Document:

EXHIBIT
  4.1

 

Execution
Copy 

 

 

 

 

 

 

 

AMENDED AND RESTATED

RECEIVABLES PURCHASE
AGREEMENT

 

 

 

between

 

 

 

 

BARCLAYS
BANK DELAWARE

 

 

 

and

 

 

 

BARCLAYS
Dryrock Funding LLC

 

 

 

Dated as of August
1, 2012

As amended and restated
as of December 17, 2013

 

 

 

BARCLAYS
Dryrock Issuance Trust

 

 

    	 

    	 

    

Table of Contents 

 

	 	 	Page
	ARTICLE I	DEFINITIONS	1
	Section 1.01	Definitions	1
	Section 1.02	Other Definitional Provisions	9
	 	 	 
	ARTICLE II	PURCHASE AND CONVEYANCE OF RECEIVABLES	11
	Section 2.01	Purchase	11
	Section 2.02	Addition of Additional Accounts	12
	Section 2.03	Removal and Deletion of Accounts and Removed Accounts	13
	Section 2.04	Additional Approved Portfolios; Portfolio Limits	14
	 	 	 
	ARTICLE III	CONSIDERATION AND PAYMENT	16
	Section 3.01	Purchase Price	16
	Section 3.02	Adjustments to Purchase Price	17
	Section 3.03	Use of Name, Logo and Marks	17
	 	 	 
	ARTICLE IV	REPRESENTATIONS AND WARRANTIES	18
	Section 4.01	Representations and Warranties of the Seller Relating to the Seller	18
	Section 4.02	Representations and Warranties of the Seller Relating to this Agreement and the Receivables	19
	Section 4.03	Representations and Warranties of Dryrock Funding	21
	 	 	 
	ARTICLE V	COVENANTS	23
	Section 5.01	Covenants of the Seller	23
	 	 	 
	ARTICLE VI	REPURCHASE OBLIGATION	26
	Section 6.01	Reassignment of Ineligible Receivables	26
	Section 6.02	Reassignment of Other Receivables	26
	Section 6.03	Reassignment of Terminated Co-branding Agreement Receivables	27
	 	 	 
	ARTICLE VII	CONDITIONS PRECEDENT	28
	Section 7.01	Conditions to Dryrock Funding’s Obligations Regarding Initial Receivables	28
	Section 7.02	Conditions Precedent to the Seller’s Obligations	28
	 	 	 
	ARTICLE VIII	TERM AND PURCHASE TERMINATION	30
	Section 8.01	Term	30
	Section 8.02	Purchase Termination	30
	 	 	 
	ARTICLE IX	MISCELLANEOUS PROVISIONS	31
	Section 9.01	Amendment	31
	Section 9.02	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	31
	Section 9.03	Notices	32

    

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	Section 9.04	Severability of Provisions	33
	Section 9.05	Assignment	33
	Section 9.06	Acknowledgement and Agreement of the Seller	33
	Section 9.07	Further Assurances	34
	Section 9.08	No Waiver; Cumulative Remedies	34
	Section 9.09	Counterparts	34
	Section 9.10	Binding; Third-Party Beneficiaries	34
	Section 9.11	Merger and Integration	34
	Section 9.12	Headings	34
	Section 9.13	Schedules and Exhibits	34
	Section 9.14	Survival of Representations and Warranties	35
	Section 9.15	Non-petition Covenant	35
	 	 	 
	 	 	 
	EXHIBITS	 	 
	Exhibit A	Form of Supplemental Conveyance	 

 

 

 

 

    

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AMENDED AND
RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (this “Agreement”),
by and between BARCLAYS BANK DELAWARE (“BBD”), a Delaware banking
corporation (together with its permitted successors and assigns, the “Seller”), and BARCLAYS Dryrock
Funding LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Dryrock
Funding”).

W I T N E
S S E T H:

WHEREAS, Dryrock
Funding desires to purchase, from time to time, certain Receivables (each capitalized term as hereinafter defined) existing or
arising in designated credit card accounts of the Seller;

WHEREAS, the
Seller desires to sell and assign, from time to time, certain Receivables to Dryrock Funding upon the terms and conditions hereinafter
set forth;

WHEREAS, it
is contemplated that the Receivables purchased hereunder will be transferred by Dryrock Funding to the Trust under and in accordance
with the terms of the Transfer Agreement in connection with the issuance of notes secured by the Receivables;

WHEREAS, the
Seller agrees that all representations, warranties, covenants and agreements made by the Seller herein with respect to the Accounts
and the Receivables shall be assigned by Dryrock Funding for the benefit of the Trust, the Owner Trustee, the Indenture Trustee
and the Noteholders;

WHEREAS, it
is contemplated that this Agreement will define the contractual rights and responsibilities of the Seller and Dryrock Funding,
including, but not limited to, representations and warranties, ongoing disclosure requirements and measures to avoid conflicts
of interest;

WHEREAS, it
is contemplated that this Agreement will provide authority for BBD to fulfill its duties and exercise its rights as the Seller
under this Agreement separate and apart from its duties and rights as servicer, administrator or any other role or capacity which
it shall assume in connection with the issuance of notes secured by the Receivables; and

WHEREAS, the
Seller and Dryrock Funding agree to and do hereby amend and restate the Agreement to read in its entirety as set forth herein.

NOW, THEREFORE,
it is hereby agreed by and between the Seller and Dryrock Funding as follows:

ARTICLE
I

DEFINITIONS

Section 1.01     
Definitions. Whenever used in this Agreement, the following words and phrases shall have
the following meanings:

“Account”
means (a) each Initial Account, (b) each Additional Account (but only from and after the Addition Date with respect
thereto), and (c) each Related Account. The term “Account” shall exclude (i) any Deleted Account, (ii) any
Removed Account and (iii) any

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Account all the Receivables of
which are reassigned to the Seller pursuant to Section 6.01 or Section 6.02. Further, the term Account
shall exclude any account in any private label credit card program unless such private label credit card program is designated
as an Approved Portfolio pursuant to Section 2.04.

“Account
Agreement” means, with respect to an Account or a Removed Account, the agreement
by and between the Seller and any Person governing the terms and conditions of such Account or Removed Account, as such agreement
may be amended, restated, supplemented or otherwise modified from time to time.

“Account
Guidelines” means the established policies and procedures of the Seller, (a) relating
to the operation of its credit card business, which generally are applicable to its portfolio of similar accounts, including the
policies and procedures for determining the creditworthiness of customers and the extension of charge privileges to customers,
and (b) relating to the maintenance of accounts and collection of receivables, in each case as such policies and procedures
may be amended, restated, supplemented or otherwise modified from time to time.

“Addition
Date” means, with respect to Additional Accounts, the date specified as such in the related Supplemental Conveyance.

“Additional
Account” means each credit card account in any Approved Portfolio established pursuant
to an Account Agreement by and between the Seller and any Person, which account is designated
pursuant to Section 2.02 to be included as an Account and identified on an account schedule delivered to Dryrock Funding
pursuant to Section 2.01 and Section 2.02, which shall supplement and amend the RPA Account Schedule.

“Affinity
Counterparty” has the meaning specified in Section 6.03(a).

“Affinity
Program” has the meaning specified in Section 6.03(a).

“Agreement”
means this Amended and Restated Receivables Purchase Agreement, as the same may be further amended, restated, supplemented or
otherwise modified from time to time.

“Approved
Portfolio” means (i) any credit card accounts included in a Non Co-branded Portfolio and (ii) any credit card accounts
included in any of the following program portfolios: BJ’s Wholesale Club, Inc.; Apple, Inc.; Black Card, LLC; BlueGreen
Corporation; Barnes & Noble, Inc.; Republic Airways Holdings, Inc.; Virgin America, Inc.; Miles & More International GmbH;
L.L. Bean, Inc.; Priceline.com, Inc.; Princess Cruise Line, Ltd.; Affinity Group, Inc.; Seamiles, LLC and Carnival Cruise Lines,
a subsidiary of Carnival PLC; and US Airways Group, Inc., and (iii) any credit card accounts included in any additional program
portfolio that is designated as an Approved Portfolio pursuant to Section 2.04.

“BBD”
has the meaning specified in the initial paragraph of this Agreement.

“Business
Day” means (a) any day on which dealings in Dollars are carried on in the London interbank market, and (b) any day other
than (x) a Saturday or Sunday or (y) a day on which banks in the State of Delaware,
the State of New York, or such other State in which the principal executive offices of the Seller are located, are authorized
or obligated by law, executive order or governmental decree to be closed.

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“Cash
Advance Fees” means cash advance transaction fees and cash advance late fees, if any, as specified in any Account Agreement.

“Closing
Date” means August 1, 2012.

“Collections”
means all payments (including Insurance Proceeds, Interchange and Recoveries) received in respect of the Receivables, in the form
of cash, checks, wire transfers, electronic transfers, ATM transfers or any other form of payment.

“Conveyance”
has the meaning specified in Section 2.01(a).

“Debtor
Relief Laws” means (a) the United States Bankruptcy Code and (b) all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment of debt,
marshalling of assets, assignment for the benefit of creditors and similar debtor relief laws from time to time in effect in any
jurisdiction affecting the rights of creditors generally or the rights of creditors of banks.

“Defaulted
Receivables” means all Principal Receivables which are charged off as uncollectible in accordance with the Account Guidelines
and the Servicer’s customary and usual servicing procedures for servicing receivables comparable to the Receivables.

“Deleted
Account” means any Account or any Removed Account as to which there are no Receivables thereunder (including Receivables,
such as Defaulted Receivables, that may generate Recoveries).

“Dryrock
Funding” has the meaning specified in the initial paragraph of this Agreement.

“Dollars,”
“$” or “U.S. $” means United States dollars.

“Early
Amortization Event” has the meaning specified in the Transfer Agreement.

“Eligible
Account” means each credit card account in any Approved Portfolio established
pursuant to an Account Agreement by and between the Seller and any Person, which meets the following requirements as of the applicable
Selection Date:

(a)is
a credit card account in existence and maintained with the Seller;

(b)is
payable in Dollars;

(c)has
an Obligor who is not identified by the Seller in its computer files as being involved in a proceeding under any Debtor Relief
Law;

(d)has
an Obligor who has provided, as his or her most recent billing address, an address located in the United States or its territories
or possessions or a United States military address;

(e)has
not been identified as an account with respect to which a related card has been lost or stolen;

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(f)has
not been sold or in which a security interest has been granted by the Seller to any other party;

(g)does
not have any receivables that have been sold or pledged by the Seller to any Person other than Dryrock Funding; and

(h)does
not have any receivables that are Defaulted Receivables or that have been identified by the Seller as having been incurred as
a result of the fraudulent use of a related credit card.

Notwithstanding
the above requirements, Eligible Accounts may include accounts, the receivables of which are Defaulted Receivables, or which have
been identified by the Seller in its computer files as canceled due to a related Obligor’s bankruptcy or insolvency, in
each case as of the related Selection Date; provided,
that (i) the balance of all receivables included in such accounts is reflected on the books and records of the Seller (and
is treated for purposes of this Agreement) as “zero” and (ii) borrowing and charging privileges with respect
to all such accounts have been canceled in accordance with the Account Guidelines applicable thereto and will not be reinstated
by the Seller.

“Eligible
Receivable” means each Receivable:

(a)which
has arisen in an Eligible Account;

(b)which
was created in compliance in all material respects with all Requirements of Law applicable
to the Seller and pursuant to an Account Agreement that complies in all material respects with all Requirements of Law applicable
to the Seller, in either case, the failure to comply with which would have a material adverse effect on Dryrock Funding;

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

(d)as
to which, immediately prior to the sale of such Receivable to Dryrock Funding, the Seller has good and marketable title thereto,
free and clear of all Liens;

(e)which
has been the subject of a valid sale and assignment from the Seller to Dryrock Funding of
all the Seller’s right, title and interest therein (including any proceeds thereof);

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

(g)which,
at the time of the sale of such Receivable to Dryrock Funding, has not been waived or modified
except as permitted in accordance with the Account Guidelines and which waiver or modification is reflected in the Seller’s
computer file;

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(h)which,
at the time of the sale of such Receivable to Dryrock Funding, is not subject to any right of rescission, setoff, counterclaim
or any other defense (including defenses arising out of violations of usury laws) of an Obligor, other than defenses arising out
of applicable Debtor Relief Laws;

(i)as
to which, at the time of the sale of such Receivable to Dryrock Funding, the Seller has satisfied all its obligations required
to be satisfied under the Account Agreement by such time;

(j)as
to which, at the time of the sale of such Receivable to Dryrock Funding, the Seller has not taken any action which would impair,
or omitted to take any action the omission of which would impair, in any material respect the rights of Dryrock Funding therein;
and

(k)which
constitutes an “account” as defined in Article 9 of the UCC as then in effect
in any jurisdiction where the filing of a financing statement is then required to perfect Dryrock Funding’s interest in
such Receivable and the proceeds thereof.

“FDIC”
means the Federal Deposit Insurance Corporation or any successor thereto.

“FDIC
Rule” means 12 C.F.R. §360.6, as it may be amended from time to time and subject to such clarifications and interpretations
as may be provided by the FDIC or the FDIC’s staff from time to time, and any successor thereto.

“Finance
Charge Receivables” means all amounts billed to the Obligors on any Account or any Removed Account in respect of (a) all
Periodic Rate Finance Charges, (b) Cash Advance Fees, (c) annual membership fees and annual service charges, (d) Late
Fees, (e) Overlimit Fees, and (f) all other incidental and miscellaneous fees and charges with respect to the Accounts
or the Removed Accounts.

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

“Indenture”
means the Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013, by
and between the Trust, as issuer, and the Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified
from time to time.

“Indenture
Trustee” means U.S. Bank National Association, in its capacity as indenture trustee under the Indenture, its successors
in interest and any successor indenture trustee under the Indenture.

“Initial
Account” means each credit card account in any Approved Portfolio established pursuant
to an Account Agreement by and between the Seller and any Person, which account is identified in the RPA Account Schedule delivered
to Dryrock Funding on the Closing Date by the Seller pursuant to Section 2.01(e).

“Insolvency
Event” has the meaning specified in Section 8.02.

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“Insurance
Proceeds” means any amounts received pursuant to the payment of benefits under any credit life insurance policies, credit
disability insurance policies or unemployment insurance policies covering any Obligor with respect to Receivables under such Obligor’s
Account or Removed Account.

“Interchange”
means all interchange fees or issuer rate fees payable to the Seller, in its capacity as credit card issuer, through VISA USA,
Inc.®, MasterCard International Incorporated®, American Express Company® or any similar entity in connection with
cardholder charges for goods or services.

“Late
Fees” has the meaning specified in any Account Agreement for late fees or similar terms.

“Lien”
means any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, equity interest,
encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement, or any financing
lease having substantially the same economic effect as any of the foregoing.

“Non
Co-branded Portfolio” means credit card accounts issued by BBD, or an affiliate of
BBD, which (i) bear either the Barclays, Barclaycard, or Juniper brand and not the brand of any other financial or non-financial
organization and (ii) the value proposition and rewards structure of which is not directly tied to or affiliated with an external
brand or loyalty program.

“Note
Rating Agency” means the nationally recognized statistical rating organization or organizations, if any, selected by
Dryrock Funding to rate any securities issued by the Trust.

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

“Noteholder”
means the holder of a note issued pursuant to the Indenture.

“Obligor”
means, with respect to any Account or any Removed Account, the Person or Persons obligated to make payments with respect to such
Account or Removed Account, including any guarantor thereof, but excluding any merchant.

“Officer’s
Certificate” means a certificate delivered to Dryrock Funding signed by any authorized officer of the Seller and which
states that the certifications set forth in such certificate are based upon the results of a due inquiry into the matters in question
conducted by

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or under the supervision of the
signing officer and that the facts stated in such certifications are true and correct to the best of the signing officer’s
knowledge.

“Owner
Trustee” has the meaning specified in the Trust Agreement.

“Overlimit
Fees” has the meaning specified in the Account Agreement for overlimit fees or similar terms if such fees are provided
for in the Account Agreement.

“Periodic
Rate Finance Charges” has the meaning specified in any Account Agreement for finance charges (due to periodic rate)
or similar terms.

“Person”
means any person or entity, including any individual, corporation, limited liability company, partnership (general or limited),
joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Authority, or other entity of
any nature, whether or not a legal entity.

“Principal
Receivables” means all Receivables other than Finance Charge Receivables. In calculating the aggregate amount of Principal
Receivables on any day, the amount of Principal Receivables shall be reduced by the aggregate amount of credit balances in the
Accounts or the Removed Accounts, as applicable, on such day.

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

“Purchase
Price” has the meaning specified in Section 3.01(a).

“Purchase
Price Adjustment” has the meaning specified in Section 3.02.

“Purchase
Price Payment Date” has the meaning specified in Section 3.01(c).

“Purchased
Assets” has the meaning specified in Section 2.01(a).

“Receivables”
means all amounts shown on the Seller’s records as amounts payable by an Obligor on any Account or any Removed Account from
time to time, including amounts payable for Principal Receivables and Finance Charge Receivables.

“Recoveries”
means all amounts received with respect to Receivables which have previously been charged off.

“Related
Account” means an Account in any Approved Portfolio or
a Removed Account with respect to which a new account number has been issued by the Seller (a) in
compliance with the Account Guidelines and the related Account Agreement, (b) to the same Obligor or Obligors of such Account
or Removed Account, and (c) (i) as a result of the credit card with respect to such Account or Removed Account being
lost or stolen; (ii) as a result of the related Obligor requesting a change in his or her billing cycle; (iii) as a
result of the related Obligor requesting the discontinuance of responsibility with respect to such Account or Removed Account;
(iv) as a result of the related Obligor requesting a product change; (v) as a result of the fraudulent use of the credit
card with respect to such Account or Removed Account; or (vi) for any other reasons permitted by the Account Guidelines;
provided, that such Account or Removed Account can be traced or identified by reference to or by way of the code

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designation in the securitization
field of such Account or Removed Account, which code designation is contained in the computer or other records of the Seller used
to generate the RPA Account Schedule.

“Removal
Date” means the date on which an Account becomes a Removed Account.

“Removed
Accounts” has the meaning specified in Section 2.03(a).

“Representative
Sample of Receivables” means a pool of credit card receivables existing in accounts designated by the Seller, which
receivables meet the definition of Eligible Receivables and otherwise have similar characteristics as the Receivables sold to
Dryrock Funding.

“Requirements
of Law” means any law, treaty, rule or regulation, or determination of an arbitrator
or Governmental Authority, whether federal, state or local (including, without limitation, usury laws, the Federal Truth in Lending
Act and Regulation B and Regulation Z of the Board of Governors of the Federal Reserve System), and, when used with
respect to any Person, the certificate of incorporation or formation and by-laws or other organizational or governing documents
of such Person.

“RPA
Account Schedule” means a true and complete list, identified as the RPA Account Schedule, of Accounts and Removed Accounts,
identified by account number and setting forth by supplement, with respect to each Account and each Removed Account, as applicable,
the aggregate amount outstanding in such Account or such Removed Account (a) on the Closing Date (for the RPA Account Schedule
delivered on the Closing Date), and (b) on the applicable Addition Date (for any account schedule delivered on an Addition
Date or any supplement to such account schedule delivered on or prior to the second Business Day following an Addition Date, in
each case which shall supplement and amend the RPA Account Schedule). The RPA Account Schedule may be part of a more comprehensive
account schedule of the Accounts.

“Revolving
Credit Agreement” means the Third Amended and Restated Revolving Credit Agreement, dated as of August 1, 2012,
as amended and restated as of October 5, 2012, December 21, 2012 and December 17, 2013, by and between Dryrock Funding and the
Seller, as amended, restated, supplemented or otherwise modified from time to time.

“Selection
Date” means (a) with respect to each Initial Account, the close of business on the date that is three (3) Business
Days prior to the Closing Date, and (b) with respect to each Additional Account, the close of business on the date specified
as such in the related Supplemental Conveyance.

“Seller”
has the meaning specified in the initial paragraph of this Agreement.

“Servicer”
means the entity acting as Servicer under the Servicing Agreement.

“Servicing
Agreement” means the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended and restated
as of December 17, 2013, by and among Dryrock Funding, the Seller, as Servicer and as Administrator, the Trust, and the Indenture
Trustee, as amended, restated, supplemented or otherwise modified from time to time.

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“Stop
Date” has the meaning specified in Section 2.03(a).

“Supplemental
Conveyance” has the meaning specified in Section 2.02(b)(vii).

“Transfer
Agreement” means the Amended and Restated Transfer Agreement, dated as of August 1, 2012, as amended and restated
as of December 17, 2013, by and among Dryrock Funding, the Trust, and the Indenture Trustee, as amended, restated, supplemented
or otherwise modified from time to time.

“Transfer
Restriction Event” means that the Seller is unable for any reason to transfer Receivables to Dryrock Funding in accordance
with the provisions of this Agreement, including by reason of the application of the provisions in Section 8.02 or
any order of any Governmental Authority.

“Trust”
means the Barclays Dryrock Issuance Trust, a Delaware statutory trust.

“Trust
Agreement” means the Second Amended and Restated Trust Agreement of the Trust, dated as of August 1, 2012, as amended
and restated as of December 17, 2013, by and between Dryrock Funding and the Owner Trustee, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

“UCC”
means the Uniform Commercial Code, as amended from time to time, as in effect in the applicable jurisdiction.

Section 1.02     
Other Definitional Provisions.

(a)               
The terms defined in this Article have the meanings assigned to them in this Article, and, along
with any other term defined in any Section of this Agreement, include the plural as well as the singular and are applicable to
the masculine as well as the feminine and neuter genders of such terms.

(b)              
All terms defined in this Agreement shall have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto unless otherwise defined therein.

(c)               
As used in this Agreement and in any certificate or other document made or delivered pursuant
hereto or thereto, accounting terms not otherwise defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall
have the respective meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise
herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required
or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation.

(d)              
Unless otherwise specified, references to any amount as on deposit or outstanding on any particular
date shall mean such amount at the close of business on such day.

(e)               
The words “hereof,” “herein,” “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular

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provision
of this Agreement; references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to
this Agreement unless otherwise specified; and the term “including” means “including without limitation.”
Unless the context otherwise requires, terms used herein that are defined in the New York UCC and not otherwise defined herein
shall have the meanings set forth in the New York UCC.

[END OF ARTICLE
I]

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ARTICLE
II

PURCHASE AND CONVEYANCE OF RECEIVABLES

Section 2.01     
Purchase.

(a)               
In consideration of the payment of the Purchase Price as provided herein, the Seller does hereby
sell, transfer, assign, set over and otherwise convey to Dryrock Funding (collectively, the “Conveyance”),
without recourse except as provided herein, all of its right, title and interest, whether now owned or hereafter acquired, in,
to and under (i) the Receivables existing at the opening of business on the Closing Date, in the case of Receivables arising in
the Initial Accounts (including Related Accounts with respect to such Initial Accounts) and thereafter created and arising from
time to time in the Initial Accounts (unless such Initial Account has become a Removed Account), (ii) the Receivables existing
at the opening of business on each applicable Addition Date, in the case of Receivables arising in the Additional Accounts (including
Related Accounts with respect to such Additional Accounts) and thereafter created and arising from time to time in the Additional
Accounts (unless such Additional Account has become a Removed Account), (iii) all Collections, Insurance Proceeds, Interchange
and Recoveries on or allocable to such Receivables, (iv) all monies due or to become due with respect to the foregoing, (v) all
amounts received with respect to all of the foregoing, and (vi) all proceeds thereof (collectively, the “Purchased Assets”).
Each Account and each Removed Account will continue to be owned by the Seller and will not be a Purchased Asset.

(b)              
The Receivables existing in the Initial Accounts on the Closing Date, and the related Purchased
Assets, shall be sold by the Seller and purchased by Dryrock Funding on the Closing Date. Receivables arising after the Closing
Date in the Initial Accounts (unless such Initial Account has become a Removed Account) and the related Purchased Assets shall
be sold by the Seller and purchased by Dryrock Funding on the date such Receivables are recorded in the Seller’s system
of records. The Receivables existing in Additional Accounts on the related Addition Date, and the related Purchased Assets, shall
be sold by the Seller and purchased by Dryrock Funding on the related Addition Date. Receivables arising after such Addition Date
in such Additional Accounts (unless such Additional Account has become a Removed Account) and the related Purchased Assets will
be sold by the Seller and purchased by Dryrock Funding on the date such Receivables are recorded on the Seller’s system
of records.

(c)               
The Seller shall file, at its own expense, all financing statements (and amendments to such
financing statements when applicable) with respect to the Purchased Assets meeting the requirements of applicable law in such
manner and in such jurisdictions as are necessary to perfect, and maintain perfection and priority of, the Conveyance of such
Purchased Assets to Dryrock Funding, and shall deliver file-stamped copies of each such financing statement or amendment or other
evidence of such filing to Dryrock Funding as soon as is practicable on or after (i) the Closing Date, in the case of the Purchased
Assets relating to the Initial Accounts and, (ii) if such additional filing is necessary, the applicable Addition Date, in
the case of Purchased Assets relating to Additional Accounts.

(d)              
The Seller shall, at its own expense, on or prior to (i) the Closing Date, in the case
of Initial Accounts, and (ii) the applicable Addition Date, in the case of Additional Accounts, indicate in its books and
records (including its computer files) that Receivables created in connection with such Initial Accounts and such Additional Accounts
and the related Purchased Assets have been sold to Dryrock Funding. The Seller shall indicate the sale of Receivables to

    	11

    	 

    

Dryrock
Funding in its computer files by (x) including as the first three characters in the securitization field of such computer files
the code “DRY” and (y) including immediately thereafter (A) in the case of the Initial Accounts the code “000”
and (B) in the case of the Additional Accounts the code “001-900.” With respect to Removed Accounts, on the applicable
Removal Date, the Seller shall indicate in the appropriate computer files that Receivables reassigned in connection with such
Removed Accounts have been conveyed to Dryrock Funding or its designee in accordance with Section 2.12 of the Transfer Agreement
by replacing the existing code in the securitization field of such computer files with “DRY 901-999.” The Seller shall
not alter the code referenced in clause (x) of this paragraph with respect to any Account or any Removed Account during the term
of this Agreement unless and until (A) such Account or Removed Account becomes a Deleted Account or (B) the Seller has
taken such action as is necessary or advisable to cause the interest of Dryrock Funding in the Purchased Assets to continue to
be perfected and of first priority.

(e)               
The Seller shall, at its own expense, on or prior to the Closing Date deliver to Dryrock Funding
a RPA Account Schedule, which shall be supplemented and amended by the Seller on or prior to each Addition Date to include any
new Additional Accounts. Such RPA Account Schedule shall specify that the Receivables arising in each such Account, and with respect
to Removed Accounts the Receivables arising in such account prior to the Stop Date, have been sold to Dryrock Funding. The RPA
Account Schedule, as supplemented and amended, shall be incorporated into and made a part of this Agreement. The RPA Account Schedule
shall be updated by the Seller not less frequently than monthly, beginning August 2012, to include any new Related Accounts.

(f)               
The parties to this Agreement intend that the conveyance of the Seller’s right, title
and interest in, to and under the Purchased Assets pursuant to this Agreement shall constitute an absolute sale, conveying good
title free and clear of any liens, claims, encumbrances or rights of others, from the Seller to Dryrock Funding. It is the intention
of the parties to this Agreement that the arrangements with respect to the Purchased Assets shall constitute a purchase and sale
of such Purchased Assets and not a loan. In the event, however, that it were to be determined that the transactions evidenced
hereby constitute a loan and not a purchase and sale, it is the intention of the parties to this Agreement that this Agreement
shall constitute a security agreement under applicable law, and that the Seller shall be deemed to have granted, and the Seller
does hereby grant, to Dryrock Funding a first priority perfected security interest in all of the Seller’s right, title and
interest, whether now owned or hereafter acquired, in, to and under the Purchased Assets, and all money, accounts, general intangibles,
chattel paper, instruments, documents, goods, investment property, deposit accounts, letters of credit and letter-of-credit rights
consisting of, arising from or related to the Purchased Assets, and all proceeds thereof, to secure the Seller’s obligations
hereunder.

