Counterparts 

A Finance Document may be executed in any number of counterparts. 
  

	29.4	 Third party rights 

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
benefit of any term of this Agreement. 
  

	29.5	 Benefit and binding effect 

The terms of this Agreement shall be binding upon, and shall enure to the benefit of, the Parties and their respective (including subsequent)
successors and permitted assigns and transferees. 

  
 75 

	30	 LAW AND JURISDICTION 

 

	30.1	 English law 

This Agreement and any non-contractual obligations arising out of or in connection with it shall be
governed by, and construed in accordance with, English law. 
  

	30.2	 Exclusive English jurisdiction 

Subject to Clause 30.3, the courts of England shall have exclusive jurisdiction to settle any Dispute. 

 

	30.3	 Choice of forum for the exclusive benefit of the Creditor Parties 

Clause 30.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 

 

	(a)	 to commence proceedings in relation to any Dispute in the courts of any country other than England and which
have or claim jurisdiction to that Dispute; and 

  

	(b)	 to commence such proceedings in the courts of any such country or countries concurrently with or in addition to
proceedings in England or without commencing proceedings in England. 

 The Borrower shall not commence any proceedings in
any country other than England in relation to a Dispute. 
  

	30.4	 Process agent 

The Borrower irrevocably appoints HFW Nominees Limited, at its registered office for the time being, presently at 65 Crutched Friars, London
EC3N 2AE England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a Dispute. 

 

	30.5	 Creditor Party rights unaffected 

Nothing in this Clause 30 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an
international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 

 

	30.6	 Meaning of “proceedings” and “Dispute” 

In this Clause 30, “proceedings” means proceedings of any kind, including an application for a provisional or protective
measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement) or any
non-contractual obligation arising out of or in connection with this Agreement. 
 THIS AGREEMENT has been
entered into on the date stated at the beginning of this Agreement. 

  
 76 

 EXECUTION PAGES 

BORROWER 
  

					
	 SIGNED by
	 	)	  	
	 	 	)	  	 /s/ EFSTRATIOS CAMATSOS

	 for and on behalf of
	 	)	  	
	 RED ROSE SHIPPING CORP.
	 	)	  	
	 in the presence of:
	 	)	  	
			
	 AIKATERINA DIMITRIOU
	 		  	
	 WATSON FARLEY & WATSON
	 		  	
	 348 SYNGROU AVENUE
	 		  	
	 17674 KALLITHEA
	 		  	
	 ATHENS, GREECE
	 		  	
			
	 LENDERS
	 		  	
			
	 SIGNED by
	 	)	  	
	 	 	)	  	 /s/ CHRISTINA ECONOMIDES

	 for and on behalf of
	 	)	  	
	 HSH NORDBANK AG
	 	)	  	
	 in the presence of:
	 	)	  	
			
	 AIKATERINA DIMITRIOU
	 		  	
	 WATSON FARLEY & WATSON
	 		  	
	 348 SYNGROU AVENUE
	 		  	
	 17674 KALLITHEA
	 		  	
	 ATHENS, GREECE
	 		  	
			
	 AGENT
	 		  	
			
	 SIGNED by
	 	)	  	
	 	 	)	  	 /s/ CHRISTINA ECONOMIDES

	 for and on behalf of
	 	)	  	
	 HSH NORDBANK AG
	 	)	  	
	 in the presence of:
	 	)	  	
			
	 AIKATERINA DIMITRIOU
	 		  	
	 WATSON FARLEY & WATSON
	 		  	
	 348 SYNGROU AVENUE
	 		  	
	 17674 KALLITHEA
	 		  	
	 ATHENS, GREECE
	 		  	
			
	 MANDATED LEAD ARRANGER
	 		  	
			
	 SIGNED by
	 	)	  	
	 	 	)	  	 /s/ CHRISTINA ECONOMIDES

	 for and on behalf of
	 	)	  	
	 HSH NORDBANK AG
	 	)	  	
	 in the presence of:
	 	)	  	
			
	 AIKATERINA DIMITRIOU
	 		  	
	 WATSON FARLEY & WATSON
	 		  	
	 348 SYNGROU AVENUE
	 		  	
	 17674 KALLITHEA
	 		  	
	 ATHENS, GREECE
	 		  	

  
 77 

 SECURITY TRUSTEE 
  

					
	 SIGNED by
	 	)	  	
	 	 	)	  	 /s/ CHRISTINA ECONOMIDES

	 for and on behalf of
	 	)	  	
	 HSH NORDBANK AG
	 	)	  	
	 in the presence of:
	 	)	  	

 AIKATERINA DIMITRIOU 

WATSON FARLEY & WATSON 
 348 SYNGROU AVENUE

 17674 KALLITHEA 
 ATHENS, GREECE 

  
 78

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