Section 2.02     
Addition of Additional Accounts.

(a)               
If (i) Dryrock Funding is required, pursuant to Section 2.11(a) of the Transfer Agreement,
to designate additional accounts to the Trust, or (ii) Dryrock Funding elects, pursuant to Section 2.11(b) of the Transfer
Agreement, to designate additional accounts to the Trust, then in either case Dryrock Funding shall give written notice thereof
to the Seller; provided, however, that such notice shall be provided on or before the third Business Day immediately
preceding the date on which the Seller is being asked to designate additional accounts. Upon receipt of such notice and on or
prior to such date on which the Seller is being

    	12

    	 

    

asked to
designate additional accounts, the Seller shall designate, to the extent it has such accounts, sufficient Eligible Accounts as
Additional Accounts and shall sell to Dryrock Funding the Purchased Assets related to such Additional Accounts. In addition, at
its option and with the consent of Dryrock Funding, the Seller may designate Eligible Accounts as Additional Accounts and sell
to Dryrock Funding the Purchased Assets related to such Additional Accounts.

(b)              
On the Addition Date such designated Additional Accounts shall become Accounts, and Dryrock
Funding shall purchase the Seller’s right, title and interest in, to and under the Receivables in such Additional Accounts
and the related Purchased Assets as provided in Section 2.01, subject to the satisfaction of the following conditions
on such Addition Date:

(i)                
as of the applicable Selection Date, each Additional Account is an Eligible Account;

(ii)              
the Seller shall have delivered to Dryrock Funding file-stamped copies of all financing statements
(and amendments with respect to such financing statements when applicable) covering such Additional Accounts, if necessary to
perfect Dryrock Funding’s interest in the Receivables arising therein and the related Purchased Assets;

(iii)            
as of the Addition Date, no Insolvency Event with respect to the Seller shall have occurred
nor shall the sale of the Receivables arising in the Additional Accounts and the related Purchased Assets to Dryrock Funding have
been made in contemplation of the occurrence thereof;

(iv)            
such designation of Additional Accounts will not, in the reasonable belief of the Seller, have
a material adverse effect on Dryrock Funding;

(v)              
the Seller shall have delivered to Dryrock Funding an Officer’s Certificate of the Seller,
dated the Addition Date, confirming, to the extent applicable and in the Seller’s reasonable belief, the items set forth
in clauses (i) through (iv) above;

(vi)            
the Seller shall have indicated in its computer files that Receivables created in connection
with such Additional Accounts and the related Purchased Assets have been sold to Dryrock Funding and shall have delivered to Dryrock
Funding an account schedule with respect to such Additional Accounts in accordance with Section 2.01(e) which shall
supplement and amend the RPA Account Schedule; and

(vii)          
the Seller and Dryrock Funding shall have entered into a duly executed, written assignment with
respect to such Additional Accounts, substantially in the form of Exhibit A (a “Supplemental Conveyance”).

Section 2.03     
Removal and Deletion of Accounts and Removed Accounts.

(a)               
If Dryrock Funding elects, pursuant to Section 2.12(a) of the Transfer Agreement, to cause
the reassignment to it or its designee of all of the right, title and interest of the Indenture Trustee and the Trust in, to and
under the Receivables then existing and thereafter created, all Collections, Insurance Proceeds, Interchange and Recoveries on
or allocable to such Receivables, all monies due or to become due with respect to all of the foregoing, all amounts received with
respect to all of the foregoing, and all proceeds thereof (the “Removed Accounts”), Dryrock Funding shall give
written notice thereof to the Seller. Notwithstanding anything in this

    	13

    	 

    

Agreement
to the contrary, if an Account becomes a Removed Account, then the Seller shall stop selling to Dryrock Funding Principal Receivables
arising in such Removed Account effective on the Business Day (the “Stop Date”) after the date such Account
becomes a Removed Account. Notwithstanding the cessation of the sale to Dryrock Funding of additional Principal Receivables arising
in such Removed Accounts, Principal Receivables sold to Dryrock Funding prior to the Stop Date, Finance Charge Receivables whenever
created that accrue in respect of such Principal Receivables, Collections in respect of such Principal Receivables or such Finance
Charge Receivables, and Interchange allocable to the foregoing shall continue to be property of Dryrock Funding. To the extent
that it is not clear to the Seller whether Collections relate to a Receivable that was sold to Dryrock Funding or to a receivable
that the Seller did not sell to Dryrock Funding, the Seller shall allocate payments on such Removed Accounts in the aggregate
with respect to the principal balance of such Removed Accounts first to the oldest principal balances of such Removed Accounts.

(b)              
On and after the Stop Date for a Removed Account, the Seller may mark its books and records
to indicate that such account is a Removed Account.

(c)               
Once an Account or a Removed Account becomes a Deleted Account, the Seller shall delete such
Deleted Account from the RPA Account Schedule and, upon such deletion, shall indicate in its computer files that such Deleted
Account is no longer an Account or a Removed Account.

Section 2.04     
Additional Approved Portfolios; Portfolio Limits.

(a)               
The Seller may from time to time designate additional portfolios of accounts as “Approved
Portfolios” if the Note Rating Agency Condition is satisfied with respect to the designation of such portfolios.

(b)              
With respect to any Non Co-branded Portfolio, (i) as of the Closing Date, in the case of the
Initial Accounts, the aggregate principal balance of Receivables from accounts relating to any Non Co-branded Portfolio shall
not be in excess of 10% of the aggregate principal balance of Receivables of such Initial Accounts conveyed to the Dryrock Funding
on the Closing Date, and (ii) as of each Addition Date in the case of Additional Accounts, the aggregate principal balance of
Receivables from accounts relating to any Non Co-branded Portfolio shall not be in excess of 10% (or such greater percentage as
determined by the Seller upon satisfaction of the Note Rating Agency Condition) of the aggregate principal balance of Receivables
of such Additional Accounts conveyed to Dryrock Funding on such Addition Date.

(c)               
If Accounts are designated as Removed Accounts pursuant to Section 2.12(d) of the Transfer Agreement,
as such section is in effect on the Closing Date, and such designation results in the aggregate principal balance of Receivables
held by the Trust that are in Accounts relating to any Non Co-branded Portfolio to be in excess of 10% of the aggregate principal
balance of Receivables held by the Trust as of such Removal Date, then the Seller shall, on or before the first Business Day of
the second calendar month following such Removal Date, designate pursuant to Section 2.02 Additional Accounts that do not
relate to a Non Co-branded Portfolio (to the extent it has such accounts that can be so designated), in an amount such that following
the sale of the Receivables in such Additional Accounts by the Seller to Dryrock Funding, the aggregate principal balance of Receivables
held by the Trust that arose in Accounts relating to any Non Co-branded Portfolio is not in excess of 10% of the aggregate principal

    	14

    	 

    

balance
of Receivables held by the Trust; provided, however, that no such designation of Additional Account shall be required
if, as of the close of business on any day after such Removal Date and prior to the first Business Day of the second calendar
month following such Removal Date, (i) the aggregate principal balance of Receivables held by the Trust that arose in Accounts
relating to any Non Co-branded Portfolio is not in excess of 10% of the aggregate principal balance of Receivables in the Trust,
or (ii) Dryrock Funding receives confirmation that the Note Rating Agency Condition is satisfied.

 

[END OF ARTICLE
II]

    	15

    	 

    

ARTICLE
III

CONSIDERATION AND PAYMENT

Section 3.01     
Purchase Price.

(a)               
Dryrock Funding shall pay to the Seller each purchase price described in this Article III
(a “Purchase Price”) in return for the Principal Receivables, the related Finance Charge Receivables and
the other related Purchased Assets. Notwithstanding any other provision of this Agreement, the Seller is not obligated to sell
Principal Receivables, the related Finance Charge Receivables and the other Purchased Assets, to Dryrock Funding to the extent
that Dryrock Funding does not pay the Seller the related Purchase Price.

(b)              
The Purchase Price for the Principal Receivables, the Finance Charge Receivables and the other
Purchased Assets relating to each Initial Account that exist on the Closing Date, is an amount equal to the fair market value
of those Principal Receivables, Finance Charge Receivables and other Purchased Assets. This Purchase Price is payable by Dryrock
Funding to the Seller in immediately available funds, including funds obtained under the Revolving Credit Agreement, no later
than the second Business Day following the Closing Date.

(c)               
The Purchase Price for the Principal Receivables in each Initial Account that arise after the
Closing Date, and the related Finance Charge Receivables and other related Purchased Assets, is an amount equal to 100% of the
aggregate balance of such Principal Receivables, adjusted to reflect such factors as the Seller and Dryrock Funding each acting
in good faith mutually agree will result in a Purchase Price determined to be the fair market value of those Principal Receivables,
Finance Charge Receivables and other Purchased Assets. This Purchase Price is payable by Dryrock Funding to the Seller in immediately
available funds, including funds obtained under the Revolving Credit Agreement, on each date (a “Purchase Price Payment
Date”) mutually selected by the Seller and Dryrock Funding, but the Purchase Price Payment Date for any Principal Receivable,
the related Finance Charge Receivables and other related Purchased Assets shall not be later than the second Business Day following
the date on which that Principal Receivable is recorded on the Seller’s system of records.

(d)              
The Purchase Price for the Principal Receivables, the Finance Charge Receivables and the other
Purchased Assets relating to each Additional Account, that exist on the related Addition Date, is an amount equal to the fair
market value of those Principal Receivables, Finance Charge Receivables and other Purchased Assets. This Purchase Price is payable
by Dryrock Funding to the Seller in immediately available funds, including funds obtained under the Revolving Credit Agreement,
no later than the second Business Day following such Addition Date.

(e)               
The Purchase Price for the Principal Receivables in each Additional Account that arise after
the Addition Date, and the related Finance Charge Receivables and other related Purchased Assets, is an amount equal to 100% of
the aggregate balance of such Principal Receivables, adjusted to reflect such factors as the Seller and Dryrock Funding each acting
in good faith mutually agree will result in a Purchase Price determined to be the fair market value of those Principal Receivables,
Finance Charge Receivables and other Purchased Assets. This Purchase Price is payable by Dryrock Funding to the Seller in immediately
available funds, including funds obtained under the Revolving Credit Agreement, on the Purchase Price Payment

    	16

    	 

    

Date mutually
selected by the Seller and Dryrock Funding, but the Purchase Price Payment Date for any Principal Receivable, the related Finance
Charge Receivables and other Purchased Assets shall not be later than the second Business Day following the date on which that
Principal Receivable is recorded on the Seller’s system of records.

Section 3.02     
Adjustments to Purchase Price. The Purchase Price shall be reduced on the Purchase Price
Payment Date (a “Purchase Price Adjustment”) for any Receivable previously conveyed to Dryrock Funding by the
Seller that is reduced by the Seller or the Servicer because of a rebate, refund, unauthorized charge or billing error to an Obligor,
because such Receivable was created in respect of merchandise which was refused or returned by an Obligor, or if the Seller or
the Servicer otherwise adjusts downward the amount of any Receivable without receiving Collections therefor or without charging
off such amount as uncollectible. The amount of such reduction shall equal the reduction in the principal balance of such Receivable
resulting from the occurrence of such event. In the event that a reduction pursuant to this Section 3.02 causes the
Purchase Price to be a negative number, the Seller agrees that, on the Purchase Price Payment Date, the Seller shall pay or cause
to be paid to Dryrock Funding an amount equal to the amount by which the Purchase Price Adjustment exceeds the unadjusted Purchase
Price.

Section 3.03     
Use of Name, Logo and Marks. The Seller does hereby grant to Dryrock Funding a non-exclusive
license to use the name “Barclays Bank Delaware” and all related identifying trade or service marks, signs, symbols,
logos, designs, servicing software, customer lists and other intangibles in connection with the servicing of the Receivables purchased
hereunder. The license granted shall be co-extensive with the term of this Agreement.

[END
OF ARTICLE III]

    	17

    	 

    

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

Section 4.01     
Representations and Warranties of the Seller Relating to the Seller.

(a)               
Representations and Warranties. The Seller hereby represents and warrants to, and agrees
with, Dryrock Funding as of the Closing Date and on each Addition Date, that:

(i)                
Organization and Good Standing. The Seller is a banking corporation validly existing
in good standing under the applicable laws of the jurisdiction of its incorporation and has, in all material respects, full power
and authority to own its properties and conduct its business as presently owned or conducted, and to execute, deliver and perform
its obligations under this Agreement.

(ii)              
Due Qualification. The Seller is duly qualified to do business and is in good standing
as a foreign corporation or other entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals
in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would have a material adverse effect
on this Agreement or the transactions contemplated hereby or on the ability of the Seller to perform its obligations under this
Agreement.

(iii)            
Due Authorization. The execution and delivery by the Seller of this Agreement and any
other document or instrument delivered by the Seller pursuant hereto, including any Supplemental Conveyance, to which the Seller
is a party and the consummation by the Seller of the transactions provided for in this Agreement and any such Supplemental Conveyance,
have been duly authorized by the Seller by all necessary corporate action on the part of the Seller.

(iv)            
No Conflict or Violation. The execution and delivery by the Seller of this Agreement,
the performance by the Seller of the transactions contemplated by this Agreement and the fulfillment by the Seller of the terms
of this Agreement applicable to the Seller, will not conflict with or violate any Requirements of Law applicable to the Seller
or conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or
lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument
to which the Seller is a party or by which it or its properties are bound.

(v)              
No Proceedings. There are no Proceedings or investigations pending or, to the best knowledge
of the Seller, threatened, against the Seller before any Governmental Authority (i) asserting the invalidity of this Agreement,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, (iii) seeking any
determination or ruling that, in the reasonable judgment of the Seller, would materially and adversely affect the performance
by the Seller of its obligations under this Agreement, or (iv) seeking any determination or ruling that, in the reasonable
judgment of the Seller, would materially and adversely affect the validity or enforceability of this Agreement.

(vi)            
All Consents. All authorizations, consents, orders or approvals of, or registrations
or declarations with, any Governmental Authority required to be obtained,

    	18

    	 

    

effected
or given by the Seller in connection with the execution and delivery by the Seller of this Agreement and the performance by the
Seller of the transactions contemplated by this Agreement have been duly obtained, effected or given and are in full force and
effect.

(vii)          
Insolvency.No Insolvency Event with respect to the Seller has occurred, and the Seller
entered into this Agreement and, in the case of Additional Accounts, the related Supplemental Conveyance, in the ordinary course
of business, not in contemplation of insolvency and not with the intent to hinder, delay or defraud itself or its creditors. This
Agreement and the transactions contemplated hereby are arm’s length, bona fide transactions.

(viii)        
Approval.This Agreement and each Supplemental Conveyance have each been approved
by either the board of directors of the Seller or by the assets and liability committee of the Seller and such approvals are reflected
in the minutes of such board or committee. This Agreement and each Supplemental Conveyance have been, continuously, from the time
of execution, in the official record of the Seller. The RPA Account Schedule has been, continuously from the Closing Date, in
the official record of the Seller.

(b)              
Notice of Breach. The representations and warranties set forth in this Section 4.01
shall survive the sale of the Purchased Assets to Dryrock Funding. Upon discovery by the Seller or Dryrock Funding of a breach
of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to
the other party, the Servicer, the Owner Trustee and the Indenture Trustee following such discovery.

Section 4.02     
Representations and Warranties of the Seller Relating to this Agreement and the Receivables.

(a)               
Representations and Warranties. The Seller hereby represents and warrants to Dryrock
Funding as of the Closing Date with respect to the Initial Accounts (and the Receivables arising therein) and as of each Addition
Date with respect to the related Additional Accounts (and the Receivables arising therein), that:

(i)                
each of this Agreement and, in the case of Additional Accounts, the related Supplemental Conveyance
constitutes a legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except
as such enforceability may be limited by applicable Debtor Relief Laws or general principles of equity;

(ii)              
(A) as of the Closing Date with respect to the Initial Accounts (and the Receivables arising
thereunder), the RPA Account Schedule is an accurate and complete listing in all material respects of all the Accounts as of such
date, and the information contained therein with respect to the identity of such Accounts and the Receivables existing thereunder
is true and correct in all material respects as of such date, and (B) as of the date of its delivery, the account schedule
and any supplement related thereto delivered with respect to Additional Accounts (and the Receivables arising thereunder), incorporated
into the Supplemental Conveyance which supplements and amends the RPA Account Schedule, is an accurate and complete listing in
all material respects of all the Additional Accounts as of such date, and the information contained therein with respect to the
identity of such Additional Accounts and the Receivables existing thereunder is true and correct in all material respects as of
such date;

    	19

    	 

    

(iii)            
 each Receivable conveyed to Dryrock Funding has been conveyed to Dryrock Funding free and clear
of any Lien;

(iv)            
all authorizations, consents, orders or approvals of or registrations or declarations with any
Governmental Authority required to be obtained, effected or given by the Seller in
connection with the conveyance of Receivables to Dryrock Funding have been duly obtained, effected or given and are in full force
and effect;

(v)              
this Agreement and, in the case of Additional Accounts, the related Supplemental Conveyance,
constitutes a valid sale to Dryrock Funding of all right, title and interest of the
Seller in the Purchased Assets, and such sale is perfected and of first priority under the UCC;

(vi)            
the Seller has or will cause, as applicable, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in
the Purchased Assets granted to Dryrock Funding under this Agreement and upon filing of all such appropriate financing statements,
Dryrock Funding will have a first priority perfected security interest in such property;

(vii)          
on the applicable Selection Date, each such Account is an Eligible Account;

(viii)        
on the applicable Selection Date, each Receivable related to such Account on such date and sold
to Dryrock Funding by the Seller is an Eligible Receivable;

(ix)            
as of the date of the creation of any new Receivable sold to Dryrock Funding by the Seller,
such Receivable is an Eligible Receivable;

(x)              
no selection procedures believed by the Seller to be materially adverse to the interests of
Dryrock Funding or its transferees have been used in selecting such Accounts; and

(xi)            
the Seller received adequate consideration for each Receivable conveyed to Dryrock Funding.

(b)              
Notice of Breach. The representations and warranties set forth in this Section 4.02
shall survive the sale of the Purchased Assets to Dryrock Funding. Upon discovery by either the Seller or Dryrock Funding
of a breach of any of the representations and warranties set forth in this Section 4.02, the party discovering such
breach shall give prompt written notice to the other party, the Servicer, the Owner Trustee and the Indenture Trustee following
such discovery. The Seller hereby acknowledges that Dryrock Funding intends to rely on the representations hereunder in connection
with representations made by Dryrock Funding to secured parties, assignees or subsequent transferees, including in connection
with transfers made by Dryrock Funding to the Trust pursuant to the Transfer Agreement and the grant of a security interest by
the Trust to the Indenture Trustee pursuant to the Indenture, and the Seller hereby consents to such reliance.

 

    	20

    	 

    

Section 4.03  Representations
and Warranties of Dryrock Funding. As of the Closing Date and each Addition Date, Dryrock
Funding hereby represents and warrants to, and agrees with, the Seller that:

(a)               
Organization and Good Standing. Dryrock Funding is a limited liability company validly
existing in good standing under the applicable laws of its jurisdiction of organization, and has, in all material respects, full
power and authority to own its properties and conduct its business as presently owned or conducted, and to execute, deliver and
perform its obligations under this Agreement.

(b)              
Due Qualification. Dryrock Funding is duly qualified to do business and is in good standing
and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses
and approvals would have a material adverse effect on this Agreement or the transactions contemplated hereby or on the ability
of Dryrock Funding to perform its obligations under this Agreement.

(c)               
Due Authorization. The execution and delivery by Dryrock Funding of this Agreement and
any other document or instrument delivered pursuant hereto, including any Supplemental Conveyance, to which Dryrock Funding is
a party, and the consummation by Dryrock Funding of the transactions provided for in this Agreement and any such Supplemental
Conveyance, have been duly authorized by Dryrock Funding by all necessary company action on the part of Dryrock Funding.

(d)              
No Conflict or Violation. The execution and delivery by Dryrock Funding of this Agreement,
the performance by Dryrock Funding of the transactions contemplated by this Agreement and the fulfillment by Dryrock Funding of
the terms of this Agreement applicable to Dryrock Funding, will not conflict with or violate any Requirements of Law applicable
to Dryrock Funding or conflict with, result in any breach of any of the material terms and provisions of, or constitute (with
or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust
or other instrument to which Dryrock Funding is a party or by which it or any of its properties are bound.

(e)               
No Proceedings. There are no Proceedings or investigations pending or, to the best knowledge
of Dryrock Funding, threatened, against Dryrock Funding, before any Governmental Authority (i) asserting the invalidity of
this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, (iii) seeking
any determination or ruling that, in the reasonable judgment of Dryrock Funding, would materially and adversely affect the performance
by Dryrock Funding of its obligations under this Agreement, or (iv) seeking any determination or ruling that, in the reasonable
judgment of Dryrock Funding, would materially and adversely affect the validity or enforceability of this Agreement.

(f)               
All Consents. All authorizations, consents, orders or approvals of, or registrations
or declarations with, any Governmental Authority required to be obtained, effected or given by Dryrock Funding in connection with
the execution and delivery by Dryrock Funding of this Agreement and the performance by Dryrock Funding of the transactions contemplated
by this Agreement have been duly obtained, effected or given and are in full force and effect.

    	21

    	 

    

The representations
and warranties set forth in this Section 4.03 shall survive the sale of the Purchased Assets to Dryrock Funding. Upon
discovery by the Seller or Dryrock Funding of a breach of any of the foregoing representations and warranties, the party discovering
such breach shall give prompt written notice to the other party, the Servicer, the Owner Trustee and the Indenture Trustee following
such discovery.

[END OF ARTICLE
IV]

    	22

    	 

    

ARTICLE
V

COVENANTS

Section 5.01     
Covenants of the Seller. The Seller hereby covenants and agrees with Dryrock Funding
as follows:

(a)               
Receivables Not To Be Evidenced by Instruments. Except in connection with its enforcement
or collection of an Account or a Removed Account, the Seller will take no action to cause any Receivable sold to Dryrock Funding
hereunder to be evidenced by any instrument or chattel paper (as defined in the UCC), and if any Receivable is so evidenced as
a result of any action by the Seller, it shall be deemed to be a Receivable described in Section 6.01(a) and shall
be reassigned to Seller in accordance with Section 6.01(b).

(b)              
Security Interests. Except for the conveyances hereunder, the Seller will not sell, pledge,
assign or transfer to any other Person, or take any other action inconsistent with Dryrock Funding’s ownership of, the Purchased
Assets, or grant, create, incur, assume or suffer to exist any Lien arising through or under the Seller on any Purchased Asset
or any interest therein, and the Seller shall not claim any ownership interest in any Purchased Asset and shall defend the right,
title and interest of Dryrock Funding in, to and under the Purchased Assets against all claims of third parties claiming through
or under the Seller.

(c)               
Account Allocations. If a Transfer Restriction Event occurs, the Seller agrees (except
as prohibited by any order of any Governmental Authority or any Requirement of Law) to allocate and pay to Dryrock Funding, after
the date of such Transfer Restriction Event, all Collections with respect to Receivables previously sold to Dryrock Funding. To
the extent that it is not clear to the Seller whether collections relate to a Receivable that was sold to Dryrock Funding or to
a receivable that the Seller is unable to sell to Dryrock Funding, the Seller agrees that it shall allocate payments on such Accounts
or Removed Accounts, as applicable, in the aggregate with respect to the principal balance of such Accounts or Removed Accounts
first to the oldest principal balances of such Accounts or Removed Accounts. Notwithstanding any cessation of the sale to Dryrock
Funding of additional Principal Receivables, Principal Receivables sold to Dryrock Funding prior to the occurrence of the Transfer
Restriction Event, Finance Charge Receivables whenever created that accrue in respect of such Principal Receivables, Collections
in respect of such Principals Receivables and such Finance Charge Receivables, and Interchange allocable to the foregoing shall
continue to be property of Dryrock Funding.

(d)              
Delivery of Collections. In the event that the Seller receives Collections or any other
amounts in respect of the Purchased Assets sold to Dryrock Funding hereunder, the Seller agrees to pay to Dryrock Funding (or
to the Servicer or the Indenture Trustee if Dryrock Funding so directs) all such Collections and other amounts promptly after
receipt thereof.

(e)               
Notice of Liens. The Seller shall notify Dryrock Funding promptly after becoming aware
of any Lien arising through or under the Seller on any Purchased Asset other than the conveyances hereunder.

    	23

    	 

    

(f)               
 Interchange. On each Business Day, the Seller shall pay to Dryrock Funding, in immediately
available funds, the amount of Interchange allocable to the Receivables sold to Dryrock Funding hereunder.

(g)              
Documentation of Transfer. The Seller shall timely file in all appropriate filing offices
the documents which are necessary or advisable to perfect and maintain the perfection and the priority of the sale of the Purchased
Assets to Dryrock Funding.

(h)              
Periodic Rate Finance Charges. Except (i) as otherwise required by any Requirements
of Law or (ii) as is deemed by the Seller to be necessary in order for it to maintain its credit card business or a program
operated by such credit card business on a competitive basis based on a good faith assessment by it of the nature of the competition
with respect to such credit card business or such program, the Seller shall not at any time reduce the annual percentage rate
of the Periodic Rate Finance Charges assessed on the Receivables or take any other action with respect to any of the Accounts
or Removed Accounts if such reduction is not also applied to any comparable segment of credit card accounts owned by the Seller
which have characteristics the same as or substantially similar to such Accounts or Removed Accounts that are subject to such
change, except as otherwise restricted by an endorsement, sponsorship or other agreement between the Seller and an unrelated third
party or by the terms of the Account Agreements.

(i)                
Account Agreements and Guidelines. Subject to compliance with all Requirements of Law
and Section 5.01(h) above, the Seller may affect or permit a change to the terms and provisions of the Account Agreements
or the Account Guidelines in any respect (including the calculation of the amount, or the timing, of charge-offs and other fees
to be assessed thereon). Notwithstanding the above, unless required by Requirements of Law or as permitted by Section 5.01(h)
above, the Seller will not take any action with respect to any Account Agreement or such Account Guidelines, which at the
time of such action, the Seller reasonably believes will have a material adverse effect on Dryrock Funding.

(j)                
Name and Type and Jurisdiction of Organization. The Seller shall not change its name,
its type or jurisdiction of organization or its organization identification number without previously having delivered to Dryrock
Funding an opinion of counsel to the effect that all actions have been taken, and all filings have been made, as are necessary
to continue and maintain the perfected security interest of Dryrock Funding in the Purchased Assets.

(k)              
Annual Opinion. On or before March 31st of each calendar year, commencing March 31,
2013, the Seller shall deliver to Dryrock Funding, with a copy to the Indenture Trustee, an opinion of counsel to the effect that
(i) no further action with respect to the recording or filing of any financing statements, any amendments to financing statements,
or any other documents or filings is then necessary to perfect the security interest of Dryrock Funding in the Purchased Assets,
and (ii) no further action with respect to the recording or filing of any financing statements, any amendments to financing
statements, or any other documents or filings will be necessary prior to March 31st of the next calendar year to perfect
the security interest of Dryrock Funding in the Purchased Assets or stating what such filings will be necessary prior to such
March 31st.

(l)                
Records. The Seller will maintain this Agreement and each Supplemental Conveyance, continuously,
from the time of execution, in the official record of the Seller. The

    	24

    	 

    

Seller will
maintain the RPA Account Schedule, continuously from the Closing Date, in the official record of the Seller.

[END OF ARTICLE
V]

    	25

    	 

    

ARTICLE
VI

REPURCHASE OBLIGATION

Section 6.01     
Reassignment of Ineligible Receivables.

(a)               
In the event any representation or warranty under Section 4.02(a)(ii), (iii),
(iv), (vii), (viii), (ix) or (x) is not true and correct in any material respect as of the date specified
therein with respect to any Receivable or the related Account and as a result of such breach Dryrock Funding is required under
Section 2.6 of the Transfer Agreement to accept reassignment of such Receivables previously sold by the Seller to Dryrock
Funding pursuant to this Agreement, the Seller shall accept reassignment of such Receivables on the terms and conditions set forth
in Section 6.01(b).

(b)              
The Seller shall accept reassignment of any Receivables described in Section 6.01(a)
from Dryrock Funding on the date on which such Receivables are reassigned to Dryrock Funding pursuant to Section 2.6
of the Transfer Agreement, and shall pay for such reassigned Receivables by paying to Dryrock Funding in immediately available
funds an amount equal to the unpaid principal balance of such Receivables. Upon reassignment of such Receivables, Dryrock Funding
shall automatically and without further action sell, transfer, assign, set-over and otherwise convey to the Seller, without recourse,
representation or warranty, all the right, title and interest of Dryrock Funding in, to and under such Receivables, all Collections,
Insurance Proceeds, Interchange and Recoveries on or allocable to such Receivables, all monies due or to become due with respect
to the foregoing, all amounts received with respect to all of the foregoing, and all proceeds thereof, and the Seller shall amend
and update the RPA Account Schedule accordingly to reflect that such account is a Deleted Account. Dryrock Funding shall execute
such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by the Seller
to effect the conveyance of such Receivables and other property pursuant to this Section 6.01.

Section 6.02     
Reassignment of Other Receivables.

(a)               
In the event any representation or warranty set forth in Section 4.01(a)(i) or (iii)
or Section 4.02(a)(i) or (v) is not true and correct in any material respect and as a result of such breach
Dryrock Funding is required under Section 2.7 of the Transfer Agreement to accept a reassignment of all of the Receivables
previously sold by the Seller to Dryrock Funding pursuant to this Agreement, the Seller shall accept a reassignment of such Receivables
on the terms and conditions set forth in Section 6.02(b).

(b)              
The Seller shall accept reassignment of any Receivables described in Section 6.02(a)
from Dryrock Funding on the date on which such Receivables are reassigned to Dryrock Funding, and shall pay for such reassigned
Receivables by paying to Dryrock Funding in immediately available funds an amount equal to the unpaid principal balance of such
Receivables. Upon reassignment of such Receivables, Dryrock Funding shall automatically and without further action sell, transfer,
assign, set-over and otherwise convey to the Seller, without recourse, representation or warranty, all the right, title and interest
of Dryrock Funding in, to and under such Receivables, all Collections, Insurance Proceeds, Interchange and Recoveries on or allocable
to such Receivables, all monies due or to become due with respect to the foregoing, all

    	26

    	 

    

amounts
received with respect to all of the foregoing, and all proceeds thereof, and the Seller shall amend and update the RPA Account
Schedule accordingly to reflect that such account is a Deleted Account. Dryrock Funding shall execute such documents and instruments
of transfer or assignment and take such other actions as shall reasonably be requested by the Seller to effect the conveyance
of such Receivables and other property pursuant to this Section 6.02(b).

Section 6.03     
Reassignment of Terminated Co-branding Agreement Receivables.

(a)               
If an affinity agreement, private label agreement, merchant agreement, co-branding agreement
or other program (each, an “Affinity Program”) that is co-owned, operated or promoted by the Seller for the
benefit of a third party (each, an “Affinity Counterparty”) terminates in accordance with its terms, or Accounts
must be removed due to other circumstances caused by requirements of an Affinity Program in which the right to require such Accounts
to be removed is determined by an Affinity Counterparty or its designee (other than the Seller, Dryrock Funding or any affiliate
or agent of the Seller or Dryrock Funding), then the Seller shall repurchase from Dryrock Funding all Receivables in the related
Accounts. The Seller shall resell such repurchased Receivables to the Affinity Counterparty or its designee (other than the Seller,
Dryrock Funding or any affiliate or agent of the Seller or Dryrock Funding) within 30 days of the repurchase from Dryrock Funding.
The price at which the Seller repurchases such Receivables shall be equal to the price at which the Seller resells such Receivables
to the Affinity Counterparty or its designee, so that the Seller does not realize a gain or a loss as the result of such repurchase
and resale.

(b)              
The Seller shall pay the repurchase price for Receivables repurchased pursuant to Section
6.03(a) by paying the equivalent of such amount to Dryrock Funding in immediately available funds. Upon receipt of such amount
by Dryrock Funding or its transferee, Dryrock Funding shall automatically and without further action sell, transfer, assign, set-over
and otherwise convey to the Seller, without recourse, representation or warranty, all the right, title and interest of Dryrock
Funding in, to and under such Receivables, all Collections, Insurance Proceeds, Interchange and Recoveries on or allocable to
such Receivables, all monies due or to become due with respect to the foregoing, all amounts received with respect to all of the
foregoing, and all proceeds thereof, and the Seller shall amend and update the RPA Account Schedule accordingly to reflect that
such account is a Deleted Account. Dryrock Funding shall execute such documents and instruments of transfer or assignment and
take such other actions as shall reasonably be requested by the Seller to effect the conveyance of such Receivables and other
property pursuant to this Section 6.03.

 

[END OF ARTICLE
VI]

    	27

    	 

    

ARTICLE
VII

CONDITIONS PRECEDENT

Section 7.01     
Conditions to Dryrock Funding’s Obligations Regarding Initial Receivables. The
obligations of Dryrock Funding to purchase the Receivables in the Initial Accounts on the Closing Date shall be subject to the
satisfaction of the following conditions:

(a)               
all representations and warranties of the Seller contained in this Agreement shall be true and
correct on the Closing Date with the same effect as though such representations and warranties had been made on such date (except
that, to the extent any such representation or warranty expressly relates to an earlier date, such representation or warranty
was true and correct on such earlier date);

(b)              
all information concerning the Initial Accounts provided to Dryrock Funding shall be true and
correct as of the Closing Date in all material respects;

(c)               
the Seller shall have (i) delivered to Dryrock Funding a true and correct RPA Account Schedule
with respect to the Initial Accounts, and (ii) performed all other obligations required to be performed by the Seller on
or before the Closing Date by the provisions of this Agreement;

(d)              
the Seller shall have filed, at its expense, all financing statements with respect to the Purchased
Assets meeting the requirements of applicable law in such manner and in such jurisdictions as are necessary to perfect the sale
of the Purchased Assets from the Seller to Dryrock Funding, and shall have delivered file-stamped copies of each such financing
statement or other evidence of such filings to Dryrock Funding; and

(e)               
all corporate and legal proceedings and all instruments in connection with the transactions
contemplated by this Agreement shall be satisfactory in form and substance to Dryrock Funding, and Dryrock Funding shall have
received from the Seller copies of all documents (including records of corporate proceedings) relevant to the transactions herein
contemplated as Dryrock Funding may reasonably have requested.

Section 7.02     
Conditions Precedent to the Seller’s Obligations. The obligations of the Seller
to sell the Receivables in the Initial Accounts on the Closing Date shall be subject to the satisfaction of the following conditions:

(a)               
all representations and warranties of Dryrock Funding contained in this Agreement shall be true
and correct on the Closing Date with the same effect as though such representations and warranties had been made on such date
(except that, to the extent any such representation or warranty expressly relates to an earlier date, such representation or warranty
was true and correct on such earlier date);

(b)              
payment or provision for payment of the Purchase Price in accordance with Section 3.01
hereof shall have been made; and

(c)               
all company and legal proceedings and all instruments in connection with the transactions contemplated
by this Agreement shall be satisfactory in form and substance to the

    	28

    	 

    

Seller,
and the Seller shall have received from Dryrock Funding copies of all documents (including records of company proceedings) relevant
to the transactions herein contemplated as the Seller may reasonably have requested.

[END OF ARTICLE
VII]

    	29

    	 

    

ARTICLE
VIII

TERM AND PURCHASE TERMINATION

Section 8.01     
Term. This Agreement shall commence as of the date of execution and delivery hereof and
shall continue until terminated by the mutual agreement of the parties hereto.

Section 8.02     
Purchase Termination. If (a) the Seller shall file a petition or commence a Proceeding
(i) to take advantage of any Debtor Relief Law or (ii) for the appointment of a trustee, conservator, receiver, liquidator,
or similar official for or relating to the Seller or all or substantially all of its property, (b) the Seller shall consent
or fail to object to any such petition filed or Proceeding commenced against or with respect to it or all or substantially all
of its property, or any such petition or Proceeding shall not have been dismissed within sixty (60) days of its filing or commencement,
or a court, agency, or other supervisory authority with jurisdiction shall have decreed or ordered relief with respect to any
such petition or Proceeding, (c) the Seller shall be unable, or shall admit in writing its inability, to pay its debts generally
as they become due, (d) the Seller shall make an assignment for the benefit of its creditors, or (e) the Seller shall
voluntarily suspend payment of its obligations (any such act or occurrence, an “Insolvency Event”); then the
Seller shall, on the day any such Insolvency Event occurs, immediately cease to sell Principal Receivables to Dryrock Funding
and shall promptly give notice to Dryrock Funding, the Owner Trustee, the Indenture Trustee and the Servicer of such Insolvency
Event. Notwithstanding any cessation of the sale to Dryrock Funding of additional Principal Receivables, Principal Receivables
sold to Dryrock Funding prior to the occurrence of such Insolvency Event, Finance Charge Receivables whenever created that accrue
in respect of such Principal Receivables, Collections in respect of such Principal Receivables and such Finance Charge Receivables,
and Interchange allocable to the foregoing shall continue to be property of Dryrock Funding. To the extent that it is not clear
to the Seller whether collections relate to a Receivable that was sold to Dryrock Funding or to a receivable that the Seller has
not sold to Dryrock Funding, the Seller agrees that it shall allocate payments on such Accounts or Removed Accounts, as applicable,
in the aggregate with respect to the principal balance of such Accounts or Removed Accounts first to the oldest principal balances
of such Accounts or Removed Accounts.

[END
OF ARTICLE VIII]

    	30

    	 

    

ARTICLE
IX

MISCELLANEOUS PROVISIONS

Section 9.01     
Amendment. This Agreement may not be changed orally, but only by an instrument in writing
signed by Dryrock Funding and the Seller upon, unless otherwise specified in this Section 9.01, (i) satisfaction of the
Note Rating Agency Condition, and (ii) delivery to the Indenture Trustee of an Officer’s Certificate of the Seller, dated
the date of such amendment, stating that the Seller reasonably believes that such amendment will not result in an Early Amortization
Event.

Notwithstanding
any other provision of this Section 9.01, this Agreement may be amended from time to time by an instrument signed by Dryrock
Funding and the Seller to modify, eliminate or add to the provisions of this Agreement to facilitate compliance with the FDIC
Rule or to modify, eliminate or add to the provisions of this Agreement as a result of changes in laws or regulations applicable
to the Seller, Dryrock Funding or the transactions described in this Agreement, upon delivery by the Seller to the Indenture Trustee
of an Officer’s Certificate of the Seller, dated the date of any such amendment, to the effect that (x) the Seller reasonably
believes that such amendment will not result in an Early Amortization Event or (y) such amendment is required to remain in compliance
with the FDIC Rule or any other change of law or regulation which applies to the Seller, Dryrock Funding or the transactions governed
by this Agreement.

In
addition, notwithstanding any other provision of this Section 9.01, this Agreement may be amended from time to time by
an instrument signed by Dryrock Funding and the Seller to cure any ambiguity or to correct or supplement any defective or inconsistent
provision contained in this Agreement upon delivery by the Seller to the Indenture Trustee of an Officers Certificate of the Seller,
dated the date of any such amendment, to the effect that the Seller reasonably believes that such amendment will not result in
an Early Amortization Event.

Any
conveyance (including any Supplemental Conveyance) or reassignment executed in accordance with the provisions hereof shall not
be considered to be an amendment to this Agreement.

Section 9.02     
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

(a)               
This Agreement will be construed in accordance with and governed by the laws of the State of
New York, including Section 5-1401 of the General Obligations Law, 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.

(b)              
Each party hereto hereby consents and agrees that the state or federal courts located in the
Borough of Manhattan in New York City shall have exclusive jurisdiction to hear and determine any claims or disputes between them
pertaining to this Agreement or to any matter arising out of or relating to this Agreement; provided, that each party hereto
acknowledges that any appeals from those courts may have to be heard by a court located outside of the Borough of Manhattan in
New York City; provided, further, that nothing in this Agreement shall be deemed or operate to preclude Dryrock
Funding from bringing suit or taking

    	31

    	 

    

other legal
action in any other jurisdiction to realize on the Receivables or any security for the obligations of the Seller arising hereunder
or to enforce a judgment or other court order in favor of Dryrock Funding. Each party hereto submits and consents in advance to
such jurisdiction in any action or suite commenced in any such court, and each party hereto hereby waives any objection that such
party may have based upon lack of personal jurisdiction, improper venue or forum non conveniens and hereby consents to the granting
of such legal or equitable relief as is deemed appropriate by such court. Each party hereto hereby waives personal service of
the summons, complaint and other process issued in any such action or suit and agrees that service of such summons, complaint,
and other process may be made by registered or certified mail addressed to such party at its address as determined in accordance
with Section 9.03, and that service so made shall be deemed completed upon the earlier of such party’s actual
receipt thereof or three days after deposit in the United States mail, proper postage prepaid. Nothing in this Section 9.02
shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

(c)               
Because disputes arising in connection with complex financial transactions are most quickly
and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply
(rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws.
Therefore, to achieve the best combination of the benefits of the judicial system and of arbitration, the parties hereto waive
all rights to trial by jury in any action, suit, or Proceeding brought to resolve any dispute, whether sounding in contract, tort
or otherwise, arising out of, or connection with, related to, or incidental to the relationship established among them in connection
with this Agreement or the transactions contemplated hereby.

Section 9.03     
Notices. All demands, notices, instructions, directions and communications under this
Agreement shall be in writing and shall be deemed to have been duly given if personally delivered at, mailed by certified mail,
return receipt requested to, or sent by electronic mail (if applicable) to:

(a)               
in the case of the Seller:

Barclays
Bank Delaware

125
South West Street

Wilmington,
DE 19801

Attn:
Clinton Walker

Phone
Number: (302) 255-8100

E-mail:
cwalker@barclaycardus.com

 

(b)              
in the case of Dryrock Funding:

Barclays
Dryrock Funding LLC

100
S. West Street, Office 120

Wilmington,
DE 19801

Attn:
Clinton Walker

Phone
Number: (302) 255-7073

E-mail:
cwalker@barclaycardus.com

    	32

    	 

    

(c)               
 in the case of the Indenture Trustee:

U.S.
Bank National Association

60
Livingston Avenue

EP-MN-WS3D

St.
Paul, MN 55107-2292

Attn:
Structured Finance/Dryrock

Phone
Number: 1-800-934-6802; and

(d)              
in the case of the Owner Trustee:

Wilmington
Trust, National Association

Rodney
Square North

1100
North Wilmington Trust

Wilmington,
DE 19890

Attn:
Corporate Trust Administration

Phone
Number: (302) 651-1000

 

or,
as to each party, at such other address as shall be designated by such party in a written notice to each other party in accordance
with this Section 9.03.

Section 9.04     
Severability of Provisions. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms
shall be deemed severable from the remaining covenants, agreements, provisions, and terms of this Agreement and shall in no way
affect the validity or enforceability of such remaining covenants, agreements, provisions and terms of this Agreement.

Section 9.05     
Assignment. Notwithstanding anything to the contrary contained herein, other than Dryrock
Funding’s assignment of its right, title, and interest in, to and under this Agreement to the Trust as contemplated by Section 9.06
hereof, this Agreement may not be assigned by the parties hereto; provided, however, that the Seller shall have
the right to assign its right, title and interest in, to and under this Agreement to (a) any successor by merger assuming
this Agreement or (b) to any other entity; provided, further, that in the case of an assignment pursuant
to clauses (a) and (b), the Seller has given ten (10) days prior notice to Dryrock Funding, the Owner Trustee, the Indenture
Trustee and each Note Rating Agency.

Section 9.06     
Acknowledgement and Agreement of the Seller. The Seller expressly acknowledges and agrees
that all of Dryrock Funding’s right, title, and interest in, to, and under this Agreement, including all of Dryrock Funding’s
right, title, and interest in, to and under the Purchased Assets, may be assigned by Dryrock Funding to the Trust and by the Trust
to the Indenture Trustee, and the Seller consents to such assignments. The Seller further agrees that notwithstanding any claim,
counterclaim, right of setoff or defense which it may have against Dryrock Funding, due to a breach by Dryrock Funding of this
Agreement or for any other reason, and notwithstanding the bankruptcy of Dryrock Funding or any other event whatsoever, the Seller’s
sole remedy shall be a claim against Dryrock Funding for money damages, and then only to the extent of funds available to Dryrock
Funding, and in no event shall the Seller assert any

    	33

    	 

    

claim on
or any interest in the Purchased Assets or take any action which would reduce or delay receipt Dryrock Funding, the Trust, or
the Indenture Trustee of Collections with respect to the Purchased Assets. Additionally, the Seller agrees that any amounts payable
by the Seller to Dryrock Funding hereunder which are to be paid by Dryrock Funding to the Trust, the Indenture Trustee or the
Servicer shall, upon receipt by the Seller of written instructions specifying the applicable payee and account, be paid by the
Seller directly to the Trust, the Indenture Trustee or the Servicer, as applicable, as assignee (or the agent of an assignee)
of Dryrock Funding.

Section 9.07     
Further Assurances. Dryrock Funding and the Seller agree to do and perform, from time
to time, any and all acts and to execute any and all further instruments required or reasonably requested by the other party,
the Servicer, the Trust or the Indenture Trustee more fully to effect the purposes of this Agreement, including, without limitation,
(a) the authorization, execution, or filing of any financing statements or amendments thereto or equivalent documents relating
to the Purchased Assets for filing under the provisions of the UCC or other law of any applicable jurisdiction and (b) any
actions or instruments to facilitate compliance with the FDIC Rule.

Section 9.08     
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of Dryrock Funding or the Seller, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law.

Section 9.09     Counterparts. This Agreement may be executed in two (2) or more counterparts (and by
different parties on separate counterparts), each of which shall be deemed an original, and all of which when taken together shall
constitute one and the same instrument.

Section 9.10     Binding;
Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns. The Trust, the Owner Trustee and the Indenture Trustee are express third-party beneficiaries
of this Agreement.

Section 9.11     Merger and Integration. Except as specifically stated otherwise herein, this Agreement
sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written
or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided
herein.

Section 9.12     Headings. The headings are for purposes of reference only and shall not otherwise affect
the meaning or interpretation of any provision hereof.

Section 9.13     Schedules and Exhibits. The schedules and exhibits attached hereto and referred to herein
shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

Section 9.14     Survival
of Representations and Warranties. All representations, warranties and agreements contained in this Agreement or contained
in any Supplemental

    	34

    	 

    

Conveyance
shall remain operative and in full force and effect and shall survive conveyance of the Purchased Assets by the Seller to Dryrock
Funding, by Dryrock Funding to the Trust pursuant to the Transfer Agreement, and by the Trust to the Indenture Trustee pursuant
to the Indenture.

Section 9.15     Non-petition Covenant. To the fullest extent permitted by applicable law, the Seller,
by entering into this Agreement, agrees that it will not at any time, acquiesce, petition or otherwise invoke or cause Dryrock
Funding or the Trust to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against
Dryrock Funding or the Trust under any Debtor Relief Law or appointing a receiver, conservator, liquidator, assignee, trustee,
custodian, sequestrator or other similar official for Dryrock Funding or the Trust or any substantial part of its property or
ordering the winding-up or liquidation of the affairs of Dryrock Funding or the Trust.

[END OF ARTICLE
IX]

 

    	35

    	 

    

IN WITNESS
WHEREOF, the Seller and Dryrock Funding have caused this Agreement to be duly executed by their respective officers as of the
date first above written.

	 	BARCLAYS
BANK DELAWARE

	     		 	
	 	By:	/s/ Gerald Pavelich
	 	 	Name:	Gerald Pavelich
	 	 	Title:	Chief Financial Officer
	 	 	 	 

 

	 	BARCLAYS
DRYROCK FUNDING LLC

 

	     		 	
	 	By:	/s/ Deepesh
Jain
	 	 	Name:	Deepesh
Jain
	 	 	Title:	  Vice President and Treasurer
	 	 	 	 

    	36

    	 

    

EXHIBIT A

FORM
OF SUPPLEMENTAL CONVEYANCE

(As required by
Section 2.02 of the Receivables Purchase Agreement)

 

SUPPLEMENTAL
CONVEYANCE No. [___], dated as of [__________] (this “Supplemental Conveyance”), by and between
BARCLAYS BANK DELAWARE, a Delaware banking corporation (together with its permitted
successors and assigns, the “Seller”), and BARCLAYS Dryrock Funding
LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Dryrock Funding”),
pursuant to the Receivables Purchase Agreement referred to below.

W I T N E
S S E T H:

WHEREAS, the
Seller and Dryrock Funding are parties to an Amended and Restated Receivables Purchase Agreement, dated as of August 1, 2012,
as amended and restated as of December 17, 2013 (as further amended, restated, supplemented or otherwise modified from time to
time, the “Receivables Purchase Agreement”);

WHEREAS, pursuant
to the Receivables Purchase Agreement, the Seller wishes to designate Additional Accounts to be included as Accounts and the Seller
wishes to convey its right, title and interest in, to and under the Receivables of such Additional Accounts, whether existing
at the Addition Date or thereafter created, to Dryrock Funding pursuant to the Receivables Purchase Agreement; and

WHEREAS, Dryrock
Funding is willing to accept such designation and purchase such property subject to the terms and conditions hereof.

NOW, THEREFORE,
the Seller and Dryrock Funding hereby agree as follows:

1.Defined
Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Receivables Purchase Agreement unless
otherwise defined herein.

“Addition
Date” shall mean [__________].

“Additional
Accounts” shall mean the Accounts that are listed on the account schedule attached hereto, which shall supplement and
amend the RPA Account Schedule.

“Additional
Purchased Assets” shall have the meaning set forth in Section 3.

“Selection
Date” shall mean the close of business on the date that is three (3) Business Days prior to the Addition Date.

2.Designation
of Additional Accounts. On the Addition Date, the Seller delivers herewith an account schedule containing a true and complete
list of the Additional

    	A-1

    	 

    

Accounts, specifying for each
such Additional Account its account number. On or prior to the second Business Day following the Addition Date, the Seller shall
deliver a supplement to such account schedule, specifying for each such Additional Account, as of the Addition Date, the aggregate
amount outstanding in such Additional Account. Such account schedule and the related supplement shall specify that the Receivables
arising in each such Additional Account have been transferred to Dryrock Funding. Such account schedule and the related supplement
shall be marked as an account schedule to this Supplemental Conveyance and are hereby incorporated into and made part of this
Supplemental Conveyance, and shall supplement and amend the RPA Account Schedule to the Receivables Purchase Agreement.

3.Conveyance
of Receivables.

The
Seller does hereby sell, transfer, assign, set over and otherwise convey to Dryrock Funding, without recourse except as provided
in the Receivables Purchase Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and
under (i) the Receivables existing at the opening of business on each applicable Addition Date, in the case of Receivables arising
in the Additional Accounts (including Related Accounts with respect to such Additional Accounts) and thereafter created and arising
from time to time in the Additional Accounts (unless such Additional Account has become a Removed Account), (ii) all Collections,
Insurance Proceeds, Interchange and Recoveries on or allocable to such Receivables, (iii) all monies due or to become due with
respect to the foregoing, (iv) all amounts received with respect to all of the foregoing, and (v) all proceeds thereof
(collectively, the “Additional Purchased Assets”). Each Additional Account will continue to be owned by the
Seller and will not be an Additional Purchased Asset.

If necessary,
the Seller agrees to file, at its own expense, all financing statements (and amendments to such financing statements when applicable)
with respect to the Additional Purchased Assets meeting the requirements of applicable law in such manner and in such jurisdictions
as are necessary to perfect, and maintain the perfection and priority of, the sale, transfer, assignment, set-over or other conveyance
of its interest in the Additional Purchased Assets to Dryrock Funding, and to deliver file-stamped copies of such financing statements
or amendments or other evidence of such filings to Dryrock Funding as soon as is practicable on or after the Addition Date.

The
Seller further agrees, at its own expense, on or prior to the Addition Date to, indicate in its books and records (including its
computer files) that Receivables created in connection with the Additional Accounts and the Additional Purchased Assets have been
sold to Dryrock Funding. The Seller agrees that it shall indicate the sale of the Receivables in its computer files by (x) including
as the first three characters in the securitization field of such computer files the code “DRY” and (y) including
immediately thereafter the code “001-900.” The Seller further agrees not to alter the code referenced in this paragraph
except in accordance with Section 2.01(d) of the Receivables Purchase Agreement.

The parties
to this Supplemental Conveyance intend that the conveyance of the Seller’s right, title and interest in, to and under the
Additional Purchased Assets shall constitute an absolute sale, conveying good title free and clear of any liens, claims, encumbrances
or rights of others, from the Seller to Dryrock Funding. It is the intention of the parties to this Supplemental

    	A-2

    	 

    

Convenyance
that the arrangements with respect to the Additional Purchaesd Assets shall constitute a purchase and sale of the Additional Purchased
Assets and not a loan. In the event, however, that it were to be determined that the transactions evidenced hereby constitute
a loan and not a purchase and sale, it is the intention of the parties to this Supplemental Conveyance that this Supplemental
Conveyance shall constitute a security agreement under applicable law, and that the Seller shall be deemed to have granted, and
the Seller does hereby grant, to Dryrock Funding a first priority perfected security interest in all of the Seller’s right,
title and interest, whether now owned or hereafter acquired, in, to and under the Additional Purchased Assets, and all money,
accounts, general intangibles, chattel paper, instruments, documents, goods, investment property, deposit accounts, letters of
credit and letter-of-credit rights consisting of, arising from or related to the Additional Purchased Assets, and all proceeds
thereof, to secure the Seller’s obligations hereunder.

4.Acceptance
by Dryrock Funding. Dryrock Funding hereby acknowledges its acceptance and purchase of all right, title and interest in, to
and under the Additional Purchased Assets conveyed to Dryrock Funding pursuant to Section 3 of this Supplemental Conveyance.

5.Representations
and Warranties of the Seller. The Seller hereby acknowledges that it makes as of the Addition Date the representations and
warranties in Section 4.01 and Section 4.02 of the Receivables Purchase Agreement with respect to the Additional Accounts.

6.Ratification
of the Receivables Purchase Agreement. The Receivables Purchase Agreement is hereby ratified, and all references to the “Receivables
Purchase Agreement,” to “this Agreement” and “herein” shall be deemed from and
after the Addition Date to be a reference to the Receivables Purchase Agreement as supplemented by this Supplemental Conveyance.
Except as expressly amended hereby, all the representations, warranties, terms, covenants and conditions of the Receivables Purchase
Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms
and, except as expressly provided herein, shall not constitute or be deemed to constitute a waiver of compliance with or consent
to non-compliance with any term or provision of the Receivables Purchase Agreement.

7.Counterparts.
This Supplemental Conveyance 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 together shall constitute one and the same instrument.

8.Governing
Law. This Supplemental Conveyance will be construed in accordance with and governed by the laws of the State of New York,
including Section 5-1401 of the General Obligations Law, 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.

[Remainder
of Page Intentionally Left Blank]

    	A-3

    	 

    

IN WITNESS
WHEREOF, the Seller and Dryrock Funding have caused this Supplemental Conveyance to be duly executed and delivered by their respective
duly authorized officers on the date first above written.

	 	BARCLAYS
BANK DELAWARE

	     		 	
	 	By:	
	 	 	Name:	
	 	 	Title:	
	 	 	 	 

 

	 	BARCLAYS
DRYROCK FUNDING LLC

 

	     		 	
	 	By:	
	 	 	Name:	
	 	 	Title:	

	 	 	 	 

 

    	A-4

    	 

    

RPA
Account Schedule

to

Supplemental

Conveyance

ADDITIONAL
ACCOUNTS

 

 

 

 

A-5EXHIBIT 4.2

EXECUTION COPY

 

 

BARCLAYS
Dryrock Funding LLC,

Transferor

BARCLAYS
Dryrock Issuance Trust,

Issuer

and

U.S. BANK NATIONAL ASSOCIATION

Indenture Trustee

 

 

AMENDED AND RESTATED 

TRANSFER AGREEMENT

Dated as of August 1, 2012

As amended and restated as of December
17, 2013

 

 

    	 

    	 

    

TABLE OF CONTENTS

 

Page

	ARTICLE I	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.1.	Definitions	1
	Section 1.2.	Other Definitional Provisions	14
	ARTICLE II	TRUST ASSETS	16
	Section 2.1.	Conveyance of Trust Assets	16
	Section 2.2.	Acceptance by Issuer	17
	Section 2.3.	Representations and Warranties of the Transferor Relating to the Transferor	18
	Section 2.4.	Representations and Warranties of the Transferor	20
	Section 2.5.	Notice of Breach	22
	Section 2.6.	Transfer of Ineligible Receivables	22
	Section 2.7.	Reassignment of Trust Assets	23
	Section 2.8.	Covenants of the Transferor	24
	Section 2.9.	Covenants of the Transferor With Respect to the Receivables Purchase Agreement	27
	Section 2.10.	Reinvestment in Trust Assets	28
	Section 2.11.	Addition of Trust Assets	28
	Section 2.12.	Removal of Accounts	30
	Section 2.13.	Account Allocations	32
	Section 2.14.	Reclassification of Principal Receivables	33
	Section 2.15.	Additional Approved Portfolios; Portfolio Limits	34
	ARTICLE III	OTHER MATTERS RELATING TO THE TRANSFEROR	36
	Section 3.1.	Liability of the Transferor	36
	Section 3.2.	Merger or Consolidation or Sale of Assets of the Transferor	36
	Section 3.3.	Limitations on Liability of the Transferor	37
	Section 3.4.	Assumption of the Transferor’s Obligations	37
	Section 3.5.	[Reserved]	38
	Section 3.6.	Tax Treatment	38
	ARTICLE IV	INSOLVENCY EVENTS	40
	Section 4.1.	Rights Upon the Occurrence of an Insolvency Event	40
	ARTICLE V	TERMINATION	41
	Section 5.1.	Termination of Agreement	41
	ARTICLE VI	MISCELLANEOUS PROVISIONS	42
	Section 6.1.	Amendment	42
	Section 6.2.	Protection of Right, Title and Interest in, to and under the Trust Assets	43
	Section 6.3.	Fees Payable by the Transferor	44
	Section 6.4.	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	44
	Section 6.5.	Notices; Payments	45

    	i

    	 

    

 

	Section 6.6.	Severability of Provisions	46
	Section 6.7.	Further Assurances	46
	Section 6.8.	No Waiver; Cumulative Remedies	47
	Section 6.9.	Counterparts	47
	Section 6.10.	Binding; Third-Party Beneficiaries	47
	Section 6.11.	Actions by Noteholders	47
	Section 6.12.	Rule 144A Information	47
	Section 6.13.	Merger and Integration	47
	Section 6.14.	Headings	47
	Section 6.15.	Limitation on Liability of the Owner Trustee	48
	Section 6.16.	Non-petition Covenant	48
	Section 6.17.	Force Majeure	48
	ARTICLE VII	COMPLIANCE WITH REGULATION AB	49
	Section 7.1.	Intent of the Parties; Reasonableness	49
	Section 7.2.	Additional Representations and Warranties of the Indenture Trustee	49
	Section 7.3.	Information to Be Provided by the Indenture Trustee	49
	Section 7.4.	Report on Assessment of Compliance and Attestation	50

 

EXHIBITS

 

	Exhibit A	Form of Assignment of Receivables in Additional Accounts included in Barclays Dryrock Issuance Trust
	Exhibit B	Form of Reassignment of Receivables in Removed Accounts from Barclays Dryrock Issuance Trust
	Exhibit C-1	Form of Opinion of Counsel with Respect to Amendments
	Exhibit C-2	Form of Opinion of Counsel with Respect to Additional Accounts
	Exhibit C-3	Form of Annual Opinion of Counsel
	Exhibit D	Form of Annual Certification
	Exhibit E	Servicing Criteria to be Addressed in Assessment of Compliance

 

 

    	ii

    	 

    

AMENDED AND RESTATED
TRANSFER AGREEMENT, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (this “Agreement”),
by and among BARCLAYS Dryrock Funding LLC, a Delaware limited liability company,
as transferor (the “Transferor”), BARCLAYS Dryrock Issuance Trust,
a statutory trust created under the laws of the State of Delaware, as issuer (the “Issuer” or the “Trust”),
and U.S. BANK NATIONAL ASSOCIATION, a national banking association, in its capacity as indenture trustee (the “Indenture
Trustee”).

In consideration
of the mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby agree that this Agreement, together with the Transaction Documents
(each capitalized term as hereinafter defined), will define the contractual rights and responsibilities of the Transferor, the
Issuer and the Indenture Trustee, including, but not limited to, representations and warranties, ongoing disclosure requirements
and measures to avoid conflicts of interest, and hereby further agree as follows:

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF

GENERAL APPLICATION

Section 1.1.         
Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings.

“Account”
means (a) each Initial Account, (b) each Additional Account (but only from and after the Addition Date with respect thereto),
and (c) each Related Account. The term “Account” shall exclude (i) any Removed Account and (ii) any Account, all
the Receivables of which are reassigned to the Transferor pursuant to Section 2.6 or Section 2.7. Further,
the term Account shall exclude any account in any private label credit card program unless such private label credit card program
is designated as an Approved Portfolio pursuant to Section 2.15.

“Account
Agreement” means, with respect to an Account, the agreement by and between BBD and any Person governing the terms and
conditions of such Account, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

“Account
Assignment” has the meaning specified in Section 2.11(c)(v).

“Account
Guidelines” means the established policies and procedures of BBD, (a) relating to the operation of its credit card
business, which generally are applicable to its portfolio of similar accounts, including the policies and procedures for determining
the creditworthiness of customers and the extension of charge privileges to customers and (b) relating to the maintenance
of accounts and collection of receivables, in each case as such policies and procedures may
be amended, restated, supplemented or otherwise modified from time to time.

“Addition
Date” means, with respect to Additional Accounts, the date specified as such in the related Account Assignment.

    	 

    	 

    

“Additional
Account” means each credit card account in any Approved Portfolio established pursuant to an Account Agreement by and
between BBD and any Person, which account is designated pursuant to Section 2.11(a) or (b) to be included as
an Account and identified on the account schedule delivered to the Issuer and the Indenture Trustee by the Transferor pursuant
to Section 2.1 and Section 2.11(c), which shall supplement and amend the TA Account Schedule.

“Administrator”
has the meaning specified in the Servicing Agreement.

“Adverse
Effect” has the meaning specified in the Indenture.

“Affiliate”
has the meaning specified in the Indenture.

“Affinity Counterparty”
has the meaning specified in Section 2.12(d).

“Affinity Program”
has the meaning specified in Section 2.12(d).

“Agreement”
means this Amended and Restated Transfer Agreement, as the same may be further amended, restated, supplemented or otherwise modified
from time to time.

“Allocation
Amount” has, with respect to any Series or Class of Notes, the meaning specified in the applicable Indenture Supplement
for such Series or Class.

“Amortization
Period” means any amortization period defined in the related Indenture Supplement where (i) following the Revolving Period
or (ii) during the suspension of the Revolving Period, Principal Collections are distributed to, or deposited in an Issuer Account
for the benefit of, the Noteholders of such Series or Class.

“Approved
Portfolio” means (i) any credit card accounts included in a Non Co-branded Portfolio and (ii) any credit card accounts
included in any of the following program portfolios: BJ’s Wholesale Club, Inc.; Apple, Inc.; Black Card, LLC; BlueGreen Corporation;
Barnes & Noble, Inc.; Republic Airways Holdings, Inc.; Virgin America, Inc.; Miles & More International GmbH; L.L. Bean,
Inc.; Priceline.com, Inc.; Princess Cruise Line, Ltd.; Affinity Group, Inc.; Seamiles, LLC and Carnival Cruise Lines, a subsidiary
of Carnival PLC; US Airways Group, Inc.; Upromise, Inc.; RCI, LLC; Travelocity.com LP; NFL Properties LLC; Travel Rewards, Inc.;
Choice Hotels International, Inc.; and Ameriprise Financial Services, Inc. and (iii) any credit card accounts included in any additional
program portfolio that is designated as an Approved Portfolio pursuant to Section 2.15.

“Assigned
Assets” has the meaning specified in Section 3.4.

“Assumed
Obligations” has the meaning specified in Section 3.4.

“Assuming
Entity” has the meaning specified in Section 3.4.

“Assumption Agreement”
has the meaning specified in Section 3.4(b).

“Authorized Newspaper”
has the meaning specified in the Indenture.

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“Authorized
Officer” means:

(a) (i) with
respect to the Issuer, (A) any officer of the Beneficiary who is authorized to act for the Beneficiary in matters relating
to the Issuer pursuant to the Trust Agreement or (B) any officer of the Owner Trustee who is authorized to act for the Owner
Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers, containing the specimen signature
of each such Person, delivered by the Owner Trustee to the Indenture Trustee and the Transferor from time to time, and (ii) any
officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and to be acted upon
by the Administrator pursuant to the Servicing Agreement and who is identified on the list of Authorized Officers, containing the
specimen signatures of each such Person, delivered by the Administrator to the Indenture Trustee and the Transferor from time to
time; and

(b) with respect
to the Transferor, any officer of the Transferor who is identified on the list of Authorized Officers, containing the specimen
signature of each such Person, delivered by the Transferor to the Indenture Trustee and the Owner Trustee (on behalf of the Issuer)
from time to time.

“BBD”
means Barclays Bank Delaware, a Delaware banking corporation.

“Bearer
Notes” has the meaning specified in the Indenture.

“Business Day” has
the meaning specified in the Indenture.

“Cash Advance
Fees” means cash advance transaction fees and cash advance late fees, if any, as specified in any Account Agreement applicable
to an Account.

“Class”
has the meaning specified in the Indenture.

“Collection
Account” has the meaning specified in the Indenture.

“Collections”
means, for any Date of Processing, all payments (including Insurance Proceeds and Recoveries) received in respect of the Receivables,
in the form of cash, checks, wire transfers, electronic transfers, ATM transfers or any other form of payment in accordance with
the related Account Agreement and all other amounts specified by this Agreement, the Servicing Agreement, the Indenture or the
applicable Indenture Supplement as constituting Collections. With respect to any Date of Processing, all Interchange received with
respect to the preceding Date of Processing and all Recoveries with respect to Receivables previously charged-off as uncollectible
will be treated as Collections of Finance Charge Receivables.

“Commission”
has the meaning specified in the Indenture.

“Date of
Processing” means, with respect to any transaction or any activity relating to any account or receipt of Collections,
the Business Day on which such transactions or activities or the Collections are first identified in written form under the Servicer’s
customary and usual servicing practices (without regard to the effective date of such recordation).

    	3

    	 

    

“Debtor
Relief Laws” means (a) the United States Bankruptcy Code and (b) all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment of debt,
marshalling of assets, assignment for the benefit of creditors and similar debtor relief laws from time to time in effect in any
jurisdiction affecting the rights of creditors generally or the rights of creditors of banks.

“Defaulted
Receivables” means, for any Date of Processing, all Principal Receivables which are charged off as uncollectible on the
Servicer’s computer file of Accounts on such Date of Processing in accordance with the Account Guidelines and the Servicer’s
customary and usual servicing procedures for servicing receivables comparable to the Receivables.

“Discount
Option Date” means each date on which a Discount Option Percentage designated by the Transferor pursuant to Section 2.14
takes effect.

“Discount
Option Percentage” means the percentage, if any, designated from time to time by the Transferor pursuant to Section 2.14(a).

“Discount
Option Receivables” has the meaning specified in Section 2.14(a).

“Discount
Option Receivables Collections” means, on any Date of Processing occurring on or after the related Discount Option Date,
the product of (a) the Discount Option Percentage and (b) all Collections of Principal Receivables arising in Accounts
subject to the Discount Option Percentage pursuant to Section 2.14 that are received on such Date of Processing.

“Dollars,” “$”
or “U.S. $” means United States dollars.

“Early Amortization
Event” has the meaning specified in the Indenture, as supplemented with respect to any Series or Class of Notes by the
applicable Indenture Supplement.

“Eligible
Account” means each credit card account in any Approved Portfolio owned by BBD established pursuant to an Account Agreement
by and between BBD and any Person, which meets the following requirements as of the applicable Selection Date:

(a)               
is a credit card account in existence and maintained with BBD;

(b)              
is payable in Dollars;

(c)               
has an Obligor who is not identified by the Servicer in its computer files as being involved in a bankruptcy or insolvency
proceeding;

(d)              
has an Obligor who has provided, as his or her most recent billing address, an address located in the United States or its
territories or possessions or a United States military address;

    	4

    	 

    

(e)               
 has not been identified as an account with respect to which a related card has been lost or stolen;

(f)               
has not been sold or in which a security interest has been granted by BBD to any other party;

(g)              
does not have any receivables that have been sold or pledged by BBD to any Person other than the Transferor; and

(h)              
does not have receivables that are Defaulted Receivables or that have been identified by the Servicer as having been incurred
as a result of the fraudulent use of a related credit or card.

Notwithstanding the
above requirements, Eligible Accounts may include accounts, the receivables of which are Defaulted Receivables, or which have been
identified by the Servicer in its computer files as cancelled due to a related Obligor’s bankruptcy or insolvency, in each
case as of the related Selection Date; provided, that (i) the balance of all receivables included in such accounts
is reflected on the books and records of BBD (and is treated for purposes of this Agreement) as “zero” and (ii) borrowing
and charging privileges with respect to all such accounts have been cancelled in accordance with the Account Guidelines applicable
thereto and will not be reinstated by BBD or the Servicer.

“Eligible
Receivable” means each Receivable:

(a)              
which has arisen in an Eligible Account;

(b)              
which was created in compliance in all material respects with
all Requirements of Law applicable to BBD and pursuant to an Account Agreement that complies in all material respects with all
Requirements of Law applicable to BBD, in either case, the failure to comply with which would have an Adverse Effect;

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

(d)              
as to which, immediately prior to the transfer of such Receivable
to the Trust, the Transferor has good and marketable title thereto, free and clear of all Liens (other than any Lien for municipal
or other local taxes of the Transferor or BBD if such taxes are not then due and payable or if the Transferor or BBD is then contesting
the validity thereof in good faith by appropriate proceedings and has set aside on its books and records adequate reserves with
respect thereto);

(e)              
which has been the subject of either a valid transfer and assignment
from the Transferor to the Trust of all the Transferor’s right, title and interest therein (including any

    	5

    	 

    

proceeds thereof), or the grant of a
first-priority perfected security interest therein (and in the proceeds thereof), effective until the termination of the Trust;

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

(g)              
which, at the time of transfer to the Trust, has not been waived
or modified except as permitted in accordance with the Account Guidelines and which waiver or modification is reflected in the
Servicer’s computer file of Accounts;

(h)              
which, at the time of transfer to the Trust, is not subject to
any right of rescission, setoff, counterclaim or any other defense (including defenses arising out of violations of usury laws)
of an Obligor, other than defenses arising out of applicable Debtor Relief Laws;

(i)              
as to which, at the time of transfer to the Trust, the Transferor
has satisfied all its obligations required to be satisfied under the Account Agreement by such time;

(j)              
as to which, at the time of transfer to the Trust, neither the
Transferor nor BBD, as the case may be, has taken any action which would impair, or omitted to take any action the omission of
which would impair, in any material respect the rights of the Trust or the Noteholders therein; and

(k)              
which constitutes an “account” as defined in Article 9
of the UCC as then in effect in any jurisdiction where the filing of a financing statement is then required to perfect the Trust’s
interest in such Receivable and the proceeds thereof.

“Event
of Default” has the meaning specified in the Indenture.

“Excess
Funding Account” has the meaning specified in the Indenture.

“Excess
Funding Amount” means, at any time, the aggregate amount on deposit in the Excess Funding Account.

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

“Execution Date” means
August 1, 2012.

“FDIA”
means the Federal Deposit Insurance Act, as amended.

“FDIC”
means the Federal Deposit Insurance Corporation or any successor thereto.

“FDIC Rule”
means 12 C.F.R. §360.6, as it may be amended from time to time and subject to such clarifications and interpretations as may
be provided by the FDIC or by the FDIC’s staff from time to time.

    	6

    	 

    

“Finance
Charge Collections” means, for any Date of Processing, the sum of (a) with respect to Receivables included as part
of the Trust Assets, all Collections received by the Servicer on behalf of the Issuer of Finance Charge Receivables, (b) any
amounts received by the Issuer which are designated as Finance Charge Collections pursuant to this Agreement, the Servicing Agreement,
the Indenture or any Indenture Supplement, which shall include all Recoveries with respect to Receivables previously charged off
as uncollectible and the Interchange received, in each instance for such Date of Processing, and (c) the amount of all interest
and other investment earnings (net of losses and investment expenses), if any, on amounts on deposit in the Collection Account
and the Excess Funding Account on such Date of Processing.

“Finance
Charge Receivables” means all amounts billed to the Obligors or any Account in respect of (a) all Periodic Rate
Finance Charges, (b) Cash Advance Fees, (c) annual membership fees and annual service charges, (d) Late Fees, (e) Overlimit
Fees, (f) Discount Option Receivables, if any, and (g) any other incidental and miscellaneous fees and charges with respect
to the Accounts designated by the Transferor at any time and from time to time to be included as Finance Charge Receivables.

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

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

“Indenture”
means the Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013, by
and between the Issuer and the Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified from
time to time.

“Indenture
Supplement” has the meaning specified in the Indenture.

“Indenture
Trustee” means U.S. Bank National Association, in its capacity as indenture trustee under the Indenture, its successors
in interest and any successor indenture trustee under the Indenture.

“Independent
Director” has the meaning specified in Section 2.8(f)(viii).

“Ineligible
Receivables” has the meaning specified in Section 2.6(b).

“Initial
Account” means each credit card account in any Approved Portfolio established pursuant to an Account Agreement by and
between BBD and any Person, which account is identified in the TA Account Schedule delivered to the Issuer and the Indenture Trustee
on the Execution Date by the Transferor pursuant to Section 2.1.

“Insolvency
Event” has the meaning specified in Section 4.1.

    	7

    	 

    

“Insurance
Proceeds” means all Insurance Proceeds (as defined in the Receivables Purchase Agreement) that are paid to the Transferor
as provided in the Receivables Purchase Agreement (other than those Insurance Proceeds relating to a Removed Account).

“Interchange”
means all Interchange (as defined in the Receivables Purchase Agreement) that is allocable to the Receivables transferred by the
Transferor to the Trust.

“Issuance
Date” means each date on which a Series or Class of Notes is issued.

“Issuer”
has the meaning specified in the first paragraph of this Agreement.

“Issuer
Accounts” means, collectively, the Excess Funding Account, the Collection Account and any Supplemental Issuer Account.

“Issuer
Tax Opinion” has the meaning specified in the Indenture.

“Late Fees”
has the meaning specified in the Account Agreement applicable to each Account for late fees or similar terms.

“Lien”
means any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, equity interest,
encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement, or any financing
lease having substantially the same economic effect as any of the foregoing; provided, however, that any assignment
permitted by Section 3.02 of the Trust Agreement or Section 3.2 or Section 3.4 of this Agreement shall
not be deemed to constitute a Lien; provided further, however, that the lien created in favor of the Indenture
Trustee under the Indenture shall not be deemed to constitute a Lien.

“Maximum
Addition Limit” means, with respect to each Addition Date, unless the Note Rating Agency Condition is satisfied:

(a)              
an aggregate principal balance as of such Addition Date of Additional
Accounts not in excess of the lesser of:

i.              
the result of (A) 7.5% of the aggregate Principal Receivables determined as of the first day of the third preceding Monthly
Period minus (B) the aggregate Principal Receivables in all of the Accounts that have been designated as Additional Accounts,
excluding Accounts the designation of which satisfied the Note Rating Agency Condition, since the first day of the third preceding
Monthly Period (measured for each such Additional Account as of the applicable Addition Date); and

 

ii.              
the result of (A) 15% of the aggregate Principal Receivables determined as of the first day of the calendar year in which
such Addition Date occurs minus (B) the Aggregate Principal Receivables in all of the Accounts that have been designated
as Additional Accounts, excluding Accounts the designation of which satisfied the Note Rating Agency Condition, since

    	8

    	 

    

the first day of such calendar
year (measured, for each such Additional Account, as of the applicable Addition Date); and

(b)              
a total number of Additional Accounts not in excess of the lesser
of:

i.              
the result of (A) 7.5% of the total number of Accounts determined as of the first day of the third preceding Monthly Period
minus (B) the total number of Accounts that have been designated as Additional Accounts, excluding Accounts the designation
of which satisfied the Note Rating Agency Condition, since the first day of the third preceding Monthly Period; and

ii.              
the result of (A) 15% of the total number of Accounts determined as of the first day of the calendar year in which such
Addition Date occurs minus (B) the total number of Accounts that have been designated as Additional Accounts, excluding
Accounts the designation of which satisfied the Note Rating Agency Condition, since the first day of such calendar year.

“Monthly
Period” has the meaning specified in the Indenture.

“Non Co-branded
Portfolio” means credit card accounts issued by BBD, or an affiliate of BBD, which (i) bear either the Barclays, Barclaycard,
or Juniper brand and not the brand of any other financial or non-financial organization and (ii) the value proposition and rewards
structure of which is not directly tied to or affiliated with an external brand or loyalty program.

“Note”
or “Notes” has the meaning specified in the Indenture.

“Note Owner”
has the meaning specified in the Indenture.

“Note Rating
Agency” has, with respect to any Outstanding Notes, the meaning specified in the applicable Indenture Supplement for
such Notes.

“Note Rating
Agency Condition” has the meaning specified in the Indenture.

“Note Register”
has the meaning specified in the Indenture.

“Note Registrar”
has the meaning specified in the Indenture.

“Note Transfer
Date” means the second Business Day prior to the Payment Date for a Series or Class of Notes.

“Noteholder”
or “Holder” has the meaning specified in the Indenture.

“Obligor”
means, with respect to any Account, the Person or Persons obligated to make payments with respect to such Account, including any
guarantor thereof, but excluding any merchant.

    	9

    	 

    

“Officer’s
Certificate” has the meaning specified in the Indenture.

“Opinion
of Counsel” has the meaning specified in the Indenture.

“Outstanding”
has the meaning specified in the Indenture.

“Outstanding
Dollar Principal Amount” has the meaning specified in the Indenture.

“Owner Trustee”
has the meaning specified in the Trust Agreement.

“Overlimit
Fees” has the meaning specified in the Account Agreement applicable to each Account for overlimit fees or similar terms
if such fees are provided for in the Account Agreement with respect to such Account.

“Payment
Date” has the meaning specified in the Indenture.

“Periodic
Rate Finance Charges” has the meaning specified in the Account Agreement applicable to each Account for finance charges
(due to periodic rate) or similar terms.

“Person”
has the meaning specified in the Indenture.

“Pool Balance”
means, for any Date of Processing, the sum of (a) the aggregate amount of Principal Receivables as of the close of business
on such Date of Processing, and (b) the Excess Funding Amount as of the close of business on such Date of Processing.

“Principal
Collections” means, for any Date of Processing, the sum of (a) with respect to Receivables, all Collections other
than those designated as Finance Charge Collections for such Date of Processing, and (b) the amount of funds withdrawn from
the Excess Funding Account on such Date of Processing which are required to be deposited into the Collection Account and treated
as Principal Collections in accordance with Section 5.07 of the Indenture.

“Principal
Receivables” means all Receivables other than Finance Charge Receivables or Defaulted Receivables. In calculating the
aggregate amount of Principal Receivables on any day, the amount of Principal Receivables shall be reduced by the aggregate amount
of credit balances in the Accounts on such day. Any Principal Receivables which the Transferor is unable to transfer as provided
in Section 2.1 shall not be included in calculating the amount of Principal Receivables.

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

“Reassignment
Amount” means, with respect to the Receivables, for any Note Transfer Date, the sum of (a) an amount equal to the
outstanding principal balance of such Receivables as of the last day of the prior Monthly Period and (b) accrued and unpaid
interest through the related Payment Date on Notes with an Outstanding Dollar Principal Amount equal to the applicable amount specified
in clause (a), which interest shall be determined based on the

    	10

    	 

    

applicable note interest rates of each
such Series or Class of Notes through the related Payment Date of such Series or Class.

“Receivables”
means all amounts shown on the Servicer’s records as amounts payable by an Obligor on any Account from time to time, including
amounts payable for Principal Receivables and Finance Charge Receivables. Receivables that become Defaulted Receivables will cease
to be included as Receivables as of the day on which they become Defaulted Receivables. For purposes of the FDIC Rule and GAAP,
Receivables are financial assets.

“Receivables
Purchase Agreement” means the Amended and Restated Receivables Purchase Agreement, dated as of August 1, 2012, as
amended and restated as of December 17, 2013, by and between BBD and the Transferor, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

“Recoveries”
means all Recoveries (as defined in the Receivables Purchase Agreement) that are paid to the Transferor as provided in the Receivables
Purchase Agreement (other than those Recoveries related to a Removed Account).

“Registered
Note” has the meaning specified in the Indenture.

“Regulation AB”
means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may
be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005))
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

“Related
Account” means each Account in any Approved Portfolio with respect to which a new account number has been issued by BBD
or the Servicer (a) in compliance with the Account Guidelines and the related Account Agreement, (b) to the same Obligor
or Obligors of such Account, and (c)(i) as a result of the credit card with respect to such Account being lost or stolen;
(ii) as a result of the related Obligor requesting a change in his or her billing cycle; (iii) as a result of the related
Obligor requesting the discontinuance of responsibility with respect to such Account; (iv) as a result of the related Obligor
requesting a product change; (v) as a result of fraudulent use of the credit card with respect to such Account; or (vi) for
any other reasons permitted by the Account Guidelines; provided, that such Account can be traced or identified by reference
to or by way of the code designation in the securitization field of such Account, which code designation is contained in the computer
or other records of BBD used to generate the TA Account Schedule.

“Removal
Date” has the meaning specified in Section 2.12(a)(i).

“Removal
Notice Date” has the meaning specified in Section 2.12(a)(i).

“Removed
Accounts” has the meaning specified in Section 2.12(a).

    	11

    	 

    

“Required
Pool Balance” means, for any Date of Processing, the sum of (a) for all Notes in their Revolving Period, the sum
of the Allocation Amounts of such Notes as of the close of business on such Date of Processing and (b) for all Notes in their
Amortization Period, the sum of the Allocation Amounts of such Notes as of the close of business on the last day of the most recent
Revolving Period for each of such Notes (exclusive of (i) any Notes that will be paid in full on or prior to the Payment Date
immediately following such Date of Processing and (ii) any Notes that will have an Allocation Amount of zero on the Payment
Date immediately following such Date of Processing (after giving effect to payments made on such Payment Date)).

“Required
Transferor Amount” means, for any Date of Processing, the product of (a) the Principal Receivables as of the close
of business on such Date of Processing and (b) the Required Transferor Amount Percentage.

“Required
Transferor Amount Percentage” means 6.0% or such other percentage as shall be designated from time to time by the Transferor;
provided, however, that prior to designating any lesser percentage, the Transferor shall have provided to the Indenture
Trustee an Issuer Tax Opinion and satisfied the Note Rating Agency Condition.

“Requirements
of Law” means any law, treaty, rule or regulation, or determination of an arbitrator or Governmental Authority, whether
federal, state or local (including, without limitation, usury laws, the Federal Truth in Lending Act and Regulation B and
Regulation Z of the Board of Governors of the Federal Reserve System), and, when used with respect to any Person, the certificate
of incorporation or formation and by-laws or other organizational or governing documents of such Person.

“Revolving
Credit Agreement” means the Third Amended and Restated Revolving Credit Agreement, dated as of August 1, 2012, as
amended and restated as of October 5, 2012, December 21, 2012 and December 17, 2013, by and between BBD and the Transferor, as
the same may be amended, restated, supplemented or otherwise modified from time to time or any substantially similar agreement
entered into between any lender and the Transferor.

“Revolving
Period” has, with respect to any Series or Class of Notes, the meaning specified in the applicable Indenture Supplement
with respect to such Series or Class.

“Sarbanes
Certification” has the meaning specified in Section 7.4.

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

“Securitization
Transaction” means any new issuance of a Series or Class of Notes, pursuant to Section 4.10 of the Indenture, whether
publicly offered or privately placed, rated or unrated.

“Selection
Date” means (a) with respect to each Initial Account, the close of business on the date that is three (3) Business
Days prior to the Execution Date, and (b) with respect to each Additional Account, the close of business on the date specified
as such in the related Account Assignment.

    	12

    	 

    

“Seller
Agreement” means the Amended and Restated Seller Agreement dated as of August 1, 2012, as amended and restated as
of December 17, 2013, by and between BBD and Barclays Dryrock Funding LLC, as amended, restated, supplemented or otherwise modified
from time to time.

“Series”
means, with respect to any Notes, the series specified in the applicable Indenture Supplement.

“Servicer”
means BBD, in its capacity as servicer pursuant to the Servicing Agreement, and, after any Service Transfer (as defined in the
Servicing Agreement), the Successor Servicer.

“Servicing
Agreement” means the Amended and Restated Servicing Agreement dated as of August 1, 2012, as amended and restated
as of December 17, 2013, by and among BBD, as Servicer and as Administrator, Barclays Dryrock Issuance Trust, Barclays Dryrock
Funding LLC and U.S. Bank National Association, as amended, restated, supplemented or otherwise modified from time to time.

“Servicing
Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may
be amended from time to time.

“Servicing
Participant” means the Servicer, any Subservicer or any Person that participates in any of the servicing functions specified
in Item 1122(d) of Regulation AB with respect to the Receivables. For the avoidance of doubt, subject to Section 7.1,
the term “Servicing Participant” shall not include the Owner Trustee or the Indenture Trustee.

“Subservicer”
means any Person that services the Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance
(whether directly or through Subservicers or Servicing Participants) of a substantial portion of the material servicing functions
required to be performed by the Servicer under the Servicing Agreement that are identified in Item 1122(d) of Regulation AB.
For the avoidance of doubt, subject to Section 7.1, the term “Subservicer” shall not include the Owner
Trustee or the Indenture Trustee.

“Successor
Servicer” has the meaning specified in the Servicing Agreement.

“Supplemental
Credit Enhancement Provider” has the meaning specified in the Indenture.

“Supplemental
Issuer Account” has the meaning specified in the Indenture.

“Surviving
Entity” has the meaning specified in Section 3.2(a).

“TA Account
Schedule” means a true and complete list, identified as the TA Account Schedule, of Accounts, identified by account number
and setting forth by supplement, with respect to each Account, the aggregate amount outstanding in such Account (a) on the
Execution Date (for the TA Account Schedule delivered on the Execution Date) and (b) on the applicable Addition Date (for
any account schedule delivered on an Addition Date and any supplement to such account schedule delivered on or prior to the second
Business Day following

    	13

    	 

    

an Addition Date, in each case which
shall supplement and amend the TA Account Schedule). The TA Account Schedule may be part of a more comprehensive account schedule
of the Accounts.

“Transaction
Document” means with respect to any Series or Class of Notes, collectively, this Agreement, the Servicing Agreement,
the Indenture, any applicable Indenture Supplement, the Seller Agreement, the Trust Agreement and the Receivables Purchase Agreement.

“Transferor”
means Barclays Dryrock Funding LLC, a Delaware limited liability company, or its successors under this Agreement.

“Transferor
Amount” means, for any Date of Processing, an amount, not less than zero, equal to (a) the Pool Balance as of the
close of business on such Date of Processing minus (b) the aggregate Allocation Amount of all Notes as of the close
of business on such Date of Processing.

“Transferor
Interest” means an interest having such rights as are set forth in this Agreement and the other Transaction Documents,
including the right to receive amounts specified in this Agreement, the Servicing Agreement, the Indenture or any Indenture Supplement
to be distributed to the holders of the Transferor Interest; provided, that as used herein and in any Indenture Supplement,
“Transferor Interest” shall mean either the uncertificated interest in the Transferor Interest or, if the Transferor
elects to evidence its interest in the Transferor Interest in certificated form, a certificate executed and delivered by the Issuer
and authenticated by the Owner Trustee substantially in the form of Exhibit B to the Trust Agreement.

“Trust”
has the meaning specified in the first paragraph of this Agreement.

“Trust Agreement”
means the Second Amended and Restated Trust Agreement relating to the Trust, dated as of August 1, 2012, as amended and restated
as of December 17, 2013, by and between the Transferor and the Owner Trustee, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

“Trust Assets”
has the meaning specified in Section 2.1(a).

“UCC”
means the Uniform Commercial Code, as amended from time to time, as in effect in the relevant jurisdiction.

Section 1.2.         
Other Definitional Provisions.

(a)               
The terms defined in this Article have the meanings assigned to them in this Article, and, along with any other term defined
in any Section of this Agreement, include the plural as well as the singular and are applicable to the masculine as well as to
the feminine and neuter genders of such terms.

    	14

    	 

    

(b)              
 With respect to any Series of Notes, all terms used herein and not otherwise defined herein shall have meanings ascribed
to them in the applicable Transaction Document.

(c)               
All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto unless otherwise defined therein.

(d)              
As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting
terms not otherwise defined in this Agreement or in any such certificate or other document, and accounting terms partly defined
in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings assigned
to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term
“generally accepted accounting principles” with respect to any computation required or permitted hereunder means such
accounting principles as are generally accepted in the United States of America at the date of such computation.

(e)               
The agreements, representations and warranties of Barclays Dryrock Funding LLC in this Agreement in its capacity as the
Transferor shall be deemed to be the agreements, representations and warranties of the Transferor solely in such capacity for so
long as the Transferor acts in such capacity under this Agreement.

(f)               
Any reference to each Note Rating Agency shall only apply to any specific nationally recognized statistical rating organization
if such nationally recognized statistical rating organization is then rating any Outstanding Series or Class of Notes.

(g)              
Unless otherwise specified, references to any amount as on deposit or outstanding on any particular date shall mean such
amount at the close of business on such day.

(h)              
The words “hereof,” “herein,” “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; references to any Section,
Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and
the term “including” means “including without limitation.” Unless the context otherwise requires, terms
used herein that are defined in the New York UCC and not otherwise defined herein shall have the meanings set forth in the New
York UCC.

[END OF ARTICLE I]

    	15

    	 

    

 

ARTICLE
II

TRUST ASSETS

Section 2.1.         
Conveyance of Trust Assets.

(a)               
By execution of this Agreement, the Transferor does hereby transfer, assign, set over and otherwise convey to the Trust,
without recourse except as provided herein, all of its right, title and interest, whether now owned or hereafter acquired, in,
to and under (i) the Receivables existing at the opening of business on the Execution Date, in the case of Receivables arising
in the Initial Accounts (including Related Accounts with respect to such Initial Accounts), and thereafter created and arising
from time to time in the Initial Accounts (unless such Initial Account has become a Removed Account) until the termination of the
Trust, (ii) the Receivables existing at the opening of business on each applicable Addition Date, in the case of Receivables
arising in the Additional Accounts (including Related Accounts with respect to such Additional Accounts), and thereafter created
and arising from time to time in the Additional Accounts (unless such Additional Account has become a Removed Account) until the
termination of the Trust, (iii) all Insurance Proceeds, Interchange and Recoveries on or allocable to the Trust as provided
in this Agreement and the Servicing Agreement, (iv) all monies due and to become due with respect to all of the foregoing,
(v) all amounts received with respect to all of the foregoing, and (vi) all proceeds thereof. The Transferor does hereby
further transfer, assign, set over and otherwise convey to the Trust all of its rights, remedies, powers, privileges and claims
under or with respect to the Receivables Purchase Agreement (whether arising pursuant to the terms of the Receivables Purchase
Agreement or otherwise). The property described in the two preceding sentences, together with all monies and other property on
deposit in or credited to the Issuer Accounts established pursuant to this Agreement, the Servicing Agreement, the Indenture and
each Indenture Supplement, the rights of the Trust under this Agreement and the Trust Agreement and the property conveyed to the
Trust under this Agreement shall constitute the assets of the Trust (the “Trust Assets”). The foregoing does
not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee, the Indenture Trustee
or any Noteholder of any obligation of the Transferor, BBD or any other Person in connection with the Trust Assets or under any
agreement or instrument relating thereto, including any obligation to Obligors, merchants, clearance systems or insurers. Each
Account will continue to be owned by BBD and will not be a Trust Asset.

(b)              
The Transferor agrees to file, at its own expense, all financing statements (and amendments to such financing statements
when applicable) with respect to the Trust Assets meeting the requirements of applicable state law in such manner and in such jurisdictions
as are necessary to perfect, and maintain the perfection and priority of, the transfer, assignment, set-over or other conveyance
of its interest in such Trust Assets to the Trust, and to deliver file-stamped copies of each such financing statement or amendment
or other evidence of such filing to the Owner Trustee and the Indenture Trustee as soon as practicable on (i) the Execution
Date, in the case of Trust Assets relating to the Initial Accounts, and (ii) if any additional filing is necessary, the applicable
Addition Date, in the case of Trust Assets relating to Additional Accounts. Neither the Owner Trustee nor the Indenture Trustee
shall be under any obligation whatsoever to file such financing statements or amendments to financing statements or to make

    	16

    	 

    

any other filing under the UCC in connection
with such transfer, assignment, set-over or other conveyance.

(c)               
The Transferor further agrees, at its own expense, on or prior to (i) the Execution Date, in the case of the Initial
Accounts and (ii) the applicable Addition Date, in the case of Additional Accounts, to indicate in the appropriate computer
files that Receivables created in connection with such Accounts have been conveyed to the Trust pursuant to this Agreement by including
as the first three characters in the securitization field of such computer files the code “DRY” and including immediately
thereafter the code “000-900”. The Transferor further agrees not to alter the code referenced in this paragraph with
respect to any Account during the term of this Agreement unless and until (A) such Account becomes a Removed Account or (B) the
Transferor has taken such action as is necessary or advisable to cause the interest of the Issuer and the Indenture Trustee in
the Trust Assets to continue to be perfected and of first priority. With respect to Removed Accounts, on the applicable Removal
Date, the Transferor agrees to indicate in the appropriate computer files that Receivables reassigned in connection with such Removed
Accounts have been conveyed to the Transferor or its designee in accordance with Section 2.12, by replacing the existing
code in the securitization field of such computer files with “DRY 901-999,” provided, however, that the
Transferor agrees to retain the “DRY 000-900” code in the securitization field of such computer files with respect
to Defaulted Receivables reassigned in accordance with Section 2.12(c), until the Account related to such Defaulted Receivables
becomes a Deleted Account.

(d)              
The Transferor further agrees, at its own expense, on or prior to the Execution Date to deliver to the Issuer and the Indenture
Trustee the TA Account Schedule, which shall be supplemented and amended by the Transferor on or prior to each Addition Date to
include any new Additional Accounts and supplemented and amended by the Transferor on or prior to each Removal Date to remove any
Removed Accounts. Such TA Account Schedule shall specify that the Receivables arising in each such Account have been transferred
to the Trust or removed from the Trust, as applicable. The TA Account Schedule, as supplemented and amended shall be incorporated
into and made a part of this Agreement. The TA Account Schedule shall be updated not later than monthly, beginning August 2012,
to include any new Related Accounts.

(e)               
The parties to this Agreement intend that the conveyance of Trust Assets pursuant to this Agreement shall constitute an
absolute sale, and not a secured borrowing. Nevertheless, this Agreement also shall constitute a security agreement under applicable
law, and the Transferor hereby grants to the Trust a first priority perfected security interest in all of the Transferor’s
right, title and interest, whether now owned or hereafter acquired, in, to and under the Trust Assets, and all money, accounts,
general intangibles, chattel paper, instruments, documents, goods, investment property, deposit accounts, letters of credit and
letter-of-credit rights consisting of, arising from or related to the Trust Assets, and all proceeds thereof, to secure the Transferor’s
obligations hereunder.

Section 2.2.         
Acceptance by Issuer.

(a)               
The Issuer hereby acknowledges its acceptance of all right, title and interest in, to and under the Trust Assets conveyed
to the Trust pursuant to Section 2.1. The

    	17

    	 

    

Issuer further acknowledges that, prior
to or simultaneously with the execution and delivery of this Agreement, the Transferor delivered to the Issuer and the Indenture
Trustee the TA Account Schedule identifying the Initial Accounts.

(b)              
The Trust hereby agrees (and the Indenture Trustee shall, pursuant to the Indenture, agree) not to disclose to any Person
any of the account numbers or other information contained in the computer files marked as the TA Account Schedule and delivered
to the Issuer and the Indenture Trustee from time to time except (i) to a Successor Servicer or as required by a Requirement
of Law applicable to the Trust, (ii) in connection with the performance of the Trust’s duties hereunder, (iii) to
the Indenture Trustee in connection with its duties in enforcing the rights of Noteholders and in connection with its duties under
this Agreement and the Indenture, (iv) to the extent required by the applicable UCC, to bona fide creditors or potential creditors
of BBD or the Transferor for the limited purpose of enabling any such creditor to identify Receivables or Accounts subject to this
Agreement or the Receivables Purchase Agreement, or (v) with the prior written consent of the Transferor. The Trust agrees
(and the Indenture Trustee shall, pursuant to the Indenture, agree) to take such measures as shall be reasonably requested by BBD
or the Transferor to protect and maintain the security and confidentiality of such information and, in connection therewith, shall
allow BBD and the Transferor or their duly authorized representatives to inspect the Trust’s security, data protection and
confidentiality arrangements from time to time during normal business hours upon prior written notice. The Trust shall provide
BBD and the Transferor with notice 15 Business Days prior to disclosure of any information of the type described in this Section 2.2(b).

(c)               
In consideration for the conveyance of the Trust Assets hereunder, the Issuer hereby agrees to pay to the Transferor the
net proceeds received from the issuance of each Series of Notes, provided, however, to the extent that BBD has not
been paid any amounts owed to it pursuant to Section 3.01 of the Receivables Purchase Agreement, the Transferor hereby directs
the Issuer to pay such proceeds directly to BBD in an amount equal to such unpaid amounts.

Section 2.3.         
Representations and Warranties of the Transferor Relating to the Transferor. The Transferor hereby represents and
warrants to the Trust (and agrees that the Owner Trustee and the Indenture Trustee may rely on each such representation and warranty
in accepting the Trust Assets in trust under this Agreement or the Indenture, as applicable, and in authenticating the Notes) as
of the Execution Date and each Issuance Date that:

(a)               
Organization and Good Standing. The Transferor is an entity validly existing in good standing under the applicable
laws of the jurisdiction of its organization and has, in all material respects, full power and authority to own its properties
and conduct its business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement,
the Servicing Agreement and the Receivables Purchase Agreement.

(b)              
Due Qualification. The Transferor is duly qualified to do business and is in good standing and has obtained all necessary
licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would (i) render
any Account Agreement relating to an Account specified herein or any Trust Asset conveyed by the Transferor to the Trust unenforceable
by the Transferor, the Servicer, the Indenture Trustee or

    	18

    	 

    

the Owner Trustee and (ii) have
a material adverse effect on any Noteholders; provided, however, that the Transferor makes no representation or warranty
with respect to any qualifications, licenses or approvals that the Indenture Trustee or the Owner Trustee would have to obtain
to do business in any state in which the Indenture Trustee or the Owner Trustee seeks to enforce any Trust Asset.

(c)               
Due Authorization. The execution and delivery by the Transferor of this Agreement (and any other document or instrument
delivered pursuant hereto, including any Account Assignment), the Receivables Purchase Agreement and the Servicing Agreement, and
the order to the Indenture Trustee to have the Notes authenticated and delivered, and the consummation by the Transferor of the
transactions provided for in this Agreement (and any other document or instrument delivered pursuant hereto, including any Account
Assignment), the Receivables Purchase Agreement and the Servicing Agreement, have been duly authorized by the Transferor by all
necessary limited liability company action on the part of the Transferor.

(d)              
No Conflict. The execution and delivery by the Transferor of this Agreement, the Receivables Purchase Agreement and
the Servicing Agreement, the performance by the Transferor of the transactions contemplated by this Agreement, the Receivables
Purchase Agreement and the Servicing Agreement, and the fulfillment by the Transferor of the terms hereof and thereof applicable
to the Transferor, will not conflict with or violate any Requirements of Law applicable to the Transferor or conflict with, result
in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a
material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Transferor
is a party or by which it or its properties are bound.

(e)               
No Proceedings. There are no Proceedings or investigations, pending or, to the best knowledge of the Transferor,
threatened, against the Transferor before any Governmental Authority (i) asserting the invalidity of this Agreement, the Receivables
Purchase Agreement or the Servicing Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated
by this Agreement, the Receivables Purchase Agreement or the Servicing Agreement, (iii) seeking any determination or ruling
that, in the reasonable judgment of the Transferor, would materially and adversely affect the performance by the Transferor of
its obligations under this Agreement, the Receivables Purchase Agreement or the Servicing Agreement, (iv) seeking any determination
or ruling that, in the reasonable judgment of the Transferor, would materially and adversely affect the validity or enforceability
of this Agreement, the Receivables Purchase Agreement or the Servicing Agreement or (v) seeking to affect adversely the income
or franchise tax attributes of the Trust under the United States federal or any state income or franchise tax systems.

(f)               
All Consents. All authorizations, consents, orders or approvals of, or registrations or declarations with, any Governmental
Authority required to be obtained, effected or given by the Transferor in connection with the execution and delivery by the Transferor
of this Agreement, the Receivables Purchase Agreement and the Servicing Agreement, and the performance of the transactions contemplated
by this Agreement, the Receivables Purchase Agreement and the Servicing Agreement, by the Transferor have been duly obtained, effected
or given and are in full force and effect.

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(g)              
 Insolvency.No Insolvency Event with respect to the Transferor has occurred, and the Transferor entered into
this Agreement and, in the case of Additional Accounts, the related Account Assignment, in the ordinary course of business, not
in contemplation of insolvency.

Section 2.4.         
Representations and Warranties of the Transferor. The Transferor hereby represents and warrants to the Issuer, the
Indenture Trustee and the Owner Trustee that:

(a)               
as of the Execution Date, each Addition Date and each Issuance Date, each of this Agreement (and any other document or instrument
delivered pursuant hereto, including any Account Assignment), the Receivables Purchase Agreement and the Servicing Agreement, constitutes
a legal, valid and binding obligation of the Transferor, enforceable against the Transferor in accordance with its terms, except
as such enforceability may be limited by Debtor Relief Laws or general principles of equity.

(b)              
(A) as of the Execution Date, with respect to the Initial Accounts (and the Receivables arising thereunder), the TA Account
Schedule is an accurate and complete listing in all material respects of the Initial Accounts, the Receivables in which were transferred
by the Transferor as of the Execution Date; and

(B) as of its
delivery date, with respect to Additional Accounts (and the Receivables arising thereunder), the account schedule and any supplement
related thereto, incorporated into the Account Assignment which supplements and amends the TA Account Schedules, is an accurate
and complete listing in all material respects of such Additional Accounts, the Receivables in which were transferred by the Transferor
as of the applicable Addition Date.

and, in each case, the information contained
therein with respect to the identity of such Accounts and the Receivables existing thereunder as of the Execution Date or such
Addition Date, as the case may be, is, in each case, true and correct in all material respects as of such date;

(c)               
as of the Execution Date, each Issuance Date and each applicable Addition Date, the Receivables conveyed by the Transferor
to the Trust have been conveyed free and clear of any Lien (other than as permitted by clause (d) of the term “Eligible
Receivable”);

(d)              
as of (A) the Execution Date, with respect to the Initial Accounts (and the Receivables arising thereunder) and (B) the
applicable Addition Date, with respect to Additional Accounts (and the Receivables arising thereunder), all authorizations, consents,
orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given
by the Transferor in connection with the conveyance by the Transferor of such Receivables have been duly obtained, effected or
given and are in full force and effect;

(e)               
as of (A) the Execution Date, (B) each Issuance Date, and (C) each Addition Date (and the Receivables arising
thereunder), subject, in each case pertaining to proceeds, to Section 9-315 of the UCC, and further subject to any Liens permitted
by clause (d) of the term “Eligible Receivable,” each of this Agreement and the related Account Assignment (in
the case of Additional Accounts), (1) constitutes a valid transfer and assignment to the Trust

    	20

    	 

    

of all right, title and interest of
the Transferor in the Trust Assets conveyed to the Trust by the Transferor, or (2) constitutes a grant of a first-priority
security interest (as defined in the applicable UCC) in such property to the Trust, which security interest is prior to all other
Liens, and is enforceable as such against creditors of and purchasers from the Transferor and which, in the case of existing Receivables
and the proceeds and Recoveries thereof, is enforceable upon execution and delivery of this Agreement, or with respect to then
existing Receivables in Additional Accounts, as of the applicable Addition Date, and which will be enforceable with respect to
such Receivables hereafter and thereafter created and the proceeds and Recoveries thereof upon such creation;

(f)               
as of (A) the Execution Date with respect to the Initial Accounts (and the Receivables arising thereunder), and (B) the
applicable Addition Date with respect to Additional Accounts (and the Receivables arising thereunder), the Transferor has caused
or on such Execution Date or Addition Date, as applicable, will cause the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in such property
granted to the Issuer under this Agreement and upon the filing of all such appropriate financing statements, the Issuer will have
a first priority perfected security interest in such property and proceeds;

(g)              
as of (A) the Execution Date with respect to the Initial Accounts (and the Receivables arising thereunder), and (B) the
applicable Addition Date with respect to Additional Accounts (and the Receivables arising thereunder), other than the security
interest granted to the Trust pursuant to this Agreement or any other security interest that has been terminated, the Transferor
has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed such property; the Transferor has not authorized
the filing of and is not aware of any financing statements against the Transferor that include a description of collateral covering
such property other than any financing statement relating to the security interest granted to the Trust hereunder or that has been
terminated; and the Transferor is not aware of any judgment or tax lien filings against the Transferor;

(h)              
as of the applicable Selection Date, each Initial Account and each applicable Additional Account is an Eligible Account;

(i)                
as of (A) the Selection Date with respect to each Receivable contained in the Initial Accounts conveyed to the Trust
by the Transferor on the Execution Date, (B) the applicable Selection Date with respect to each Receivable contained in the
related Additional Accounts to be conveyed to the Trust by the Transferor on the applicable Addition Date and (C) the date
of the creation of any new Receivable conveyed to the Trust by the Transferor, such Receivable is an Eligible Receivable;

(j)                
as of (A) the Execution Date with respect to the Initial Accounts and (B) the applicable Addition Date with respect
to Additional Accounts, no selection procedures believed by the Transferor to be materially adverse to the interests of the Noteholders
have been used in selecting the Initial Accounts or any Additional Accounts, as applicable;

    	21

    	 

    

(k)              
 the Transferor entered into this Agreement and, in the case of Additional Accounts, the related Account Assignment, in
the ordinary course of business and not with intent to hinder, delay or defraud BBD or its creditors; and

(l)                
the Transferor received adequate consideration for each Receivable transferred to the Trust.

Section 2.5.         
Notice of Breach. The representations and warranties set forth in Section 2.3 and Section 2.4
shall survive the transfers and assignments of the Trust Assets to the Trust and the pledge of the Receivables to the Indenture
Trustee pursuant to the Indenture, and the issuance of the Notes. Upon discovery by the Transferor, the Indenture Trustee or the
Trust of a breach of any of the representations and warranties set forth in Section 2.3 or Section 2.4,
the party discovering such breach shall give prompt written notice to the other parties following such discovery.

Section 2.6.         
Transfer of Ineligible Receivables.

(a)               
Reassignment of Collateral. In the event (i) any representation or warranty contained in Section 2.4(b),
(c), (d), (h), (i) or (j) of this Agreement is not true and correct in any material respect
as of the date specified therein with respect to any Receivable, or the related Account and such breach has a material adverse
effect on any Noteholders unless cured within 60 days (or such longer period, not in excess of 120 days, as may be agreed to by
the Indenture Trustee) after the earlier to occur of the discovery thereof by the Transferor or receipt by the Transferor of written
notice thereof given by the Indenture Trustee, the Owner Trustee or the Servicer, or (ii) it is so provided in Section 2.8(a)
with respect to any Receivables conveyed to the Trust by the Transferor, then the Transferor shall accept reassignment of the Ineligible
Receivables on the terms and conditions set forth in Section 2.6(b) below.

(b)              
Procedures for Removal. When the provisions of Section 2.6(a) above require the removal of a Receivable,
the Transferor shall accept reassignment of such Receivable (each such Receivable, an “Ineligible Receivable”)
by directing the Servicer to deduct the principal balance of each such Ineligible Receivable from the Pool Balance and to decrease
the Transferor Amount by the principal balance of each such Ineligible Receivable. In the event that the exclusion of an Ineligible
Receivable from the calculation of the Transferor Amount and the Pool Balance would cause the Transferor Amount to be reduced below
the Required Transferor Amount or the Pool Balance to be reduced below the Required Pool Balance, the Transferor shall on the second
Business Day following such determination, make a deposit in the Excess Funding Account in immediately available funds in an amount
equal to the greater of the amount by which (x) the Transferor Amount would be reduced below the Required Transferor Amount
or (y) the Pool Balance would be reduced below the Required Pool Balance.

Upon reassignment
of any Ineligible Receivable, the Indenture Trustee and the Trust shall automatically and without further action transfer, assign,
set-over and otherwise convey to the Transferor or its designee, without recourse, representation or warranty, all the right, title
and interest of the Indenture Trustee and the Trust in, to and under such Ineligible Receivable, all Recoveries related thereto,
all monies and amounts due or to become due and all proceeds thereof and such reassigned Ineligible Receivable shall be treated
by the Indenture

    	22

    	 

    

Trustee and the Trust as collected in
full as of the date on which it was reassigned. The obligation of the Transferor to accept reassignment of any Ineligible Receivable
previously conveyed to the Trust by the Transferor, and to make the deposits, if any, required to be made to the Excess Funding
Account as provided in this Section 2.6(b), shall constitute the sole remedy respecting the event giving rise to such
obligation available to the Trust or the Noteholders (or the Indenture Trustee on behalf of the Noteholders). The Trust shall execute
such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested and provided
by the Transferor to effect the conveyance of an Ineligible Receivable pursuant to this Section 2.6(b), but only upon
receipt of an Officer’s Certificate from the Transferor that states that all conditions set forth in this Section 2.6
have been satisfied or waived.

(c)Records.
On the date such Receivables are reassigned to the Transferor pursuant to this Section 2.6, the Transferor shall alter its
computer files by replacing the “DRY 000-900” code in the securitization field of such computer file with “DRY
901-999,” and shall amend and update the TA Account Schedule accordingly.

Section 2.7.         
Reassignment of Trust Assets. (a) In the event any representation or warranty of the Transferor set forth in Section 2.3(a)
or (c) or Section 2.4(a) or (e) of this Agreement is not true and correct in any material respect and
such breach has a material adverse effect on the Receivables conveyed to the Trust by the Transferor or the availability of the
proceeds thereof to the Trust then, the Indenture Trustee or the Noteholders evidencing more than 50% of the Outstanding Dollar
Principal Amount of the Outstanding Notes, by notice then given to the Transferor, the Administrator and the Servicer (and to the
Indenture Trustee, if given by the Noteholders), may direct the Transferor to accept a reassignment of the Receivables previously
conveyed to the Trust by the Transferor pursuant to this Agreement, if such breach and any material adverse effect caused by such
breach is not cured within 60 days of such notice (or within such longer period as may be specified in such notice), and upon those
conditions the Transferor shall be obligated to accept such reassignment on the terms set forth below; provided, however,
that the affected Receivables will not be reassigned to the Transferor if, on any day during such applicable cure period the relevant
representation and warranty shall be true and correct in all material respects as if made on such day. The Transferor shall deposit
the portion of the Reassignment Amount attributable to the applicable Receivables in the Collection Account to be treated (i) in
connection with amounts determined under clause (a) of the definition of “Reassignment Amount,” as Principal Collections
for each Series of Notes and (ii) in connection with the amounts determined under clause (b) of the definition of “Reassignment
Amount,” as Finance Charge Collections for each Series of Notes, in either case, in immediately available funds not later
than 1:00 p.m., New York City time, on the Note Transfer Date following the Monthly Period in which such reassignment obligation
arises, in payment for such reassignment.

(b) Procedures
for Removal.If the Owner Trustee, the Indenture Trustee or the Noteholders give notice directing the Transferor to accept
a reassignment of any Receivables as provided in Section 2.7(a) above, the obligation of the Transferor to accept such reassignment
pursuant to this Section 2.7 and to make the deposit required to be made to the Collection Account for each Series
of Notes as provided in this Section 2.7 shall constitute the sole remedy respecting an event of the type specified
above in this Section 2.7 available to the Noteholders (or the Indenture Trustee on behalf of the Noteholders). Upon
reassignment of the affected

    	23

    	 

    

Receivables on the Note Transfer Date
following the Date of Processing in which such obligation arises, the Indenture Trustee and the Trust shall automatically and without
further action transfer, assign, set-over and otherwise convey to the Transferor, without recourse, representation or warranty,
all the right, title and interest of the Indenture Trustee and the Trust in, to and under the affected Receivables, all Recoveries
allocable thereto, all monies and amounts due or to become due with respect thereto and all proceeds thereof (and any costs or
expenses incurred by the Indenture Trustee in connection with such reassignment shall be reimbursed by the Transferor). The Indenture
Trustee and the Trust shall execute such documents and instruments of transfer or assignment and take such other actions as shall
reasonably be requested by the Transferor to effect the conveyance of such property pursuant to this Section 2.7.

(c) Records.
On the date such Receivables are reassigned to the Transferor pursuant to this Section 2.7, the Transferor shall alter its
computer files by replacing the “DRY 000-900” code in the securitization field of such computer file with “DRY
901-999,” and shall amend and update the TA Account Schedule accordingly.

Section 2.8.         
Covenants of the Transferor. The Transferor hereby covenants that:

(a)               
Receivables Not To Be Evidenced by Promissory Notes. Except in connection with its enforcement or collection of an
Account, the Transferor will take no action to cause any Receivable conveyed by it to the Trust to be evidenced by any instrument
or chattel paper (as defined in the UCC) and, if any such Receivable is so evidenced as a result of any action taken by the Transferor,
it shall be deemed to be an Ineligible Receivable in accordance with Section 2.6(a) and shall be reassigned to the
Transferor in accordance with Section 2.6(b).

(b)              
Security Interests. Except for the conveyances hereunder, the Transferor will not sell, pledge, assign or transfer
to any other Person, or take any other action inconsistent with the Trust’s ownership of any Receivable conveyed by it to
the Trust, or grant, create, incur, assume or suffer to exist any Lien (except as permitted by clause (d) of the definition
of the term “Eligible Receivable”) on any Receivable conveyed by it to the Trust whether now existing or hereafter
created, or any interest therein; and the Transferor shall defend the right, title and interest of the Trust and the Indenture
Trustee in, to and under the Receivables, whether now existing or hereafter created, against all claims of third parties claiming
through or under the Transferor.

(c)               
Transferor Interest. Except for (i) the conveyances hereunder, in connection with any transaction permitted
by Section 3.2 and Section 4.04 of the Trust Agreement or (ii) conveyances with respect to which the Note
Rating Agency Condition shall have been satisfied and an Issuer Tax Opinion shall have been delivered to the Indenture Trustee
and the Owner Trustee, the Transferor agrees, to the fullest extent permitted by applicable law, not to Transfer (as defined in
the Trust Agreement) any interest in the Transferor Interest and any such attempted Transfer shall be void. Nothing contained in
this Section 2.8(c) shall be interpreted to prohibit or in any way limit the Transferor’s ability to grant to
another Person a participation interest in the Transferor Interest upon the delivery to the Indenture Trustee and the Owner Trustee
of an Issuer Tax Opinion.

    	24

    	 

    

(d)              
 Delivery of Collections or Recoveries. In the event that the Transferor receives Collections or Recoveries, the
Transferor agrees to pay the Servicer all such Collections and Recoveries as soon as practicable after receipt thereof.

(e)               
Notice of Liens. The Transferor shall notify the Owner Trustee and the Indenture Trustee promptly after becoming
aware of any Lien (except as permitted by clause (d) of the definition of the term “Eligible Receivable”) on any
Receivable conveyed by it to the Trust other than the conveyances hereunder and under the Indenture.

(f)               
Separate Corporate Existence. The Transferor shall:

(i)                
Maintain in full effect its existence, rights and franchises as a limited liability company under the laws of the state
of its formation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this Agreement and the Receivables Purchase Agreement and
each other instrument or agreement necessary or appropriate to ensure that proper administration hereof and to permit and effectuate
the transactions contemplated hereby.

(ii)              
Except as provided in this Agreement or the Servicing Agreement, maintain its own deposit, securities and other account
or accounts, separate from those of any Affiliate of the Transferor, with financial institutions. The funds of the Transferor will
not be diverted to any other Person, and, except as may be expressly permitted by this Agreement, the Servicing Agreement, or the
Receivables Purchase Agreement, the funds of the Transferor shall not be commingled with those of any other Person.

(iii)            
Ensure that, to the extent that it shares the same officers or other employees as any of its members or other Affiliates,
the salaries of and the expenses related to providing benefits to such officers and other employees shall be fairly allocated among
such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such common officers
and employees.

(iv)            
Ensure that, to the extent that it jointly contracts with any of its members or other Affiliates to do business with vendors
or service providers or to share overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities,
and each such entity shall bear its fair share of such costs. To the extent that the Transferor contracts or does business with
vendors or service providers where the goods and services provided are partially for the benefit of any other Person, the costs
incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided,
and each such entity shall bear its fair share of such costs.

(v)              
Ensure that all material transactions between the Transferor and any of its Affiliates shall be only on an arm’s-length
basis and shall not be on terms more favorable to either party than the terms that would be found in a similar transaction involving
unrelated third parties.

(vi)            
Maintain a principal executive and administrative office through which its business is conducted and a telephone number
separate from those of its

    	25

    	 

    

members and other Affiliates. To
the extent that the Transferor and any of its members or other Affiliates have offices in contiguous space, there shall be fair
and appropriate allocation of overhead costs (including rent) among them, and each such entity shall bear its fair share of such
expenses.

(vii)          
Conduct its affairs strictly in accordance with its certificate of formation and limited liability company agreement and
observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special
members’ and directors’ meetings appropriate to authorize all action, keeping separate and accurate minutes of such
meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and
separate books, records and accounts, including, but not limited to, intercompany transaction accounts. Regular directors’
meetings shall be held at least annually.

(viii)        
Ensure that its board of directors shall at all times include at least one Independent Director (for purposes hereof, “Independent
Director” shall mean any natural person who, for the five-year period prior to his or her appointment as Independent
Director has not been, and during the continuation of his or her service as Independent Director is not: (x) an employee,
director, stockholder, partner, agent, consultant, advisor, attorney, accountant or officer of the Transferor or any of its Affiliates
(other than his or her service as an Independent Director or other similar capacity and/or Special Member of the Transferor or
any of such Affiliates); (y) a customer or supplier of the Transferor or any of its Affiliates (other than an Independent
Director provided by a corporate services company that provides independent directors in the ordinary course of its business);
or (z) any member of the immediate family of a person described in clause (x) or (y).

(ix)            
Ensure that decisions with respect to its business and daily operations shall be independently made by the Transferor (although
the officer making any particular decision may also be an officer or director of an Affiliate of the Transferor) and shall not
be dictated by an Affiliate of the Transferor.

(x)              
Act solely in its own company name and through its own authorized officers and agents, and no Affiliate of the Transferor
shall be appointed to act as agent of the Transferor. The Transferor shall at all times use its own stationery and business forms
and describe itself as a separate legal entity.

(xi)            
Ensure that no Affiliate of the Transferor shall advance funds or loan money to the Transferor other than as provided in
the Revolving Credit Agreement, and that no Affiliate of the Transferor will guaranty debts of the Transferor.

(xii)          
Other than organizational expenses and as expressly provided herein, pay all expenses, indebtedness and other obligations
incurred by it using its own funds.

(xiii)        
Not enter into any guaranty, or otherwise become liable, with respect to or hold its assets or creditworthiness out as being
available for the payment of

    	26

    	 

    

any obligation of any Affiliate
of the Transferor nor shall the Transferor make any loans to any Person.

(xiv)        
Ensure that any financial reports required of the Transferor shall comply with generally accepted accounting principles
and shall be issued separately from, but may be consolidated with, any reports prepared for any of its Affiliates so long as such
consolidated reports contain footnotes describing the effect of the transactions between the Transferor and such Affiliate and
also state that the assets of the Transferor are not available to pay creditors of the Affiliate.

(xv)          
Ensure that at all times it is adequately capitalized to engage in the transactions contemplated in its certificate of formation
and its limited liability company agreement.

(g)              
Compliance with the FDIC Rule. The Transferor shall (i) perform the obligations of the FDIC Rule applicable
to it and (ii) facilitate compliance with the FDIC Rule by BBD and the Trust.

Section 2.9.         
Covenants of the Transferor With Respect to the Receivables Purchase Agreement.

(a)               
The Transferor, in its capacity as purchaser of Receivables from BBD pursuant to the Receivables Purchase Agreement, hereby
covenants that it will at all times enforce the covenants and agreements of BBD set forth in such Receivables Purchase Agreement,
including covenants that BBD shall at all times enforce the covenants and agreements of it, as the case may be, in the Receivables
Purchase Agreement, including, without limitation, covenants to the effect set forth below only to the extent to which they are
enforceable against BBD pursuant to the Receivables Purchase Agreement:

(i)                
(A) Except (x) as otherwise required by any Requirement of Law or (y) as is deemed by BBD to be necessary
in order for it to maintain its credit card business or a program operated by such credit card business on a competitive basis
based on a good faith assessment by it of the nature of the competition with respect to such credit card business or such program,
BBD shall not at any time reduce the annual percentage rate of the Periodic Finance Charges assessed on the Receivables or take
any other action with respect to any of the Accounts if such reduction is not also applied to any comparable segment of credit
card accounts owned by BBD which have characteristics the same as or substantially similar to such Accounts that are subject to
such change, except as otherwise restricted by an endorsement, sponsorship or other agreement between BBD and an unrelated third
party or by the terms of the Account Agreements.

(ii)              
Subject to compliance with all Requirements of Law and clause (i) above, BBD may affect or permit a change to the terms
and provisions of the Account Agreements or the Account Guidelines applicable to the Accounts in any respect (including the calculation
of the amount or the timing of charge-offs and other fees to be assessed thereon). Notwithstanding the above, unless required by
Requirements of Law

    	27

    	 

    

or as permitted by clause (i)
above, BBD will not take any action with respect to any Account Agreement or such Account Guidelines, which, at the time of such
action, BBD reasonably believes will have a material adverse effect on the Transferor.

(b)              
The Transferor further covenants that it will not, unless the Note Rating Agency Condition shall have been satisfied, (i)
enter into any amendment to the Receivables Purchase Agreement, other than an amendment (x) to modify, eliminate or add to the
provisions of the Receivables Purchase Agreement to facilitate compliance with the FDIC Rule or (y) to cure any ambiguity or to
correct or supplement any defective or inconsistent provision contained in the Receivables Purchase Agreement, or (ii) enter into
a new Receivables Purchase Agreement.

Section 2.10.     
Reinvestment in Trust Assets. Pursuant to this Agreement, each Receivable shall be transferred to the Trust and pledged
by the Trust to secure the Notes on the related Date of Processing.

Section 2.11.     
Addition of Trust Assets.

(a)               
Required Additions.

(i)                
If, at the end of any Date of Processing, (A) the Transferor Amount for such Date of Processing or (B) the Pool
Balance for such Date of Processing, is less than the Required Transferor Amount or the Required Pool Balance, as applicable, for
such Date of Processing, then the Transferor shall transfer Receivables in Additional Accounts to the Trust in a sufficient amount
such that, after giving effect to such addition or increase, the Transferor Amount for such Date of Processing is at least equal
to the Required Transferor Amount for such Date of Processing and the Pool Balance for such Date of Processing is at least equal
to the Required Pool Balance for such Date of Processing; provided, however, that the transfer of Receivables in
Additional Accounts to the Trust in connection with this Section 2.11(a) shall not be required if as of the close of business
on any day after any Date of Processing, and prior to the date such transfer of Receivables in Additional Accounts is to be made
to the Trust pursuant to the immediately succeeding paragraph, the Transferor Amount or the Pool Balance is equal to or greater
than the Required Transferor Amount or the Required Pool Balance, as applicable.

Any transfer
of Receivables in any Additional Accounts to the Trust in connection with this Section 2.11(a) shall occur on or before
the first Business Day of the second calendar month following such Date of Processing. The failure of the Transferor to increase
the Transferor Amount or the Pool Balance as provided in this clause (i) solely as a result of the unavailability to the Transferor
of a sufficient amount of Receivables shall not constitute a breach of this Agreement; provided, that any such failure
which has not been timely cured (as specified in the related Indenture Supplement) may nevertheless result in the occurrence of
an Early Amortization Event with respect to each Series for which, pursuant to the Indenture Supplement therefor, a failure by
the Transferor to convey additional Trust Assets to the Trust by the day on which it is

    	28

    	 

    

required to do so pursuant to this
Section 2.11(a) constitutes an “Early Amortization Event” (as defined in such Indenture Supplement).

(ii)              
Any Additional Accounts designated to be included as part of the Trust Assets pursuant to clause (i) above may only
be so included if the applicable conditions specified in Section 2.11(c) have been satisfied.

(b)              
Permitted Additions. In addition to its obligation under Section 2.11(a), the Transferor may, but shall
not be obligated to, subject to the conditions specified in Section 2.11(c) below, cause to be designated from time
to time Additional Accounts the Receivables in which shall be transferred to the Trust as part of the Trust Assets. Such additional
Trust Assets shall be transferred to the Trust on the applicable Addition Date.

(c)               
Conditions to Additions. On each Addition Date such designated Additional Accounts shall become Accounts for purposes
of this Agreement subject to the satisfaction of the following conditions:

(i)                
on or before the third Business Day prior to the Addition Date, the Transferor shall have delivered to the Owner Trustee,
the Indenture Trustee, the Servicer and each Note Rating Agency written notice (unless such notice requirement is otherwise waived)
that the Receivables in Additional Accounts will be transferred to the Trust;

(ii)              
the Transferor shall represent and warrant that, as of the applicable Selection Date, each Additional Account is an Eligible
Account;

(iii)            
the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee file-stamped copies of all financing
statements (and amendments with respect to such financing statements when applicable) covering the Receivables in such Additional
Accounts, if necessary to perfect the interest of the Trust therein;

(iv)            
as of the Addition Date, no Insolvency Event shall have occurred nor shall the transfer to the Trust of the Receivables
arising in the Additional Accounts have been made in contemplation of the occurrence thereof;

(v)              
on or before the Addition Date with respect to Additional Accounts and the Receivables arising thereunder, the Transferor
shall have delivered to the Owner Trustee, on behalf of the Trust, the Indenture Trustee and the Servicer a written assignment
in substantially the form of Exhibit A (the “Account Assignment”), and the Transferor shall have
indicated in its computer files that Receivables created in connection with such Additional Accounts have been transferred to the
Trust and shall have delivered to the Owner Trustee, on behalf of the Trust, the Indenture Trustee and the Servicer an account
schedule with respect to such Additional Accounts in accordance with Section 2.1, which account schedule shall be incorporated
into and made a part of such Account Assignment and this Agreement and shall supplement and amend the TA Account Schedule;

    	29

    	 

    

(vi)            
 the addition to the Trust of the Receivables arising in the Additional Accounts shall not, in the reasonable belief of
the Transferor, result in an Adverse Effect;

(vii)          
the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of the
Transferor, dated the Addition Date, confirming, to the extent applicable, the items set forth in clauses (ii) through (iv)
and clause (vi) above;

(viii)        
the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel, dated the Addition
Date, in accordance with Section 6.2(d); and

(ix)            
in the case of any designation pursuant to Section 2.11(b), if the designation will cause the number or Principal
Receivables of Additional Accounts to exceed the Maximum Addition Limit, the Note Rating Agency Condition shall have been satisfied
with respect to the designation.

Section 2.12.     
Removal of Accounts.

(a)               
On any day of any Monthly Period, the Transferor shall have the right to require the reassignment to it or its designee
of all of the right, title and interest of the Indenture Trustee and the Trust in, to and under the Receivables then existing and
thereafter created, all Recoveries related thereto, all monies due or to become due and all amounts received with respect thereto
and all proceeds thereof in or with respect to the Accounts specified herein (the “Removed Accounts”) and designated
for removal by the Transferor, upon satisfaction of the conditions in clauses (i) through (v) below:

(i)                
on or before the third Business Day (the “Removal Notice Date”) immediately preceding the date for removal
of the Removed Accounts (the “Removal Date”), the Transferor shall have given the Owner Trustee, the Indenture
Trustee, the Servicer and each Note Rating Agency notice (unless such notice requirement is waived) that the Receivables from such
Removed Accounts are to be reassigned to the Transferor on the Removal Date;

(ii)              
on or prior to the Removal Date, the Transferor shall amend the TA Account Schedule by delivering to the Issuer and the
Indenture Trustee a computer file containing a true and complete list of the Removed Accounts, specifying for each such Account,
as of the Removal Notice Date, its account number and the aggregate amount of Receivables outstanding in such Account;

(iii)            
the Transferor shall have represented and warranted as of the Removal Date that the list of Removed Accounts delivered pursuant
to paragraph (ii) above, as of the Removal Date, is true and complete in all material respects;

(iv)            
the Note Rating Agency Condition shall have been satisfied with respect to the removal of the Removed Accounts; and

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(v)              
 the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of the
Transferor, dated the Removal Date, to the effect that the Transferor reasonably believes that (a) such removal of any Receivable
of any Removed Account will not result in an Adverse Effect with respect to any Series or Class of Notes and (b) no selection
procedures believed by the Transferor to be materially adverse to, or materially beneficial to, the interests of any Noteholders
have been used in selecting the Removed Accounts from among any pool of Accounts of a similar type.

There may be more than one Removal Date
in any Monthly Period and the Accounts to be designated as Removed Accounts need not be selected at random by the Transferor. Upon
each such Removal Date the Transferor shall direct the Servicer to deduct the principal balance of each such Removed Account from
the Pool Balance and decrease the Transferor Amount by the principal balance of each such Removed Account.

(b)              
Upon satisfaction of the above conditions, the Owner Trustee, on behalf of the Trust, and the Indenture Trustee shall execute
and deliver to the Transferor a written reassignment in substantially the form of Exhibit B and shall, without further
action, sell, transfer, assign, set over and otherwise convey to the Transferor or its designee, effective as of the Removal Date,
without recourse, representation or warranty, all the right, title and interest of the Indenture Trustee and the Trust in, to and
under the Receivables arising in the Removed Accounts, all Recoveries related thereto, all monies due and to become due and all
amounts received with respect thereto and all proceeds thereof, and the Receivables from the Removed Accounts shall no longer constitute
a part of the Trust Assets. The Indenture Trustee and the Owner Trustee may conclusively rely on the Officer’s Certificate
delivered pursuant to this Section 2.12 and shall have no duty to make inquiries with regard to the matters set forth
therein and shall incur no liability in so relying.

(c)               
In addition to the foregoing, on the date when any Receivable in an Account becomes a Defaulted Receivable (including any
related Finance Charge Receivables), the Indenture Trustee and the Trust shall automatically and without further action or consideration
transfer, set over and otherwise convey to the Transferor, without recourse, representation or warranty, all right, title and interest
of the Indenture Trustee and the Trust in, to and under the Defaulted Receivables (including any related Finance Charge Receivables)
in such Account, all monies due or to become due, all amounts received or receivable with respect thereto and all proceeds thereof,
provided, that Recoveries of such Defaulted Receivables shall be applied as provided in this Agreement and the Servicing
Agreement. The Indenture Trustee and the Trust shall execute and deliver such instruments of transfer and assignment (including
any UCC termination statements), in each case without recourse, as shall be reasonably requested by the Transferor to vest in the
Transferor or its designee all right, title and interest that the Indenture Trustee and the Trust had in, to and under such Defaulted
Receivables (including any related Finance Charge Receivables).

(d)              
The Transferor shall designate Removed Accounts as provided in and subject to the terms and conditions contained in this
Section 2.12 without being subject to the restrictions or conditions set forth in Sections 2.12(a)(i), (iv) and
(v) above if (i) an affinity agreement, private label agreement, merchant agreement, co-branding agreement or other

    	31

    	 

    

program (each, an “Affinity
Program”) that is co-owned, operated or promoted by BBD for the benefit of a third party (each, an “Affinity
Counterparty”) terminates in accordance with its terms, or the Accounts must be removed due to other circumstances caused
by requirements of an Affinity Program in which the right to require such Accounts to be removed is determined by an Affinity Counterparty
or its designee (other than BBD, the Transferor or any affiliate or agent of BBD or the Transferor) and (ii) on or before the tenth
Business Day immediately preceding the Removal Date, the Transferor shall have given the Owner Trustee, the Indenture Trustee,
the Servicer and each Note Rating Agency notice (unless such notice requirement is waived) that the Receivables from such Removed
Accounts are to be reassigned to the Transferor on the Removal Date. In the event that the designation of Removed Accounts under
this clause (d) would cause the Transferor Amount to be reduced below the Required Transferor Amount or the Pool Balance to be
reduced below the Required Pool Balance, the Transferor shall on the second Business Day following such event make a deposit in
the Excess Funding Account in immediately available funds in an amount equal to the greater of the amount by which (x) the
Transferor Amount would be reduced below the Required Transferor Amount or (y) the Pool Balance would be reduced below the
Required Pool Balance. In the event that the designation of Removed Accounts under this clause (d) would cause an Early Redemption
Event to occur under any applicable Indenture Supplement, the Transferor shall deposit an amount equal to the sum of the amounts
received for the Principal Receivables in such accounts, plus Finance Charge Receivables related to such accounts, into the Collection
Account and such funds will be applied as set forth in the applicable Indenture Supplement.

(e)              
With respect
to Accounts removed pursuant to Sections 2.12(a), (b) and (d), on the Removal Date the Transferor agrees to
indicate in its computer files that such Account is a Removed Account by replacing the “DRY 000-900” code in the securitization
field of such computer file with “DRY 901-999”. With respect to Defaulted Receivables reassigned in connection Section
2.12(c), the Transferor shall not alter the “DRY 000-900” code in the securitization field of such computer files
until the Account to which such Defaulted Receivable relates becomes a Deleted Account.

Section 2.13.     
Account Allocations. In the event that the Transferor is unable for any reason to transfer Receivables to the Trust
in accordance with the provisions of this Agreement, other than by reason of the application of the provisions of Section 4.1,
but including any order of any Governmental Authority, then, in any such event, (a) the Transferor agrees (except as prohibited
by any such order) to allocate and pay to the Trust, after the date of such inability, all Collections, including Collections of
Receivables transferred to the Trust prior to the occurrence of such event, and all amounts which would have constituted Collections
with respect to Receivables but for the Transferor’s inability to transfer Receivables (up to an aggregate amount equal to
the amount of Receivables included as part of the Trust Assets on such date transferred to the Trust by the Transferor), (b) the
Transferor, and the Servicer under the Servicing Agreement, agree that such amounts will be applied as Collections in accordance
with the terms of the Servicing Agreement, the Indenture and each Indenture Supplement and (c) for so long as the allocation
and application of all Collections and all amounts that would have constituted Collections are made in accordance with clauses (a)
and (b) above, Receivables (and all amounts which would have constituted Receivables but for the Transferor’s inability to
transfer Receivables to the Trust) which are written off as uncollectible in accordance with the Servicing Agreement shall continue
to be allocated in accordance with the terms of the Servicing

    	32

    	 

    

Agreement, the Indenture and each Indenture
Supplement. For the purpose of the immediately preceding sentence, the Transferor shall treat, and the Transferor shall cause the
Servicer to treat, the first received Collections with respect to the Accounts as allocable to the Trust until the Trust shall
have been allocated and paid Collections in an amount equal to the aggregate amount of Receivables held by the Trust as of the
date of the occurrence of such event. If the Transferor and the Servicer are unable pursuant to any Requirements of Law to allocate
Collections as described above, the Transferor agrees and shall direct the Servicer, after the occurrence of such event, that payments
on each Account with respect to the principal balance of such Account shall be allocated first to the oldest principal balance
of such Account and shall have such payments applied as Collections in accordance with the terms of this Agreement, the Servicing
Agreement, the Indenture and each Indenture Supplement.

Section 2.14.     
Reclassification of Principal Receivables.

(a)               
The Transferor shall have the option to designate at any time and from time to time a percentage or percentages, which may
be a fixed percentage or a variable percentage based on a formula (the “Discount Option Percentage”), of all
Principal Receivables existing in all or any specified portion of the Accounts (“Discount Option Receivables”)
to be treated as Finance Charge Receivables on or after the Discount Option Date. On or after such Discount Option Date, the Transferor
shall also have the option of increasing, reducing or withdrawing the Discount Option Percentage, at any time and from time to
time, without notice to or the consent of any Noteholder. The Transferor shall provide to the Servicer, the Owner Trustee, the
Indenture Trustee, and any Note Rating Agency written notice no later than 30 days prior to of the applicable Discount Option Date
notifying such party of any such designation or increase, reduction or withdrawal. Such designation, increase, reduction or withdrawal
shall become effective on the Discount Option Date specified in such notice upon satisfaction of the following conditions:

(i)                
the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of the
Transferor certifying that, in the reasonable belief of the Transferor based on facts known to the Transferor at such time, such
designation, increase, reduction or withdrawal will not, at the time of its occurrence, cause an Early Amortization Event or Event
of Default with respect to any Series or Class of Notes to occur or an event which, with notice or the lapse of time or both, would
constitute an Early Amortization Event or Event of Default with respect to any Series or Class of Notes;

(ii)              
the Note Rating Agency Condition shall have been satisfied with respect to such designation, increase, reduction or withdrawal;
and

(iii)            
the Transferor shall have caused an Issuer Tax Opinion to be delivered to the Owner Trustee and the Indenture Trustee.

(b)              
Following a change in the Discount Option Percentage, the Transferor shall apply the new Discount Option Percentage to all
or any specified portion of newly generated and existing Principal Receivables. The Discount Option Percentage currently is 0.00%.

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(c)               
 After the Discount Option Date, Discount Option Receivables Collections shall be treated as Finance Charge Collections.

Section 2.15.     
Additional Approved Portfolios; Portfolio Limits.

(a)               
The Transferor may from time to time designate additional portfolios of accounts as “Approved Portfolios” if
the Note Rating Agency Condition is satisfied with respect to the designation of such portfolios.

(b)              
With respect to any Non Co-branded Portfolio, (i) as of the Execution Date, in the case of the Initial Accounts, the aggregate
principal balance of Receivables from Accounts relating to any Non Co-branded Portfolio shall not be in excess of 10% of the aggregate
principal balance of Receivables of such Initial Accounts conveyed to the Trust on the Execution Date, and (ii) as of each Addition
Date in the case of Additional Accounts, the aggregate principal balance of Receivables from Accounts relating to any Non Co-branded
Portfolio shall not be in excess of 10% (or such greater percentage as determined by the Transferor upon satisfaction of the Note
Rating Agency Condition) of the aggregate principal balance of Receivables of such Additional Accounts conveyed to the Trust on
such Addition Date.

(c)               
If the Transferor designates Removed Accounts pursuant to Section 2.12(d) of this Agreement, and such designation
results in the aggregate principal balance of Receivables from Accounts relating to any Non Co-branded Portfolio to be in excess
of 10% of the aggregate principal balance of Receivables held by the Trust as of such Removal Date, then the Transferor shall:

(i)                
on or before the first Business Day of the second calendar month following such Removal Date transfer additional Receivables
from accounts other than accounts relating to any Non Co-branded Portfolio to the Trust in such an amount as is required to ensure
that the aggregate principal balance of Receivables from Accounts relating to any Non Co-branded Portfolio is not in excess of
10% of the aggregate principal balance of Receivables held by the Trust; provided, however, that the transfer of
additional Receivables in connection with this clause (i) to the Trust shall not be required if as of the close of business on
any day after such Removal Date, and prior to the first Business Day of the second calendar month following such Removal Date,
the aggregate principal balance of Receivables from Accounts relating to any Non Co-branded Portfolio is not in excess of 10% of
the aggregate principal balance of Receivables held by the Trust; or

(ii)              
on or before the first Business Day of the second calendar month following such Removal Date accept from the Trust a reassignment
of Receivables from Accounts relating to any Non Co-branded Portfolio in such an amount as is required to ensure that the aggregate
principal balance of Receivables from Accounts relating to any Non Co-branded Portfolio is not in excess of 10% of the aggregate
principal balance of Receivables held by the Trust, and upon the acceptance of such reassignment the Transferor shall direct the
Servicer to deduct the principal balance of each such Receivable removed from the Pool Balance and to decrease the Transferor Amount
by

    	34

    	 

    

the principal balance of each such
Receivable removed; provided, however, that in the event that the reassignment of Receivables under this clause (ii)
would cause the Transferor Amount to be reduced below the Required Transferor Amount or the Pool Balance to be reduced below the
Required Pool Balance, the Transferor shall on the second Business Day following such event make a deposit in the Excess Funding
Account in immediately available funds in an amount equal to the greater of the amount by which (x) the Transferor Amount
would be reduced below the Required Transferor Amount or (y) the Pool Balance would be reduced below the Required Pool Balance;
and provided further, that the reassignment of Receivables in connection with this clause (ii) from the Trust shall
not be required if as of the close of business on any day after such Removal Date, and prior to the first Business Day of the Monthly
Period of the second calendar month following such Removal Date, the aggregate principal balance of Receivables from Accounts relating
to any Non Co-branded Portfolio is not in excess of 10% of the aggregate principal balance of Receivables held by the Trust; or

(iii)            
on or before the first Business Day of the second calendar month following such Removal Date receive confirmation that the
Note Rating Agency Condition is satisfied; provided, however, that satisfaction of the Note Rating Agency Condition
in connection with this clause (iii) shall not be required if as of the close of business on any day after such Removal Date, and
prior to the first Business Day of the Monthly Period of the second calendar month following such Removal Date, the aggregate principal
balance of Receivables from Accounts relating to any Non Co-branded Portfolio is not in excess of 10% of the aggregate principal
balance of Receivables held by the Trust.

[END OF ARTICLE II]

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ARTICLE
III

OTHER MATTERS RELATING TO THE TRANSFEROR

Section 3.1.         
Liability of the Transferor. The Transferor shall be liable for all obligations, covenants, representations and warranties
of the Transferor arising under or related to this Agreement. The Transferor shall be liable only to the extent of the obligations
specifically undertaken by it in its capacity as the Transferor.

Section 3.2.         
Merger or Consolidation or Sale of Assets of the Transferor.

(a)               
The Transferor shall not dissolve, liquidate, consolidate with or merge into any other Person or convey, transfer or sell
its properties and assets substantially as an entirety to any Person (other than the Trust) (in each case, a “Surviving
Entity”) unless:

(i)                
(x) the Surviving Entity is organized and existing under the laws of the United States of America or any state or the
District of Columbia, and is a savings association, national banking association, bank or other entity which is not eligible to
be a debtor in a case under the United States Bankruptcy Code or is a special purpose entity whose powers and activities are limited,
and shall expressly assume, by an agreement supplemental hereto, executed by the Transferor and the Surviving Entity and delivered
to the Issuer and the Indenture Trustee, in form reasonably satisfactory to the Issuer and the Indenture Trustee, the performance
of every covenant and obligation of the Transferor hereunder and under the Servicing Agreement or relating to transactions contemplated
hereby or thereby and shall benefit from all the rights granted to the Transferor, as applicable hereunder; and (y) the Transferor
has delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of the Transferor and an Opinion of
Counsel to the effect that such consolidation, merger, conveyance, transfer or sale and such supplemental agreement comply with
this Section 3.2 and that such supplemental agreement is a valid and binding obligation of the Transferor, enforceable
against the Transferor in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and except
as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity);

(ii)              
all UCC filings, if any, required to perfect or to continue the perfection and priority of the interest of the Trust in
the Trust Assets shall have been made and copies thereof shall have been delivered to the Owner Trustee and the Indenture Trustee;

(iii)            
the Owner Trustee and the Indenture Trustee shall have received one or more Opinions of Counsel to the effect that (A) under
the UCC, the transfer of Receivables by the Surviving Entity shall constitute either a sale of, or the granting of a security interest
in, such Receivables by the Surviving Entity to the Trust, (B) the condition specified in paragraph (ii) above shall
have been satisfied, and (C) if the Surviving Entity shall be subject to the FDIA, the transfers of Receivables by such Surviving
Entity to the Trust shall be entitled to the protections of the FDIC Rule;

    	36

    	 

    

(iv)            
 the Owner Trustee and the Indenture Trustee shall have received an Issuer Tax Opinion; and

(v)              
the Note Rating Agency Condition shall have been satisfied with respect to such consolidation, merger, conveyance, transfer
or sale.

(b)              
The obligations of the Transferor hereunder shall not be assignable nor shall any Person succeed to the obligations of the
Transferor hereunder except in each case in accordance with the provisions of the foregoing paragraph or Section 3.4.

Section 3.3.         
Limitations on Liability of the Transferor. Subject to Section 3.1, no Transferor nor any of the directors,
officers, employees, members, incorporators or agents of the Transferor acting in such capacities shall be under any liability
to the Trust, the Owner Trustee, the Indenture Trustee, the Noteholders, the Servicer, any Supplemental Credit Enhancement Provider,
or any other Person for any action taken, or for refraining from the taking of any action, in good faith in such capacities pursuant
to this Agreement, it being expressly understood that all such liability is expressly waived and released as a condition of, and
consideration for, the execution of this Agreement, the Servicing Agreement, the Indenture and any Indenture Supplement and the
issuance of the Notes; provided, however, that this provision shall not protect the Transferor or any director, officer,
employee, member, incorporator or agent of the Transferor against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties
hereunder. The Transferor and any director, officer, employee, member, incorporator or agent of the Transferor may rely in good
faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Transferor)
respecting any matters arising hereunder.

Section 3.4.         
Assumption of the Transferor’s Obligations. (a) Notwithstanding the provisions of Section 3.2,
the Transferor may assign, convey, transfer or sell all of its right, title and interest in, to and under the Receivables in which
it has an interest and/or its interest in the Transferor Interest (collectively, the “Assigned Assets”), together
with its obligations under this Agreement or relating to the transactions contemplated hereby or thereby (collectively, the “Assumed
Obligations”), to another entity (the “Assuming Entity”) which may be an entity that is not affiliated
with the Transferor, and the Transferor may assign, convey and transfer the Assigned Assets and the Assumed Obligations to the
Assuming Entity, without the consent or approval of the holders of any Notes, upon satisfaction of the following conditions:

(b)              
the Assuming Entity, the Transferor, the Issuer and the Indenture Trustee shall have entered into a supplement to this Agreement
or an assumption agreement (in form and substance reasonably satisfactory to the Issuer and the Indenture Trustee) (either, the
“Assumption Agreement”) providing for the Assuming Entity to assume the Assigned Assets and the Assumed Obligations,
including the obligation under this Agreement to transfer the Receivables arising under the Accounts and the Receivables arising
under any Additional Accounts to the Trust, and the Transferor shall have delivered to the Owner Trustee and the Indenture Trustee
an Officer’s Certificate of the Transferor and an Opinion of Counsel each stating that such transfer and assumption comply
with this Section 3.4, that such Assumption Agreement is a valid and binding obligation of the Transferor, enforceable
against the Transferor

    	37

    	 

    

in accordance with its terms, except
as such enforceability may be limited by Debtor Relief Laws and except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity), and that all conditions precedent herein provided for relating to
such transaction have been complied with or waived;

(c)               
all UCC filings required to perfect or to continue the perfection and priority of the interest of the Trust in the Trust
Assets shall have been duly made and copies thereof shall have been delivered to the Owner Trustee and the Indenture Trustee;

(d)              
 (i) if the Assuming Entity shall not be eligible to be a debtor in a case under the United States Bankruptcy Code,
the Transferor shall have delivered notice of such transfer and assumption to each Note Rating Agency or (ii) if the Assuming
Entity shall be eligible to be a debtor in a case under the United States Bankruptcy Code, the Transferor shall have delivered
notice of such transfer and assumption to the Servicer, the Owner Trustee and the Indenture Trustee, and the Note Rating Agency
Condition shall have been satisfied;

(e)               
the Owner Trustee and the Indenture Trustee shall have received one or more Opinions of Counsel to the effect that (i) the
transfer of Receivables by the Assuming Entity shall constitute either a sale of, or the granting of a security interest in, such
Receivables, as the case may be, by the Assuming Entity to the Trust, (ii) the condition specified in paragraph (b) above
shall have been satisfied, and (iii) if the Assuming Entity shall be subject to the FDIA, transfers of Receivables by such
Assuming Entity to the Trust shall be entitled to the protections of the FDIC Rule; and

(f)               
the Owner Trustee and the Indenture Trustee shall have received an Issuer Tax Opinion.

Upon such transfer
to and assumption by the Assuming Entity, the Transferor shall surrender the certificate, if applicable, evidencing its interest
in the Transferor Interest to the Note Registrar for registration of transfer and the Note Registrar shall issue a new certificate,
if applicable, evidencing the Transferor Interest in the name of the Assuming Entity (or, if applicable, register such Assuming
Entity’s uncertificated interest in the Transferor Interest). Notwithstanding such assumption, the Transferor shall continue
to be liable for all representations and warranties and covenants made by it and all obligations performed or to be performed by
it in its capacity as Transferor prior to such transfer of the Transferor Interest.

Section 3.5.         
[Reserved].

Section 3.6.         
Tax Treatment. Unless otherwise specified in the Indenture or an Indenture Supplement with respect to a particular
Series or Class of Notes, the Transferor has entered into this Agreement, and the Notes will be issued, with the intention that,
for federal, state and local income and franchise tax purposes, (a) each Series or Class of Notes which are characterized
as indebtedness at the time of their issuance will qualify as indebtedness secured by the Trust Assets and (b) the Trust shall
not be treated as an association or publicly traded partnership taxable as a corporation. The parties hereto agree that they shall
not cause or permit the making, as applicable, of any election under Treasury Regulation Section 301.7701-3 whereby the Trust
or any portion thereof would be treated as a corporation for federal income tax

    	38

    	 

    

purposes. Subject to Section 8.15
of the Indenture, the parties hereto shall treat the Trust as a security arrangement for federal income tax purposes and shall
not file any federal income tax returns or obtain any federal employer identification number for the Trust. The provisions of this
Agreement shall be construed in furtherance of the foregoing intended tax treatment.

 

[END OF ARTICLE III]

    	39

    	 

    

 

ARTICLE
IV

INSOLVENCY EVENTS

Section 4.1.         
Rights Upon the Occurrence of an Insolvency Event. If the Transferor or holder of the Transferor Interest shall (a) file
a petition or commence a Proceeding (i) to take advantage of any Debtor Relief Law or (ii) for the appointment of a trustee,
conservator, receiver, liquidator or similar official for or relating to the Transferor or holder of the Transferor Interest or
all or substantially all of the Person’s property, (b) consent or fail to object to any such petition or Proceeding
commenced against or with respect to it or all or substantially all of its property, or any such petition or Proceeding shall not
have been dismissed within sixty (60) days of its filing or commencement, or a court, agency, or other supervisory authority with
jurisdiction shall have decreed or ordered relief with respect to any such petition or Proceeding, (c) be unable, or shall
admit in writing its inability, to pay its debts generally as they become due, (d) shall make an assignment for the benefit
of its creditors, or (e) voluntarily suspend payment of its obligations (any such act or occurrence being an “Insolvency
Event”); then the Transferor shall, on the day any such Insolvency Event occurs, immediately cease to transfer Receivables
to the Trust and promptly give notice to the Owner Trustee, the Indenture Trustee and the Servicer of such Insolvency Event. Notwithstanding
any cessation of the transfer to the Trust of additional Receivables, (i) Receivables transferred to the Trust prior to the
occurrence of such Insolvency Event and (ii) Collections in respect of such Receivables, shall continue to be a part of the
Trust Assets, and Collections and Interchange with respect thereto shall continue to be allocated to Noteholders in accordance
with the terms of this Agreement, the Servicing Agreement, the Indenture and each Indenture Supplement. To the extent that it is
not clear to the Transferor whether collections relate to a Receivable that was sold to the Trust or to a receivable that the Transferor
has not sold to the Trust, the Transferor agrees that it shall allocate payments on such Accounts in the aggregate with respect
to the principal balance of such Accounts first to the oldest principal balance on such Account.

[END OF ARTICLE IV]

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ARTICLE
V

TERMINATION

Section 5.1.         
Termination of Agreement. This Agreement and the respective obligations and responsibilities of the Trust and the
Transferor under this Agreement shall terminate on the date on which the Trust is dissolved in accordance with Article IX
of the Trust Agreement.

[END OF ARTICLE V]

    	41

    	 

    

 

ARTICLE
VI

MISCELLANEOUS PROVISIONS

Section 6.1.         
Amendment.

(a)               
This Agreement may be amended from time to time by the Transferor, the Issuer and the Indenture Trustee, by a written instrument
signed by each of them, without the consent of any of the Noteholders, upon, unless otherwise specified in this Section 6.1,
(i) delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion, (ii) satisfaction of the Note Rating Agency
Condition, and (iii) delivery to the Indenture Trustee and the Owner Trustee of an Officer’s Certificate of the Transferor,
dated the date of any such amendment, to the effect that the Transferor reasonably believes that such amendment will not have an
Adverse Effect.

Notwithstanding any
other provision of this Section 6.1, this Agreement may be amended from time to time by an instrument signed by the Transferor,
the Issuer and the Indenture Trustee to modify, eliminate or add to the provisions of this Agreement to (i) facilitate compliance
with the FDIC Rule or changes in laws or regulations applicable to the Transferor, the Issuer, the Indenture Trustee or the transactions
governed by the Transaction Documents or (ii) cause the provisions herein to conform to or be consistent with or in furtherance
of the statements made with respect to this Agreement in any applicable Registration Statement on Form S-3, as amended, under the
Securities Act, in each case upon delivery by the Transferor to the Indenture Trustee and the Owner Trustee of (x) an Officer’s
Certificate of the Transferor, dated the date of any such amendment, to the effect that (A) the Transferor reasonably believes
that such amendment will not have an Adverse Effect or (B) such amendment is required to remain in compliance with the FDIC Rule
or any other change of law or regulation which applies to the Transferor, the Issuer, the Indenture Trustee or the transactions
governed by the Transaction Documents, or such amendment is required to cause the provisions herein to conform to or be consistent
with or in furtherance of the statements made with respect to this Agreement in any applicable Registration Statement on Form S-3,
as amended, under the Securities Act, and (y) an Issuer Tax Opinion with respect to such amendment.

In addition, notwithstanding
any other provision of this Section 6.1, this Agreement may be amended from time to time by an instrument signed by the
Transferor, the Issuer and the Indenture Trustee to cure any ambiguity or to correct or supplement any defective or inconsistent
provision contained in this Agreement or in any amendment to this Agreement upon delivery by the Transferor to the Indenture Trustee
and the Owner Trustee of an Officer’s Certificate of the Transferor, dated the date of any such amendment, to the effect
that the Transferor reasonably believes that such amendment will not have an Adverse Effect.

(b)              
Notwithstanding any other provision of this Section 6.1, this Agreement may also be amended in writing from time
to time by the Transferor, the Issuer and the Indenture Trustee, with the consent of Noteholders evidencing more than 662⁄3%
of the Outstanding Dollar Principal Amount of all affected Series or Classes of Notes for which the conditions in clause (a) above
have not been satisfied, for the purpose of adding any provisions to or changing in any

    	42

    	 

    

manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of any Noteholders. Prior to the execution of any such amendment or
consent pursuant to this Section 6.1(b), the Transferor shall direct the Servicer to furnish notification of the substance
of such amendment to each Note Rating Agency.

(c)               
It shall not be necessary for the consent of Noteholders under this Section 6.1 to approve the particular form
of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Noteholders shall be subject to such reasonable requirements
as the Indenture Trustee may prescribe in the related Indenture Supplement.

(d)              
Any Indenture Supplement executed in accordance with the provisions of Article X of the Indenture shall not be considered
an amendment of this Agreement for the purposes of this Section 6.1. Any supplemental agreement executed in accordance
with the provisions of Section 3.2 or any Assumption Agreement executed in accordance with the provisions of Section 3.4
shall not be considered an amendment to this Agreement for purposes of this Section 6.1. No Account Assignment executed
in accordance with Section 2.11 or reassignment executed in accordance with Section 2.12(b) shall be considered an
amendment to this Agreement for purposes of this Section 6.1.

(e)               
The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely
affects in any material respect the rights, duties, benefits, protections, privileges or immunities of the Owner Trustee or the
Indenture Trustee, as applicable, under this Agreement or otherwise. In connection with the execution of any amendment hereunder,
the Owner Trustee and the Indenture Trustee shall be entitled to receive the Opinion of Counsel described in Section 6.2(d).

Section 6.2.         
Protection of Right, Title and Interest in, to and under the Trust Assets.

(a)               
The Transferor shall cause this Agreement, all amendments and supplements hereto and all financing statements and amendments
to financing statements and any other necessary documents covering the right, title and interest of the Trust and the Indenture
Trustee in, to and under the Trust Assets to be promptly recorded, registered and filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required by the laws of the applicable jurisdiction to fully
preserve and protect such right, title and interest. The Transferor shall deliver to the Owner Trustee and the Indenture Trustee
file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available
following such recording, registration or filing.

(b)              
Within 30 days after the Transferor makes any change in its name or its type or jurisdiction of organization, the Transferor
shall give the Owner Trustee and the Indenture Trustee notice of any such change and shall file such financing statements or amendments
as may be necessary to continue the perfection of the security interest of the Trust in the Trust Assets.

    	43

    	 

    

(c)               
 Each of the Trust and the Indenture Trustee shall give the Transferor prompt notice of any change in its name or any change
in its address as shown on any financing statement filed in connection with the transactions contemplated by this Agreement if
the address so shown ceases to be an address from which information concerning the Trust Assets can be obtained.

(d)              
The Transferor shall deliver to the Owner Trustee and the Indenture Trustee (i) upon the execution and delivery of
each amendment of this Agreement pursuant to Section 6.1, an Opinion of Counsel to the effect specified in Exhibit C-1;
(ii) on each Addition Date with respect to the designation of Additional Accounts to the Trust pursuant to Section 2.11(a)
or (b), an Opinion of Counsel substantially in the form of Exhibit C-2; (iii) on or before March 31
of each year, beginning with March 31, 2013, an Opinion of Counsel substantially in the form of Exhibit C-3; and
(iv) in connection with the occurrence of any event contemplated in Section 3.2 or Section 3.4, the Opinions
of Counsel and the Issuer Tax Opinion specified therein.

Section 6.3.         
Fees Payable by the Transferor. Notwithstanding anything contained in any other Transaction Document (unless such
document specifically refers to this Section 6.3), the Transferor shall pay out of its own funds, without reimbursement,
all expenses incurred, fees and disbursements of the Owner Trustee (as such and in its individual capacity), the Administrator
and the Indenture Trustee (including, in each case, the reasonable fees and expenses of its outside counsel) and independent accountants
and all other fees and expenses relating to the Trust, including the costs of filing UCC continuation statements, the costs and
expenses relating to obtaining and maintaining the listing of any Notes on any stock exchange, the costs and expenses relating
to maintaining Issuer Accounts, and any stamp, documentary, excise, property (whether on real, personal or intangible property)
or any similar tax levied on the Trust or the Trust’s assets that are not expressly stated in this Agreement to be payable
by the Trust (other than federal, state, local and foreign income and franchise taxes, if any, or any interest or penalties with
respect thereto, assessed on the Trust, which shall be paid by the Trust). The Transferor’s obligations pursuant to this
Section 6.3 shall not constitute a claim against the Transferor to the extent the Transferor does not have funds sufficient
to make payment of such obligations.

Section 6.4.         
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

(a)               
This Agreement will be construed in accordance with and governed by the laws of the State of New York, including Section
5-1401 of the General Obligations Law, 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.

(b)              
Each party hereto hereby consents and agrees that the state or federal courts located in the Borough of Manhattan in New
York City shall have exclusive jurisdiction to hear and determine any claims or disputes between
them pertaining to this Agreement or to any matter arising out of or relating to this Agreement; provided, that each party
hereto acknowledges that any appeals from those courts may have to be heard by a court located outside of the Borough of Manhattan
in New York City; provided, further, that nothing in this Agreement shall be deemed or operate to preclude the Issuer
or the Indenture Trustee from

    	44

    	 

    

bringing suit or taking other legal
action in any other jurisdiction to realize on the Receivables or any security for the obligations of the Transferor arising hereunder
or to enforce a judgment or other court order in favor of the Issuer or the Indenture Trustee. Each party hereto submits and consents
in advance to such jurisdiction in any action or suite commenced in any such court, and each party hereto hereby waives any objection
that such party may have based upon lack of personal jurisdiction, improper venue or forum non conveniens and hereby consents to
the granting of such legal or equitable relief as is deemed appropriate by such court. Each party hereto hereby waives personal
service of the summons, complaint and other process issued in any such action or suit and agrees that service of such summons,
complaint, and other process may be made by registered or certified mail addressed to such party at its address as determined in
accordance with Section 6.5, and that service so made shall be deemed completed upon the earlier of such party’s
actual receipt thereof or three days after deposit in the United States mail, proper postage prepaid. Nothing in this Section 6.4(b)
shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

(c)               
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by
an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules),
the parties desire that their disputes be resolved by a judge applying such applicable laws. Therefore, to achieve the best combination
of the benefits of the judicial system and of arbitration, the parties hereto waive all rights to trial by jury in any action,
suit, or proceeding brought to resolve any dispute, whether sounding in contract, tort or otherwise, arising out of, or connection
with, related to, or incidental to the relationship established among them in connection with this Agreement or the transactions
contemplated hereby.

Section 6.5.         
Notices; Payments.

(a)               
All demands, notices, instructions, directions and other communications delivered under this Agreement shall be in writing
and shall be deemed to have been duly given if personally delivered at, mailed by certified mail, return receipt requested, or
sent by electronic mail (if applicable):

(i)              
in the case of Barclays Dryrock Funding LLC, as
the Transferor, to:

Barclays Dryrock Funding LLC

100 S. West Street, Office 120

Wilmington, DE 19801

Attn: Clinton Walker

Phone Number: (302) 255-7073

E-mail: cwalker@barclaycardus.com

 

(ii)              
in the case of the Trust or the Owner Trustee,
to:

Wilmington Trust, National Association

Rodney Square North

1100 North Market St.

Wilmington, DE 19890

    	45

    	 

    

Attn: Corporate Trust Administration

Phone Number: (302) 651-1000

 

 

(iii)              
in the case of the Indenture Trustee, to:

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3D

St. Paul, MN 55107-2292

Attn: Structured Finance/Dryrock

Phone Number: 1-800-934-6802

 

(iv)              
to any other Person as specified in the Indenture;
or, as to each party, at such other address or electronic mail address as shall be designated by such party in a written notice
to each other party.

(b)              
Any notice required or permitted to be given to a Holder of Notes that are Registered Notes shall be given by first-class
mail, postage prepaid, at the address of such Holder as shown in the Note Register. No notice shall be required to be mailed to
a Holder of Notes that are Bearer Notes but shall be given as provided below. Any notice so mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder receives such notice. In addition,
(a) if and so long as any Series or Class of Notes is listed on the Luxembourg Stock Exchange and such stock exchange shall
so require, any notice to Noteholders shall be published in an Authorized Newspaper of general circulation in Luxembourg within
the time period prescribed in this Agreement and (b) in the case of any Series or Class of Notes with respect to which any
Bearer Notes are Outstanding, any notice required or permitted to be given to Holders of such Series or Class shall be published
in an Authorized Newspaper within the time period prescribed in this Agreement.

Section 6.6.         
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall for any reason whatsoever be held invalid, illegal or unenforceable, then such covenants, agreements, provisions, or terms
shall be deemed severable from the remaining covenants, agreements, provisions, and terms of this Agreement and shall in no way
affect the validity, legality or enforceability of such remaining covenants, agreements, provisions or terms of this Agreement.

Section 6.7.         
Further Assurances. The Transferor agrees to undertake and perform, from time to time, any and all acts and to execute
any and all further instruments required or reasonably requested by the Owner Trustee and the Indenture Trustee more fully to effect
the purposes of this Agreement, including, without limitation, (a) the authorization, execution or filing of any financing statements
or amendments thereto or equivalent documents relating to the Trust Assets for filing under the provisions of the UCC or other
law of any applicable jurisdiction and (b) any actions or instruments to facilitate compliance with the FDIC Rule.

    	46

    	 

    

 

Section
6.8.         
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Transferor,
the Trust, the Owner Trustee, the Indenture Trustee or any Noteholders, any right, remedy, power or privilege hereunder, shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers
and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law.

Section 6.9.         
Counterparts. This Agreement may be executed in two (2) or more counterparts (and by different parties on separate
counterparts), each of which shall be deemed an original, and all of which when taken together shall constitute one and the same
instrument.

Section 6.10.     
Binding; Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto,
the Noteholders, any Supplemental Credit Enhancement Providers, any Derivative Counterparties and their respective successors and
permitted assigns. Except as otherwise expressly provided in this Agreement, no other Person will have any right or obligation
hereunder.

Section 6.11.     
Actions by Noteholders.

(a)               
Wherever in this Agreement a provision is made that an action may be taken or a notice, demand or instruction given by Noteholders,
such action, notice, demand or instruction may be taken or given by any Noteholder, unless such provision requires a specific percentage
of Noteholders.

(b)              
Any notice, request, demand, authorization, direction, consent, waiver or other act by a Noteholder shall bind such Noteholder
and every subsequent Holder of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done or omitted to be done by the Owner Trustee, the Indenture Trustee or the Transferor
in reliance thereon, whether or not notation of such action is made upon such Note.

Section 6.12.     
Rule 144A Information. For so long as any of the Notes are “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act, the Transferor and each of the Trust and the Indenture Trustee agree to cooperate
with each other and the Servicer and the Administrator to provide to any Holders of such Series or Class, upon the request of such
Noteholder, any information required to be provided to such Holder or prospective purchaser to satisfy the condition set forth
in Rule 144A(d)(4) under the Securities Act.

Section 6.13.     
Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding
of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement.
This Agreement may not be amended, restated, waived or supplemented or otherwise modified from time to time except as provided
herein.

Section 6.14.     
Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation
of any provision hereof.

    	47

    	 

    

 

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

 

Section 6.16.     
Non-petition Covenant. To the fullest extent permitted by applicable law, (i) the Indenture Trustee, and the Transferor,
by entering into this Agreement, and each Noteholder, by accepting a Note, agrees that it will not at any time acquiesce, petition
or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the Issuer
under any Debtor Relief Law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other
similar official for the Issuer or any substantial part of its property or ordering the winding-up or liquidation of the affairs
of the Issuer, and (ii) the Indenture Trustee, and the Issuer, by entering into this Agreement, and each Noteholder, by accepting
a Note, agrees that it will not at any time acquiesce, petition or otherwise invoke the process of any Governmental Authority for
the purpose of commencing or sustaining a case against the Transferor under any Debtor Relief Law or appointing a receiver, conservator,
liquidator, assignee, trustee, custodian, sequestrator or other similar official for the Transferor or any substantial part of
its property or ordering the winding-up or liquidation of the affairs of the Transferor.

Section 6.17.     
Force Majeure. In no event shall the Indenture Trustee or the Trust be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear
or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Indenture Trustee and the Trust shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

[END OF ARTICLE VI]

    	48

    	 

    

ARTICLE
VII

COMPLIANCE WITH REGULATION AB

Section 7.1.         
Intent of the Parties; Reasonableness. The Transferor and the Issuer acknowledge
and agree that the purpose of this Article VII is to facilitate compliance by the Transferor with the provisions of
Regulation AB and related rules and regulations of the Commission. The Transferor shall not exercise its right to request
delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Transferor’s
compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision
in a private offering of disclosure comparable to that required under the Securities Act). The Indenture Trustee acknowledges that
interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by
the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise,
and agrees to comply with requests made by the Transferor in good faith for delivery of information under these provisions on the
basis of evolving interpretations of Regulation AB. The Indenture Trustee agrees to cooperate in good faith with any reasonable
request by the Transferor for information regarding the Indenture Trustee which is required in order to enable the Transferor to
comply with the provisions of Items 1103(a)(1), 1104(e), 1109(a), 1109(b), 1111(a)(8), 1117, 1118, 1119, 1121(c) and 1122
of Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this Agreement.

Section 7.2.         
Additional Representations and Warranties of the Indenture Trustee. The Indenture Trustee shall be deemed to represent
to the Transferor, as of the date on which information is provided to the Transferor under Section 7.3 that, except
as disclosed in writing to the Transferor prior to such date to the best of its knowledge, but without independent investigation:
(a) neither the execution, delivery and performance by the Indenture Trustee of this Agreement, the performance by the Indenture
Trustee of its obligations under this Agreement nor the consummation of any of the transactions by the Indenture Trustee contemplated
thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license
or other agreement or instrument to which the Indenture Trustee is a party or by which it is bound, which violation would have
a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Agreement or of any judgment
or order applicable to the Indenture Trustee; and (b) there are no proceedings pending or threatened against the Indenture
Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the
aggregate, would have a material adverse effect on the right, power and authority of the Indenture Trustee to enter into this Agreement
or to perform its obligations under this Agreement.

Section 7.3.         
Information to Be Provided by the Indenture Trustee. The Indenture Trustee shall
(i) on or before the fifth Business Day of each month, provide to the Transferor, in writing, such information regarding the
Indenture Trustee as is requested for the purpose of compliance with Item 1117 of Regulation AB, and (ii) as promptly
as practicable following notice to or discovery by the Indenture Trustee of any changes to such information, provide to the Transferor,
in writing, such updated information.

    	49

    	 

    

The Indenture Trustee,
to the extent in its possession, shall provide to the Transferor in a timely manner, any applicable information reasonably requested
by the Transferor to enable compliance by the Transferor with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c)
of Regulation AB.

The Indenture Trustee
shall (i) on or before the fifth Business Day of each January, April, July and October, provide to the Transferor such information
regarding the Indenture Trustee as is requested for the purpose of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118
and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Indenture Trustee
of any changes to such information, provide to the Transferor, in writing, such updated information. Such information shall include,
at a minimum:

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

(B)a description
of the extent to which the Indenture Trustee has had prior experience serving as an Indenture Trustee for asset-backed securities
transactions involving credit card receivables;

(C)a description
of any affiliation between the Indenture Trustee and any of the following parties to a Securitization Transaction, as such parties
are identified to the Indenture Trustee by the Transferor in writing in advance of such Securitization Transaction:

(1)the sponsor;

(2)any depositor;

(3)the issuing entity;

(4)any servicer;

(5)any trustee;

(6)any originator;

(7)any significant obligor;

(8)any enhancement or support provider;
and

(9)any other material transaction
party.

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

Section 7.4.         
Report on Assessment of Compliance and Attestation. On or before the earlier of
(a) March 15th and (b) 15 days prior to the date on which the Trust is required to file the report on Form 10-K in each
calendar year, commencing in 2013, the Indenture Trustee shall:

(i)deliver
to the Transferor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during
the immediately preceding

    	50

    	 

    

calendar year, as required under
Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the
Transferor or the Servicer, as applicable, and signed by an authorized officer of the Indenture Trustee, and shall address each
of the Servicing Criteria specified in Exhibit E or such criteria as mutually agreed upon by the Transferor and the
Indenture Trustee;

(ii)deliver
to the Transferor a report of a registered public accounting firm reasonably acceptable to the Transferor that attests to, and
reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such
attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
Exchange Act; and

(iii)deliver
to the Transferor and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”)
required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of
2002) on behalf of the Trust or the Transferor with respect to a Securitization Transaction a certification substantially in the
form attached hereto as Exhibit D or such form as mutually agreed upon by the Transferor and the Indenture Trustee.

The Indenture Trustee
acknowledges that the parties identified in clause (iii) above may rely on the certification provided by the Indenture Trustee
pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission.

 

[END OF ARTICLE VII]

    	51

    	 

    

IN WITNESS WHEREOF,
the Transferor, the Indenture Trustee and the Trust have caused this Agreement to be executed by their respective officers as of
the day and year first above written.

	 	BARCLAYS DRYROCK FUNDING LLC,

as Transferor

 

	 	 	 
	 	By:	/s/ Deepesh Jain
	 	 	Name:  Deepesh Jain
	 	 	Title:    Vice President and Treasurer
	 	 	 

 

	 	BARCLAYS DRYROCK ISSUANCE TRUST

 

	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Owner Trustee on behalf of the Trust
	 	 	 
	 	 	 
	 	By:	/s/ Jeanne Oller
	 	 	Name: Jeanne M. Oller
	 	 	Title:   Vice President
	 	 	 

 

	 	U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 

	 	 	 
	 	By:	/s/ Tammy Schultz-Fugh
	 	 	Name:  Tamara Schultz-Fugh
	 	 	Title:    Vice President

 

	 
	 
	 
	 
	 
	 
	 
	[SIGNATURE PAGE TO AMENDED AND RESTATED TRANSFER AGREEMENT]

 

 

    	 

    	 

    

Exhibit A

FORM OF ASSIGNMENT
OF RECEIVABLES IN ADDITIONAL ACCOUNTS

INCLUDED IN BARCLAYS DRYROCK ISSUANCE TRUST

(as required by Section 2.11(c)(v)
of the Transfer Agreement)

ASSIGNMENT No. [___]
OF RECEIVABLES IN ADDITIONAL ACCOUNTS INCLUDED IN BARCLAYS DRYROCK ISSUANCE TRUST (this “Assignment”), dated
as of [__________],[1] by and between BARCLAYS Dryrock
Funding LLC (the “Transferor”), as transferor (the “Transferor”), and BARCLAYS DRYROCK
ISSUANCE TRUST (the “Trust”), as issuer, pursuant to the Transfer Agreement referred to below.

W I T N
E S S E T H:

WHEREAS, Barclays
Dryrock Funding LLC, as Transferor and the Trust are parties to the Amended and Restated Transfer Agreement, dated as of August 1,
2012, as amended and restated as of December 17, 2013 (as further amended, restated, supplemented or otherwise modified from time
to time, the “Transfer Agreement”);

WHEREAS, pursuant
to the Transfer Agreement, the Transferor wishes to designate Additional Accounts to be included as Accounts and to convey its
right, title and interest in, to and under the Receivables of such Additional Accounts, whether existing at the Addition Date or
thereafter created, to the Trust pursuant to the Transfer Agreement; and

WHEREAS, the Trust
is willing to accept such designation and conveyance subject to the terms and conditions hereof.

NOW, THEREFORE, the
Transferor and the Trust hereby agree as follows:

1.                 
Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Transfer
Agreement unless otherwise defined herein.

“Addition
Date” shall mean, with respect to the Additional Accounts, [___________, ____].

“Additional
Accounts” shall mean the Additional Accounts, as defined in the Transfer Agreement, that are designated hereby and listed
on the account schedule attached hereto, which shall supplement and amend the TA Account Schedule.

“Additional
Trust Assets” shall have the meaning set forth in Section 3(a) hereof.

“Selection
Date” shall mean the close of business on the date that is three (3) Business Days prior to the Addition Date.

2.                 
Designation of Additional Accounts. On the Addition Date, the Transferor shall deliver or cause to be delivered
to the Trust and the Indenture Trustee an

______________________

1
To be dated as of the applicable Additon Date.

 

    	A-1

    	 

    

account schedule containing a true and
complete list of the Additional Accounts, specifying for each such Additional Account its account number. On or prior to the second
Business Day following the Addition Date, the Transferor shall deliver or cause to be delivered to the Trust and the Indenture
Trustee a supplement to the account schedule, specifying for each such Additional Account, the aggregate amount outstanding in
such Additional Account. Such account schedule and the related supplement shall specify that the Receivables arising in each such
Additional Account have been transferred to the Trust. Such account schedule and the related supplement shall be marked as an account
schedule to this Assignment and are hereby incorporated into and made part of this Assignment, and shall supplement and amend the
TA Account Schedule to the Transfer Agreement.

3.                 
Conveyance of Receivables. \l2(a) The Transferor does hereby transfer, assign, set over and otherwise convey
to the Trust, without recourse except as provided in the Transfer Agreement, all of its right, title and interest, whether now
owned or hereafter acquired, in, to and under (i) the Receivables existing at the opening of business on the Addition Date
and thereafter created and arising in the Additional Accounts (including Related Accounts with respect to such Additional Accounts),
(ii) all Insurance Proceeds, Interchange and Recoveries allocable to such Receivables, (iii) all monies due or to become
due with respect to all of the foregoing, (iv) all amounts received with respect to all of the foregoing, and (v) all
proceeds thereof (collectively, the “Additional Trust Assets”). The foregoing does not constitute and is not
intended to result in the creation or assumption by the Trust, the Owner Trustee, the Indenture Trustee or any Noteholders of any
obligation of the Servicer, the Transferor or any other Person in connection with the Additional Trust Assets or under any agreement
or instrument relating thereto, including any obligation to Obligors, merchants clearance systems or insurers. Each Additional
Account will continue to be owned by BBD and will not be an Additional Trust Asset.

(b)              
If necessary, the Transferor agrees to file, at its own expense, all financing statements (and amendments to such financing
statements when applicable) with respect to the Additional Trust Assets meeting the requirements of applicable state law in such
manner and in such jurisdictions as are necessary to perfect, and maintain perfection and priority of, the transfer, assignment,
set-over or other conveyance of its interest in such Additional Trust Assets to the Trust and to deliver file-stamped copies of
each such financing statement or amendment or other evidence of such filing to the Trust and the Indenture Trustee as soon as practicable
after the Addition Date. Neither the Trust nor the Indenture Trustee shall be under any obligation whatsoever to file such financing
statements or amendments to statements or to make any filing under the UCC in connection with such transfer, assignment, set-over
or other conveyance.

(c)               
The Transferor further agrees, at its own expense, on or prior to the Addition Date, to indicate in the appropriate computer
files that all Receivables created in connection with the Additional Accounts and the related Additional Trust Assets have been
conveyed to the Trust pursuant to the Transfer Agreement and this Assignment by including as the first three characters in the
securitization field of such computer files the code “DRY” and including immediately thereafter the code “000-900”
for each such Additional Account.

    	A-2

    	 

    

(d)              
 The parties to this Assignment intend that the conveyance of Additional Trust Assets pursuant to this Assignment constitute
an absolute sale, and not a secured borrowing. Nevertheless, this Assignment also shall constitute a security agreement under applicable
law, and the Transferor hereby grants to the Trust a first priority perfected security interest in all of the Transferor’s
right, title and interest, whether now owned or hereafter acquired, in, to and under the Additional Trust Assets, and all money,
accounts, general intangibles, chattel paper, instruments, documents, goods, investment property, deposit accounts, letters of
credit and letter-of-credit rights consisting of, arising from or related to the Additional Trust Assets, and all proceeds thereof,
to secure the Transferor’s obligations hereunder.

4.                 
Acceptance by Trust. The Trust hereby acknowledges its acceptance of all right, title and interest in, to
and under the Additional Trust Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment.

5.                 
Representations and Warranties of the Transferor. The Transferor hereby acknowledges on the Addition Date
that it makes the representations and warranties in Section 2.3 and Section 2.4 of the Transfer Agreement with respect
to itself and the Additional Accounts.

6.                 
Consent to Execution. Pursuant to the Trust Agreement, the Transferor consents to the execution hereof by
the Owner Trustee for the Trust.

7.                 
Ratification of the Transfer Agreement. The Transfer Agreement is hereby ratified, and all references to the
“Transfer Agreement,” to “this Transfer Agreement” and “herein” shall be deemed from and after
the Addition Date to be a reference to the Transfer Agreement as supplemented and amended by this Assignment. Except as expressly
amended hereby, all the representations, warranties, terms, covenants and conditions of the Transfer Agreement shall remain unamended
and shall continue to be, and shall remain, in full force and effect in accordance with its terms and, except as expressly provided
herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent to noncompliance with any term
or provision of the Transfer Agreement.

8.                 
Counterparts. This Assignment may be executed in any number of counterparts (and by different parties on separate
counterparts), all of which taken together shall constitute one and the same instrument.

9.                 
Governing Law. This Agreement will be construed in accordance with and governed by the laws of the State of
New York, including Section 5-1401 of the General Obligations Law, 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.

9.Incorporation of Section 6.15
of the Transfer Agreement. The language of Section 6.15 of the Transfer Agreement is incorporated herein by reference.

 

[Remainder of Page Intentionally Left
Blank]

    	A-3

    	 

    

IN WITNESS WHEREOF,
the Transferor and the Trust have caused this Assignment to be duly executed by their respective officers as of the day and year
first above written.

	 	BARCLAYS DRYROCK FUNDING
LLC,

as Transferor

 

	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 

 

	 	BARCLAYS DRYROCK ISSUANCE TRUST

 

	 	By:WILMINGTON
    TRUST, NATIONAL ASSOCIATION,

    not in its individual capacity but solely

    as Owner Trustee on behalf of the Trust

 

	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 

 

	 	ACCEPTED AND ACKNOWLEDGED:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

    as Indenture Trustee

 

	 	By:	 

                                                                                

	 	 	Name:
	 	 	Title:

 

	 	 
	 	 
	 	 
	 	 
	[SIGNATURE PAGE TO ASSIGNMENT]

 

    	A-4

    	 

    

 

Account Schedule
(to Exhibit A)

 

LIST OF
ADDITIONAL ACCOUNTS

    	

    	 

    

Exhibit B

FORM OF REASSIGNMENT
OF RECEIVABLES IN REMOVED ACCOUNTS

FROM BARCLAYS DRYROCK ISSUANCE TRUST

(as required by Section 2.12(b) of
the Transfer Agreement)

REASSIGNMENT No. [___]
OF RECEIVABLES FROM BARCLAYS DRYROCK ISSUANCE TRUST (this “Reassignment”), dated as of [___________],[2]
by and among BARCLAYS Dryrock Funding LLC, as transferor (the “Transferor”),
BARCLAYS DRYROCK ISSUANCE TRUST (the “Trust”), as issuer and U.S. BANK NATIONAL ASSOCIATION, as indenture trustee
(the “Indenture Trustee”) pursuant to the Transfer Agreement referred to below.

W I T N
E S S E T H:

WHEREAS, Barclays
Dryrock Funding LLC, as Transferor and the Trust are parties to the Amended and Restated Transfer Agreement, dated as of August 1,
2012, as amended and restated as of December 17, 2013 (as such agreement may be, amended, restated, supplemented or otherwise modified
from time to time, the “Transfer Agreement”);

WHEREAS, pursuant
to the Transfer Agreement, the Transferor wishes to remove from the Trust all Receivables in certain designated Accounts (the “Removed
Accounts”) and to cause the Trust to reassign the Receivables of such Removed Accounts, whether now existing or hereafter
created, from the Trust to the Transferor; and

WHEREAS, the Trust
and the Indenture Trustee are willing to accept such designation and to reconvey the Receivables in the Removed Accounts subject
to the terms and conditions hereof.

NOW, THEREFORE, the
Trust, the Indenture Trustee and the Transferor hereby agree as follows:

1.                 
Defined Terms. All terms defined in the Transfer Agreement and used herein shall have such defined meanings
when used herein, unless otherwise defined herein.

“Removal
Date” shall mean, with respect to the Removed Accounts, [________, ____].

“Removal
Notice Date” shall mean, with respect to the Removed Accounts, [_____, ____].

“Removed
Accounts” shall mean the Removed Accounts, as defined in the Transfer Agreement, that are designated hereby and listed
on the account schedule attached hereto, which shall supplement and amend the TA Account Schedule.

______________________

2
To be dated as of the Removal Date..

 

    	B-1

    	 

    

2.                 
 Designation of Removed Accounts. On or prior to the Removal Date, the Transferor shall deliver or cause to
be delivered to the Trust and the Indenture Trustee a computer file containing a true and complete list of the Removed Accounts.
Such list is incorporated into and made part of this Assignment, shall be the account schedule delivered pursuant to this Reassignment
and shall supplement and amend the TA Account Schedule delivered pursuant to the Transfer Agreement.

3.                 
Conveyance of Receivables. \l2(a) The Trust and the Indenture Trustee do hereby sell, transfer, assign, set
over and otherwise convey to the Transferor, effective as of the Removal Date, without recourse, representation or warranty, all
the right, title and interest of the Trust and the Indenture Trustee in, to and under the Receivables arising in the Removed Accounts,
all Recoveries related thereto, all monies due and to become due and all amounts received with respect thereto and all proceeds
thereof (collectively, the “Removed Trust Assets”).

(b)              
In connection with such reassignment, the Trust and the Indenture Trustee agree to execute and deliver to the Transferor,
on or prior to the date this Reassignment is delivered, applicable termination statements prepared by the Trust with respect to
the Removed Trust Assets evidencing the release by the Trust and the Indenture Trustee of its security interest in the Receivables
in the Removed Accounts, and meeting the requirements of applicable state law, in such manner and such jurisdictions as necessary
to terminate such interest.

(c)               
The Transferor shall, at its own expense, on the Removal Date, indicate in the appropriate computer files that all Receivables
reassigned in connection with the Removed Accounts and the related Removed Trust Assets have been conveyed to the Transferor pursuant
to this Reassignment by replacing in the securitization field of such computer files the code “DRY 000-900” with the
code “DRY 901-999” for each such Removed Account.

4.                 
Representations and Warranties. The Transferor hereby represents and warrants to the Issuer, the Owner Trustee
and the Indenture Trustee as of the Removal Date:

(a)               
Legal Valid and Binding Obligation. This Reassignment constitutes a legal, valid and binding obligation of the Transferor
enforceable against the Transferor, in accordance with its terms, except as such enforceability may be limited by Debtor Relief
Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in
equity);

(b)              
List of Removed Accounts. The list of Removed Accounts delivered pursuant to Section 2.12(a)(ii) of the Transfer
Agreement, as of the Removal Date, is true and complete in all material respects; and

5.                 
Consent to Execution. Pursuant to the Trust Agreement, the Transferor consents to the execution hereof by
the Owner Trustee for the Trust.

6.                 
Ratification of the Transfer Agreement. The Transfer Agreement is hereby ratified, and all references to the
“Transfer Agreement,” to “this Transfer Agreement”

    	B-2

    	 

    

and “herein” shall be deemed
from and after the removal Date to be a reference to the Transfer Agreement as supplemented and amended by this Reassignment. Except
as expressly amended hereby, all the representations, warranties, terms, covenants and conditions of the Transfer Agreement shall
remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and, except
as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent to noncompliance
with any term or provision of the Transfer Agreement.

7.                 
Counterparts. This Reassignment may be executed in any number of counterparts (and by different parties on
separate counterparts), all of which taken together shall constitute one and the same instrument.

8.                 
Governing Law. This Agreement will be construed in accordance with and governed by the laws of the State of
New York, including Section 5-1401 of the General Obligations Law, 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.

9.                 
 Incorporation of Section 6.15 of the Transfer Agreement. The language of Section 6.15 of the Transfer
Agreement is incorporated herein by reference.

 

 

[Remainder of Page Intentionally Left
Blank]

 

    	B-3

    	 

    

IN WITNESS WHEREOF,
the Trust, the Indenture Trustee and the Transferor have caused this Reassignment to be duly executed by their respective officers
as of the day and year first above written.

	 	BARCLAYS DRYROCK ISSUANCE TRUST

 

	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee on behalf of the Trust

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	BARCLAYS Dryrock Funding LLC, 

as Transferor

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	 
	 	 
	[SIGNATURE PAGE TO REASSIGNMENT]

 

 

    	

    	 

    

 

Account Schedule
(to Exhibit B)

 

REMOVED
ACCOUNTS

 

    	

    	 

    

EXHIBIT C-1

FORM
OF OPINION OF COUNSEL

WITH RESPECT TO AMENDMENTS

Provisions to be included in

Opinion of Counsel to be delivered pursuant

to Section 6.2(c)(i)

The opinions set
forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions of
Counsel delivered on any applicable amendment date.

(i)    
The amendment to the Transfer Agreement attached as an exhibit to the opinion (the “Amendment”) has been
duly authorized, executed and delivered by the Transferor and constitutes the legal, valid and binding agreement of the Transferor,
enforceable in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and except as such
enforceability may be limited to general principles of equity (whether considered in a suit at law or in equity).

(ii)  
The Amendment has been entered into in accordance with the terms and provisions of Section 6.1 of the Transfer Agreement.

    	C-1-1

    	 

    

EXHIBIT C-2

FORM
OF OPINION OF COUNSEL

WITH RESPECT TO ADDITIONAL ACCOUNTS

Provisions to be included in

Opinion of Counsel to be

delivered pursuant to

Section 6.2(c)(ii) or (iv)

The opinions set
forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions of
Counsel delivered on any applicable Issuance Date.

1.     
The Assignment Agreement creates in favor of the Trust a security interest in the rights of the Transferor in the Receivables
arising in the Additional Accounts identified in the account schedule to the Assignment Agreement and the identifiable proceeds
thereof (the “Collateral”).

2.     
The financing statement to be filed in connection with the Collateral (the “Financing Statement”) is
in sufficient form for filing with the Office of the Secretary of State of the State of Delaware (the “State Office”)
under the Delaware UCC with respect to the portion of the Collateral as to which a security interest can be perfected by filing
a financing statement in the State Office under the Delaware UCC (the “Filing Collateral”), and upon the proper
filing of the Financing Statement in the State Office pursuant to the provisions of the Delaware UCC, the security interest of
the Trust in the Filing Collateral will be perfected.

3.     
Under the Delaware UCC, the State Office is the proper place in which to file a financing statement to perfect a security
interest in the Collateral. The Delaware UCC search obtained from the State Office with respect to filings with the State Office
through [DATE] (the “Effective Time”) (i) identifies the Financing Statement as a presently effective financing
statement filed in the State Office as of the Effective Time, and (ii) does not identify any other presently effective financing
statement that covers the Collateral.

 

 

    	C-2-1

    	 

    

EXHIBIT C-3

FORM
OF ANNUAL OPINION OF COUNSEL

The opinions set
forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions of
Counsel delivered on any applicable Issuance Date. Unless otherwise indicated, all capitalized terms used herein shall have the
meanings ascribed to them in the Transfer Agreement and in the Assignment.

		1.	The security interest of the Trust in the rights of the Transferor in the Receivables identified
in the TA Account Schedule delivered pursuant to the Transfer Agreement and the identifiable proceeds thereof (the “Collateral”)
is perfected in that portion of the Collateral as to which a security interest can be perfected by filing a financing statement
in the Office of the Secretary of State of the State of Delaware (the “State Office”) under the Delaware UCC
(the “Filing Collateral”) as of the date hereof.

		2.	The Delaware UCC search obtained from the State Office with respect to filings with the State Office
through [DATE] (the “Effective Time”) (i) identifies the Financing Statement as a presently effective financing
statement filed in the State Office as of the Effective Time, and (ii) does not identify any other presently effective financing
statement that covers the Collateral.

 

    	C-3-1

    	 

    

EXHIBIT D

FORM OF ANNUAL CERTIFICATION

		Re:	The Amended and Restated Transfer Agreement, dated as of August 1, 2012, as amended and restated
as of December 17, 2013 (the “Agreement”), by and between Barclays Dryrock Funding LLC, as transferor, and Barclays
Dryrock Issuance Trust, as issuer.

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

(1)I have
reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and 15d-18 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB
(the “Servicing Assessment”), and the registered public accounting firm’s attestation report provided
in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
Report”), that were delivered by the Company to the Transferor pursuant to the Agreement (collectively, the “Company
Information”);

(2)To the
best of my knowledge, the Company Information, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were
made, not misleading with respect to the period of time covered by the Company Information;

(3)To the
best of my knowledge, all of the Company Information required to be provided by the Company under the Agreement has been provided
to the Transferor; and

(4)To the
best of my knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Company has fulfilled its
obligations in all material respects under the Agreement.

 

	 	Date:	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-1

    	 

    

EXHIBIT E

SERVICING CRITERIA
TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

The assessment of
compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”:

	Servicing Criteria 	Applicable Servicing Criteria
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	 
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	 
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	 
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on credit card accounts are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	ü[1]
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	ü

 

______________________

1
Solely with regard to deposits made by the Trustee.

 

 

    	E-1

    	 

    

 

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

    	E-2

    	 

    

 

	Servicing
    Criteria	Applicable
    Servicing Criteria
	Reference	  Criteria	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.	ü
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	ü
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	ü
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	ü
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	ü[2]
	1122(d)(4)(ii)	Account and related documents are safeguarded as required by the transaction agreements	 
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 

 

______________________

2
Solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments.

 

    	E-3

    	 

    

 

	Servicing
Criteria	Applicable
    Servicing Criteria
	Reference	   Criteria	 
	1122(d)(4)(iv)	Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	 
	1122(d)(4)(v)	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	 
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor's account  (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	 
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	 
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	 

    	E-4

    	 

    

 

	Servicing
Criteria	  Applicable Servicing Criteria
	Reference	    Criteria	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	 
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xiv)	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 
	 	 	 

 

    	E-5

    	 

    

 

 

	 	U.S. BANK NATIONAL ASSOCIATION

	 	Date:	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	E-6

    	 

    

TA ACCOUNT SCHEDULE

List of Accounts

[Delivered to the Trust and the Indenture
Trustee]

 

 

 

 

 

F-1

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